Best Bank For Entrepreneurs 2024: Fees, Features, Ratings

Are you a business owner on the lookout for the perfect entrepreneur bank account? With so many traditional and alternative banking solutions out there, it can be difficult to find the right fit.

In this guide, we’ll spotlight the top choices and their features and pricing so you can select one that aligns with your business needs. This list includes Wise Business, which offers a low-cost account with low fees. It's also great for businesses sending and receiving money from abroad.

Looking to operate your business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 190,000+ reviews³
Over 300,000 businesses use Wise every quarter

Table of contents
Wise Business Lili Business Chase Found Bank of America Axos Bank Lending Club QuickBooks PayPal Cash for Business (Cash App) Grasshopper SoFi Relay Payoneer Revolut Shopify Balance Square

Best Banks for Entrepreneurs (Includes Money Service Providers and Financial Institutions)

As we look at financial services for entrepreneurs, we can see that today’s landscape doesn’t just feature traditional banks but also unique money service providers and institutions tailored for all sorts of business owners.

All the following institutions come with innovative tools and services designed to streamline your financial operations and cater to your personalized needs. Let’s take a look.

Wise Business

Looking for a provider that can accommodate your operations on a global scale? Built for the modern business owner, Wise Business offers an international business account that can hold 40+ currencies and provide local account details in 9 currencies so you can send, spend, and receive like a local.¹ With a transparent fee structure, entrepreneurs can manage money across borders without hefty fees.

Features

• International account – Hold and manage 40+ currencies and effortlessly switch between them.
• Mid-market exchange rate – Send money without hidden fees or markups.
• Low conversion fees – Small, upfront fees when sending and converting money, far less than traditional banks.
• Multi-user accesses: Approvals, spending limits, and different access types according to your needs.
• Debit card for business – Access funds in foreign currency accounts and enjoy the mid-market rate with the Wise debit card for you and your employees.
• Batch payments – Save time and effort by paying up to 1000 recipients at once for payroll or supplier payments.
• Integrations – Connect with accounting software like Xero, Wave, QuickBooks, FreeAgent, NetSuite, and Sage to simplify your financial management.

Pricing and Fees

Registering for an account is free, which means you can send money from 0.43% across currencies. To receive account details, you pay a one-time fee to get details in 9+ currencies. This means you can receive non-wire payments like a local in USD, EUR, CAD, AUD, and more with no additional charges. There are no monthly fees or minimum balance requirements.²

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

Trustpilot Rating

Trustpilot Rating: Great with 190,000+ reviews³

Looking to operate your business with less fees?

Get a Wise Business account >>

Over 300,000 businesses use Wise every quarter

Lili Business

Lili Bank is an all-in-one banking solution that integrates everything an entrepreneur needs to stay financially organized – from banking and bookkeeping features to invoicing and tax-planning tools. It’s a strong financial companion that is tailored for small businesses and startups, making running a business less of a hassle. If you see your business scaling, Lili’s tiered plans make it easy to do so.

Features (with certain plans)

• Lili business debit card – Visa debit cards for all owners to take care of all business expenses.
• Built-in accounting software – Organized bookkeeping with predictive transaction categorization.
• Tax tools integration – Automatic tax savings bucket, write-off tracker, and pre-filled tax forms to make tax season easier.
• Invoicing software – Create and send customized invoices and accept invoice payments in multiple ways.
• Financial reports – Income and expense reports and profit and loss reports so you can keep track of your cash flow.

Pricing and Fees

Lili has 4 plans: Lili Basic ($0/month), Lili Pro ($9/month), Lili Smart ($20/month), and Lili Premium ($35/month). The free plan comes with a checking account, business debit card, and automatic savings, while Smart and Premium plans come with advanced financial reporting, tax reporting features, and more.⁴

Trustpilot Rating

Lili has a 4.7/5 rating from 2,628 reviews.⁵

Chase

Chase is a banking giant that offers a complete array of services that can be especially enticing to entrepreneurs. With its extensive network of branches and ATMs across the country, accessibility is Chase’s number one standout feature. They also provide an array of online and mobile banking tools and tailored business accounts for stability and convenience.

