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The 15 Best Business Bank Accounts

All of our top picks for the best banks for small businesses offer a variety of account types, low fees, and good rates. Find out which account is best for you.

    Kate Hoots
  • UPDATED

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Comparing the best banks for small business

The best business bank accounts come with no fees, give you easy account access, and offer opportunities to tap the credit you need to keep your business growing. This post highlights 15 of the best business bank accounts we’ve found and delivers the information you need to choose the best bank for small businesses.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Novo

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  • $0 monthly fees
  • $0 minimum balance
  • No cash deposits
  • $0 monthly fees
  • $0 minimum balance
  • No cash deposits

Visit Site

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Square Business Banking

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  • $0 fees
  • $0 minimum balance
  • No cash deposits
  • $0 fees
  • $0 minimum balance
  • No cash deposits

Apply Now

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Live Oak Bank

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  • $0 monthly fee
  • $0 minimum balance
  • No cash deposits
  • $0 monthly fee
  • $0 minimum balance
  • No cash deposits

Visit Site

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BlueVine Bank

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  • $0 monthly fees
  • $0 minimum deposit
  • Cash deposits accepted
  • $0 monthly fees
  • $0 minimum deposit
  • Cash deposits accepted

Apply Now

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Chase for Business

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  • $15-$95 monthly fees if account minimums not met
  • $2,000-$100K minimum balance
  • Cash deposits accepted
  • $15-$95 monthly fees if account minimums not met
  • $2,000-$100K minimum balance
  • Cash deposits accepted

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Wells Fargo Business Banking

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  • $10-$75 monthly fees
  • $500 minimum balance
  • Cash deposits accepted
  • $10-$75 monthly fees
  • $500 minimum balance
  • Cash deposits accepted

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Bank Of America Business Banking

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  • $16-$29 monthly fees
  • $5,000 minimum balance to waive fees
  • Cash deposits accepted
  • $16-$29 monthly fees
  • $5,000 minimum balance to waive fees
  • Cash deposits accepted

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Capital One Spark Business

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  • $15-$35 monthly fees
  • $2,000+ minimum balance to waive fees
  • Cash deposits accepted
  • $15-$35 monthly fees
  • $2,000+ minimum balance to waive fees
  • Cash deposits accepted

Visit Site

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Relay

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  • $0 monthly fees
  • $0 minimum balance
  • No cash deposits
  • $0 monthly fees
  • $0 minimum balance
  • No cash deposits

Visit Site

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NBKC Bank

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  • $0 monthly fees
  • $0 minimum balance
  • Cash deposits accepted
  • $0 monthly fees
  • $0 minimum balance
  • Cash deposits accepted

Visit Site

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NorthOne

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  • $10 monthly fee
  • $0 minimum balance
  • Cash deposits accepted
  • $10 monthly fee
  • $0 minimum balance
  • Cash deposits accepted

Visit Site

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Silicon Valley Bank

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  • $50 monthly fee
  • $0 minimum balance
  • No cash deposits
  • $50 monthly fee
  • $0 minimum balance
  • No cash deposits

Visit Site

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Digital Credit Union

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  • $0 monthly fees
  • $0 minimum balance
  • Cash deposits accepted
  • $0 monthly fees
  • $0 minimum balance
  • Cash deposits accepted

Visit Site

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Mercury

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  • $0 monthly fee
  • $0 minimum balance
  • No cash deposits
  • $0 monthly fee
  • $0 minimum balance
  • No cash deposits

Visit Site

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Axos Bank

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  • $0-$15 monthly fee
  • $0 minimum balance
  • Cash deposits accepted
  • $0-$15 monthly fee
  • $0 minimum balance
  • Cash deposits accepted

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Read more below to learn why we chose these options.

What To Look For In A Good Small Business Bank Account

Whether you’re ready to open your first business bank account or looking for a better bank to suit your small business, you’re in the right place.

Let’s start with the basics. What should you look for in the best small business bank account for your business? The answer depends a lot on you. Just as every small business is different in its business plan, products, and sales approach, your business banking needs are unique. So when it comes to choosing the best option, it all depends on what you’re looking for.

Your priorities may include access to credit, good customer service, avoiding fees, finding the best APY, or something else. In this post, we’ll outline some good options for you and arm you with the information you need to choose the best bank for your unique small business.

The best business bank account is not the same for everyone. Whether you’re considering traditional banks or online only, you have many good options. We’ll narrow it down to our picks for the best business bank accounts, so you can choose the right one for your small business.

Choosing The Best Business Bank Account For Your Small Business

The best bank account for your business depends on which features matter most to you: few or no fees, great rewards, high transaction limits, easy qualification requirements, and so on.

All the options below made it onto the list of our top picks for a reason, but if you’re looking for a bank account specifically for high-yield savings, you may want to check out these best high-yield savings account options instead. And if you’re still not seeing what you like, view the full list of our in-depth small business bank account reviews for more options.

Once you’ve decided on the best business bank for your small business, what’s next? Applying for business banking services is easy, and you can probably do it entirely online. You’ll need to gather some documentation first, so look at our checklist of everything you need to open a business bank account. That can help you prepare and make the application process run faster and more smoothly. After all, when running a small business, the only thing that may be as valuable as your money is your time, and we want to help you save both!

Whatever you’re looking for, we think you’ll find a great match for your business in this list!

The 15 Best Business Bank Accounts For Small Businesses

The following are our top picks for the best business bank accounts. You’ll notice that we included a lot of options! It’s a great time to be looking for a business bank, as this is an industry that’s catching on and catching up to customers’ needs. Several of these bank accounts are aimed at specific niches, and others are great options for all kinds of businesses.

