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Best Bank for Small Business Checking Account

We’ve selected 5 banks to help you choose the best bank for small business checking account. There are lots of choices when it comes to selecting a small business bank to utilize mobile app banking, making and receiving commercial bill payments, securing small business loans, money transfers and lines of credit. So we’ve narrowed the list for you of small business banks that are reputable, offer great technology solutions and can meet the needs of a small business.

  1. BBVA Bank
  2. Chase Bank
  3. Axos Bank
  4. Citibank
  5. Bank of America

First, for your small business to be successful, cultivating a relationship with the right banking partner is critical. Unfortunately, there are so many banks to choose from that the task of finding the right bank becomes daunting. First, ensuring that you find the banking partner that is the best fit for your business will play an integral role in promoting the growth of your small business. Finally, having the right connection to a bank can also see you through the tough times with lines of credit. In conclusion, these are all attributes that best bank for small business checking account will have.

Ask Questions!

To help with the decision making process in finding the best bank for small business checking account, we’ve developed some questions which you may find helpful in choosing the right bank for your small business.

Questions To Ask Your Bank:

Does your small business require a line of credit or financing for expansion at some point in the future?
Will mobile banking (using an app on your phone) be your primary method of banking?
Do you need to conduct banking in person with a teller or manager?
Is paying monthly fees for banking or for transfers an issue for your business?
Do you prefer to conduct banking activities at a bank which offers most services under one roof, or do you like to shop around for different financial products?

Furthermore, these questions should help you narrow down the best bank for small business checking account.

Future Plans

As you develop answers to each question, keep in mind what your future plans are for your business. Will you grow into a larger, more sophisticated business requiring new locations, more infrastructure and equipment, employees, etc.? Ideally, you want a bank that can meet your needs no matter what. In the meantime, it’s recommended that you find the bank that meets your needs today and doesn’t over complicate your life.

Now, the good news is that there are many options for small business owners when it comes to banking. If you are not happy with your banking partner, you can easily and quickly replace the old one with a better choice that fits your business needs! Clearly, it is important to devote time to finding the best bank for small business checking account.

Business Checking Interest Rates

One other quick note about your money and interest. Years ago it was beneficial to maintain larger balances in your bank account to take advantage of interest that is earned on cash sitting in the bank. Unfortunately, interest rates are so low these days (near zero) that banks don’t usually even bother advertising the fact that your money can earn interest. So, don’t get your hopes up about earning much extra money from interest.

Without further ado, let’s get started looking for the best bank for small business checking account.

CITIBANK:

CitiBank is known as an international bank hub but offers a user friendly interface for online banking. They offer four types of business checking accounts, based on your small business needs.

CitiBusiness Checking

Monthly fee: $24
Free monthly transactions: Unlimited
Minimum balance (maintenance fee required): 0

CitiBusiness Streamlined Checking

$15 monthly fee
Free monthly transactions: 250
Minimum balance: $10,000

CitiBusiness Flexible Checking

Monthly fee: varies by state
Free monthly transactions: 500
Minimum balance: $10,000

CitiBusiness Interest Checking

Monthly fee: varies by state
Free monthly transactions: 25
Minimum balance: $10,000

Citibank offers a lot of options: Mobile banking, checking tailored to small businesses, credit options and more.

BANK OF AMERICA:

Having been a major bank for a long time, Bank of America represents stability. Primarily, it offers state of the art mobile banking app, online banking and bill pay. In addition, they offer a debit card with security protection. Also, you can also maintain a business savings account. Finally, accounts offer the option to set spending limits and receive alerts for scenarios such as low balance or unusual activity.

Preferred Rewards

Additionally, note that Bank of America offers the Preferred Rewards for Business program. Merchant Srevices or Payroll Services are available (Business Advantage Checking only).

Business Fundamentals Checking
Essential tools for small businesses

Mobile Banking

Mobile Banking with mobile check deposit
Online Banking with account alerts and Bill Pay
Business debit cards with Total Security Protection
Business savings account
$16 or $0 per month

Bank Of America Business Checking Options

Business Advantage Checking : Premium tools for large or growing businesses

All Business Fundamentals features
Easy QuickBooks integration
Ability to grant and customize account access levels per employee
No-fee stop payments, incoming wire transfers and more
Additional business checking account included
$29.95 or $0 per month

Note: fees may apply to checking account for the following: minimum balances not met, wire transfers, account management, etc.

Small Business Banking Extras

Bank of America offers some nice Cash Management Tools for Small Businesses, including:

Payroll Services – ADP and Intuit tools for payroll
Remote Deposit Online – Deposit from home or office
Account Management – Quickbooks tool
Invoicing and Payments by Viewpost – Paperless invoicing and payments
Merchant Services – Electronic payment tool
Treasury Services for larger businesses – Control working capital through payment, receipt, liquidity, fraud and account solutions.

