What bank has the best small business checking account

Wells Fargo

Wells Fargo is the highest-rated bank for small business in our study. In fact, Wells Fargo is one of the most active SBA lenders in the U.S., both in terms of actual financing and in loan quantity. It has a long history of serving those in need of small business lending, and the bank has a great lineup of checking account options to choose from.

Lines of credit, secured and unsecured loans, and commercial real estate loans are all available through Wells Fargo. This will give a business of any size multiple lending routes to take, affording you ultimate control in how to handle your finances. Depending on the type of secured or unsecured loan you want, terms are available for as much as $100,000 and will last anywhere from one to six years.

Overall, Wells Fargo has three different business checking accounts, each intended for gradually larger enterprises with higher transaction volumes: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. At $10, $25 and $75, respectively, these accounts have one of the largest ranges of monthly fees compared to the accounts at other banks on this list. But you can make these fees disappear just by maintaining a monthly balance of $500 for the Initiate Business Checking account, or $15,000 for the Navigate Business Checking account, while Optimize Business Checking account holders must adhere to a variable fee waiver minimum.

Wells Fargo has quite possibly the most comprehensive set of business and employee services. Not only will you have access to its proprietary point-of-sale program and other merchant services, but the bank can also handle your employee payroll, HR needs and business taxes.

KeyBank

Based on our research, KeyBank is the best bank for business checking accounts. When you look at other banks, a lot of checking accounts will allow you to deposit between $5,000 and $15,000 a month before you’re charged fees. However, KeyBank provides a $25,000 fee-free cap for all of its accounts across the board. Those who decide to open a Business Interest Checking account will get 100 free transactions as well, while the Rewards and Basic accounts afford you 500 and 200 free monthly transactions, respectively.

Each of these accounts charge you maintenance fees every month too, ranging from $5 to $25. At most, you’ll only need an average monthly account balance of $7,500 to rid your account of these excess fees, which is reasonable in comparison to the rest of this list.

All KeyBank checking account holders receive a debit card to use as they please. But much like a credit card, these can actually earn you rewards through Keybank’s Relationship Rewards® program. You will earn rewards points every time you swipe your debit card, use online bill pay, make ATM and mobile deposits or complete a number of other account-related activities. These points can later be redeemed for cash back, travel credit, gift cards, and more.

Chase Bank

Chase has consistently proven to be one of the top banks for small businesses, and for good reason. It’s one of the top five most active SBA lenders in the U.S., on top of being a well-known and established bank. If Chase doesn't have a branch in your state, the bank also offers online banking, which means you can access your account on your phone or desktop from anywhere.

Chase provides a range of services to its business clients. First, you’ll have access to a variety of different checking accounts, with the Chase Business Complete Banking account being the best option for small businesses. The account does come with a $15 monthly maintenance fee, but this fee is waivable if you have more than a $2,000 daily balance, which is quite low when it comes to business checking accounts.

You can also waive the above fee in other ways, including making $2,000 in monthly purchases with your Chase Ink® Business Card, receiving $2,000 in deposits from eligible Chase Merchant Services transactions, or linking a Chase Private Client Checking account. Chase’s other business checking accounts have higher minimums and are designed for bigger businesses with larger balances.

Chase’s offerings don’t stop at checking accounts, though. The bank also has a robust offering of business credit cards, such as the Ink Business Preferred Credit Card. This card currently holds a place on SmartAsset’s list of the best small business credit cards. With Chase, you’ll also have access to fraud protections and merchant services to help you run your business smoothly.

Bank of America

Bank of America boasts a number of great banking options for small businesses. With this bank, you’ll have access to checking accounts, credit cards, and business-specific financial education resources. Bank of America is known for providing industry-specific financing solutions for businesses in specific industries, such as healthcare or agriculture.

Bank of America has two business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. As you might guess, the Fundamentals account tends to be more useful for smaller businesses, whereas the Advantage account has higher minimums and is designed for bigger, more established businesses.

Both the Business Advantage Fundamentals Banking and Business Advantage Relationship Banking accounts have monthly maintenance fees that can be waived after meeting a certain minimum balance or spending requirements. The Advantage account has all the features of the Fundamentals account, plus some additional benefits, like seamless QuickBooks integration.

Bank of America has branches throughout most of the U.S., but you can also bank online or on your phone. As a result, it is truly a national bank. Bank of America also provides peripheral business perks, like tax preparation and point of sale (POS) services.

PNC Bank

PNC Bank only operates branches in about half of the U.S., with most being located in the eastern and central parts of the country. However, PNC has a plethora of great business offerings, not to mention the bank has significant online and mobile features, making it a viable option even for those who don’t live near a branch. Businesses that choose to bank with PNC will have access to both checking and savings accounts, credit cards, merchant services, and various types of loans.

PNC has four separate business checking options: Business Checking, Business Checking Plus, Analysis Business Checking, and Treasury Enterprise Plan. Each account has a monthly fee, though each fee is waivable, aside from the Analysis Business Checking account.

The other three account options (Checking, Checking Plus, and Treasury Enterprise Plan) are designed for small, medium, and large businesses, respectively. PNC grants a number of free transactions to each account every month, as well as a certain amount in free cash deposits. The Analysis Business Checking account, on the other hand, is designed with a focus on bookkeeping and simplifying business banking.

PNC’s offerings extend beyond just checking accounts. If you work with PNC, you’ll be able to take advantage of a range of small business loan and financing options. Some loans require no collateral, while others are meant for specific purposes, like real estate or equipment. You’ll also have the opportunity to open business credit cards, use the bank for merchant services and earn APYs on a variety of business savings products.