1. Novo: Best For $0 Fees

Novo


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Pros

  • $0 fees
  • Free transfers
  • Low opening deposit and no minimum balance
  • ATM reimbursements

Cons

  • No interest-earning accounts
  • No cash deposits
  • No access to credit

Novo can be a great option for small businesses, with no fees, numerous integrations, no minimum balance requirements, and ATM reimbursements. You can open your Novo account with a minimum $50 opening deposit. Novo does not offer any interest-earning options, so your money will earn 0% APY with Novo.

Novo Rewards & Perks

With no option for earning interest, Novo takes a somewhat different approach than its competitors. Look for a 6% cash back offer on travel booked through Booking.com, as well as $20,000 in fee-free Stripe payment processing and $3,000 in Google Cloud credits. You’ll also find discounts and credits with Gusto, QuickBooks, HubSpot, Segment, Zendesk, Snapchat Ads, Salesforce Essentials, and Homebase.

Novo offers a referral program that delivers a $30 cash deposit to current customers who refer new customers that make a qualifying deposit. The new customer receives the same deposit. Novo’s referral program maxes out at $330 in bonuses.

Novo Access To Credit

Novo does not offer its customers access to credit. You’ll find no loans, lines of credit, or credit card offers with Novo.

Novo Fees

Novo’s pricing is straightforward: You won’t find any of the common fees many other fintechs and banks charge. That includes no monthly, minimum balance, transaction, or hidden fees. You’ll also pay $0 in foreign transaction fees and ATM fees. That last one is important because Novo does not operate its own ATM network. So when you use your Novo card at an ATM, you may be charged a fee by the ATM owner. Never fear; Novo will refund all ATM fees users incur.

The only fees you might encounter are uncommon or avoidable ones, including $27 fees for each overdraft or returned payment.

Novo Transaction Limits

Novo comes with transaction limits that include the following:

  • ACH: $1,250/day pull and $5,000/day push
  • Check Deposits: $5,000/day (mailed); $20,000/day total; and $40,000/month total or 20 checks total/month
  • POS: $5,000/day or 20 transactions/day
  • ATM Withdrawal: $1,000/day

Novo Eligibility Requirements

Novo is a fintech company offering checking accounts to businesses of all sizes. Novo is powered by its bank sponsor, Middlesex Federal Savings F.A., and works with all types of US-based businesses except those classified as high-risk. Specifically, businesses dealing in cryptocurrency, privately owned ATMs, marijuana, cannabis, gambling, crowdfunding, and money services are excluded.

You can apply online for a Novo account. Sole proprietors can expect to present standard documentation, such as personal identification and a DBA certificate if you have one. Larger businesses will need to submit more documentation, such as articles of incorporation or partnership documents, if applicable. You’ll also need a valid US mailing address and Social Security Number or EIN.

Choose Novo If…

  • You want a business checking account with a $0 minimum balance and $0 fees
  • You aren’t concerned about access to business lending or credit options
  • You appreciate having free transfers, incoming wires, and payments
  • You don’t need to make cash deposits
  • You’re looking for a business bank account with eCommerce and accounting integrations

Get Started With Novo

Read our in-depth review

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2. Square Banking: Best Bank For Fast Access To Funds

Square Business Banking


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Pros

  • No account minimums
  • No fees
  • Instant funds availability
  • Access to credit

Cons

  • Available only to US-based sole proprietors
  • No cash deposits
  • Limits on ATM withdrawals

If you use Square to process payments in person or online, Square Banking will give you almost instantaneous access to funds from the sales you make. There’s no minimum deposit required to open a Square Bank account and no required minimum balance.

It’s simple to transfer money from your Square checking account to subaccounts you can set up for savings, making it easy to pay taxes, set aside money for payroll, save for special needs, or repay loans. Square Banking currently advertises an APY of 1%.

Square Banking Rewards & Perks

The big perk of using Square Banking is the almost instantaneous access you’ll get to funds from sales made via Square. Another perk is a 2.75% instant discount that’s available when you use your Square debit card to make purchases from other Square sellers.

Square Banking Access To Credit

Once you’re doing business within Square’s financial network, you’ll also be eligible to access loans through Square funding. Financing through Square is so easy you won’t even have to apply for it; you’ll receive loan offers automatically and be approved immediately, with no lengthy application or credit check.

Square Banking Fees

Square offers almost fee-free business banking. When you use Square Banking, you’ll pay no monthly fees, no wire transfer fees, no ATM fees, no bill-pay fees, and no foreign transaction fees. One of the few fees you may encounter is a 1% charge for ACH transfers.

Square Banking Transaction Limits

Square Banking limits ATM withdrawals to $500/transaction, $1,000/day, and $2,000/month.

Square Banking Eligibility Requirements

Square Banking is available to US-based businesses operating as sole proprietorships. To use Square Banking, you must use Square POS or Square Online for sales. You won’t face income verification or a hard credit check that can affect your credit rating.

Choose Square Banking If…

  • You use or plan to use Square to process payments for in-person or online sales
  • You would like almost instant access to money from sales
  • You want fee-free business banking
  • You are the sole proprietor of a US-based business

Get Started With Square Business Banking

Read our in-depth review

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3. Live Oak Business Banking: Best Savings Options

Live Oak Bank


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Pros

  • $0 monthly fees
  • Free ATM network
  • High APY

Cons

  • No in-person option
  • No cash deposits

With the national average interest rate for savings stuck at 0.30%, it’s more than refreshing to find a business savings option that bests that. And Live Oak doesn’t just beat that national average, it blows it out of the water with a standard 2.30% APY on business savings.

And you can make your money work even harder for you by opening a CD. Live Oak’s APY stands out with rates as high as 3.50%.

Live Oak Bank Rewards & Perks

Live Oak Bank is currently offering a $300 cash bonus to new customers who open a small business checking account and perform qualifying activities. This offer is available for a limited time.

Live Oak business banking includes savings accounts with an APY of 3.50%. That’s well above the national average for savings, and there’s no minimum balance requirement. But that’s not the best Live Oak Bank can do for APY. Certificates of deposit are available for business customers with terms ranging from six months to five years. APYs on CDs depend on the term increases, starting at 2.0% and going as high as 4.6%.

