The Best Banks for Small Businesses in 2024

Owning your own company means making lots of decisions and that means figuring out the best financial partner for your small business.
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If you’ve started your own company — or you’re considering the move — you’ve likely marveled at the logistics required to pull it off.

Popular first-time small business owner (SMB) questions include:

  • How do taxes work now?
  • What do I need to know about buying health insurance?
  • What exactly qualifies as a business expense?

There are many changes when you run your own show. And when you become a business owner, your banking needs to change, too.

That’s right, you can now open a business account.

Since vetting banks and business checking accounts probably isn’t how you want to spend your time when you’re self-employed, we did the leg work for you.

Here are some of the best bank accounts for small business owners.

Because we’re looking at business savings and business checking accounts for small- to medium-sized businesses (SMBs), we searched for banking services that cater to your needs — i.e. a small business whose cash flow might not be cracking six figures yet.

Best Banks for Small Businesses 2023

Bank Key Feature Prime Perk

Wells Fargo

100 free transactions

4,900+ locations


$300 signup bonus

4,700+ locations

Capital One

Unlimited transactions

70,000 ATMs


Expense tracking

Invoice creation


$400 signup bonus

Digitally savvy

LiliNavy Federal Credit Union

Member owned

For military personnel


High-Top-notch on mobileyield checking

No minimum deposit


High-yield checking

No overdraft fees

A reminder: We don’t know your business finances or your cash flow like you do. The best bank for your small business is going to depend on your situation.

Now, here are our favorites:

Wells Fargo

Best Overall Bank for Small-Business Owners

5 out of 5 Overall

Key Features
  • 100 fee-free transactions
  • $5,000 in free cash deposits/month
  • $25 minimum deposit
With more than 4,900 brick-and-mortar locations and more than 12,000 ATMs across the country, Wells Fargo’s big appeal is convenience. Customer service is around the clock, and you can handle all your business banking needs in one location.
Wells Fargo

$10-$75 monthly fee (checking), $5-$10 monthly fee (savings)
Minimum opening deposit
Up to 2.00% (savings)
ATM access
12,000+ Well Fargo ATMs
Up to $1,000 bonus for business credit card

More Information about Wells Fargo

If your business can keep a reliable daily balance, Wells Fargo’s business accounts come cheap. You’ll only need $25 to open any Wells Fargo business checking (Initiate, Navigate or Optimize) or savings (Market Rate or Platinum) account. You can waive the $10 fee for the Initiate Business Checking Account by maintaining a $500 minimum daily balance or $1,000 average ledger balance. You’ll also get 100 fee-free transactions per fee period, plus no fees on the first $5,000 deposited per fee period. The entry-level savings account (Market Rate) earns 0.15% interest.

Wells Fargo also offers business lines of credit between $10,000 and $150,000 for fixed interest rates as low as Prime + 1.75% APR. You can also get business credit cards with 1.5% cash back and sign-up bonuses between $300 and $1,000.

For more information on Wells Fargo bank’s features, check out our full Wells Fargo review.


Best for Credit Card Offerings

4.5 out of 5 Overall

Key Features
  • 4,700+ brick-and-mortar branches
  • Fee waivers for accounts with minimum balances
  • $300 sign-up bonus
Chase’s small business checking account, Chase Business Complete Banking, comes with unlimited debit card purchases and ATM transactions, plus same-day deposits for no additional fee. Other business checking account options include Chase Performance Business Checking and Chase Platinum Business Checking. Chase’s Business Total Savings charges $10 per month, which is waived if you maintain an average balance of $1,000. Though the account earns interest, it’s nominal (0.01%).

$15–$95 monthly fee (checking), $10–$20 monthly fee (savings)
Minimum opening deposit
Up to 0.02% (savings)
ATM access
15,000+ Chase ATMs
$300 bonus when you meet all requirements

More Information about Chase Bank

As another “big four” bank, Chase’s business checking account offers familiar perks: a reliable brand and enough resources to keep things convenient.

Bonus (literally): You can get $300 when you open a new checking account. Getting it is pretty simple, too, compared with similar offers — open a new Chase Total Checking account* with $0, and make direct deposits totaling $500 or more within 90 days of opening. This offer expires April 17, 2024. Keep your account open for at least six months, or you’ll lose the bonus at closing.

Its credit card offerings are also particularly worth noting.

