Are you looking for some of the best bank for small business transactions? We have thoroughly researched and found a few of the best banks for small business needs.
Best bank for small business that needs branch accessibility.
Wells Fargo offers four types of business checking accounts;
- Simple Business Checking Account,
- Business Choice Checking Account,
- Platinum Business Checking Account, and
- Analyzed Business Checking.
Since we’re discussing small businesses, we will stick to the first two. Wells Fargo’s small business banking solutions range from basic business checking services for small businesses, all the way up to cash management solutions for larger corporate entities.
- Simple Business Checking Account.
Wells Fargo’s Simple Business Checking account is tailored for small businesses that don’t need a lot of hands-on support. This account is made for small businesses with lower account balances requiring only basic features of a business checking account.
Simple Business Checking Accounts offer the following features:
- Account startup fee of $25.
- Up to 50 transactions a month.
- Up to $3,000 in cash deposits every month.
- A monthly service fee of $10 is waived on the condition of a $500 average balance.
- Business Choice Checking Account.
Suitable for fast-growing small businesses with a few employees whose needs are constantly evolving. If your small business requires maintenance of steady streams of banking activity such as recurring withdrawals and deposits, and hands-on support such as payroll services, then Wells Fargo’s Business Choice Checking Account is the one for you.
The perks include:
- Up to 200 transactions a month.
- Up to $7,500 in cash deposits every month.
- Text and mobile banking services.
- Unlimited access to Wells Fargo’s Small Business Customer Service phone center and its National Business Banking Center
- The bank offers fee waivers and discounts for small business loans and lines of credit.
- A $14 monthly service fee applicable on the condition you are eligible for one of several qualifying transactions
- A $25 deposit is all you need to start this account.
Wells Fargo’s business checking accounts offer great value for small business owners seeking access to credit facilities, and a strong branch and ATM presence.
Pricing: Depending on your choice of a business checking account, you can request a personalized quote that will meet your small business’s needs.
Best banks for small business that needs top-tier credit card solutions.
With over 16,000 ATMs and 4,700 branches across the US, Chase is easily the choice bank for small businesses.
- Business Complete Checking Account,
- Performance Business Checking Account, and
- Platinum Business Checking Accounts.
Each account is tailored to meet the needs of a small business as it evolves over its lifetime.
- Chase offers you a sign-up bonus of $300.
- The minimum account opening balance needed is $0.
- The account attracts a monthly fee of $15 with a minimum balance of $2000.
The Chase Business Complete Checking account is best suited for small businesses and comes loaded with features such as;
- Low monthly service fees that can be waived multiple ways
- The checking account’s monthly service fee is waived if you maintain the minimum required daily balance in your account
- Up to $5,000 in cash deposits each month with no fees
- Chase Bank also offers additional payroll and human resource services for small businesses.
- QuickDeposit is a Mobile Banking feature that allows you to scan and deposit checks electronically negating the need to visit a branch. The mobile banking system is easily accessible from select mobile devices.
- Chase’s small business banking, allows unlimited access to free business debit cards for you and your staff.
Chase Bank also offers a wide variety of business loans that include business lines of credit and SBA loans.
Pricing: You may request a personalized quote based on the choice of business checking account best suited for your small business needs.
Best bank for small business that values digital banking solutions.
BlueVine recognizes that small businesses demand more than just a basic business checking account. Perhaps you require support increasing credit access, and streamlining your banking as needed? This business checking account allows you to run your small business on your terms.
With zero hidden fees, no minimum requirements or, 1.00% interest when you have a balance of $1,000.
Here are the features;
- There’s no minimum balance or deposit required to start and operate a BlueVine business checking account.
- The business checking account offers an unlimited number of transactions.
- There are no monthly service fees, ATM charges, or NSF fees.
- BlueVine’s business checking account is the highest yield business checking account boasting a high APY representing about 1.00% interest.
- BlueVine’s most impressive feature allows you to pay bills and vendors via ACH, wire transfers, or check. You can also schedule recurring or one-time payments with easy account transfers to and from other accounts you may own/operate.
