Best Banks For Small Business: The Complete List (2024)

Mike Renaldi

22.03.24 (last updated)

9 minute read

Small business owners need a business account that offers the right services at a cost that doesn’t break the bank. Ultimately, choosing the right provider is an individual decision based on what’s most important to you as a business owner, but that doesn’t mean the decision isn’t hard.

Read on for our guide on the best banks for small businesses, as well as some money services business providers and credit unions. We will also talk about how Wise Business could be a great option for you.

Looking to operate your business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 200,000+ reviews ⁵⁹
Over 300,000 businesses use Wise every quarter

Table of contents
1. Wise Business 2. Lili Business Checking 3. Chase Business Complete Banking℠ 4. nbkc Business Account 5. Found Small Business Banking 6. Bank of America Business Advantage Fundamentals™ Banking 7. Axos Bank® Basic Business Checking 8. LendingClub Tailored Checking 9. Oxygen Business Overview 10. First Internet Bank 11. NorthOne 12. QuickBooks 13. PNC 14. Comerica 15. PayPal 16. Cash App for Business 17. TD Bank 18. US Bank 19. Grasshopper Business Checking Account 21. Relay Business Banking 22. TIAA 23. Payoneer 24. Revolut 25. First Citizens Bank 26. M&T Bank 27. Truist Business Bank 28. Shopify 29. Square

Table of contents

1. Wise Business
2. Lili Business Checking
3. Chase Business Complete Banking℠
4. nbkc Business Account
5. Found Small Business Banking
6. Bank of America Business Advantage Fundamentals™ Banking
7. Axos Bank® Basic Business Checking
8. LendingClub Tailored Checking
9. Oxygen Business Overview
10. First Internet Bank
11. NorthOne
12. QuickBooks
13. PNC
14. Comerica
15. PayPal
16. Cash App for Business
17. TD Bank
18. US Bank
19. Grasshopper Business Checking Account
21. Relay Business Banking
22. TIAA
23. Payoneer
24. Revolut
25. First Citizens Bank
26. M&T Bank
27. Truist Business Bank
28. Shopify
29. Square

Best Business Accounts for Small Business

Let's take a look at the various accounts available for your small business.

1. Wise Business

Wise Business is a banking alternative with a flexible, low-cost international business account. Their goal is to help you avoid the hassles that come with traditional banking through transparent pricing and global reach.

Key Features:

Hold over 40+ currencies
Get local account details when abroad
Receive money in 8+ currencies at no extra cost
No monthly fees
No minimum balance

Pricing & Fees ¹

Feature	Cost/Rate
Account Registration	$0
Account Details (Receive Money like Local in GBP, EUR, USD, CAD, and more)	One-time payment: $31
Sending Money	From 0.43%
ATM Fees >$100/month/account	2%
Account Funding Transactions	2%
Wise Debit Card	$5
Converting Money	From 0.43%

Looking to operate your business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 190,000+ reviews ⁵⁹
Over 300,000 businesses use Wise every quarter

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

2. Lili Business Checking

Lili is a financial technology company that provides banking services for businesses.

Pricing & Fees ³

Feature	Cost/Rate
ATM Transaction \ (Domestic nonMoneyPass)	$2.50+
ATM Transaction \ (International)	$5
Card Replacement	Free for first time \ $5 after
Deposited Check Returned Item	$25
Express Mail	$20
Funds Transfer \ (ACH Express Delivery)	1.5% \ ($0.50-$20)

Lili requires that you purchase an account plan to use their services. Each one comes with a business checking account, but all except the Basic plan have the advanced checking account option. You can learn more about the plans.³

Plan	Cost/Rate
Lili Basic Account	$0/month
Lili Pro Account	$9/month
Lili Smart Account	$20/month
Lili Premium Account	$35/month

3. Chase Business Complete Banking℠

This account from Chase Business is designed with small businesses in mind.