The Ink Business Premier, Unlimited and Cash cards offer rewards and sign-up bonuses ranging between $900 and $1,000. Premier earns you 2% to 2.5% cash back, Unlimited earns you 1.5% cash back on all purchases, and the Cash card earns you 5% back on select categories. You can also choose the Ink Business Preferred or various airline and hotel business credit cards.

Chase also offers business loans starting at $5,000 with varying interest rates and lines of credit up to $500,000. For more information on Chase Bank’s features, check out our full Chase Bank review.

Capital One

Best for Low Fees

4.5 out of 5 Overall

Key Features
  • Free cash deposits up to $5,000/month
  • 0.20% APY guarantee for 12 months
  • No overdraft fees
With Capital One Business Basic Checking, you get unlimited digital business transactions and free cash deposits up to $5,000 a month. The $15 monthly fee is waived with an average $2,000 30- or 90-day balance. With Business Savings, you need a $250 opening deposit, and you get a promotional interest rate guarantee for the first year. The $3 monthly fee is waived with a $300 balance.
Capital One

$3–$15, waived for minimum balance
Minimum opening deposit
$250 for savings
0.20% (savings)
ATM access
70,000+ Capital One ATMs
Up to $500 or 50,000 mile bonus on business credit cards

More Information about Capital One

You can likely guess that the credit card options landed Capital One on the list, but the checking and savings account options are worth a nod as well. If your main priority is credit cards, Chase may beat Capital One out, but if you're looking for comprehensive service (read: better savings and checking options), Capital One could be for you.

Along with an affordable bank account, Capital One offers six business credit cards and includes information upfront about the credit score you need to qualify for each one. Its cards offer between 1% and 2% cash back (or 1.5X to 2X miles), free employee cards with spending limits and options for no annual fee. It also offers equipment loans, business installment loans and lines of credit that start at $10,000. Loan term lengths and repayment terms vary.

For more information on Capital One’s online banking features, check out our full Capital One review.


Best for Freelancers and Gig Workers

4 out of 5 Overall

Key Features
  • No monthly account fees
  • Expense tracking and invoice creation
  • Unlimited transactions
Found has a niche audience — but an audience who could really benefit from its offerings. Freelancers and gig economy workers who struggle with tracking expenses, estimating quarterly taxes and creating invoices can utilize the built-in (and totally free!) tools that come with a Found business checking account. The account also operates like any other checking account, with a debit card for spending, free ACH transfers and even early access to your paycheck.

No monthly fees
Minimum Opening Deposit
ATM access
Any ATMs that accept Mastercard (fees apply)

More Information about Found

Found is a business checking account designed for freelancers and gig economy workers. With a Found account, you’ll get a Mastercard business debit card (and virtual card) that makes it easy to keep your business expenses separate from your personal expenses. There are no hidden fees, no monthly fees and no minimum balance requirements, and the account offers unlimited transactions and free ACH transfers.

Freelancers may particularly appreciate the free and unlimited customizable invoices. And when quarterly tax season strikes every few months, Found is helpful since it tracks your expenses as you go, calculates your tax bill in real time, automatically categorizes write-offs and even lets you pay taxes right from the app.

Found is a relatively new fintech (started in 2019). Despite its relative youth, Found offers serious banking perks, including data encryption, secure infrastructure, two-factor authentication and fraud monitoring to keep your account safe. Banking services are provided through Piermont Bank, which means deposits are FDIC insured up to $250,000.

You’ll likely still want a high-yield savings account as your freelance income grows (Found doesn’t pay any interest). But for managing your expenses, paying taxes and creating invoices for clients, it doesn’t get better than Found.


Best for New Small Business Owners

4 out of 5 Overall

Key Features
  • Online-only bank
  • Up to 1.01% APY on business checking
  • $400 bonus for new business owners*
If simple is what you like for your business checking account, Axos’ Basic Business Checking should fit the bill. You can open an account with no minimum deposit requirement and integrate it with QuickBooks for easy bookkeeping. The Axos Bank Business Interest Checking account offers 1.01% on your balances under $50K. Open an account with just $100.

$0–$10 monthly fee (checking), $0 monthly fee (savings)
Minimum opening deposit
No initial deposit requirement
Up to 1.01%.
ATM access
91,000 fee-free ATMs
Business owners get up to $400 welcome bonus*

More Information about Axos

Hands down, Axos is the best bank for new small business owners — as long as you’re OK with not having physical access to your financial institution.

