Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying off $18,000 in debt within 10 months of graduating college. She later went on to triple her salary in two years by ditching her 8-to-5 job to write for a living.
Cassidy Horton
Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying off $18,000 in debt within 10 months of graduating college. She later went on to triple her salary in two years by ditching her 8-to-5 job to write for a living.
Lauren Graves is an educator-turned-editor specializing in personal finance content. She seeks to make complicated topics easier to understand and less intimidating to the average reader with accurate, reliable information and transparent writing. Her expertise includes banking product reviews and general topics universal to personal finance such as saving and budgeting. Her work has been featured in Money Under 30, Investor Junkie, Doughroller, Saving for College and APY GUY.
Fact Checked
Lauren Graves
Lauren Graves is an educator-turned-editor specializing in personal finance content. She seeks to make complicated topics easier to understand and less intimidating to the average reader with accurate, reliable information and transparent writing. Her expertise includes banking product reviews and general topics universal to personal finance such as saving and budgeting. Her work has been featured in Money Under 30, Investor Junkie, Doughroller, Saving for College and APY GUY.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
The best banks for small businesses offer specialized accounts, competitive interest rates and a suite of tools for growing companies.
We’ve compared 60 financial institutions to pinpoint the best options for small business owners. Our top five picks are based on factors such as fees, interest rates, available services, digital capabilities and reputation. Whether you need a checking, savings, money market or certificate of deposit account, these top banks provide quality options. Annual percentage yields (APYs) and account details are accurate as of January 31, 2024.
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Show Summary
Best Banks for Small Business
Best for Online Banking
First Internet Bank
Products
Checking, savings, money market accounts, CDs
Fees
Monthly maintenance, wire transfer and stop payment fees; no overdraft or out-of-network ATM fees
ATM Network
N/A, $10 in ATM fee reimbursements per month
Learn More
Read Our Full Review
Checking, savings, money market accounts, CDs
Monthly maintenance, wire transfer and stop payment fees; no overdraft or out-of-network ATM fees
N/A, $10 in ATM fee reimbursements per month
Editor's Take
Our experts chose First Internet Bank as the best online bank for small businesses because it has low fees and high interest rates on business accounts. Its First Internet Bank Do More Business™ Checking earns 0.50% APY for accounts with an average daily balance of $10,000 and has no transaction limits or monthly service fees. It also comes with $10 in out-of-network ATM reimbursements. First Internet Bank also has Commercial Checking accounts for businesses with more complex banking needs. These accounts offer services like payment processing, sweep services, treasury management and more.
The First Internet Bank Business Money Market Savings earns 3.46% APY with a daily balance of $5 million or below and 5.48% APY with a daily balance above $5 million, and its First Internet Bank Business Regular Savings account earns 0.91% APY. Both require a $100 minimum opening deposit. For small businesses with long-term savings goals, the bank’s business CDs earn anywhere from 4.14% to 5.31% APY. Overall, this bank is ideal for full-service banking and larger balances.
Read our full First Internet Bank Review.
Pros & Cons
- Basic checking has no monthly fees or transaction limits
- All business accounts earn interest
- Competitive interest rates on most accounts
- ATM reimbursements
- Higher balances required for best interest rates
- Savings and MMA ATM cards only available to sole proprietors
- Interest compounds monthly
Details
First Internet Bank has two business checking accounts, a regular business savings account, a business money market account and business CDs with terms ranging from three months to five years.
Do More Business Checking has no monthly fee, but you need to maintain a minimum $10,000 balance to earn interest. Money Market Savings has a $5 monthly fee, waived with a $4,000 minimum daily balance. It earns 3.46% APY with a daily balance of $5 million or below and 5.48% APY with a daily balance above $5 million. Regular Savings has a $2
2 monthly fee, waived with a $1,000 minimum daily balance. It earns 0.91% on all balances. You’ll need to call the bank for information about Commercial Checking.
Best for Small Business Checking
Axos Bank
Products
Savings, Checking, MMAs, CDs
Fees
Monthly maintenance, wire transfer and stop payment fees; no overdraft or out-of-network ATM fees
ATM Network
91,000+ ATMs nationwide
Learn More
On Axos Bank's Website
Savings, Checking, MMAs, CDs
Monthly maintenance, wire transfer and stop payment fees; no overdraft or out-of-network ATM fees
91,000+ ATMs nationwide
Editor's Take
Axos Bank has a checking account for every business type, which is why it’s one of the best banks for small businesses, according to our experts. The Axos Bank Small Business Interest Checking earns tiered interest with rates up to 1.01% APY on balances below $50,000 and has no monthly fee with a $5,000 minimum balance. It includes up to 100 free transactions and 60 remote deposit items a month. The Axos Bank Basic Business Checking has no monthly fee for any balance and comes with unlimited transactions and ATM reimbursements, making it the better choice for newer businesses and those with higher transaction volumes.