Key Features: ⁴

Unlimited debit card purchases and Chase ATM transactions
Access to wire transfers, Chase QuickDeposit, and Chase Online Bill Pay
Up to $5,000 in no-fee cash deposits (per statement cycle)
Access to Associate Debit and Employee Deposit cards
Access to Chase Business Online and Chase Mobile Banking

Pricing & Fees ⁵

Chase offers several business accounts. Here, we’ll focus on fees related to their standard option, Chase Business Complete Checking.

Feature	Cost/Rate
Monthly Service/Maintenance	$0-$15
Transactions (21+)	$0.40/transaction
Wire Transfers \ (Incoming Domestic or International)	$15/transfer
Wire Transfers \ (Outgoing Domestic)	$25-$35
Wire Transfers \ (Outgoing International)	$0-$50
Chase QuickAccept \ (Swipe, Dip, or Tap)	2.6% + $0.10/transaction
Chase QuickAccept \ (Manual Entry or Payment Link)	3.5% + $0.10/transaction

4. NBKC Business Account

Nbkc is an online business bank offering a business account.

Key Features: ⁶

Less fees than traditional banks
Loan and lending options
Electronic transfers
Fraud prevention
Cash management

Pricing & Fees ⁷

Feature	Cost/Rate
Foreign Transaction	1%
Send Domestic Wire Transfer	$5
Send or Receive International Wire Transfers	$45

5. Found Small Business Banking

Found is a business banking service designed for freelancers and those who are self-employed.

Key Features: ⁸

Debit card with integrated financial tools
Free to sign up
No account maintenance fees or minimum balance
No credit check required
Easy online sign-up process

Pricing & Fees ⁹

Feature	Cost/Rate
Instant Transfers	1.75%
Found Plus	$19.99 or $149.99
ATM Withdrawals	Standard ATM Fees \ (no charge from Found)
Currency Conversion	Subject to Currency
Pay Invoice \ (via Debit or Credit Card)	2.9% + $0.30
Pay Invoice \ (via Direct Debit)	1%
Pay Invoice \ (via Cash App Pay)	3.1% + $0.30

6. Bank of America Business Advantage Fundamentals™ Banking

This account from Bank of America was designed with small business in mind.

Key Features: ¹⁰

Help from Small Business Specialists
Access to Zelle
Cash Flow Monitor
Mobile Check Deposit and Remote Deposit Online
$0 Liability Guarantee on Business Debit Cards

Pricing & Fees ¹¹

Feature	Cost/Rate
Monthly Fee	$0-$16
Excess Transaction	$0 for first 200 \ $0.45/transaction after
Cash Deposit Processing	$0 for first $7,500 \ $0.30/$100 after
Non-Bank of America ATMs \ (Domestic)	$2.50+
Non-Bank of America ATMs \ (International)	$5+
Overdraft Item	Up to $10/item (2/day)
Paper Statement Copies	$5
Printed Check Images	$3
Ordering Checks	Variable
Card Replacement \ (Rushed Delivery)	$15
Stop Payment	$30/request
Domestic Incoming Wire Transfers	$15
Domestic Outgoing Wire Transfers	$30
International Incoming Wire Transfers	$15
International Outgoing Wire Transfers \ (in USD)	$45

7. Axos Bank® Basic Business Checking

This is Axos Bank’s small business banking account.

Key Features: ¹²

No monthly maintenance fees
Unlimited transactions
Unlimited ATM fee reimbursements
Free domestic incoming wires
Up to $400 welcome bonus