- This business checking account features an easy, online 60-second account setup
- The BlueVine Mobile application allows you to make transfers, deposits, and check your account balance right from the comfort of your mobile device.
- Other perks include small business credit access whereBlueVine offers lines of credit and other invoice factoring services.
Bluevine’s business checking account is 100% focused on small businesses. It takes into consideration the importance of business flexibility as far as matters banking and credit are concerned. Online and mobile banking features put you right in control of your small business with the market’s highest APY rates.
Pricing: BlueVine Business Checking Account isn’t charged any fees for daily transactions, monthly service fees, ATM charges, and NSF fees. Outgoing wire transfers attract a $15 wire fee.
Bank of America
Best bank for small business that values having a wide range of business solutions.
Bank of America offers small businesses a variety of great banking options. With Bank of America, your business has access to checking accounts, credit cards, and business-specific financial education resources.
The bank has a solid reputation for providing tailor-made, industry-specific financing solutions for small businesses in specific sectors such as agriculture, e-commerce, and healthcare.
Bank of America currently offers two basic business checking accounts:
- Business Fundamentals Checking account, and
- Business Advantage Checking account.
Bank of America’s Fundamentals Account is designed with the needs of smaller businesses in mind. The Business Advantage Checking account has higher minimums and is tailored for larger, established businesses.
Main features include;
- Bank of America’s Cash Flow Monitor is a powerful digital tool that allows you to view and manage your balances, monitor transactions, and generate cash flow projections, all at a glance.
- Using the Bank’s mobile banking application, you can request transfers, deposit checks, pay bills, and monitor pending transactions on the go.
- Bank of America’s Business debit cards makes expense tracking a breeze. With business and employee debit cards, you can set spending limits on specific cards and view online statements at any time.
- The bank charges $15 per domestic wire transfer and $16 per international wire transfer.
The Advantage account has the same basic features as the Fundamentals account, only with some added benefits such as seamless QuickBooks integration.
Bank of America has a vast network of branches spread throughout most of the U.S. and also provides online and mobile banking options further enhancing their reach. Additional perks offered to small business owners include peripheral business services, such as point of sale (POS) services and tax preparation.
Pricing: Monthly fee of $18 for the Business Fundamentals Checking account and $29.95 in monthly fees for the Business Advantage Checking account. The monthly fees can be waived upon meeting certain minimum spending or balance maintenance prerequisites.
Best bank for small business that requires free checking accounts.
Axos Bank’s business checking accounts are designed for small businesses with modest banking needs. With zero monthly maintenance charges, a low minimum deposit amount, unlimited domestic ATM-charge reimbursements, the bank puts small businesses in control anytime, anywhere. Axos Bank offers small businesses two types of checking accounts;
- Business Interest Checking Account.
Suitable for fast-growing businesses looking to grow cash reserves. There are no monthly maintenance charges if you can maintain a daily average balance of $5,000. The Business Interest checking account attracts an interest rate of 0.85% APY and is an excellent choice for small, established businesses looking to build reserve funds.
- Basic Business Checking
Tailored for small business entities with low to moderate account activity. There are no monthly maintenance charges. Here are the account’s full features:
- Zero monthly account maintenance charges.
- The minimum account opening deposit is $1,000.
- A large, nationwide, and charge-free ATM network.
- The first set of 50 checks is completely free.
- The account seamlessly integrates with QuickBooks.
- Up to 200 free transactions every month, afterwards, there’s a $.30 fee on every item.
Axos Bank’s online banking facilities are standard across the board with all bank accounts and make it possible to manage balances, pay bills online, and get access to statements on the go. The bank’s mobile application is available on both iOS and Android platforms.
It allows you to remotely deposit your checks from anywhere and pay bills using your mobile phone at no additional cost. The best part is, If your business was incorporated after June 1st, 2020, you get $100 added to your new business checking account.
Pricing: Axos Bank’s Basic Business Checking account doesn’t charge any monthly maintenance fees. There is, however, a $1,000 minimum account opening balance required.