Choosing the right bank is crucial for small businesses. As a small business owner myself, I understand the importance of finding a bank that offers the right combination of services, flexibility, and support. That’s why I’ve researched and compiled a list of the 11 best banks for small business in 2024. These banks have proven track records of catering specifically to the needs of small businesses, offering a wide range of services and benefits.
Key Takeaways:
- When choosing a bank for your small business, consider factors such as fees, interest rates, lending options, and customer support.
- The 11 banks on this list have been carefully selected based on their reputation, services, and customer satisfaction.
- Each bank on the list offers a range of services, including business checking accounts, savings accounts, credit cards, and loans.
- Whether you prioritize low fees, high interest rates, or extensive lending options, there is a bank on this list that will meet your requirements.
- Take your time to explore the options and choose the best bank that aligns with your specific business needs and goals.
Axos Bank® Basic Business Checking
Axos Bank® Basic Business Checking is the perfect choice for small businesses looking for an exceptional banking experience. As an online bank, Axos Bank offers a range of features that cater specifically to the needs of small businesses, making it a standout option in the industry.
What sets Axos Bank apart is its commitment to providing convenience and value to small businesses. With their free business checking account, entrepreneurs can enjoy the benefits of banking without worrying about monthly fees or minimum opening deposits. This makes it an attractive option, especially for businesses just starting out or operating on a tight budget.
Axos Bank goes above and beyond to make banking hassle-free for small business owners. They offer unlimited fee-free transactions, allowing you to freely manage your finances without any additional costs. Moreover, Axos Bank provides automatic refunds of all ATM fees, ensuring that you have access to your funds when and where you need them. Their 24/7 customer support adds an extra layer of convenience, with dedicated professionals available to assist you with any banking-related inquiries.
For small businesses, time is of the essence. Axos Bank recognizes this and has streamlined their online banking platform to provide a seamless user experience. With their intuitive interface and user-friendly tools, managing your business finances becomes a breeze.
Key Features of Axos Bank® Basic Business Checking:
- No monthly fees or minimum opening deposit
- Unlimited fee-free transactions
- Automatic refunds of all ATM fees
- 24/7 customer support
| Pros | Cons |
|---|---|
| Free business checking account with no monthly fees | No physical branch locations |
| Unlimited fee-free transactions | Limited in-person banking services |
| Automatic refunds of all ATM fees | No cash deposits |
| 24/7 customer support |
Axos Bank is committed to providing small businesses with a seamless banking experience. Their Basic Business Checking account offers everything you need to effectively manage your finances without the unnecessary fees and complications often associated with traditional banks. With unlimited fee-free transactions, automatic refunds of all ATM fees, and 24/7 customer support, Axos Bank ensures that you can focus on what matters most – growing your business.
Chase Business Complete Banking℠
When it comes to small business banking, Chase Business Complete Banking℠ is an excellent choice for entrepreneurs who value full-service banking. With a wide range of business banking solutions, Chase provides the convenience and support that small businesses need to thrive.
Comprehensive Business Banking Services
Chase offers three business checking accounts tailored to meet the unique needs of small businesses. Whether you’re a startup or an established company, you’ll find an account that suits your business requirements. In addition to checking accounts, Chase also provides two business savings accounts, allowing you to effectively manage your business finances and earn interest on your savings.
For businesses in need of financing, Chase offers a variety of business credit cards and loan options. Whether you’re looking to expand your business or cover unexpected expenses, Chase has the right financing solution for you. Their business loans provide the capital you need to grow and succeed.
Convenience and Accessibility
With over 4,700 branches and 16,000 ATMs nationwide, Chase ensures convenient access to their comprehensive suite of business banking services. Whether you prefer in-person banking or the ease of online and mobile banking, Chase has you covered. Their user-friendly digital platforms make it easy to manage your accounts, make payments, and track your finances, anytime and anywhere.
Chase also understands the value of personal relationships in business. Their dedicated team of business specialists is available to provide personalized assistance and support, ensuring that you have a trusted partner every step of the way.
