Best Banks for Small Business 2024

Best Banks for Small Business

We compared more than 30 banks to bring you our business banking ranking.

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This is a review that can be described as unbiased and fair in all respects. You should note that some of the links on the site are affiliate links, which means that we may receive a commission should you buy something through such links. For additional information, please see our editorial guidelines section on advertising disclosure.

Selecting a bank for a corporation in the U.S. may prove to be a difficult process, with a number of established banks around each offering its own branch and services. What is the most effective strategy in this case?

This list has been compiled with caution as it takes into consideration factors like the banking fees, availability of services, customers’ reviews and others. Most impressively, after a vivid comparison, we found Bluevine to be the best option for such businesses, as it has no valuable fees and reasonably high saving accounts. Still, we show you other 10 more excellent options, which may also be appropriate in your case.

Do you know which bank would suit you ideal for your needs?

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Location, location, location

There are particular banks that are not available in all states, some being regional. To inquire whether one of our preferred banks will be available in your state, kindly refer to our availability chart. Otherwise, you can opt for an online bank such as Lili or Bluevine that is not location dependent for registration purposes.

Banking Hero Section

Banking built for small businesses: Bluevine

Set your business up for success with a checking account that has no monthly or overdraft fees and earns you up to $5,000 in interest each year.

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Best Small-Business Loans

Best Banks for Small Business

1. Bluevine : Top overall bank
2. Found : Best for independent workers
3. Lili : Ideal for solo entrepreneurs
4. Kabbage : Best for earning interest on checking
5. LendingClub : Best all-in-one online banking solution

Compare Small-Business Banks

Compare the Top Small-Business Banks

Lowest monthly fee for checking	Savings accounts	Credit cards	Bank Loans	Merchant services	Get a bank account
$0.00	✕	✕	✓	✕	Apply Now
$0.00	✕	✕	✕	✓	Apply Now
$0.00	✓	✕	✕	✕	Apply Now
$0.00	✕	✕	✓	✓	Apply Now
$10.00 (waivable)	✓	✓	✓	✓	Apply Now

Bluevine Bank Design

Bluevine: Best Bank Overall

Starting at $0 monthly fee for checking

Online banking only

Online applications accepted

Offers and availability may vary by location and are subject to change.

Is it true that you are in search of a simple business checking account with a high ranking on customer reviews? In that case, there is no one better than the Bluevine platform. Bluevine is amongst

Bluevine backs up its claims with a high regard of its customers by providing a checking account with a no-fee policy or simply no monthly maintenance, transaction fees, and also ATM fees as long as the customer only uses any of the 38000 in ATM’s that are present in the Bluevine network. So the quite simple straightforward answer to this argument is that there are no charges on most of the transactions.

Broadly speaking, their customers are happy with their accounts, and the customers also love the concept of being able to make easy cash deposits at the Green Dot locations without paying for a checkbook. Thus any business, Mixers, and Makers, can choose Bluevine.

Pros

Interest-bearing checking account
Free, easy cash deposits
Available in all 50 states

Cons

Requirements to earn interest
No physical branches

Found Bank Design

Found Bank: Best for Freelancers

Starting at $0 monthly fee for checking

Online banking

No monthly maintenance fees

Offers and availability may vary by location and are subject to change.

Founded is an all-inclusive online service with freelancers in mind. It has all essential banking services as well as offers invoicing, bookkeeping, and tax management services at no additional cost – so what’s not to love?

In many cases, freelancers are compensated with unpredictable earnings as a result of the type of work they do, however, Found aids in the collection because support for transferring money from a reasonable number of payment tools like Venmo and PayPal is available. Usually, payments are made by bank transfers to your Found account within a couple of days of the transaction being completed.

On top of the fact that Found offers free checking, the company also features useful bookkeeping and taxation functionalities that make it possible to bill all self-employed persons who need to manage their money in one place. Furthermore, they can chat with customer service whenever they need help, which is good for their business.

