10 Best Banks for Small Business in 2025

From my years as a banker, I know the best banks for small businesses should provide not only outstanding checking accounts but also products and services that truly help a business grow. The banks on this list either deliver full-service business banking or offer a specific product strong enough to make them stand out.

Depending on your stage of growth, you may be looking for different products and services from your business bank. I’ve seen firsthand how those needs shift over time, which is why I encourage you to compare the offerings below and choose the one that best fits both your current situation and future plans. Here are the 10 best banks for small businesses, with links directly to the provider.

Quick comparison of the best small business checking accounts

How U.S. Bank’s fee-free checking simplifies startup banking

When to choose U.S. Bank

• You seek a fee-free starter account: U.S. Bank’s starter account does not charge a monthly fee, although an initial deposit of $100 is required. You can open a business checking account online and access over 2,000 branches in 26 states
  

  
  Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
   for in-person services.

• Your business needs a wide range of lending products: If you’re seeking multiple financing options, U.S. Bank provides lines of credit, term loans, commercial real estate (CRE) loans, equipment financing, practice financing, and Small Business Administration (SBA) loans.
• You want a full-service traditional bank with various business banking products: Aside from loans, you can apply for cash vault and merchant services (see our U.S. Bank Merchant Services review). In addition, it has specialized checking products, such as nonprofit and analyzed checking accounts, regular savings, money market accounts, and certificates of deposit (CDs), including a wide selection of business credit cards with rewards.

Why I like it

I recommend U.S. Bank as the best all-around bank for small businesses because its entry-level account, Business Essentials Checking, charges no monthly fees. It is one of the few traditional banks that offer business checking without any waivable fee conditions.

From my perspective as a banker, I know how valuable unlimited digital transactions can be for a small business. With U.S. Bank, this includes deposits and other credits, checks paid and other debits, ACH, deposited items, and both signature and PIN-based debit card purchases. The account also includes 25 teller transactions per month. If you need more free transactions, you can upgrade to the Gold or Platinum business checking accounts.

You can earn up to a $1,000 bonus when you open a new, eligible U.S. Bank business checking account online (promo code: Q2AFL25) and complete qualifying activities, subject to certain terms and limitations—offer valid through September 30, 2025. Member FDIC.

Why Bluevine is the best digital bank for earning interest and getting credit

When to choose Bluevine

• Your company wants to earn interest on its checking account: Bluevine has three interest-bearing business checking products. Bluevine Standard, the basic tier with no monthly fees, provides an APY of 1.3% for qualifying balances up to $250,000. Meanwhile, its two higher-tier plans, Bluevine Plus and Bluevine Premier, offer an APY of 2.0% and 3.25%, respectively.
• You need a line of credit: Bluevine tops our list of the leading small business lines of credit for low rates and easy minimum qualification requirements. You only need a business annual revenue of $120,000, which was reduced from $480,000.
• You need to send international payments: For cross-border payments, Bluevine lets you send funds to 32 countries in 15 currencies as fast as 24 hours.

Why I like it

I like Bluevine because it offers outstanding interest-earning business checking accounts and the best business line of credit products. Those products make Bluevine one of our best online business banking providers.

Even though it is digital only, I appreciate how easy it is to get started. Accounts can be opened and approved within a day, with no minimum deposit or balance required. You also get high FDIC insurance coverage (up to $3 million), free standard ACH and incoming domestic wire transfers, and up to five subaccounts with unique account numbers to keep your cash flow organized.

Why Chase works for small businesses that want it all

When to choose Chase

• You want all the products and services offered by a traditional bank: Chase offers one of the best small business checking accounts, with three excellent options available, including various business loans, commercial credit cards, and a wide range of business support services.
• You need a bank with physical locations in addition to online access: If you need in-person banking services, Chase is a great choice for its nationwide branch presence. It has over 4,700 branches in the 48 lower states.
• You want excellent point-of-sale (POS) and software solutions: Your Chase Business Complete Banking^® account has a built-in QuickAccept feature that allows easy credit card acceptance and free same-day deposits.Contact the bank to learn more about its robust merchant service offerings. In addition, you can sync your account with leading accounting software, QuickBooks and FreshBooks.

Why I like it

As a fully established traditional bank, I have seen Chase remain responsive to the needs of its small business customers by offering a full array of business banking solutions. These include top-tier credit cards (see our list of the top Chase business credit cards).

