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The 13 Best Business Bank Accounts: Find The Best Bank For Your Small Business

These reputable banks and fintech companies provide great services for small businesses, offering a variety of account types, low fees, and good rates.

    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

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

This article highlights 13 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 fees
  • Low opening deposit and $0 minimum balance
  • ATM reimbursements
  • $0 fees
  • Low opening deposit and $0 minimum balance
  • ATM reimbursements

Visit Site

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Square Business Banking

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  • Instant access to sales revenue
  • Access to credit
  • No fees
  • Instant access to sales revenue
  • Access to credit
  • No fees

Apply Now

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BlueVine Bank

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  • High APY
  • $0 minimum deposit
  • Cash deposits allowed
  • High APY
  • $0 minimum deposit
  • Cash deposits allowed

Apply Now

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Chase for Business

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  • Physical branches & ATMs
  • Cash deposits allowed
  • Includes credit options & merchant services
  • Physical branches & ATMs
  • Cash deposits allowed
  • Includes credit options & merchant services

Visit Site

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Wells Fargo Business Banking

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  • Accounts options for different sized businesses
  • Waivable fees
  • Access to credit
  • Accounts options for different sized businesses
  • Waivable fees
  • Access to credit

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Bank Of America Business Banking

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  • Physical locations nationwide
  • Unlimited free electronic transfers
  • Access to credit
  • Physical locations nationwide
  • Unlimited free electronic transfers
  • Access to credit

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Capital One Spark Business

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  • Linked credit cards
  • No minimum balance and waivable fees
  • Promotional APY
  • Linked credit cards
  • No minimum balance and waivable fees
  • Promotional APY

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Relay

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  • Numerous integrations
  • No transaction limits
  • Employee debit cards
  • Numerous integrations
  • No transaction limits
  • Employee debit cards

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NBKC Bank

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  • Unlimited transactions
  • Free ATM network
  • $0 fees and minimum balance
  • Unlimited transactions
  • Free ATM network
  • $0 fees and minimum balance

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Live Oak Bank Business Loans

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  • High APY
  • Free ATMs
  • No monthly fees
  • High APY
  • Free ATMs
  • No monthly fees

Visit Site

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NorthOne

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  • Cash deposits
  • Live support options
  • POS integrations
  • Cash deposits
  • Live support options
  • POS integrations

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Silicon Valley Bank

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  • Access to credit
  • Linked rewards card
  • Account options support growth
  • Access to credit
  • Linked rewards card
  • Account options support growth

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Digital Credit Union

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  • No fees
  • Free checks & ATM use
  • High APY
  • No fees
  • Free checks & ATM use
  • High APY

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Read more below to learn why we chose these options.

Table of Contents

The 13 Best Bank Accounts For Your Small Business

Choosing the best business bank account for your small business is a big decision. When you’re considering the best online bank or the best traditional account, you have many good business bank account options. We’ll look at a dozen of the best business bank accounts to help you choose the best one for your small business.

Here are our top picks for the best business bank accounts:

1. Novo

Novo



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Pros

  • $0 fees
  • $0 minimum balance
  • Free transfers
  • ATM reimbursements
  • Integrations

Cons

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

Novo Eligibility

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.

Novo APY

Novo does not offer any interest-earning accounts.

Minimum Deposit

You can open your Novo account with a minimum $50 opening deposit. However, you won’t need to worry about maintaining any minimum balances once your account is open.

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 fees, minimum balance fees, transaction fees, or hidden fees. You’ll also pay $0 in foreign transaction fees and $0 in 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.

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.

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.

Transaction Limits

Novo comes with some transaction limits. These include:

  • 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

Where Novo Really Shines

Novo can be a great option for small businesses. We like Novo for its numerous integrations, no minimum balance requirements, ATM reimbursement policy, and no fees. We especially appreciate Novo’s straightforward approach to pricing and fees and feel that’s enough to compensate for the inability to make cash deposits, access credit, or earn interest.

If those types of transactions don’t matter to you, Novo remains a contender, and you should appreciate the $0 fee approach Novo takes.

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2. Square Banking

Square Business Banking



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Pros

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

Cons

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

Square Banking Eligibility

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.

Square Banking APY

Square Banking currently advertises an APY of 0.5% or more. Note that while Square advertises that rate as being available only through the end of 2021, it’s still listed on the Square Banking website.

Minimum Deposit

There’s no minimum deposit required to open a Square Bank account. And there’s no required minimum balance.

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.

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.

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.

