Friendly lawyer or financial advisor in suit consulting young couple, smiling investment broker or bank worker making loan offer, giving legal advice, selling insurance or real estate to customers. Concept: best banks for small business
Monica Williams
By: monica_williams
Read in 21 minutes

What’s the Best Bank For Small Businesses?

Opening a business bank account should be at the top of your to-do list if you have a business. But where do you do it? Which bank is the best bank for small businesses?

Having the best small business bank account is a must-have if you want to manage your finances well.

If you are looking for the best bank for small businesses, you have come to the right place. There are plenty in the US, and you’re guaranteed to find an ideal bank for your business.

best bank for small businesses

#DidYouKnow
Getting a separate account for your business will increase your chances of qualifying for a business loan in the future.

What is the Best Bank for Small Businesses? 15 Options

Let’s take a look at our “best bank for small businesses” list:

1. Citizens Bank

Northeastern US

citizens bank logo

Best for low fees

Citizens Bank offers a variety of small business checking accounts with minimal charges ideal for start-ups and small businesses. The bank also offers low-interest small business loans with flexible terms and a repayment period of up to seven years.

These, among other reasons, are why Citizens is one of the best banks for business.

Features:

  • Attractive loan packages
  • Checking accounts that are friendly to small businesses
  • Keen on building personal relationships and assessing each business’s unique needs

2. PNC

Mid-Atlantic Region

pnc logo. concept: best banks for small business

Best bank for small business checking

PNC is a Delaware-based bank that ranks among the top 10 largest banks in the country, and for a good reason too.

With over 2,500 branches spread throughout the Mid Atlantic, it is no wonder that this bank ranks in this “best bank for small businesses” list. The bank also offers several checking accounts specifically designed to meet small business needs.

The good thing is that account fees are minimal, and you can avoid these fees altogether with good planning.

Features:

  • Three-tier checking accounts for beginners and more established businesses
  • Low account maintenance fees
  • Specialized checking services that include interest-bearing accounts

3. U.S. Bancorp

Midwestern US

U.S. Bancorp logo

Best for small businesses with diverse banking needs

U.S. Bancorp has joined the big league in the business banking industry, and all indications are the bank will continue to grow with time.

However, even though this bank is among the largest in the market, it offers very friendly terms and banking services to small business owners. This explains why it features prominently in this “best bank for small businesses” list.

From low-interest small business loans to affordable chargeable accounts, U.S. Bancorp has it all and so much more.

Features:

  • Variety of checking accounts for different types of businesses
  • A vast branch network
  • Friendly loan terms for small businesses

4. SunTrust

Southeastern US

SunTrust logo. concept: best banks for small business

Best for accessing medium to long-term loans for small businesses

If you plan to take a medium or long-term loan for your business, SunTrust bank is the place to go. Of course, like in any traditional bank, you will have to prove that your company is financially sound to qualify for a loan.

That said, small business loans at SunTrust are quite accessible as long as you have valuable collateral. That’s why it’s one of the best banks for small business loans.

Features:

  • Easy small business loans with friendly repayment terms
  • A variety of checking accounts for different business sizes
  • Low account maintenance fees

5. Comerica

Southwestern US

Comerica logo. concept: best banks for small business

Best for long-term relationships

Comerica made it into our “best bank for small businesses” list because it’s a great option if you want to build a lasting relationship with your banker.

If you are looking for a bank that will stay with you throughout your journey as a small business, Comerica is a good option. Consider opening a business account with them if your business is in the Southwest region.

Features:

  • No monthly fees on a business checking account
  • Low ATM and deposit fees
  • A dedicated workforce trained to offer the best credit solutions for small businesses

6. First Republic

first republic logo

East and West US

Best for easy access to your money in all parts of the world

If you frequently travel to far-flung areas of the world for business, the First Republic bank will meet most if not all of your business banking needs. The business checking account comes with low access fees for ATMs in all parts of the world, in addition to low maintenance costs and low minimum balances.

Features:

7. Sunrise Banks

sunrise bank logo

Minnesota

Best payday alternative

Sunrise Banks is amongst the few institutions dedicated to offering loans to businesses in low-income areas. This bank also goes a step further and offers loans to their customers’ employees. Once a small business has established a relationship with the bank, its employees also qualify for a business loan.

Unlike larger banks that may not offer a large variety of products for your employees, Sunrise Banks works hard to ensure that they are not left behind. These, among other reasons, make it part of our “best bank for small businesses” list.

Features:

  • Direct lender for small businesses
  • Reasonably priced loans for small businesses and their employees
  • Loans of up to $3,000 for their customer employees

8. Eastern Bank

eastern bank logo

New England

Best for business lending

The Eastern Bank stands out as far as business lending is concerned. This is because the bank has a loan system that is not only fast but also quite efficient.

The loan application process is easy. This possibly explains why Eastern Bank has remained the top SBA lender in the New England region. It also is one of the best banks for small business loans.

