10 Best Banks for Small Business 2022

We compared more than 30 banks to bring you our business banking ranking.
Best small-business bank overall
Bluevine
4 out of 5 stars
4.0
Starting at
$0.00 monthly fee
  • pro
    Interest-bearing checking
  • pro
    $0 minimum opening deposit
Best for solopreneurs
Lili logo
Lili
3.8 out of 5 stars
3.8
Starting from
$0.00 monthly fee
  • pro
    Checking and high-yield savings accounts
  • pro
    $0 minimum opening deposit
Best for simplicity
Kabbage
Kabbage
4 out of 5 stars
4.0
Starting from
$0.00 monthly fee
  • pro
    Checking accounts
  • pro
    $0.00 minimum opening deposit
Best full-service online bank
LendingClub
LendingClub
3.8 out of 5 stars
3.8
Starting at
$0.00 monthly fee
  • pro
    Checking and savings account options
  • pro
    $100 minimum opening deposit
Best personal accounts
NBKC Bank logo
NBKC Bank
3.7 out of 5 stars
3.7
Starting from
$0.00 monthly fee
  • pro
    Checking and savings accounts
  • pro
    $0 minimum opening deposit

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure.

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.


Banking built for small businesses: Bluevine

Set your business up for success with a checking account that has no monthly or overdraft fees and earns you up to $1,500 in interest each year.


Compare the top small-business banks

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

Bluevine

$0.00

Icon No  DarkIcon No  DarkIcon Yes  DarkIcon No  Dark
Lili logo

Lili

$0.00

Icon Yes  DarkIcon No  DarkIcon No  DarkIcon No  Dark
Kabbage

Kabbage

$0.00

Icon No  DarkIcon No  DarkIcon Yes  DarkIcon Yes  Dark
LendingClub

LendingClub

$10.00 (waivable)

Icon Yes  DarkIcon Yes  DarkIcon Yes  DarkIcon Yes  Dark
N B K C Bank Logo

NBKC Bank

$0.00

Icon Yes  DarkIcon Yes  DarkIcon Yes  DarkIcon Yes  Dark

Data effective 8/29/22. 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.

Bluevine: Best bank overall

Bluevine
Bluevine

Starting at $0 monthly fee for checking

  • Online banking only
  • Online applications accepted

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

Just looking for a great, all-around checking account? That’s Bluevine, which dishes out our top-rated 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 allows you to earn interest (assuming you meet some conditions) at a very competitive 1.5% rate on your original account and up to 5 sub-accounts, for a total of six accounts. This allows you to get more value from your already free banking. Plus, it makes it easier to budget and separate different types of funding (like payroll, taxes, and profits).

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 Interest-bearing checking
pro Easy cash deposits
pro Availability in 50 states
Cons
con Conditions to earn interest
con No branch locations

Lili: Best for solopreneurs and freelancers

Lili
Lili logo

Starting at $0 monthly fee for checking

  • Online banking only
  • Online applications accepted

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

If your business is just you, we suggest taking a look at Lili.

Lili offers excellent financial tools and services for solopreneurs and freelancers. You can set up a tax bucket, for instance, and automatically set aside money to go toward self-employment taxes. Or you can use its invoicing creator to quickly create and send professional invoices. 

The accounts themselves look great too. Lili has a free checking account, or you can upgrade to get savings (and access to all Lili’s cool tools) and get a fabulous 1% APY on your account balance.

You do have to be a sole proprietorship or single-member LLC to use Lili, and you do have to pay a small monthly fee for the best features. But given how Lili can simplify your life as solopreneur, we think you’ll find the cost worthwhile.

Pros
pro Tax, invoicing, and other tools for freelancers
pro Excellent customer reviews
pro Small opening deposit
Cons
con Sole proprietors and single-member LLCs only
con Limited customer support access
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Kabbage: Best interest-bearing checking

Kabbage
Kabbage
Kabbage

Starting at $0.00 monthly fee for checking

  • Online banking only
  • Online applications accepted

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

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.

Pros
pro Availability in all states
pro Excellent customer reviews
pro Small opening deposit
Cons
con No physical locations

LendingClub: Best full-service online bank

LendingClub Banking
LendingClub

Starting at $10.00 monthly fee for checking (waivable)

  • Online banking only
  • Online applications accepted

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

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

NBKC Bank: Best for personal accounts

NBKC Bank
NBKC Bank

Starting at $0.00 monthly fee for checking

  • Traditional & online banking
  • In-branch applications only

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

If you’ve got any interest in doing your personal and business banking in the same place, we recommend online banking with NBKC.

