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It might not be the first thing that comes to mind when you think about starting up your business, but choosing which bank to work with is a vital part of your daily business dealings. 

For that reason, it’s important to invest the time and energy in finding a bank that works for you and your business. 

You should consider:

  • How many monthly deposits do you make?
  • Do you need funding in the form of a business or real estate loan?
  • Are the number of available physical branches important to your business?
  • How often do you use mobile banking?

The only problem is, there are a lot of banks out there, and with all of them vying for your business, so it’s hard figuring out which one is best for you. 

That’s the purpose of this guide. 

Below, we’ll take you through each of the best banks based on a variety of factors including:

  • Number of branches
  • Fees
  • Online-only checking option
  • Monthly transactions
  • And the best credit unions

So, let’s get to it:

best banks for small business

Best for low fee checking: Bank of America

A mainstay in top small business banking lists, Bank of America is known for having high customer satisfaction ratings compared to most other major banks (with only Chase consistently beating it out).

However, one of its most notable features is its low-cost small business checking account.

Bofa business checking accounts have an $18 fee, but they offer numerous ways to avoid said fee, including:

  • $5,000 average monthly balance
  • $3,000 minimum daily balance
  • $15,000 combined average of all linked BofA accounts
  • Or, most notably: if you charge just $250 monthly to a business debit or credit card

That last one, in particular, makes it incredibly easy to avoid the monthly fee. 

Combine that with the fact that all BofA business checking accounts offer free cash deposits and free online and mobile banking, and BofA is the stand-out winner for the lowest fees for any small business checking account. 

Best for number of ATMs and branches: Wells Fargo

If a vast network of ATMs at your fingertips is important to you, Wells Fargo is a choice to consider. 

It’s worth noting that they have the lowest approval rating on average compared to any other major bank.

However, with more branches than any bank in the nation, you can’t argue with their convenience. 

Wells Fargo also offers no-fee withdrawals from its network of branches, which serves as a nice compliment. 

It’s also worth noting that their Simple Business Checking Account offers the option to avoid fees by maintaining a low minimum balance of just $500, which is far better than BofA’s $5,000 (though their $250 monthly debits is still king above that).

Like BofA, Wells Fargo also offers a wide variety of small business lending products. 

In fact, it’s the largest Small Business Administration (SBA) lender in the country, offering more SBA loans than any other major bank. 

However, it’s important to mention that you won’t get competitive rates compared to most local credit unions, which is usually the first place you should start if you’re looking for funding from a local bank. 

Best credit union: Navy Federal Credit Union

Often reported as one of the highest-rated credit unions in the country, the Navy Federal Credit Union (NFCU) was originally founded to serve the U.S. Armed Forces.

However, it now serves civilian individuals and business owners throughout the country with a variety of services.


  • Business checking
  • Savings
  • Business loans
  • Credit cards 
  • And employee benefits such as insurance and retirement 

The NFCU is known for its stellar customer service record, above and beyond even the average credit union, but that’s only a part of why they’re on this list. 

What makes credit unions in general so notable is that, partly because they’re not-for-profit entities, interest rates and fees tend to be lower. 

And that’s the case for the NFCU, who offer everything from term loans to business lines of credit at affordable rates.

The only drawback is that you need to be a member first to take advantage of any of their offerings (typical for all credit unions).

Also, to become a business member, you must first become a personal member first then apply to become a business member (along with a $100 opening deposit). 

However, all things considered, the benefits you get far outweigh the drawbacks. 

Best digital (online-only) checking: Azlo

Countless new digital banking options have sprouted up over the years, but few have reached the heights of online bank Azlo

Born from the digital boom that saw freelance and entrepreneurialism explode online, digital or online-only banking offers a convenient option for solo business owners to manage their banking online without ever having to step into a physical branch. 

Best banks for small business

Azlo, in particular, stands apart from other online banking options for one big reason: there are little to no fees.

With Azlo’s small business checking account, there no fees for:

  • ATM use
  • Domestic and international wire transfers
  • ACH transfers

They also offer mobile check depositing and minimum balance or basic checking fee.

Overall, their lack of extensive and confusing fees makes Azlo refreshingly transparent when compared to the average major bank. 

best banks for small business

Best for high monthly transactions: Capital One

If you tend to pull a high number of monthly transactions, Capital One is a great option. 

Some banks will often either put a restriction on your number of transactions or add unnecessary fees that make those frequent transactions more of a challenge (or at the very least, eat into your bottom line).

Capital One’s small business checking account options, on the other hand, have no such cap. 

