10 Best Banks for Small Business 2021

We compared more than 30 banks to bring you our business banking ranking.
Best small business bank overall
Small Business Bank
Small Business Bank
3.5 out of 5 stars
3.5
Starting from
$0 monthly fee
  • Icon Pros  Dark
    Checking and high-yield savings accounts
  • Icon Pros  Dark
    $5 minimum opening deposit
Best for cash businesses
Key Bank
KeyBank
3.5 out of 5 stars
3.5
Starting from
$5 monthly fee
  • Icon Pros  Dark
    Many checking and savings accounts
  • Icon Pros  Dark
    $25 minimum opening deposit
Best for customer service
Citizens
Citizens
3.4 out of 5 stars
3.4
Starting from
$0 monthly fee
  • Icon Pros  Dark
    Many checking and savings accounts
  • Icon Pros  Dark
    $1 minimum opening deposit
Best full-service online bank
LendingClub
LendingClub
3.3 out of 5 stars
3.3
Starting at
$0 monthly fee
  • Icon Pros  Dark
    Checking and savings account options
  • Icon Pros  Dark
    $50 minimum opening deposit
Best for checking
BlueVine
BlueVine
3.2 out of 5 stars
3.2
Starting at
$0 monthly fee
  • Icon Pros  Dark
    Interest-bearing checking accounts only
  • Icon Pros  Dark
    $0 minimum opening deposit

There are thousands of banks in the United States, many with thousands of branches, and they all want your business—or in this case, your business’s business. So how are you supposed to find the best bank for your business?

With our help. We carefully put these rankings together after comparing banking fees, availability, customer reviews, and more at dozens of banks for business. And while we found that Small Business Bank offers the best overall value (with free checking and high-yield savings), we’ve got 10 great recommendations for you.

Ready to find your new bank?

Location
Location, location, location

Not all banks are available in all states. In fact, most banks aren’t available in most states. To see if you can sign up with our favorite banks in your state, take a look at this table of availability. Or you can just go with an online bank (like Small Business Bank or BlueVine), in which case your location doesn’t matter.

2021’s best banks for small business

Compare the top small-business banks

Bank
Lowest monthly fee for checking
Savings accounts
Credit cards
Loans
Merchant services
Get a Bank Account

Small Business Bank

$0

Icon Yes  DarkIcon No  DarkIcon No  DarkIcon No  Dark

KeyBank

$5 (waivable)

Icon Yes  DarkIcon Yes  DarkIcon Yes  DarkIcon Yes  Dark

Citizens

$0

Icon Yes  DarkIcon Yes  DarkIcon Yes  DarkIcon Yes  Dark

LendingClub Banking

$10 (waivable)

Icon Yes  DarkIcon Yes  DarkIcon Yes  DarkIcon Yes  Dark

BlueVine

$0

Icon Yes  DarkIcon No  DarkIcon Yes  DarkIcon No  Dark

Data effective 10/8/21. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Choosing the right bank for your small business

We’ve found some great banks for all kinds of business needs―but if you’re having a tough time narrowing down your choices, we’ve got some advice.

  • First, ask yourself whether you prefer online or in-person banking. Many cash-handling businesses prefer traditional banks for the ease of deposits, while online retailers and freelancers often prefer the affordability of online banking.
  • Next, think about what kind of banking services you need. Do you just need a checking account, in which case most banks can meet your needs? Or will you want specialized savings, a business credit card, and maybe even merchant services―meaning you need a more robust bank?
  • Of course, you’ll also want to think about factors like cost (including monthly fees, transaction fees, deposits fees, and more), availability in your location, and more.

And then, before you know it, you’ll have picked the perfect bank for your business needs.

Small Business Bank: Most bank for small business overall

Small Business Bank
Small Business Bank

Starting at $0 monthly fee for checking

  • Online banking only
  • Online applications accepted

Small Business Bank is our top bank for small businesses. As the name suggests, this online bank is all business—no personal accounts here. Fortunately, Small Business Bank is good at what it does.

For example, it doesn’t charge monthly fees for checking accounts, and it boasts high APY for business savings accounts (up to 1%). But its most impressive feat must be its customer reviews—it had better ratings than any other bank we looked at.

