10 Best Banks for Small Business 2023

There are thousands of banks in the United States, many with thousands of branches, and they all want your business—or in this case, your business’s business. So how are you supposed to find the best bank for your business?

We carefully put these rankings together after comparing banking fees, availability, customer reviews, and more at dozens of banks for business. And while we found that Bluevine offers the best overall value (with free checking and high-yield savings), we’ve got 10 great recommendations for you.

Ready to find your new bank?

We’ve found some great banks for all kinds of business needs―but if you’re having a tough time narrowing down your choices, we’ve got some advice.

• First, ask yourself whether you prefer online or in-person banking. Many cash-handling businesses prefer traditional banks for the ease of deposits, while online retailers and freelancers often prefer the affordability of online banking.
• Next, think about what kind of banking services you need. Do you just need a checking account, in which case most banks can meet your needs? Or will you want specialized savings, a business credit card, and maybe even merchant services―meaning you need a more robust bank?
• Of course, you’ll also want to think about factors like cost (including monthly fees, transaction fees, deposits fees, and more), availability in your location, and more.

And then, before you know it, you’ll have picked the perfect bank for your business needs.

Just looking for a great, all-around checking account? That’s Bluevine, which dishes out our top-rated small-business checking account.

It starts with no-fee checking. That means no maintenance fees, transaction fees, or ATM fees (as long as you stay with the 38,000 in-network ATMs).

Bluevine also allows you to earn interest (assuming you meet some conditions) at a very competitive 2.0% rate on your original account — up to a $250,000 balance — and up to five sub-accounts, for a total of six accounts. This allows you to get more value from your already free banking. Plus, it makes it easier to budget and separate different types of funding, like payroll, taxes, and profits.

Top it off with easy cash deposits (at any Green Dot location), free checkbooks when you open an account, and generally positive customer reviews, and you’ve got one great checking account.

So while Bluevine may not offer full-service banking (at least not yet), its checking account alone makes it a great banking option.

If your business is just you, we suggest taking a look at Lili.

Lili offers excellent financial tools and services for solopreneurs and freelancers. You can set up a tax bucket, for instance, and automatically set aside money to go toward self-employment taxes. Or you can use its invoicing creator to quickly create and send professional invoices. 

The accounts themselves look great too. Lili has a free checking account, or you can upgrade to get savings (and access to all Lili’s cool tools) and get a fabulous 1.5% APY on your account balance.

Lili now accepts all business types, but you do still have to pay a small monthly fee for the best features. Given how much Lili can simplify your life as solopreneur, though, we think you’ll find the cost worthwhile.

Kabbage is one of a handful of business banks (including Bluevine) that offers interest-bearing checking accounts for business―and it has close to the best rates. Right now, Kabbage offers 1.1% APY (annual percentage rate) on small-business checking accounts. Plus, Kabbage has a pretty decent small-business bank account even when you set aside the interest thing. Like many online banks, Kabbage doesn’t charge typical banking fees, and it’s available all across the nation.

That makes Kabbage good for business checking with top-notch interest rates.

Like the idea of online banking, but want more than basic checking and savings? LendingClub Banking offers the full service of a traditional bank with the convenience and savings of an online bank.

LendingClub Banking has basic business checking, yes. But it also has other kinds of checking (Iike analyzed checking), money market accounts, SBA business loans, business credit cards, merchant services, and more. Even escrow services. In other words, it has all the products and services you’d expect from a full-service brick-and-mortar bank.

But LendingClub Banking also offers the kinds of cool perks that are typical of online banks―like a 1% cash back debit card, no transaction fees, and even interest on your checking account balance (though just a 0.1% rate, and only on balances over $5,000).

All of which is to say that if you want the features of a traditional bank with the perks of an online bank, LendingClub Banking has the banking experience you’re looking for.

Found is an all-in-one online platform tailored to the specific needs of freelancers. It allows you to bank, send and receive invoices, and care for your bookkeeping and taxes all for free. 

Found knows that freelancers don't always get paid through the weekly check in the mail. Found makes it possible for freelancers to accept payments from anyone anywhere using their favorite apps like Venmo and PayPal. The best part, all payments will be transferred to your Found account within two days. 

Haven’t seen the right bank for your business yet? Then take a look at these other great options. 

KeyBank provides the best value for businesses that deal with lots of cash. That’s because KeyBank has the highest amount of free cash deposits we saw on business checking accounts—a whopping $25,000. And if you end up depositing more cash than that (lucky you), KeyBank has some of the lowest cash deposit fees out there. 

So if your business has you raking in the Benjamins (and the Washingtons, Lincolns, Hamiltons, and Grants), then KeyBank’s cash-friendly accounts might be right for you.

Citizen is one of a handful of recommended banks that offers 24/7 customer service for all your business needs. Plus, Citizens gives you the most options for getting in touch with customer service. Want to talk on the phone? Go for it. Prefer to take your time with an email? Awesome. Wish you could post questions in a public forum and get expert answers from business bankers? You can do that. Like making a fuss on Twitter? Yep, that’s an option too. 

In other words, if you’re the kind of business owner that tends to keep customer support on speed dial, Citizens has your back.

While TD Bank is an all-around solid bank, its flexible business hours really make it stand out. You’ll find TD Bank branches that open as early as 8:30 a.m. and close as late as 6 p.m. Plus, some locations are open on weekends. Throw in the fact that TD Bank stays open for certain holidays (including Presidents Day, Columbus Day, and Veterans Day), and you’ve got a bank that lets you do your banking when it works for you.

So if you’d like more flexibility with your in-person banking, TD Bank is worth considering.

Most of the banks on this list offer more than just checking and savings accounts (Kabbage and Bluevine excepted), but Huntington Bank goes above and beyond in offering other business services. It’s not a stretch to say that Huntington could be your one-stop shop for almost everything business. Because, while Huntington has the usual services (like loans, credit cards, and merchant services), it also offers some surprising products. For example, Huntington has various kinds of business insurance and a suite of cybersecurity services. 

If you’re the kind of person that likes to keep all your accounts in one place, Huntington should be your first (and possibly your last) stop.

Let's cut to the chase: Axos Bank isn't the most elaborate. For example, it doesn't offer business credit cards (although it does offer lines of credit).

So why do we still love them? Because this simple approach to business banking is spectacular for mom-and-pops and new entrepreneurs needing something easy to wrangle. All the basics are included, such as fee-free checking and savings accounts.

But you'll also enjoy personal banking products, too, like mortgages, brokerage accounts, and auto loans. This is perfect for local, small business owners wanting a one-stop-shop for their financial needs, instead of something more complex and confusing.

There are a lot of banks out there, but we think Bluevine is the best for most businesses thanks to its excellent pricing and interest-earning opportunities.

If you’re a solopreneur, though, you may prefer Lili’s excellent tools for freelancers and teams of one. For an online bank that can compete with brick-and-mortar banks, LendingClub Banking has the most comprehensive online banking we’ve found. Or if you just want a checking account, Kabbage's next-to-best free interest-bearing account would be a good fit. And for business owners that want to do their personal banking alongside their business banking, NBKC has great options for both.

Whether you prefer online or in-person banking, run a cash-based or credit card–based business, or have lots of money on hand or just a little, one of our favorite banks should meet your business needs.

Now that you’ve found the right bank for your business, check out the best accounting services so you can keep your business’s finances in order.

We looked at more than 30 online and traditional banks to get our rankings of the best banks for small business. We scored banks on factors including business bank account availability and costs, customer reviews, branch and ATM locations, and more.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.