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6 Best Banks for Small Business

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The best bank for your small business depends largely on what you’re looking for: a checking account, savings account or different financial services altogether.

At a minimum, you should have a dedicated business bank account to store funds and manage your day-to-day spending, but you might also visit a bank for other products, like credit cards, business loans or merchant services.

Although you don’t have to use a single institution for all of your business’s financial needs, some small-business owners find value in bundling multiple products from the same bank.

WealthyUpdates compared national and regional banks, online banks, as well as credit unions and nonbanks, to identify the best banks for small businesses.

Summary of the best banks for small business

at nbkc bank, Member FDIC

NBKC: Best for fee-free, online banking

  • Free business checking account and free business savings account that can be opened completely online.

  • Additional banking services including a business credit card and cash management solutions.

Chase Overall Star Rating
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Chase: Best for bundling banking services

  • Three business checking accounts, two business savings accounts, Chase Ink suite of business credit cards, business loans and more.

  • Locations in 39 states, with 4,700 branches and 16,000 ATMs.

Wells Fargo Overall Star Rating
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Wells Fargo: Best for branch access and business loans

  • Largest branch network in the U.S. with 5,200 branch locations and over 13,000 ATMs across 37 states, plus Washington, D.C.

  • Offers unsecured business term loans, business lines of credit, equipment loans, SBA loans and more.

Capital One Overall Star Rating
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Capital One: Best for unlimited checking account transactions and business credit cards

  • Two business checking account options with unlimited fee-free transactions, an uncommon feature among business accounts from brick-and-mortar banks.

  • Offers five business credit cards with the ability to earn unlimited rewards, access free employee cards and no foreign transaction fees.

Consumers Credit Union Overall Star Rating
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Consumers Credit Union: Best accessible credit union for business banking

  • Four business checking accounts, three business savings accounts, as well as other services.

Radius Tailored Checking

Radius: Best for interest-earning business checking and online-based tools

  • Interest-earning business checking account that can be opened online with low fees and unlimited fee-free transactions.

  • Online and mobile banking tools, plus unique account features like unlimited ATM fee rebates and unlimited 1% cash back on debit card purchases.

NBKC: Best for fee-free, online banking

If branch access isn’t a top priority for you, NBKC is a great option for fee-free, online-based business banking — although the bank does have a few brick-and-mortar locations in Kansas and Missouri.

NBKC offers a free business checking account, as well as a free high-yield business savings account. Though it may not have some of the tech-forward integration tools that nonbank competitors provide, NBKC does offer some more traditional banking services, like a business credit card and cash management solutions.

Here are some of the highlights:

Business checking

  • Free business checking account that can be opened completely online.

  • Account includes unlimited fee-free transactions, no incoming domestic wire fees, overdraft, stop payment or other similar incidental fees.

  • Fee-free access to over 34,000 MoneyPass ATMs around the country; offers up to $12 in monthly refunds for ATM fees charged by other banks worldwide.

  • Ability to deposit cash fee-free at eligible MoneyPass ATMs using your NBKC business debit card.

  • Free online and mobile banking with mobile check deposit and online bill pay included.

  • Option to customize your checking account by adding desktop deposit, ACH credit and debits, merchant processing and Autobooks invoicing software.

Additional services

  • Free business savings account, which can be opened in conjunction with the business checking account.

  • NBKC Visa business credit card.

  • Customizable cash management, fraud management, disbursement and collection services.

  • For businesses located in the Kansas City metro area, NBKC offers business lines of credit, inventory and equipment loans, commercial real estate and construction loans, as well as SBA loans.

Chase: Best for bundling banking services

The biggest bank in the U.S. in terms of domestic assets, Chase offers a variety of small business banking services that sets it apart from other national brick-and-mortar banks.

Chase has locations in 38 states, plus Washington, D.C., with 4,700 branches and 16,000 ATMs. You can open a business account with Chase by visiting a branch or by applying online, depending on your entity type.

Here are some of the highlights:

Business checking

  • Choose from among three business checking account options.

  • Unlimited fee-free electronic deposits, limited fee-free nonelectronic deposits and cash deposits included with each account.

  • Monthly service fees start at $15 per month for the Business Complete Checking account (with options to waive).

