The right bank can also assist you in accomplishing your objectives and simplify the management of your organization. So here's a list of some US banks you can try out.
A business banking account serves more purposes than only acting as a repository for company funds. The right bank can also assist you in accomplishing your objectives and simplify the management of your organization.
Top 10 Best Banks for Business in the US
Your business's success depends on choosing the correct bank account. Utilize this advice to reduce your selections and choose the best business bank account.
The first step is choosing the right bank type for your small business. Three main categories of banks exist:
National banks: are large banks with numerous locations and ATMs all over the country. They are practical and typically provide more services and goods. For businesses that are more established, this can be a wise decision.
Local bank: A local bank or credit union may be more advantageous for small enterprises. A smaller bank is more likely to be interested in supporting the expansion of nearby companies.
Online banks are an excellent choice for freelancers or online enterprises that don't require cash deposits. Fewer rules and costs apply to online banks. Additionally, they frequently provide more excellent interest rates.
Do you have a business, but you're seeking the best US bank to sign up for? Search no more, as this article is here to enlighten you on banks that best suit your business. Below is a list of the Top 10 Best Banks for Business in the US.
Chase
If you're a small-business owner seeking a typical banking experience, Chase is your best choice. In addition to having facilities throughout the country, Chase also offers some of the most effective online and mobile banking services.
For business credit cards, Chase is a beautiful bank. High-value rewards are available with Chase Ink Business Preferred that can be applied to free and reduced travel. In addition, it is simpler to manage everything with one online banking login if your checking and savings accounts are in the exact location.
However, you can incur charges if your small business doesn't keep a $2,000 minimum balance.
Chase wins because it provides everything your company requires, including a wide selection of locations, reliable business credit card options, and great online and mobile banking platforms.
Pros
- Locations throughout the nation
- Prestigious credit cards with rewards
- Banking online
Cons
- The minimum balance to avoid costs is $2,000
Axos Bank: Best For Online-Only Checking
For the finest online checking account for small businesses, Axos Bank ranks better. When it first started in 2000, Axos Bank was a pioneer in online-only banking in the United States. The organization has a lot of expertise in offering financial services to business and private clients.
The Business Interest Checking account is cost-free and has an average daily balance of $5,000. You will need to pay a $10 monthly fee otherwise. Unfortunately, the report only allows up to 50 free transactions per month, making it unsuitable for larger companies requiring many transactions or startups with small daily balances.
But it also offers fantastic online and mobile banking alternatives and pays interest, which is now 1.01% APY.
Axos provides up to 200 free things each month, a primary business checking account without a monthly cost, and other freebies. Depending on your needs, this can be superior to the Business Interest Checking account.
In addition to
The U.S.
, a full range of cash management services, and money market and savings accounts for businesses; Axos also provides these options.
However, you'll need to search elsewhere if your small business demands cash deposits. Every purchase is completed online.
Not only for online banks—any bank would find it rather impressive. Consider Axos Bank if your small business requires just online transactions.
Pros
- A pioneer in banking exclusively online
- Two hundred free transactions per month are included with a basic business checking account.
- Businesses have access to money markets and savings accounts.
- The Business Interest Checking Account offers 1.01% APY.
Cons
- Only 50 transactions are free per month with the Business Interest Checking Account.
Navy Federal Credit Union
Credit unions are organizations that are not for profit. This indicates that they typically offer better interest rates on savings than for-profit banks and charge lesser costs.
Navy Federal Credit Union provides excellent business banking services for various small enterprises.
These consist of loans, credit cards, payment processing, retirement plans for you and your employees, company checking and savings accounts, and even retirement plans.
First, you must sign up as a business member to open a bank account with Navy Federal.
You must be an active-duty military service member, a veteran, have connections to the Department of Defense, or have a member of your immediate family who is a member of the Navy Federal to qualify for this benefit.
To begin as a business member, you will also require a $250 opening deposit for sole proprietorships or a $255 opening deposit for corporate entities. Additionally, you must already be a regular credit union member, which calls for a $5 deposit into a savings account.
However, if you satisfy the membership requirements, take advantage of the chance to save money with a business savings and checking account at Navy Federal.
Credit unions are often more aimed toward consumers than businesses.
Pros
- Offers loans, credit cards, payment processing, and business checking and savings accounts.
- Insurance and retirement benefits for business owners and their staff.
- More excellent interest rates than for-profit banks and lower costs
Cons
- Veterans, active-duty personnel, employees of the Department of Defense, and members of their immediate families are only accepted.
Wells Fargo: BEST FOR NUMBER OF BRANCHES
Wells Fargo was assessed a $185 million punishment by the Consumer Financial Protection Bureau for establishing millions of checking and savings accounts without authorization between 2011 and 2016. In addition, the bank is still being sued for an estimated $2.7 billion in criminal and civil cases.
Because it has more locations than any other bank in the US, Wells Fargo is our top pick for several branches' best small business bank. It also has an extensive network of ATMs.
Wells Fargo is one of the biggest Small Business Administration lenders for SBA loans, in addition to having a lot of locations.
Three separate business checking accounts are available from Wells Fargo. These accounts include monthly fees, but you may avoid them by maintaining a minimum level. For example, to avoid costs, the Initiate Business Checking Account requires a minimum deposit of $500.
Wells Fargo provides almost every service your company would require because of its size. This covers services for business taxes, payroll, and human resources.
Wells Fargo is one of your finest options if your small business needs a lot of cash. You can deposit money at the largest branch network and withdraw cash from its extensive network of ATMs without paying a fee.
