Selecting the ideal banking partner holds immense significance for small business owners as it directly influences their business’s prosperity and expansion. Collaborating with a bank that comprehends the distinct requirements and obstacles small businesses encounter is crucial. In today’s article, you’ll explore the best bank for small businesses.
By partnering with a dependable banking institution, you gain access to essential services and tailored support that caters to small businesses’ distinct requirements. In this article, I will discuss critical elements when choosing the best bank for small businesses and highlight the top contenders.
Best Bank For Small Business: Introduction
Entrepreneurs can find a comprehensive solution for their business banking requirements at the top banks for small businesses. These banks offer a convenient one-stop-shop experience, providing free or affordable business checking accounts alongside additional services such as savings accounts, credit cards, business loans, and merchant services.
While it may appear burdensome for entrepreneurs to open a business bank account, segregating personal and professional finances is a strategic decision that will yield long-term benefits.
By establishing a bank account specifically for your small business, you simplify tracking paid bills, expenses, and received payments. Additionally, you can develop a business line of credit if you intend to apply for a business credit card or seek a small business loan.
If you wish to have secure funds, utilizing small-business banking services from multiple institutions can be advantageous, particularly if your deposits surpass the federally insured limit of $250,000.
By maintaining separate business banks for payroll and an emergency fund, apart from your primary business account, you can safeguard your business against potential disruptions.
Factors To Consider Before Choosing The Best Bank For Small Business
Here are the factors to consider while selecting the best bank for small business:
Seek financial institutions that provide specialized accounts tailored to businesses, offering features that align with your requirements. Evaluate the availability of business checking accounts that are either free or have low fees, as well as the availability of online banking services, mobile banking apps, and integration capabilities with accounting software.
Entrepreneurs seeking an online business checking account can explore the option of neo-banks. Neobanks often provide free or affordable business checking accounts, accompanied by various advantages such as tax-planning tools or the opportunity for a high Annual Percentage Yield.
Take into account the array of services available for small businesses. Evaluate the bank’s offerings, including business loans, lines of credit, merchant services, payroll management, and business credit cards. Opt for a bank that effectively meets your unique financial needs and requirements.
Understand the fees connected with a business bank account and thoroughly explore multiple options before signing up.
Select a business bank that can accommodate your growth. Ideally, opt for a bank that provides various business banking services, ensuring flexibility and scalability as your business evolves.
Conduct thorough research on the bank’s standing and financial stability. Assess customer reviews and ratings to assess the bank’s dependability and level of customer satisfaction. Opting for a stable and reputable bank can instill confidence and assurance in meeting your business’s financial requirements.
Certain banks may provide supplementary advantages for small businesses, such as educational resources, networking events, or business advisory services. These resources can prove invaluable in facilitating the growth of your business.
Evaluate the convenience of the bank’s branch and ATM network to ensure easily accessible locations for your business. Additionally, verify whether the bank offers extended business hours, online banking services, and reliable customer support to cater to your needs effectively.
List Of Best Bank For Small Business
Here is the best bank for small businesses:
1. Bank of America
- Comes with Cash Flow Monitor tool
- Online banking with mobile app facility
- Comes with Business employee debit cards
- Availability of merchant services
- Offers free debit card
|+ Open business accounts entirely through online channels
+ There are 200 free transactions available each month
+ The cash deposit limits for business accounts are set at a high level
|– Need $100 as an opening deposit
Bank of America is a prominent and extensive banking and financial services establishment in the United States, renowned for its size and reputation.
Bank of America offers a great range of consumer banking services, encompassing checking accounts, savings accounts, certificates of deposit, credit cards, mortgages, auto loans, and personal loans.
In addition, Bank of America extends online and mobile banking platforms, enabling customers to conveniently handle their accounts, execute bill payments, initiate fund transfers, and avail themselves of various financial tools and resources.
Bank of America presents two business checking account options with easy manageable monthly fees that can be waived. With guidance from a dedicated business banking advisor, transitioning between these accounts is seamless and allows for flexibility as your business requirements evolve.
Before incurring any fees, Bank of America grants you up to $7,500 monthly complimentary cash deposits. By progressing to the advanced Business Advantage Relationship Banking tier, you gain the advantage of up to $20,000 in free monthly cash deposits. If you exceed either limit, the bank charges 30 cents for every $100 beyond the threshold.
