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6 Best Banks for Small Business
Use our guide to find the best bank for your small business.
Randa KrissFebruary 17, 2021
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The best bank for your small business depends largely on what you’re looking for: a checking account, savings account or different financial services altogether.
At a minimum, you should have a dedicated business checking account to store funds and manage your day-to-day spending, but you might also visit a bank for other products, like credit cards, business loans or merchant services.
Although you don’t have to use a single bank for all of your business’s financial needs, some small-business owners find value in bundling multiple business bank accounts or products from the same institution.
NerdWallet compared national and regional banks, online banks, as well as credit unions and nonbanks, to identify the best banks for small businesses.
Summary of the best banks for small business
NBKC: Best for fee-free, online banking
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LendingClub: Best for interest-earning business checking and online-based tools
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Chase: Best for bundling banking services
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Wells Fargo: Best for branch access and business loans
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Capital One: Best for unlimited checking account transactions and business credit cards
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 NerdWallet rating | Digital Federal Credit Union: Best accessible credit union for business banking
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NBKC: Best for fee-free, online banking
NBKC is a great option for fee-free, online-based business banking — although the bank does have a few brick-and-mortar locations in Kansas and Missouri.
NBKC offers a free business checking account, as well as a free high-yield business savings account. Though it may not have some of the tech-forward integration tools that nonbank competitors provide, NBKC does offer some more traditional banking services, like a business credit card and cash management solutions.
Here are some of the highlights:
Business checking
- Free business checking account that can be opened completely online.
- Account includes unlimited fee-free transactions, no incoming domestic wire fees, overdraft, stop payment or other similar incidental fees.
- Fee-free access to over 34,000 MoneyPass ATMs around the country; offers up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Ability to deposit cash fee-free at eligible MoneyPass ATMs using your NBKC business debit card.
- Free online and mobile banking with mobile check deposit and online bill pay included.
- Option to customize your checking account by adding desktop deposit, ACH credit and debits, merchant processing and Autobooks invoicing software.
» Read our full NBKC business checking review.
Additional services
- Free business savings account, which can be opened in conjunction with the business checking account.
- NBKC Visa business credit card.
- Customizable cash management, fraud management, disbursement and collection services.
- For businesses located in the Kansas City metro area, NBKC offers business lines of credit, inventory and equipment loans, commercial real estate and construction loans, as well as SBA loans.
LendingClub: Best for interest-earning business checking and online-based tools
LendingClub gives you the ability to open an interest-earning business checking account online, as well as access a variety of digital tools to streamline your financial management. Although LendingClub charges a few more fees than some of its online competitors, it offers unique account features like unlimited ATM fee rebates and unlimited 1% cash back on debit card purchases.
Here are some of the highlights:
Business checking
- Interest-earning business checking account with unlimited fee-free transactions. Account earns 0.10% annual percentage yield on balances of $5,000 and higher.
- Monthly fee of $10, waived with average monthly balance of $5,000 or more.
- LendingClub doesn’t charge any ATM fees, regardless of the ATM you use. The account also includes unlimited rebates for ATM fees you incur from other banks worldwide.
- Account offers the ability to earn an unlimited 1% cash back on online and signature-based credit transactions, provided you maintain an average monthly balance of $5,000 or more.
- Access to online and mobile banking tools that allow you to pay bills, deposit checks, send and receive payments and manage your account.
- Account includes Autobooks, an invoicing and online payment software that allows you to create and send invoices, accept payments, generate reports and reconcile transactions for accounting.
» Read our full LendingClub business checking review
Additional services
- LendingClub API Banking Sandbox gives you the ability to customize your banking within your operating system.
- Four business credit card options.
- SBA loans, including SBA 7(a) loans, SBA 504/CDC loans, SBA Express loans, SBA Export Program loans and SBA Express lines of credit.
- Commercial real estate and equipment financing.
- Cash management solutions including deposit and disbursement services, receivables and account management, sweep accounts, fraud prevention and payments.
Chase: Best for bundling banking services
If branch access is more of a priority for you, Chase is the biggest bank in the U.S. in terms of domestic assets and offers a variety of small business banking services that set it apart from other national brick-and-mortar banks.
Chase offers three business checking accounts, two business savings accounts, the Chase Ink suite of business credit cards, among other financial products.
Chase has locations in 38 states, plus Washington, D.C., with 4,700 branches and 16,000 ATMs. You can open a business account with Chase by visiting a branch or by applying online.
Here are some of the highlights:
Business checking
- Choose from among three business checking account options.
- Unlimited fee-free electronic deposits, limited fee-free nonelectronic deposits and cash deposits included with each account.
- Monthly service fees start at $15 per month for the Business Complete Checking account (with options to waive).
- Free business debit cards available with all accounts.
- Access to Chase online banking, bill pay and mobile banking.
- Business Complete Checking account includes Chase QuickAccept℠, which allows you to accept credit card payments with the Chase mobile app.
- Use Chase QuickDeposit℠ for depositing checks and Chase QuickPay® with Zelle® for sending and receiving payments.
- 24/7 phone-based customer service.
» Read our full Chase business checking review.
Additional services
- Two business savings account options, as well as certificates of deposit.
- Ink suite of rewards-earning business credit cards, plus airline-specific card options.
- Chase Merchant Services for point-of-sale solutions and online credit card processing.
- Business loans, including SBA loans, lines of credit, equipment financing and commercial real estate financing.
- Chase Collection Services for accounts receivable.
Wells Fargo: Best for branch access and business loans
Wells Fargo has 5,200 branch locations and over 13,000 ATMs across 37 states, plus Washington, D.C. — the largest branch network in the U.S. — making it an ideal choice for small-business owners who prefer to do at least some of their banking in person.
