Find the Best Business Bank Account for Small Business

Check out our list of the top 16 small business bank accounts. Includes fees and minimum opening balance, and info on online banking and checking accounts.

Updated on December 4th, 2019

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

Also Read:

Best Banks for Online Businesses - See a list of the best banks for online businesses.

Small Business Loans - Best Lenders and Loans for 2019 - Learn more about the top lenders and loans for small businesses.

Best Small Business Credit Cards for 2019 - Discover the leading credit card options for small businesses.

Our Pick

Azlo Small Business Banking

Fee-Free Small Business Banking

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Bank from anywhere.

All the features, none of the fees.

Why We Chose Azlo:

Azlo is designed for entrepreneurs and offers a range of online banking solutions.

Azlo is very cost-effective, offering free payments and transfers, no minimum balance requirements, and no maintenance, overdraft, or other fees.

Azlo integrates with a range of third-party services, including QuickBooks Online, Xero, Kabbage, Stripe, and PayPal. Users can also create and send personalized invoices to their clients via the Azlo mobile app.

Things to Consider When Evaluating Business Bank Accounts:

  1. Identify what you are looking for in a bank. What are your long-term financial needs? Will you be considering a loan? Should the bank be an SBA-lender? What are your customer support expectations?
  2. Make sure you fully understand the fee structures and services offered.
  3. Check that your business bank account can easily integrate with the accounting and budgeting software your business uses.

Best Small Business Bank Accounts:

Our Rank

Bank Name

Review

1.

Azlo

Affordable online banking option. Requires no minimum balance, and integrates with your Stripe account.

2.

Chase

Major national bank with more than 5,000 locations. Offers a variety of business banking solutions, including merchant services and SBA-backed loans, and advanced mobile banking features.

3.

1st Bank

Commercial bank with locations across Arizona, Colorado, and California. Offers low monthly fees and no minimum balance for checking accounts.

4.

BBVA Compass

Offers free business checking accounts, online payroll services, and good customer service. Has physical locations in seven states.

5.

Wells Fargo

The world's second largest bank. Offers a variety of business banking products, including SBA-backed loans, international, payroll, and merchant services.

6.

Axos Bank

Formerly BofI Federal Bank. Digital bank that offers very low fees, free checking accounts, and integrated merchant services.

7.

Citibank

Offers a variety of banking options, including flexible checking accounts, and has a large global network.

8.

M&T Bank

Offers customized banking options, low monthly checking fees, and a host of merchant services. Strong national network.

9.

TIAA Bank

Offers low checking fess and good interest rates in savings accounts.

10.

U.S. Bank

Offers a variety of small business bank accounts, competitive rates, and online and mobile banking tools. SBA lender.

11.

Comerica

Offers a variety of business checking accounts, savings options, industry-specific financing solutions, and merchant services. Branches in 5 states.

12.

Iberia Bank

Regional bank. Offers low fees and a free business checking option. Has advanced online banking features.

13.

SunTrust Bank

Locations in 11 states. Offers a variety of online cash management services and savings and checking accounts. Good customer service.

14.

Popular Bank

Offers a variety of business banking and cash management solutions, dedicated customer support and good rates. Limited physical branches.

15.

KeyBank

Checking account come with overdraft protection. SBA lender. Excellent customer service and good national coverage.

16.

Flagstar Bank

Offers good online features, merchant services by TSYS, and custom services for businesses. Strong customer support system. Limited branches.

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

SunTrust Bank

$100.00

$5.00

Popular Bank

$0.00

$0.00

KeyBank

$25.00

$5.00

Flagstar Bank

$0.00

$0.00

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.

Which bank is the best for a business account?

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:

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

It depends on 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.

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?

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.

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?

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?

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?

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 Limited Liability Companies (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.

What bank is better for small business?

We have ranked 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.