Bank of America excels in ongoing rewards, offering the opportunity to earn up to $500 in cashback and statement bonuses through qualifying actions.
Furthermore, Bank of America extends rewards programs for cash back and travel, specifically designed for their business credit cards. Through the preferred rewards for business, you can earn bonus rewards ranging from 25% to 75% on your credit card transactions.
Additionally, you can enjoy an interest rate on your business advantage savings accounts 5% to 20% higher than the standard rate.
2. U.S. Bank
- Comes with cash management services
- Offers U.S. Bank Visa debit card
- Has a payment processing facility
- Online and mobile app facility
- Offers free debit card
|+ Gold and Nonprofit Business Checking accounts allow you to earn interest
+ Enjoy the convenience of free mobile check deposits
+ Zero monthly fees associated with these accounts
|– Free transactions are limited
The U.S. Bank has established itself as one of the leading commercial banks in the United States. Operating under the umbrella of U.S. Bancorp, it has a prominent position in the industry.
U.S. Bank provides various banking and financial services catering to individuals, businesses, and institutional clients. Its extensive network encompasses branches and ATMs across 26 states, serving a vast nationwide customer base.
U.S. Bank caters to the needs of various businesses, from small enterprises to middle-market companies and large corporations. It offers extensive commercial banking services tailored to meet their requirements.
These services include business checking and savings accounts, cash management solutions, merchant services, equipment financing, lines of credit, commercial real estate loans, and treasury management services.
The fundamental business checking account offered by U.S. Bank, Silver Business Checking, does not entail a monthly fee. However, although subject to fees, the Gold and Platinum Business Checking accounts provide additional benefits, such as increased free transactions and other advantageous features.
In addition to various business banking solutions, U.S. Bank presents business savings accounts, certificates of deposit, money market accounts, and business credit cards.
Furthermore, a range of essential services is available to businesses, including cash management, payroll services, fraud protection, gift card management, and comprehensive merchant services.
- Huntington SmartTax service access
- Online and mobile app facility
- Comes with Free debit Mastercard
- Offers $50 Safety ZoneSM feature
- Toll-free customer service
|+ There is no minimum opening deposit requirement
+ The Business Checking 100 account does not have any monthly fees
+ This account includes Return fee relief as an added benefit
|– High domestic & international outgoing wire fees
Regarded as a top choice for small businesses, Huntington Bank stands out in the banking sector. Its primary focus lies in serving customers within the Midwest region of the United States, exhibiting a robust presence in states such as Michigan, Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia.
Huntington Bank operates a widespread network of branches and ATMs throughout these regions, ensuring convenient accessibility for its valued customers.
Recognizing small businesses’ distinctive obstacles, Huntington Bank is committed to delivering tailored assistance that fosters growth and success.
It represents an excellent option for those in any of the 11 states encompassing Huntington Bank’s operational reach. The bank’s foundational checking account, Business Checking 100, needs monthly fees.
It provides the advantage of up to 100 transactions and up to $5,000 in complimentary monthly cash deposits, allowing businesses to operate with ease and financial flexibility.
Huntington Bank also extends two highly sought-after features from its accounts to its business accounts. One of these is the 24-hour Grace for Business, granting you until midnight Central time on the following business day to rectify an overdraft situation before incurring fees or facing returned items.
Moreover, Huntington Bank offers businesses the benefit of Overdraft Protection. This service allows you to establish a link between your checking account and a business savings account, money market account, line of credit, or credit card.
In a checking account overdraft, funds from the linked account will be utilized to cover the shortfall, ensuring smooth financial operations.
- Possesses an IO Mastercard that generates an automatic 1.5% cashback
- Provides a Mercury Treasury account with a high-yield option for balances exceeding $250,000
- Grants access to a read-and-write application programming interface
- Enables the establishment of customer user permissions for team members
|+ Wire and ACH transfers are offered at no cost
+ There are no monthly fees, and transactions are free of charge
+ Both physical and virtual debit cards are available
|– Does not support the capability to write paper checks
Mercury presents a highly commendable option for banking needs. This digital-only institution provides free checking and savings accounts, eliminating the necessity for minimum deposits or maintaining a specific balance.
Mercury utilizes partner banks and a vast network to secure your funds. This arrangement extends your FDIC insurance coverage to up to $5 million, offering enhanced peace of mind and deposit protection.