This bank also has numerous savings options. These include the Axos Bank Business Savings, Axos Bank Business Money Market Account and Axos Bank Non-Profit Money Market Account, and the Axos Bank Business Certificate of Deposit. Unfortunately, most savings products earn 0.20% APY or less, which is low compared to other online banks. If you’re looking for a business checking account, Axos Bank is worth looking into. But if you need a business savings account or CD, you can find higher yields elsewhere.
Read our full Axos Bank Review.
Pros & Cons
- Unlimited ATM reimbursements
- Free checking and high-yield checking
- Sometimes offers sign-up bonuses for new customers
- Cash sweep program expands FDIC insurance to $200 million
- Optional payroll, merchant and treasury management services
- No physical branch locations
- Savings and CD rates not competitive with top online banks and credit unions
Details
In addition to the Non-Profit Money Market account, Axos Bank offers personal and business checking, savings, CD and money market accounts.
Axos is an online-only bank, and all accounts can be opened online. Customer service is available 24/7 via phone and live chat.
Best for Low Fees
NBKC Bank
Products
Savings, Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
37,000+ ATMs nationwide
Learn More
Read Our Full Review
Savings, Checking, MMAs, CDs
No monthly, overdraft or ATM
37,000+ ATMs nationwide
Editor's Take
Our experts chose nbkc bank as the best bank for low or no fees because it offers completely free business checking and money market accounts with no balance requirements or monthly fees. The NBKC Bank Business Checking Account doesn’t charge for checks, returned items, bill pay transfers, incoming domestic wire transfers or overdrafts. You won’t get hit with low balance fees either.
The nbkc Business Certificates of Deposit come in terms ranging from three months to five years, require $1,000 to open and earn 0.10% to 4.50%. The NBKC Bank Business Money Market Account also pays a respectable 2.75% APY on any positive balance. With few fees and easy requirements to start, nbkc is a strong choice for small business checking, MMA and CD accounts. Continue your search if it’s a standard business savings account you’re after.
Read our full nbkc bank Review.
Pros & Cons
- Offers a combined checking and savings account
- Low to no fees
- Out-of-network ATM fee reimbursement up to $12 per month
- High customer service satisfaction and live chat tool
- Full-service bank
- Higher rates are available from other banks and credit unions
- Not designed for those who want separate checking and savings accounts
Details
NBKC Bank offers a combined checking and savings account, a money market account and CD terms from three months to five years. It also has an add-on CD that has a term of one year.
Best for Business Resources
Bank of America
Products
Checking, Savings, CDs
Fees
Monthly maintenance, wire transfer, stop payment, out-of-network ATM and overdraft fees
ATM Network
15,000+ ATMs in the U.S.
Checking, Savings, CDs
Monthly maintenance, wire transfer, stop payment, out-of-network ATM and overdraft fees
15,000+ ATMs in the U.S.
Editor's Take
Bank of America is the best bank for business banking resources because it offers a number of tools and services, integrations and features that would be useful to many business owners. It’s also a good option for in-person banking, with around 3,800 U.S. branches.
The Bank of America Business Advantage Relationship Banking account has a steep but waivable monthly fee of $29.95. It provides fee waivers for common banking activities as well as other business bank accounts and allows 500 free transactions per month. The Bank of America Business Advantage Fundamentals™ Banking is $16 a month and allows 200 monthly transactions. Both offer interest boosts, discounts and more through Preferred Rewards for Business.
There’s also the Bank of America Advantage Savings and the Bank of America Fixed Term Business Certificates of Deposit. The savings account pays a base rate of 0.01% APY, but the Bank of America Featured Business Certificates of Deposit offer higher interest rates, from 0.05 to 4.85% APY, for terms between seven and 37 months with a deposit of 1,000.
Read our full Bank of America Review.
Pros & Cons
- Large national presence with 3,900 financial centers and 15,000 ATMs
- Easily open an account online or at a branch
- Preferred Rewards members enjoy fee waivers and higher rates on deposit accounts
- High monthly maintenance fees
- Interest rates for savings and CD accounts lag behind other banks
- $10 overdraft fee can be charged up to two times daily
- High account balances are required to qualify for Preferred Rewards status
Details
Bank of America charges a $10 overdraft fee per item, up to two times daily. The bank’s lone savings account, Bank of America Advantage Savings, requires a $100 minimum deposit to open and carries an $8 monthly fee, which is waived with a minimum daily balance of $500 or more, an eligible linked Bank of America checking account, enrollment in Preferred Rewards or for anyone under the age of 25.
Bank of America has two business checking accounts (Business Advantage Fundamentals and Business Advantage Relationship Banking), a Business Advantage Savings account and three types of business CDs (Featured CDs, Fixed Term CDs and Flexible CDs). The bank’s business checking and savings accounts all charge monthly maintenance fees that can be waived by maintaining a high balance or, sometimes, becoming a Preferred Rewards for Business member.
