The Best Bank For Small Business Checking – The best small business banks all have one thing in common: They make it cheaper and easier to get and use a small business bank account.
So why are we reviewing seven banks, and not just one? Because the best checking account for you depends on your needs. E-commerce stores vs. brick and mortar, solopreneurs vs. multi-member businesses.
The Best Bank For Small Business Checking
To begin, we’ll look at the best general bank for small businesses—narrowing it down to more specific needs.
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Before choosing a bank, make sure you have all the documents you need to apply – the bank wants to know more about your finances and will check your creditworthiness. If you’re not sure if you’re ready to get started, check out our article on how to open a small business checking account.
For general small business banking, you can’t do much better than Chase. With a huge network – close to 5,000 physical locations and 16,000 ATMs worldwide – you’ll never be far from your bank. Additionally, their mobile app allows you to deposit checks online, pay bills, make transfers and check your balance.
Overall, a Chase business account is a good choice for most new small businesses—especially if you need to make cash deposits, access to fee-free ATMs, or visiting brick-and-mortar locations is important for you otherwise. Chase is not a good option if you expect to do more than 200 transactions per month.
Although Chase has a relatively low minimum balance, the only way to waive account maintenance fees is to maintain this minimum. So don’t choose Chase if you expect your balance to regularly drop below $1,500.
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If you plan to use your credit card for most business purchases, Chase is the bank for you. Their wide selection of cards offer very competitive interest rates, along with points, cashback and rewards programs.
Consumers Credit Union is one of the easiest credit unions to join. To become a member and account holder, you must:
Credit unions are unique financial institutions. They are non-profit organizations (hence the low minimum deposit) and when you join one you get voting rights in board elections.
Although credit unions often offer a limited range of financial products, CCU has a wide variety of loans to choose from. They also have a no-fee Visa Business Platinum credit card and also offer merchant services. And the minimum monthly balance for their checking accounts is significantly lower than most banks’.
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If the nonprofit journey of credit unions speaks to your values, and you also want to take advantage of a low checking account minimum, CCU is a good choice. It’s easier to sign up, has low fees and offers more choices than most credit unions.
On the other hand, if it’s important to have plenty of financing options and credit cards to choose from, and maintaining a higher minimum balance isn’t a problem, opening a bank account might be better.
Most e-commerce small business owners process all their transactions digitally and receive payment the same way. In that case, having a physical location where you can deposit cash is probably not a high priority. Specify internet banking only.
Axos is the oldest and most established online bank in the United States. There is no minimum balance in their basic business accounts, and they offer a wide range of loan options. Plus, even though Axos doesn’t have physical locations, you can access your Axos checking account from any ATM in the US for free.
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If you run an online business, are already comfortable with online banking and expect to do less than 200 transactions per month, Axos is a smart choice. You don’t have to maintain a high minimum balance, which can be a relief when your business is just starting out and cash flow is low. And if your business needs funding down the road, you have plenty of options.
Best known for its loans, lines of credit and factoring services, BlueVine has expanded into banking. These online accounts are easy to open, with no minimum balance requirements or fees for incoming wire transfers, insufficient funds or ACH payments. The BlueVine bank account also comes with a debit card with free ATM access at ATM MoneyPass.
The only fees account holders need to consider are cash deposits ($4.95 per deposit) and outgoing wire transfers ($15 per transfer). For companies that handle cash or send money overseas, these fees can increase.
If you’re a freelancer who needs an account to collect payments online and help you keep track of business expenses, BlueVine is a great fit. If you don’t collect cash or send wire transfers, this is a fee-free bank account. Plus, if you decide to expand your business in the future, BlueVine can help you quickly access a loan or line of credit for that quick infusion of cash.
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Based in Florida but serving clients nationally, First Home Bank is often ranked as one of the top 10 most active SBA lenders in the country. It also offers a wide range of other small business banking services, including checking and savings accounts and non-SBA loans.
The SBA has selected First Home Bank as a preferred lender. This means that if you apply for an SBA loan through First Home, the approval process will be faster than it would be anywhere else.
Companies and startups need access to fast capital. If your first priority is to get approved for an SBA loan as quickly as possible, then First Home is the bank for you. But if you want a business interest checking account or many brick and mortar locations, or if small business loans aren’t your first priority, you’re better off taking your banking needs elsewhere.
Capital One is the only bank on this list that offers checking with unlimited free transactions, with no minimum account balance. It also offers five different credit cards for small businesses.
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Does the thought of counting the number of transactions per month to avoid fees make you shudder? If you live near a Capital One bank, handle a ton of transactions each month, and are mostly paid by card or bank transfer, Capital One may be the perfect choice for your business. However, it is best if your business is well established and you can easily maintain a minimum balance of $2,000.
With 4,300 branches and 16,000 ATMs, Bank of America is everywhere. Plus, they offer some of the best introductory deals for new business checking accounts. That said, you don’t get unlimited free transactions – like you do with Chase – and free cash deposits are also limited.
If you can easily qualify for Bank of America’s introductory offers and don’t expect any trouble getting your checking fees off each month, opening a new business bank account can be a great way to earn some extra cash while your business at a young age.
But if you’re looking for Bank of America mainly because your business needs to deposit a lot of cash every month, consider the $7,500 limit on free deposits and the cost after you’re over that amount.
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Once you have a bank in mind, start by preparing the documents you need to apply for a business bank account. When you’re ready to take the next step in separating your business and personal finances, find the best small business credit card for your needs.
This post is for informational purposes only and does not constitute legal, business or tax advice. Each person should consult their own attorney, business advisor or tax advisor in relation to matters referred to in this post. assumes no responsibility for any action taken in relation to the information contained herein.
Get a weekly dose of guidance and educational resources compiled by the experts at to help you confidently make the right decisions to grow your business. No spam. Unsubscribe at any time. In some cases, even the best business bank account options fail. This is often due to an influx of online-only personal account options. But many business bank account options have many surprising benefits. Much like a business credit card, business checking and savings accounts provide useful features, focused on the needs of business owners. Looking for more business advice? Check out our newsletter, with regular tips, tricks and tactics that small business owners can benefit from. [cta-newsletter] Benefits of Business Bank Accounts for Small Businesses Although you don’t have to have a business bank account, they offer great advantages over conventional bank account options. Some of these benefits include:
It doesn’t matter if you are a recent start-up or an established small business. Looking professional is extremely important. Paying checks to vendors and suppliers bearing your name and information is a faux pas. Our picks for the best business bank account options To help find the most effective bank account option, we’ve done extensive research into the options available. Below, we’ve identified the best business bank accounts for a variety of factors. Some of the factors we considered were reward system, fees, APY and interest rates. But us too
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