Chase Business Complete Banking℠ Features
| Features | Details |
|---|---|
| Business Checking Accounts | Three options tailored to your business needs |
| Business Savings Accounts | Two options to help your money grow |
| Business Credit Cards | A range of cards with various rewards and benefits |
| Business Loans | Flexible financing options to support your business growth |
| Branch Network | Over 4,700 branches nationwide |
| ATMs | Access to over 16,000 ATMs |
| Dedicated Business Specialists | Personalized assistance and support |
Chase Business Complete Banking℠ is more than just a bank account. It’s a comprehensive banking solution designed to empower small businesses with the financial tools and support they need to succeed. Whether you’re a startup or an established company, Chase is committed to helping you achieve your business goals.
Bluevine Business Checking
Looking for a digital-only banking solution for your small business? Bluevine Business Checking is here to meet your needs. As a popular fintech company, Bluevine offers a free business checking account with high-yield benefits that make it stand out from the competition.
With Bluevine, you can enjoy a 2.00% APY on balances up to $250,000, making it an attractive option for businesses looking to maximize their returns. Plus, their partnership with Coastal Community Bank provides up to $3 million in FDIC insurance coverage, ensuring your funds are secure.
One of the key advantages of Bluevine Business Checking is its user-friendly interface. Their intuitive platform allows you to easily manage your transactions, payments, and account activities from anywhere, at any time.
Another great feature of Bluevine is their unlimited fee-free transactions. This means you won’t be charged for the number of transactions you make, empowering you to grow your business without worrying about additional costs.
Bluevine also understands the importance of seamless integrations with popular business tools. Their platform seamlessly integrates with Venmo, Square, and QuickBooks, making it convenient for you to streamline your financial processes and stay organized.
To give you a visual representation of the benefits of Bluevine Business Checking, here’s a table comparing key features:
| Features | Bluevine | Competitor A | Competitor B |
|---|---|---|---|
| APY | 2.00% | 1.50% | 1.75% |
| FDIC Insurance Coverage | Up to $3 million | Up to $250,000 | Up to $500,000 |
| Monthly Fees | Free | $10 | $5 |
| Integration with Business Tools | Venmo, Square, QuickBooks | PayPal, FreshBooks | Stripe, Xero |
As you can see, Bluevine’s high APY, extensive FDIC insurance coverage, and seamless integrations set them apart from the competition.
So, if you’re looking for a digital banking solution that offers a free, high-yield business checking account with user-friendly features and seamless integrations, Bluevine Business Checking is the right choice for your small business.
Grasshopper Business Checking Account
Grasshopper Business Checking Account is specifically designed for startups, offering a range of startup-friendly features. As a startup, you need a banking partner that understands your unique needs and can provide the necessary tools and support to help your business thrive.
With Grasshopper Bank, you get more than just a business checking account. They offer built-in invoicing and bookkeeping tools to simplify your financial management. Whether you’re sending invoices to clients or tracking your expenses, Grasshopper Bank has you covered. Their user-friendly interface makes it easy to navigate through your financial records and stay organized.
But that’s not all. Grasshopper Bank goes the extra mile to support startups by offering expert guidance on accelerator applications and investor opportunities. They understand the challenges you face as a new business and provide valuable insights to help you secure funding and accelerate your growth.
Although Grasshopper Bank doesn’t accept cash deposits, they make up for it in other ways. With unlimited 1% cash back on qualified debit card purchases, you can earn money while you spend on essential business expenses. Plus, their competitive APY of up to 2.25% on balances helps your money work harder for your business.
Grasshopper Bank’s startup-friendly features and personalized support make them a standout choice for entrepreneurs. Whether you’re just starting out or looking to switch banks, Grasshopper Bank has the tools and expertise to help your startup succeed.
| Grasshopper Business Checking Account Features: |
|---|
| Built-in invoicing and bookkeeping tools |
| Expert guidance on accelerator applications and investor opportunities |
| Unlimited 1% cash back on qualified debit card purchases |
| Up to 2.25% APY on balances |
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Bank of America Business Advantage Fundamentals™ Banking
When it comes to small businesses, Bank of America understands the importance of generous account limits. That’s why they offer the Business Advantage Fundamentals™ Banking, designed to meet the specific needs of small businesses like yours. With this account, you’ll have access to unlimited electronic transactions, allowing you to manage your finances efficiently without any additional charges.