Pros
- More locations than any other bank in the country
- The best bank for Small Business Administration loans
- Provides payroll, human resource, and corporate tax services.
Cons
- The Consumer Financial Protection Bureau penalized Wells Fargo $185 million for creating millions of bogus accounts between 2011 and 2016.
- Every business account has a monthly fee.
M&T Bank: Best for business analysis
Take M&T Bank into consideration for your small business banking if you reside on the East Coast. M&T has 700 locations across Massachusetts, New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Washington, D.C., Virginia, West Virginia, and the District of Columbia.
Relationship managers at M&T Bank can assist you with more than just opening bank accounts and resolving customer service issues. These bankers thoroughly examine your company's finances to help you better comprehend them and achieve the best small business success.
Because of these relationship managers, M&T is our choice for the finest bank for business analysis.
M&T Bank claims to be one of the top 10 SBA lenders and provides a selection of bank accounts. Five different checking alternatives could work for most small businesses, in addition to specialized charges for the healthcare and professional services sectors.
The most significant drawback is that most accounts require you to keep a large balance to avoid fees. For example, you must keep a $2,500 average balance in your basic Simple Checking for a Business account to avoid paying the $10 monthly fee.
Pros
- Relationship managers assess your needs as a small business.
- Five options for checking accounts to suit the needs of most businesses
Cons
- Only accessible in 11 East Coast states
- To avoid a $10 monthly fee for the Simple Checking for Business account, keep an average balance of $2,500.
Novo Bank: Best for small online startups
Small business owners and entrepreneurs can bank online for free with Novo. There are no ongoing costs. The fact that Novo interfaces with countless well-known business technologies, including Shopify, QuickBooks, HubSpot, Google Ads, Slack, and others, set it apart from the competition.
Along with your banking, everything may be found in one location. Additionally, it provides special discounts on well-known commercial services. Examples include $300 in Google Cloud credit and $20,000 in fee-free Stripe card processing.
You may build 10 Reserves, which is another fantastic feature. This aids in managing your cash flow so you may set money aside for things like taxes or significant business needs.
Novo does not check their credit history. Therefore, having a Novo account won't influence your credit score.
Pros:
- Make as many as five reserves.
- Numerous integrations
- Using the Novo app, you can send paper checks for nothing.
Cons:
- No overdraft defense. Overdrafts are $27 each.
- No deposits in cash
- Wires cannot be sent. Only the Wise integration allows you to send international money transfers.
Bluevine
Because of its high-interest rate, Bluevine is well-known. It's a straightforward business checking account with unlimited transactions and no monthly fees. If you accomplish one of the following, you can obtain the high APY:
Use your Bluevine business debit card to attain $500 each month, OR Get monthly payments from customers of $2,500.
You can create two free subaccounts, but no business savings account exists. Your subaccount balances are also eligible for interest (up to $100k on the total sum of all charges).
Additionally, it enables cash deposits at more than 90,000 GreenDot merchants (albeit there is a fee). Despite being an online-only bank, it is convenient because it accepts cash deposits and has many accessible ATMs.
Additionally, Bluevine provides a $250k flexible company line of credit.
Pros:
- Possibility of earning a high APY and two free checks
- No charges for inbound wires or overdrafts
- Cash deposits accepted
Cons:
- Integrated only with Quickbooks
- Low ratings for mobile apps (complaints about login and mobile check deposit issues)
Capital One
Capital One is an excellent option for companies with a high volume of monthly transactions. In addition, digital transactions are unrestricted with Basic Business Checking.
Capital One is also well known for its business credit cards. It features a wide selection of credit cards that give cash back or travel benefits. Additionally, there are no overseas transaction fees on any Capital One credit card.
Pros:
- Unlimited transactions without fees
- Access to Allpoint and Moneypass ATMs is free.
- Excellent credit cards for small businesses
Cons:
- For business checking accounts, a more excellent minimum balance is required.
- Limited in locations within the country
- Applying in person might be necessary.
Northlane: User-friendly features
A digital business checking platform, NorthOne is made for startups, freelancers, and companies. The $10 monthly subscription has some of the most comprehensive features, even though it cannot be waived.
An infinite number of "envelopes" function as savings accounts. You can design rules to automatically put money into your envelopes (either a percentage of every payment or a set amount on a recurring schedule).
The free invoice maker is another excellent feature. This enables you to make and send expert invoices directly from the app. Additionally, you can deposit cash at Green Dot shops if you need to.
Additionally, it offers a ton of connectors, such as those with Quickbooks, Gusto, Wave, Shopify, Square, Amazon, and many others.
Pros:
- Countless envelopes
- Being able to deposit money
- No fines for overdrafts
- Many different digital integrations
Cons:
- The $10 monthly fee is non-refundable.
- Lack of check-writing
- Only one debit card is allowed; foreign wire transfers cannot be sent or received.
LENDING CLUB
An excellent business checking account is available from LendingClub (formerly Radius Bank), an online-only bank. An unlimited 1% reward on debit card transactions is available with the Tailored Checking account (for balances of at least $500). Also, you can get an APY of up to 1.50%.
The use of ATMs is accessible everywhere. Either the MoneyPass or Sum network's deposit-accepting ATMs allow cash deposits. You must have a website or active social media account to apply to LendingClub.
Pros:
- A worldwide network of accessible ATMs
- Quicken, Quickbooks, and Mint integration
- SBA offers a range of loan options
Cons:
- A balance of a certain amount is necessary to avoid the monthly maintenance cost.