Axos’ Basic Business Checking is great because there are no monthly fees or minimum balance requirements:

  • No initial deposit requirement
  • No monthly maintenance fee
  • Free domestic incoming wires (two outgoing domestic wire fees reimbursed per month)
  • Unlimited item processing (debits, credits, and deposited items)
  • Cash deposits via MoneyPass and AllPoint networks

While the Small Business Interest Checking offers an appealing with the 1.01% APY, all three of its savings accounts earn 0.20% APY.

New small business owners should start with the Business Savings account, which only requires $1,000 to open and has fees waived as long as you maintain a $2,500 average minimum daily balance.

Business owners can get up to a $400 welcome bonus. Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.*

For more information on Axos’ banking features, check out our full Axos bank review.

Navy Federal Credit Union

Best for Veterans and Active Military Personnel

3.5 out of 5 Overall

Key Features
  • No monthly service fee
  • 30 free non-electronic transactions
  • Member-owned nonprofit institution
The perks of this (or any) credit union aren’t going to match the big four banks. Membership is also not available to everyone. Only veterans, active-duty military, employees of qualified government agencies and immediate family of Navy Federal members can apply to this credit union.
Navy Federal Credit Union

$0–$20 (checking)
Minimum Opening Deposit
Up to 0.45% (checking), can earn dividends (savings)
ATM access
30,000 Navy Federal and CO-OP ATMs

More information about Navy Federal Credit Union

You’re a small business owner now. Maybe you don’t want to do business with a multibillion-dollar corporation. If that’s your speed, a credit union like Navy Federal might be right for you. These member-owned nonprofits can provide a comfort and familiarity that the big four can’t offer, even if they can’t match the perks.

Its basic Business Checking account has no fees and allows two signers, but you can upgrade to Business Plus Checking for unlimited signers (and 50, rather than 30) non-electronic transactions. Business Premium Checking jumps to 100 free non-electronic transactions and can earn up to 0.45% APY. In addition, Navy Federal has two savings accounts that pay dividends.

Navy Federal also offers business lines of credit starting at $35,000 and rewards credit cards from Visa and Mastercard with no annual fee.

For more information on banking for veterans and service members, check out our full list of the best military banks and credit unions.


Best If You Run a Business On Your Own

4.5 out of 5 Overall

Key Features
  • Built-in expense and tax tracking
  • Unlimited transactions with no monthly fee
  • No account, overdraft or foreign transaction fee
If you’re looking for a business partner, you might find it in a Lili mobile banking account. As a solo business owner, there are a number of financial tasks that are entirely up to you to handle, like setting aside money for taxes. Lili promises to help with a dedicated business checking account. Lili is laser-focused on small business needs including the ability to create quarterly expense reports and offering optimizing tools that track write-offs and calculate taxes.

Minimum opening deposit
1.5% on savings
ATM Access
38,000+ free ATMs across the country
Prime perk
$100 referral bonus (plus $100 for the referred friend)

More Information About Lili

The Lili business checking account comes with its own Visa debit card. Whenever you spend any money, you’ll get a push notification asking you to swipe left or right to instantly categorize the expense as either “personal” or “business.” At tax time, this will allow you to easily maximize your expenses and reduce your taxable income, lowering your tax bill.

For more information on Lili’s banking features, check out our full Lili account review.


Best for High-Yield Checking

3 out of 5 Overall

Key Features
  • 2.0% APY on balances up to $100,000
  • No monthly fees or minimum balance requirements
  • No overdraft or NSF fees
BlueVine is a fintech company, not an online bank (The Bancorp Bank provides banking services). While it doesn’t offer credit cards, you can get a business debit card. And BlueVine offers something you can’t find with most banks: 2.0% interest on your business checking balance up to $100,000. BlueVine is FDIC insured and its online-only structure could mean convenience for you.

Minimum deposit requirement
2.0% on balances up to $100,000
ATM access
37,000+ MoneyPass ATMs

More Information about BlueVine

BlueVine is an honorable mention in this list, because it doesn’t offer a full suite of business banking services. But its 2.0% APY on your business checking account balance (if you meet the criteria) makes it stand out among even modern banks for businesses, so it’s worth mentioning. With the account, you can pay vendors and bills by ACH, wire or check and set up recurring payments. You can also apply for credit lines up to $250,000 with rates as low as 6.2%. If a brick-and-mortar location isn’t a top priority, add this one to your list.

