Small Business Bank Review 2021: Unbeatable High-Yield Savings Accounts

Small Business Bank has free checking and high-interest savings for businesses. But is it the best bank for you?
Best small business bank
Small Business Bank
3.5 out of 5 stars
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    High-yield savings accounts
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    No-fee checking account
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    Outdated website and app
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    Limited products and services

Small Business Bank is just what it sounds like: a bank exclusively for small businesses. But there’s a good chance you’ve never heard of this online-only bank until just a few minutes ago. And while a free checking account sounds great, is Small Business Bank actually your best business banking option?

That’s what we want to help you figure out. While we like Small Business Bank, we know it’s not for everyone. (But we hope it’s for you!)

In this review, we’ll give you all the information you need to decide whether or not you should do your banking at Small Business Bank—and we’ll direct you to some good alternative banks too.

Small Business Bank has the best business savings accounts

As an online bank, Small Business Bank has a lot of the qualities you’d expect. No-fee checking accounts for one. Availability in all 50 states, for another. But lots of online banks offer those things these days.

So why choose Small Business Bank over another online or traditional bank?

Because you want a top-notch savings account. Small Business Bank has unbeatable business savings accounts.

Small Business Bank fast facts

Small Business Bank

Online banking

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Mobile banking

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In-person banking

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Branch locations




24/7 support

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Customer service options

Phone, online message

In fact, Small Business Bank consistently offers the highest APY (annual percentage yield) we’ve seen from a bank for business. That means you can earn more from your money.

Plus, Small Business Bank savings accounts cost less than many competitors. They come with low fees, so you can afford to save.

(We’ll get into more detail about these accounts in just a minute.)

And like we mentioned, Small Business Bank has more going for it than just savings. It offers excellent business checking accounts, so you can do all your small-business banking―not just your savings―with Small Business Bank.

Sound like a good deal? Let’s dig deeper into Small Business Bank’s bank account options to find out if it will work well for your business.

Small Business Bank checking and savings accounts

You won’t feel overwhelmed with options at Small Business Bank—it has just one checking account and two types of savings accounts.

Checking accounts

Small Business Bank’s checking account made our list of the best free business checking accounts because it’s, well, free. For the most part, anyway.

SBB doesn’t charge a monthly maintenance fee, and it doesn’t charge transaction fees or deposit fees either. (And who doesn’t want free transactions?)

Small Business Bank small-business checking account

FeatureChecking account
Min. opening deposit
Monthly fee
Monthly fee waivable?N/A
ATM feesN/A
Transaction feeN/A
Cash deposits feeN/A
Minimum balance requirementN/A
Debit cardIncluded
Open an account

Data effective 11/19/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

That doesn’t mean Small Business Bank is 100% fee-free, though. You may still get charged fees like these:

  • Wire transfer fee
  • Stop payment fee
  • Insufficient funds/overdraft fee
  • Mailed statement fee
  • Return on deposited items fee
  • Dormant account fee

But for routine bank account use, a Small Business Bank checking account is pretty much free. So if you need an affordable account to deposit money, make payments, and withdraw funds, Small Business Bank might be perfect for you.

What about an interest-bearing checking accounts?

SBB offers good APY on its savings accounts, but what if you want to earn interest on your business checking account? In that case, we recommend an interest-bearing checking account at Blue Vine.

Savings accounts

And what if you’d rather start saving your money? Cool—Small Business Bank has a couple options for you. And like we said earlier, they're pretty great.

Small Business Bank small-business savings accounts

FeatureHigh Yield SavingsMoney Market Savings
Min. opening deposit
Monthly maintenance fee
Monthly fee waivable?Icon Check  DarkIcon Check  Dark
Penalty-free transactionsUnlimited6/mo.
Open an account

Data effective 11/19/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

First up is SBB’s High Yield Savings accounts. Unlike its checking account, this savings account does come with a monthly fee. But you can waive that fee by maintaining a $100 daily balance. Either way, you’ll get competitive APY on your account balance.

If you really want to max out your APY, you can go with the Money Market Savings account instead. This business savings account requires a much higher opening deposit, and you’ll need a $10,000 daily balance to waive that monthly service fee. But in return, you’ll get some of the highest APY we’ve seen on a business bank account.

Both accounts let you make up to six transactions per month. If that’s going to be a problem, you should probably stick with SBB’s checking account.

(Small Business Bank doesn’t offer any certificates of deposit. But with high rates on its other accounts, we don’t think you’ll miss that option anyway.)

Cash deposits

Unlike many online banks, Small Business Bank does accept cash deposits―but you’ll have to find a Shazam ATM that accepts cash deposits to make a cash deposit.

Small Business Bank's high APY

We’ve told you that Small Business Bank lets you earn a lot of interest on your savings accounts. If you haven’t compared lots of business savings accounts, though, that might not mean much to you. So let’s offer some context.

In all the time has been reviewing banks, Small Business Bank has offered the highest interest rates on its savings accounts. The best rate we ever saw was over 2%―a jaw-droppingly high number for a business savings account.