You’ll be connected with a dedicated onboarding guide when you open Live Oak’s Tidal Small Business Checking Account. This guide serves as a single point of contact and answers questions while helping you set up bill pay, ACH, mobile wallet, the mobile app, online banking, and more.

Live Oak Bank Access To Credit

Live Oak offers SBA loans to eligible small businesses. Loans start at $150,000.

Live Oak Bank Fees

No minimum balance requirements exist with a Live Oak Tidal Small Business Checking account. If you’d like to set up a Live Oak certificate of deposit, you’ll need a minimum balance of $2,500. However, you won’t pay any ongoing monthly maintenance fees for a Live Oak business bank account.

There are no fees for checks paid or deposited or for ATM, ACH, or debit transactions. Incoming wires incur a $15 fee, with $19 charged for outgoing wires. Live Oak offers free access to the AllPoint ATM network and will not charge you for using an out-of-network ATM, though the ATM owner might.

Live Oak Bank Transaction Limits

Live Oak advertises its business checking account as suitable for business owners who make smaller or limited monthly transactions. We couldn’t find any limits listed on its website, but a helpful service rep gave us this information about transaction limits over the phone:

  • ATM Withdrawals: $1,000 per day
  • POS/Debit Purchases: $2,500 per day
  • ACH Transfers: $10,000 per day and $25,000 per rolling 30-day period, with incoming and outgoing transfers combined

You’ll need $100 to open your Live Oak account, but after that, you won’t need to maintain any minimum balance.

Live Oak Bank Eligibility Requirements

Live Oak Bank offers business banking services to US citizens and permanent residents with valid Social Security Numbers. Live Oak business accounts are available to corporations, LLCs, sole proprietors, partnerships and limited partnerships, professional corporations, associations, and nonprofits.

Choose Live Oak Bank If…

  • You take business payments via Venmo, Square, PayPal, or Stripe
  • You don’t need to deposit cash
  • You want a high APY on your savings
  • You can function within the bank’s transaction limits

Get Started With Live Oak Bank

Read our in-depth review

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4. BlueVine Business Checking: Best Bank With High-Interest Checking

BlueVine Bank


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Pros

  • No monthly fees
  • High APY
  • Free ATM network
  • Cash deposits allowed

Cons

  • No savings account
  • Fees for cash deposits

Among BlueVine Business Checking’s multiple attractive features, the high APY stands out. With the national average for interest checking accounts standing at 0.05% and the interest rate on savings accounts averaging 0.30%, BlueVine’s 2.0% APY is attractive even though it’s currently not the highest available.

BlueVine also has no minimum deposit requirements and minimal fees.

BlueVine Business Checking Rewards & Perks

BlueVine offers one remarkable perk: an interest rate that’s currently well above the national average on balances of $1-$100,000. However, if you’re looking for additional rewards, such as a signup bonus or points when you use your debit card, you won’t find them with this business checking account.

BlueVine Business Checking Access To Credit

BlueVine banking customers are eligible for financing from BlueVine lines of credit. BlueVine offers a revolving line of credit on six- and 12-month repayment plans.

BlueVine Business Checking Fees

BlueVine bank accounts are almost completely fee-free. You will pay no recurring fees, including $0 monthly fees, transaction fees, and transfer fees. The only BlueVine fees you may encounter are a $2.50 out-of-network ATM fee, a $15 outgoing wire fee, and a $4.95 fee for each $500 in cash deposits.

BlueVine Business Checking Transaction Limits

BlueVine banking customers get unlimited ACH transfers, direct deposits from external banks, wire transfers, and transactions.

Here’s a rundown of some limits that do apply:

  • Transfers Via The Mobile App Or Website: $5,000/calendar month
  • Check Deposits: $20,000/month
  • Debit Card Transactions: $10,000/day
  • Cash Back At POS: $2,000/day
  • ATM Withdrawals: $2,000/day
  • Cash Deposits: $2,000/day

BlueVine Business Checking Eligibility Requirements

You can apply for a BlueVine Business Checking account online. These are the requirements listed online:

  • A small business owner who’s aged 18+
  • US citizen or permanent legal resident
  • Verifiable address in one of the US states or DC (US territories are not included)
  • No high-risk industries

Choose BlueVine Business Checking If…

  • You want to earn an exceptional APY
  • You would like access to credit options
  • You need unlimited transactions
  • You need to deposit cash into your business checking account
  • Your business is not considered a high risk

Get Started With BlueVine Bank

Read our in-depth review

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5. Chase For Business: Best All-In-One Solution Bank

Chase for Business


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Pros

  • Cash deposits allowed
  • Physical branches and ATM network
  • Built-in merchant services
  • Access to credit

Cons

  • Limited free transactions
  • High account minimums
  • Monthly fees if the minimum balance isn’t met

Equally known for its banking, credit, and merchant services, Chase offers business bank accounts that tie all those services together. And it’s worth checking out if you’re looking to sign up for one of the best complete business bank services available.

Chase For Business Rewards & Perks

At this time, Chase for Business is offering new customers a $300 signup bonus.

You can put your money to work for you in a Chase For Business account, including certificates of deposit. These are available in terms ranging from one to 120 months and interest rates from 0.02%-2.96%, depending on the term and the balance.

You can also choose an interest-bearing business checking account with rates from 0.14%-2.84%. Chase for Business offers what it calls Premier rates to business customers who link their savings account to a Chase checking account. Interest rates vary depending on the type of account you choose and the balance you maintain, ranging from 0.01%-0.02%.

Chase For Business Access To Credit

Chase for Business includes access to credit via a range of business credit cards. These cards may offer cash back and travel rewards. Chase Bank also offers business loans, including SBA loans, commercial financing, and business lines of credit.