What Is a Business Bank Account and Why Do You Need One?

A business bank account is where you keep your money for the company. It’s an account used specifically for the business — so, separate from your personal checking or savings accounts — where you hold your earnings, pay for related expenses (supplies, vendor services, utilities, etc.) and more.

Keeping these transactions separate is helpful come tax time. If you choose to apply for a business loan (some banks require you to have an account for a designated time period), you’ll also need an account to share your financials and house the money.

No matter how big or small your operation is, it’s strongly recommended that you open a business bank account. At a minimum a business checking account is a good way to stay organized, period. You want a place to keep track of all the money coming in and out of your business and have a clear-cut record of your finances.

Banks for Small Business Owners

Most major banks offer business accounts, as well as many credit unions. You can opt to open an account with an online-only bank or solely brick-and-mortar institution, or choose one that offers a hybrid model.

If your personal bank offers business bank accounts, that might incentivize you to open an account with your current institution — but run the numbers first. While you may have access to the merchant services you’re accustomed to and be able to link accounts (and seamlessly transfer money from your business bank accounts to your personal checking account, for example), there may be higher transaction fees or hidden costs.

You have lots of options when it comes to banks for small business, so do some research.

Common Types of Business Checking and Savings Accounts

Like with personal accounts, you have many options when it comes to choosing a business bank account. Here are the basics of business banking:

Business Checking Account

Some banks, specifically larger ones, may offer a variety of business checking accounts. Depending on factors such as your daily minimum balance, the number of transactions performed in a month and the amount of services you need, you can choose a checking account to fit your needs and budget.

Business Savings Account

You can select this type of account to build cash reserves and earn interest on your money. And similarly, some banks offer more than one type of account (ranging in monthly maintenance fees) based on how much money you plan on saving and the number of transactions you make in a month.

High-Yield Business Savings Account

With this type of account, you have an opportunity to earn higher interest rates on your money. Typically, there is a higher minimum deposit required and tighter restrictions around the number of monthly transactions allowed for this account.

Business Credit Cards, Loans and CDs

Many banks offer business loans and business credit cards (more on those next) and certificate of deposit (CDs). You also want to keep an eye out for new-business-account bonuses (usually in the form of a couple hundred dollars) for owners just opening their account.

There’s no one “best bank for small business,” so it’s important to take inventory of what you want and need out of business banking.

What to Look for in Business Banking

There are several angles you could take to determine the best banks for small businesses, depending on the business needs of your company. To help you choose the best for your business, we focused on four main banking services: Small business checking account, business savings account options, small business lending and business credit cards.

Small Business Checking Account and Business Savings Account Options

We looked at balance requirements, (monthly) fees and transaction and deposit limits.

In general, it’s a good idea to look for business bank accounts that offer the following:

  • A low minimum balance requirement
  • A low monthly maintenance fee (or one that can be easily waived)
  • Minimum monthly service fees (bonus for no monthly fees!)
  • Free business checking
  • A business debit card
  • Free cash deposits (at least up to a point)
  • Online banking
  • Mobile banking (an app)
  • Online bill pay
  • Payroll services

Unlimited and free transactions (or banks that offer a reasonable limit for your needs) are also good to look for. Related, if your small business is verging into medium-sized-business territory, you might be eligible for a number of free transactions until you reach a certain limit. In that case, it may be worthwhile to move up to the next business checking account level to match your needs.

Small Business Lending

There are three main ways you can borrow money for your business. We compared what banks offered across these three categories:

  • If you’re a qualified small business owner, you can take out SBA loans, which are backed by the Small Business Administration and, as a result, come with lower interest rates.
  • You can also secure a business term loan, which operates in the same way as a personal loan.
  • You can secure a business line of credit, which can provide you with flexibility if you’re not sure how much money you need.

Business Credit Cards

While we don’t advocate spending just to get credit rewards, there’s no reason to leave perks for your existing expenses on the table. We looked at the annual fees, interest rates and perks each bank offers with their small business credit cards.

Find the Best Bank for Your Small Business

You have many options when it comes to small business bank accounts. And your mileage with different banks and business checking accounts will vary depending on your wants and needs.

Ultimately, only you can determine the best business bank account for you and your business.