Its lowest-tier business checking account charges a monthly fee of $15. However, it can be easily waived by meeting a $2,000 average daily balance, a $2,000 Chase Ink Business Cards spend, or a $2,000 deposit from Chase QuickAccept or other eligible Chase Payment Solutions^® transactions.

You can also forgo the monthly fee if you have a Chase Private Client Checking account or qualifying proof of military status.

From my perspective as a banker, Chase Platinum Business Checking, is one of the strongest offerings available. If you can waive the $95 monthly fee of Chase’s stellar premium account, you get higher monthly fee-free transactions and cash deposits, more check protection services, and concierge service support. See our Chase Platinum Business Checking review for more information.

How Novo helps small businesses get paid faster

When to choose Novo

• You want to send or receive payments faster: Through Novo Boost, small business owners can access Stripe funds quickly, which can take several days with other providers. Paying overseas suppliers is also convenient through the Express ACH feature, where funds are sent and received within the same day.
• You need easy integration with third-party accounting and ecommerce apps: To streamline operations, online shop owners can take advantage of Novo’s robust software connections, which include QuickBooks, Xero, Stripe, Square, PayPal, Wise, Shopify, Amazon, eBay, and Etsy. This is why Novo leads our roundup of the best banks for ecommerce businesses.
• You need business financing: You can apply up to $75,000 in merchant cash advance (MCA) through Novo Funding.

Why I like it

While Novo doesn’t have the full-service business banking products offered by other providers in this guide, I find it to be a great choice if your business wants speedy access to funds and the ability to make fast ACH transfers.

I also like Novo Boost since it lets your business accept payments from Stripe and receive payments from your Stripe account faster than other providers. Meanwhile, Express ACH is a great way to send quick payments to your business partners.

The other benefits Novo provides are unlimited invoicing, 20 reserve accounts, and up to $7 monthly refunds of ATM withdrawal fees.

NOTE: Novo Platform Inc. {“Novo”) is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A. Member FDIC.

Why Relay could be your best bet if you need multiple accounts

When to choose Relay

• You want to manage your budget properly: Relay provides subaccounts to help small businesses allocate funds for payroll, taxes, and operating costs. LLCs and corporations can open up to 20 checking subaccounts, while sole proprietorships can open up to 10.
• You have large teams and need to track expenses in detail: You can issue up to 50 virtual and physical Visa debit cards per business for free and set specific limits per card. All card expenses are autocategorized, making it easy to see each team member’s purchases.
• You send wire transfers frequently: With a Relay business checking account, you will only pay $5 or $10 for wire transfers. If you upgrade to Relay Pro ($30 per business monthly), all wire transfers are free.

Why I like it

From my perspective as a banker, I see Relay as an outstanding choice for large teams that need multiple accounts and debit cards to manage finances. I like that you can open several checking accounts and set aside reserves for different expenses, which makes organizing cash flow much easier.

If you need more features, such as accounts payable support, including automatic imports from QuickBooks Online and Xero, you can subscribe to the paid plan, Relay Pro. It also includes multistep approval rules for bill payments, batch payments for bills, payment consolidation to the same vendor in one transaction, and same-day ACH delivery.

With Relay, you can open up to two savings accounts per business and access 1% to 3% APY rates based on balances, which makes it one of our leading business savings accounts. Further, depositing and withdrawing cash at over 55,000 Allpoint ATMs nationwide is free.

Note: Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC. The Relay Visa^® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa^® debit cards are accepted.

Why Mercury is the right fit for tech startups with large cash reserves

When to choose Mercury

• You seek additional FDIC insurance
  

  
  Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust^®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply.
  : Mercury Vault extends coverage up to $5 million through the sweep networks of Mercury’s partner banks, which provides higher protection for your business funds.

• You want to access an interest-earning product: If your balances are over $500,000, you may want to place it in a high-yield Mercury Treasury
  

  
  Mercury Treasury, by Mercury Advisory. LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser.
  product.

• You need robust software integrations: Mercury is a great choice for a digital-only provider with top-notch software integrations. It is compatible with QuickBooks, Xero, NetSuite, Amazon, PayPal, Shopify, Square, Stripe, and Zapier.

Why I like it

For incorporated startups and tech companies, I recommend Mercury because it offers one of the best business accounts for small businesses. I like that it provides solid startup services, including opportunities for networking and fundraising through Mercury Raise and access to its Investor Database.

