Best Banks for Small Business Checking in 2024
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Best banks for small business checking
Bank Name | Best Known for |
Chase Business | Best bank overall |
Axos Bank | Online-only checking |
Wells Fargo | The convenience of many branches and ATMs |
US Bank | Found throughout the country |
Capital One | Capital one is best for high-volume deposits and monthly transactions. |
BlueVine | Offers best-in-class online banking while earning high-interest rates |
Bank of America | Offers the best sign-up bonuses |
Novo | Simple banking online and through mobile banking |
- Get $5 to Make Your First Investment
- Invest in Stocks and ETFs with $1 or Less
- Receive Your Paycheck up to 2 Days Faster
- No Overdraft Fees or Minimum Balances
Chase Business
- Chase Business Complete is its basic business checking and has no minimum deposit. However, the account carries a $15 monthly fee. You can also waive the monthly fees by maintaining the $2,000 minimum daily balance or through qualifying purchases or daily balances on your Chase credit card.
- Chase Performance Business Checking, which is suitable for mid-sized businesses. It has a monthly fee of $30, but that is waived if you meet the $35,000 combined average beginning day balance requirement*. The account comes with 250 free monthly transactions, unlimited wire deposits, and zero fees for all transactions up to $20,000 in cash.
- Chase Platinum Business Checking is suitable for large businesses and will cost you $95 monthly fees, which can be waived if you maintain the $100,000 combined average beginning-day balance requirement. The minimum deposit to open the account is $25, and the account comes with 500 free transactions per month and zero fees for transactions up to $25,000 in cash per month.
- Unlimited electronic deposits
- Three debit cards to choose from
- Mobile banking
- 24/7 customer service support
- CDs and two savings accounts are available
- Card rewards include free or discounted travel and interest
- Integration with point-of-sale solutions
- Access to business loans and other forms of financing and lines of credit
Axos Bank
Wells Fargo
- Initiate Business Checking is the basic account with a minimum deposit of $25 and $10 monthly fees, which can be waived. The account has 0% APY. A $500 minimum daily balance requirement is required if you'd like the monthly service fee waived. There aren't any transaction fees for the first 100 transactions and no cash deposit processing fee for the first $5,000 deposited per fee period.
- Navigate Business Checking has a $25 monthly fee that is waived if you meet the minimum daily balance of $10,000, among other things. It is interest-bearing and has no transaction fee for the first 250 transactions and no cash deposit processing fee for the first $20,000 deposited per fee period. This account has a $25 minimum account opening deposit.
- Optimize Business Checking is for seasoned business owners and has a $75 monthly maintenance fee, which can't be waived. It requires a $25 minimum deposit to open and is ideal for business owners with a high volume of transactions. This account also unlocks access to treasury management services.
US Bank
Capital One
Bluevine
- High-interest rates of 2.0% if you spend $500 each month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine account
- No fees are charged on ACH and incoming wire transfers
- A free debit card that allows withdrawals at MoneyPass ATMs. The out-of-network ATM fee is $2.50 per transaction.
- Mobile banking
Bank of America
Novo
- No initial deposit to open the account
- There is no minimum daily balance and no monthly fees
- Human-powered customer service
- Refunds all ATM fees, including international ATM fees
- A virtual card
- Novo charges a $27 overdraft fee
Summary of best banks for small business checking
Bank | Minimum daily balance/opening deposit | Monthly Fee |
Chase Business Complete | $2,000 | $15 (waivable) |
Chase Performance Business | NA | $30 (waivable) |
Chase Platinum Business | NA | $95 (waivable) |
Axos Business Interest Checking | $5,000 | $100 |
Axos Basic Business Checking | $0 | $0 |
Wells Fargo Initiate Business Checking | $500, $25 opening deposit | $10 (waivable) |
Wells Fargo Navigate Business Checking | $10,000, $25 opening deposit | $25 (waivable) |
Wells Fargo Optimize Business Checking | $25 opening deposit | $75 (can't be waived) |
US Bank Silver Business Checking | Varies | $0 |
US Bank Gold Business Checking | Varies | $20 (waivable) |
US Bank Platinum Business Checking | Varies | $30 (can't be waived) |
Capital One Basic Checking | $2,000 | $15 (waivable) |
Capital One Enhanced Business | $25,000 | $35 (waivable) |
Bluevine | $0 | $0 |
Bank of America Business Advantage Fundamentals | $5,000 average monthly balance | $16 (waivable) |
Bank of America Business Advantage Relationship Banking | $15,000 | $29.95 (waivable) |
Novo | $0 | $0 |
- Get $5 to Make Your First Investment
- Invest in Stocks and ETFs with $1 or Less
- Receive Your Paycheck up to 2 Days Faster
- No Overdraft Fees or Minimum Balances
How to choose a bank for your small business
- Consider your long-term and short-term financial goals. If you anticipate your financial goals will change soon, your best bet is to choose a bank that gives you that flexibility.
- Keep an open mind. Technology has changed how things are done, and you no longer have to walk into a brick-and-mortar bank to open an account. Nowadays, you can do it wherever, whenever.
- Look out for features that resonate with you. All the banks cannot be all things to all people. Narrow down your options to a few banks, then conduct due diligence on the individual banks based on how many transactions you anticipate making and what bank will work best for you.
- Consider the fees. This is one of the most important things to consider. You may have the best banking experience, but if you incur huge fees, it will be detrimental to the health of your finances and, ultimately, your business
- Begin the search with your bank but don’t end with it. Sometimes you won’t have to look too far to find what you’re looking for. If you end up using your local bank account, you’ll be able to access your business and personal accounts using the same login.
FAQ
- Get $5 to Make Your First Investment
- Invest in Stocks and ETFs with $1 or Less
- Receive Your Paycheck up to 2 Days Faster
- No Overdraft Fees or Minimum Balances
The bottom line
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Rebecca Miller is a seasoned writer with more than 7 years experience. Her work also appears on Financial Digits.