Best Banks for Small Business – Expert Tips You Need
Last Updated on April 5, 2025 by mia
Finding the best banks for small business can feel overwhelming when you’re juggling daily operations and tight budgets.
Statistics show that 82% of businesses fail due to cash flow problems, making the right banking decisions vital for success.
The best banks for small business offer low fees, accessible financial tools, and lending services designed to help your business grow.
New Startups is a way to help every start-up business owner by connecting you to resources and advice that simplify these decisions.
Whether you need guidance on business loans or setting up a checking account, we make the entire process easier for you.
A lack of financial support should never hold your business back from reaching its potential.
Register now to list your business and connect with other start-ups tackling the same challenges so you can grow together.
What Are The Best Banks For Small Business Accounts With Low Fees?
1. Chase Business Complete Banking
Chase is a favorite for small business owners because it provides nationwide coverage, reliable customer service, and plenty of features.
Their Business Complete Banking account requires no monthly fee if you meet conditions like making a minimum number of card purchases or maintaining a daily balance of $2,000.
They often have sign-up bonuses for new accounts, which can be a great boost for new businesses.
Another plus is their mobile app, which allows you to deposit checks, monitor your account, and even pay bills from anywhere.
Chase also integrates with business tools like QuickBooks, making financial tracking simpler.
The downside might be higher fees if you don’t meet their requirements, but their banking features often make up for it.
If you need an account with flexibility and a large network of branches, Chase is worth considering.
2. Bluevine Business Checking
Bluevine is an online-only bank that’s perfect for startups that don’t need to visit physical branches.
One of its biggest advantages is that it has no monthly maintenance fees, minimum deposit requirements, or overdraft fees.
You even earn 2.0% interest on your balance up to $250,000, which is rare for business accounts.
While it doesn’t offer cash deposits, Bluevine is a solid option for businesses focused on online transactions or wire transfers.
Their customer service may be online-based, but it remains highly responsive and business-friendly.
Bluevine also connects with popular financial tools, making it easier to manage your money.
With its zero-fee structure, it clearly ranks among the best banks for small business.
3. Bank of America Business Advantage Fundamentals
Bank of America caters well to small businesses with its highly customizable accounts.
Their Business Advantage Fundamentals account offers a $16 monthly fee, but it’s waived if you qualify through spending or balance requirements.
They give businesses plenty of tools, from cash management to payroll services, making them a great option if you’re seeking more than just banking.
Their mobile app is user-friendly and packed with features for managing your money on the go.
For startups needing credit, they also provide access to small business loans. Their network is extensive, so you’ll usually find an ATM or branch near you.
Bank of America is a great choice for those blending traditional banking with digital options.
4. Capital One Business Basic Checking
Capital One stands out for small businesses that need higher transaction limits without added fees.
Their basic account allows up to 200 transactions per month for free, which works well for growing companies.
If you need extra services, they also offer premium banking tools at reasonable costs.
Their monthly service charge is affordable and can be avoided by maintaining a minimum balance.
Many business owners love their mobile banking features, which make it easy to manage everything online.
While they might have fewer branches than bigger networks, their extended hours help compensate.
Combining flexibility and competitive fees, Capital One is one of the best banks for small businesses with active accounts.
5. Novo Business Checking
Novo is designed for small business owners who crave simplicity and no hidden charges.
They don’t just drop monthly fees; they avoid situations like overdraft or wire transfer fees too.
The account is entirely online, meaning you save time as you manage funds from your phone or computer.
Novo also partners with tools like Stripe and Shopify, so it’s great for e-commerce businesses.
Expect quick account setup and zero deposit requirements to get started.
While they don’t include cash deposits, Novo’s perks outweigh this limitation for many digital businesses.
If streamlining costs is your goal, Novo easily places among the top picks for best banks for small business accounts.
6. Wells Fargo Initiate Business Checking
Wells Fargo offers a well-rounded account that fits small businesses just starting out.
Their monthly fees are low at $10 and waiveable by keeping $500 in your account.
They allow 100 transactions monthly without extra charges and provide options for cash deposits.
Wells Fargo’s mobile app lets you do almost everything, from paying bills to transferring money.
Additionally, their nationwide network of branches and ATMs gives you easy access to your funds.
For businesses needing credit, they offer small business loans and lines of credit.
With its balance of services and accessibility, Wells Fargo is a strong option for many entrepreneurs.
7. Axos Basic Business Checking
Axos is another online-focused bank designed with startups in mind. The account charges zero monthly maintenance fees, making it a clear top pick for cost-conscious businesses.