Chase For Business Fees

You’ll need to keep a minimum balance in your Chase for Business account to avoid monthly fees. Fees range from $15-$95/month, with minimum balances between $2,000 and $100,000 to avoid those fees.

Chase For Business Transaction Limits

Each type of account comes with limited free transactions. It’s a good idea to talk to a Chase banker to familiarize yourself with these limits and fees, or you can check out the Chase checking fee schedule.

Chase Performance Business Checking allows users unlimited electronic deposits made via ATM, ACH, wire, and Chase QuickDeposit and up to 250 debits and non-electronic deposits each statement cycle. After that cap, a transaction fee of $0.40 will apply. Additionally, fees will apply after the first $20,000 in cash deposits each month.

Chase For Business Eligibility Requirements

Chase for Business offers a suite of business banking services that suit all types and sizes of businesses.

Choose Chase For Business If…

  • You want a business bank that includes in-person branch access
  • You want a business bank that offers the full range of credit options
  • You would like to access merchant services for credit card processing
  • You deposit less than $20,000 in cash each month
  • You can maintain the required minimum balances (between $2,000-$100K) to avoid account fees

Get Started With Chase for Business

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6. Wells Fargo: Best Bank For Growing Businesses

Wells Fargo Business Banking


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Pros

  • Waivable fees
  • Low opening balance
  • Savings and CDs
  • Access to credit

Cons

  • Limited free transactions
  • Fees on cash deposits
  • Low APY

Choose Wells Fargo for your business bank, and as your business grows, you can add Wells Fargo’s merchant services, upgrade to a higher-level checking account, and access credit to support your growth.

You can open a Wells Fargo business checking account with a $25 minimum deposit. To avoid fees, you will need to maintain a balance of $500 or more, depending on the type of checking account you choose.

Wells Fargo Business Banking Rewards & Perks

Wells Fargo business accounts offer low APY compared to other business banking options, and you’ll find no welcome offer for new customers. Wells Fargo business banking includes a variety of savings vehicles, with interest rates currently sitting at 0.01% for all options. That APY is significantly less than the current national average for savings, which is 0.17% today. If you sign up for a Wells Fargo business credit card, you may earn rewards for using it.

Wells Fargo Business Banking Access To Credit

In addition to different types of checking accounts, Wells Fargo offers access to a range of credit opportunities. That includes business lines of credit, business credit cards, and letters of credit. Special financing is available for healthcare practice financing and commercial real estate financing. Wells Fargo also offers SBA loans and merchant services.

Wells Fargo Business Banking Fees

Wells Fargo Bank offers three tiers of business checking: Initiate Business Checking ($10/month), Optimize Business Checking ($75/month), and Navigate Business Checking ($25/month). Each account includes easy options for avoiding the monthly fee, such as maintaining a minimum balance.

These accounts offer a range of options suitable for different business needs. For example, the Initiate account allows up to 100 transactions each month, and Optimize accounts have no fee for the first 250 transactions, with the same $0.50 fee for excess transactions on both accounts.

Wells Fargo Business Banking Transaction Limits

Wells Fargo business checking accounts come with limits. Limits vary by the type of account and cover these ranges:

  • All Deposits, Withdrawals, & Debits Except Debit Card Purchases: 100-250/month allowed before fees of $0.50 kick in
  • Cash Deposits: First $5,000-$20,000/month before the fee of $0.60/$100 deposit applies

Wells Fargo Business Banking Eligibility Requirements

Wells Fargo business banking is available to all types of businesses except those classified as high-risk. Be prepared to share basic information, such as your Social Security Number and/or business tax ID. You may need additional documents if your business is a partnership, LLC, corporation, or association. You can apply in person at a branch office, online, or over the phone.

Choose Wells Fargo Business Banking If…

  • You want a full-service bank with physical branches
  • You are looking for a business bank account that can grow with your business
  • You do not have large cash holdings
  • You want a banking option that includes merchant services
  • You would like to take out a loan or get a credit card tied to your business bank account

Get Started With Wells Fargo Business Banking

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7. Bank Of America Business Banking: Best Bank For Branch Access

Bank Of America Business Banking


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Pros

  • Waivable fees
  • Access to credit
  • Unlimited free electronic deposits
  • Numerous physical locations plus a strong mobile app

Cons

  • Transaction limits
  • Caps on cash deposits
  • Low APY

Bank of America Business banking services combine the best features of online banking with traditional in-person banking services. You can deposit checks, send payments via the bank’s mobile app, make cash deposits, and/or talk to a teller at a physical location. Bank of America has 4,000 physical locations across the US and a network of 17,000+ fee-free ATMs. That makes it a good fit for anyone looking to combine online convenience with traditional bank services.

To avoid monthly fees, you’ll need to maintain a minimum balance. You can waive the $16 monthly fee for the Business Advantage Fundamentals Banking account by maintaining a $5,000 average balance. The Business Advantage Relationship Banking account has a $29.95 monthly fee that you can avoid by maintaining a $15,000 average monthly balance.

Bank Of America Business Banking Rewards & Perks

Business savings accounts with Bank of America earn an interest rate of 0.01%, well below the national average on savings of 0.17%. Savers who enroll in Preferred Rewards for Business can bump that APY to 0.04%, which is better but still far below the national average of 0.30%. To qualify for Preferred Rewards, you need a three-month minimum combined average daily balance of $20K or more. Benefits include reduced or eliminated fees, interest boosts, discounts on lines of credit, and more.

Bank Of America Business Banking Access To Credit

Bank of America Business banking offers credit cards, loans, and lines of credit to keep your business growing.

Bank Of America Business Banking Fees

Bank of America posts its full fee schedule online.

