Top 15 U S. Online Digital Banks for Small Businesses SMB April 2023

best small business bank account

APYs on CDs depend on the term increases, starting at 2.0% and going as high as 4.6%. This account has online and mobile banking , a debit card, and has no minimum balance requirements. One of the features we love is that they don’t charge anything for incoming wire transfers. This account is designed for business with limited transaction activity, and has a $0 monthly maintenance fee. This account is consistently onour list of the best business checking accounts. TheChase Business Complete Banking℠is one of the more popular business checking account options because Chase has a huge number of branches and great service.

best small business bank account

Compare top banks to decide which is the best choice for your unique business. Free cash deposits are limited to $7,500 per statement cycle; after that, it’s 30 cents per $100. If you’re choosing Bank of America for the ease of cash deposits, this may be inconvenient. That may cause trouble if you operate a cash-based business.

KeyBank Business Checking Review 2023 (Accounts, Fees, Alternatives)

You get unlimited deposits, withdrawals, and transfers, not including international wires, cashier’s checks, and other services. If your business makes a lot of cash deposits, you will have to pay $1 for every $1,000 after depositing $5,000 in a month. Bank of America Business banking services combine the best features of online banking with traditional in-person banking services.

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. 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. You can also choose an interest-bearing business checking account with rates from 0.14%-2.84%.

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Your company wants to earn interest on its checking account and meets one of the two requirements set aside by Bluevine to earn interest. High-interest earnings help make Bluevine our top checking account for LLCs. The FintechLabs SMB Center is a resource for small business owners to discover digital financial services . Don’t forget to look at the price of international payments if you’re building a business which will work with international customers or suppliers.

  • Although Bluevine is online and doesn’t have physical branches, you’ll have access to free ATM withdrawals from a network of over 37,000 MoneyPass® ATMs.
  • A number of financial institutions offer free business checking accounts, meaning there are no monthly fees.
  • And like the name suggest, LendingClub is also great if you need a small business loan.
  • Banks, credit unions and other lenders often want to see healthy cash flow before approving entrepreneurs for financing.
  • M&T Bank’s relationship managers can analyze your business accounts to help you understand your finances, plus this bank is a top 10 SBA lender with a variety of account options.

To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks. US Bank’s Quick Loans offer a mighty incentive to startups and new businesses.

nbkc: Best for no fees

This is not an offer to buy or sell any security or interest. Working with an adviser may come with potential downsides such as payment of fees . There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Bank of America has branches throughout most of the U.S., but you can also bank online or on your phone.

Some banks and credit unions require a minimum deposit when you open a business checking account. For small businesses with moderate transaction volume, the bank also offers theTIAA Business Checking, which provides up to 200 free transactions and 10 free online bill payments per month. TIAA Business Checking does not earn interest and has a monthly maintenance fee that can be waived with a $5,000 balance. TIAA Bank offers several other checking solutions and savings deposit accounts that include business money market accounts and CDs, plus a variety of treasury and merchant services. Plus, you get truly free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.

It takes less than ten minutes to apply for a Novo checking account. The minimum to open one is $50, a relatively low amount when compared to others. You’ll also benefit from discounts on business tools like HubSpot, Salesforce, Zendesk, Google Cloud, and Stripe. And Novo even offers a great mobile app that lets you handle all of your business financial needs from your phone. Earning 2.0% APY is hard to beat, and that doesn’t even account for all of the other features, such as contactless payments and no incoming wire transfer fees.

Which type of bank account is best for business?

A money market account is a type of business bank account for companies that wish to maintain regular access to their funds. It is an interest-bearing savings account that offers flexibility by blending some features of both business checking and business saving accounts.

When opening a business account, review their terms carefully and make sure it’s a bank that works for your needs. If you have specific questions, contact one of their business representatives. This includes when opening a restaurant, opening a coffee shop, opening a food truck, opening a bakery, opening a grocery store, or a ghost kitchen. Unfortunately, unlike Chase, Bank of America doesn’t offer unlimited free transactions. If you’re looking to open a second business account or won’t be depositing money too often, this may be a great option.