Whether you are side hustling for extra cash or working on a brilliant business idea, opening a separate business account is not negotiable.
Keeping your business and personal finances separate is the only way to make sense of how much you make and how much you spend on your business. You will be able to identify any potential problems before they get out of hand.
How do you open a business account, and who should you bank with for the best customer experience, rates, and perks? To find the best bank for your needs, you should do some research.
I want to tell you about the best banks for small businesses and what makes them stand out from the crowd. Small businesses need specific banking services to support their growth, and the right bank can make all the difference.
Top 8 Best Banks for Small Business
Here are the top 8 banks for small business owners:
- Chase: Best Overall
- Bluevine: Best For APY
- Bank Novo: Best For Businesses That Don’t Handle Cash
- Axos Bank: Best Business Savings Account
- Capital One
- Wells Fargo
- NorthOne
- U.S. Bank
1. Chase
Chase Bank provides excellent.
Business loans, savings, and checking accounts are offered by Chase Bank. Chase Bank makes it easy to manage your money. You can manage your business finances on the go with a top-rated Chase mobile app.
Checking
A Small businesses can use the Chase Business Complete Banking account. It’s ideal for entrepreneurs and small business owners because it offers free mobile banking and instant access to funds.
Chase QuickDeposit makes it easy to deposit checks directly from within the mobile app and you will have access to 16,000 ATMs or a branch nearest you for withdrawals and cash deposits. You don’t have to wait for a paper statement to view account balances and activity.
Savings
Chase has two business savings accounts. The convenience of online and mobile banking is offered by both accounts.
Chase Business Total Savings targets businesses with lower savings balances, first-timers, and those who use savings as overdraft protection. Chase Business Total Savings has competitive interest rates and is a great way to manage business finances. It’s better for businesses with higher savings balances that want to maximize earnings or save for growth. It has a competitive interest rate and no monthly fees.
Maintaining a minimum deposit is one of the relatively simple conditions that can be met to waive the monthly fees. The additional convenience of online and mobile banking services makes these accounts even more attractive for those who prefer to manage their finances digitally.
Chase Business Credit Cards
Some of the best small business credit cards are offered by Chase. Chase small business credit cards give customers great benefits that make managing their finances easier. Chase is one of the biggest card issuers in the United States and is known for its stellar credit card rewards.
The most popular Chase business credit cards fall into their INK line of cards:
- Ink Business Preferred Credit Card
- Ink Business Unlimited Credit Card
- Ink Business Cash Credit Card
There are great rewards with the new cardmember signup bonus opportunities. Each card has a variety of exclusive benefits that are tailored to your needs.
Small Business Loans
Chase offers variable and fixed rate business loans. Flexible repayment options can be tailored to the needs of your business.
Learn More:
- See the full details of the Chase Business Complete Banking account bonus
- Read our full Chase Bank review
2. Bluevine
Bluevine is an online-only business bank. Checking accounts, lines of credit, and other business banking services are offered by BlueVine. The platform has a bank account, lines of credit and business loans. It gives tools to help small business owners manage their finances.
The Business Checking account is only offered by BlueVine. There are no hidden fees or minimum balance requirements in this account. The account has no minimum balance requirements or monthly service fees, and you can earn up to 2% on balances up to $100,000. You can access your money through a network of fee-free ATMs.
BlueVine Business Checking has the ability to schedule one-off or recurring payments. With BlueVine Business Checking, you can easily manage and monitor your business’s finances in one place. The account comes with a MoneyPass ATMs have fee-free withdrawals and two free checkbooks. The Mastercard business card has rewards like cash back and points for purchases.
All of BlueVine’s accounts are insured by the Federal Deposit Insurance Corporation. You can trust that your money is safe and secure because BlueVine is regulated by the FDIC.
3. Bank Novo
Novo serves as a fee-free.
They are actually a tech company with a banking partner. Customers can access their financial services through the tech company’s platform. They have all the financial basics covered, but built on a really powerful and intuitive digital interface. The convenience of modern banking makes it easy for users to access their finances.
That is what I love about Bank Novo: how easy their apps are to use and how they integrate with other small business tools. The whole process is even more convenient because the customer service team is always available to answer any questions.
Bank Novo gives exclusive member-only discounts to popular tools. Members have access to experts who can help them maximize their investments.
A minimum deposit of $50 is required to open an account. You can use the bank’s mobile app to access your account. There are no balance requirements after that. It’s easy to maintain your account with this.
