Best Banks for Small Business of 2025

NerdWallet’s picks: The best banks for small-business owners

To choose the banks on this list, I did the following:

• Started with FDIC-insured banks and NCUA-insured credit unions. I looked at the 50+ with business checking accounts we rate. I included fintech companies with FDIC-insured partners, though only our top-rated fintech, Bluevine, made the final cut.

• Considered how broad their reach is. This refers to both service area and products. I removed regional options, though your local bank is always worth a look. Then, I focused on great services beyond a checking account. That includes things like offering a high APY or easy-to-use merchant services, as well as being a preferred SBA lender.

• Talked to business owners and bankers. The relationship between a business owner and their bank is an important one. To learn more about how to weight it, I spoke to business owners who use all sorts of banks. I also interviewed business bankers at Bank of America and Five Star Bank and product managers at Bluevine, Lili, Mercury and Relay.

I’ve arranged these banks in order of NerdWallet’s star rating for their business checking account, since that’s what business owners are likely to interact with most often. But our top picks all offer several services, which are highlighted.

✅ Why we like it: American Express’s online business checking account is stellar — it comes with a solid APY, ATM withdrawals and 24/7 customer support. They also offer well regarded business lines of credit and credit cards.

🚫 Look elsewhere if: Your business takes many payments in cash (AmEx doesn’t accept cash deposits).

✅ Why we like it: Bluevine is a technology company, not a bank, but customer funds are held on deposit with Coastal Community Bank and protected by FDIC insurance. Its business checking account offers a competitive APY, and once you’re a customer, Bluevine may offer perks like lower rates on its line of credit.

🚫 Look elsewhere if: You want access to branches or aren’t comfortable banking with a fintech company.

✅ Why we like it: Grasshopper is a great choice for startups seeking a free online business checking account — it pays interest and cash back on your debit card purchases — as well as financing options, including SBA loans.

🚫 Look elsewhere if: Your business uses cash, as Grasshopper doesn’t accept cash deposits.

✅ Why we like it: Axos’s business savings account offers a high APY and a massive amount of FDIC insurance. Its online business checking account is worth a look, too, especially for businesses that use cash. Both offer sign-up bonuses.

🚫 Look elsewhere if: You frequently do app-based banking — Axos’s app isn’t particularly well rated.

✅ Why we like it: NBKC’s online business checking account charges very few fees while still delivering plenty of value. The bank also has a money market account that pays a competitive APY.

🚫 Look elsewhere if: You want access to a branch and don’t live in the Kansas City area.

✅ Why we like it: Chase stands out for its payment processing services, which are available at no additional charge to its business checking accounts, and its top-rated business credit cards. It also has a presence in 48 U.S. states and Washington, D.C.

🚫 Look elsewhere if: You want to avoid fees on your checking account (Chase charges them for many services).

✅ Why we like it: U.S. Bank stands out for offering a free business checking account. The bank also has merchant services and plenty of additional services, including loans, business cards and discounts on payroll software.

🚫 Look elsewhere if: You want to avoid typical brick-and-mortar bank fees.

✅ Why we like it: Bank of America rewards loyalty: Business checking customers may qualify for perks across its product line, including higher rewards rates on credit cards and discounts on loans and payment processing.

🚫 Look elsewhere if: You want to avoid fees — Bank of America’s business checking account, like those at Chase and most at brick-and-mortar banks, charges many.

✅ Why we like it: Capital One is the rare brick-and-mortar bank to offer a business checking account with no excess transaction fees. There are no fees to deposit cash at ATMs, no matter the volume. Its suite of business credit cards is highly regarded, too.

🚫 Look elsewhere if: You live outside CapOne’s service area and want to visit branches in person. (Fee-free ATMs are available nationwide, though.)

✅ Why we like it: Navy Federal Credit Union offers business owners with military affiliations all the banking basics, including checking and savings accounts, credit cards and loans.

🚫 Look elsewhere if: You or one of your business partners can’t qualify for membership. Veterans, current or retired members of the U.S. armed forces, the National Guard, Department of Defense employees, as well as family members of those groups, are eligible.

✅ Why we like it: Live Oak offers an excellent business savings account and is a top SBA 7(a) lender.

🚫 Look elsewhere if: You take payments in cash (Live Oak doesn’t accept cash deposits) or you often do app-based banking (Live Oak’s app has relatively low ratings).

How to choose a bank for your small business

Follow these steps while you’re choosing your business bank.

1. Start with a checking account

Above all, using your checking account should be easy. Look for one that offers:

• No monthly maintenance fee, or one that is easy for you to waive by maintaining the required minimum balance. 

• Access to the ATMs and branches you need.

• A simple, useful online dashboard and mobile app.

• Customer service you can get a hold of when you have an urgent problem, like a frozen account.

• Easy money movement via unlimited electronic debit transactions. Fees should be manageable on other transactions, like wire transfers and cash deposits.

Everything else is a cherry on top. That might mean interest on your balances, a banker you know personally or software that makes running your business easier.

Just need a checking account to get started? Here are our top picks. You can always shop around for a deeper banking relationship after your business is up and running.

Many of these accounts come with easy-to-use software — one less thing to focus on while you’re getting started. Their tools often let you send invoices, manage your books and accept payments from customers.

The drawback: You can’t pop into a branch when you have a complicated question. Some online banks assign dedicated bankers or customer support representatives to accountholders; others don’t. If that relationship is important to you, email the fintech company before signing up to ask what they offer. Again, you can always switch banks down the road.

If you’re considering a credit union or brick-and-mortar bank, try to meet a member of their team face-to-face before you commit. That could be the start of an ongoing relationship.

At best, that person can become an advocate for you when you’re ready to apply for a business loan. They might personally know people who work on loans and will decide whether or not to take a risk on you. If so, your banker may be able to make a case for you.

Ready to decide? Make sure you’ve asked:

• What fees does the bank charge? Some business banks charge monthly fees for checking and savings accounts, although many waive those fees if you keep your balance above a certain level. 

• Do you use cash? If your business takes in a lot of cash, look for a business bank account that lets you make unlimited free cash deposits — and if you spend cash often, look for free ATM access and refunds on ATM fees, too.

• Is financing in your future? Starting a relationship with a bank or credit union that offers financing may give you a leg up when it comes to applying for a business loan.

• Do you use business credit cards? You should choose the best business credit card for your company based on features like rewards, travel perks and annual fees, but there may be benefits to using a credit card linked to your bank. Bank of America business credit cards, for instance, offer higher rewards rates to certain B of A customers.

Should you have accounts at multiple business banks?

Some financial providers increase this coverage via Insured Cash Sweep accounts, which spread deposits across multiple FDIC-backed banks behind the scenes. But even if you use this service — or you’re not worried about hitting the $250,000 max — using more than one business bank can minimize the impact of potential issues like an unexpected account freeze.

Avoid diversifying too much, though. Bankers told me that the more tied into their ecosystem you are, the more important your business is to the bank — and the higher priority you’ll be.

A good first step is to store an emergency fund at a different bank than your business checking account (especially if that helps you get the highest APY on your savings). If your business keeps significantly more cash on hand — if you’re a startup with venture funding, for instance — a business cash management account may be a better fit to maximize potential returns.