Here are some highlights of the fees you can expect with Bank of America business accounts:

  • Cash Deposits: Free cash deposits are capped at either $7,500 or $20,000/month (after that, you’ll pay $0.30 for every $100 in cash you deposit)
  • ATM Fees: If you go out-of-network, you’ll pay a fee of $5 or 3% of the transaction up to a maximum of $100
  • Foreign Transaction Fees: $3% of the US dollar amount
  • Overdraft & NSF Fees: $35 each

Bank Of America Business Banking Transaction Limits

You can make unlimited free electronic transfers into a Bank of America business bank account. Other types of transactions come with monthly limits and fees for exceeding those limits.

For example, the Business Advantage Fundamentals Banking account allows up to 200 free transactions each month, not including debit card transactions, electronic debits, and checks deposited online or through the app. Exceed that limit, and you’ll pay $0.45/per transaction.

The Business Advantage Relationship Banking account allows 500 free transactions per month.

Bank Of America Business Banking Eligibility Requirements

Bank of America Business bank accounts are available to US businesses of all types and sizes. Each type of business, from sole proprietorships to corporations, has a different list of documentation required, according to industry standards. Applications may be completed online or in person at a local branch office.

Choose Bank Of America Business Banking If…

  • You want nationwide access to branch offices and ATMs
  • You can meet the requirements for the Preferred Rewards program to boost APY and reduce fees
  • You will not have large amounts of cash to deposit
  • You are not concerned with earning high rates of interest on your business savings

Get Started With Bank Of America Business Banking

Read our in-depth review

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8. Capital One Spark Business: Best Bank For Linked Credit Cards

Capital One Spark Business


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Pros

  • Waivable fees
  • Cash deposits accepted
  • Linked credit card
  • Promotional APY

Cons

  • Must apply in person
  • High out-of-network ATM fees
  • Withdrawal limits

Credit card provider Capital One offers business banking services to small businesses under its Spark Business division. Offering a full suite of financial services, including banking, lending, merchant services, escrow, and capital management, Spark could be a good choice for any small business looking for an all-in-one solution that includes access to credit.

Capital One Spark Rewards & Perks

The Spark Cash for Business credit card array includes options for earning cash back and mileage. Even better, Spark Business credit cards include offerings for applicants with credit ranging from fair to excellent, meaning this can be a good way to build and polish your business credit rating. Spark Business customers looking for lines of credit or loans can also find special offers from Capital One.

If you open a linked Spark savings account, you access a promotional APY that’s good for 12 months. Standing at 4.15% right now, that rate is well above the current national average of 0.3% for savings. Merchant services are available for business customers who want to accept payments via card from customers.

Capital One Spark Access To Credit

Capital One offers different versions of its Spark credit card, including Spark Classic, Spark Cash, and Spark Miles. These cards come with cash back or travel miles.

Capital One Spark Fees

There’s no set minimum opening deposit for a Capital One Spark Business bank account. There are minimums, however, if you want to avoid monthly maintenance fees.

To waive the $15 fee for Basic checking, you’ll need an average minimum balance of $2,000. The Unlimited account comes with a $35 fee that can be waived with a minimum balance of $25,000.

Capital One Spark business checking accounts come with unlimited free digital transactions each month.

Here are some common fees:

  • Monthly Maintenance Fees: $15-$35
  • Cash Deposit Fees: $1/$1,000 over limited allowance
  • Domestic Wire Transfers: $15/incoming wire and $25/outgoing wire
  • ATM Use: Free in-network and up to $5 out-of-network fees
  • Foreign Transactions: $2 per use
  • NSF: $35

Capital One Spark Transaction Limits

The Basic Spark checking account allows $5,000 in cash deposits each month. After that, you’ll pay $1 for every $1,000 in cash deposits.

Capital One Spark Eligibility Requirement

The Capital One Spark Business bank account is open to all types of US-based businesses, with no income requirements or minimum length of time in business. This account is intended for businesses with annual sales revenue under $10 million, and if you exceed that amount, you may be transferred to a different type of banking account.

Note that Spark does not accept online applications for business banking services, meaning that you will need to apply in person at a local branch, which you will find only in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. You do not need to live in one of those states to qualify, but you will need to visit there to open an account.

Choose Capital One Spark If…

  • You have annual sales revenue under $10 million and monthly cash sales under $5,000
  • You live in or can visit one of the eight supported states or Washington, D.C., to apply for your account in person
  • You can maintain a balance of $2,000 or $25,000 (depending on account type) to waive monthly fees
  • You want a linked credit card with cash back or travel rewards

Get Started With Capital One Spark Business

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9. Relay Business Banking: Best Bank For Integrations

Relay


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Pros

  • No fees
  • Unlimited transactions
  • Employee debit cards
  • Numerous integrations

Cons

  • No cash deposits
  • No savings option

With integrations that connect your business banking to your sales system and bookkeeping platform, Relay Business Bank offers an all-in-one cash management system that can reduce the complexity of your small business’s financial operations.

Relay Business Bank Rewards & Perks

Relay does not offer any savings options, and Relay business checking accounts do not earn interest.

Relay Business Bank offers a unique account setup. You can open up to 20 individual checking accounts and issue up to 50 debit cards to your team members, each with its own limits and tracking.

Direct integrations with accounting software Xero and QuickBooks Online can help you keep track of your finances. Additional integrations with Gusto, Transferwise, and Expensify join payment processing integrations with  PayPal, Stripe, Square, and more.

Relay Business Bank Access To Credit

Relay does not offer access to credit at this time, though the company says it’s working on adding it.

Relay Business Bank Fees

Overall, Relay Business Bank is as close to fee-free as we’ve seen. Relay has no set minimum opening deposit or ongoing monthly minimum account balance requirements. Users pay no monthly fees and receive a free checking account, debit card, ACH transfers, and checks. That includes $0 overdraft fees.

However, while incoming wire transfers are free, you will be charged for outgoing domestic and international wire transfers, at $5 and $10 each.

You can use the Relay debit Mastercard fee-free in-network.

Relay Business Bank Transaction Limits

Relay allows unlimited transactions.