Features

• Classic business checking accounts – Three checking accounts that can scale with any business.
• Loan and financing options – Access business credit and loan products such as real estate financing and small business loans.
• Merchant services – Chase Payment Solutions offers tailored merchant services for professional services, retail stores, e-commerce businesses, and more.
• Dedicated business advisors – Partner with a J.P Morgan dedicated advisor for personalized strategy and information.
• Wide array of business credit cards – Many business credit cards to choose from with cash back rewards, airline miles, and credit card reward points on business purchases.

Pricing and Fees

Chase has three business checking accounts: Chase Business Complete Banking ($15/month), Chase Performance Business Checking ($30/month), and Chase Platinum Business Checking ($95/month). All monthly service fees can be waived if specific requirements are fulfilled.⁶ Along with these base fees, there are traditional banking fees for things like wire transfers and merchant services.⁷

Trustpilot Rating

Chase has a 1.3/5 rating from 1,511 reviews.⁸

Found

Found is a simple banking alternative made for small business owners, freelancers, and the self-employed in mind. It’s an all-in-one banking solution that combines invoicing, payments, bookkeeping, taxes, and budgeting tools, letting you take the reins of financial management.

Features

• Automated accounting – Expense tracking is done through automatic categorization so you can find write-offs and run reports.
• Manage and pay contractors – Onboard and pay contractors without fees and stay on top of end-of-year taxes.
• Pockets to budget and save – Cash flow management can be customized to achieve your goals – whether it’s saving for specific goals or allocating more for operating expenses.
• Real-time insights and reporting – Know what’s going on with your business as you go along and take action when necessary.
• Built-in tax tools – Taxes are effortless with auto-saving tools, auto-generated tax forms, and real-time tax estimates.

Pricing and Fees

Found has a free plan, and the Found Plus plan ($19.99 monthly or $149.99 annually). The free plan has all the business banking tools, including automated accounting, tax tools, invoicing, and more, while the Plus plan comes with premium tools and 1.5% APY on balances up to $20K.⁹

Trustpilot Rating

Found has a 4.7/5 rating from 298 reviews.¹⁰

Bank of America

Bank of America is an established bank with a reputation for supporting small businesses. If you’re an entrepreneur who requires a suite of services to help you scale and thrive, you can enjoy traditional financial tools, services, and dedicated support all in one place. The bank’s presence spans the nation, and entrepreneurs can easily find a branch and get access to financial expertise.

Features

• Zelle for Business – Send and receive payments with just an email address or phone number.
• Access to dedicated small business specialists – Enjoy personalized guidance and support from dedicated small business specialists.
• Cash flow monitor – Track and manage your business finances, forecast expenses and earnings, and maintain a healthy cash flow.
• Connected apps – Connect to third-party apps such as Quickbooks Online to streamline your business finances.
• Preferred Rewards for Business – Get access to benefits, rewards, and savings with a business checking account.

Pricing and Fees

Bank of America has two checking accounts: Business Advantage Fundamentals Banking ($16/month) and Business Advantage Relationship Banking ($29.95/month), both of which can have the monthly fee waived. The Relationship Banking option has no fees for incoming wires, stop payments, electronic deposits, and more, while both accounts may come with extra fees for outgoing wires, etc.¹¹

Trustpilot Rating

Bank of America has a 1.3/5 rating from 1,878 reviews.¹²

Axos Bank

Axos Bank has a small business banking solution that blends digital convenience with comprehensive financial services. As an online-only institution, Axos provides an efficient banking experience that is ideal for those searching for a combination of an innovative online solution with the features of a traditional bank.

Features

• Fee-free checking account – Axos has a business checking account with zero monthly maintenance maintenance fees and no minimum deposit required.
• Merchant services with Celero – Celero Merchant Solutions lets entrepreneurs accept and process credit and debit cards.
• Interest-bearing accounts – Take advantage of the Business Interest Checking account (1.01% APY) and other business savings accounts with 0.20% APY.¹³
• SBA loans with Centerstone – Get small business loans with up to 90% financing.¹⁴

Pricing and Fees

The Basic Business Checking doesn’t come with any base fees like monthly fees or minimum deposits, while the Business Interest Checking comes with a $10 fee that can be waived. There are likely extra fees for domestic (outside of the two monthly free ones) and international wires, as well as for items outside of the monthly allowance.¹⁵

Trustpilot Rating

Axos Bank has a 2.1/5 rating from 128 reviews.¹⁶

Lending Club

Lending Club is a digital-first entrepreneur bank that forgoes traditional banking models and changes the way you access capital. While there are all the typical banking tools you might need, they also connect borrowers with investors through an online marketplace. Not only do you get to enjoy a simplified process, but you also get more competitive rates.