Now, you may have noticed that SBB’s rates aren’t that high now. And sure enough, its rates have dropped―but so have everyone else’s. (It’s a side effect of the economic uncertainty created by the COVID-19 pandemic.)

So while we used to recommend several banks that had savings APY over 1%, Small Business Bank is now the only bank with such a high maximum APY. In fact, most banks don’t offer anything over 0.5% anymore.

So when we say that Small Business Bank has great savings accounts, we don’t just mean it has great accounts today. We mean it has consistently had the best business savings accounts we’ve found―and we expect it will continue to do so.

The best traditional bank

Because brick-and-mortar banks have such limited availability, we don’t recommend any one traditional bank. But we can help you find the best bank for small business in your state.

Other small-business products and services from Small Business Bank

Many big banks offer tons of services beyond bank accounts to small-business owners, from merchant services to payroll services (and everything in between). But Small Business Bank keeps things simple: it just has a business charge card and a couple types of business financing.

Small-business charge cards

Anyone who opens a Small Business Bank checking account can get a MicroPayment Card (basically a business debit card) to go with their account. But if you need another purchasing option, you can also apply to activate the “credit-charge” feature that makes your MicroPayment Card work like a charge card.

Note that this is a charge card and not a business credit card. (SBB doesn’t offer credit cards.) That means you’ll have to pay off your entire balance each month—which in turn means you won’t be paying interest on your spending.

But since the charge card still lets you buy now and pay later, you will need to pass a credit check to get one.

Small-business loans

Small Business Bank offers a few small business loan options. But we have a big caveat before we get into the weeds of SBB’s financing: only customers in Kansas and Missouri can qualify.

If you’re located in one of the other 48 states (and statistically speaking, you probably are), you can check our list of the best small-business loans instead.

So what does Small Business have for Kansas and Missouri business owners?

Compare SBB’s small-business lending

Loan type
Loan min./max.
Lowest listed rate
Get a loan

Working capital loans and debt refinancing



10–25 yrs.

Commercial real estate loans



10–25 yrs.

Data effective 11/19/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Just term loans, which can be used for working capital, debt refinancing, and commercial real estate.

Again, that’s a pretty limited offering when compared to the bigger banks. But with low rates, long terms, and a wide range of loan amounts, Small Business Bank seems like a great option if you operate in Kansas or Missouri.

SBA loans

Small Business Bank is an SBA-approved lender. In addition to the loans above, it also provides SBA business loans through the SBA Express lending program.

Grow your business today

Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.

What customers say about Small Business Bank

So by now you should know if Small Business Bank can meet your needs. But will you actually like this business bank?

When we asked small-business owners about their banking experiences, we heard good things about Small Business Bank. Here’s what one business owner had to say:

Jeff Neal headshot
Jeff Neal
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As a boot-strapped startup, we had to forgo convenience and pursue whichever business bank had the best rates. And hands down, that was Small Business Bank. They offer a free business checking account, which means you don’t need to have a minimum balance. Which means you won’t get penalized for having a zero balance. And you won’t get a monthly bill for using their service.

But even though their rates are dirt cheap, they still offer phone support and have a mobile app, which you can link to external accounts to pay bills. I’ve been using them since we were a startup and continue to use them.

Not bad, right?

But we have to be honest: Small Business Bank’s ratings have gone downhill lately. While it used to be one of the best-reviewed banks, it now has just a 2.4 out of 5 on Trustpilot.1 (That’s still not as bad as some traditional banks.)

Positive reviews

Positive customer reviews praise Small Business Bank’s low costs and lack of fees. Some people also rave about the excellent customer service.

In fact, more than one customer says that SBB gave them a heads-up about potential problems (like overdrafts) and helped them solve the issue.

Negative reviews

So what do the negative reviews have to say? Mostly, you’ll see a lot of complaints about SBB’s outdated and uninformative website and app (totally fair, in our opinion). Several users complain they have trouble using the mobile deposit function of the mobile banking app—kind of a problem when you can’t just run to your local branch.

Recent negative reviews also complain about difficulties opening an account. People say they were told their account was active when it wasn’t or say their account was abruptly closed before they could use it. We’ve seen similar issues at other online banks, but that’s still a big problem.

For the record, the vast majority of Small Business Bank reviews are still positive. So while there are more negative reviews than we’d like, you can probably expect to have a good experience at Small Business Bank—so long as you’re not the kind of person who gets easily frustrated by subpar technology.

The takeaway

Small Business Bank offers a lot to small-business owners. Its savings accounts—with high APY and affordable fees—are some of the best options out there.

Add in no-fee checking accounts, business charge cards, and (limited) financing options, and you’ve got yourself some great banking services.

So even though a few business owners may require a traditional bank that makes it even easier to deposit cash, we think Small Business Bank is a great fit for many business banking needs.

Take good care of your new business account by reviewing banking best practices with our guide to small-business bookkeeping basics.


At, 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.


  1. Trustpilot, “Small Business Bank." Accessed September 10, 2020.
Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for 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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