Best Banks For Small Business:

While there is no best bank for small business, there are many banks that will work well for your small business depending on your needs.

We opened a separate business bank account at five of the most popular and top-rated banks to share why we think they’re the best:

We chose Chase as the best national bank for small business. The combination of great customer service, competitive interest rates, 4,900 branches and 16,000 ATMs throughout the United States, and straightforward business banking practices make Chase a great choice for any size business.

BlueVine is our choice for the best online bank for small business. BlueVine’s free business checking, no hidden fees, and a strong interest rate along with options for business loans make them a great choice.

Continue reading our full breakdown of the top five banks for small business banking. You'll find more information about Chase and BlueVine, as well as honorable mentions and side-by-side comparisons.

Best Business Checking Account: Chase

Based on overall quality, we highly recommend Chase if you want the best small business checking account from a national bank. Chase offers 4,900 branches and 16,000 ATMs nationwide.

More things to know about Chase:

Chase Bank offers flexibility for businesses of all sizes at any stage. We were impressed with how trouble-free and transparent Chase makes banking. They have solutions that meet businesses with where they’re at, regardless of the business lifecycle.

For businesses starting out or in their infancy, Chase offers the Chase Total Business Checking account. This is a great account for brick and mortar businesses with fewer transactions and online businesses that take in electronic deposits. Chase Total Business Checking doesn’t have a limit on the number of electronic deposit transactions a business can accept, but you are limited to $5,000 in cash deposits per statement cycle. This is a great all-around account for businesses just starting out.

Chase also offers other accounts for more established and larger corporate accounts. To make it easier for you to get an idea of where your business may benefit, we’ve put together a simple comparison chart, which breaks down the benefits and fees.

Chase Business Checking Accounts:
  Benefits   Fees
Chase Total Business Checking®
  • 100 transactions per month at no charge
  • Unlimited electronic deposits: $5000 in cash deposits per statement cycle without an additional fee
  • Domestic and international wire transfers

Monthly Service Fee:

$15 OR $0

Waived when you maintain a minimum daily balance of $1500 or if you maintain a linked Chase Private Client or Chase SapphireSM Checking personal account.

Otherwise, you pay only $12 when you enroll in paperless statements

Chase Performance Business Checking®
  • 250 transactions per month at no charge
  • Unlimited electronic deposits and incoming wires
  • $20,000 in cash deposits per statement cycle without an additional fee
  • All incoming wires and two outgoing domestic wires at no charge per statement cycle
 

Monthly Service Fee:

$30 OR $0

Waived when you maintain a minimum daily balance of $35,000 or more in qualifying business deposit accounts

Chase Platinum Business CheckingSM 
  • 500 transactions per month at no charge
  • Unlimited electronic deposits and incoming wires
  • $25,000 in cash deposits per statement cycle without an additional fee
  • All incoming wires and your 4 most expensive outgoing wires at no charge per statement cycle

Monthly Service Fee:

$95 OR $0

Waived when you maintain a minimum daily balance of $100,000 or more in qualifying business deposit accounts
 

Some other features we liked about Chase Bank:

  • Other Business Solutions - Chase also offers a suite of products designed to help businesses. These include business credit cards, merchant services, and business loans. Having these services conveniently connected with a Chase business checking account makes operating a business easier and more convenient.
  • Numerous ways to access money - Chase makes accessing money easy by offering mobile banking services, online account access, ATM/Debit cards, 4,900 physical branches, and 16,000 ATMs.
  • Easy to connect  - Chase has been innovative with the way clients can communicate with them. You can schedule meetings with bankers directly through the mobile app, online, and even over the phone.
  • Helpful website - Chase’s website is user friendly, encouraging, and even has case studies of how they’ve helped and assisted customers. This feature is something we haven’t see with most of the other banks we’ve explored. 
    All Chase business accounts include access to Chase’s easy-to-use mobile and online banking services, Chase debit cards, and Chase military banking for service members. Chase boasts high satisfaction ratings for both their customer call-center and online Secure Messaging system.

Chase is an excellent choice for businesses of all sizes that want a variety of options. Check out our full review of Chase’s business checking accounts.

Best Online Bank For Small Business: BlueVine

BlueVine is the best choice if you want an online business bank account, online banks are great for businesses that don’t typically operate with cash.