Additionally, Mercury provides the option of Mercury Treasury, an interest-earning account available to customers who maintain a minimum of $250,000 across their Mercury accounts.
Mercury offers exceptional software integrations, ensuring seamless compatibility with various platforms. Moreover, its perks page empowers you to promote exclusive deals for your business on the Mercury website, expanding your reach and attracting potential customers.
While most businesses incorporated in the US are eligible for a Mercury account, sole proprietorships and trusts are exceptions to this eligibility criteria.
If you open an account and spend $2,000 within the first 90 days using a debit or credit card, you will be eligible to receive a cashback bonus of $300.
Furthermore, the provider introduces the IO Mastercard, which makes 1.5% cash back on all purchases. It also offers the advantage of unlimited virtual cards, enhancing convenience and flexibility in your transactions.
5. First Internet Bank
- Small Business Administration loans and commercial loans are offered
- Competitive interest rates are provided, surpassing those of traditional banks
- A free debit card is included, and the first replacement card is also free
- Phone and email support are available for assistance
|+ A fully comprehensive online bank
+ Up to $10 refunded for ATM fees per month
+ Banking without any fees
|– Physical branches aren’t available
First Internet Bank holds the distinction of being among the pioneering internet-based banks in the nation. Setting itself apart from traditional brick-and-mortar establishments, First Internet Bank operates solely through its online platform, without physical branch locations.
Through its digital infrastructure, First Internet Bank extends a comprehensive range of business banking solutions. These include business checking accounts, savings accounts, commercial lending options, treasury management services, and merchant services.
Businesses can conveniently access and manage their banking needs by leveraging the bank’s online capabilities.
First Internet Bank allows customers to choose between regular and money market savings accounts. The regular savings account offers an annual percentage yield (APY) of 0.90%, while the money market savings account earns up to an impressive 5.20% APY.
Both savings options include the benefit of waivable monthly fees, ensuring a seamless and cost-effective banking experience.
Additionally, First Internet Bank offers seamless software integration with QuickBooks, streamlining business financial management. Moreover, the bank provides a monthly refund of up to $10 in ATM fees, alleviating the burden of transaction costs.
First Internet Bank offers a range of personal lending and banking products for business owners seeking the convenience of managing personal and business finances within a single banking institution.
6. Grasshopper Bank
- $100 minimum opening deposit
- Unlimited transactions
- Charges no monthly fees
- 1.51% or 2.25% APY
|+ You don’t have to pay any overdraft charges or monthly fees
+ Earn unlimited 1% cash back on eligible debit card purchases
+ Includes free integrated bookkeeping software
|– You cannot deposit cash
Established in 2019, Grasshopper is an entirely digital bank under FDIC insurance. It specializes in serving the needs of small businesses.
Grasshopper distinguishes itself by offering a complimentary online business checking account. This account stands out due to its absence of overdraft fees, transaction limits, and minimum balance requirements, providing businesses with greater financial flexibility and peace of mind.
Account holders at Grasshopper can also enjoy the benefits of earning competitive APY rates. They can make a remarkable 1.51% APY on balances up to $25,000 and balances greater than $250,000. Furthermore, balances ranging from $25,000 to $250,000 earn an attractive 2.25% APY.
For startup founders, Grasshopper offers valuable assistance in raising capital and navigating the various stages of growth. The bank’s team of experts is readily available to provide guidance and support with tasks such as accelerator applications and pitch presentations, ensuring startups have the best chance of success.
Opening a Grasshopper Business Checking Account online is a swift and hassle-free process that can be completed within minutes. To initiate the account, you must link an existing bank account to provide the necessary funds.
The minimum opening deposit required is $100, and once that initial deposit is made, there are no further minimum balance requirements to maintain.
Grasshopper is advantageous for small businesses that frequently handle many incoming wire transfers. Its features and services accommodate and streamline such transactions effectively.
7. LendingClub Bank
- $100 minimum opening deposit
- $10 monthly fees
- Unlimited cash deposits
- No overdraft fees
|+ Make limitless 1% cash back on all debit card purchases
+ Enjoy fee-free ATM access with automatic refunds
+ Benefit from unlimited fee-free transactions
|– $10 monthly charges
LendingClub Bank, previously recognized as Radius Bank, is an American-based digital bank. As a subsidiary of the esteemed LendingClub Corporation, a major online lending platform, it leverages its expertise to deliver advanced banking solutions and a seamless digital banking experience to its clientele.
