Best Banks for Small Business (2025)

Table of Contents
Small-business banking institution details American Express Axos Bank LendingClub Chase Live Oak Bank NBKC Capital One U.S. Bank Bank of America Startups Navy Federal Credit Union Bluevine How to choose a bank for your small business 💬 From our Nerds: How to use our ratings Should you have accounts at multiple business banks?

Small-business banking institution details

American Express

Best for: Online banking, business lines of credit

American Express’s business checking account offers one of the most competitive interest rates out there for businesses —

1.30%

on balances up to $500,000— plus you'll earn AmEx Membership Reward points when you use your business debit card. The free online business checking account has no monthly fees, overdraft fees or stop-payment fees.

» Read our full American Express business checking review

Axos Bank

Best for: ATM withdrawals

Axos Bank's free business checking account comes with fee-free cash deposits and unlimited refunds for ATM fees in the United States.

» Read our full Axos business checking review

LendingClub

Best for: Business checking accounts and online business loans

LendingClub offers a high-yield online business checking account that includes unlimited ATM fee rebates and earns unlimited 1% cash back on debit card purchases. You can also deposit cash at compatible ATMs for no additional fee (a rarity for online business accounts). The trade-off: A $

10

monthly fee (waived with an average monthly balance of $

500

).

» Read our full LendingClub business checking review

Chase offers a variety of small-business banking services that set it apart from other national brick-and-mortar banks, including three business checking accounts, two business savings accounts and the Chase Ink suite of business credit cards, among other financial products.

You can open a business account online or in person. (Chase has more than 4,700 branches across 48 states.)

» Read our full Chase business checking review

Live Oak Bank

Best for: Business savings accounts and SBA loans

Live Oak Bank, a North Carolina-based institution, offers a standout business savings account. Paying

3.9

% APY, this account is a great option for your company’s emergency fund. Live Oak also offers three business checking accounts, though none are free.

Additionally, Live Oak Bank is a top SBA lender. While you don’t need a Live Oak business bank account to apply for these loans, establishing a relationship with a banker early on may be helpful when it’s time to seek financing.

» Read our full Live Oak business banking review

NBKC

Best for: Business money market accounts

NBKC offers a simple business money market account with a high APY —

2.75%

. But it also stands out for its fee-free, online-based business checking account, though the bank does have four branches in the Kansas City area.

» Read our full NBKC business checking review

Capital One

Best for: Unlimited checking account transactions

Capital One’s business checking accounts offer unlimited fee-free transactions, an uncommon feature for brick-and-mortar banks. Capital One also has some of the best business credit cards on the market.

» Read our full Capital One business checking review

U.S. Bank

Best for: Welcome bonus

U.S. Bank is one of the few brick-and-mortar banks that lets you open a business account online, as well as over the phone or in-person. And new account holders can net a substantial welcome bonus with qualifying activities:

Earn $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 15, 2025. Member FDIC.

Business owners can choose from one of three U.S. Bank business checking accounts (including a free business checking option) and take advantage of additional services, including payment processing, small-business loans and business credit cards.

» Read our full U.S. Bank business checking review

Bank of America

Best for: Cash deposits

Bank of America stands out among national and regional brick-and-mortar banks by offering unlimited fee-free electronic transactions, high cash deposit limits and the ability to open an account online, over the phone or in person.

Two options for business checking accounts, several solid business credit cards, a high-yield business CD account and dedicated business support round out Bank of America’s business banking services.

» Read our full Bank of America business checking review

Startups

Best for: High-yield business checking

Grasshopper is a fully digital, FDIC-insured bank that launched in 2019 and caters exclusively to small businesses. The bank does not offer consumer accounts.

Grasshopper’s high-yield checking account earns up to

2

% APY and comes with invoicing and bookkeeping tools built into its online banking platform. Founders can also tap Grasshopper experts for help with everything from accelerator applications to navigating investor opportunities.

Grasshopper does not support cash deposits, though, and there’s no weekend support.