Their Spark Business Basic Checking account offers:

  • Unlimited monthly transactions
  • No fee on deposits up to $5,000
  • $15 service fee that’s easily avoidable, either by having three or more Capital One products or by maintaining an average balance of $2,000 over either a 30 or 90-day period

With a Spark business account, you also get access to a collection of financial management tools that can help you better manage your business’s cash flow. 

All of that combined makes Capital One’s business checking options a great fit for any small business owner, especially if you make frequent transactions and/or high-value deposits.

best banks for small business

Best overall: Chase Bank

Consistently rated highest in customer satisfaction, Chase Bank stands atop the collective.


Besides customer service, there’s no one thing that sticks out about Chase compared to other major banks such as Wells Fargo and BofA. 

It’s a collection of several different factors that, taken together, that help it securely take its spot at the top. 

According to Consumer Reports:

“Banking surveys, such as one from J.D. Power, also shows that many consumers appreciated Chase’s ATM and branch network, and mobile and online services, as well as the quality, clarity, and relevance on the advice provided about financial products it offers.”

One of the more notable features of Chase’s business checking is that it offers no checking fees if you maintain a balance of just $1,500, low relative to competitors such as BofA’s $5,000. 

Not to mention, Chase’s mobile banking app and mobile check deposit functionality are both highly rated (which says a lot considering most major bank’s mobile apps, including BofA’s, are ridden with issues).

Another notable mention is Chase’s Ink Business credit card, which has a great rewards program and a consistently high rating.

That’s not to mention the transparent presentation of Chase’s credit products themselves, which makes shopping for a business credit card if you bank with Chase an all-around pleasant experience. 

Add on top of that the fact that with 16,000 combined branches and ATMs, Chase has one of the largest networks nationwide, and you’ve got the overall best bank in the country for small business. 

Best banks by state

While the above are the best overall banks for small businesses throughout the country, we couldn’t end this list without giving you a list of the best banks by state.

The reality is, while the list above gives you a general idea of which banks are best to go to for certain features and aspects of small business banking, the best offerings vary wildly by state.

And they’re local credit unions, not big banks.

So, without further ado, here are some of the best banks by state:

Best in Maryland, West Virginia, and Pennsylvania: First Peoples Community Credit Union

Founded in 1959 under the Amcell Corporation, First People’s Community Credit Union currently serves over 30,000 members in and around the Maryland area as well as parts of Pennsylvania and West Virginia.

FPC is best known for its convenient digital and local branch services, a rare combination for a local credit union. 

Best in Minnesota and Illinois: BCU Credit Union

Originally founded to serve Baxter Healthcare more than forty years ago, BCU Credit Union was recently rated as one of the most loved banks in both the Minnesota and Illinois area. 

Best in Massachusetts and New Hampshire: Digital Federal Credit Union

Founded in 1979, Digital Federal Credit Union or DCU started out serving the New England area then branched off to the greater Massachusetts as well as the New Hampshire area. 

Many customers cite their reliable customer service, with the only drawback being slightly lower interest rates on accounts compared to similar credit unions. 

Best in Utah and Idaho: Mountain America Credit Union

Known partly for their mortgage program and high customer service rating, Mountain America Credit Union (or MACU) was recently rated the bank in Utah as well as in the top five in Idaho. 

Best in Texas and Colorado: Security Service Federal Credit Union

Known for its low rates and good auto loans, Security Service Federal Credit Union was recently ranked as one of the top banks in both Colorado and Texas. 

Best in Wisconsin, Kentucky, and Michigan: Huntington Bank

Huntington has long been a favorite throughout Columbus, Ohio. However, it’s now expanded far beyond its roots and become a top-rated bank in:

  • Ohio
  • Kentucky,
  • Wisconsin
  • Michigan 
  • Pennsylvania

In fact, no other bank in the country is rated number one in more than one state, something that Huntington has accomplished and then some. 

A unique feature of Huntington compared to most local banks is that it’s investing heavily in AI tech, including updates to its app that will notify its customers when their spending increases and isn’t likely to cover their future balance.

Best in Virginia, Louisiana, and Delaware: Capital One

Finally, major bank Capital One is one of the only major financial institutions to be rated highly in multiple states, even compared to credit unions.

It was ranked among the best banks in:

  • Virginia
  • Louisiana
  • Delaware
  • Maryland
  • And Washington, D.C. 

Capital One is particularly strong when it comes to digital resources, boasting one of the highest-rated apps among major banks, and offering a great digital-only banking service.

The best bank for small business is the bank that serves you

You have a lot to choose from when it comes to picking a bank for your small business.

It might feel a bit overwhelming having to look through countless features, options, and resources just to decide which bank to go with.

However, the bank you choose to work with plays an important role in the daily operation of your business, so it’s an important choice you need to invest some time and energy into.