  • Free business debit cards available with all accounts.

  • Access to Chase online banking, bill pay and mobile banking.

  • Use Chase QuickDeposit℠ for depositing checks and Chase QuickPay® with Zelle® for sending and receiving payments.

  • 24/7 phone-based customer service.

Additional services

  • Two business savings account options, as well as certificates of deposit.

  • Ink suite of rewards-earning business credit cards, plus airline-specific card options.

  • Chase Merchant Services for point-of-sale solutions and online credit card processing.

  • Business loans, including SBA loans, lines of credit, equipment financing and commercial real estate financing.

  • Chase Collection Services for accounts receivable.

Wells Fargo: Best for branch access and business loans

Wells Fargo has 5,200 branch locations and over 13,000 ATMs across 37 states, plus Washington, D.C. — the largest branch network in the U.S. — making it an ideal choice for small-business owners who prefer to do at least some of their banking in person.

In addition, Wells Fargo is a top bank for business loans, offering a wide range of financing options, including those with benefits for existing customers. Wells Fargo is also one of the most active SBA 7(a) lenders: As of September 2020, Wells Fargo approved the most SBA 7(a) loans of any traditional national bank in the country.

Here are some of the highlights:

Business checking

  • Choose among three core business checking account options, as well as additional options based on location and business type.

  • Limited fee-free monthly transactions and cash deposits included with each account.

  • Monthly service fees start at $10 per month (waived with a minimum daily balance of $500 or $1,000 average ledger balance) with the Initiate Business Checking account.

  • Online, mobile and security banking features included with all accounts.

  • Extended customer support hours available by phone through the National Business Banking Center.

  • All business checking accounts can be opened online, over the phone or by visiting a branch.

Additional services

  • Two business savings account options, as well as certificates of deposit.

  • Three business credit cards, including the Wells Fargo Business Secured Credit Card, one of the only secured credit cards available for rebuilding business credit.

  • Unsecured business term loans, business lines of credit, equipment loans and SBA loans, including SBA 7(a) loans and SBA 504/CDC loans.

  • Commercial real estate financing and health care practice financing.

  • Wells Fargo Merchant Services with Clover POS systems.

  • Payroll services for customers through ADP.

Capital One: Best for unlimited checking account transactions and business credit cards

Capital One allows you to make the most of your business checking account, offering unlimited fee-free transactions, an uncommon feature among business accounts from brick-and-mortar banks. Although Capital One only has branch locations in eight states and Washington, D.C., this bank includes access to over 40,000 fee-free ATMs across the U.S.

In addition, Capital One is a great bank for business credit cards, offering five rewards-earning cards, each of which includes the ability to earn unlimited rewards with no minimums or expiration date, free employee cards and no foreign transaction fees.

Here are some of the highlights:

Business checking

  • Choose from two Spark Business Checking account options.

  • Unlimited fee-free transactions included with each account.

  • Monthly service fees start at $15 per month for Spark Business Basic Checking and can be waived with a minimum balance of $2,000 over 30- or 90-day average, whichever is greater.

  • Fee-free cash deposits available with Spark Business Unlimited Checking.

  • Both accounts offer free online bill pay, mobile check deposit, online and mobile banking.

  • Have to visit a branch location to apply.

Additional services

  • One business savings account option and certificates of deposit.

  • Two standard cash-back business credit cards, two travel rewards business credit cards, and the Capital One® Spark® Classic for Business — an unsecured business credit card designed specifically for business owners who have defaulted on a loan in the past five years or those with limited credit history.

  • Business loans, including working capital lines of credit, equipment and vehicle loans, real estate term loans, business installment loans, SBA 7(a) loans, SBA 504/CDC loans, as well as more specialized options.

  • Capital One Merchant Services provided by Worldpay.

  • Cash flow management solutions such as fraud management, accounts receivable, accounts payable and liquidity.

  • Escrow Express platform available for online sub-accounting.

Consumers Credit Union: Best accessible credit union for business banking

If you’re looking for a more personalized level of customer service, you might choose to bank at a credit union. Compared to traditional big banks, credit unions can offer higher interest rates on deposits as well.

Consumers Credit Union is a top option for small-business owners, with four business checking accounts and three business savings accounts, as well as other services.

