Find the Best Business Bank Account for Small Business

Check out our list of the top 15 small business bank accounts. Includes fees and minimum opening balance, and info on online banking and checking accounts.

Updated on August 16th, 2019

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A business bank account allows business owners to keep their personal finances separate from the business's. This is necessary for becoming incorporated, is ideal for tax purposes, and makes bookkeeping and accounting much easier.

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Azlo Small Business Banking

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Best Small Business Bank Accounts:

1.

Azlo

2.

Chase

3.

1st Bank

4.

BBVA Compass

5.

Wells Fargo

6.

Axos Bank

7.

Citibank

8.

M&T Bank

9.

TIAA Bank

10.

U.S. Bank

11.

Comerica

12.

Iberia Bank

13.

SunTrust Bank

14.

Popular Bank

15.

KeyBank

Small Business Bank Account Minimum Deposits and Fees:

Bank Name

Minimum Opening Deposit

Monthly Fee for Checking

Azlo

$0.00

$0.00

Chase

$25.00

$15.00

1st Bank

$0.00

$12.00

BBVA Compass

$25.00

$0.00

Wells Fargo

$25.00

$14.00

Axos Bank

$1,000.00

$0.00

Citibank

$0.00

$15.00

M&T Bank

$25.00

$5.00

TIAA Bank

$1,500.00

$14.95

U.S. Bank

$25.00

$0.00 - $25.00

Comerica

$0.00

$0.00

Iberia Bank

$100.00

$0.00

Popular Bank

$0.00

$0.00

KeyBank

$25.00

$5.00

SunTrust Bank

$100.00

$5.00

FAQs:

What do you need to open a business bank account?

  • Employer Identification Number (EIN)
  • Social Security number (for a sole proprietorship).
  • Two forms of personal ID.
  • Ownership agreements.
  • Business license (if applicable).
  • Formation documents.

See our list of the best banks for small business for banking options.

Can I use my personal bank account for my small business?

Yes. If you are a sole proprietor, you are not legally expected to have a business bank account. Alternatively, you can use your personal bank account for both business and personal transactions.

Can you setup a business bank account online?

Yes, many banks allow you to open a bank account online easily, including:

See our guide to best banks for online businesses for more.

How much money do I need to open a business bank account?

It depends which bank you decide to open a business account with. While some banks allow you to open an account for free, others do charge a deposit fee.

See full fee information for more.

Do I need to open a business bank account?

Maybe not in the earliest few days of your business, but opening a small business bank account should be one of the first things you do when starting a business. It will help keep your finances organized, make figuring out taxes easier, and allow you to set up a corporation.

What is the best bank for small business?

See our list of the best banks for small business for more.

Is it necessary to have a business account?

Maybe not in the earliest few days of your business, but opening a small business bank account should be one of the first things you do when starting a business. It will help keep your finances organized, make figuring out taxes easier, and allow you to set up a corporation.

What do I need to open a bank account for an LLC?

  • A copy of your LLC articles of organization.
  • A copy of your certificate of formation or an equivalent document.
  • Your LLC’s federal taxpayer identification number, also known as your Employer Identification Number.
  • Your LLC operating agreement or equivalent document.

Learn more about LLC’s.

Do you need an EIN to open business bank account?

Typically, banks do ask for an EIN when setting up a business account. Although banks usually require a business ID, and in some cases a social security number, it's best to obtain an EIN from the IRS.

How long does it take to set up a business bank account?

It can take one to four weeks to complete, depending on the number of of checks the bank conducts to confirm your identity, and the identities of the secretary and any other business directors, if necessary.

Where Can I Open A Free Business Checking Account

Where can I open a free business checking account?

See best banks for small business for more information and options.

What is the best small business bank account for a startup?

If you're just starting out and have little cash, check out some of the no-fee, no minimum deposit accounts like Azlo, Comerica, and Popular Bank.

What Is The Best Small Business Checking Account

What is the best small business checking account?

See best banks for small business for more information and options.

Are there banks that offer an online business bank account?

Yes, Azlo is very focused on online business checking account offerings, but pretty much every bank offers the ability to manage your banking online these days. Not only can you open a business bank account online, but you can perform all of your banking tasks.

What are the most important features to consider for small business banking?

Besides minimum opening deposits and monthly fees, you might want to look at how their international banking operates, how many branch locations they have, transfer fees, ATM fees, and maximum monthly deposits before you open a business bank account.

Can I get a business bank account with no credit?

You may be able to open a basic checking account without having to pass a credit check, but if you want a business credit card or a small business loan, your credit score is important.

Where can I get a no-fee business bank account?

What banks are good for business accounts?

See our list of the best small business bank accounts.

How do I change banks if I'm unhappy with my current one?

  • Determine what your banking priorities are.
  • Find a new financial institution.
  • Cancel all automatic payments with your old bank.
  • Open a new business bank account.
  • Transfer funds to your new account.
  • Close your old account.

Which business bank account is best for a limited company?

If you've established a limited liability company, you will need to open a small business bank account to keep your personal and business finances separate. Be sure to research all your options to determine which bank account is right for your needs.

Read our guide to a Limited Liability Company (LLC).

How can my bank help my business?

Banks help businesses to manage their cash flow, streamline payroll and recurring payments, determine company financial goals, and identify important growth opportunities.

See a list of the best banks for small business.

What bank is better for small business?

Read our guide on the top 15 small business bank accounts, with minimum opening deposits and monthly checking fees.

What should I look for in a bank?

Good banks should offer:

  • Strong products and services.
  • Great customer service.
  • Reasonable fees and charges.
  • Sound financial guidance to help grow your business.
  • Online banking services.

See a list of the best small business bank accounts, along with minimum opening deposits and monthly checking fees.