LendingClub Bank strives to stay at the forefront of innovation, catering to the evolving needs of its customers.
LendingClub Bank dedicates itself to assisting small businesses by offering a comprehensive range of business banking services. This suite of services comprises business checking accounts, business savings accounts, merchant services, remote deposit capture, and business lending solutions.
By providing these essential offerings, LendingClub Bank supports the financial needs of small businesses, enabling them to thrive and grow.
With a focus on assisting small businesses, LendingClub Bank endeavors to empower them with the necessary tools and resources for managing cash flow, facilitating payment processing, and accessing working capital.
By opening a LendingClub business account, you can earn competitive interest rates. Precisely, balances up to $100,000 can make an attractive 1.50% APY, while balances exceeding this threshold will earn a rate of 0.10% APY.
With the LendingClub business checking account, you can make limitless 1% cashback on online & signature-based credit transactions.
8. American Express
- There is no minimum opening deposit
- 1.30% on balances up to $500,000 APY
- Allows unlimited transactions
- $0 monthly fees
|+ Experience unlimited transactions without any fees
+ There is no need for a minimum opening deposit
+ Access to 24/7 customer support
|– You cannot deposit cash
Amex, short for American Express, is a renowned worldwide financial services company celebrated for its charge cards, credit cards, and traveler’s cheques.
Amex extends a comprehensive range of business services, including expense management solutions, corporate cards, and business loans.
Operating on a global scale, American Express maintains a robust network dedicated to processing card transactions. This expansive network empowers businesses to accept American Express cards as a reliable and secure payment method.
Account holders have multiple convenient options for depositing funds into their accounts, including mobile check deposits, ACH transfers, and wire transfers. Additionally, they can make withdrawals free of charge from any of the 37,000-plus MoneyPass ATMs.
However, it’s important to note that cash deposits are not supported, and when using ATMs outside the network, there may be fees imposed by the ATM owner.
The American Express Business Checking account stands out with its absence of a monthly fee and minimal incidental fees. Customers are not subjected to fees for non-sufficient funds, stop payment requests, or e-checking.
Furthermore, incoming wire transfers, both domestic and international, are provided free of charge. The account does incur a fee of $20 for each outgoing domestic wire transfer.
American Express surpasses other high-yield business accounts by offering a higher ceiling, enabling customers to earn interest on balances of up to $500,000.
9. Chase Bank
- The costs of physical checks vary based on the ordered
- Seamlessly integrates with leading accounting software like QuickBooks
- Includes complimentary fraud protection services
- Online live customer support
|+ The monthly fee can be effortlessly waived
+ Receive a $500 bonus when opening an account
+ Enjoy the convenience of built-in card acceptance with QuickAccept
|– ATM charges aren’t reimbursed
Chase Bank, also recognized as JPMorgan, is one of the largest banks in the United States. Chase Bank’s vast customer base offers various financial products and services.
Small businesses can benefit from Chase Bank’s tailored banking solutions, encompassing business checking and savings accounts, merchant services, business credit cards, lines of credit, equipment financing, and cash management services.
For those able to waive the $95 monthly fee, the Chase Platinum Business Checking account emerges as the top-tier premium checking product available in the market.
Under the J.P. Morgan umbrella, Chase extends a diverse range of commercial lending solutions, encompassing commercial real estate loans and an array of payment services, cash flow management tools, commercial credit cards, and merchant services.
Moreover, Chase excels in providing unique point-of-sale systems and software solutions to enhance business operations and efficiency.
- Receive a complimentary debit card and two checkbook orders per year at no cost
- Seamlessly integrates with business payment solutions
- No minimum balance is required
- Benefit from live customer support
|+ Offers an outstanding line of credit product
+ Seamlessly integrates with QuickBooks
+ No transaction fees whatsoever
|– Physical branch locations aren’t available
Bluevine offers an exceptional business line of credit products widely regarded as the best in the industry. Additionally, it presents an outstanding interest-earning business checking product that stands out among its competitors.
With Bluevine’s business checking account, you can earn an impressive 2.0% APY on balances of $250,000 or less.
To qualify for this competitive interest rate, you must meet either of the following criteria: spend a minimum of $500 per month using the debit card or receive at least $2,500 in customer payments within a month. Furthermore, Bluevine offers the added benefit of two free checkbook orders per year.
