Best Bank For Small Business in California: Pricing and Features

If you’re a budding entrepreneur located in sunny California, you might be looking for the perfect bank for all your financial endeavors. Lucky for you, we did all the heavy lifting and curated a list of top banks that cater specifically to small businesses in the Golden State.

Whether you’re after low fees, advanced digital tools, or international capabilities, you’re bound to find the right banking partner for your business. We'll also talk about the Wise Business account, which 300k businesses use to take their businesses to the next level.

Looking to operate your business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 190,000+ reviews²³
Over 300,000 businesses use Wise every quarter

Best Banks for Small Business in California

Running your own small business isn’t easy, no matter where you’re located, but finding the right bank for your business needs might make the journey a little smoother. Let’s look at three of the most reputable banking institutions available in California.

Wells Fargo

You might recognize Wells Fargo by its red and yellow color scheme or because of its reputation in the major banking world. Founded in 1929, it currently has a strong presence in the United States as well as internationally – with branches in 35 countries.¹

Wells Fargo has a dedicated Small Business Banking sector that has everything from accounts and funding to business cards and merchant services that will ensure your business has the financial services it needs.

Features

• Business checkings and savings accounts – With three tiers of business checking accounts and a range of business savings accounts, small businesses can take advantage of accounts that accommodate lower balances.
• Merchant services – Services include convenient point-of-sale solutions, access to fast funding, and e-commerce and virtual terminal options to cover all bases.²
• Loans and credit – Small businesses often require financing, loans, and lines of credit to get a kick start, and Wells Fargo offers Small Business Administration Lending and things like commercial real estate loans.
• Dedicated customer service – If you need extra help or have questions, their small business customer service is available either 24/7 or within more limited hours, depending on the exact service you’re looking to ask about.
• Business cards and rewards – All business accounts come with a dedicated business credit card. Customers can also join the Business Rewards Point Program and redeem points for merchandise, travel, gift cards, and more.³
• Payroll and HR services – Using online payroll and HR solutions, businesses can automatically process their payroll, simplify taxes, and handle hiring like a pro.

Pricing

Wells Fargo has three different checking accounts – the Initiate Business Checking ($10/mo), Navigate Business Checking ($25/mo), and Optimize Business Checking ($75/mo), which is useful for when you need to scale.⁵

There are also three business savings options – the Business Market Rate Savings ($5/mo), Business Platinum Savings ($15), and Business Time Accounts (CD).⁶ For both checking and savings accounts, monthly fees can be waived. There’s also a $25 minimum account opening deposit for all accounts.

Chase

Although Chase Bank doesn’t dedicate its business sector to small businesses specifically, Chase provides solutions for all sorts of businesses under their “Chase for Business” arena. Similarly to Wells Fargo, Chase is a traditional bank that offers a full scope of business services.

If your business likes having everything to manage finances online, paying vendors and employees, and getting access to loans and financing, this route could be the way to go.

Features

• Business checkings and savings accounts – Three tiers of business checking accounts and two business savings accounts that accommodate businesses by size.
• Chase Payment Solutions – Chase provides tailored solutions for specific industries, such as restaurants, retail, e-commerce, healthcare, and more, making sure you have the right payment tools for your business.⁷
• Business debit/credit cards and rewards – With several business cards to choose from, your business can take advantage of cashback, cashback rewards, and specific bonuses to suit your spending.
• Business loans – Financing from Chase will help you manage your small business with ease, whether it’s revolving credit, lump-sum funding, or commercial real estate financing.
• Retirement plans – Chase allows you to set up a retirement plan for your employees with the Everyday 401(K) by J.P. Morgan. Three plan options are available, ranging from $100 - $155 per plan per month.⁸

Pricing

Chase has three business checking accounts – Chase Business Complete Banking ($15/mo), Chase Performance Business Checking, and Chase Platinum Business ($30/mo) Checking ($95/mo).⁹ There are also two business savings accounts – the Total Savings ($10/mo) and Premier Savings ($20/mo).¹⁰ All monthly service fees can be waived.

See the Best Banks for Small Businesses >>

Bank of America

Like Wells Fargo, Bank of America gears its business sector toward the small business. It’s another bank synonymous with reliable banking and is an excellent choice if you’re looking for easy, traditional business banking.

With a suite of connected apps to deal with cash flow and accounting, dedicated Small Business Specialists, and the Preferred Rewards Program, there’s plenty to enjoy while you keep things simple.

Features

• Business checking and savings accounts – Bank of America offers two business checking accounts and one robust savings account, making it easy to choose and start banking.
• Erica virtual financial assistant – Their mobile banking app features Erica – a live chat assistant feature that alerts you when merchant refunds post to your account, lets you redeem rewards, receive bill reminders, and review balances across all accounts.¹¹
• Merchant services – All-in-one payment processing solutions that are customizable and optimized for your specific needs.
• Payroll services and solutions – Whether QuickBooks Online Payroll or another service, these partners will help you simplify payroll administration and other HR tasks.¹²
• Business credit cards – Choose from a range of cash rewards cards, travel rewards cards, lower interest cards, and cards geared towards building your business.
• Preferred Rewards for Business – Maximize your rewards and earn exclusive benefits just from your everyday business banking. Perks include cash back, interest rate discounts, and processing rate discounts on Merchant Services.¹³

Pricing

Bank of America has two business checking accounts: Business Advantage Fundamentals Banking ($16) and Business Advantage Relationship Banking ($29.95) with monthly fees that can be waived.

There are also typical banking fees for things like wire transfers and more, but many of them come free with the Relationship Banking account.¹⁴

Best Banks for Small Business in California with Low Fees

If your biggest worry when opening an account is banking fees, there are a range of banks that offer free business checking accounts in California. Here are a few standout options.

