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Published: Nov 08, 2023 12 min read
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4.25% APY for Premier customers, 2.0% APY for Bluevine Standard tier customers

  • Unlimited transactions, and no minimum balance required
  • Free ACH transfers to and from external accounts
  • Pay vendors via check, ACH or wire transfer ($15 wire fee applies)
  • Mobile check deposit using the BlueVine mobile app
  • Business checking accounts are automatically eligible for FDIC-insurance through Coastal Community Bank, Member FDIC up to $3 million
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Earn up to 5.38% APY in Mercury Treasury1

  • Unlimited payments & transfers including ACH and wires
  • No monthly fees or minimum opening deposit
  • Insured by the FDIC up to $250,000
  • Banking services provided by Choice Financial Group & Evolve Bank & Trust

1. Rate as of 04/15/2024. Terms Apply.

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Business banking for scaling businesses

  • Early access to payments
  • No hidden fees, no minimum balance
  • Earn 4.15% APY with an automated savings account
  • Move money faster
  • Accounting software and payment solutions 
  • Banking services provided by Choice Financial Group, Member FDIC.
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Banking built for the self-employed

  • Banking, taxes, bookkeeping – all in one place
  • Real-time expense tracking and categorization with easy receipt capture
  • Simplify tax season with automated tax saving, write-off tracking, and the option to pay taxes directly from Found
  • Customize and send professional invoices in seconds for free
  • Integrates with popular business apps, including Quickbooks, PayPal, and Stripe
  • Sign up in minutes. No credit check. No minimum balance and no required fees
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No monthly fees

  • No minimum balance requirements
  • A virtual card for immediate and secure spending
  • Integrations with Stripe, Quickbooks, Xero, and many others
  • Free transfers, mailed checks, and incoming wires 
  • Banking services are provided by Middlesex Federal Savings, F.A.; Member FDIC.
  • Create up to 20 Novo Reserve accounts
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Business Advantage Banking $200 Bonus Offer

  • $200 bonus offer. See offer page for more details
  • Easy, anytime access. Visit Bank of America at thousands of financial centers & ATMs
  • Digital account management tools when enrolled in Business Advantage 360
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  • Bank of America N.A. Member FDIC
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Earn up to 1.01% APY with Small Business Interest

  • Business owners get up to $400 welcome bonus1

  • Open a Business Interest Checking account with $100
  • Unlimited domestic ATM reimbursements
  • Up to 50 free non-deposit transactions p/mo

1. Offer ends 06/30/2024. Use code NEW400

Financial institutions — and the business bank accounts they offer — need to be sensitive to the demands of small businesses, whose needs often include tight control over costs.

Small business owners benefit from checking account options that include a small-business checking account with no fees, or at least with ready ways to skip those charges. Free business checking accounts, low minimum balance requirements, cash management tools, an ample number of free transactions and low transaction fees are big pluses when it comes to meeting diverse business needs.

It also helps if the bank pays an annual percentage yield (APY) on the balance in a business interest checking account, and is also open to being a lender to a small business, even one that hasn't been in business for very long. (Borrowing from a bank can be a better bet than turning to the mostly online sources we picked as sources of the best small business loans, best long-term small business loans and best small business loans for bad credit.)

The banking services and features noted above were among those we considered in picking Money’s best banks for small businesses. In doing so, we emphasized business bank accounts, and especially business checking accounts. While we researched both online banks and those that provide in-person banking, most of our picks have a brick-and-mortar presence.

Capital One - Best Overall
BlueVine - Best for Low Fees
EverBank - Best for Interest Rates
US Bank - Best for Startups
Bank of America - Best For Cash Deposits
Chase - Best for Businesses Owned by Veterans

Rates and APYs are subject to change. All information provided here is accurate as of November 3, 2023.

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Pros
  • The highest score in the leading survey of customer service
  • Unlimited fee-free transactions
  • Wide selection of well-regarded business credit cards
Cons
  • Limited number of physical branches
  • No APY on business checking accounts

Why we chose it: Capital One offers small businesses a standout combination of highly satisfying customer service and low fees.

Capital One has consistently finished first – or come close – in recent surveys of satisfaction with small business banking by respected researcher JD Power. The bank’s Basic Business Checking account has relatively modest costs – including fee-free transactions, even for cash deposits of up to $5,000 a month.

You must fulfill certain conditions in order to avoid some fees with Capital One, but the requirements are manageable, even for a modest new business. The $15 monthly fee on checking can be waived through meeting a minimum deposit requirement of keeping at least $2,000 in the account for the past 30 days or 90 days, whichever sum is larger.