Pricing & Fees ¹³

Feature	Cost/Rate
Per-Item Processing \ (>200/month)	$0.30/item
Minimum Deposit	$1,000
Debit Card/ATM Card replacement with PIN	$5
Debit Card/ATM Replacement (Special Mailing/Rush Delivery)	$50
Bank Verification Letter	$35
Collection Items (International)	$35 + cost/item
Visa® Debit Card Foreign Currency Conversion Rate	1%
Check Copy From Archive	$5/item
Legal Processing	$100
Research/Reconciliation	$35/hour
Statement Copy From Archive With Our Assistance	$10/statement
Account Paper Statement	$5
Wire Transfers Outgoing (Domestic)	$35/transfer
Wire Transfers Outgoing (International)	$45/transfer
Certified or Overnight Mail (Special Mailing/Rush Delivery)	$10.00 + postage
Deposited Checks (And Other Items) Returned Unpaid	$10/item
Check Orders With Our Assistance	$10.00 + cost of checks
Escheatment Notification	$2
Excess Transaction or Withdrawal	$10
Non-sufficient/uncollected funds - Paid or Returned Item	$25 (up to $75/day)
Official checks	$10/item
Stop payments \ (Online Request)	$10/request
Stop payments (with Assistance)	$35/request

8. LendingClub Tailored Checking

LendingClub’s checking account is designed to help businesses “bank smarter” with tailored solutions and an easy-to-open account.

Key Features: ¹⁴

Unlimited 1% cash back
Unlimited transactions
Avoidable monthly maintenance fee
Access to Autobooks and syncing with Mint, Quickbooks, or Quicken
Unlimited ATM fee rebates

Pricing & Fees ¹⁵

Feature	Cost/Rate
Minimum Opening Deposit	$100
Monthly Maintenance	Up to $10
Abandoned Property	$50/account
Currency Conversion	0.20%
Cross Border (International) Transaction	0.90%
Domestic Outgoing Wire (Business)	$18
International Outgoing Wire	$40
Stop Payment	$25

9. Oxygen Business Overview

Oxygen is a digital banking app for first-time businesses.

Key Features: ¹⁶

No credit check required
Virtual & physical business debit cards
5% cashback in select categories
1% savings APY (on balances up to $20,000)
$1 off coffee purchases

Pricing & Fees ¹⁷

Feature	Cost/Rate
Domestic Cash Withdrawal	$3/withdrawal
Card Replacement \ (Expedited Shipping)	$50/card
International Cash Withdrawal	$5 + 1%/withdrawal
International Transaction	1%

10. First Internet Bank

First Internet Bank’s business banking solutions are conveniently located online.

Key Features: ¹⁸

Range of business products and services
Business term loans and lines of credit
Real estate-oriented loan products
Business credit cards
Solutions for owner-occupied real estate

Pricing & Fees ¹⁹

Feature	Cost/Rate
Paper Checking & Savings Account Statements & Copies	$3/statement
Stop Payments	$30
Card Replacement	$0 for first replacement $5/card after
Incoming Wire Transfers	$15
Outgoing Domestic Wire Transfers	$20
Outgoing Foreign Wire Transfers	$50
Deposits/Payments to Account (via Credit Card)	3% or $10 (whichever is greater)
Cashiers Checks & Copies	$5/check
Dormant Account	$5/account/month
International Service Assessment	2% (in USD)
Foreign currency check/draft processing	$50/item
Returned Item	$20
Uncollected Funds	$30
Overnight Delivery	$30
Garnishments, Executions & Levies	$50
Account Reconcilement Assistance & Research	$20/hour

11. NorthOne

NorthOne offers accounts designed to help small businesses succeed.

Key Features: ²⁰

Access to instant payouts from clients
Same-day bill payment
Accounting software integration
Sales revenue organization with Envelopes
Access your account online or in-app

Pricing & Fees ²¹

Feature	Cost/Rate
Monthly Fee	$10
Same-day ACH Payment	1.5% \ ($1-$15/payment)
Send Domestic Wires	$20
Physical Checks	$1
Cash Withdrawals	Third Party Fees
Receive Domestic Wires	$20

12. QuickBooks

Intuit QuickBooks offers the QuickBooks Checking bank account.