You get unlimited transactions and no charges for incoming wires, standing out from others in this list.
Their interface is simple, offering a seamless banking experience without unnecessary extras.
While they don’t support cash deposits, Axos fits digital businesses perfectly. New accounts often come with a welcome bonus, adding an extra incentive to join.
If you’re operating remotely or handling mostly online transactions, Axos is hard to beat.
8. PNC Business Checking
PNC’s small business checking options provide flexibility, ideal for startups unsure about their banking needs.
Their accounts often come with a low monthly fee, waived if you meet balance or transaction requirements.
Entrepreneurs love their mobile solutions, including online invoicing tools that simplify tracking payments.
PNC also supports cash deposits, making them a practical choice for businesses handling physical sales.
Their ATM network is extensive, giving you secure access to your account while on the go.
PNC backs up its services with reliable customer support, so help is always nearby.
For startups seeking a mix of traditional and digital banking, PNC deserves your attention.
9. Lili Business Checking
Lili targets freelancers and sole proprietors with its no-fee approach to business banking.
The account combines personal and business banking features, offering expense tracking and tax tools in one place.
Their lack of monthly fees, minimum balance requirements, or hidden costs makes them appealing.
Lili’s real strength lies in helping you separate business expenses from personal ones, crucial for tax season.
The mobile banking system is simple, and you can deposit checks from anywhere.
While they don’t provide cash deposit options, Lili is an excellent fit for digital-first small businesses. For freelancers or solopreneurs, few banks are more user-friendly.
10. TIAA Bank Business Checking
TIAA Bank provides a simple account with benefits like no monthly fees and reimbursements for out-of-network ATMs.
It’s ideal for a small business that doesn’t want to worry about hidden charges.
They also offer unlimited transactions, setting them apart from banks with caps on activities.
Their customer support is highly rated, so you’ll always have help when needed.
TIAA’s online services allow you to focus on your business without wasting days handling paperwork.
This account may not work for cash-heavy businesses but shines for fully digital ones.
For startups seeking efficiency and savings, TIAA Bank deserves a spot on your list.
How Do I Know If A Bank Understands My Small Business Needs?
1. They Offer Clear and Flexible Small Business Accounts
The best banks for small business will provide account options designed specifically for small businesses.
Look out for features like low or no monthly fees, the ability to upgrade as you grow, and tools for managing your cash flow.
Ask if the bank has accounts that fit both your immediate needs and future goals. Flexibility is key because a startup’s needs can change quickly.
For example, businesses utilizing startup marketing strategies will often require scalability in their financial tools as they expand outreach efforts.
A good bank will also explain fees clearly, so there are no surprises. If they don’t offer options that work for small businesses, they’re likely not the right fit.
Transparent and flexible services are a strong sign the bank understands what you need.
2. They Have a Dedicated Small Business Team
A bank that truly understands startups often has a team that focuses only on small businesses.
These specialists know the challenges business owners face and are ready to help with advice.
They’ll take the time to listen to your goals and explain how their services can support you.
Founders working on ventures such as a digital marketing startup, for instance, may receive tailored guidance on managing funds for advertising campaigns or digital subscriptions.
If you don’t feel heard, or the advice seems generic, that’s a red flag. Having a specific point of contact makes banking much easier.
You’ll appreciate having someone who knows your business when questions or issues arise.
Great small business support is always personal and tailored to your industry.
3. They Offer Accessible Business Loans and Credit
Financing is often a lifeline for startups, so it’s important to choose a bank that offers accessible loans and credit lines.
The best banks for small business will clearly explain their funding options, including interest rates, repayment terms, and the application process.
Look for a bank with a quick loan approval process so you can seize opportunities without delays.
They should also offer loans based on your business’s potential, not just your credit history.
Startups focusing on product development roles often require additional capital to create prototypes or perfect their offerings.
If the requirements to qualify seem impossible, that’s a sign they may not support startups as much as you need.
A supportive bank believes in your growth as much as you do. Having sensible access to funding can make all the difference for your business.
4. They Provide Useful Online and Mobile Tools
Modern banking is more than just visiting a branch, and the best banks for small business know this.
Look for banks with online platforms or apps that make it easy to manage your finances, track expenses, and send invoices.
Remember, time is money for any business owner, and efficient tools help you save both.
Companies working with a digital product development consultancy often rely on smooth, tech-forward solutions to align with their operational setup.
Make sure their tech is user-friendly, and if you get stuck, they should be easy to reach for help.
Banks that invest in digital tools show they understand how convenient banking is crucial for busy entrepreneurs.
