Are you a small business owner looking to find a bank that offers a comprehensive list of services, convenience, and safety? Do you want a bank that offers a brick and mortar in-person option or are you fine with online? Are you looking for a high APY? Or, are you just totally overwhelmed with all of the choices and different options?
No matter where you’re at in your search for a bank to support your small business, read on and let’s see if I can find a bank that best fits your needs.
Overview of the best banks for small businesses
Bank Best for
Azlo Business management extras
Novo Freelancers and those with side-hustles
Chase Business Complete BankingSM Someone who wants an in-person banking experience
BlueVine Earning interest on account balance
Radius Bank Earning rewards (cash back)
CIT Savings Builder Someone looking for a high APY
Axos Bank Business Checking Someone looking for a stellar online bank
Huntington Business Checking 100 Someone located in the Midwest
Azlo is another online-only bank account geared toward small businesses. The basic account is free and offers everything you need to manage your funds. Azlo Pro offers bonus features like invoice sending and tracking, automations, and advanced budgeting.
You’ll get plenty of basic features for free with Azlo Bank. You’ll get unlimited free transactions, funds transfers, mobile deposit, and wire transfers. There are also no fees for insufficient funds transactions. To get the premium features included with a Pro account, you’ll pay $10 per month.
You can manage most of your transactions through the Azlo mobile app, including bill pay and remote check deposit.
With the Pro account, you can send and track invoices and take advantage of a budgeting feature called Azlo Envelopes.
Azlo Bank does not offer an APY on business checking accounts.
All Azlo accounts are insured by the FDIC through Azlo’s partner bank.
ATM Withdrawals and Deposits
Azlo Bank gives you access to ATM withdrawals and deposits at its 55,000 locations. You’ll pay no fees for transactions at these locations.
Novo was built with small business owners in mind. They offer a business checking account that comes with unique, easy-to-use features that are perfect for almost any business or freelancer.
Novo has almost no fees other than an insufficient funds charge of $27. You’ll need just $50 to open an account, though.
Novo takes online banking to the next level. Not only can you deposit checks instantly through their mobile app, and sign up for an account in minutes, but you can also integrate Slack so Novo can send you alerts and you can keep your team updated.
You can also integrate Xero’s accounting software. That way, all of your expenses are automatically recorded for you!
Unfortunately, Novo doesn’t offer any interest on their account, but that’s not unusual for checking accounts. Plus, their banking features may make up for it.
The Novo debit card is EMV chip protected, offering a nice level of security when you make card purchases. Novo is also secured through Norton and McAfree.
Chase Business Complete BankingSM
Opening a Chase Total Business Checking does carry a $15 monthly fee but that fee can be waived. You can check to see which fee you’ll receive when you look to open an account.
There is no transaction fee for the first 100 debits and non-electronic deposits each statement cycle however, you will be charged $0.40 if you surpass the 100. You also get the first $5,000 in cash deposits free per month.
With Introducing Chase Business Complete BankingSM, you have access to several digital tools including online bill pay, paperless statements, and mobile banking.
With this account, it’s easy to access your money with a complimentary debit card and access to 16,000 ATMs and more than 4,700 branches. Plus you get 100 free transactions per month.
There is no APY attached to Chase Business Checking.
Like the other banks on this list, Chase is a member of the FDIC.
A huge advantage with BlueVine is that as soon as you deposit just $1, BlueVine will pay 1.00% APY on balances up to $100,000. Not many other business banks pay interest and so this is definitely a perk that is hard to dismiss. You’ll get all the basics, including electronic transfers, unlimited transfers, and no ATM fees as long as you visit one of 38,000 MoneyPass locations nationwide.
The best thing about BlueVine is that there are no fees. If you have to use an ATM outside of the network, BlueVine won’t rebate the fees the third-party bank charges, but you can use MoneyPass ATMs for free.
You can do everything through the BlueVine mobile app, including transferring money and depositing checks.
BlueVine offers 1.00% APY on balances up to $100,000 as soon as you deposit just $1. This is 20x the national average so a big incentive here.
Your funds are FDIC insured up to $250,000 through The Bancorp Bank.
ATM Withdrawals and Deposits
As long as you use a MoneyPass ATM, your transactions are fee-free. You can look for ATMs in your area through the ATM Locator.
Radius Bank Tailored Checking
Another online lender that offers interest on your balance is Radius Bank Tailored Checking. You can earn interest – yes – with 0.10% APY on balances of $5,000 & up. But on top of that, perhaps the best standout feature here is the unlimited 1% cash back on all purchases made with your Radius Bank debit card. Cash back on a checking account is fairly unprecedented!
There are no monthly service fees with a Radius Bank account. You will pay $25 per item on insufficient funds charges.
Radius Bank makes it easy to open and manage your account, thanks to a completely online banking process.
Radius Bank offers 0.10% APY on balances of $5,000 and more. Again, this is WAY more interest than you are going to find in most places, and is considered 20x the national average.
Each account holder is FDIC insured up to $250,000.