Features:

  • Loan application complete in five minutes
  • An instant decision for loan eligibility
  • Express business loans for small businesses that meet the minimum requirements
  • Business loans for up to $100,000

9. Key Bank

key bank logo

1,197 branches throughout the US

Best for multiple accounts

Key Bank offers three checking accounts, and these come with features and perks designed to make small business banking easy. In addition, the bank also offers credit facilities for small businesses, among other services.

Those reasons, along with its strong presence (over 1,000 branches in the US), make Key Bank part of our “best bank for small businesses” list.

Features:

  • Interest-bearing accounts with unlimited bill pay support and up to 100 free transactions for every billing cycle
  • Their customer support helps businesses thrive in a highly competitive market
  • Different checking accounts for beginners and already established businesses

10. NorthOne

northone logo

Digital Bank

Best for digitally-driven small businesses

This is where things get interesting. The best bank for small businesses is not just one you can visit from time to time. Many digital banks are among the best in the industry.

NorthOne is an FDIC-insured bank explicitly created to serve small business owners. With an express account opening (it only takes 3 minutes!), your NorthOne account offers quick and hassle-free mobile and online banking.

But not all of their services are online; they have a network of 300,000 ATMs nationwide for your convenience.

It is safe to say that NorthOne is a welcome break from the traditional brick-and-mortar banks. It might as well be the best online bank for small businesses.

Features:

  • The app has mobile check deposits, dedicated tax accounts, cashflow reporting
  • API connectivity to PayPal, Square, Quickbooks, and many other tools
  • 24/7 in-app support

11. Wells Fargo 

wells fargo logo

National

Best for large and small businesses

Wells Fargo is the third-largest bank based on its total deposits and having $1,668 billion in assets. It was the second most active SBA lender in 2019, lending over $6 trillion to small business owners.

The bank has approximately 5,300 retail banking branches coast to coast and 13,000 ATMs, along with internet and mobile banking.

Features:

  • According to S&P Global Market Intelligence, Wells Fargo has the most comprehensive mobile app
  • Wells Fargo has been in business since 1852
  • Flexible lending programs

12. Chase Bank

chase logo

National

Best for offering a variety of loan options

Chase is a one-stop financial institution offering term loans, lines of credit from $10,000 to $500,000, commercial real estate loans, and equipment financing.

In addition to some of the best small business loans and business checking accounts, Chase offers business credit cards. Attractive incentives to get one include substantial cashback and rewards points earnings.

Features:

  • Online full-service payroll program and access to human resources features
  • Scan deposit checks to your business checking account electronically
  • Merchant service accounts are available

13. Capital One

capital one logo

National

Best for cash flow help

Capital One offers working capital lines of credit, equipment and business auto loans, installment loans, and SBA loans. In addition, capital One routinely offers lower-cost business loans when you’ve already established a relationship with the bank.

Features:

  • Business debit card, online bill pay, as well as online and mobile checking
  • Cash flow management tools
  • Guides are available to teach you how to grow your business

14. Bank of America

bank of america logo

National

Best for improving efficiency

With a 200-year history of helping small businesses, Bank of America actively offers new credit options to small business owners and helps you find ways to waive business checking account fees.

Features:

  • Business and employee debit cards
  • Point of sale software to reduce your business’s workload
  • Easy to use business banking products and services

15. Citibank

citibank logo

Six urban locations

Best for digital services

With locations in New York City, Washington, D.C., Chicago, Miami, Los Angeles, and San Francisco, you can still bank online digitally to use Citibank’s services.

Along with business checking accounts, the bank has business savings accounts, money market, certificates of deposit, small business loans, and business credit cards.

Features:

  • Secure CitiBusiness online account access
  • Industry-based bank packages
  • Fraud protection, mobile banking, and FDIC insured accounts

#DidYouKnow
Community and regional banks work best for small business owners. These banks not only offer personalized services, but their terms are also friendly enough to accommodate the individual needs of small business owners and help their companies thrive.

isometric illustration of the best bank for small businesses

FAQs About the Best Banks for Business

Are you still unsure about what business checking account is right for you? Don’t worry; these FAQs will help you decide what bank is right for you.

What are the Best Banks for Small Business loans?

Citizens Bank, SunTrust, Sunrise Banks, Eastern Bank, Chase, and Capital One are some of your top alternatives if you need financing.

Or course, banks are not the only ones that offer small business loans; other options are faster and better alternatives to bank loans.

#DidYouKnow
According to Biz2Credit’s Small Business Lending Index, in August 2021, small business loan approval at big banks was only 13.9%.

Alternative lenders are usually better fits with small businesses. For example, at Camino Financial, we offer small business financing with minimum requirements and affordable rates. The best part is that applying with us won’t hurt your credit score.

Apply For A Business Loan!

 

What is the Best Bank for Small Business Checking?

When it comes to small business checking, some of the best banks are:

  • Wells Fargo
  • Chase
  • Bank of America

What is the Best Online Bank for Small Businesses?

NorthOne is definitely one of the best online banks. However, if you want a traditional bank with great online features, Citibank is a great alternative.