BlueVine sets itself apart by offering online business loans, a high interest rate, no hidden fees, and business checking accounts serviceable from the same BlueVine mobile app and website. 

BlueVine also has a special partnership with GreenDot locations, making it possible for banking customers to make cash deposits at any of the over 60,000+ nationwide retail locations for a small fee.

See our full BlueVine Business Checking Account review.

A cube with LLC printed on its sides

Recommended: BlueVine is an online bank with free business checking and no hidden fees. Great for businesses who do not often deal with cash.

Best Bank for SBA 7(a) Loans: The Huntington National Bank

The Huntington National Bank is high on the Small Business Administration’s (SBA) list of the most active lenders for 7(a) loans. With one of the highest number of loans approved in 2020.

They make the process of small business lending quick and easy, compared to rival banks while also offering business banking services that work well for businesses operating in the midwest.

Other than SBA 7(a) loans, Huntington Bank features business checking accounts. Its business checking account does carry some fees, which are easily avoidable. 

The main downside to this business checking account is the low interest rate you’ll receive. You won’t see your money grow much, meaning you’ll probably want to invest that money somewhere else—perhaps back into your business.

The Huntington National Bank offers four different business checking accounts. Here’s a breakdown of each account type:

  • Unlimited Plus Business Checking
  • Unlimited Business Checking
  • Business Checking 100
  • Business Analyzed Checking
The Huntington National Bank Checking Accounts:
 

Unlimited Plus Business Checking

Unlimited Business Checking

Business Checking 100


Business Analyzed Checking

Included monthly transactions

Unlimited

Unlimited

Up to 100

Per transaction fees apply, which can be offset by Earnings Credit

Interest bearing 

Yes

-

-

-

Monthly branch and atm cash and currency deposits and excess fees 

Up to $25,000; $0.30 fee for each $100 after

Up to $10,000; $0.30 fee for each $100 after

Up to $5,000; $0.30 fee for each $100 after

Up to $10,000; $0.25 fee for each $100 after

Bonus services 

Choose 2 Bonus Services

  • Fraud Tool: Reverse Positive Pay.
  • Huntington Deposit Scan®: Includes up to 50 per month.
  • Payroll: 10% off Paychex payroll services
  • Wires: Two incoming domestic wires per month
  • Returned Deposit Items: Up to 25 free per month

Choose 1 Bonus Service

  • Fraud Tool: Reverse Positive Pay.
  • Huntington Deposit Scan®: Includes up to 50 per month.
  • Payroll: 10% off Paychex payroll services
  • Wires: Two incoming domestic wires per month
  • Returned Deposit Items: Up to 25 free per month

Free 120 day Trial of

Fraud Tool: Reverse

Positive Pay.

-

Additional services available (fee may apply) 

Account Includes

  • Huntington Deposit Scan®
  • Electronic ACH Transfers
  • Sweep Services
  • Merchant Services
  • Payroll Services
  • Fraud Tools
  • Business Online
  • Online Bill Pay

Account Includes

  • Huntington Deposit Scan®
  • Electronic ACH Transfers
  • Sweep Services
  • Merchant Services
  • Payroll Services
  • Fraud Tools
  • Business Online
  • Online Bill Pay

Account Includes

  • Huntington Deposit Scan®
  • Electronic ACH Transfers
  • Sweep Services
  • Merchant Services
  • Payroll Services
  • Fraud Tools
  • Business Online
  • Online Bill Pay

Account Includes

  • Huntington Deposit Scan®
  • Electronic ACH Transfers
  • Sweep Services
  • Merchant Services
  • Payroll Services
  • Fraud Tools
  • Business Online
  • Online Bill Pay

Monthly fee can be offset by 

$50,000 in relationship balances

$10,000 in relationship balances

-

Earnings credit, based on collected monthly average balance, can offset monthly service fees

Monthly maintenance fee 

$40

waved for the rest of 2020.

$20

waived for the rest of 2020.

$0

$20

Paper statement fee

-

-

$5.00 paper statement fee can be waived by choosing online statements.

-

Some other attractive features we liked about this bank:

  • Online banking - You get bill pay, instant alerts, online statements, and the ability to make deposits and withdrawals.
  • Over 900 branch locations - Bank at any of the branch locations throughout the midwest and southeast.
  • Huntington Debit MasterCard Business Card - Use the MasterCard debit card to make purchases and record those transactions for easy accounting purposes.

