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As a small business owner, having a good bank account to manage your money is crucial. Business bank accounts can be expensive, both in terms of monthly fees and also per-item charges. Fortunately, many banks offer excellent options for small business owners that have no monthly maintenance fees—or provide an option to get the fee waived—as well as cash back on purchases, interest on balances and other features that can make it easier to run your business.
Here are six of the top banks for small businesses. Take your time to compare each one, along with other options you're considering, to determine the best fit for you.
Chase: Best for Full-Service Business Banking
- Banking products: Chase Business Complete Checking®, Performance Business Checking®, Platinum Business Checking℠, Business Savings, Business Certificates of Deposit.
- ATM access: Fee-free withdrawals at more than 15,000 Chase ATMs.
- Notable features: Has more than 4,700 physical branches, offers a new customer bonus when you meet certain requirements and provides a variety of business finance products and services.
Among our best banks for small businesses, Chase is the most established, offering a variety of banking products and other options, including credit cards, loans and lines of credit, payment processing services and retirement plans. Monthly fees for its checking accounts vary, but you can typically get fees waived if you meet certain balance requirements.
Some accounts charge a per-item fee and even a fee on cash deposits above a certain amount each month, so read the fine print to see if it's a good fit. If your business makes a lot of cash deposits, though, having so many physical branches is beneficial. Chase also offers business savings products, but they're pretty basic in terms of interest and features.
Who it's best for: Businesses that want all their banking services under one roof and convenient access to branches.
Standout accounts:
Chase Business Complete Checking®
- Our Rating 5/5 How our ratings work Read the review
- APYN/A
- Minimum
Deposit RequiredN/A -
Intro Bonus
$300Expires July 22, 2024
Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
The Chase Business Complete Checking® account is an attractive option. It offers the convenience of one of the largest financial institutions in the country, and it frequently offers bonuses that are relatively easy to earn. While it does not allow you to accrue interest on your funds like some other popular small business checking accounts, it's still very much worth considering if you can meet the requirements to waive its monthly fees.
Overview
The Chase Business Complete Checking® account comes loaded with a valuable sign-up bonus and an assortment of helpful perks, so long as you can meet the requirements to waive its monthly fees. It’s a good fit for many business checking customers, regardless of business size.
Read the reviewPros
- Generous signup bonus
- Several options to waive monthly fee
- Same-day deposits using QuickAccept℠ service
- Huge network of in-person branches and ATMs
Cons
- Monthly maintenance fee
- Overdraft fees are relatively high
- Limit on fee-free cash deposits and physical transactions
U.S. Bank: Best for Using Both In-Person and Digital Services
- Banking products: U.S. Bank Silver Business Checking Account, U.S. Bank Gold Business Checking Account, U.S. Bank Platinum Business Checking Account
- ATM access: 13,000 fee-free ATMs.
- Notable features: Generous welcome offer when you meet requirements, large ATM and branch network across 26 states, waivable fees and business debit card.
U.S. Bank (Member FDIC) is a favorite for small business owners thanks to its large footprint of branches and ATMs across the United States, plus its highly rated mobile banking app and suite of business products, including business loans and credit cards. Monthly fees on its business checking accounts vary, but those are waivable if you can maintain certain average balance requirements.
These business checking accounts offer 125-500 free transactions a month, depending on which account you're using. After that, per-transaction fees range from $0.40-$0.50. It’s worth noting that while U.S. Bank is one of the largest banks in the country, it only has branches in 26 states, so you'll want to make sure the service area works for you.
Who it's best for: Business owners within the bank’s footprint who value both in-person service and mobile tools and can make use of the big ATM network for cash transactions.
Standout accounts:
Qualifying U.S. Bank Business Checking Accounts
| Account | Intro Bonus | Minimum Opening Deposit | Monthly Fee | Learn More |
|---|---|---|---|---|
|
|
Up to $800Expires August 30, 2024
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. |
$100 | $0 | Open Account |
|
|
Up to $800Expires August 30, 2024
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. |
$100 |
$20 with options to waive
You can waive this account's monthly maintenance fee with one of the following: have a U.S. Bank Payment Solutions Merchant Account, $10,000 average collected checking balance or $25,000 average collected checking balance on interest-bearing option, $20,000 in combined average collected deposit balances or $50,000 in combined average collected balance on interest-bearing option or $50,000 combined average collected business deposits and outstanding business credit balances. |
Open Account |
|
|
Up to $800Expires August 30, 2024
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. |
$100 |
$30 with option to waive
You can waive this account's monthly maintenance fee with one of the following: $25,000 average collected checking balance or $75,000 combined average collected business deposits and outstanding business credit balances. |
Open Account |
Axos® Bank: Best for ATM Fee Reimbursements
- Banking products: Basic Business Checking, Business Interest Checking, Business Savings, Business Premium Savings, Business Money Market, Non-Profit Money Market and Business Certificates of Deposit.
- ATM access: Unlimited domestic ATM fee reimbursements.
- Notable features: Cash deposits with MoneyPass® and AllPoint™ ATMs, offers a welcome bonus to new account holders, and high APY on Interest Checking.
Axos Bank is an online bank offering a variety of personal and business banking products. For small businesses, its two options cover a lot of ground:
While it's traditionally difficult to make cash deposits with online-only banks, Axos does allow small business owners to deposit cash at MoneyPass and AllPoint ATMs. Axos also offers business savings products, but their APYs aren't exactly competitive, and there may be a minimum deposit requirement and monthly fee, depending on the account.