Regions Bank

Regions Bank is an Alabama-based bank that provides both personal and business banking services. Its suite of business bank accounts includes five different checking accounts: Simple Checking, Advantage Business Checking, Business Interest Checking, Business Checking and Not-for-Profit Checking. While every one of these accounts besides Not-for-Profit Checking comes with a monthly fee, you'll have fairly easy ways of waiving these charges. And for each account, all you need is $100 to join up.

If you're looking to earn more interest on some of your balances, Regions also provides four types of business savings accounts. These range from the Business Savings account to the Business Premium Money Market account and multiple types of business CDs. While rates at Regions Bank are fairly low, they often pay out better than if your money remained in your checking account.

Outside of its banking products, Regions provides its business clients with a plethora of other services. These include business credit cards, secured and unsecured loans, lines of credit, equipment loans, cash management tools, merchant services, payroll and benefit services and more. This makes Regions one of the most robust small business banks on this list. In addition to this, through the second quarter of 2022, Regions Bank was one of the top 50 largest SBA loan lenders in the U.S.

Capital One

Capital One’s business banking options are generally more comprehensive than some of its competitors. For starters, the bank offers what it calls Spark Business Banking, which is the platform through which its business bank accounts are run through. With Spark Business Banking, you’ll also have access to personalized guidance and advice.

With Capital One, you can take advantage of a range of business products, such as checking accounts, savings accounts, loans, lines of credit, and other lending options. Capital One even has a plethora of quality credit cards and merchant services to keep your business going.

When it comes to business checking accounts, customers can choose between either the Spark Business Basic Checking account or the Spark Business Unlimited Checking account. Each account comes with unlimited transactions, a waivable monthly service fee and online and mobile banking features. However, the Spark Business Unlimited Checking account is designed for larger businesses, while the Spark Business Basic Checking account might be better for small businesses. Specialized checking accounts are also available for specific needs, such as escrow.

Capital One offers a business savings option called the Business Advantage Savings account. You’ll also be able to apply for business credit cards through Capital One. Some of these cards have the potential to earn you and your business a ton of extremely valuable rewards if used correctly. In fact, one Capital One business card makes an appearance on SmartAsset’s list of top small business credit cards.

U.S. Bank

If you’re looking for a small business loan, U.S. Bank should be one of your top considerations. You can choose from many different styles of loans with this bank, but startups should focus on what this bank calls “quick loans.” U.S. Bank usually requires prospective clients to have been in business for at least two years for approval.

There are three types of quick loans you can find at U.S. Bank: one for equipment, one for expansion, and one for vehicles. These options generally start at $5,000, topping out at $250,000 with flexible terms of up to 84 months. Also, if you need a vehicle loan, it won’t require a down payment, further minimizing the financial stress such a loan could put on your business.

The Silver Business Package that U.S. Bank offers could be another major boon for start-ups. It comes with a cheap cost, including no monthly fees, 25 free cash deposits and 125 free transactions a month. You will also receive a debit card, remote check deposit and online/mobile banking, giving account holders just about everything they’ll likely need.

TAB Bank

TAB Bank may not be a top SBA business loan lender, but it's still a solid option for businesses that want to work with a bank that will help them succeed. TAB has a number of features available to its business clients, such as accounts receivable financing, asset-based lending, equipment financing, and factoring.

There are two different business checking accounts to choose from at TAB as well. The TAB Business Checking Account gives businesses 100 free debit transactions every month, access to extended customer service hours, and no annual or monthly fees. With the Analyzed Business Checking account, you'll also gain access to a dedicated relationship manager and you won't need to worry about debit transaction caps anymore. Unfortunately, the account carries a $25 monthly fee that is unwaivable, but the Business Checking Account allows you to waive its fee by meeting one of the following requirements:

• $1,000 minimum daily balance
• 8 debit card purchases post to your TAB checking account during the monthly statement cycle, excluding ATM transactions
• $1,200 in direct deposits per monthly statement cycle

TAB offers a number of different business loan products to clients to help them meet their goals, but you can also use certificates of deposit (CDs), money market accounts, and business savings accounts to help grow your money at the same time. On top of it all, with TAB, you can bank on your desktop computer or you can use the bank's highly rated mobile apps.

Live Oak Bank

Live Oak Bank may not be a household name, but it's consistently one of the most active SBA lenders. In fact, through the second quarter of 2022, it approved and processed the highest loan dollar amount in the country. Live Oak offers SBA loans, USDA loans, and commercial loans to its clients. Not to mention Live Oak Bank has built itself a great reputation for helping businesses achieve success and find the right loans for them every step of the way. Live Oak provides loans that are tailored to your business needs.

The benefits don't stop there, either. Live Oak's Business Savings Account is a great option for any business looking to save up while growing their money at the same time. A Live Oak Business Savings Account earns an APY of 1.75%, which is above average. There isn't a minimum opening deposit requirement for the account, and you won't have to pay any monthly fees to keep it open. Plus, you can manage your account and its features either from your desktop or on your mobile device.

The main drawback of using Live Oak Bank for your business needs is that it doesn't provide access to a business checking account. You'll need to look elsewhere, which could be cumbersome if you're a business owner who values keeping all of your business financials at one bank. However, Live Oak Bank is still a great option to be considered, especially if you're looking for tailored business loan solutions to help you grow your business.