Relay Business Bank Eligibility Requirements

Relay’s business banking services are available to US-based businesses. Relay specifically excludes cryptocurrency-related businesses, privately owned ATMs, money services, unlawful internet gambling, and cannabis sales.

Choose Relay Business Bank If…

  • You have a complex business structure and can benefit from Relay’s multiple account options
  • You are not interested in accessing credit cards or loans
  • You want to be able to make unlimited free transactions
  • You do not need to deposit cash

Get Started With Relay

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10. NBKC Bank: Best Bank For Free Unlimited Transactions

NBKC Bank


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Pros

  • $0 opening and minimum balance
  • $0 fees
  • Unlimited transactions
  • Access to credit

Cons

  • Low APY
  • No integrations

It’s not hard to find a business banking option that promises zero fees. Read their fine print, however, and you’ll often see that the account sets strict limits on the number of common transactions and when you exceed those limits, that’s when the fees pop up.

Not so with NBKC. If you want unlimited free transactions, NBKC may be the bank for you.

NBKC Bank Rewards & Perks

NBKC does not offer a straight savings account for business, but you can open a business money market account with a minimum balance of $0.01. No matter how much money you have in the account, you’ll earn 1.26%. That beats the national average for savings, which currently stands at 0.30%. You can also deposit funds in a business CD, with rates depending on term length.

NBKC Bank Access To Credit

NBKC offers a business credit card with several options to choose from. The NBKC Visa card delivers up to 3% cash back.

NBKC Bank Fees

When it comes to fees, NBKC puts up a lot of zeros: $0 NSF charges, $0 for bill pay, $0 for incoming domestic wires, and $0 for check deposits. You can also deposit cash, with no fees, at MoneyPass ATMs. You’ll pay fees only for outgoing wires. There are no required minimum opening deposits or ongoing balance requirements for an NBKC business bank account.

NBKC Bank Transaction Limits

NBKC does not limit the number of transactions users can make with a business checking account.

NBKC Bank Eligibility Requirements

The letters stand for National Bank of Kansas City, but it’s an online bank, and any US-based business is eligible for NBKC’s business banking services. Applications can be processed online, so you can apply from anywhere.

Choose NBKC Bank If…

  • You want truly fee-free banking
  • You want unlimited transactions
  • You can access a MoneyPass ATM for cash deposits
  • You would like to access an above-average APY
  • You could use a cashback Visa card for your business

Get Started With NBKC Bank

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11. NorthOne: Best Online Bank

NorthOne


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Pros

  • Integrations to POS/payment processors
  • Free ATM
  • Live support and mobile app
  • Cash deposits via Green Dot

Cons

  • No physical branches
  • Fees for wire payments

If you’re already doing business online, NorthOne offers business banking services that can help you tie all your business together. From online sales via popular eCommerce platforms to business software for accounting and payroll, NorthOne offers easy-to-use financial tools to help you manage your business better.

NorthOne Rewards & Perks

NorthOne operates a referral program, awarding a $50 credit to current customers who invite other small business owners to join NorthOne bank via a unique referral code. Both parties receive $50 once the referred business joins and completes some required transactions.

NorthOne offers its business banking customers integrations with numerous apps, including eCommerce platforms, such as Shopify, Etsy, and Amazon, as well as other business software, such as QuickBooks, Gusto, ADP, and more.

Although NorthOne offers subaccounts called Envelopes that you can use for savings, you won’t earn any interest with NorthOne.

NorthOne Access To Credit

NorthOne does not offer access to credit.

NorthOne Fees

NorthOne charges business banking customers a $10 monthly service fee that cannot be waived. In exchange, users receive unlimited free transactions. That includes ATM access and mobile check deposit. You will pay $15 whenever you send or receive a domestic wire transfer, but there are no additional fees with NorthOne for ACH payments, deposits, transfers, purchases, or app integrations.

NorthOne Transaction Limits

There’s a $50 minimum deposit requirement for opening a NorthOne account, but there is no ongoing minimum balance requirement. There are a few limits to the number of transactions allowed with a NorthOne business bank account. Here are some examples:

  • Direct Deposits: Unlimited daily transactions, no dollar limit
  • ACH Transfers: Unlimited daily transactions, maximum $500K per deposit
  • Cash Deposits: Use Green Dot a maximum of four times per day, for a maximum of $1,500/day, $3,500/week, and $5,000/month
  • Mobile Check Deposit: No daily limit, $5 minimum check value, and $15,000 maximum value (there’s a rolling limit of $15K/24-hour rolling period and $50K limit per rolling 30-day period)
  • ATM Cash Withdrawal: $500/day and $5,000 per month

NorthOne Eligibility Requirements

Business banking customers should be prepared to verify their name, address, date of birth, and other identifying information, including a copy of their driver’s license.

Choose NorthOne If…

  • You want an online-only bank
  • You would benefit from having unlimited free transactions (except wire transfers)
  • Your business deposits less than $5,000 per month in cash
  • You are not looking for business credit options or savings vehicles

Get Started With NorthOne

Read our in-depth review

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12. SVB Edge: Best Bank For Startups

Silicon Valley Bank


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Pros

  • Higy APY
  • Linked rewards card
  • Rewards credit card
  • Account options allow for growth

Cons

  • Aimed specifically at pre-series A startups
  • Monthly fees
  • No cash deposits

If you’re a business owner with a great idea and looking for help bringing it to market, you might want to look into a business bank account with Silicon Valley Bank. Aimed at pre-series A businesses, an SVB business checking account can help you manage your business funds and connect you to investors who can help you raise more money for your business goals.

SVB Rewards & Perks

SVB Edge customers have access not only to credit through this business bank but also to investor cash. In fact, that access is one of SVB’s main appeals.

When you open an SVB Edge checking account, you can also open a money market account. Do so, and you’ll earn 3.40% interest on your deposit balance of up to $4 million. Balances above $1 million earn a lower rate.