Key Features: ²²

Deposit straight to the bank
1.75% APY
Free to open an account
No monthly or overdraft fees
No minimum balance

Pricing & Fees ²³

Feature	Cost/Rate
Instant Transfer	1.5%
In-network ATM Withdrawal	Free for 4 withdrawals/statement cycle $3/transaction after
Out of Network ATM Withdrawal	$3/transaction
Foreign Transaction	3%

13. PNC

PNC offers special small business banking solutions, like the business checking account.

Key Features: ²⁴

Business checking accounts
Credit cards
Merchant services
Loans & lines of credit
Online & mobile banking

Pricing & Fees(for Business Checking) ²⁵

Feature	Cost/Rate
Minimum Opening Deposit	$100
Monthly Account Maintenance Fee	Up to $12
Monthly Transactions	Free for up to 150 $0.50/transaction after
Monthly Deposits over $5,000	$0.30/$100

14. Comerica

Comerica is known as the leading bank for business with a small business checking account.

Key Features: ²⁶

Business checking & savings accounts
Financing help
Web Bill Pay
QuickBooks
Up to 5.25% APY

Pricing & Fees ²⁷

Feature	Cost/Rate
Account Maintenance	Up to $16/month
Monthly Transactions	Free for first 300 $0.65/item after
Cash Deposited	$0.13/$100
NSF (Return of unpaid items) and Paid Overdraft (1st Occurrence)	$25/item
NSF (Return of unpaid items) and Paid Overdraft (2nd-4th Occurrence)	$33/item
NSF (Return of unpaid items) and Paid Overdraft (>4th Occurrence)	$37/item

An International Account: Wise for International Business

Banking with a credit union or a traditional bank is a great option for small businesses. But they also have plenty of drawbacks, like high fees, limited services, and restricted membership. Luckily, Wise offers comprehensive and innovative business finance solutions.

Wise serves 300k business every quarter in markets all over the world. A Wise account offers the chance to send and receive international payments in multiple currencies.

Whether an instant one-time payment or batch payment, Wise offers competitive rates to customers with the mid-market exchange rate.

Wise Batch Payments come with account - no need to pay extra to pay 1000 invoices in one click
Multi-level permissions and alerts gives you complete control over your account
Link your accounts with top accounting systems: QuickBooks, Wave, Sage, and Xero
US businesses get local account details in 9 currencies to receive funds after paying a one-time fee

See how much you'll save while sending cross-currency transfers here:

Trustpilot Rating: Great ⁵⁹
Over 300,000 businesses use Wise every quarter

15. PayPal

PayPal for Business is a business payment solution designed for businesses of all sizes, especially small businesses.

Key Features: ²⁸

POS System options
Online checkout with installment payments and invoicing
Business debit and credit card
Business and working capital loans
Risk management and reporting tools

Pricing & Fees ²⁹

Feature	Cost/Rate
Receiving Domestic Transactions	2.29-3.49% + fixed fee
Campaign Fee – Store Cash transactions	8%
Receiving Domestic Transactions (APM)	2.59-2.99% + fixed fee
Receiving International Transactions (APM)	2.59-2.99% + fixed fee + 1.5%
Receiving domestic transactions using PayPal Online Card Payment Services	2.59-3.09% + fixed fee
Receiving domestic micropayments	4.99% + fixed fee
Receiving international micropayments	4.99% + fixed fee + 1.50%
Converting payments in another currency	3-4%
Instant Withdrawals (to Card or Bank Account)	1.50%

Additional services, like Account Monitoring and Advanced Fraud Protection, cost additional fees.

16. Cash App for Business

Cash App’s business account is called Cash App for Business.

Key Features: ³⁰

Tax reporting options
No instant deposit fees
2.75% processing fee for received payments
Simple & free account creation
Customer Support

Pricing & Fees ³⁰

Feature	Cost/Rate
Processing	2.75%

17. TD Bank

TD Bank offers small businesses banking lending services and opportunities.