Transaction Limits

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

Where Square Banking Really Shines

If you’re already using Square to process payments, Square Banking gives you almost instantaneous access to those funds. While it’s nice to have instant access to your cash, it’s also 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.

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3. BlueVine Business Checking

BlueVine Bank



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Pros

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

Cons

  • No savings account
  • Fees for cash deposits

BlueVine Business Checking Eligibility

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

  • Small business owner 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

BlueVine Business Banking APY

BlueVine offers a high APY on its interest-bearing checking account. You can earn 1.2% on balances between $1 and $100,000, so long as you spend $500 per month using your BlueVine debit cards or process $2,500 per month in customer payments into your BlueVine checking account. If your balance exceeds $100,000, you will earn no interest on the excess deposits.

Minimum Deposit

BlueVine Business Checking account has no minimum deposit requirements. You will start earning interest with $1 in your checking account.

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 making up to $500 in cash deposits.

Rewards & Perks

BlueVine offers one remarkable perk: an interest rate that’s currently 40 times the national average on balances of $1-$100,000. If you’re looking for additional rewards, like a signup bonus or points when you use your debit card, you won’t find them with this business checking account.

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.

Transaction Limits

BlueVine banking customers will run into relatively few transaction limits. You’ll get unlimited ACH transfers, direct deposits from external banks, wire transfers, and transactions. Here’s a rundown of a few 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

Where BlueVine Business Checking Really Shines

There’s a lot to like about BlueVine, but among its multiple attractive features, the high APY really stands out. With the national average for interest checking accounts standing at 0.03% and the interest rate on savings accounts averaging 0.06% it’s clear that BlueVine checking account’s 1.2% interest rate is exceptional. If you’re looking for a business banking account to stash some cash, you can be sure your money will be working for you when you place it in a BlueVine Business Checking account.

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4. Chase For Business

Chase for Business



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Pros

  • Cash deposits allowed
  • Accounts for all business sizes
  • Physical branches and ATM network
  • Built-in merchant services
  • Access to credit

Cons

  • Limited free transactions
  • High account minimums

Chase For Business Eligibility

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

Chase For Business APY

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 what types of account you choose and what balance you maintain, ranging from 0.01%-0.02%. You can also choose an interest-bearing business checking account, with rates from 0.1%-0.8%.

Certificates of deposit are available in terms ranging from one to 120 months and interests rates from 0.02%-1.0%, depending on the term and the balance.

Minimum Deposit

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

Fees

Monthly account maintenance fees between $15 and $95 can be avoided by maintaining minimum balances between $2,000 and $100K, depending on which account you choose. Each account comes with limited free transactions, but what’s allowed depends on which account you’re using. So it’s a good idea to talk to a Chase banker to familiarize yourself with limits and fees. As a sample, a transaction fee of $0.40 will apply after users exceed their monthly transaction limit of 250 debits and deposits on the Chase Performance Business Checking account. Caps and fees also apply to cash deposits.

Rewards & Perks

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

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.

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 for yourself.

For starters, 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. While Chase for Business might not be the best choice for a cash-heavy business, its built-in card services and quick access to cash make it a good choice for small businesses that process the bulk of their sales by cards.

Where Chase For Business Really Shines

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

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5. Wells Fargo

Wells Fargo Business Banking



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Pros

  • Checking options allow for growth
  • Fees can be waived
  • Low opening balance
  • Savings accounts and CDs
  • Access to credit

Cons

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

Wells Fargo Business Banking Eligibility

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. If your business is a partnership, LLC, corporation, or association, you may need additional documents. You can apply in person at a branch office, online, or over the phone.

Wells Fargo Business Banking APY

Wells Fargo business banking includes market-rate savings, Platinum savings accounts for high balances, and certificates of deposit. Interest rates currently sit at 0.01% for all savings options.

Minimum Deposit

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.

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, with a $0.50 fee for each additional transaction. For Optimize accounts, there’s no fee for the first 250 transactions, with the same $0.50 fee for excess transactions.

Rewards & Perks

Wells Fargo business accounts offer low APY compared to other business banking options, and there’s no welcome offer for new customers. If you sign up for a Wells Fargo business credit card, you may earn rewards for using it.

Access To Credit

In addition to different types of checking accounts, Wells Fargo offers its customers 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.