CHASE:

The Chase Bank is probably one of the most well known banks offering debit cards and credit cards. First, it offers small business owners all of the high tech solutions of the 21st century needed to succeed and grow their business. In addition, the bank offers three business checking options:

Chase Total Business Checking

Monthly Service Fee: $15 OR $0 (fee can be waived if you meet requirements)

100 transactions per month at no charge
Unlimited electronic deposits
$5000 in cash deposits per statement cycle without an additional fee
Domestic and international wire transfers

Chase Performance Business Checking

Monthly Service Fee: $30 OR $0 (fee can be waived if you meet requirements)

250 transactions per month at no charge
Unlimited electronic deposits and incoming wires
$20,000 in cash deposits per statement cycle without an additional fee

Chase Platinum Business Checking

Monthly Service Fee: $95 OR $0 (fee can be waived if you meet requirements)
500 transactions per month at no charge
Unlimited electronic deposits and incoming wires
$25,000 in cash deposits per statement cycle without an additional fee

Furthermore, it’s important to pay attention to details with Chase, especially with fees and transaction volume.

Electronic Business Options

More importantly, Chase offers human resources and payroll programs for small businesses. Your business can manage payroll (and payroll tax-filing) completely online. In addition, merchant services and mobile banking is smooth and user friendly from any mobile device. Next, deposit checks using your mobile phone. In addition, Chase has thousands of physical branches and ATMs nationwide.

Moreover, business savings accounts and debit cards for employees are an option. In addition, Chase Bank offers a variety of types of business loans including SBA loans and business lines of credit.

Finally, Chase Bank is famous for their offers of cash for opening a new account. Currently, Chase is offering $300 to new customers who open a Chase Total Business Checking® account with qualifying activities.

AXOS:

Axos Bank is the oldest digital bank in the U.S. and offers some innovative technology solutions that are a step ahead of the competition. With new features such as biometic identification and peer-to-peer payments, Axos is on the cutting edge of banking technology. Furthermore, Axos Bank offers two primary options for business checking accounts.

Axos Business Checking Options

Basic Business Checking

For businesses with moderate account activity.
No minimum deposit
No monthly fees
$1000 minimum deposit to open account
Online banking and bill pay
Up to 200 free monthly debits, credits and/or deposits

Business Interest Checking

For companies looking for a place to store larger cash reserves in interest-yielding accounts
$5,000 minimum average daily balance
$10 monthly fee
$100 minimum deposit to open account
Online banking and bill pay
Unlimited ATM reimbursements
Up to 60 free monthly remote deposits
Earn interest on balances

Features

Above all, Axos Bank offers a ton of features that we expect in the 21st century. Unfortunately, although the Axos banking app gets positive reviews, the Axos Business app received two stars on the App Store. But if your business doesn’t use the mobile app for banking, Axos is still an affordable and reasonable option. Finally, axos is also known for competitive rates for savings accounts. Rates vary so you have to check daily for changes.

BBVA:

The Best Small Business Checking Account 2020

BBVA is a growing bank that caters to small business owners. They offer options for small businesses such as checking accounts, savings accounts, lending/loans, credit cards and other merchant services.

Depends on Where You Live

One important caveat that you should know about BBVA regarding where you live. BBVA only offers business checking accounts in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. BBVA recommends that If you don’t live in one of these states, Azlo might be an option worth exploring.

If you live in one of the states listed above, here are your business checking options at BBVA:

BBVA Business Checking Options

BBVA Business Connect Checking

No monthly Service Charge
Up to $5,000 in cash processing per month
Unlimited debit card and ATM transactions at no additional charge1
Total of five processed checks and in-branch withdrawals2 and two in-branch deposits3 processed per month at no additional charge
No BBVA USA fee to use another bank’s ATM

BBVA Business Choice Checking

250 transaction items processed per month
Up to $10,000 in cash processing per month
Three business Visa® debit cards you can customize for your business, at no additional charge
Online Banking, Mobile Banking, account alerts, and unlimited Bill Pay, at no additional charge
$100 minimum opening deposit
Monthly Service Charge: $15
Add 2 premium features (such as additional transactions/processeing and more)

BBVA Business Choice Checking

One free wire per month5
Earn interest on balances
500 transaction items processed, plus up to $25,000 in cash processing per month
One Overdraft Fee Forgiveness Refund per year6
50% discounted checks (including tax and shipping)
Monthly Service Charge: $25
No BBVA USA fee for using an ATM in or outside of the BBVA USA ATM network

Affordable Option

BBVA is a great option for truly small businesses because when you’re just getting started in business, the last thing you need is to be nickeled and dimed by endless fees. BBVA has very few fees to start.

Debit card and ATM transactions are unlimited, so no fees to worry about here. Minimum of $100 deposit to start means you don’t have to break the piggy bank to open an account.

The premium accounts offer more flexibility tailored toward growing businesses with more transactions, earning interest on balances and the like.

BBVA offers other options such as small business loans and debit cards for employees as well.

In conclusion, hopefully this will help you narrow down your choice for best bank for small business checking account.

Enjoy this article and want to learn more about money and budgeting. Check out our post entitled, “10 Things to Know Before Starting a Budget.”

Learn more about banking from the U.S. Securities and Exchange Commission.

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Disclaimer:

It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals and some equities.

In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, in order to help you make the best choice for you.

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