Key Features: ³¹

Checking accounts
Loans and lines of credit
Credit cards
Solutions tailored to healthcare practices and merchants
Help for each stage of your business’ life

Pricing & Fees ³²

Feature	Cost/Rate
Monthly Plan Fees	$5-$125
Deposit/Credit	$1 per
Withdrawal/Debit	$5 per
Monthly Cash Deposited	$2.50/$1,000
Deposited Items	$0.22/item

18. US Bank

U.S. Bank offers several business and small business banking solutions, including tiered business checking accounts.

Key Features: ³³

Business checking and lending
Business credit cards
Merchant services
Cash management
Payroll services

Pricing & Fees ³⁴

Feature	Cost/Rate
Minimum Opening Deposit	$100
Monthly Maintenance Fee	Up to $30
Transactions	125-500 free/statement cycle $0.40-$0.50 each after
Cash Deposit	25-200 free/month $0.33/$100 after
Paper Statement (no check images)	Up to $6
Paper Statement (with front & back check images)	Up to $9

19. Grasshopper Business Checking Account

Grasshopper Bank offers users a digital business banking system with their Innovator Business Checking Account.

Key Features: ³⁵

Unlimited 1% cash back
Up to 2.25% APY
No monthly fee
Unlimited transactions
Flexible lending solutions

Pricing & Fees ³⁶

Feature	Cost/Rate
Domestic Wire Out	$10/wire
International Wire Out	$25/wire
International Wire In	$5/wire
Deposited Item Return	$10/item
Physical Debit Card Replacement	$5/card
Expedited Debit Card	$25/card
Dormant Account	$5/month
Foreign Item Collection	$30/item
Abandoned Property	$50/account
Levy	$50/levy
Account Research	$25/hour
Subpoena or Summons	$25/instance

20. Capital One

Capital One recommends their Basic Business Checking account for small businesses.

Key Features: ³⁷

Checking & savings
Lending options
Card payment processing
Escrow
Capital management

Pricing & Fees ³⁸

Feature	Cost/Rate
Monthly Service Fee	Up to $15
Cash Deposits	Free for up to $5,000/month $1/$1,000 after
ATM Fees	Up to $5/withdrawal
Domestic non-Capital One Bank ATMs	$2/withdrawal
Domestic Incoming Transfer	$15/transfer
Domestic Outgoing Transfer	$25/transfer
Foreign Incoming Transfer	$15/transfer
Foreign Outgoing Transfer (in foreign currency)	$45/transfer
Foreign Outgoing Transfer (in USD)	$50/transfer
Cashier’s Check	$10/check
Non-sufficient Funds (NSF)/ Overdraft (OD)/ Uncollected Funds (UNC)	$35
Stop Payment	$35

21. Relay Business Banking

Relay is an online business banking service with business checking features designed for small businesses.

Key Features: ⁴²

FDIC insured
Visa Zero Liability protection
No account fees
Up to 20 checking accounts
50 Visa debit cards

Pricing & Fees ⁴³ (for Relay & Relay Pro)

Feature	Cost/Rate
Monthly Fees	$0-$30
Outgoing Domestic Wires	$0-$5
Outgoing International Wires	$0-$10

22. TIAA

The Teacher’s Insurance and Annuity Association of America (TIAA) rebranded to EverBank and offers a small business checking account.⁴⁴

Key Features: ⁴⁵

Available overdraft protection
Competitive yield on all balances
No monthly maintenance fee
ATM fee reimbursements
Mobile check deposit

Pricing & Fees ⁴⁵

Feature	Cost/Rate
Minimum Opening Deposit	$1,500
Stop Payment	$25

23. Payoneer

Payoneer offers its users a cross-border business payment account.