Transaction Limits

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

  • All deposits, withdrawals, and 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 fee of $0.60/$100 deposit applies

Where Wells Fargo Business Banking Really Shines

When you look for business banking support, you don’t want to pay for more services than you’ll need. At the same time, you need to plan for the future and the growth your business hopes to attain. We like Wells Fargo business banking because as your business grows, you can add Wells Fargo’s merchant services to your account, upgrade to a higher level checking account, and access credit to support your growth. This makes Well Fargo’s business checking a good option for any small business with big plans for growth.

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6. Bank Of America Business Banking

Bank Of America Business Banking



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Pros

  • Cash deposits allowed
  • Monthly fees are easy to waive
  • Access to credit
  • Unlimited free electronic transfers
  • Physical locations plus strong mobile app

Cons

  • Transaction limits
  • Caps on cash deposits
  • Low APY

Bank Of America Business Banking Eligibility

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.

Bank Of America Business Banking APY

Business savings accounts with Bank of America earn an interest rate that at 0.01% is below the national average. Savers who enroll in Preferred Rewards for Business can bump that APY to 0.04%, which is better but still below the national average of 0.06%.

Minimum Deposit

To avoid monthly account maintenance fees, you’ll need to maintain a minimum balance in your Bank of America business bank account. For the Business Advantage Fundamentals Banking account, you can waive the $16 monthly fee 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.

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 and NSF fees: $35 each

Rewards & Perks

Bank of America offers some valuable perks and rewards to business customers, including these:

  • Interest on savings: We note that Bank of America’s APY currently sits below the national average.
  • Money management tools: These include a cash flow monitor and account management tools.

Customers can qualify for greater rewards by joining the Preferred Rewards for Business program. To do that, you need a three-month minimum combined daily average balance of $20K or more. Benefits include reduced or eliminated fees, and interest boost, discounts on lines of credit, and more.

Access To Credit

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

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/month.

Where Bank Of America Business Banking Really Shines

Bank of America Business banking services combine the best features of online banking with traditional in-person banking services. That means Bank of America Business banking customers can deposit checks and send payments via the bank’s mobile app, for example, while still retaining the ability to make cash deposits and talk to a teller at a physical location. Unlike some online-only banks, Bank of America has 4,000 physical locations across the US and a network of 17,000+ ATMs you can use without fees. That makes it a good fit for anyone looking to combine online convenience with traditional bank services.

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7. Capital One Spark Business

Capital One Spark Business



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Pros

  • Cash deposits allowed
  • No minimum balance
  • Promotional APY
  • Linked credit cards
  • Monthly fee can be waived

Cons

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

Capital One Spark Eligibility

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.

Capital One Spark Business APY

If you open a linked Spark savings account, you access a promotional APY that’s good for 12 months. At 0.2% right now, that rate is well above the national average for savings.

Minimum Deposit

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.

Fees

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

Rewards & Perks

Capital One Spark offers a 12-month promotional rate on savings. Account holders can apply for a linked business credit card and unlock cash back and travel rewards. Merchant services are available for business customers who want to accept payments via card from customers.

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.

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.

Where Capital One Spark Business Really Shines

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.

The Spark Cash for Business credit card array includes options for earning cash back and mileage, all with $0 fraud liability, free employee cards, virtual card numbers, and integrations with Quicken, QuickBooks, and Excel to make bookkeeping easy. 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.

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8. Relay Business Banking

Relay



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Pros

  • No fees
  • No account minimums
  • Unlimited transactions
  • Numerous integrations
  • Multiple accounts and employee debit cards

Cons

  • No cash deposits
  • No savings option

Relay Business Bank Eligibility

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

Relay Business Bank APY

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

Minimum Deposit

Relay has no set minimum opening deposit and no ongoing monthly minimum account balance requirements.

Fees

Relay Business Bank is as close to fee-free as we’ve seen. 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.

Rewards & Perks

Relay Business Bank offers a unique account setup and multiple integrations to some popular business software. If your business has built-in complexity, this banking option may be appealing. 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.

Access To Credit

At this time, Relay does not offer any access to credit, though the company says they are working on adding it.

Transaction Limits

Relay includes unlimited transactions.

Where Relay Really Shines

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

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9. NBKC Bank

NBKC Bank



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Pros

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

Cons

  • Low APY
  • No integrations with business software

NBKC Bank Eligibility

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.

NBKC Bank APY

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 the same interest rate. At 0.05%, it’s only one-tenth of a percent below the national average for savings.

Business CD rates are pleasantly higher, with varying terms and APYs ranging from 0.10%-0.30%.

Minimum Deposit

There’s no required minimum opening deposit for a NBKC business bank account, and since there are no fees for a business checking account you don’t have to worry about keeping any minimum balance in your account.