Checking accounts are only offered by Novo. It may not be the best option for people who need access to a savings account. If you want to keep all of your business finances at one bank, you need to look elsewhere. Taking all of your business finances to a single bank is a great way to keep track of transactions and stay organized.
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4. Axos Bank
Axos Bank is another.
Being an online bank, Digital tools and an app are offered by Axos. With a comprehensive digital banking experience, you can manage all your financial needs with ease. The app doesn’t get the same high ratings as Chase or Novo. The app’s slow performance has been complained about by users.
Checking
Basic Business Checking and Business Interest Checking are small business checking accounts.
One of the best basic business banking solutions is the Basic Business Checking account. It offers a wide range of benefits, such as free online banking and direct deposits, to help streamline your business’s financial operations. There is a nationwide surcharge-free ATM network to use. It is easier to access your money when you need it.
There is no minimum deposit required to open the account.
Their Business Interest Checking Account offers 1.01% APY (average daily balance of $5,000 or more required).
Savings
Business Savings and Business Premium Savings are business savings accounts. Businesses can manage their finances in a safe and secure environment with the Business Savings and Business Premium Savings accounts.
If you meet the minimum balance requirements during the statement cycle, they offer competitive interest yields and no monthly maintenance fees. Customers can enjoy the flexibility of banking without having to worry about costly fees thanks to their services.
- The minimum opening requirement for the Business Savings Account is $1,000. It’s easy to get your finances organized.
- The Business Premium Savings account has a minimum balance of $44,000. You can access your account from anywhere with free online banking and mobile banking.
Money Market Accounts
The Business Money Market account has no monthly fees or check-writing privileges.
A minimum opening deposit of $1,000 is required for new accounts. Existing customers may be eligible for a waiving minimum opening deposit.
Business Certificates of Deposit (CDs)
Terms range from 3 months to 5 years, but rates aren’t quite as high as some of their competitors.
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5. Capital One
Capital One offers excellent business banking services. Capital One has a variety of business loans.
If your business is just starting out, Capital One is an excellent option. It makes it easy to manage your business finances with a range of business credit cards with competitive rates and rewards. It has a promotional account that is very competitive.
A lot of beginning business account holders qualify for Capital One’s no-fee checking and savings accounts. Capital One has a lot of helpful resources for business owners who want to understand their financial options and make the best decisions for their business.
Checking Accounts
Capital One has two business checking accounts. Both accounts have online and mobile banking options.
Both come with monthly fees, but they are easy to waive if you meet minimum balance requirements. It’s important to research your options before making a decision, as the minimum balance requirements vary depending on the bank.
Savings Accounts
Capital One has a business savings account. It is possible to access your funds whenever you need them with this business savings account.
They have a promotional interest rate for the first year. The promotional interest rate can help you save money over the course of a year.
To waive the $3 monthly fee, you will need a minimum of $250 and a minimum account balance of $300. There will be no fees associated with the account once the minimum balance is met.
Capital One Business Credit Cards
Capital One has some of the best credit cards for small businesses. Capital One can help business owners manage their finances more efficiently.
The Capital One® Cash Select for Business card is great for people who want to earn 1.5x on their purchases. It comes with no annual fee and a low introductory rate on purchases for the first 9 months. If you spend $4,500 in the first three months, you can get a $500 cash sign up bonus. You can redeem your rewards points for cash back, gift cards, travel, and more.
The Capital One® Spark® Miles Select for Business card can be used for companies that want to earn miles to redeem for travel. This card is a great option for businesses that are just starting out.
After spending $4,500 on purchases in the first 3 months, this card will give you 50,000 miles and a sign-up bonus. It’s a great offer on any rewards card. The first year is free of the annual fee. You can take advantage of all the benefits without paying a fee for the first year.
Business Certificates of Deposit (CDs)
Capital One CDs have attractive interest rates. It’s easy to choose an option that’s right for your financial goals and risk tolerance.
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6. Wells Fargo
While several banks offer stellar business banking, there’s one bank that ticks most, if not all, of the boxes for small businesses – and that’s Wells Fargo.
There are simple options to choose from when it comes to business checking and savings accounts.
Similar to other banks on this list, Wells Fargo offers loans, CDs, credit cards, and merchant services, as well as no-hassle cash or check deposits. Wells Fargo offers a wide range of digital banking options to help customers manage their money from anywhere.