In addition, Wells Fargo is a top bank for business loans, offering competitive financing options, including those with benefits for existing customers. Wells Fargo is also one of the most active SBA 7(a) lenders: As of September 2020, Wells Fargo approved the most SBA 7(a) loans of any traditional national bank in the country.
Here are some of the highlights:
Business checking
- Choose among three core business checking account options, as well as additional options based on location and business type.
- Limited fee-free monthly transactions and cash deposits included with each account.
- Monthly service fees start at $10 per month (waived with a minimum daily balance of $500 or $1,000 average ledger balance) with the Initiate Business Checking account.
- Online, mobile and security banking features included with all accounts.
- Extended customer support hours available by phone through the National Business Banking Center.
- All business checking accounts can be opened online, over the phone or by visiting a branch.
» Read our full Wells Fargo business checking review
Additional services
- Two business savings account options, as well as certificates of deposit.
- Three business credit cards, including the Wells Fargo Business Secured Credit Card, one of the only secured credit cards available for rebuilding business credit.
- Business lines of credit and SBA loans, including SBA 7(a) loans and SBA 504/CDC loans.
- Commercial real estate financing and health care practice financing.
- Wells Fargo Merchant Services with Clover POS systems.
- Payroll services for customers through ADP.
Capital One: Best for unlimited checking account transactions and business credit cards
Capital One allows you to make the most of your business checking account, offering unlimited fee-free transactions, an uncommon feature among business accounts from brick-and-mortar banks. Although Capital One only has branch locations in eight states and Washington, D.C., this bank includes access to over 40,000 fee-free ATMs across the U.S.
In addition, Capital One is a great bank for business credit cards, offering five rewards-earning cards, each of which includes the ability to earn unlimited rewards with no minimums or expiration date, free employee cards and no foreign transaction fees.
Here are some of the highlights:
Business checking
- Choose from two Spark Business Checking account options.
- Unlimited fee-free transactions included with each account.
- Monthly service fees start at $15 per month for Spark Business Basic Checking and can be waived with a minimum balance of $2,000 over 30- or 90-day average, whichever is greater.
- Fee-free cash deposits available with Spark Business Unlimited Checking.
- Both accounts offer free online bill pay, mobile check deposit, online and mobile banking.
- Have to visit a branch location to apply.
» Read our full Capital One business checking review
Additional services
- One business savings account option and certificates of deposit.
- Two standard cash-back business credit cards, two travel rewards business credit cards, and theCapital One® Spark® Classic for Business— an unsecured business credit card designed specifically for business owners who have defaulted on a loan in the past five years or those with limited credit history.
- Business loans, including working capital lines of credit, equipment and vehicle loans, real estate term loans, business installment loans, SBA 7(a) loans, SBA 504/CDC loans, as well as more specialized options.
- Capital One Merchant Services provided by Worldpay.
- Cash flow management solutions such as fraud management, accounts receivable, accounts payable and liquidity.
- Escrow Express platform available for online sub-accounting.
Digital Federal Credit Union: Best accessible credit union for business banking
If you’re looking for a more personalized level of customer service, you might opt for a credit union business account. Compared to traditional big banks, credit unions typically can offer higher interest rates on deposits as well.
Digital Federal Credit Union, or DCU, is a top option for small-business owners, with one free, interest-earning business checking account and multiple business savings products, as well as other services.
Additionally, unlike some credit unions where membership is extremely limited, DCU is easy to join.
Similar to other credit unions, DCU offers membership to employees or retirees (and their family members) of a variety of companies. It also offers membership to individuals and businesses in certain areas of Massachusetts, as well as specific condominium associations in Massachusetts and New Hampshire.
For anyone who doesn’t meet those qualifications, however, DCU gives you the opportunity to become a member by joining a participating community organization. You can join many of these organizations when you open your DCU membership and organization memberships start as low as $10.
Here are some of the highlights:
Business checking
- Free, interest-earning business checking account with no minimum opening deposit.
- Up to 20 free deposits per day.
- Access to business online banking, bill pay and mobile check deposit.
- Fee-free access to any DCU ATM, as well as over 80,000 free ATMs through the Allpoint, SUM and CO-OP networks. DCU does not charge for out-of-network ATM use; plus, certain membership levels receive reimbursements for any fees charged by ATM providers.
Additional services
- One business savings account, one money market account and certificates of deposit.
- Two IRA options for your employees.
- Business credit cards, auto loans and equipment loans available to small-business owners in certain New England states.
- Additional commercial lending products including lines of credit, term loans and mortgages available in certain New England states.
- Digital Federal Credit Union has branch locations in Massachusetts and New Hampshire if you’re local to the area.
How to choose a bank for your small business
Here are some things to keep in mind as compare your options:
- Consider your short- and long-term financial goals. If you think your business’s needs will change drastically in a year, you don’t want to choose a bank that won’t be able to accommodate you after that year.
- Think about how you prefer to bank. Are you going to turn your search exclusively to brick-and-mortar banks or are online banks an option?
- Look for the product features or services that are most important to you. If a business checking account is your top priority, narrow down your search to find the best checking account options for your business. On the other hand, if you want to bundle multiple products at once, find a bank that can provide those services.
- Don’t forget about fees. Make sure you understand the fees associated with any business account and explore multiple options before signing up.
- Start, but don’t end, your search with your personal bank. According to a 2019 study from BAI, a research and training nonprofit for business owners, 79% of small-business owners reported using the same provider for their personal and business financial services. The same study points out, however, that business owners have a net promoter score, which measures customer satisfaction, of 24, lower than that of general banking consumers, whose net promoter score is 35. While it might be easy to start your search with your personal bank, it might be worth exploring alternative banks as well.
The information related to the Wells Fargo Business Secured Credit Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.
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