Pros

Business checking with no fees
Free bookkeeping and tax tools included
Minimum $0 for opening deposit
Cash and checks can now be deposited

Cons

No ability to make mobile check deposits

Lili Bank Design

Lili: Best for Solopreneurs

Starting at $0 monthly fee for checking

Online banking only

Online applications accepted

If you are looking to scale your business, we suggest taking a look at Lili.

You can surely set up a tax container to inevitably except for self-hiring taxes, or use its IOU engine converting energy to construct and transmit professional invoices with just any clicks.

In addition to allure convenient forms, Lili offers a free business arranged transactions with bank. For those revere win interest, Lili too offers an upgraded report accompanying 1.5% APY on your balance, making it a excellent alternative for saving as you go.

While all business types are now supported by Lili, some of the advanced features, such as tax buckets and invoicing tools, are only available with a paid plan. However, given how much time and hassle Lili saves, it’s likely the small monthly fee will be well worth it for many solopreneurs.

Pros

Tax, invoicing, and other tools for freelancers
Excellent customer reviews
Small opening deposit

Cons

Can only earn interest with a Pro account

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Kabbage Bank Design

Kabbage: Best Interest-Bearing Checking

Starting at $0 monthly fee for checking

Online banking only

Online applications accepted

Offers and availability may vary by location and are subject to change.

Kabbage offers 1.1% APY on trade hindering accounts, making it individual of the top alternatives for reaping interest on your trade funds. Along with this aggressive rate, Kabbage supplies commission-free hindering, with no weekly or undertaking expenses. It's convenient nationwide, but as an connected to the internet-only bank, skilled are no tangible arms.

That makes Kabbage good for business checking with top-notch interest rates.

Pros

Availability in all states
Excellent customer reviews
Small opening deposit

Cons

No physical locations

LendingClub Bank Design

LendingClub: Best Full-Service Online Bank

Starting at $10.00 monthly fee for checking (waivable)

Online banking only

Online applications accepted

Offers and availability may vary by location and are subject to change.

Looking for more than just basic business banking? LendingClub combines the flexibility of online banking with the full range of services you’d expect from a traditional bank.

In addition to essential business checking, LendingClub offers specialized accounts like analyzed checking and money market accounts. You’ll also find business loans (including SBA loans), credit cards, merchant services, and even escrow services. It’s a comprehensive banking solution for businesses of all sizes.

LendingClub also provides perks that many online banks offer, such as a 1% cash-back debit card, no transaction fees, and interest on balances (0.1% APY for balances over $5,000).

Pros

Checking, savings, loans, credit cards, and more
Cash back debit card
Interest on business checking balances
Availability in all states

Cons

Few customer reviews
No physical branch locations

Honorable Mentions

Haven’t seen the right bank for your business yet? Then take a look at these other great options.

1. KeyBank : Best for cash-heavy businesses
2. Citizens : Best customer service
3. TD Bank : Most flexible hours
4. Huntington Bank : Best one-stop shop

Bank Comparison Table

Lowest monthly fee for checking	Savings accounts	Credit cards	Loans	Merchant services	Get an account
$5.00 (waivable)	✓ Yes	✓ Yes	✓ Yes	✓ Yes	Apply Now
$0.00	✓ Yes	✓ Yes	✓ Yes	✓ Yes	Apply Now
$10.00	✓ Yes	✓ Yes	✓ Yes	✓ Yes	Apply Now
$0.00	✓ Yes	✓ Yes	✓ Yes	✓ Yes	Apply Now

KeyBank Design

KeyBank: Best for Cash-Heavy Businesses

Starting at $5.00 monthly fee for checking (waivable)

Traditional & online banking

In-branch applications only

KeyBank is a standout choice for businesses that handle large volumes of cash. With a generous $25,000 in free cash deposits per month, KeyBank offers one of the highest allowances we’ve seen for cash-heavy business accounts. If your business deposits exceed that amount, KeyBank still offers some of the lowest fees for additional cash deposits.