The digital-only company also offers free checking and savings accounts without minimum deposit or balance requirements. Most businesses incorporated in the US are eligible for an account, except sole proprietorships and trusts.

Additionally, Mercury offers a $300 cash back bonus if you spend $2,000 on your debit card within the first 90 days of account opening. You will also get 1.5% cash back on all purchases through its IO Mastercard (check out our review of Mercury IO Mastercard) and save on discounted software tools for startups (see Mercury’s Perks page).

Why Grasshopper might work for you if you want to earn interest on large balances

When to choose Grasshopper

• You want interest-bearing checking accounts: You can get up to 1.80% APY with Innovator Checking if your balance ranges from $25,000 to $250,000. Pairing it with an Innovator Money Market Savings Account increases the yield to 3.30% APY.

Meanwhile, venture-backed startups can open an Accelerator Checking account with higher interest for bundled products. Both checking accounts require a $100 initial deposit, but don’t carry monthly fees.

• You use a debit card for business purchases and want to earn cash back rewards: You can earn unlimited cash back through online and in-store signature-based purchases via your debit card.
• You seek a digital bank that integrates with QuickBooks and Autobooks: Your Grasshopper checking account connects seamlessly with accounting software QuickBooks and payment software Autobooks, which is provided for free by Grasshopper Bank. That’s why we included Grasshopper in our roundup of top bank accounts for self-employed professionals.

Why I like it

I recommend Grasshopper Bank to small business owners because it allows you to track both checking and savings in one place. I like that it encourages bundled checking and money market accounts, which can help you earn higher interest. Transactions are unlimited, and both ACH and inbound domestic wire transfers are free.

Even though Grasshopper is fully digital, it provides quick lending solutions, including SBA and CRE loans. I also value the strong protection it offers, with FDIC insurance coverage of up to $125 million.

For startups seeking more than banking services, Grasshopper Connect provides access to an exclusive network for fundraising support, which can be a valuable resource for growth.

How North One helps you budget and connect tools like QuickBooks

When to choose North One

• You want to separate funds for better expense categorization: It is easy to budget for common business operating costs through North One’s Envelopes. You can allocate funds for taxes, payroll, rent, and company insurance. This is one of the primary reasons North One is part of our list of the best free business checking accounts.
• You seek to integrate your business account with everyday tools: Your North One Standard account is compatible with over 50 business software, which includes popular accounting solutions—such as QuickBooks, Wave, and Zoho—and other financial management, invoicing, payment, ecommerce, and productivity tools.
• You want business financing options: When you need to expand your business or purchase new equipment, you can apply for North One business lines of credit and term loans. Qualifying for financing is easy, and you may even receive funding within the day.

Why I like it

I recommend North One to small businesses that want banking and budgeting in one place. I like how it links sales, spending, payments, and budgeting in a single platform. It also saves time by syncing with accounting software in real time and connecting with other business tools to make operations more efficient.

North One also offers a perks program where you can access discounts, free trials, and signup offers (see North One’s Perks page).

The North One account requires an initial deposit of $50 but has no monthly fees. For additional features, like free same-day ACH transfers and lower fees when sending domestic wires, you can subscribe to the paid plan, North One Plus. The provider also refunds ATM withdrawal fees and cash deposit fees monthly with limits.

How Bank of America’s rewards program adds value to your business checking

When to choose Bank of America

• You want to earn a welcome bonus from your checking account: Opening an eligible Bank of America business checking account lets new users receive a $200 cash bonus upon meeting qualifying activities. This offer is valid until December 31, 2024.
• You seek more rewards and benefits: You can sign up for Bank of America’s Preferred Rewards for Business program and gain interest rate boosts from business savings accounts, discounts from loans and merchant services, and cash back on payroll services. Also, you can earn $300 statement credits from a new eligible business credit card. See our article on the best business bank account promotions for more details.
• You need more free transactions out of your basic checking: Bank of America’s entry-level account offers up to 200 transactions each month and has no monthly fee for the first 12 months.

Why I like it

In my experience as a banker, I’ve found Bank of America to be a reliable choice for small business owners, especially for those deciding between Chase and Bank of America. If you are weighing the two, you can read our comparison of Bank of America vs Chase to see which one is the better fit.

Bank of America’s business checking products offer easy-to-waive monthly fees. The bank also extends outstanding business savings, CDs, lending products, and business banking services, including financial analysis through Merrill Financial Advisors.