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’ll pay fees only for outgoing wires.

Rewards & Perks

NBKC offers business customers access to a business money market account with an APY of 0.05%. That’s just slightly below the national average. A perk associated with an NBKC account is access to the bank’s award-winning customer service.

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.

Transaction Limits

NBKC does not place any limits on the number of transactions users can make with a business checking account.

Where NBKC Bank Really Shines

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 if you exceed those limits you’ll face fees. That’s not the case with NBKC. If you want to keep your money where it belongs — in your business bank account, and not going toward banking fees — NBKC may be the bank for you.

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10. Live Oak Business Banking

Live Oak Bank Business Loans



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Pros

  • High APY
  • Free ATM network
  • No monthly fees

Cons

  • No in-person option
  • No cash deposits

Live Oak Bank Eligibility

Live Oak Bank does not list any special eligibility requirements on its website. If you would like to apply for a business bank account with Live Oak, be prepared to show personal identification for every person you want listed on the account. You should be ready to provide a physical business address and phone number, and information about how your business is structured as well.

Live Oak Bank APY

Live Oak business banking includes savings accounts with an APY of 0.60%. That’s 10x 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 6 months to 5 years. APYs on CDs go up as the term increases, starting at 0.75% and going as high as 2%.

Minimum Deposit

There are no minimum balance requirements with a Live Oak Tidal Small Business Checking account. If you’d like to set up a Live Oak certificate of deposit, there is a minimum balance of $2,500 required.

Fees

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.

Rewards & Perks

When you open Live Oak’s Tidal Small Business Checking Account, you’ll be connected with a dedicated onboarding guide. 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 business banking services include high APY on savings and CDs.

Access To Credit

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

Transaction Limits

You’ll be limited to $1,000 in ATM withdrawals per day.

Where Live Oak Bank Really Shines

With the national average interest rate for savings stuck at 0.06%, 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 0.6% APY on business savings. And you can make your money work even harder for you by opening a CD. With rates starting at 0.75% for just a six-month term and rising to 2% on a five-year term, Live Oak’s high APY really stands out.

Get Started With Live Oak Bank Business Loans

Read our in-depth review

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11. NorthOne

NorthOne



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Pros

  • Integrations to POS/payment processor
  • Cash deposits via Green Dot
  • Mobile app
  • Free ATM use
  • Live support

Cons

  • No physical branches
  • Fees for wire payments

NorthOne Eligibility

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

NorthOne APY

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

Minimum Deposit

There’s a $50 minimum deposit requirement for opening a NorthOne account. The maximum opening deposit is $250. Users pay a $10 monthly fee, which cannot be waived and is not dependent on a minimum balance requirement.

Fees

NorthOne charges business banking customers a $10 monthly service fee. In exchange, users receive unlimited free transactions. That includes ATM access and mobile check deposit.

Rewards & Perks

NorthOne operates a referral program, awarding a $75 credit to current customers who invite other small business owners to join NorthOne bank via a unique referral code. Both parties receive $75 once the referred business joins.

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

Access To Credit

NorthOne does not offer access to credit.

Transaction Limits

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. 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

Where NorthOne Really Shines

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 useful business software for accounting and payroll, NorthOne can deliver easy-to-use financial tools that help you manage your business better.

Get Started With NorthOne

Read our in-depth review

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12. SVB Edge

Silicon Valley Bank



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Pros

  • High APY
  • Linked Rewards card
  • No minimum balance
  • Account options as you grow
  • Access to credit

Cons

  • No physical locations
  • Monthly fees

SVB Edge Eligibility

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 you’re interested, you’ll need to provide your contact details for more information.

SVB Edge APY

SVB offers 1.25% APY on money market balances up to $1 million.

Minimum Deposit

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

Fees

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.

Rewards & Perks

When you open a SVB Edge checking account, you can also open a money market account. Do so, and you’ll earn 1.25% interest on your deposit balance up to $1 million. Balances above $1 million will earn a different rate.

Access To Credit

The SVB Innovators card comes with a $0 annual fee and no personal liability. It delivers 2x rewards, with points redeemable for gift cards, cash back, merchandise, and travel. SVB business banking customers also have access to investors at SVB-organized events and through the Corporate Venture Capital program.

Transaction Limits

SVB Edge accounts do not come with any transaction limits.

Where SVB Edge Really Shines

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. If you’re a business owner with a great idea looking for help bringing it to market, you might want to look into a business bank account with Silicon Valley Bank.