One key advantage of Bank of America is its high cash deposit limits. As a small business, you may often deal with cash transactions, and Bank of America ensures that you have ample flexibility in depositing cash at their branches. Whether you handle large volumes of cash or need to make frequent deposits, this account is designed to accommodate your needs.
Another notable feature of Bank of America’s Business Advantage Fundamentals™ Banking is the ability to open business accounts entirely online. This convenient option saves you time and effort, allowing you to focus on growing your business. You can skip the hassle of visiting a branch and complete the account opening process from the comfort of your home or office.
Bank of America also offers a vast network of ATMs, with over 16,000 Bank of America ATMs nationwide. This extensive network ensures that you have easy access to your funds whenever and wherever you need them. Additionally, with around 3,900 branches, you can rely on Bank of America’s broad accessibility and personalized customer service.
| Bank of America Business Advantage Fundamentals™ Banking Features |
|---|
| Unlimited electronic transactions |
| High cash deposit limits |
| Convenient online account opening |
| Access to over 16,000 Bank of America ATMs |
| Around 3,900 branches for personalized service |
To sum up, Bank of America’s Business Advantage Fundamentals™ Banking is an excellent choice for small businesses that require generous account limits and convenient banking services. With its unlimited electronic transactions, high cash deposit limits, and extensive accessibility, Bank of America is committed to supporting the financial needs of small businesses like yours.
LendingClub Tailored Checking
When it comes to finding the perfect checking account for your small business, LendingClub Tailored Checking has you covered. With its attractive features and benefits, this bank stands out from the competition.
“With a competitive 1.50% APY on balances up to $100,000, LendingClub Tailored Checking offers an excellent opportunity to grow your business funds. Plus, with unlimited fee-free transactions, managing your finances has never been easier.”
But that’s not all. LendingClub Tailored Checking also rewards you for every debit card purchase you make. Earn unlimited 1% cash back on every transaction, giving your business an extra financial boost.
While they do charge a $10 monthly fee, don’t let that discourage you. By maintaining a minimum balance of $500, you can waive this fee and enjoy all the benefits this account has to offer.
Overall, LendingClub Tailored Checking is a fantastic option for businesses looking for a checking account that combines competitive interest rates, fee-free transactions, and rewards for debit card purchases. It’s time to take your small business banking to the next level with LendingClub.
Features at a Glance:
| Interest Rate | Unlimited Transactions | Cash Back on Debit Card Purchases | Monthly Fee | Minimum Balance |
|---|---|---|---|---|
| 1.50% APY on balances up to $100,000 | Yes | Unlimited 1% cash back | $10 | $500 |
U.S. Bank Silver Business Checking
When it comes to small business banking, U.S. Bank is a reliable and trusted choice. With their Silver Business Checking account, they offer a range of services tailored to meet the needs of small businesses. Whether you’re just starting out or looking to expand, U.S. Bank has you covered with their comprehensive business banking solutions.
One of the standout features of U.S. Bank Silver Business Checking is the access to over 2,000 branches across 26 states. This ensures that you can easily manage your finances and access personalized customer support whenever you need it. U.S. Bank understands the importance of branch access for small businesses, and they strive to provide convenient solutions for their customers.
In addition to branch access, U.S. Bank offers three different business checking accounts to choose from, including a free option. This allows you to select the account that best fits your business needs and budget. Along with business checking accounts, U.S. Bank also provides business savings accounts, credit cards, merchant services, and small-business loans. They are a one-stop-shop for all your business banking requirements.
Here is a breakdown of the business checking accounts offered by U.S. Bank:
| Account Type | Monthly Fee | Minimum Opening Deposit |
|---|---|---|
| U.S. Bank Silver Business Checking | $0 | $100 |
| U.S. Bank Gold Business Checking | $20 | $100 |
| U.S. Bank Platinum Business Checking | $25 | $100 |
With the U.S. Bank Silver Business Checking account, you can enjoy the benefits of a low-cost solution while still having access to a wide range of services. From managing day-to-day transactions to growing your business, U.S. Bank has the tools and resources to support your financial goals.
If you’re looking for a reliable bank that offers branch access and a variety of business banking services, U.S. Bank Silver Business Checking is a solid choice. Take advantage of their extensive branch network and personalized customer support to elevate your small business to the next level.