» Read our full Grasshopper Bank business checking review

Navy Federal Credit Union

Best for: Credit union for veterans

In order to open an account at Navy Federal Credit Union, all business owners must be eligible for credit union membership —which means they or their family members must be current or retired military members, veterans or Department of Defense employees. If you meet those requirements, though, this credit union offers three business checking accounts, multiple business savings options and 24/7 customer support.

» Read our full Navy Federal Credit Union business checking review

Bluevine

Best for: Non-bank option for small businesses

Bluevine is a neobank — a financial technology company that provides business banking services and lending services through partner banks — and can be a great option for business owners who prioritize low fees and higher APYs over in-person customer service or a full suite of business banking services.

Bluevine's free, high-yield business checking earns

2.00%

APY on balances up to $250,000 (terms apply) and offers up to $3 million in FDIC insurance coverage via Coastal Community Bank and the IntraFi sweep network. And its business line of credit lets business owners access up to $250,000 in as little as 24 hours with more lenient lending criteria than traditional banks, making it a popular option for startups and business owners with bad credit.

Be aware, however, that interest rates and payment terms on Bluevine business loans can be less favorable than at a bank. And business checking customers can't have joint accounts or joint debit cards and need to use a third-party service to deposit cash (for a fee).

» Read our full Bluevine business checking review

How to choose a bank for your small business

Many small-business owners choose their personal bank as their business bank. And while that may feel convenient, it’s worth exploring alternatives — after all, you might want different features as an entrepreneur than you do as an individual consumer.

Here are some questions to guide your search:

  • Online, in person or both? Business owners who want an online business checking account can look to neobanks for free or low-cost business checking. If you prefer an in-person touch, explore local banks and credit unions, which can make it easier to start a relationship with a banker who can help your business grow (especially if you work with a community development financial institution). National brick-and-mortar banks usually offer a combination of branch access and sophisticated digital services.

  • What accounts do you need? Start with a business checking account for managing your cash. Beyond that, look for banks that offer business savings accounts, business money market accounts and certificates of deposit if you plan to use those services.

  • What fees does the bank charge? Some business banks charge monthly fees for checking and savings accounts, although many waive those fees if you keep your balance above a certain level.

  • Do you use cash? If your business takes in a lot of cash, look for a business bank account that lets you make unlimited free cash deposits — and if you spend cash often, look for free ATM access and refunds on ATM fees, too.

  • Is financing in your future? Starting a relationship with a bank or credit union that offers financing may give you a leg up when it comes to applying for a business loan.

  • Do you use business credit cards? You should choose the best business credit card for your company based on features like rewards, travel perks and annual fees, but there may be benefits to using a credit card linked to your bank. Bank of America business credit cards, for instance, offer higher rewards rates to certain B of A customers.

» MORE: NerdWallet’s best credit unions for business banking

💬 From our Nerds: How to use our ratings

"The star ratings on this page are specific to one account at each bank — usually its business checking account. That's the account business owners are likely to interact with most often.

"I'm constantly fine-tuning how we evaluate those accounts. But with a product landscape that's always changing, it'll never be perfect.

"We strive to reward accounts that provide the most value with the fewest fees. Not all features are relevant to every business owner, though. Cash deposit limits and ATM access are two great examples.

"I hope you'll use NerdWallet's star ratings as a guide, then filter our pros, cons, reviews and product offerings through the lens of your business's unique needs."

Best Banks for Small Business (1)

— Rosalie Murphy, lead writer covering small business

Should you have accounts at multiple business banks?

It can make sense to open multiple business bank accounts if you have more than $250,000 on deposit. The FDIC only insures up to that amount per depositor per institution — which means if your business bank fails, then the federal government only promises to cover your losses up to $250,000.

Some financial providers increase this coverage via Insured Cash Sweep accounts, which spread deposits across multiple FDIC-backed banks behind the scenes. But even if you use this service — or you’re not worried about hitting the $250,000 max — using more than one business bank can minimize the impact of potential issues like an unexpected account freeze.

A good first step is to store an emergency fund at a different bank than your business checking account. If your business keeps significantly more cash on hand — if you’re a startup with venture funding, for instance — a business cash management account may be a better fit to maximize potential returns.

Note on

American Express® Business Checking

: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.

Best Banks for Small Business (2025)
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