Do you want to use the same bank for your personal account, for example? Are you willing to step outside of the free checking options to earn more perks? Are you holding out for a debit card you can put your dog’s face on?

No matter what’s on your checklist, the options listed here should give you an idea of where to look next. If Wells Fargo and Chase were catching your eye, for instance, it might be worth comparing offerings from other big banks like Bank of America and Citibank as well.

And if you like the idea of Navy Federal, search for credit unions in your area to compare. If your small business is location-based and caters to a local clientele, working with a neighborhood credit union might benefit you in other ways a bigger bank cannot.

The right bank for your business and personal finances is out there. You’ve just got to hunt it down.

Frequently Asked Questions (FAQs) About Small Business Banks

We’ve rounded up and answered some of the most common questions about small business banks.

Which Bank Is Best Suited for Small Businesses?

Most traditional banks, community banks and credit unions offer business banking services, including checking accounts, savings accounts, loans and credit cards. Some online banks cater solely to businesses. Which is best for you depends on the needs of your business, like how much money you hold onto, your payroll and accounting processes, and your borrowing needs.

Which Bank Is Best for a Startup Business?

Startups tend to benefit from lean and nimble financial services. Look for an institution that makes it easy to upgrade your account as your business grows and rewards you for it. You likely also need access to loans, credit cards and lines of credit to support cash flow as you grow, so look for banks with favorable loan terms, lines of credit and rewards credit cards.

Why Do You Need a Business Bank Account?

Keeping your business finances separate from your personal finances is important regardless of how your business is structured. Even if you’re a sole proprietor or independent contractor, a dedicated (personal) bank account helps you track your business income and expenses easily. If you’re structured as an LLC or corporation, a business bank account in the company’s name is important to maintain the legal separation and protections between you and your business.

What Is the Difference Between a Business Account and a Personal Account?

In practice, business checking and savings accounts perform the same functions as personal checking and savings. They provide deposit and savings accounts for your cash, debit cards, ATM access, and sometimes perks like interest and cash bonuses. The main difference with a business bank account is that you need to open it in the name of a legal business entity (like a registered LLC or corporation) and usually have to provide a tax ID (EIN). If you’re a sole proprietor or independent contractor, you can just open another personal bank account in your name.

What Should a Small Business Look for in a Bank Account?

Small businesses need banks that will support them during times of growth and in lean times. That means a variety of account options that are easy to upgrade as your business grows, and lending and credit options that help you maintain cash flow when revenue is low. If you’re part of a localized small business community, you might also look for a community bank or credit union that keeps its money within your community.

Can I Use My Personal Bank Account for My Small Business?

Yes, but it’s not advised because mingling your personal and business expenses makes managing your business finances difficult and could lead to issues down the line, with taxes for example. If you run an LLC or corporation — where the business is a separate entity from you — mixing your finances could negate some of the legal protections the structure is supposed to provide, because you’re not clearly drawing a line between your assets and those of the business.

Contributor Dana Miranda is a Certified Educator in Personal Finance® who has written about work and money for publications including Forbes, The New York Times, CNBC, Insider, NextAdvisor and Inc. Magazine. Contributor Timothy Moore updated this post.

*You must be approved for your new Basic Business Checking or Business Interest Checking account and fund it within 30 days of account opening. An incentive of up to $400 can be earned during the first five (5) statement cycles. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of four (4) payouts during the five (5) statement cycles, and the incentive will be deposited into the qualifying account within 10 business days following the end of the statement cycle in which the balance requirement was met.
$75 will be earned for each statement cycle , up to $300 during when you meet three requirements : 1) the average daily balance in your Basic Business Checking account or Business
Interest Checking Account is between $25,000 and $49,999.99, 2) you have completed ten (10) pointofsale transactions per month using your Small Business Checking Visa® Debit Card for
signaturebased purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking
account. The bill pay transaction minimum is $10.
$100 will be earned for each statement cycle, up to $400 during when you meet three requirements : 1) the average daily balance in your Basic Business Checking account or Business
Interest Checking Account is greater than $50,000, 2) you have completed ten (10) pointofsale transactions per month using your Small Business Checking Visa® Debit Card for signaturebased
purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The
bill pay transaction minimum is $10. Your Small Business Checking account must remain open and in good standing at the time the incentive
is paid to be eligible. Furthermore, your Small Business Checking account must remain open for 150 days, or an early closure fee of up to $400 may apply.