Sign up for the SVB Innovators card and enjoy its $0 annual fee, no personal liability, and 2x rewards, with points redeemable for gift cards, cash back, merchandise, and travel.

SVB Access To Credit

SVB business banking customers also have access to investors at SVB-organized events and through the Corporate Venture Capital program.

SVB Fees

You’ll find no minimum balance requirements for the SVB Edge business checking account.

Sign up for SVB Edge checking, and the $50 monthly account maintenance fee can be waived for up to three years. There are no fees for unlimited wire transfers (domestic and international), bill payments, and mobile deposits. Other fees may apply.

SVB Transaction Limits

SVB Edge accounts do not include any transaction limits.

SVB Eligibility Requirements

SVB, or Silicon Valley Bank, supports startups, venture-funded businesses, and corporations. While SVB does not list eligibility requirements, the Edge account is aimed at pre-series A companies looking for help jumpstarting their businesses. Other accounts are aimed at startups, venture-funded, and corporate businesses. If interested, you’ll need to provide your contact details for more information.

Choose SVB If…

  • You are running a startup business looking not just for a bank account but also for investors
  • You have significant cash to store in a savings vehicle with a high APY
  • You can manage the monthly account fee
  • You would like to have a business credit card linked to your bank account

Get Started With Silicon Valley Bank

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13. Digital Credit Union: Best Credit Union Option

Digital Credit Union


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Pros

  • No fees
  • High APY
  • Free debit card and checks
  • ATM fees reimbursed

Cons

  • Limited membership eligibility
  • Cap on interest-earning balance

As a credit union, DCU is a member-owned, not-for-profit financial cooperative. Its vision statement centers around helping DCU members reach their long-term financial goals. The high APY offered on savings accounts is one example of that vision in action.

Digital Credit Union Rewards & Perks

Digital Credit Union members can earn up to 0.20% APY on their business savings. You’ll want to activate the Business Earn More option to earn the highest interest. You can also receive reimbursement for out-of-network ATM fees.

Digital Credit Union Access To Credit

Digital Credit Union offers Visa credit cards with no annual fees and small business loans, including financing for vehicles and equipment.

Digital Credit Union Fees

Business bank accounts with Digital Credit Union are largely free of fees. With no minimum balance requirements and no monthly maintenance fees, you can get a free ATM card and use it at DCU ATMs. You’ll also be eligible to receive up to $25/month in out-of-network ATM reimbursements.

Digital Credit Union Transaction Limits

Digital Credit Union business bank accounts do not have minimum balance requirements. You can make up to 20 fee-free deposits each day, with a charge of $0.10/deposit after that limit. It’s always free to write DCU checks, with no limit. You can expect to pay for outgoing wire transfers at a rate of $15/domestic and $40-$50/international wires.

Digital Credit Union Eligibility Requirements

As is common with credit unions, membership in Digital Credit Union is limited. You can apply for an account if you’re related to a DCU member, work for or retired from a member company, belong to a connected organization, or are a member of a DCU community. Hundreds of possibilities are listed under Membership on the credit union’s web page, with many options in Massachusetts and New Hampshire. DCU has members in all 50 states.

Choose Digital Credit Union If…

  • You prefer working with a credit union over a bank
  • You are within the credit union’s field of membership
  • You make fewer than 20 deposits daily

Get Started With Digital Credit Union

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14. Mercury: Best Bank For Employee Cards & Spend Controls

Mercury


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Pros

  • Access to startup capital
  • No fees or minimum balances
  • Partner perks and discounts
  • High APY available

Cons

  • No cash deposits
  • Available only to businesses with EIN
  • Large balance required for high APY

Mercury is a banking stack aimed at startups, with no fees or minimum balances, access to capital, and employee cards with controls that let you monitor spending. Mercury also helps connect its customers with capital and venture debt.

Mercury Rewards & Perks

Mercury doesn’t offer overwhelming rewards but does have enticing perks, including a wide range of discounts and promotional offers from software partners. Since Mercury is designed for startups, these perks may be valuable.

Mercury customers also have access to a special savings vehicle, Mercury Treasury, that delivers a high APY. However, you’ll need a minimum of $250K in your account to participate. Mercury currently advertises an APY of up to 4.35% on its Treasury accounts.

You’ll also receive special undisclosed “celebration” rewards when your company hits specific milestones, such as raising funds, going public, or launching a special feature.

Mercury Access To Credit

Mercury recently launched its own credit card, IO, and helps connect users with pitch opportunities and advisors. Mercury Raise is an event with 500+ investors, Future of Fintech brings together top investors to talk about fintech trends, and Series Tea brings together experts in investing, pitching, and more.

Mercury Fees

Mercury charges almost no fees and is transparent when it does. You won’t find any monthly or ongoing fees, foreign transaction fees, or domestic and international wire transfer fees. You will have ATM access without any fees, although another network may charge you if you use anything other than Allpoint machines. Mercury does charge some uncommon fees, including for mass payments through the Mercury API, treasury management fees, and foreign conversion fees.

Mercury Transaction Limits

Mercury does not impose any limits on the transactions account holders can perform.

Mercury Eligibility Requirements

Mercury is open to US-based businesses, particularly tech startups. Unfortunately, sole proprietors and trusts are not eligible to use Mercury. You’ll need an EIN to apply, and you’ll have to share your Social Security Number for identification purposes, but you won’t undergo a credit check. Some high-risk businesses are also excluded, such as adult entertainment, gambling, and marijuana businesses.

Choose Mercury If…

  • Your startup is looking for an easy entry into business banking
  • You want discounts on popular business software platforms
  • You could use a linked credit card and access to investors
  • You run a business that’s poised for growth

Get Started With Mercury

Read our in-depth review

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15. Axos: Best Personalized Account Options

Axos Bank


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Pros

  • Cash welcome bonus
  • Cash deposits via Green Dot
  • Unlimited debits, credits, and deposits
  • Savings options

Cons

  • Minimum balance requirements
  • Hidden fees
  • Limited integrations

Axos is a direct bank and not a fintech partnering with a bank. That makes it possible for Axos to offer a variety of checking and savings accounts, so you can decide what will work best for your business. Each account has different requirements, fees, interest-earning potential, and more.