Another selling point? Small Business Bank is primarily an online bank, which means its availability isn’t limited across states. Whether you’re in Alabama or Wyoming, you can open a business account with Small Business Bank.

Of course, if you’re a person who prefers in-person banking, Small Business Bank probably isn’t right for you. Likewise, if you want a bank that offers business loans and merchant services, you’ll need to look elsewhere.

For most small businesses, though, Small Business Bank offers the best banking options.

Pros
Pro Bullet Availability in all states
Pro Bullet Excellent customer reviews
Pro Bullet Small opening deposit
Cons
Con Bullet No physical locations
Con Bullet No small-business loans or merchant services

KeyBank: Best for cash-heavy businesses

KeyBank
Key Bank

Starting at $5 monthly fee for checking (waivable)

  • Traditional & online banking
  • In-branch applications only

KeyBank has a lot going for it, like happy customers, 24/7 customer service, and affordable business bank accounts.

It also offers plenty of additional services for small-business owners, like business lending and merchant services. But in the end, KeyBank provides the best value for businesses that deal with lots of cash.

That’s because KeyBank has the highest amount of free cash deposits we saw on business checking accounts—a whopping $25,000. And if you end up depositing more cash than that (lucky you), KeyBank has some of the lowest cash deposit fees out there.

So if your business has you raking in the Benjamins (and the Washingtons, Lincolns, Hamiltons, and Grants), then KeyBank’s cash-friendly accounts might be right for you.

Pros
Pro Bullet High limits on free cash deposits
Pro Bullet Low fees for additional cash deposits
Pro Bullet Higher-than-average customer reviews
Cons
Con Bullet Availability in just 15 states
Con Bullet No online application

Citizens: Best customer service

Citizens
Citizens

Starting at $0 monthly fee for checking

  • Traditional & online banking
  • In-branch applications only

Like several of our recommended banks, Citizens doesn’t charge any monthly maintenance fees, and its other fees are pretty affordable. But Citizen really stands out in its customer service. 

It’s one of a handful of recommended banks that offers 24/7 customer service—but while some of those other banks only offer 24/7 support for credit cards, Citizens has 24/7 support for all your business needs.

Plus, Citizens gives you the most options for getting in touch with customer service. Want to talk on the phone? Go for it. Prefer to take your time with an email? Awesome. Wish you could post questions in a public forum and get expert answers from business bankers? You can do that. Like making a fuss on Twitter? Yep, that’s an option too. 

In other words, if you’re the kind of business owner that tends to keep customer support on speed dial, Citizens has your back. 

Pros
Pro Bullet 24/7 customer support
Pro Bullet Support through phone, chat, and email
Pro Bullet No monthly service fee for checking
Cons
Con Bullet Limited availability (just 11 states)
Con Bullet Low business savings APY

LendingClub Banking: Best full-service online bank

LendingClub Banking
LendingClub

Starting at $10 monthly fee for checking

  • Online banking only
  • Online applications accepted

Like the idea of online banking, but want more than basic checking and savings? LendingClub Banking offers the full service of a traditional bank with the convenience and savings of an online bank.

LendingClub Banking has basic business checking, yes. But it also has other kinds of checking (Iike analyzed checking), money market accounts, SBA business loans, business credit cards, merchant services, and more. Even escrow services. In other words, it has all the products and services you’d expect from a full-service brick-and-mortar bank.

But LendingClub Banking also offers the kinds of cool perks that are typical of online banks―like a 1% cash back debit card, no transaction fees, and even interest on your checking account balance (though just a 0.1% rate, and only on balances over $5,000). 

All of which is to say that if you want the features of a traditional bank with the perks of an online bank, LendingClub Banking has the banking experience you’re looking for.

Pros
Pro Bullet Checking, savings, loans, credit cards, and more
Pro Bullet Cash back debit card
Pro Bullet Availability in all states
Cons
Con Bullet Few customer reviews
Con Bullet No physical branch locations

BlueVine: Best checking out

BlueVine
BlueVine
BlueVine

Starting at $0 monthly fee for checking

  • Online banking only
  • Online applications accepted

Just looking for a great checking account? That’s BlueVine, our favorite small-business checking account. 