ATM Withdrawals and Deposits
All ATM fees are rebated by Radius Bank, including those charged by third-party ATM owners.
CIT Savings Builder
CIT is an online bank that offers a number of different services from personal and business saving and checking accounts to money market accounts and app德扑圈官方网址home loans.
The CIT Savings Builder is great because there are no account opening or maintenance fees.
Using the CIT Bank mobile app, you can easily make transfers and you’re able to deposit checks remotely.
This is a high yield savings account that offers a base APY of 1.15%. However, if you can maintain a $25,000 balance or commit to adding a monthly deposit of $100 or more than you can earn up to 1.45% APY. According to CIT, their APY rate is more than 19x the national average – that’s pretty impressive.
You can rest easy knowing that your money is safe and sound – CIT Bank is a member of the FDIC. This means your account is insured up to $250,000 per depositor.
No ATM access
One thing to be aware of with this account is that there is no ATM access. In order to take out money, you will need to transfer it to an account that provides ATM access.
Axos Basic Business Checking
Axos is a digital bank that offers its customers a comprehensive banking experience — from checking and savings accounts to app德扑圈官方网址home, auto and personal loans.
With Axos Basic Business Checking account you pay no monthly maintenance fees but require a $1,000 minimum opening balance
There is no charge for domestic ATM fees and you get up to 200 free items per month — this includes debits, credit, or deposits (they cost $.30 after). You also get your first 50 checks free and the account is Quickbooks compatible.
Axos offers a number of digital services for your convenience including access to online banking and their mobile app as well as remote check deposits.
There is no APY attached to the Basic Business Checking account.
Axos Bank has you covered as they are insured by FDIC.
Huntington Business Checking 100
Last on my list (but definitely not least) is Huntington. Huntington offers online banking as well as in-person branches – but only if you live in one of seven midwestern states.
The Huntington Business Checking 100 account offers no monthly maintenance fee and no minimum monthly balance is required.
You are able to make up to $5,000 in cash deposits, free of charge but will pay $0.30 for every $100 you deposit after that.
With Huntington Bank, you can view your account information and online tools using their digital banking tool called “The Hub.” From The Hub, you can monitor your spending, access your balances and monitor and analyze your cash. With their online banking and mobile app, you can do online transfers, pay bills and make deposits.
Huntington bank also offers in-person banking at over 800 branches; however, in-person banks are only located in seven mid-western states. They also offer access to over 1,400 ATM locations.
There is no APY attached to the Huntington Business Checking 100 account.
Huntington Bank is an FDIC member, so you can rest assured that your money is safe.
Summary of the best banks for small businesses
Bank Fees Minimum balance APY In person or online
Azlo None; $10 per month for Azlo Pro None None Online only
Novo None $50 to open an account None Online only
Chase Business Checking Fee Varies
No minimum balance 0% In person and online
BlueVine None None 1.00% APY on balances up to $100,000 Online only
Radius Bank Tailored Checking Account $25 per item for insufficient funds None 0.10% APY on balances of $5,000 & up Online only
CIT Savings Builder No opening or maintenance fee $25,000 minimum balance or $100 monthly deposit.
$100 minimum open deposit
1.45% Online only
Axos Basic Business Checking No monthly fees
No maintenance fees
No overdraft fees
$1,000 minimum opening deposit 0% Online only
Huntington Business Checking 100 No monthly maintenance fees No minimum balance 0% In person (only in select states), and online
What’s the difference between a personal and a business bank account?
It just so happens that there are some extra benefits that come with opening a business bank account including:
- Added protection. A business account offers limited personal liability protection and purchase protection for your customers.
- Line of credit. Many business banks offer you the option to take out a line of credit for your company. So, if you encounter an emergency or require some cash this can be incredibly helpful.
- Additional information required. When it comes to opening a business bank account you will need to provide some additional information such as your Employer Identification Number (EIN) or Social Security number if you’re a sole proprietorship and business license.
Do I need a business bank account for my small business?
It is highly recommended that as a small business owner you have a separate business bank account for the following reasons. First, it helps to keep your business and personal expenses separate.
Second, this separation is extremely useful when it comes time to do your taxes. You don’t want to be sifting through your personal expenses trying to identify a business cost.
Third, having a business account makes you appear more professional and legitimate. And fourth, if your company is legally separate from you, as with an LLC or Corporation, then you need to have a separate account to protect your personal property in case of a lawsuit.
What are some important features to look for in a small business account?
When you start your search for a small business bank account that will best suit your needs consider the following features:
- Fees (maintenance fees, transaction fees, etc.)
- Interest rates for savings and checking accounts.
- Minimum balance requirements.
- Security (FDIC member.)
- Access to ATMs.
- Online vs. in person.
- Card options (is a debit or credit card available.)
If you are thinking about starting a small business, or you already own a small business, it’s important that you have a separate business account.
This article has outlined some of the best small business bank accounts that offer a broad spectrum of features from online and in-person access, to high APY accounts, and low fee accounts. We hope you find an account that fits all of your small business needs!