To eliminate potential overdraft fees, you must open a Capital One Business Deposit account such as a Business Savings account,, which carries no fee provided you maintain a balance of at least $300.

HIGHLIGHTS
MONTHLY MAINTENANCE FEES
$15, waived with $2,000+ balance
APY
None
CASH DEPOSITS
No fee up to $5,000/month; $1 per $1,000 after that
MONTHLY TRANSACTIONS
Unlimited transactions
SIGNUP BONUS
$0
Pros
  • No monthly service fees or minimum balances on checking
  • No overdraft fees
  • 2.0% APY on checking accounts
Cons
  • $4.95 cash deposit fee
  • 2.9% fee for bill pay with credit card
  • $15 fee for same-day bank wire transfers

Why we chose it: For businesses that don’t handle a lot of cash, or need face-to-face service, Bluevine Is an online-only bank that offers low-fees and high-earning business accounts.

BlueVine business checking stands out from most larger banks because it charges very few account fees, and those it does charge are low, like the ones for cash deposits and bill payment with credit cards.

The 2.0% APY you’d receive with its Business Checking Account offers is higher than other comparable accounts we looked into. Earning that APY does, however, come with the requirement that, monthly, either $500 or more is charged to a Bluevine Business Debit Mastercard or at least $2,500 is received in payments to the checking account. Those are conditions an especially small business may struggle to meet.

While it lacks its own ATMs, BlueVine provides access to over 37,000 MoneyPass ATMs with no additional fee. And it integrates unusually well with other platforms and tools that are important in addressing small business needs, including Venmo, Square and QuickBooks.

HIGHLIGHTS
MONTHLY MAINTENANCE FEES
None
APY
2.0% with conditions
CASH DEPOSITS
$4.95 each
MONTHLY TRANSACTIONS
Unlimited transactions
SIGNUP BONUS
$0
Pros
  • APY on business checking, with modest conditions
  • Attractive money-market and CD options
  • ATM-fee reimbursements
Cons
  • Only a handful of physical locations, all in Florida
  • $5,000 minimum balance to avoid monthly service fee

Why we chose it: Everbank offers interest on its business checking accounts with fewer hurdles than other banks, as well as providing unusually good returns on its money-market accounts and CDs.

Some competitors pay more in interest on checking accounts than Everbank, but they impose more requirements to earn those returns. Everbank pays its interest (0.50%) with practically no conditions.

Everbank also offers better interest rates than many institutions on money-market accounts and CDs. Also, while the Florida-based bank has relatively few ATMs of its own, it offers ATM fee reimbursements on what you pay at other machines (up to $15 a month, or unlimited if you have a monthly balance of $5,000+).

Fees on some of Everbank’s small business checking accounts are a little behind some competitors, though. You must maintain a $5,000 balance to avoid the $14.95 a month account fee, and the basic checking account comes with only 200 free transactions a month. Wire transfers will cost you $25 fee on domestic transactions and $35 for international ones.

HIGHLIGHTS
MONTHLY MAINTENANCE FEES
$14.95 a month, waived with a $5,000+ minimum balance
APY
0.50%
CASH DEPOSITS
N/A
MONTHLY TRANSACTIONS
200 free per month
SIGNUP BONUS
None
Pros
  • Loans available, quickly, to unusually young businesses
  • Relatively low fees
  • High scores in the leading survey of customer service
Cons
  • Branches in only 28 states, concentrated mostly on the west coast and in the midwest
  • Limited online information, including loan qualification criteria

Why we chose it: US Bank is unusually fast and flexible when it comes to loans to new, small businesses. Its fees are also modest.

Where many banks require companies to have a track record of several years before they even consider lending, US Bank will loan to companies as young as six months and without collateral. The bank’s Quick Loan program allows online applications for fixed-rate unsecured loans of up to $50,000, financed for up to four years, albeit at high interest rates (at least 8.49% in October 2023). If secured, the rate is reduced and the potential loan size rises to $250,000.

Also, while the bank says its line of credit – Cash Flow Manager – is “best for companies in business for at least two years,” it doesn’t specify a minimum age at which it will extend the credit, for which you can apply online. The bank’s Silver Business Checking account has no monthly service fees and 125 free transactions per month.

US Bank also offers generous sign-up bonuses more often than many banks. In October 2023, it was offering $350 for a new account opened with at least a $5,000 balance, and $800 for one with $25,000 or more.