American Express® Business Checking
When it comes to online banking and business credit cards, American Express® Business Checking is a top choice for small businesses. With a focus on convenience and financial flexibility, American Express offers a range of benefits that make it an attractive option for business owners.
First and foremost, American Express offers a free business checking account with no monthly fees or minimum opening deposit, making it an accessible choice for businesses of all sizes. This allows you to keep your overhead costs low while still accessing the banking services you need.
One of the standout features of American Express Business Checking is the unlimited fee-free transactions that it offers. This means you can conduct as many transactions as you need for your business without incurring extra charges.
Another advantage of American Express Business Checking is the competitive 1.30% APY (Annual Percentage Yield) that you can earn on balances up to $500,000. This provides an opportunity to grow your business funds over time.
In addition to the checking account, American Express also provides access to a suite of highly-rated business credit cards. These cards offer various rewards and benefits, including cash back, travel rewards, and expense management tools. Having a business checking account and credit cards with the same provider can help streamline your financial management and make it easier to keep track of your expenses.
American Express is known for its excellent customer support and has a reputation for providing responsive assistance when needed. Whether you have questions about your account or need help with transactions, their team is there to assist you every step of the way.
To ensure convenient access to your funds, American Express has an extensive ATM network that you can utilize. This means you’ll have options for withdrawing cash or accessing your account whenever necessary.
If you’re looking for a reliable online banking solution and want the added benefit of highly-rated business credit cards, American Express® Business Checking is a solid choice. With its competitive APY and fee-free transactions, this option provides the necessary tools to manage your finances and grow your business.
Wells Fargo Initiate Business Checking℠ Account
When it comes to small businesses, having a reliable banking partner is essential. That’s where Wells Fargo comes in. With its Initiate Business Checking℠ Account, Wells Fargo offers a comprehensive financial solution tailored to the needs of small businesses.
One of the standout features of Wells Fargo is its extensive branch network. With almost 5,000 branch locations spread across 40 states, you can find a Wells Fargo branch near you, providing convenient physical access to your banking needs. Additionally, you have access to over 12,000 ATMs, ensuring that you can easily withdraw cash or check your account balance whenever you need to.
But it’s not just the branch network that sets Wells Fargo apart. They also offer a range of business services, including three different business checking accounts to suit your specific needs. Whether you’re just starting out or have an established business, Wells Fargo has an account that will meet your requirements.
In addition to business checking accounts, Wells Fargo also provides business savings accounts, credit cards, and small-business loans. This comprehensive suite of financial solutions allows you to manage your business’s finances effectively and efficiently, all in one place.
To give you a better idea of what Wells Fargo has to offer, here’s a table outlining the key features of their business checking accounts:
| Account | Minimum Deposit | Monthly Fee | Transaction Limit | SBA Lending |
|---|---|---|---|---|
| Initiate Business Checking℠ Account | No minimum deposit | $10 | 100 transactions per month | Available |
| Business Choice Checking | $25 | $14 | 250 transactions per month | Available |
| Platinum Business Checking | $25 | $40 | 500 transactions per month | Available |
As you can see, the Initiate Business Checking℠ Account offers a low minimum deposit requirement, making it accessible for businesses of all sizes. It also includes 100 transactions per month, providing flexibility and convenience for your day-to-day banking needs. And with Wells Fargo’s involvement in SBA lending, you can rely on their expertise to help your business secure the funding it needs to grow and thrive.
In conclusion, the Wells Fargo Initiate Business Checking℠ Account is a dependable choice for small businesses. From its extensive branch network to its range of business banking services and SBA lending options, Wells Fargo has everything you need to manage your business’s finances effectively. Trust in the trusted name and experience the difference of banking with Wells Fargo.
Capital One Business Basic Checking®
When it comes to unlimited transactions, Capital One Business Basic Checking® is the go-to choice for small businesses. They offer two business checking account options, one of which is completely free. With no limits on the number of transactions, you can easily manage your day-to-day finances without worrying about extra fees.
Capital One provides access to a range of financial tools that will simplify your banking experience. From online banking to mobile apps, you can conveniently monitor your account, transfer funds, and make payments anytime, anywhere.