Features

• Cash back and APY – Earn 1% cash back on purchases, 1.50% APY on balances below $100,000, and 0.10% APY on balances greater than $100,000.¹⁷
• Sync with Mint, QuickBooks, or Quicken – Integrate your financial data with popular accounting software.
• Use Autobooks to create and send digital invoices – Manage your billing process with Autobooks, allowing you to deal with invoicing with ease.
• Send one-time and recurring electronic payments – Simplify payments with convenient one-time and ongoing electronic payments.
• SBA loans – Take advantage of SBA loans that offer favorable terms for entrepreneurs.

Pricing and Fees

The Tailored Checking Account comes with a $10 monthly fee that can be waived with a balance of $500. There are also currency conversion fees of .20% of the transaction amount and international transaction fees of .90% of the transaction amount. International outgoing wires cost $40¹⁸

Trustpilot Rating

LendingClub has a 4.6/5 rating from 4,952 reviews.¹⁹

QuickBooks

QuickBooks handles more than just accounting – it’s evolved into a larger financial center for entrepreneurs. With its integration of banking and accounting services, it offers a one-stop-shop for managing all sorts of financial processes, all while being made to scale with you.

Features

• High yield savings – Open a free checking account with no monthly fees, overdraft fees, or minimum balances.
• Free-to-open checking account – Move money to high-yield savings envelopes with 1.75% APY.²⁰
• Integration with QuickBooks products – Ability to connect your bank and books with QuickBooks’ very own accounting tools, as well as tools like payroll solutions.
• Cash flow tools – See all your business money on one dashboard so you can make smart business decisions.
• Business loans – Get fast access to business loans with repayment terms from 6 - 24 months.²¹

Pricing and Fees

QuickBooks Money offers money management features without bookkeeping at no cost – just pay by the transaction. For plans that integrate other tools like bookkeeping, accounting, and more, there are also the QuickBooks Simple Start plan ($30/month), QuickBooks Essentials plan ($60/month), and the QuickBooks Plus plan ($90/month).²²

Trustpilot Rating

Intuit (the company that owns QuickBooks) has a 1.1/5 rating from 585 reviews.²³

PayPal

PayPal has become synonymous with digital finance and is especially useful for entrepreneurs in e-commerce or who do business virtually. It’s an international financial solution that supports all sorts of modern businesses with the flexibility and scalability needed to manage your money. Its global reach and ability to manage customer interactions make it a great entrepreneur bank alternative.

Features

• Seller Protection – PayPal provides a layer of security with its Seller Protection policy to safeguard against fraud and chargebacks.
• Integration-friendly – The platform integrates with many ecommerce platforms and accounting software.
• Accept payments – Get paid with online checkout solutions, invoicing, installment payments, and take payments in person.
• Apply for business loans – Apply for working capital and other small business loans to invest in your growth or fund your next big idea.
• Business debit and credit card – Use the PayPal Business debit and credit Mastercards to earn 1% - 3% cash back on all your purchases.²⁴

Pricing and Fees

There is no cost to use PayPal Business, as it operates on a pay-as-you-go fee structure. For example, getting paid will depend on the method of payment and the currency. Standard credit and debit payments come with a 2.99% + $0.30 charge, while there is an additional percentage-based fee for international commercial transactions (1.50%).²⁵

Trustpilot Rating

PayPal has a 1.3/5 rating from 27,501 reviews.²⁶

Cash for Business (Cash App)

Craving convenience? Cash for Business is an agile and user-friendly tool that blends payment processing with straightforward business management. Ideal for solopreneurs, it’s a great solution for those wanting to minimize hassle with their transactions and those who don’t want any of the frills that come with financial management.