Best Bank for Brick-and-Mortar Locations: Wells Fargo

Wells Fargo has more than 8000 branches and positioned all throughout the United States. 

Wells Fargo is also an Active SBA 7(a) loan lender - Wells Fargo ranks highly for the number of SBA 7(a) loans they help process.

Wells Fargo has four business checking accounts, namely:

  • Simple Business Checking
  • Business Choice Checking 
  • Platinum Business Checking
  • Analyzed Business Checking

Check out our full Wells Fargo Business Checking Review for a full breakdown.

Here’s how each of the accounts breaks down:

Simple Business Checking

The Wells Fargo Simple Business Checking is great for sole proprietors, freelancers, and small businesses who don’t need much beyond a simple business checking account.

Here is a breakdown of the features:

  • 50 transactions per month
  • $3,000 in cash deposits per month
  • $10 monthly service fee (waived with a $500 average balance)
  • Just $25 to get started.

Business Choice Checking

The Wells Fargo Business Choice Checking account offers slightly more features than the Simple Business Checking. This is one of the best banks for small business given that it caters primarily to LLCs and companies that use a bank on a daily basis, with ongoing transactions. The account also gives a business owner access to more personalized services and payroll as well.

Here is a breakdown of the features:

  • 200 transactions per month
  • $7,500 in cash deposits per month
  • Mobile banking
  • Get access to Wells Fargo’s National Business Banking Center or its Small Business Customer Service phone center
  • Save on business loans and business lines of credit
  • $14 monthly service fee (waived qualifying transactions)
  • Minimum $25 deposit to open the account

Platinum Business Checking

Best for well-established businesses who carry higher amounts of cash and where personalized banking services are a requirement, the Wells Fargo Business Checking account is a top-tier account with several additional features, including interest.

Here is a breakdown of the features:

  • 500 transactions per month
  • $20,000 in cash deposits per month
  • Interest on your account balance
  • Save on business loans and lines of credit
  • No stop payment fees, cashiers checks, money orders, two domestic wire transfers, and two waived ATM fees at non-Wells Fargo banks per period
  • No monthly service fees on up to two more Platinum Checking accounts
  • Mobile banking
  • Minimum $25 deposit to open the account

Analyzed Business Checking

The Wells Fargo Analyzed Business Checking account is for larger corporations that require a lot from a bank. Because of the attached fees, you’ll likely only want to open an Analyzed Business Checking account if you’re a big business.

Here is a breakdown of the features:

  • Treasury management services
  • Treasury information reporting
  • Desktop deposits
  • Wire transfers
  • Gain access to Commercial Electronic Office, Wells Fargo’s premier online banking platform
  • Minimum $25 deposit to open the account

Best Credit Union for Small Business: America First

America First is a regional credit union based out of Riverdale, Utah. The credit union offers three different types of business checking accounts to serve a variety of business needs. America First offers business customers many features.

Here are the three types of business checking accounts offered by America First:

  • Basic Business Checking
  • Premier Business Checking
  • High-Yield Business Checking
  • Here’s a breakdown of America First business checking account types:

Basic Business Checking

The basic business checking account offered by America First is great for small businesses that don’t process a lot of transactions each month. This account is perfect for startup businesses.

Here is a breakdown of the features:

  • 250 free transactions each month
  • Only $.15 for each transaction beyond 250
  • Perfect for low volume accounts
  • Access to Money Market Savings, Line of Credit, Business Visa, and convenient debit card access
  • Free online bill pay

Premier Business Checking

The premier business checking account offered by America First is great for businesses doing lots of transactions each month that exceed 250. This account offers no-cap on the number of transactions they’ll process, however there is a fixed $8 monthly service fee, waivable under certain conditions.

Here is a breakdown of the features:

  • Monthly fee - $8.00
  • $.15 per written check
  • $.15 per deposit
  • $.05 per deposited item
  • Fees are offset by interest earned
  • Access to Money Market Savings, Line of Credit, Business Visa, and convenient debit card access
  • Free online bill pay

High-Yield Business Checking

The high-yield business checking account offered by America First is great for businesses doing lots of transactions, but who need to keep high amounts of capital in their account for cash flow purposes. The nice thing about this account is that it earns a high-yield of interest so business owners don’t have to worry about transferring money out to keep their money working for them. There is a $50 per month service fee, off-set by how much money is kept in the account.

