6 Best Banks for Small Businesses: Compare Rates and Features

Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page. However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain.

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.

Bank	Features	Best For	Learn More
Chase Bank	Welcome offers Fee-free ATM withdrawals Large, national branch network Many banking products	Many banking services under one roof	Get Started
U.S. Bank (Member FDIC)	Welcome offers Fee-free ATMs Waivable monthly fees Many banking products	In-person + digital banking combo	Get Started
Axos Bank	Welcome offer Waivable monthly fee High APY on Interest Checking Unlimited domestic ATM fee reimbursements	Online banking + ATM convenience	Get Started
American Express	Welcome offer No monthly fee High APY Debit card rewards	Amex fans	Read More
LendingClub	Waivable monthly fee Unlimited ATM fee rebates Cash back on debit card purchases High APY	Earning debit card rewards	Read More
NBKC Bank	No fees Fee-free ATM withdrawals	No fees	Read More

Chase: Best for Full-Service Business Banking

Banking products: Business Complete Checking®, Performance Business Checking^®, Platinum Business Checking℠, Business Savings, Business Certificates of Deposit.
Monthly fees: Up to $95, but waivable.
Per-item fees: Varies.
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.
Welcome offer: New customer bonus when you meet certain requirements.

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 range from $15 to $95, but you can get these 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:

U.S. Bank: Best for Using Both In-Person and Digital Services

Banking products: U.S. Bank Silver Business Checking, U.S. Bank Gold Business Checking, U.S. Bank Platinum Business Checking.
Monthly fees: $0-$30 (waivable).
Per-item fees: Varies.
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.
Welcome offer: New customer offer when you meet certain requirements.

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 range from $0 to $30, 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:

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.
Monthly fees: Up to $10, but it's waivable.
Per-item fees: None for Basic Checking; $0.50 per item after 100 free items per month for Interest Checking.
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.
Welcome bonus: With both accounts, you can earn up to $400 as a welcome bonus if you open an account with a promotional code and meet certain requirements.*

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:

Basic Business Checking: This has no minimum deposit requirement, no monthly fee, no minimum balance requirement and no fees for item processing (debits, credits and deposits). You can get up to a 1.01% APY with the Business Interest Checking account—that's 1.01% on the first $49,999.99, then it drops down to 0.20% at $50,000, then down to 0.10% at $250,000.
Interest Checking: This account charges a $10 monthly fee, but you can get it waived with an average daily balance of $5,000 or more. It also charges a $0.50 fee per item, but you'll get 100 items for free every month.

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:

*Disclosure

^{To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "NEW400," an application for a Basic Business Checking account or a Business Interest Checking account must be submitted between 09/30/2023 at 12:00 am PT and 6/30/2024 at 11:59 pm PT. Axos Bank reserves the right to limit each primary account holder or business title to one (1) checking account promotional offer per year. Axos Bank or Axos Bank for Nationwide checking customers or Businesses that have held an Axos Bank or UFB or Axos Bank for Nationwide checking or savings account in the past 12 months under the same title are not eligible for this offer. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:}

^{Small Business Checking bonus up to $400: 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 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) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based 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 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) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based 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.}

American Express®: Best for Interest on Your Balance

Banking products: American Express Business Checking.
Monthly fees: None.
Per-item fees: None.
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.
Welcome bonus: The bank offers an impressive 50,000 Membership Rewards points if you meet certain requirements. Points are redeemable for cash back, or if you have a credit card that earns Membership Rewards, you may get more value from them.

American Express Business Checking offers an APY of 1.30% on balances of up to $500,000, which is far more generous than the Interest Checking account from Axos Bank. 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.
Monthly fees: $10, waivable.
Per-item fees: None.
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 a 1.50% APY on balances of up to $100,000 (then 0.10% 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.

NBKC Bank®: Best for No Fees

Banking products: The Business Account, Money Market Account, Business Certificates of Deposit.
Monthly fees: None.
Per-item fees: None.
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.

6 Best Banks for Small Businesses

Chase: Best for Full-Service Business Banking

Chase Business Complete Checking®

Overview

Pros

Cons

How to Earn $400 With Chase Business Complete Checking

U.S. Bank: Best for Using Both In-Person and Digital Services

U.S. Bank Silver Business Checking Account

Overview

Pros

Cons

U.S. Bank Gold Business Checking Account

Overview

Pros

Cons

U.S. Bank Platinum Business Checking Account

Overview

Pros

Cons

Axos® Bank: Best for ATM Fee Reimbursements

Axos Basic Business Checking Account

Overview

Pros

Cons

Axos Business Interest Checking

Overview

Pros

Cons

*Disclosure

Axos Business Checking: Up to $400 Bonus

American Express®: Best for Interest on Your Balance

LendingClub: Best for Cash Back on Debit Card Purchases

Best High-Yield Savings Accounts (April 2024)

NBKC Bank®: Best for No Fees

Which Bank Is Right for You?

Ben Luthi

Follow the Money

Articles Get the latest in personal finance news, offers and expert tips. Dive into more personal finance advice and guides

6 Best Banks for Global Travelers

Axos Business Checking: Up to $400 Bonus

6 Best Business Checking Accounts for Freelancers and Self-Employed Business Owners

The 6 Best Rewards Checking Accounts in 2024

Chase Business Checking vs. U.S. Bank Business Checking: Which Account is Right for You?

Best Checking Accounts That Waive or Reimburse Overdraft Fees

Best Banks for Fast Mobile Check Deposits & Funds Availability

Nationwide My Checking Review: Fee-Free Online Banking

Axos Essential Checking: Get Paid Earlier With No Monthly Fees

Bank of America Business Advantage Checking Accounts Review

The 5 Best Cash Management Accounts in 2024

Best Places to Get Free (or Cheap) Checks