From the Bluevine dashboard, you can now send international payments to 32 countries across 14 different currencies. These payments can be received swiftly, with the possibility of funds arriving in as little as 24 hours. When sending payments in United States dollars (USD), the cost is a flat fee of $25 per payment.
However, for payments made in currencies other than USD, the cost is $25 plus 1.5% of the payment amount. Bluevine’s international payment service offers a seamless and efficient solution for conducting cross-border transactions.
Cash deposits incur a charge of $4.95 per transaction and can exclusively be made at a Green Dot retail location. Moreover, Bluevine imposes a fee of $2.50 for out-of-network ATM withdrawals and any third-party fees that may apply.
However, it’s important to note that Bluevine does not impose monthly transaction fees on its customers.
11. Capital One
- Comes with Connect with business payment solutions
- Integrates with Xero & top accounting software
- Connect with a free debit card
|+ Enjoy unlimited transactions
+ Benefit from a low or even no monthly fee
+ Experience easy access to ATMs
|– Branches are limited
Capital One stands as a prominent American bank holding company. Renowned as one of the largest banks in the United States, it extends its services across various sectors, including banking, credit cards, auto loans, and other financial services.
Capital One offerings encompass credit cards, personal banking solutions, business banking services, auto loans, home loans, and commercial banking services.
Capital One extends a range of tailored solutions for small businesses, encompassing business checking accounts, savings accounts, merchant services, business credit cards, and lending options.
Moreover, the bank goes beyond traditional services by equipping business owners with tools and resources to facilitate efficient financial management. These resources assist in tracking expenses, streamlining operations, and enhancing overall financial control.
The Basic Checking account is an introductory business account featuring a modest monthly fee. On the other hand, the Unlimited Checking account presents an upgraded option with fewer restrictions than the Basic account. Additionally, the Unlimited account includes supplementary features at a higher monthly fee.
A monthly fee is associated with every Capital One business checking account. The Basic account incurs a fee of $15 per month, while the Unlimited account carries a higher fee of $35 per month. However, customers can waive these fees by meeting specific average balance requirements.
- Accelerate Stripe payouts with Novo Boost for faster processing
- Online banking comes with unlimited invoicing & bill-pay capabilities
- Access merchant services for your business needs
- Enjoy a complimentary debit card
|+ Receive five complimentary domestic outgoing wires monthly
+ Enjoy unlimited digital transactions without any fees
+ Monthly maintenance fees can be waived
|– Branches are limited
Launched in 2018, Novo is dedicated to simplifying banking for entrepreneurs and freelancers through its user-friendly and efficient banking interface.
Novo places its emphasis on delivering essential banking services to meet the requirements of small businesses. These services encompass business checking accounts, business debit cards, and integrations with various accounting and financial tools.
Novo provides a feature called Novo Boost, which accelerates payment processing for businesses that accept payments through Stripe. With Novo Boost, businesses can experience faster receipt of payments from their Stripe accounts compared to other service providers.
Novo offers the convenience of refunding all ATM fees incurred during the month, making it an ideal choice for businesses that frequently withdraw cash from ATMs. The bank also stands out for its exceptional digital integrations, providing unlimited invoicing capabilities and seamless integration with top-notch accounting and payment software.
Furthermore, Novo allows you to establish up to 10 reserve accounts, offering flexibility and efficient management of your business finances.
Novo provides the convenient feature of Express ACH, allowing you to send or receive same-day ACH payments efficiently. When combined with Novo Boost, this feature ensures faster access to your funds than other digital-only providers.
Additionally, Novo offers the option to purchase money orders from US Postal Service locations, with a cost of up to $2.40 per money order for amounts up to $1,000.
- Have the ability to open up to 20 separate business checking accounts
- Utilize a fee-free online banking and money management platform
- Easily send and receive ACH transfers, checks, and wires
- Issue up to 50 Visa debit cards
|+ Wire transfers are highly affordable and come at no cost with Relay Pro
+ No minimum balance or opening deposit is needed
+ Relay does not charge any ATM fees
|– Physical locations aren’t available
Relay is an excellent option for businesses with extensive teams that require multiple accounts and debit cards to handle their finances effectively. With Relay, you can acquire up to 20 checking accounts, enabling you to allocate funds for various expenses and create reserves as needed.
