Choosing the ideal bank for your small company does not have to be difficult. Begin with a basic decent business checking account and work your way up. Take into consideration what you need today or what you could need in five or ten years.
7 Best Banks For Small Business
We compiled a list of the best banks for small companies. Evaluated the finest alternatives in terms of checking and savings account products. As well as branch and ATM access. Plus, other services such as lines of credit, business loans and business banking.
Wells Fargo: Best For Branch Accessibility
Wells Fargo has 4,900 branch locations in 37 states. This makes it an excellent choice for big businesses seeking a brick-and-mortar bank with countrywide office connectivity.
Wells Fargo provides three types of business checking accounts. They include Initiate Business Examining, Optimize Business Checking and Streamline Business Checking.
Wells Fargo Initiate Business Checking contains the following features:
- Every month there are upto 100 transactions
- Monthly fee free cash deposits of $5,000
- Banking via mobile and online
A monthly service charge of $10 is waived with a minimum daily balance of $500. Or a current average of $1,000.
Extra amount cash deposits and transactions are available with the Navigate and Optimize accounts. These Wells Fargo business checking accounts also offer waived administrative costs like stop payments. Plus, inbound transfers and other things.
Chase: Best For Small Business Credit Cards
Chase has some of the best business checking account options on the market. But its business credit card program is where the bank really excels.
The bank's Ink suite of cards and co-branded cards are among the most generous cashback and rewards point credit cards available to small companies.
Business Complete Banking, Performance Business Checking and Platinum Business Checking are the three Chase business checking accounts.
Small firms should use the Chase Business Complete Banking account.
Capital One: Best For High Volume Deposits And Monthly Transactions
It's hard to find a business checking account that has unlimited transactions. And a high number of free cash deposits especially from a brick-and-mortar bank.
So, if you run a business with a high number of monthly transactions and cash deposits. Then banking with Capital One is a smart choice.
Capital One business checking options include Spark Business Basic Checking and Spark Business Unlimited Checking.
Here's what you can expect with a Spark Business Basic Checking account:
- Unlimited transactions each month
- Deposit up to $5,000 in cash each month with no extra fee
- $15 monthly service fee is waived if you maintain the minimum 30- or 90-day average monthly balance of $2,000
- Free business debit card, online bill pay as well as online and mobile banking
NBKC: Best for Online, Low Fee Checking and Savings Accounts
NBKC is a digital first bank that provides commercial checking and savings accounts. Plus, cash management services such as desktop deposit and Autobooks.
According to their website, you can open an account online (it takes approximately five minutes). And then you can maintain it using the bank's website or mobile app.
The NBKC business checking account is web based with no monthly or overdraft fees. Plus, no transaction fees. The following items are included in NBKC's business checking account:
- There is no minimum balance
- NBKC Business Debit Mastercard provides free access to over 32,000 MoneyPass ATMs across the United States
- Monthly reimbursements of $12 for ATM fees levied by other banks
- Transactions are free indefinitely
- There are no fees for returned merchandise, overdrafts, non-sufficient funds, stop payments or incoming domestic wires
- Checks can be deposited for free in person or via the app
- Cashier's checks and free eStatements
- Customer service is available by phone, email or in person
- Online and mobile banking
Axos Bank: Best For High Yield Accounts
Axos Bank is a digital bank that provides lending, current accounts, savings accounts and other services to small businesses. However, the bank's major selling point is its interest-bearing business checking account.
Axos offers two types of business checking accounts. Including Basic Business Checking which needs a large initial deposit ($1,000). And Business Interest Checking which demands a smaller initial deposit ($100). Furthermore, it allows you to earn up to 0.81 percent APY on your balance.
BlueVine: Best for Digital Free Business Checking
Although BlueVine is arguably best known for their small company loans. They also include a reasonable online business checking account alternative. Along with banking services supplied by FDIC-insured via The Bancorp Bank.
BlueVine Business Checking is a service charge, entirely digital and allows you to collect interest.
There are no monthly fees and no fee free transactions. Plus, no minimum investment deposit and minimum balance requirement with the BlueVine Business Checking account.
First Tech Credit Union: Best Credit Union
Credit unions typically provide better rates and more personalized service than large banks. Because they are non-profit organizations owned and run by their members.
Digital Federal Credit Union (DCU) is one of the top credit unions for entrepreneurs. It's simple to sign up for and it provides a free interest-bearing business checking account. It has numerous business savings alternatives and a company loan program.
How To Pick The Best Bank For Your Small Business
Choosing the right bank for your small company frequently boils down to the following five factors:
- Do you want a free business checking account? Or are you willing to pay monthly fees to have access to specific value-added services (such as fee-free monthly transactions)?
- Do you like to bank in person? Or are you OK with an online-only bank account?
- How much money will travel in and out of your bank account every month?
- Do you like to do all of your banking at a single institution? Or are you happy using several institutions for different products?
- Plus keep your long-term goals in mind as you answer these questions
You'll know precisely how to dig through the fine print as well as locate the best small business bank for your firm. You can if you keep your banking demands realistic and upfront.
The good news is that small company entrepreneurs have several alternatives when it comes to banking.
Having so many options may make it difficult to narrow down your options and choose what is ideal for your business.
But your decision does not have to be permanent. And you do not have to do all of your banking with the same institution.
Furthermore, if you are dissatisfied with your present bank's rates or customer care you may always move your business bank account. And try to find a better fit for your needs.