Another feature I value is its suite of business credit cards. These cards offer cash back rewards and travel benefits, which can be especially helpful for businesses with ongoing expenses. You can learn more in our list of the leading Bank of America business credit cards.

Looking for unlimited transactions? Capital One keeps it simple

When to choose Capital One

• Your business handles a large number of transactions daily: With unlimited free monthly digital transactions, Capital One is an outstanding choice for a business bank account for small businesses. It doesn’t charge fees for everyday digital transactions, which include mobile deposits, ACH payments, and online bill pay.
• You require the ability to make large cash deposits: Cash-reliant businesses can perform in-person transactions at branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and the District of Columbia. You will have to pay $1 for every $1,000 after depositing $5,000 in a month.
• You want to save on ATM fees: You can withdraw for free at over 70,000 ATMs, including the MoneyPass and Allpoint networks.

Why I like it

From my perspective as a banker, Capital One is among my top banks for small businesses since it offers unlimited digital transactions. The Basic Checking account has a monthly fee of $15, waived easily by meeting a $2,000 30- or 90-day average balance. You also won’t need to pay for standard ACH transfer fees.

The bank offers many business banking products, like real estate term loans, lines of credit, SBA loans, and credit cards (see our list of the best Capital One business credit cards). Its business support services include merchant services, escrow fund management, commercial banking, and business-to-business (B2B) credit programs.

How I chose the best small business banks

When I evaluated the best banks for small businesses, I considered the following:

• Monthly fees, if any, and how easily they are waived
• Required opening deposit and balance minimums
• Transaction limits before fees
• ACH and wire transfer fees
• ATM fees and availability
• Cash deposit fees and availability
• Interest yield, if applicable
• Other checking account perks
• Software integrations
• Other business services provided
• Lending products provided
• Customer service

Need state-specific picks? Start here

If your business is located in New York, California, Texas, or Florida and you are interested in recommendations that are tailored to your geographic location, check out our state-specific buyer’s guides:

Choosing a business bank: What really matters

While I used my own criteria to select the best banks for small businesses for this guide, here are some things you should review before making a selection:

1. How to make sure your business funds are fully FDIC-insured.

FDIC Insurance is at the front of the minds of most business owners, especially after the bank failures of Silicon Valley Bank, Signature Bank, and First Republic Bank. While all banks listed here are either FDIC-insured or backed by an FDIC-insured bank, you may need more than the standard $250,000 coverage for your business.

You may need to obtain additional FDIC insurance, open bank accounts at multiple banks, or choose a bank that uses sweep networks and partner banks to increase your coverage. Mercury’s Vault product uses those methods to increase your FDIC insurance

Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply.
to $5 million.

2. Why checking your personal bank’s business products can pay off.

While all the providers in this guide would make great options for businesses looking to open a bank account, it may be best to check with your local bank first.

If you open a business bank account at the same bank where you conduct your personal banking, you are choosing a provider you already have a relationship with. This may make getting business loans and other business products and services easier.

3. Should you trust customer reviews when choosing a bank?

While reviews might not tell the whole story, seeing what other clients have said about a prospective bank is good. Each bank review on Fit Small Business includes a customer review section.

Reviews often include both business and personal accounts, so some might not apply to your potential business account. However, it should alert you of any potential red flags to avoid before choosing a new bank. For more information, see our guide on how to choose a bank for your small business.

What to bring when opening a business bank account

Each provider on this list may require different documents to open a business bank account. Generally, you will need the following:

• Employer identification number (EIN) or Social Security number if you’re a sole proprietor
• Fictitious business name certificate or doing-business-as (DBA) certificate
• Business formation documents
• Organization documents, including your ownership agreements
• Business licenses
• Government-issued photo ID, such as a passport or driver’s license

Frequently asked questions (FAQs)

What bank is best suited for small businesses?

Which bank is good for a startup business account?

What is the best bank to use for an LLC?

Which business bank is best for managing multiple accounts or budgets?

What bank should I choose if I want to earn interest on my business checking?

Bottom line

In my experience as a banker, I know there is no single best bank for every small business. The 10 banks in this guide each offer strong products and services, but the right choice depends on your company’s unique needs. Think about what matters most to you right now, whether it is fee-free checking, interest on deposits, access to credit, or digital tools, and choose the bank that best aligns with both your current stage and your future growth.