While Capital One doesn’t accept cash deposits, they compensate for it by offering access to over 15,000 ATMs nationwide. This ensures that you can conveniently withdraw cash or deposit checks without any hassle.
Capital One Business Basic Checking® is the perfect choice for businesses that require unlimited transactions and the convenience of modern digital banking.
Benefits of Capital One Business Basic Checking®:
- No monthly fees
- No minimum balance requirements
- Unlimited fee-free transactions
- Access to a network of over 15,000 ATMs
- Convenient digital banking and mobile app
| Pros | Cons |
|---|---|
| Unlimited transactions | No cash deposit acceptance |
| No monthly fees | |
| Access to a large ATM network |
Whether you’re a small business owner looking to keep your expenses in check or an entrepreneur in need of seamless online banking, Capital One Business Basic Checking® offers unmatched convenience and flexibility. Their unlimited transactions and zero monthly fees make them a reliable choice for businesses of all sizes.
Relay Standard Business Checking
If your small business requires multiple accounts and debit cards, look no further than Relay Standard Business Checking. With its comprehensive features and user-friendly interface, Relay is the perfect banking solution for businesses seeking efficient expense tracking and management.
Key Features
- Fee-free checking
- Unlimited transactions
- Integration with popular business tools
Relay’s fee-free checking ensures that your business can save money without sacrificing essential banking services. Say goodbye to unnecessary charges and enjoy the convenience of unlimited transactions to meet your business’s evolving financial needs.
Relay’s seamless integration with popular business tools streamlines your business operations. Whether you rely on accounting software, payment processing platforms, or expense tracking applications, Relay can sync with your preferred tools for effortless financial management.
In addition, Relay offers the flexibility of opening multiple accounts and issuing multiple debit cards, allowing you to assign specific funds and track expenses easily. This feature enhances financial organization and simplifies bookkeeping, making it a valuable asset for businesses with complex financial structures.
Relay Standard Business Checking Images
| Pros | Cons |
|---|---|
|
|
Despite some limitations in physical branch access, Relay Standard Business Checking is an excellent choice for small businesses that prioritize flexibility, affordability, and efficient financial management.
“Relay Standard Business Checking has revolutionized how I track my business expenses. With multiple accounts and multiple debit cards, I can effortlessly categorize my funds and ensure accurate financial reporting. The seamless integration with my preferred business tools is a game-changer!” – John Adams, small business owner
Don’t let your business finances become a burden. Embrace the convenience and flexibility of Relay Standard Business Checking to streamline your banking experience and take control of your financial future.
Found Small Business Bank
When it comes to self-employed professionals, Found Small Business Bank is the top pick. With a commitment to providing a hassle-free banking experience, Found offers a range of services tailored to the needs of small businesses. One of the standout features of Found is that they have no monthly fees and no minimum balance requirements, making it easier for self-employed professionals to manage their finances.
Found Small Business Bank understands the unique challenges faced by self-employed individuals and aims to support them by offering comprehensive business banking services. They provide business checking accounts that cater specifically to the needs of self-employed individuals. Additionally, they offer savings accounts with competitive interest rates, enabling self-employed professionals to grow their savings effortlessly.
Moreover, Found Small Business Bank understands that self-employed professionals may require financing to support their business ventures. That’s why they also offer small-business loans with favorable terms and rates, providing the necessary financial assistance to help self-employed professionals achieve their goals.
With a solid reputation in the industry, Found Small Business Bank is known for delivering excellent customer service. Their team of experts is dedicated to understanding the unique needs of each self-employed professional and providing personalized solutions to help them succeed.
If you’re a self-employed professional looking for a bank that understands your needs and provides tailored solutions, Found Small Business Bank is the perfect choice for you.
Conclusion
Choosing the right bank is an important decision for small businesses. Each of the banks mentioned in this article offers unique features and benefits to cater to different business needs. Whether you prioritize low fees, high interest rates, or extensive lending options, there is a bank on this list that will meet your requirements. Consider your business’s specific needs and goals when selecting the best bank for your small business.