It starts with no-fee checking. That means no maintenance fees, transaction fees, or ATM fees (as long as you stay with the 38,000 in-network ATMs). BlueVine also earns interest (like Kabbage) at a very competitive 0.6% rate, so you can get more value from your already free banking. 

Top it off with easy cash deposits (at any Green Dot location), free checkbooks when you open an account, and generally positive customer reviews, and you’ve got one great checking account.

So while BlueVine may not offer full-service banking (at least not yet), its checking account alone makes it a great banking option.

Pros
Pro Bullet Interest-bearing checking
Pro Bullet Easy cash deposits
Pro Bullet Availability in 50 states
Cons
Con Bullet No interest on balances over $100,000
Con Bullet No branch locations

Honorable mentions

Haven’t seen the right bank for your business yet? Then take a look at these other great options. 

Bank
Lowest monthly fee for checking
Savings accounts
Credit cards
Loans
Merchant services
Get an account
TD BankTD Bank
$10
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
KabbageKabbage
$0
Icon No  DarkNo
Icon No  DarkNo
Icon Yes  DarkYes
Icon Yes  DarkYes
N B K C Bank LogoNBKC Bank
$0
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
HuntingtonHuntington Bank
$0
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Suntrust now TruistSunTrust
$5 (waivable)
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes

Data effective 11/18/21. At publishing time, loan amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

TD Bank: Most flexible hours

TD Bank
TD Bank
TD Bank

Starting at $10 monthly fee for checking

  • Traditional & online banking
  • Online applications accepted

Kabbage: Best interest-bearing checking

Kabbage
Kabbage
Kabbage

Starting at $0 monthly fee for checking

  • Online banking only
  • Online applications accepted

Kabbage is one of a handful of business banks (including BlueVine) that offers interest-bearing checking accounts for business―and it has the best rates. Right now, Kabbage offers 1.1% APY (annual percentage rate) on small-business checking accounts. Plus, Kabbage has a pretty decent small-business bank account even when you set aside the interest thing. Like many online banks, Kabbage doesn’t charge typical banking fees, and it’s available all across the nation.

That makes Kabbage good for business checking with top-notch interest rates.

NBKC Bank: Best for personal accounts

NBKC Bank
N B K C Bank Logo
NBKC Bank

Starting at $0 monthly fee for checking

  • Online & traditional banking
  • Online applications accepted

If you’ve got any interest in doing your personal and business banking in the same place, we recommend online banking with NBKC. It has solid business accounts (a free business checking account and a free money market account), plus great personal accounts (including a personal checking account that earns 0.4% APY).  Likewise, you can get both personal and business credit cards, certificates of deposit, and more.

Put simply, NBKC offers one of your best options for keeping your business and personal accounts with the same (very competitive) bank.

Huntington Bank: Best one-stop shop

Huntington Bank
Huntington
Huntington Bank

Starting at $0 monthly fee for checking

  • Traditional & online banking
  • Online applications accepted

Most of the banks on this list offer more than just checking accounts and savings accounts (Kabbage and BlueVine excepted), But Huntington Bank goes above and beyond in offering other business services. It’s not a stretch to say that Huntington could be your one-stop shop for almost everything business. Because, while Huntington has the usual services (like loans, credit cards, and merchant services), it also offers some surprising products. For example, Huntington has various kinds of business insurance and a suite of cybersecurity services. 

If you’re the kind of person that likes to keep all your accounts in one place, Huntington should be your first (and possibly your last) stop.

SunTrust: Best for few transactions

SunTrust
Suntrust now Truist
SunTrust

Starting at $5 monthly fee for checking (waivable)

  • Traditional & online banking
  • Online applications accepted

We’ll be real with you: SunTrust isn’t the best bank out there (if it was, it would be higher on this list), but it’s a good bank—especially if you won’t make many transactions. SunTrust waives the monthly fee on checking accounts with five or more transactions a month.

