Best Banks for Small Businesses for 2025

Whether you're a freelancer or own a growing business with dozens of employees, the right bank accounts can help you manage your business better. Some business checking accounts offer robust features that can simplify your bookkeeping, and many financial institutions offer commercial savings, money market accounts or certificate of deposits (CDs) that you can use to grow towards your for future business goals.

Account minimums, fees and annual percentage yields (APYs) vary by institution, so Money researched dozens of leading banks and credit unions to identify the best banks for small businesses:

• EverBank – Best Overall
• American Express – Best for Interest-Bearing Checking
• Capital One – Best for Business Savings.
• Chase – Best for Mid- to Large-Sized Businesses
• Thrivent – Best Credit Union
• Truist – Best for Sole Proprietors
• Navy Federal Credit Union – Best Rates

*Rates and APYs are subject to change. All information provided was accurate as of Dec. 4, 2024.

While many banks offer only one type of business account, EverBank has several options, including business checking accounts, money market accounts and CDs. Plus, its accounts have higher-than-average APYs. EverBank has a broad range of account types available, including an interest-bearing checking account, which is an unusual feature for a business account. Additionally, the bank has a powerful online platform and mobile app you can use to manage your accounts 24/7.

EverBank has a $1,500 minimum to open a new checking account, which is a higher requirement than some other banks. Additionally, its accounts cannot be opened entirely online; you have to fill out a questionnaire, and a representative will call you to complete the process.

American Express offers interest-bearing business checking accounts that earn a high APY without monthly maintenance fees. Its business checking account is a good option for newer businesses, solopreneurs and contractors. There is no minimum requirement to open an account, and its checking accounts can earn up to 1.30% APY on balances up to $500,000 (as of December 4, 2024). Plus, accounts can earn Membership Rewards for eligible business debit card purchases, and members can redeem those points for deposits or travel.

However, American Express doesn't offer business savings accounts or CDs. If you are specifically interested in those types of products, you will need to use another bank or credit union.

Capital One has one of the highest APYs available on savings accounts. The bank gives its customers 4.00% APY, and that rate is guaranteed for at least three months from account opening. Capital One is one of the largest banks in the country, and with its savings account, you can earn a higher-than-usual APY. The account also has a low monthly fee of $3. If you maintain an average monthly balance of just $300, you can qualify for a fee waiver, too.

To qualify for the highest APY possible, you must have a balance of at least $10,000; a lower rate applies to smaller balances. Capital One does offer business checking accounts and savings accounts, but it doesn't have money market accounts or CDs.

If you have a mid- or large-sized business, Chase offers multiple checking options. With the Chase Platinum Business Checking account, you can take advantage of perks like fee-free cash deposits, in-person card acceptance through Chase Payment Solutions and no charge on electronic deposits or wires. Mid- and large-sized businesses — particularly those that handle cash — can benefit from these account options. The bank has an extensive branch and ATM network, making it easier for cash-based businesses to deposit bills to their account. If you prefer in-person assistance, Chase operates over 4,700 branches nationwide

Chase's fees can be relatively high, though, and you'll need to maintain a fairly large balance to qualify for fee waivers. So smaller businesses or sole proprietors may want to consider other options with lower costs.

While some credit unions have limited service areas and restrictive membership requirements, you can join Thrivent Credit Union regardless of your location. It offers several business accounts, including high-yield money market accounts and share certificates (the credit union version of CDs). The Wisconsin-based credit union allows members to qualify for monthly fee waivers on its checking accounts by maintaining a relatively low balance — as low as $250 on some accounts — and its APYs on its deposit accounts are above average.

However, you must join the credit union to open a business account. Although its membership criteria is broad, if you don't meet its usual requirements, you may have to pay a fee to join a partner organization.

For sole proprietors and small businesses just starting out, keeping your costs low is key. With Truist's Simple Business Checking account, there is no monthly fee, nor is there a minimum balance requirement. The bank's Simple Business Checking is a no-fee account suitable for those who complete less than 50 transactions per month and who have under $2,000 per month in cash deposits. This account allows you to earn cash back on select purchases, and you can get $25 off your first check order.

The APYs on Truist's savings and money market accounts are relatively low, however, and the details for those accounts aren't easy to find online. You have to contact a Truist representative for that information.

If you're eligible for a Navy Federal Credit Union account, you can benefit from the credit union's dividends and low fees. Its business checking accounts earn dividends — the equivalent of an interest-bearing checking account with a bank — which you can earn even on the free checking option. The highest rates are reserved for Business Premium Checking members. As a business checking customer, you're also eligible for the Go Biz Debit Card, which gives you perks like Visa Travel Accident Insurance.

However, not all business owners will qualify for Navy Federal Credit Union membership. You must be an active duty or retired service member, or be the family member of a qualifying member.

How we chose the Best Banks of 2025

To determine our list of Best Banks of 2025, Money staff evaluated hundreds of the largest retail banks, credit unions, regional and state banks, ranked by assets, and 20 of the most popular online banks. We then compared opening balance requirements, interest paid, fees, and features to determine our top picks.

To select the best banks for small businesses, we evaluated and compared dozens of data points, including their account options, minimum balance requirements, fees, APYs, perks and branch and ATM access. Priority was given to banks with no-fee business checking options, as well as those that had robust mobile apps for business owners to manage their accounts.

You can read our full methodology here.

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