Get Started With Silicon Valley Bank

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13. Digital Credit Union

Digital Credit Union



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Pros

  • No fees
  • High APY
  • Free debit cards
  • Free checks
  • ATM fees reimbursed

Cons

  • Limited membership
  • Cap on interest-earning balance

Digital Credit Union Eligibility

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, if you work for or retired from a member company, if you belong to a connected organization, or if you 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.

Digital Credit Union APY

Digital Credit Union members can earn up to 0.10% APY on their business savings. To earn the highest interest, you’ll want to activate the Business Earn More option.

Minimum Deposit

Digital Credit Union business bank accounts do not have minimum balance requirements.

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.

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.

Rewards & Perks

At 0.10%, Digital Credit Union’s top APY is a sizeable perk. You can also receive reimbursement for out-of-network ATM fees.

Access To Credit

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

Transaction Limits

You can deposit up to 20 items a day, with no fees, and write unlimited checks on your Digital Credit Union business checking account.

Where Digital Credit Union Really Shines

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.

Get Started With Digital Credit Union

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Why We Don't Recommend This Banking Option

Occasionally, we come across popular options that don’t quite meet the qualifications for inclusion in our “best of” list. Because we realize that readers may be looking for these names, we take the time to explain exactly why we decided to leave them out.

Axos

In this list of the best business banks, you may notice that Axos bank is missing. Although Axos includes attractive options such as a relatively high-yield savings account, our in-depth Axos review revealed some potential negatives, including a pattern of customer complaints, that make us unable to include Axos bank on this list of the best business bank accounts. We were also troubled by some of the fees listed only in the fine print, including a per-transaction fee of as much as $0.50 per transaction once you hit your account’s monthly limit. For these reasons, we advise business owners wondering if Axos is right for them to proceed with caution.

What To Look For In A Good Online Business Bank

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

Fortunately, whether your priorities are access to credit, good customer service, avoiding fees, finding the best APY, or something else, we’ve outlined some good options for you in this post. And we hope we’ve helped arm you with the information you need to make the right choice of business bank for your small business.

How Do I Choose A Bank For My Small Business?

The best bank account for your business depends on which features are most important to you: few or no fees, great rewards, easy qualification requirements, etc. All of the options above made the 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 probably can do it entirely online. You’ll need to gather up some documentation first, so take a look at our checklist of everything you need to open a business bank account. That can help you get prepared and make the application process run faster and more smoothly. After all, when it comes to 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!

Best Bank For Your Small Business FAQs

What is the best bank for small business?

The good news is, that there’s no one “best” bank for small businesses. There may be one that’s best for your small business needs, 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, and click the button to start the application process. You’ll want to have some standard documentation available, such as your business 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. If your business is more complex, like a corporation, LLC, or partnership, you’ll need more information and documentation.

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. The key? Make sure you’re looking only at online banks with FDIC insurance, so your deposits are safe. It’s smart to read some online reviews, too, so you can steer clear of any online banks with a pattern of letting customers down.

Are small banks better for small business?

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 do not 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 13 Best Bank Accounts For Your Small Business

  1. Novo:
    • $0 fees
    • Low opening deposit and $0 minimum balance
    • ATM reimbursements
  2. Square Business Banking:
    • Instant access to sales revenue
    • Access to credit
    • No fees
  3. BlueVine Bank:
    • High APY
    • $0 minimum deposit
    • Cash deposits allowed
  4. Chase for Business:
    • Physical branches & ATMs
    • Cash deposits allowed
    • Includes credit options & merchant services
  5. Wells Fargo Business Banking:
    • Accounts options for different sized businesses
    • Waivable fees
    • Access to credit
  6. Bank Of America Business Banking:
    • Physical locations nationwide
    • Unlimited free electronic transfers
    • Access to credit
  7. Capital One Spark Business:
    • Linked credit cards
    • No minimum balance and waivable fees
    • Promotional APY
  8. Relay:
    • Numerous integrations
    • No transaction limits
    • Employee debit cards
  9. NBKC Bank:
    • Unlimited transactions
    • Free ATM network
    • $0 fees and minimum balance
  10. Live Oak Bank Business Loans:
    • High APY
    • Free ATMs
    • No monthly fees
  11. NorthOne:
    • Cash deposits
    • Live support options
    • POS integrations
  12. Silicon Valley Bank:
    • Access to credit
    • Linked rewards card
    • Account options support growth
  13. Digital Credit Union:
    • No fees
    • Free checks & ATM use
    • High APY
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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