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.

5 min read • Last updated on September 10th, 2018

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

Best Banks for Small Business:

Bank Name

Minimum Opening Deposit

Monthly Fee for Checking

1st Bank

$0.00

$12.00

Azlo

$0.00

$0.00

BBVA Compass

$25.00

$0.00

BofI Federal Bank

$1,000.00

$0.00

Chase

$25.00

$15.00

Citibank

$0.00

$15.00

Comerica

$0.00

$0.00

Iberia Bank

$100.00

$0.00

KeyBank

$25.00

$5.00

M&T Bank

$25.00

$5.00

Popular Bank

$0.00

$0.00

SunTrust Bank

$100.00

$5.00

TIAA Bank

$1,500.00

$14.95

U.S. Bank

$25.00

$0.00 - $25.00

Wells Fargo

$25.00

$14.00

Business Bank Account FAQs:

What is the best bank for small business?

This depends a lot on what you need. If a minimum balance and minimum opening deposit aren't a problem, you may want to look at the number of transactions you're allowed per month. If you're a startup, you may want to concentrate on low opening deposits and monthly fees.

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.

Where Can I Open A Free Business Checking Account
Where can I open a free business checking account?
  • Azlo.
  • BBVA Compass.
  • BofI Federal Bank .
  • Comerica.
  • Iberia Bank.
  • Popular Bank.
  • U.S. Bank.

Is it possible to open business checking account online?

Yes, many banks allow you to open a bank account online easily, including Azlo, BofI Federal Bank, Citibank, Wells Fargo, SunTrust Bank, Chase Business Checking, and more.

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?
  • Azlo.
  • Comerica.
  • Popular Bank.
  • 1st Bank.
  • KeyBank.
  • M&T Bank.
  • Citibank.
  • BBVA Compass.

Are there banks that offer an online business bank account?

Yes, Azlo and BofI Federal Bank are 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 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?

Deciding which features make the best business checking account for you really depends on the business. 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.