Reliable online access means more time for you to focus on running your business. Evaluate their platform carefully because you’ll rely on it every day.
5. They Know Your Industry
Not all businesses need the same banking services, and a bank that gets this will ask about your industry.
The best banks for small business might offer industry-specific solutions or advice.
For example, they may understand e-commerce companies need different tools than retail stores or service providers.
If your business has a product development team, ensure the bank has experience working with businesses that engage in building, innovating, and scaling products.
A knowledgeable bank can help you find solutions that set you up for success.
If they only provide generic answers to your questions, that could indicate a lack of understanding.
A bank with relevant experience can make managing finances easier and more effective.
6. They Offer Educational Resources
A bank that goes the extra mile will provide workshops, webinars, or guides to help you grow.
These could be about managing cash flow, improving credit scores, or understanding tax obligations.
The best banks for small business know startups often need more than just a checking account.
Educational tools show the bank cares about the success of its clients. You’ll also feel more confident in managing your finances with this extra support.
If a bank doesn’t invest in educating its customers, it might not see small businesses as a priority.
Resources like these are an added value, especially if you’re new to running a business.
7. They Understand Local Markets
Local banks often have an edge over national or online-only banks when it comes to understanding your market.
They’re familiar with the challenges and opportunities in your area, which means their advice can be highly relevant.
For example, they may know about local grants, business programs, or networking groups you can join.
The best banks for small business will go the extra mile to connect you with helpful tools or contacts.
If you feel supported for both your business and your location, it’s a great match.
A bank with local knowledge can also adapt better to meet region-specific needs. Always ask about the experience they have with businesses in your area.
8. They Make Communication Easy
Quick and clear communication is a must when choosing a bank. The best banks for small business won’t leave you waiting days for an answer to your questions.
Whether it’s phone, email, chat, or in-branch visits, their team should be accessible whenever you need them.
Banks that value communication show they respect your time. They should also explain their policies and services in ways that are easy to understand, without complex terms.
If you’re struggling to get responses, it tells you how they might treat you down the road.
A responsive bank saves you time and frustration, which is invaluable for startup owners.
9. They Have Low Minimum Balances and Fees
Startups often work with tight budgets, so make sure the fees and minimum balance requirements align with your resources.
The best banks for small business won’t demand high account balances just to waive fees.
They’ll also limit unnecessary charges, like excessive ATM or transaction fees. A good bank knows that small businesses need breathing room to grow.
If you feel pressured by their fee structure, they might not be a good partner for a startup like yours.
Always compare their rates to other banks before making a decision. Banks with affordable options show they cater to businesses of all sizes.
10. They Show a Genuine Interest in Your Success
A bank that truly understands small businesses will take the time to build a relationship with you.
They won’t treat you like just another customer but as a partner in your business’s growth.
This might mean encouraging regular check-ins to discuss how they can continue to support your goals.
A genuine interest also shows through their flexibility when times get tough, like offering loan adjustments or grace periods.
You’ll quickly notice a positive difference between banks that care and those that don’t.
Trust is vital, and the right bank will earn yours by being there when it matters.
Long-term support is one of the best indicators of a bank committed to small business success.
What Should I Look For In A Bank For My Small Business?
1. Low and Transparent Fees
Pay close attention to the fees a bank charges for things like monthly maintenance, transactions, and ATM withdrawals.
The best banks for small business will keep these fees low or even waive them for certain accounts.
Make sure you understand how much you’ll pay and avoid hidden charges. This is especially important for start-ups that need to keep expenses in check.
A small fee can add up fast, so choosing a bank with clear pricing makes a big difference.
Look for fee-free business accounts if possible or ones that reward you as your business grows. Comparing multiple banks can help you find better deals.
2. Online and Mobile Banking Options
A user-friendly online banking system is a must for small businesses. Start-ups often need to handle transactions, pay bills, and check balances on the go.
The best banks for small business will offer an intuitive mobile app and online platform.
These tools should make it easy to transfer money, deposit checks, and set up payments without visiting a branch.
Consider whether their app includes helpful features like budgeting tools or account alerts.
The convenience of managing everything digitally can save you time and effort. If you’re not tech-savvy, make sure the tools are simple to use.
3. Business Loan and Credit Options
Many small businesses require funding to start or expand operations. Check if the bank offers loans or lines of credit tailored to small businesses.
The best banks for small business will provide flexible options with reasonable interest rates.
Having a good relationship with your bank may make it easier to secure a loan when you need it.
Ask what they require for approvals, like credit scores or business plans. Some banks even offer mentorship or advice on improving your chances of getting funding.