Features

• Instant payments – Accept payments instantly from customers and avoid the wait times associated with traditional banking.
• Unique payment methods – Sending and receiving methods include unique payment links, $Cashtag, and QR codes, as well as email and phone numbers.
• No limits on incoming payments – There is no cap associated with incoming payments.
• No contracts or plans – The platform doesn’t have any plans to get locked into.
• Tax documentation – Cash App automatically generates a Form 1099-K for all Cash for Business customers who receive more than $600 - $20,000, depending on your state.²⁷

Pricing and Fees

Cash App automatically deducts a 2.75% processing fee on each payment received to your business account. There are no costs associated with transferring your funds to your debit card.²⁸

Trustpilot Rating

Cash App has a 1.2/5 rating from 4,080 reviews.²⁹

Grasshopper

Grasshopper is a digital banking solution that boasts an array of forward-thinking solutions that are useful for any business owner - including invoicing, funding solutions, and bookkeeping. They strive to provide the best banking technology through their years of industry expertise to help businesses grow. There are also separate startup and small business experiences, depending on the size of your company.

Features

• Startup and small business-specific accounts – Choose the Innovator Checking account for small businesses and the Accelerator Checking account for startups.
• Virtual and physical debit and corporate credit cards – Make secure purchases and receive 1% cash back on the Grasshopper debit card.
• High-interest earning – Earn up to 2.25% APY on balances and take advantage of the savings account for 4% APY.³⁰
• Automate bookkeeping – Generate reports and see all your transactions in real-time with Autobooks accounting.
• Flexible lending solutions – Take advantage of Grasshopper as an SBA Preferred Lender.

Pricing and Fees

Grasshopper provides a lot of complementary services and doesn’t come with monthly service fees. However, there are fees associated with sending international wire transfers ($25) and domestic wires ($10) – these are still more affordable than many traditional banks.³¹

Trustpilot Rating

Grasshopper has a 3.7/5 rating from 81 reviews.³²

Relay

Relay is a financial tech company geared toward small businesses, offering no account fees and an easy-to-use platform. With Relay, it’s easy to see exactly where your cash is going, save for tax season, and separate your cash so your budgets and savings are exactly how you want them to be. Banking can also be collaborative, with multiple Visa debit cards and role-based user permissions.

Features

• Multiple checking accounts – Open up to 20 checking accounts to separate finances.
• Savings accounts with interest– Savings accounts come with the opportunity to earn 1 - 3% APY.³⁷
• Profit First method – Automatically allocate savings for profit before anything else.
• Syncs with accounting providers – Sync your account with Xero or QuickBooks for bookkeeping.
• Accounts payable solution – Automate bill approvals and pay all your bills from the platform.

Pricing and Fees

Relay offers a free plan with all the business banking essentials, as well as the Relay Pro upgrade for $30/month if you want advanced features like faster ACH and outgoing wires and accounts payable solutions. Outgoing international wires are $10 each with the free plan and free with the Pro plan.³⁸

Trustpilot Rating

Relay has a 4.6/5 rating from 1,258 reviews.³⁹

Payoneer

Going global? Payoneer breaks down the barriers of international transactions, making it easy to manage funds across borders. Multi-currency support and cross-border payment tools make paying clients, suppliers, and employees much simpler, as well as getting paid like a local in 9 currencies.⁴⁰ If your business needs it, there’s also working capital for ecommerce sellers and small-medium businesses.

Features

• Receive marketplace payouts – Consolidate your earnings from leading marketplaces and networks.
• Payoneer Mastercard – Make purchases in-store or online, and withdraw cash anywhere in the world.
• Capital Advance funding – Use Payoneer’s Capital Advance program to secure quick funding.
• Send customizable invoices – Create and send professional, branded invoices for receiving payments.
• Build checkout experiences – Integrate Payoneer Checkout into your online storefront and craft your own checkout experience.

Pricing and Fees

Payoneer works on a pay-as-you-go system without set monthly fees. Getting paid directly by clients incurs a 3% fee for credit cards, and 1% for ACH bank debits, regardless of the currency.⁴¹

Trustpilot Rating

Payoneer has a 4.0/5 rating from 51,987 reviews.⁴²

Revolut

Revolut brings a suite of powerful features to the domestic and international financial space. It has a multi-currency account, just like Wise and Payoneer, letting you make transfers across borders and get paid in a variety of ways. The platform lets you receive international transfers at the speed and cost of domestic ones if you’re located in the US, EU, and UK with borderless account details.⁴³

Features

• Corporate cards – Get physical and virtual cards for your team with interbank rates.
• API integration – Build custom integrations according to your business needs.
• Analytics tools – See just how much your team members are spending and view spending breakdowns in detail.
• Exchange in multiple currencies – Deal with foreign exchange in 25+ currencies.
• Integrate with partner apps – Integrate your finances with apps like Slack, Zapier, QuickBooks, and Xero.