Checking
Wells Fargo has multiple checking accounts to choose from and each comes with monthly service fees, but you can avoid them if you maintain average balances.
If you open an eligible small business account and have a $15,000 minimum balance, you can earn a $500 bonus. If you open an eligible business account and make a qualified purchase within the first 90 days, you can earn a $100 bonus.
Savings
There are two tiers of business savings accounts at Wells Fargo. Businesses can choose between the two tiers of business savings accounts offered by Wells Fargo. The Business Market Rate Savings account is for new and growing businesses that are trying to build up some savings, while the Business Platinum Savings account is for an established business looking for long-term growth.
They both have interest rates of 0.03% and 0.10%. Savings accounts are a great way to store your money and grow it slowly. Monthly fees can be avoided with certain actions.
Wells Fargo Business Credit Cards
You can redeem points or cash on several Wells Fargo business credit cards. Customers can access exclusive discounts and benefits through the rewards program at Wells Fargo.
Depending on the card you choose, you can get a one-time signup bonus of either $500 or $1,000. You may be able to receive rewards points with every purchase.
Capital One and Chase offer better cards than Wells Fargo. Wells Fargo isn’t able to match the low interest rates that Capital One and Chase offer on their credit cards.
Small Business Loans
Small business loans from $10,000 to $100,000 are offered by Wells Fargo. Small business owners can use these loans to grow and expand their businesses. There are fixed interest rates. Variable rates can be seen as riskier than fixed interest rates. The banks are similar to Bank of America. They offer the same services and products.
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7. NorthOne
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They have a highly rated mobile app that is tech-focused. It is easy to stay on top of your budget with the app. They offer integrations with your accounting, eCommerce, and point-of-sales tools to help streamline your business and eliminate manual data-entry. Business owners can easily manage their finances with these integrations.
NorthOne has a network of 300,000 ATMs that you can use to withdraw or deposit cash. It’s easier and faster to manage your finances with NorthOne’s mobile app.
Unlike the big banks, they only offer checking accounts, but they also offer unlimited sub-accounts so that you can have dedicated “buckets” for taxes, payroll, or savings.
Depending on your business, the sub-accounts, ATM deposits, and more extensive integrations might be important advantages, but NorthOne has more fees. NorthOne has a variety of services and features that could be beneficial for your business. While Novo Bank is totally fee-free except for a $27 insufficient funds charge, NorthOne charges:
- $10/mo for unlimited banking with no minimum balance requirements
- $10 for a domestic wire transfer and $25 for international
- $5 overdraft fee
- $10 for ACH/PAD returns
- $25 for insufficient funds
You can open an account with $50. You will have access to a variety of financial services once you open an account.
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8. U.S. Bank
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More than 5,000 ATMs and 3,000 physical branches can be found at the bank. The bank has a wide range of services, including banking, loans, investments and insurance, making it a one-stop shop for all your financial needs.
Checking Accounts
U.S. Platinum, Gold, Silver, and Premium are the bank’s business checking options. Bank is committed to providing the best possible service and support no matter which account you choose. The Silver account has no monthly fees. The benefits make it the perfect choice for most people. You will get 150 free transactions a month. Saving money on banking fees is a great opportunity. Most small businesses can benefit from these features. Technology can be used to automate tasks and streamline operations for small businesses.
Savings Accounts
U.S. Money market accounts, traditional business savings accounts, and CDs have competitive interest rates. You can manage your business savings goals at the bank.
U.S. Bank Business Credit Cards
The bank has two fee-free credit cards, one of which has the most perks. When you spend $1,000 in the first three months, you’ll get a 15,000 point bonus. In the spending categories you choose, you could double your rewards points. You can use your rewards points to get a discount on future purchases.
Balance transfers and 20 months of 0 percent interest are included on the Business Platinum card. You can get up to 40,000 bonus points when you spend $5,000 in the first three months.
Business Loans with U.S. Bank
U.S. The bank has a wide variety of business borrowing services. Business banking advisors at the bank can help customers find the best solution for their needs. The U.S. has lines of credit and invoice financing. You can access the working capital you need when you need it with the tailored solutions provided by the bank. Small businesses with erratic cash flows can be helped by the bank. Banks can help small businesses manage their cash flow by providing loans, lines of credit and other financial services.
Your business can also access Small Business Administration loans when it’s large enough to qualify
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Do I need a business bank account for my small business?