From the online convenience of Axos Bank® Basic Business Checking to the extensive branch network of Wells Fargo Initiate Business Checking℠ Account, these top banks for small business provide a wide range of services to support your financial needs. Bluevine Business Checking offers a digital-only solution with high-yield checking, while LendingClub Tailored Checking gives you the opportunity to earn cash back on debit card purchases.
Whether you are a startup looking for specialized features like Grasshopper Business Checking Account or a self-employed professional seeking hassle-free banking with Found Small Business Bank, these recommended banks for small business have you covered. With options like Chase Business Complete Banking℠ and U.S. Bank Silver Business Checking, you can access full-service banking and additional services like business loans and credit cards.
When it comes to finding the best business bank, it’s important to consider your unique needs, preferences, and goals. Explore the offerings of these top banks for small business to make an informed decision that will support your business’s financial success.
FAQ
What are the best banks for small business?
The top 11 banks for small business in 2024 are Axos Bank® Basic Business Checking, Chase Business Complete Banking℠, Bluevine Business Checking, Grasshopper Business Checking Account, Bank of America Business Advantage Fundamentals™ Banking, LendingClub Tailored Checking, U.S. Bank Silver Business Checking, American Express® Business Checking, Wells Fargo Initiate Business Checking℠ Account, Capital One Business Basic Checking®, Relay Standard Business Checking, and Found Small Business Bank.
What services do these banks offer for small businesses?
These banks offer a range of services for small businesses, including business checking accounts, savings accounts, credit cards, loans, and more.
Which bank offers a free business checking account with no monthly fees or minimum opening deposit?
Axos Bank® Basic Business Checking offers a free business checking account with no monthly fees or minimum opening deposit.
Which bank is known for its full-service banking and extensive branch network?
Chase Business Complete Banking℠ is known for its full-service banking and extensive branch network, with more than 4,700 branches and 16,000 ATMs nationwide.
Which bank offers a digital-only banking solution with a high-yield business checking account?
Bluevine Business Checking offers a digital-only banking solution with a high-yield business checking account that earns 2.00% APY on balances up to 0,000.
Which bank caters specifically to startups and offers startup-friendly features?
Grasshopper Business Checking Account caters specifically to startups and offers startup-friendly features, including built-in invoicing and bookkeeping tools, as well as expert guidance on accelerator applications and investor opportunities.
Which bank offers generous account limits and the ability to open business accounts entirely online?
Bank of America Business Advantage Fundamentals™ Banking offers generous account limits and the ability to open business accounts entirely online.
Which bank offers 1.50% APY on balances up to 0,000 and unlimited fee-free transactions?
LendingClub Tailored Checking offers 1.50% APY on balances up to 0,000 and unlimited fee-free transactions.
Which bank provides branch access and a wide range of business banking services?
U.S. Bank Silver Business Checking provides branch access and a wide range of business banking services, including business checking accounts, savings, credit cards, merchant services, and small-business loans.
Which bank offers a free business checking account with no monthly fees or minimum opening deposit, along with access to highly-rated business credit cards?
American Express® Business Checking offers a free business checking account with no monthly fees or minimum opening deposit, as well as access to a suite of highly-rated business credit cards.
Which bank is known for its large branch network and access to SBA lending?
Wells Fargo Initiate Business Checking℠ Account is known for its large branch network and access to SBA lending, with almost 5,000 branch locations and over 12,000 ATMs across 40 states.
Which bank offers unlimited transactions and access to a range of financial tools?
Capital One Business Basic Checking® offers unlimited transactions and access to a range of financial tools.
Which bank is an ideal choice for small businesses that need multiple accounts and debit cards?
Relay Standard Business Checking is an ideal choice for small businesses that need multiple accounts and debit cards.
Which bank is a top pick for self-employed professionals, offering a hassle-free banking experience with no monthly fees or minimum balance requirements?
Found Small Business Bank is a top pick for self-employed professionals, offering a hassle-free banking experience with no monthly fees or minimum balance requirements.
How do I choose the best bank for my small business?
Consider your specific needs and goals when selecting the best bank for your small business. Think about factors such as fees, interest rates, branch access, customer support, and the availability of services like business loans and credit cards.
Our Friends
- https://money.com/best-banks-for-small-businesses/
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- https://www.nerdwallet.com/best/small-business/banks-for-small-business
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