Who it's best for: Business owners who like online banking but use ATMs a lot and want fee reimbursements and convenient ATM locations for cash deposits.
Standout accounts:
Axos Basic Business Checking Account
- Our Rating 4/5 How our ratings work
- APYN/A
- Minimum
Deposit RequiredN/A -
Intro Bonus
Up to $400Expires June 30, 2024
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.
Axos Basic Business Checking is a good fit for new businesses or those that don’t generate a lot of sales (yet). It offers a sign-up bonus worth up to $400, which is relatively competitive, has no monthly fees, and unlimited domestic ATM fee reimbursements. However, Axos is an online-only bank, so it’s not a good option if your business handles cash regularly.
Overview
With Axos Bank’s Basic Business Checking Account, you don’t have to worry about monthly maintenance fees, minimum balances or a minimum opening deposit. Add on a sign-up bonus worth up to $100, and it’s easy to recommend this account to newly incorporated small businesses, or those who want to try out Axos Bank.
Pros
- No monthly maintenance fee
- Unlimited domestic ATM fee reimbursements
- No minimum deposit required to open an account
- 2 free domestic wire transfers each month
Cons
- Account does not earn interest
- No physical branch locations
Axos Business Interest Checking
- Our Rating 4/5 How our ratings work
- APYUp to 1.01%
Customers earn 1.01% APY on balances between $0 and $49,999.99; balances between $50,000 and $249,999.99 earn 0.20% APY; balances of $250,000 or more earn 0.10% APY.
- Minimum
Deposit Required$100 -
Intro Bonus
Up to $400Expires June 30, 2024
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.
Axos Business Interest Checking is our favorite small business checking account for newly incorporated businesses. We’ve seen them offer up to 1.01% APY on your funds, which is great for a checking account, typically has a solid sign-up bonus, 100 free monthly transactions, and it’s relatively simple to waive the $10 monthly maintenance fee. But keep in mind Axos is an online bank, so cash-heavy businesses are not a good fit.
Overview
Axos Bank’s Business Interest Checking Account is a great option for newly incorporated businesses eager to earn interest on deposits. It offers up to 1.01% interest, as well as a sign-up bonus worth up to $400.
Pros
- Earn interest on deposits
- Monthly maintenance fee can be waived
- Unlimited reimbursements from any domestic ATM
Cons
- APY decreases with higher balances
- Limited fee-free transactions every month
- Monthly maintenance fee
Axos Business Checking: Up to $400 Bonus
American Express®: Best for Interest on Your Balance
- Banking products: American Express Business Checking.
- ATM access: Fee-free withdrawals at more than 40,000 MoneyPass ATMs.
- Notable features: High APY on balances, valuable welcome bonus and rewards on debit card purchases.
American Express Business Checking offers a healthy APY on high balances. Small business owners will also enjoy no fees on regular item processing, non-sufficient funds and more. The bank offers 1 point for every $2 you spend on eligible purchases with your debit card. Plus, American Express offers several solid business credit card options.
Who it's best for: Amex fans who want to manage their banking and credit cards in one spot, and who want to earn interest on their bank account balance.
LendingClub: Best for Cash Back on Debit Card Purchases
- Banking products: Business Banking Tailored Checking.
- ATM access: Unlimited ATM fee rebates.
- Notable features: Offers 1% cash back on eligible debit card purchases, provides up to a 1.50% APY on balances up to $100,000.
LendingClub only offers one checking account and no savings accounts, so it's best for small business owners who prefer its features over other banks' offerings. The Business Banking Tailored Checking account offers unlimited ATM fee rebates, allowing for easy access to your cash.
It also offers an elevated APY on balances of up to $100,000 (then considerably lower after that) and 1% cash back on signature-based debit card purchases—select "credit" for point-of-sale purchases and sign instead of choosing "debit" and entering your PIN. Just note that you'll need to keep an average balance of $500 in your account to qualify for debit card rewards.
The bank charges a $10 monthly fee, but it's relatively easy to avoid—simply maintain a balance of $500 or more in your account.
Who it's best for: Those who want to take advantage of interest, debit card rewards and no ATM fees.
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NBKC Bank®: Best for No Fees
- Banking products: The Business Account, Money Market Account, Business Certificates of Deposit.
- ATM access: Fee-free withdrawals at more than 40,000 MoneyPass ATMs.
- Notable features: No account fees.
With few features, the Business Account with NBKC Bank is a no-frills business checking account, but it also doesn't charge account fees, making it an excellent choice for small business owners looking to save as much money as possible.
NBKC also has access to a large ATM network, making it easy to get fee-free ATM withdrawals. If you live in the Kansas City area where the bank is headquartered, you can enjoy in-person service at one of NBKC's four physical branches.
Who it's best for: New businesses and freelancers who do all of their business online and want no fees.
Which Bank Is Right for You?
The right bank for your business depends on your goals, financial needs, the types of transactions you make and any other services you need to support your business.
To decide on the right bank for you, compare banking features such as:
- Monthly fees and fees on transactions you most commonly make
- Whether the account earns interest
- Perks like debit card rewards
- Free ATM withdrawals or reimbursements
- Whether you want to visit a local branch or prefer to do your banking online
- Other products and services the bank offers
With so many business banking options out there, take your time to shop around and compare multiple banks and credit unions.
Featured photo courtesy of Chase
Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.