Additionally, unlike some credit unions where membership is restricted based on your location or employer, Consumers Credit Union is easy to join. All you have to do is pay a one-time, nonrefundable $5 fee to its sponsor, the Consumers Cooperative Association, and then deposit and maintain a minimum of $5 in your Membership Share/Savings Account.

Here are some of the highlights:

Business checking

  • Choose from four business checking options, including two free accounts.

  • Limited fee-free monthly transactions included with each account.

  • Access to business online banking, bill pay and electronic statements.

  • Request free business debit or ATM cards with fee-free access to any Consumer Credit Union ATM, six free monthly transactions at other ATM locations (ATM owners may charge a fee, though) and fee-free access to additional ATMs through Co-op ATM network partnership.

Additional services

  • Three business savings account options.

  • Business Visa Platinum credit card.

  • Merchant services available through First Data.

  • Online transfers service for business accounts with excess cash to move funds into savings or investment options.

  • Commercial mortgages, secured lines of credit and equipment financing available.

  • Consumers Credit Union has branch locations throughout Illinois; you may be able to visit a Co-op shared branch near you as well.

Radius (now LendingClub): Best for interest-earning business checking and online-based tools

Radius gives you the ability to open an interest-earning business checking account online, as well as access a variety of digital tools to streamline your financial management. Although Radius charges a few more fees than some of its online competitors, it offers unique account features like unlimited ATM fee rebates and unlimited 1% cash back on debit card purchases.

Moreover, Radius offers a handful of additional business services and may provide new product offerings as a result of the early 2020 merger with LendingClub.

Here are some of the highlights:

Business checking

  • Interest-earning business checking account with unlimited fee-free transactions. Account earns 0.10% annual percentage yield on balances of $5,000 and higher.

  • Monthly fee of $10, waived with average monthly balance of $5,000 or more.

  • Radius doesn’t charge any ATM fees, regardless of the ATM you use. The account also includes unlimited rebates for ATM fees you incur from other banks worldwide.

  • Account offers the ability to earn an unlimited 1% cash back on online and signature-based credit transactions, provided you maintain an average monthly balance of $5,000 or more. For a limited time, you can earn an additional 0.50% bonus on transactions in certain categories, including computer maintenance and repair services, computer network services and direct marketing.

  • Access to online and mobile banking tools that allow you to pay bills, deposit checks, send and receive payments and manage your account.

  • Account includes Autobooks, an invoicing and online payment software that allows you to create and send invoices, accept payments, generate reports and reconcile transactions for accounting.

Additional services

  • Radius API Banking Sandbox gives you the ability to customize your banking within your operating system.

  • Four business credit card options.

  • SBA loans, including SBA 7(a) loans, SBA 504/CDC loans, SBA Express loans, SBA Export Program loans and SBA Express lines of credit.

  • Commercial real estate and equipment financing.

  • Cash management solutions including deposit and disbursement services, receivables and account management, sweep accounts, fraud prevention and payments.

How to choose a bank for your small business

Here are some things to keep in mind as compare your options:

  • Consider your short- and long-term financial goals. If you think your business’s needs will change drastically in a year, you don’t want to choose a bank that won’t be able to accommodate you after that year.

  • Think about how you prefer to bank. Are you going to turn your search exclusively to brick-and-mortar banks or are online banks an option?

  • Look for the product features or services that are most important to you. If a business checking account is your top priority, narrow down your search to find the best checking account options for your business. On the other hand, if you want to bundle multiple products at once, find a bank that can provide those services.

  • Don’t forget about fees. Make sure you understand the fees associated with any business account and explore multiple options before signing up.

  • Start, but don’t end, your search with your personal bank. According to a 2019 study from BAI, a research and training nonprofit for business owners, 79% of small-business owners reported using the same provider for their personal and business financial services. The same study points out, however, that business owners have a net promoter score, which measures customer satisfaction, of 24, lower than that of general banking consumers, whose net promoter score is 35. While it might be easy to start your search with your personal bank, it might be worth exploring alternative banks as well.

The information related to the Wells Fargo Business Secured Credit Card has been collected by WealthyUpdates and has not been reviewed or provided by the issuer or provider of this product or service.

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