Relay stands out from other fintech options in this guide with its fee-free cash deposit feature, which provides a significant advantage. Although there is a transaction limit of $1,000, you can conveniently deposit cash at any of the 55,000 Allpoint ATMs nationwide when using Relay.
Relay offers robust financial tracking capabilities through its app, empowering you to monitor your business finances effectively. Moreover, you can request up to 50 Mastercard debit cards, providing enhanced tracking capabilities for individual business expenses.
Regarding wire transfers, with Relay’s basic business checking level, Relay Standard, the maximum fee you will incur is $10. However, upgrading to Relay Pro allows you to enjoy free wire transfers.
Relay Standard offers a predominantly fee-free experience, with no monthly fees or minimum balance requirements. It also provides excellent software integrations as part of its standard offering. For enhanced business capabilities, upgrading to Relay Pro unlocks a suite of powerful tools.
14. Axos Bank
- No minimum opening deposit
- Unlimited cash deposits
- $25 overdraft fees
- $0 monthly fee
|+ Enjoy unlimited transactions without any fees
+ No minimum opening deposit is needed
+ Access to 24/7 customer support
|– Integration with third-party apps isn’t available
Formerly known as BofI Federal Bank, Axos Bank is a digital financial institution offering individuals and businesses an extensive array of financial products and services.
With its online-only model, Axos Bank strives to deliver convenient and user-friendly banking solutions through its digital platforms, making banking accessible and hassle-free for its customers.
Axos Bank provides a comprehensive range of personal banking services that cater to diverse financial needs. These services include checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), and individual retirement accounts.
In addition, Axos Bank offers a wide selection of lending products, including personal loans, auto loans, and mortgages, enabling individuals to access the financing they require for different purposes.
Axos Bank is dedicated to meeting the banking needs of businesses by offering a comprehensive suite of business banking solutions. These include business checking accounts, savings accounts, and merchant services, providing businesses with the necessary tools to manage their finances effectively.
Axos Bank also provides flexible business lending options, including lines of credit, term loans, and equipment financing, designed to support business growth and address financial requirements.
Axos Bank offers two primary options regarding business checking accounts: Basic Business Checking and Business Interest Checking, which offers an APY of up to 1.01%. While the Basic Business Checking account is free of charge, the Business Interest Checking account carries a $10 monthly fee.
However, you can waive this fee by maintaining at least a $5,000 balance, allowing businesses to maximize their interest-earning potential while managing costs effectively.
Axos Bank offers a convenient feature with its business checking accounts that allows you to access any ATM in the United States without incurring fees from Axos. Even if you encounter a fee charged by the ATM owner, Axos provides unlimited reimbursements for domestic ATM fees.
This benefit applies to both the Basic Business Checking and Business Interest Checking accounts, ensuring businesses have convenient access to their funds without worrying about additional fees.
15. nbkc Bank
- $0 minimum opening deposit
- Unlimited free cash deposits
- $0 overdraft fees
- No monthly fees
|+ Benefit from unlimited transactions without any fees
+ No need for a minimum opening deposit
+ Accept contactless payments conveniently through the NBKC app
|– $45 charges for international wire transfers
nbkc Bank, known as NBKC, is a Missouri-based digital bank operating since 1999. It caters to the needs of individuals, small businesses, and commercial clients, providing diverse offerings. These include personal banking solutions, business banking solutions, and mortgage lending services.
nbkc Bank understands the unique requirements of small businesses and offers a range of tailored solutions to meet their banking needs. These include business checking accounts, merchant services, and lending solutions. By providing these services, nbkc Bank aims to empower business owners with the necessary tools and resources to manage their finances efficiently.
Furthermore, nbkc Bank goes beyond essential banking services and offers a comprehensive suite of treasury management solutions. These services, such as remote deposit capture, ACH payments, and wire transfers, are designed to assist businesses in managing their cash flow and conducting transactions seamlessly.
NBKC Bank provides an attractive high-yield business money market account with a competitive 2% APY. This account can be conveniently opened alongside its business checking account, allowing businesses to maximize their earnings.
When it comes to fees, NBKC Bank aims to keep them minimal. The only instances where fees apply to the NBKC Bank Business Account are domestic wire transfers, which incur a $5 fee, and international wire transfers, which carry a $45 fee. Additionally, optional services added to the account may also come with associated fees.