NBKC has solid business accounts, including an almost totally free business checking account and complementary money market account. Those accounts alone earn NBKC a high spot on this list. But unlike most of the banks above, NBKC also offers personal banking.

We won’t tell you how to conduct your personal banking, but we will point out that NBKC offers 0.15% interest on its free personal checking and money market accounts. Plus, it offers both personal and business credit cards, certificates of deposit, and more. Sure, NBKC used to offer better interest rates―but we still see plenty to like about this mostly online bank. 

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

Pros
pro No-fee checking and savings
pro Interest-bearing personal checking
pro Accounts, loans, credit cards, and more
Cons
con Limited availability of financing products
con Limited support hours

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

$5.00 (waivable)

Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes

$0.00

Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes

$10.00

Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes

$0.00

Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
Icon Yes  DarkYes
$0.00
Icon Yes  DarkYes
Icon No  DarkNo
Icon Yes  DarkYes
Icon Yes  DarkYes

Data effective 8/29/22. At publishing time, loan amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

KeyBank: Best for cash-heavy businesses

KeyBank
Key Bank
KeyBank

Starting at $5.00 monthly fee for checking (waivable)

  • Traditional & online banking
  • In-branch applications only

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

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.

Citizens: Best customer service

Citizens
Citizens
Citizens

Starting at $0.00 monthly fee for checking

  • Traditional & online banking
  • In-branch applications only

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

Citizen is one of a handful of recommended banks that offers 24/7 customer service 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.

TD Bank: Most flexible hours

TD Bank
TD Bank
TD Bank

Starting at $10.00 monthly fee for checking

  • Traditional & online banking
  • Online applications accepted

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

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.

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

Huntington Bank: Best one-stop shop

Huntington Bank
Huntington
Huntington Bank

Starting at $0.00 monthly fee for checking

  • Traditional & online banking
  • Online applications accepted

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

Most of the banks on this list offer more than just checking 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.

Axos Bank: Best for simplicity

Huntington Bank
Axos
Axos Bank

Starting at $0.00 monthly fee for checking

  • Straightforward, no-frills banking
  • Online applications accepted
  • No business credit cards offered

Data as of 8/29/22. Offers and availability may vary by location and are subject to change.

Let's cut to the chase: Axos Bank isn't the most elaborate. For example, it doesn't offer business credit cards (although it does offer lines of credit).

So why do we still love them? Because this simple approach to business banking is spectacular for mom-and-pops and new entrepreneurs needing something easy to wrangle. All the basics are included, such as fee-free checking and savings accounts.

But you'll also enjoy personal banking products, too, like mortgages, brokerage accounts, and auto loans. This is perfect for local, small business owners wanting a one-stop-shop for their financial needs, instead of something more complex and confusing.

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 you’re a solopreneur, though, you may prefer Lili’s excellent tools for freelancers and teams of one. For an online bank that can compete with brick-and-mortar banks, LendingClub Banking has the most comprehensive online banking we’ve found. Or if you just want a checking account, Bluevine’s free interest-bearing account is your best bet. And for business owners that want to do their personal banking alongside their business banking, NBKC has great options for both.

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.

Related content

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.

Business banking FAQ

Which bank is best for business?

We’ve found that Small Business Bank is the best bank for business, because it has a great balance of features and fees. We also like Lili for solopreneurs and freelancers.

Are small banks better for small businesses?

On the whole, yes, we think small banks work better for small businesses. 

We haven’t been too impressed with the biggest banks, which tend to offer fewer perks, have higher fees, and come with scandal-ridden histories. Smaller banks (especially online banks) often have cheaper accounts, better reviews, and cool features―making them better for small businesses. 

Which bank makes it easy to open a business account?

Any online bank (like Small Business Bank, Lili, or Bluevine) makes it very easy to open a business account. You can fill out a banking application online in just a few minutes.

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 4,942 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 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.

Bank availability in your state

State
Huntington Bank
KeyBank
Citizens
Truist
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

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. NCUA, “2019 Annual Report,” 2019. Accessed July 13, 2022.
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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