And since it has fewer free transactions and costlier transaction fees than other banks, SunTrust is best for businesses that have just a handful of checking transactions each month.

While TD Bank is an all-around solid bank, its flexible business hours really make it stand out. You’ll find TD Bank branches that open as early as 8:30 a.m. and close as late as 6 p.m. Plus, some locations are open on weekends. Throw in the fact that TD Bank stays open for certain holidays (including Presidents Day, Columbus Day, and Veterans Day), and you’ve got a bank that lets you do your banking when it works for you.

So if you’d like more flexibility with your in-person banking, TD Bank is worth considering.

Get a better business bank account

Want affordable banking with great perks? With BlueVine, you can get a fee-free business checking account―and you can even earn interest on account balances over $1,000.

The takeaway

There are a lot of banks out there, but we think Small Business Bank is the best for most businesses thanks to its excellent pricing and solid bank account choices.

If your business handles much cash, though, you may prefer KeyBank’s in-person banking. Or for businesses that want to do everything in one place, Huntington Bank offers a great selection of services. And if you care most about customer service, Citizens Bank has some of the best we’ve seen. Or maybe you want interest-bearing checking, in which case Kabbage is your best bet.

Whether you prefer online or in-person banking, run a cash-based or credit card–based business, or have lots of money on hand or just a little, one of our favorite banks should meet your business needs.

Now that you’ve found the right bank for your business, check out the best accounting services so you can keep your business’s finances in order.

Business banking FAQ

What about my local credit union?

Honestly, your local credit union is probably great. Many small-business owners love credit unions and find great deals there. But with 5,448 credit unions in the United States, there’s no way we can compare them all.1

So we stuck to reviewing larger banks that are more widely available than credit unions. By all means, though, check out your local credit union to see what they can offer your small business.

What else can a bank do for my small business?

Banks obviously offer the basics, like checking accounts and savings accounts (plus accompanying debit cards). But many banks also offer several small-business funding options (including lines of credit, term loans, and business credit cards). Some banks even offer payroll services, merchant services (so you can accept credit card payments), and even retirement accounts for your employees.

What fees are associated with business banking?

Your exact business banking fees will depend on your bank, but most banks charge at least some of these common fees:

  • Monthly maintenance fee
  • Transaction fees
  • Deposit fees
  • Overdraft fees
  • ATM fees (for out-of-network ATMs)

Keep in mind that almost all banks let you waive the monthly service fee on your small-business checking account if you maintain a certain minimum account balance, though that minimum balance will vary from bank to bank.

Plus, most banks give you a certain number of free transactions and cash deposits per month.

Which banks are available in my state?

We’re so glad you asked.

You can always open an online checking account. Any of the online banks—like Small Business Bank, NBKC Bank, Axos Bank, and TIAA Bank (among others)—should be available in your state.

But maybe you don’t have reliable internet access (how are you reading this?), or you prefer that in-person banking touch, or you just like getting a lollipop when you make a deposit in your small-business checking account. If that’s you, take a look at this table to see if our favorite banks are in your state.

Sources

  1. CUNA, “U.S. Credit Union Profile”2019. Accessed December 2, 2020.

Bank availability in your state

State
Huntington Bank
KeyBank
Citizens
SunTrust
TD Bank
US Bank
BBVA

Alabama

Alaska

Arizona

Arkansas

California

Colorado

Connecticut

Delaware

District of Columbia

Florida

Georgia

Hawaii

Idaho

Illinois

Indiana

Iowa

Kansas

Kentucky

Louisiana

Maine

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

Missouri

Montana

Nebraska

Nevada

New Hampshire

New Jersey

New Mexico

New York

North Carolina

North Dakota

Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

South Carolina

South Dakota

Tennessee

Texas

Utah

Vermont

Virginia

Washington

West Virginia

Wisconsin

Wyoming

Methodology

We looked at more than 30 online and traditional banks to get our rankings of the best banks for small business. We scored banks on factors including business bank account availability and costs, customer reviews, branch and ATM locations, and more.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources

  1. CUNA, “S. Credit Union Profile,” 2019. Accessed December 2, 2020.
Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
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