Key Features: ⁴⁶

Large, global network
Marketplace and platform integration
No lengthy or costly international wire transfers
Capital Advance
Multi-lingual team

Pricing & Fees ⁴⁷

Feature	Cost/Rate
Getting Paid Directly by Clients (via credit card)	3%
Getting Paid Directly by Clients (via ACH bank debits)	15%
Paying to Recipient without Payoneer	Up to 3%
Same Currency Payment	1.50 USD/EUR/GBP
Withdraw in local currency with currency conversion	Up to 3%
Same Currency Withdrawal	1.50 USD/EUR/GBP
Withdraw in Non-local currency	Up to 3%
Annual Account Fee	$29.95

24. Revolut

Revolut offers Revolut Business, an online business account with four tiers.

Key Features: ⁴⁸

Supports over 25 currencies
Make payments to over 100 countries
Physical and virtual company debit cards
Ability to control spend permissions for your team
Automated expenses

Pricing & Fees ⁴⁹ (Revolut also offers a Custom Pricing option)

Feature	Cost/Rate
Monthly Fees	$0-$119
International Transfers	0-25 free $5/transfer after
Local Transfers	5-1,000 free $0.20/transfer after
Currency Exchange	$1,000-$50,000 free 0.6% fee after 1% fee for exchanges outside market hours

25. First Citizens Bank

This bank offers many services to small businesses, highlighting their small business checking accounts with four business banking options.

Key Features: ⁵⁰

Loan applications
Business credit cards
Merchant and ACH services
Years of expertise
Small business checking account

Pricing & Fees ⁵¹ (based on four business banking options)

Feature	Cost/Rate
Monthly Fee	$0-$75
Minimum Opening Deposit	$100
Out of Network ATM Fee	$2.50
Items in Excess	$0.50/item

26. M&T Bank

M&T offers business banking products and services, including several business checking account options.

Key Features: ⁵²

Cash management
Business financing & SBA loans
Business credit cards
Digital banking
Merchant services

Pricing & Fees ⁵³ (based on seven business checking account options)

Feature	Cost/Rate
Monthly Maintenance Fee	$0-$50
BALOC Annual Fee	$0-$250
Additional Transactions	$0 if unlimited Or $0.25-$1/transaction

27. Truist Business Bank

Truist offers online and mobile banking for small businesses, recommending the Simple Business Checking account.

Key Features: ⁵⁴

Linked bank accounts
Controlled access to accounts
Unique IDs and user permissions for every employee
Higher mobile deposit limits
Access to Zelle

Pricing & Fees ⁵⁵

Feature	Cost/Rate
Minimum Opening Deposit	$100
Paper Statement Fee	$3/month
Monthly Transactions	Free for first 50 $0.50/transaction after
Monthly Coin and Currency Deposits	Free up to $2,000 $0.003/$1 after

28. Shopify

The popular business-building site offers Shopify Balance, a business financial account for managing finances.

Key Features: ⁵⁶

Comprehensive dashboards, filters, and reports
Physical and virtual business spending cards
Earn cashback and exclusive rewards
Mobile app
Bill pay

Pricing & Fees

Shopify Balance does not have any fees associated with their services. You may be charged a fee for using an ATM, but this fee is not charged by Shopify.⁵⁶

29. Square

Square offers small business resources, but its financial services are for restaurant, retail, and beauty businesses of all sizes.

Key Features: ⁵⁷

Hardware and POS systems
Flexible payment processing
Delivery and shipment options
In-store pickup and online ordering options
Open up new revenue streams

Pricing & Fees ⁵⁸ (for three different account types)

Feature	Cost/Rate
Monthly Fees	$0-$29+
Payroll	At least $35/month + $6/month/employee
Email Marketing	At least $15/month
Text Message Marketing	At least $10/month (+ messaging rates)
Loyalty	At least $45/month
Team Plus	At least $35/month/location
Afterpay	6% + $0.30/transaction
In Person Processing	2.6% + $0.10/transaction
Online Processing	2.9% + $0.30/transaction
Manually Entered Processing	3.5% + $0.15/transaction
Invoice Processing	3.3% + $0.30/transaction

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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