Axos Rewards & Perks

Axos offers different types of savings accounts, with a top APY of 1.01%. That compares favorably to the current national average of 0.3% for savings. The rate you earn depends on your balance, with the highest rates reserved for accounts below $25,000.

Additionally, Axos offers a $200 bonus for new business bank accounts if the business was formed after June 1, 2020. You’ll be eligible for a $100 bonus if your business is older.

Axos Access To Credit

Axos offers a wide range of financing and credit options to customers. These include commercial lines of credit, term loans starting at $250K, real estate lending, equipment financing, and more. Axos does not offer an in-house credit card, however.

Axos Fees

Although Axos marketing materials say it’s a no-fee bank, a close read of the fine print reveals that’s not quite true. For starters, most Axos accounts come with monthly maintenance fees that are waivable if you maintain a minimum average balance of $5,000 or more. Fees start at $10/month.

Axos users will also pay foreign transaction fees of 1% and wire transfer fees of $7 and $15 for outgoing and incoming wires. Outgoing international wires cost $50.

Axos Transaction Limits

Most Axos accounts include some transaction limits that vary depending on the type of account. Basic business checking comes with unlimited debit, credit, and deposit transactions. The interest checking account, on the other hand, allows only 100 free transactions per month, with a charge of $0.50 per item after that.

Axos Eligibility Requirements

All US-based business types are eligible to use Axos banking services. That includes sole proprietors all the way up to corporations.

Choose Axos If…

  • You can benefit from a high APY business checking account
  • You want a business bank with access to different types of credit and financing
  • You need to make cash deposits
  • You can maintain the minimum balance required to avoid monthly fees

Get Started With Axos Bank

Read our in-depth review

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FAQs About The Best Business Bank Accounts

What is the best bank for small businesses?

No one bank is best for all small businesses. There’s probably one that’s best for your small business, though. Start by deciding what you value most: customer service, interest rates, low or no fees, access to credit, or access to live support, for example. Once you know your needs, read our list of the best business bank accounts to find your match.

How do you open a business bank account?

It’s easy to open a business bank account online at most banks. To apply, visit the bank’s website, choose the account you want to open, then click the button to start the application process. You’ll want to have some standard documentation available, such as your business’s legal name, personal identification, EIN, and articles of incorporation or partnership, if applicable.

What information do I need to open a business bank account?

The information you need to open a business bank account depends on how your business is structured.

If you’re operating a sole proprietorship or working as a freelancer or contract worker, you may need only a personal government-issued ID like a driver’s license and your Social Security Number.

You’ll need additional information and documentation if your business is more complex, such as a corporation, LLC, or partnership.

Is an online business bank account better than a traditional business bank account?

If you haven’t had experience with an online bank, it can seem less safe than walking into the local branch of a traditional bank. However, most online banks are just as safe as brick-and-mortar options. Just make sure you’re looking only at online banks with FDIC insurance so that your deposits are safe.

Are small banks better for small businesses?

Small banks and credit unions sometimes offer better service and rates. So if you’re looking for a business bank account for your small business, check with your local and small banks, but don’t limit your search to those.

Large internet-only banks often offer the best terms and rates to small businesses, but you do need to be sure you understand the differences between personal and business bank accounts and choose the right account for your small business needs.

In Summary: The 15 Best Business Bank Accounts For Small Businesses

  1. Novo:
    • $0 monthly fees
    • $0 minimum balance
    • No cash deposits
  2. Square Business Banking:
    • $0 fees
    • $0 minimum balance
    • No cash deposits
  3. Live Oak Bank:
    • $0 monthly fee
    • $0 minimum balance
    • No cash deposits
  4. BlueVine Bank:
    • $0 monthly fees
    • $0 minimum deposit
    • Cash deposits accepted
  5. Chase for Business:
    • $15-$95 monthly fees if account minimums not met
    • $2,000-$100K minimum balance
    • Cash deposits accepted
  6. Wells Fargo Business Banking:
    • $10-$75 monthly fees
    • $500 minimum balance
    • Cash deposits accepted
  7. Bank Of America Business Banking:
    • $16-$29 monthly fees
    • $5,000 minimum balance to waive fees
    • Cash deposits accepted
  8. Capital One Spark Business:
    • $15-$35 monthly fees
    • $2,000+ minimum balance to waive fees
    • Cash deposits accepted
  9. Relay:
    • $0 monthly fees
    • $0 minimum balance
    • No cash deposits
  10. NBKC Bank:
    • $0 monthly fees
    • $0 minimum balance
    • Cash deposits accepted
  11. NorthOne:
    • $10 monthly fee
    • $0 minimum balance
    • Cash deposits accepted
  12. Silicon Valley Bank:
    • $50 monthly fee
    • $0 minimum balance
    • No cash deposits
  13. Digital Credit Union:
    • $0 monthly fees
    • $0 minimum balance
    • Cash deposits accepted
  14. Mercury:
    • $0 monthly fee
    • $0 minimum balance
    • No cash deposits
  15. Axos Bank:
    • $0-$15 monthly fee
    • $0 minimum balance
    • Cash deposits accepted
Kate Hoots

Kate Hoots

Expert Analyst & Reviewer at Merchant Maverick
An expert in business banking, consumer finance, and online payments, Kate Hoots has been writing about small business commerce since 2020. A former journalist for the West Linn Tidings and the Wilsonville Spokesman, Kate boasts wide experience in business leadership and communication. She has a degree in English Literature from Lewis & Clark College.
Kate Hoots
View Kate Hoots's professional experience on LinkedIn.

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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.

Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

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