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
Novo Freelancers and those with side-hustles
Chase Business Checking Someone who wants an in-person banking experience
Capital One Performance Savings Someone who is looking for strong customer support and service
CIT Savings Builder Someone looking for a high APY
Chime Someone looking for minimal fees
Ally Online Saving Someone looking for no monthly maintenance fees and no minimum balance requirements
Axos Bank Business Checking Someone looking for a stellar online bank
Huntington Business Checking 100 Someone located in the Midwest
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 Total Business Checking®
Chase offers in-person and online options. Whether you’re looking to open a personal or business account, credit card, or take out a loan they offer a total banking experience.
Opening a Chase Total Business Checking account will cost you $15 per month unless you can maintain a minimum daily balance of $1500 or more, or if you maintain a linked personal account like the Chase Private Client or Chase Sapphire personal account – then it’s free!
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 a Chase Total Business Checking account, 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 nearly 4,900 branches. Plus you get 100 free transactions per month.
There is no APY attached to the Chase Total Business Checking account
Like the other banks on this list, Chase is a member of the FDIC.
Capital One 360 Performance Savings
Capital One offers an array of different products and services from checking and savings accounts, to auto loans, and business accounts.
With brick and mortar and online options, they offer a banking experience that will meet the needs of pretty much anyone.
If you’re looking for a high yield, fee-free bank account that doesn’t require a minimum for you to open the account, or maintain it – then the Capital One 360 Performance Savings might be the right account for you.
The Capital One 360 Performance Savings account is super convenient and can be opened in a manner of minutes, either in person at a branch, online or at a Capital One Cafe.
Other features of this account include 24/7 access to your money using the Capital One mobile banking app. With the Capital One app, you can achieve all of your mobile banking tasks on the go — from account transfers, digital bill payments, and mobile check deposits.
Transfers and withdrawals
Be aware that you can only make six free transfers or withdrawals per month and this includes internal transfers (from other Capital One accounts). The limit to six transfers and withdraws is standard across most bank accounts. If you see yourself doing more transfers or withdrawals you might want to look into their 360 checking account which has no limits.
You can feel good about putting your money into a Capital One 360 Performance Savings Account as it is insured by the Federal Deposit Insurance Corporation (FDIC) up to allowable limits.
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.
Chime is an online bank that offers spending and savings accounts. They are very transparent about fees because they really don’t charge that many fees.
If you don’t like to pay fees then Chime sounds like a good fit for you. Chime offers its users:
- No monthly maintenance fees.
- No minimum balance fees.
- No monthly service fees.
- No overdraft fees.
- No deposit required.
- No foreign transaction fees.
- Access to over 38,000+ fee-free MoneyPass® and Visa® Plus Alliance ATMs.
The only thing you will be charged for is a $2.50 charge if you use an ATM that is out of their network, but this is pretty standard.
The Chime banking app provides all of the digital services you could want. You can deposit a check by snapping a quick picture, do automatic money transfers and even transfer money from your bank account to your credit card or investment accounts.
With a Chime account, you can receive a payment as much as two days sooner than you would with a traditional bank if you set up direct deposit.
If you like using mobile payment apps then you’ll be happy to know that Chime supports Apple Pay, Google Pay, and Samsung Pay. So, if you forget your wallet at app德扑圈官方网址home, no big deal!
You can earn 1.10% APY on your savings. While this is still much more than the national average it’s not as high as some of the other banks on this list. However, you don’t need to maintain any account balance to receive this rate.
Chimes automatic savings feature
Chime offers a feature that allows you to automatically round up each transaction you make using your Chime Visa® Debit Card to the nearest dollar. The rounded-up amounts are moved from your spending account (checking account) to your savings account.
You can also use their “save when you get paid” feature which allows you to automatically save a percentage of each of your paychecks.
You can rest assured that your funds will be safe with Chime as deposits are insured up to $250,000 through their various partnerships (Bancorp Bank or Stride Bank) and they are FDIC members.
Ally Online Savings Account
Ally is another online-only bank that offers a variety of saving and checking accounts.
Ally doesn’t charge any monthly maintenance fees and doesn’t require a minimum balance.
With the Ally banking app, you can access your personal banking information anytime, anywhere. You can also deposit checks remotely, do e-transfers and set up direct deposits.
Ally also allows you to organize your savings into different buckets making it easy to set aside money for different purposes or goals.
The Ally Online Savings account offers an APY of 1.60%.
Don’t worry about your money, your deposits with Ally are insured by FDIC up to the max amount allowed by law.
No direct deposits into a savings account
Similar to many online-only banks, you can’t make a direct cash deposit into your account. You will have to transfer money from another account, remote deposit a check using Ally eCheck Deposit℠, do a wire transfer or mail a check.
If you want to have quicker access to your money you can always sign up for an Ally money market account which provides you with a debit card and checks.
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
Novo None $50 to open an account None Online only
Chase Total Business Checking $15 per month
$0 per month if you maintain a min daily balance of $1500 OR if you maintain a linked Chase Private Client Checkings or Chase Sapphire Checking personal account
No minimum balance 0% In person and online
Capital One Performance Savings Fee free No minimum balance to open or maintain account 1.70% 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
Chime No monthly fees
No maintenance fees
No overdraft fees
No minimum balance 1.10% Online only
Ally Online Savings No monthly maintenance fees No minimum balance 1.60% 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!