NBKC Bank offers automatic fee refunds for any charges imposed by third-party ATM operators to enhance convenience and reduce customer costs. With this benefit, customers can receive reimbursement for ATM fees up to $12 per month.
Sending domestic wires through the NBKC Bank Business Account will incur a $5 fee, while sending or receiving international wires will incur a $45 fee.
16. Wells Fargo Bank ( 3.7 / 5 )
- $25 minimum opening deposit
- $10 monthly fees
- $35 overdraft fees
- No free cash deposits
|+ Business accounts can be fully opened online+ Boasts the largest number of branch locations among all U.S. banks+ Offers extended customer service availability
|– Limited transaction allocation
Wells Fargo Bank is among the largest banks in the United States. It has established a prominent position in the banking industry.
Wells Fargo has an extensive network of approximately 4,900 retail branches and over 12,000 ATMs across 40 states and Washington, D.C.
Each of the three Wells Fargo business checking accounts comes with a monthly maintenance fee, which varies between $10 and $75 per month, depending on the specific account. Business owners can waive this fee by maintaining a certain balance, although the required threshold may be challenging for some companies.
Wells Fargo’s commercial banking division caters to the financial needs of middle-market companies, large corporations, and institutional clients. They offer comprehensive services, including commercial lending, treasury management, trade finance, foreign exchange, asset management, and capital market solutions.
With a global presence and diverse capabilities, Wells Fargo is a reliable and trusted partner for businesses requiring sophisticated financial solutions to navigate their complex requirements.
What To Look For In The Best Bank For Small Business
Here are the things to look out for in the best bank for small businesses:
- Number of free transactions & deposits per statement cycle
- Low monthly maintenance fees
- Low foreign transaction fees
- High cashback rates on business credit card
- Minimum balance requirements
- High Annual Percentage Yield
- Low-interest rates
- Customer service access
- Online banking services
- Mobile app facilities
- Ease of opening
Best Bank For Small Business: Do You Need A Separate Account?
The necessity of having a separate bank account for your business depends on its size.
A separate business bank account is perfect if you establish a formal company with employees and a physical office or storefront.
However, for freelancers, independent contractors, and workers, maintaining a business checking account entails more complications than benefits.
In such cases, it is generally acceptable to continue managing business transactions through your personal account.
What You Need To Open The Best Bank For Small Business
Here are the documents you need to open a business bank account:
- Fictitious business name certificate or doing-business-as certificate
- Organization documents with ownership agreements
- Government-issued photo identity
- Employer identification number or Social Security number
- Business formation documents
- Business licenses
How To Open The Best Bank For Small Business
You can open the best bank for small businesses by following these steps:
- Once you have identified a bank that aligns with the requirements of your small business, it is advisable to initiate the account application process promptly. Ensure you are prepared to furnish personal information such as your social security number, mailing address, and a scanned copy of your passport or driver’s license.
- In addition, banks will request the submission of your business’s name, address, employer identification number, and any relevant documentation verifying your company’s legitimacy and establishing your ownership.
- While specific financial institutions may necessitate an initial deposit to open a business bank account, the required fee is typically $100 or lower.
- Although some banks provide a sign-up bonus as an enticing incentive for opening an account, it is crucial to prioritize selecting a business checking account that will serve your long-term needs effectively.
- For most, signing up for a business checking account online is a swift process. However, it is essential to note that approval may take a few business days to complete.
FAQs (Frequently Asked Questions) On Best Bank For Small Business
1. What bank account should I open for my business?
You can open a business bank account for your business.
2. What is the easiest business bank account to open?
Here is the easiest business bank account to open:
Truist Simple Business Checking
Wells Fargo Initiate Business Checking
Comerica Basic Business Checking
PNC Business Checking
3. What is the minimum amount to open a business account?
The opening deposit required by banks can vary, typically from $5 to $1,000.
Conclusion: Best Bank For Small Business
If you wish to find the most suitable bank for your small business, carefully assess multiple factors. Start by examining the available business accounts and services to ensure they meet your specific financial requirements.
Additionally, consider the various fees associated with each bank, such as maintenance fees, transaction fees, and minimum balance requirements.
If your small business necessitates payment processing capabilities, evaluate the merchant services provided by the bank. Furthermore, thoroughly examine the bank’s offerings concerning small business loans, lines of credit, and financing options, considering terms, rates, and requirements.
I hope today’s article on the best bank for small businesses sounds helpful!