Wise Business (Money Service Provider)

Wise Business is an innovative banking alternative that is a gem for small businesses in California and across the world.

With a transparent fee structure, minimal fees, and many digital features, this business solution is all about convenience and simplicity. The best part is Wise is designed with international business in mind, so you can pay and get paid fast and without those hefty fees.

Features

• Free business checking account – Forget about hidden charges, minimum account balances, and maintenance fees – after a one-time fee of 31 USD.¹⁴
• Fast international payments – Send and receive money internationally or domestically in anywhere from a few seconds to up to two business days.¹⁵
• Pay-as-you-go transparent pricing – Always pay at the fair, mid-market exchange rate with no markups, with minimal fees for sending and converting.
• Business debit card – Enjoy a business debit card and employee expense cards so you can spend anywhere you want without foreign transaction fees.
• Simple payouts system – Create digital invoices for your suppliers or clients and send out batch payments seamlessly.
• International account – With Wise Business, you can get local bank details for 9 different currencies and pay and get paid like a local.¹⁶
• Integrated accounting software – Connect your Wise account to accounting software like Wave, Sage, QuickBooks, and Xero.¹⁷

Pricing

Wise Business allows customers to send money free with only the currency conversion cost (from 0.43% of the transaction total) added onto the transfer.¹⁸

Looking to operate your business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 190,000+ reviews²³
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.

NBKC

The National Bank of Kansas City (NBKC) might not be based in California, but it’s built a great reputation as a no-fee online bank that provides a lot of the features that traditional banks do – just without the frills. While they offer just one base checking account and one base savings account, you can get access to things like commercial lending and tap to pay to conduct business.

Features

• Free business checking account – The nbkc Business Account and the Business Money Market Account come with zero fees and no minimum balances. And you can even earn 2.50% on all savings in the Money Market account.¹⁹
• Commercial lending – Whether it’s equipment loans, SBA loans, or a line of credit you’re after, NBKC offers access to all of it.
• Marketplace – You can track and manage invoices, use Tap-to-Pay on iPhone, and take digital payments, all with Marketplace features.
• Treasury Management Specialists – Cash management is made simple with Treasury Management Specialists that help your business optimize your funds and maximize interest.
• Professional invoicing – At $10/month, you can send professional invoices to client and customer inboxes using Autobooks.²⁰

Pricing

NBKC is all about the zero-fee structure. However, while there aren’t any base account fees, you’ll have to pay a lot of the traditional banking fees. For example, international wire transfers cost $45 per wire.²¹

Grasshopper

Grasshopper(see Grasshopper alternatives) is a tech-savvy online bank geared towards small businesses. They manage to combine the old-school format of a bank with the efficiency and features of a fintech company. With both banking solutions for small businesses and startups and lending solutions, it might be a solid pick if your business likes a blend of specialized solutions and lending products.

Features

• One digital checking account – Grasshopper’s business checking account allows businesses to earn up to 2.25% APY and 1% cash back with no monthly fees and unlimited transactions.²²
• Rewards debit card – Each account comes with a free VISA debit card that provides 1% cash back on online and signature-based purchases.
• SBA lending – From real estate and construction to succession planning, there are several lending options available to boost your business.
• Digital invoices – Send personalized invoices directly to customer inboxes and get paid faster.
• Automated bookkeeping – Generate reports and reconcile transactions with Quickbooks or another accounting software of your choice.

Pricing

There is a no-fee structure at Grasshopper, but you’ll still have to pay fees for extras like you would at a traditional bank. For instance, outgoing domestic wires come at $10 each, while outgoing international wires are priced at $25 each.

Things to consider when choosing an account

With so many options at your disposal, you’ll want to consider everything from fees to customer service to choose a bank that supports your small business needs.

Fees

Examine the fee structure in detail, looking at minimum balance requirements, transaction fees, and international transfer fees, especially if you typically do business across borders.

Locations and ATMs

If physical locations and physical banking are important to you, check out banks that have branches close to your business or those who have a strong network of fee-free ATMs.

Account Opening Requirements

What are the prerequisites for opening a business account with the provider? Some banks may require specific business licenses, numbers, and other documentation.

Customer Service

Regardless of whether you choose an online-only bank or one with both a physical and digital presence, good customer service will give your business the support it needs when you need it.

Ease of Use

How user-friendly is the platform? Is it too complex for your business requirements, or does it have a clear UX/UI that will accommodate your everyday banking?

Integrations/Tools

Additional tools that integrate with your account, such as payroll, invoicing, or accounting software, can add extra value to your banking experience. Especially if your business doesn’t currently use any external tools, it can be useful to have.

Wise Business for Low-Cost Domestic and International Transfers

Wise offers a low-cost international business account that can provide plenty of value for small businesses.
Customers can hold 40+ currencies, and after a one-time fee, you can get local account details to receive funds without any extra costs in 9 currencies. With no monthly fees or minimum balance requirement, you can say goodbye to unnecessary fees for your business in California.

---

**Sources:**

1 - Wells Fargo - Global Services
2 - Wells Fargo - Merchants
3 - Wells Fargo - Business Credit Card Rewards
4 - Wells Fargo - Payroll
5 - Wells Fargo - Business Checking
6 - Wells Fargo - Business Savings
7 - Chase - Business Payments
8 - Chase - Business Banking Retirement
9 - Chase - Business Checking
10 - Chase - Business Savings
11 - Banking of America - Erica
12 - Banking of America - Payroll
13 - Banking of America - Business Advantage
19 - NBKC - Business Money Market
20 - NBKC - Autobooks
22 - Grasshopper - Small Business Checking