Pricing and Fees

Revolut has four tiered business plans: Basic ($0/month), Grow ($30/month), Scale ($119/month), and Enterprise (Custom). Prices are lower with annual plans. The higher the tier, the more features you receive and the higher your limits. For example, you can only get $1000 for currency exchange at the interbank rate on the Basic plan but $10,000 on the Grow Plan.⁴⁴

Trustpilot Rating

Revolut has a 4.3/5 rating from 145,366 reviews.⁴⁵

Shopify Balance

For entrepreneurs with a Shopify store, Shopify Balance fully integrates your sales with your finances, making it a breeze to manage everything from one dashboard. If you want to further mesh your store with your finances, it’s the right way to go. Not only can you skip the fees that traditional banks have, but you can get paid faster directly from your Shopify sales and organize your revenue.

Features

• Direct integrations with accounting software – Integrate with Quickbooks, Bench, and more to make tax season seamless.
• Business spending card – Access exclusive Visa benefits through your Shopify Balance card and earn 1 - 3% cash back on purchases.⁴⁶
• View your store’s financial health – Manage your money with a comprehensive dashboard, filters, and reports.
• Shopify Capital – Leverage proactive funding and pay as your business scales.
• Shopify Bill Pay – Pay the way you want to and schedule payments.

Pricing and Fees

No sign-up fees or monthly fees are associated with a Shopify Balance account, but you can only transfer funds in USD, which means there are no currency conversion capabilities.⁴⁷

Trustpilot Rating

Shopify has a 1.6/5 rating from 1,912 reviews.⁴⁸

Square

Famous for its sleek point-of-sale systems, Square also offers a range of banking solutions with Square Banking. If you’re looking for an entrepreneur “bank” that comes with intuitive design, accessibility, and an all-in-one banking solution that connects to a dedicated payments solution, this option is suitable for you. There are also solutions like loans and folders to organize money how you want.

Features

• Integrated point of sale – Streamline your sales with a POS system that boasts transactions, inventory, and customer insights.
• Square Loan – Apply for a loan between $300 - $250,000 to get quick capital to grow your business.⁴⁹
• Early deposit access – Get access to funds up to two days earlier with a Square Checking account.⁵⁰
• Automatic savings – Set your savings goals and have a portion of money from sales automatically transferred into your savings.
• Square Credit Card (invite-only) – Spend your money and earn free processing every time you spend with the Square Credit Card.

Pricing and Fees

Square has no monthly fees or minimum deposits, but it does come with standard processing fees and invoice fees of 2.6% - 3.5%, along with fixed fees of $0.10 - $0.30.⁵¹

Trustpilot Rating

Square has a 4.3/5 rating from 4,221 reviews.⁵²

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 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 instance 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 for these key features
• 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

Learn More: Best Independent Contractor Apps

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3 - Wise - Trustpilot
4 - Lili Bank - Plans
5 - Lili Bank - Trustpilot
6 - Chase - Business Checking
7 - Chase - How Business Transactions Work
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11 - Bank of America - Business Advantage Banking
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13 - Axos Banking - Small Business Banking
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17 - LendingClub - Tailored Checking
18 - LendingClub - Business Product Terms and Conditions
19 - LendingClub - Trustpilot
20 - QuickBooks - Business Banking
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24 - PayPal Business - Financial Services
25 - PayPal - Merchant Fees
26 - PayPal - Trustpilot
27 - Cash App - Form 1099k
28 - Cash App - Business Fees
29 - Cash App - Trustpilot
30 - Grasshopper Bank - Startup Banking
31 - Grasshopper Bank - Fee Schedule
32 - Grasshopper Bank - Trustpilot
37 - Relay - Savings Accounts
38 - Relay - Savings Accounts
39 - Relay - Pricing
40 - Payoneer - Get paid by clients
41 - Payoneer - Pricing
42 - Payoneer - Trustpilot
43 - Revolut - Multi-currency Accounts
44 - Revolut - Business Account Plans
45 - Revolut - Trustpilot
46 - Shopify - Credit
47 - Shopify Balance Transactions
48 - Shopify - Trustpilot
49 - Square - Loans
50 - Square - Early Deposits
51 - Square - Fees
52 - Square - Trustpilot