Best for Earning Interest
EverBank
Products
Checking, MMAs, CDs
Fees
No monthly, overdraft or ATM
ATM Network
80,000+ ATMs nationwide
Learn More
Read Our Full Review
Checking, MMAs, CDs
No monthly, overdraft or ATM
80,000+ ATMs nationwide
Editor's Take
Our experts picked EverBank as the best business bank for earning interest because it pays above-average rates on business checking, money market and CD accounts. There are five EverBank business checking accounts to choose from, with APYs ranging from 0.50% to 2.10% APY. Monthly maintenance fees and transaction fees vary by account, but all options offer overdraft protection. Small Business Checking also comes with ATM fee reimbursements.
The EverBank Business Money Market pays from 1.35% to 2.35%% APY and can be used to provide overdraft protection for your EverBank checking account. The EverBank Business Certificates of Deposit offer rates from 2.10% to 4.75% APY, with terms starting at three months and going up to five years. The bank also offers Business Certificate of Deposit Account Registry Service (CDARS) CDs with funding limits up to $10 million. The EverBank Business CDARS® Certificates of Deposit provide FDIC insurance beyond the standard $250,000 limit. EverBank is best for businesses that need interest-bearing accounts they can open and manage digitally.
Read our full EverBank Review.
Pros & Cons
- Offers Yield Pledge promise
- No monthly, overdraft or ATM fees
- Unlimited out-of-network ATM fee reimbursement with a $5,000 minimum balance
- Highly rated mobile app
- Customer service is available seven days a week
- You can find higher rates at other banks and credit unions, despite Yield Pledge
Details
EverBank offers a checking account (Yield Pledge Checking), a savings account, a money market account (Yield Pledge Money Market), basic CDs, a bump-up CD and what it calls an IntraFi CD, a CD that offers expanded FDIC insurance on deposits.
Summary: Best Banks for Small Business
What To Look For in a Small Business Bank Account
The best bank account for your small business depends on your specific needs and business type, but here are key benefits to look for when choosing a business account:
- Low or no fees. Look for low or no monthly fees and assess per-transaction charges to ensure they won’t eat into profits. Pay attention to minimum balance requirements and avoid accounts that will penalize you if your total funds dip below a certain threshold.
- High transaction limits. Opt for a checking or savings account with generous limits on monthly transactions so you’re not charged excessively for normal business operations.
- Competitive interest rates. Interest is important in a bank account, especially if you plan to keep a high balance. Look for accounts with competitive APYs on any balance.
- Good customer service and reviews. What are the hours for customer support? How easy is it to get help? How does a banking mobile app score with customers?
- Helpful technology and features. Look for user-friendly digital tools and business banking features to simplify your life, like accounting integration or invoicing software.
- Extra perks. Some of the best banks for a small business offer ongoing perks such as ATM fee rebates and discounts on business tools to help you save on daily expenses.
How To Open a Small Business Bank Account
You’ll generally follow these steps when opening a business bank account.
First, research the best banks for small businesses and compare several options. Choose one that fits your needs, and pay close attention to fees and interest rates to get the most value.
Once you’ve selected a bank, gather your identification and business documents. Have your Social Security number and Employer Identification Number (EIN) ready, as well as certified business documents such as your articles of incorporation, business license or partnership agreement. You may also need to provide your personal ID, like a driver’s license.
With documents in hand, fill out the application online or at a branch. The bank will ask for details about your company, such as your legal business structure, nature of business and operating locations. When you’re done answering these questions, be ready to make a deposit.
Do I Need a Small Business Bank Account?
As a small business owner, you likely need a business bank account. While mixing personal and business finances may seem efficient, it isn’t recommended. Combining the two can make tracking expenses and income difficult as your business grows.
A business account separates your finances into clear categories. This makes tax filing and reporting simpler, and it protects you in the event of an audit. You’ll have separate records for all money related to your business to justify your deductions. The IRS defines incorporated businesses, including LLCs and corporations, as separate legal entities for tax purposes but suggests that all business types separate business and personal expenses.
Business bank accounts also offer credibility and convenience. They allow you to accept payments, issue invoices and pay vendors professionally. The best business accounts also offer tools specifically for companies, like remote check deposits, expense tracking and payment options. This makes managing operations easier than with a personal account.
Find The Best Business Bank Accounts Of 2024
Small Business Checking vs. Small Business Savings Accounts
A small business checking account account serves as a main operational account. It’s designed for day-to-day business transactions such as paying vendors, collecting revenue and transferring money. This is the most basic bank account you can have for money you’re going to use and add to often.
In contrast, a small business savings account stores funds you don’t need immediately. It generally provides higher interest rates than checking but may have monthly withdrawal limits. It’s a low-risk place to hold emergency reserves and collect interest on cash you don’t need right now.
Many businesses have at least one of each type of account. Choose business checking for regular deposits, transfers, withdrawals and everyday purchases and business savings for extra funds you won’t need to access regularly.