Whether you'duplicate a retail operation, restaurant, or some business place available funds is key, KeyBank’s cash-intimate policies can sustain you services. Plus, if you’re lucky enough to handle solid cash deposits, KeyBank guarantees you won’t be burdened by bulky salaries.

Citizens Bank Design

Citizens: Best Customer Service

Starting at $0.00 monthly fee for checking

Traditional & online banking

In-branch applications only

What sets Citizens Bank apart is the fact that their customer service is always available 24 hours a day and 7 times a week to attend to the needs of any of the customers. There are numerous ways of getting in touch with them – via telephone, via email, via live chat, and also on social networks like Twitter. Citizens is one of the rare banks that offer such garnished appreciation around the clock as client management in such banks could be frustrating if the clients’ needs are not met on time.

For those of you who are generally more dependent on tech support whenever you need assistance or face some technical issues, you’ll never have such problems with Citizens who are always straightforward and who offer a variety of different channels to get in touch.

TD Bank Design

TD Bank: Most Flexible Hours

Starting at $10.00 monthly fee for checking

Traditional & online banking

Online applications accepted

TD Bank is famous for its kind professional associates and long working hours. What makes TD unique is the fact that many branches open at half-past eight and close at six. Some branches even include the weekend in the schedule, which is convenient for business people so that they can do their banking when they see fit. Likewise, it is noteworthy to mention that it remains open on some holidays like the Presidents Day, Veterans Day and Columbus Day so that accounts may be managed at different times.

Therefore, if you are searching for a bank that accommodates its clients with extended hours and the weekends, then TD Bank might be the perfect place for your business.

Huntington Bank Design

Huntington Bank: Best One-Stop Shop

Starting at $0.00 monthly fee for checking

Traditional & online banking

Online applications accepted

Huntington Bank is an appropriate choice if you are looking for enhanced business banking services. While most of the banks on this list limit themselves to a checking, saving and lending, Huntington goes a notch higher and offers a full suite of business services. Aside from the traditional business loans, credit cards, and merchant accounts, Huntington also offers business insurance and cybersecurity protection.

This could be a good option for many business owners who wish to have all the solutions incorporated under a single platform as Huntington can serve most of your business banking and financial needs.

Frequently Asked Questions

We’ve found that Bluevine is the best bank for business, because it has a great balance of features and fees. We also like Lili for solopreneurs and freelancers.

On the whole, yes, we think small banks work better for small businesses. We haven’t been too impressed with the biggest banks, which tend to offer fewer perks, have higher fees, and come with scandal-ridden histories. Smaller banks (especially online banks) often have cheaper accounts, better reviews, and cool features―making them better for small businesses.

Any online bank (like Lili or Bluevine) makes it very easy to open a business account. You can fill out a banking application online in just a few minutes.

Honestly, your local credit union is probably great. Many small-business owners love credit unions and find great deals there. But with 4,942 credit unions in the United States, there’s no way we can compare them all. So we stuck to reviewing larger banks that are more widely available than credit unions. By all means, though, check out your local credit union to see what they can offer your small business.

Your exact business banking fees will depend on your bank, but most banks charge at least some of these common fees:

Monthly maintenance fee
Transaction fees
Deposit fees
Overdraft fees
ATM fees (for out-of-network ATMs)

Keep in mind that almost all banks let you waive the monthly service fee on your small-business checking account if you maintain a certain minimum account balance, though that minimum balance will vary from bank to bank. Plus, most banks give you a certain number of free transactions and cash deposits per month.

You can always open an online checking account. Any of the online banks—like NBKC Bank, Axos Bank, and TIAA Bank (among others)—should be available in your state.

But maybe you don’t have reliable internet access (how are you reading this?), or you prefer that in-person banking touch, or you just like getting a lollipop when you make a deposit in your small-business checking account. If that’s you, take a look at this table to see if our favorite banks are in your state.