The right bank will understand the financial challenges of a small business and work with you to find solutions.
4. Merchant Services for Payments
Look for banks that offer merchant services like credit card processing. These services can help you accept payments from customers with ease.
Start-ups that sell products or services need systems in place for fast and secure transactions.
The best banks for small business often bundle merchant services with their accounts.
This can simplify your bookkeeping and save you money. Make sure you check if there are extra fees for using these services.
A good setup will make your payments seamless and keep your customers happy.
5. Helpful Customer Support
When problems come up, you want a bank that provides excellent support.
The best banks for small business offer easy access to support through phone, chat, or in-branch services.
A start-up often needs quick answers to questions about accounts or transactions.
Make sure the bank has knowledgeable staff that understands small business needs.
If you can’t get help when you need it, your business could suffer. Look at reviews to see how other business owners rate the bank’s customer service.
A bank that treats you well will make managing your finances a lot less stressful.
6. Specialized Small Business Accounts
Some banks create accounts specifically for small business owners.
These may include features like higher deposit limits, multiple users, or rewards for keeping a balance.
At the best banks for small business, you can find accounts structured to fit your needs as you grow.
These accounts often come with perks like waived fees when you meet certain criteria. Research what additional services are bundled with these accounts.
Choosing the right account from the start can save you time and headaches later. Ask if the account can grow with your business over time.
7. Local Branch Access
While online banking is great, having a local branch is still important. Some start-ups may need to deposit cash or handle transactions in person.
If this is the case, look for banks with locations near your business. The best banks for small business often combine online convenience with easy branch access.
A nearby branch also means you’ll have someone to talk to face-to-face if needed.
Some banks even offer workshops or networking events in their branches to support small businesses.
Think about how often you might need to visit and pick a bank that makes in-person banking simple.
8. Reputation for Supporting Small Businesses
Finally, the bank’s reputation speaks volumes. Look for reviews or ask other business owners about their experiences.
The best banks for small business are known for being supportive, reliable, and easy to work with.
A bank with experience working with start-ups understands the challenges you’re facing.
This can mean better advice, more flexible terms, and fewer frustrations. Checking online ratings and customer testimonials can help you make this decision.
A bank willing to go the extra mile for small businesses is one you want on your side.
What’s The Importance Of A Business Savings Account For Start-Ups?
A business savings account is a crucial tool for start-ups because it helps you manage your finances more effectively while preparing for future expenses.
By setting aside funds for taxes, unexpected costs, or opportunities like expansion, you’re giving your business a financial safety net.
The best banks for small business offer savings accounts with features like competitive interest rates and low fees, which allow your money to grow while keeping costs down.
Keeping your personal and business savings separate also makes it much easier to track expenses and stay organized when managing your cash flow.
Additionally, having a dedicated business savings account can improve your credibility with banks if you need a loan, as it shows you’re serious about financial planning.
Many banks provide start-ups with flexible savings options, so it’s worth researching the best banks for small business to find the one that matches your needs.
Building a solid financial foundation with a savings account can give your business the stability it needs to thrive and grow steadily.
How Can New Startups Help My Business?
New Startups can help your business thrive by connecting you to fresh ideas, services, and collaborations that match your growing needs.
They often bring affordable solutions tailored to businesses just finding their footing, making them a great resource for budget-conscious entrepreneurs.
For example, working with financial startups can guide you toward the best banks for small business accounts, ensuring you save on unnecessary fees and get the services you need.
Additionally, New Startups are more likely to offer personalized help since they understand the challenges of starting from scratch, like managing cash flow or finding the right banking partner.
Many of them focus on convenience and innovation, offering digital tools or flexible services, which traditional providers might not prioritize.
By collaborating with New Startups, you not only gain support but also build valuable partnerships that contribute to your long-term success.
Conclusion
Choosing the best banks for small business is essential for managing your finances effectively and saving money as you grow your company.
With so many options available, it’s important to focus on factors like low fees, accessible customer service, and flexible account types that meet your needs.
Start-up business owners should consider banks that offer dedicated small business support, such as loans and guidance tailored to new companies.
If you are just starting, separating your personal and business finances is crucial, and finding the best banks for small business can make that process easier.
Using tools like business savings accounts or merchant services offered by a bank can help you stay organized and plan for your business’s future growth.
By working with a reliable banking partner, you gain the confidence to handle day-to-day finances while focusing on expanding your business.
At New Startups, we are here to guide you through these decisions, providing insights and connections to help you find key resources, like the best banks for small business, that fit your specific needs.