Here is a breakdown of the features:

  • Earn High-Yield rates on your checking account
  • Only $.15 per written check or deposited item
  • Only $.05 per deposited check
  • Monthly fee of $50
  • Access to High-Yield Savings, Line of Credit, Business Visa, and convenient debit card access
  • Free online bill pay

THE BEST SMALL BUSINESS BANKS COMPARED

The following best banks for small business offer multiple types of business checking account. 

While each bank names their accounts differently, they tend to follow a similar three-tiered structure. We organized each of their packages as: basic, middle, and top plan. 

Below, you’ll find a comprehensive side-by-side feature comparison:

Please note: 

  • BlueVine only offers one level of business checking account, which is represented in all three tiers of the tables below.
  • The Huntington National Bank and Wells Fargo both have four levels of business checking. 
  • In the following charts, we’ve decided to categorize first-tier business checking accounts as the basic plan, second-tier accounts as the middle plan and third-tier (large corporate) accounts as the top plan.

Interest Rates

 

Basic Plan

Middle Plan

Top Plan

Chase

0

.01% APR / .01% IR

Depends on branch

BlueVine

1%

1%

1%

Huntington

0

0

0

Wells Fargo

0

0

0

America First

0

.07%

.05% - .25%

Monthly Maintenance Fees

 

Basic Plan

Middle Plan

Top Plan

Chase

12 paperless/$15

$30

Depends on branch

BlueVine

0

0

0

Huntington

0

$20

$40

Wells Fargo

$10

$14

$40

America First

$0

$8

$50

Number of Monthly Transactions

 

Basic Plan

Middle Plan

Top Plan

Chase

100

250

Depends on branch

BlueVine

unlimited

unlimited

unlimited

Huntington

100

unlimited

unlimited

Wells Fargo

50

200

500

America First

250

unlimited

unlimited

Minimum Account Balance

 

Basic Plan

Middle Plan

Top Plan

Chase

$1,500

$35,000

Depends on branch

BlueVine

0/1000 for 1% IR

0/1000 for 1% IR

0/1000 for 1% IR

Huntington

 

$10,000

$50,000

Wells Fargo

$0 / $500, no mo fee

$0 / $7,500 no fee

$0 / $25,000 no fee

America First

$0

$0

$0

Customer Service Experience

To compare the customer service of the banks we reviewed we took into account our own experiences with the banks along with reviews we could find online of current business customers to rank them on a 5-point scale:

  • Chase: Good (3/5 Stars)
  • BlueVine: Best (5/5 Stars)
  • The Huntington National Bank: Great (4/5 Stars)
  • Wells Fargo: Good (3/5 Stars)
  • America First Credit Union: Great (4/5 Stars)

Why Open a Business Bank Account?

Opening a business bank account allows you to focus more on growing your company. 

Banks not only secure your money, but they also help facilitate the collection and payment of money, can be a partner for getting a business loan, offer credit cards or other lines of credit for your business, and so much more depending on the bank.

A cube with LLC printed on its sides

Recommended: Read our Why You Need A Business Bank Account guide for more information on the benefits of having a bank account for your business.

Our Rating Criteria

Some of the key benefits we focused on when opening a business bank account through these banks were:

  • Easy to open business bank accounts - opening a bank account is easy with these small business checking accounts.
  • Opening a free business checking account online with no deposit - save time, money, and hassle opening a small business checking account.
  • Fewer requirements to open a business bank account - the best small business checking accounts are easy to open because they have less stringent requirements.
  • Help getting a small business loan - getting a business bank account can simplify the small business loan approval process.
  • Credit card payment - banks with merchant services will help you accept credit cards, which means more and easier sales for your small business.
  • Multiple business account signers - give access to your bank account to more members of your team to make banking easier.

Small Business Banking Conclusion

Overall, the best bank for your small business depends on what you need in a banking relationship.

With this in mind, Chase stood out as one of the best banks in this line up because of their national presence and history. So, if you run a business that wants a local bank presence, especially if you often handle cash, strongly consider Chase.

Alternatively, if you do not often handle cash in your business and would like to try a strong online banking option, BlueVine is a great choice. With no hidden or monthly fees, and a 1% interest rate, they’re worth checking out.