Most entrepreneurs start out by using their personal bank accounts to fund their business expenses. It is important to set up a separate business account for more organized financial management as the business grows.
But these days, it’s so easy to open a business checking account that it doesn’t make a lot of sense not to. Some of the benefits:
- Making tax season easier is due to the separation of business and personal expenses. By keeping detailed records of your business and personal expenses, you can ensure that when it comes time to do your taxes, you have all the necessary information organized and ready to go.
- Financial separation is needed to protect yourself in case of legal action.
- Business bank accounts have added benefits like limited personal liability protection. They can also provide access to helpful banking features like cash management and merchant services.
- Many banks give their customers lines of credit. Businesses can use a line of credit when they need it the most.
- If you open an account with one of the banks focused on entrepreneurs, you can take advantage of their tech integrations so that you can run your business across all of the different digital tools and platforms. This will allow you to streamline processes, save time and money, and focus on growing your business.
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How To Choose the Best Business Bank
There are so many banks to choose from, but not all banks were created equally. Different features are offered by each bank. Think about why you need a business account and how you will use it. To find a business account that suits your needs and budget, you need to research and compare different accounts.
Some banks will offer excellent APY rates on business savings accounts, but that may come at a price of no checking accounts. It’s important to evaluate your needs for a business savings account and decide if the APY rate is worth foregoing the convenience of a checking account. Which one do you need more for? It is up to you to decide which is more important to you, time or money.
Some banks will give you a free checking account, while others will charge you a fee for it. Online or mobile banking will make it easier for customers to manage their accounts.
If you think about what your side hustle or business needs are, you can choose a bank that can help you achieve your goals. Make sure to research the banking options available, and compare the different features and benefits they offer, so you can make an informed decision that best suits your business needs.
Factors to consider as you compare business accounts:
I have listed my favorite banks for business accounts. I encourage you to do your own research and find the bank that best suits your needs. But as you compare these banks and others on your list, pay attention to these factors:
- Will you make a lot of small transactions? It’s important to consider the cost of transaction fees when making a decision about whether or not to make a lot of small transactions. Look for transactions with low fees. You should compare fees from different providers to make sure you get the best deal. Fees are not charged for a set number of transactions. There may be a fee for each additional transaction for accounts with more than the set number of transactions.
- Will you interact with your bank mostly online in mobile banking? You can manage your finances from anywhere, anytime with mobile banking. Features such as online bill pay can be found in top-rated mobile apps. You can use these apps to manage your finances from anywhere.
- Some businesses make all their money in a few months but have expenses all year. Businesses can use loans for operating expenses to bridge the financial gap between months of low revenue. It’s possible to stay in the black with lines of credit or savings-backed overdraft protection. If you use these features, you can avoid costly fees associated with overdrafts and keep your finances in good standing.
- Cash is still king, but it is also a hassle to deal with. Cash management is becoming an important tool in business operations with the rise of digital payment options. If you need to make a withdrawal, make sure your bank has free cash deposits and local ATMs. You won’t need these features if you don’t handle cash.
- If you interact with your customers online, you may want to integrate with apps. This way, you can provide customers with a secure and convenient way to make payments without disrupting their online experience. Some banks can interact with your point-of-sale system to make transactions more seamless, even though you can connect any bank to PayPal. It is easy to manage your financial transactions.
- Small business lending: You probably won’t qualify for a After a few years in business, you may need an SBA loan. You need to have a successful track record of business operations in order to get an SBA loan. Check out your bank’s business loans if you think this is in your future. It’s important to compare different loan options before committing to anything.
- It goes without saying, but make sure your bank is an FDIC member. Up to $250,000 can be replaced in your business or personal account with free insurance from the FDIC. Money market accounts, checking accounts, and savings are all covered by this insurance.
- Monthly balance : You have to meet a minimum monthly balance to waive a monthly fee. Budget for the fee or keep enough money in the bank to waive it. Be aware that the fees may increase over time.
- You may never need a physical branch with so many great online banks. It is possible to visit a location-based branch of a bank. If you prefer an in-person approach to banking, choose a bank or credit union with a local presence. Asking friends and colleagues for recommendations is one way to find out more about local banks and credit unions.
Establishing a separate business bank account is a significant step in your business journey, and you need to make sure that you know what to look for in the best decision. It is advisable to shop around for the best banking solutions for your business, as there may be a variety of options with different benefits and features that can help you manage your finances more effectively.