Here are some more online banking options

What’s the Best Business Bank Account for Small Businesses?

Wells Fargo has one of the best business bank accounts for small businesses. But you also have other options: credit unions are also excellent alternatives for small businesses because they can offer a more personalized experience.

Here are the best credit unions

map of US states

Best Banks by State

If you want to quickly check which banks in our list are in your state (plus a couple of other options), don’t hesitate to check the following sections.

Best Bank for Small Businesses in California

People in the Golden State need some golden banks. Here are the best ones:

California Bank & Trust, Comerica, Citibank, Wells Fargo, Chase, Capital One, Bank of America

Best Bank for Small Businesses in Colorado

If you’re ready to open your bank account, here are some of the best banks in Colorado.

Bank of Colorado, Comerica, Wells Fargo, Chase, Capital One, Bank of America

Best Bank for Small Businesses in Florida

Are you a small business owner looking for a bank in Florida? Check out these options:

First Florida Bank, SunTrust, Wells Fargo, Chase, Capital One, Bank of America

Best Bank for Small Businesses in Georgia

If you need to open a bank account in Georgia, these are great options in your area:

SunTrust, Wells Fargo, Chase, Capital One, Bank of America

Best Bank for Small Businesses in New York

New Yorkers, here are the top banks in the state:

M&T Bank, PNC, Citizens Bank, Citibank, Wells Fargo, Chase, Capital One, Bank of America

Best Bank for Small Businesses in NC

North Carolina small business owners should check the offerings these banks have:

BB&T, SunTrust, Wells Fargo, Chase, Capital One, Bank of America

Best Bank for Small Businesses in Texas

If your small business is in Texas, here are some of the top banks in your region:

Commercial Bank of Texas, Comerica, Wells Fargo, Chase, Capital One, Bank of America

Businesswoman and banker shake hands

Checking vs. savings account, what do you need?

How to Choose the Right Bank for Your Business

So out of our “best bank for small businesses” list, how do you determine which bank is the right choice? What are the best banks for entrepreneurs?

Well, first, you need to outline your business needs as far as banking is concerned. Then, considering that no two businesses are alike, you will have to decide based on your business needs.

Other factors to include are:

  • Branches and Location

Keep in mind that the many banks in our list operate only in certain regions. So, needless to say, you should pick your bank according to your location.

Also, having a branch near you is ideal, especially if you need to do regular deposits and withdrawals in person. This also helps in creating relationships.

To sum up, go with a bank that is close to your business. This way, you can walk in and out of the bank whenever necessary and with relative ease.

  • Fees

When it comes to fees, a rule of thumb should always be cheaper is better, especially where a small business is concerned. Fortunately, most institutions in this “best bank for small businesses” list provide business accounts available at no charge.

  • Finance Options

Different banks offer different finance options to small business owners. From a line of credit to a fully drawn advance option, banks offer various incentives to help small business owners grow their businesses.

But, of course, a good bank should also provide business loans when and if you need them.

To apply for financing options with Camino Financial, click here:

Apply now!

 

  • Requirements for Opening an Account

When opening an account in person, most banks require two forms of identification: a Social Security card, driver’s license, state ID, passport, or birth certificate.

Bear in mind that if you are not a US citizen, you may still be able to open an account with identification issued from your home country.

Also, most banks require a minimum opening deposit in your account. Expect to deposit between $25 and $100, although it could be more.

#DidYouKnow
You can open a bank account without an SSN.

  • Products and Features That May be Beneficial for your Business

Does the bank of your choice offer online banking? As a business owner always on the go, an online bank account is a must.

What about a business credit card?

When properly used, a business credit card can help you capitalize on your business. Still, you should pay attention to the small print and features offered and compare different cards before choosing the credit card you want for your business needs.

Lastly, consider additional services depending on your business’s nature and specific needs: does the bank of your choice offer payroll and benefits services? What about merchant services or insurance for your business?

Now you have all the tools to choose the best small business bank account.

queue at a bank's ATM

Learn here how to manage your business bank account to improve your chances of getting a loan

The First Step to Grow Your Business

Finding the best bank for small businesses is just the beginning to make your business grow.

Remember, you’ll need a business bank account if you plan to take a business loan in the near future. Your lender will need to access your bank statements to check your average balance, your deposits and withdrawals, and your cash flow, among other details, to ensure the overall good health of your finances.

If you are ready to take that step, consider a small business loan from Camino Financial. We lend to businesses all over the US through our secure and simple online platform. Our process involves just four easy steps:

  1. Complete a short online application to receive an instant quote. It will take you only a few minutes, and it won’t impact your credit. In addition, most of the time, you’ll know instantly if you are pre-qualified for a loan.
  2. Authorize Camino to download your recent bank activity to calculate the maximum loan amount.
  3. Submit proof of business (e.g., business registration) and sign the loan contract.
  4. Receive cash directly in your business account.

What are you waiting for? Start growing your business with a small business loan!

Apply now!

 

 

Check if you
qualify for a loan

LEARN MORE