HIGHLIGHTS
MONTHLY MAINTENANCE FEES
None
APY
None
CASH DEPOSITS
$2,500 free per cycle
MONTHLY TRANSACTIONS
125 free per month, then $0.50 each
SIGNUP BONUS
$350 or $800
Pros
  • Up to $7,500 in fee-free cash deposits
  • Fee-free unlimited electronic transactions
Cons
  • $16 monthly fee, albeit easily waived
  • No free ATM access beyond B of A's machines

Why we chose it: Bank of America’s high limits on free cash deposits make it a standout for small businesses who handle a lot of non-electronic transactions.

Enterprises who take in a lot of cash will of course all but eliminate online banks from consideration. Even many brick-and-mortars cap monthly cash deposits, at least those that come without fees.

Bank of America offers one of the highest limits for cash deposits, at $7,500 a month, as well as unlimited non-cash transactions of all kinds.

The standard business checking account ostensibly comes with a $16 monthly fee. But it's waived for every month in which you maintain at least $5,000 in your business savings and checking accounts or charge at least $250 to a linked B of A business debit card.

Access to ATMs (and even physical branch locations) is naturally important to cash-dependent businesses. Bank of America has a robust network, with 3,900 retail financial centers and an ATM network of about 15,000 ATMs located in 39 states. If a company facility isn’t close to you, however, you’ll likely incur fees to make cash deposits elsewhere, since the bank provides no free ATM privileges beyond those at its own machines.

HIGHLIGHTS
MONTHLY MAINTENANCE FEES
$16 a month, waived with combined $5,000+ checking/savings balance or with $250+ in debit card use
APY
None
CASH DEPOSITS
$7,500 free per cycle, then 30 cents per $100 deposited
MONTHLY TRANSACTIONS
Unlimited transactions
SIGNUP BONUS
$200
Pros
  • No monthly service fees with proof of military service
  • Line of credit fees waived for the first year
  • Ink line of standout business credit cards
Cons
  • No APY on business checking accounts
  • Overdraft charges of up to $34

Why we chose it: Chase makes its solid banking offerings less expensive for veterans-turned-entrepreneurs by waiving several fees for those who have served.

Small businesses run by veterans get to skip monthly fees for the Chase Business Complete Banking account – the bank’s basic business checking option – rather than having to maintain at least a $2,000 monthly balance to get that break, as non-veterans must do. Veterans also enjoy a year without fees for a business line of credit.

As a traditional bank, Chase serves all small businesses, veteran-owned or not, with checking accounts that offer unlimited digital transactions, plus allowing up to $5,000 a month in cash deposits without fees – a higher free limit than some banks. There’s also a $300 signup bonus for signing on for a business checking, with a fee-free business savings account thrown in.

In addition, Chase’s Ink line of business credit cards is well-reviewed and includes the Ink Business Cash® Credit Card, which earns up to 5% cash back on select business categories and is our best credit card pick as the best no-annual-fee business credit card. We highlighted Chase Merchant Services as a standout for fast deposits in our listing of best credit card processing companies .

HIGHLIGHTS
MONTHLY MAINTENANCE FEES
Waived with proof of military service
APY
None
CASH DEPOSITS
Allowed for up to $5,000/month
MONTHLY TRANSACTIONS
Unlimited transactions (debit card, Chase ATMs); 20 paper/tellers
SIGNUP BONUS
$300
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How We Chose Money’s Best Banks for Small Business

Our selections for the best banks for serving small business were limited to banks, rather than also including credit unions. We considered both banks with a brick-and-mortar presence and those that operate entirely in online banking.

To determine the winners, we focused primarily on the institution’s basic checking account, since that is the bedrock business bank account for any enterprise. Data points we weighed included monthly fees charged and how readily they might be waived; the number of free transactions allowed per month; the APY paid on the balance; and any bonus paid to open the account. We describe costs and transactions as the “monthly maintenance fees” and “monthly transactions,” since a month is the most common statement cycle.

For the more specialized picks, we considered the perks, if any, that are offered to veterans or those who are currently in the military and the cost and limits on making deposits in cash. As well, while we have a ranking of the best small business loans, we considered some lending provisions to include banks that serve businesses well not only with checking services but stand out for the credit they extend, especially to enterprises so new that they’ve been in business for months rather than years.

Whenever possible, we considered customer service rankings from the J.D. Power 2023 U.S. Banking Satisfaction for Small Business Study.

Money’s editorial team collected and analyzed the data in October and November 2023. All interest rates and bonuses quoted are valid as of November 3 2023, and are subject to change at any time. N/A indicates information that was not readily available online.

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