Top 8 Best Banks for Small Business in the USA

Selecting the Best Banks for Small Business in the USA could have an impact on your company’s future growth and financial health. A good bank will have a customized service, reasonable costs, exceptional customer service and easy access to banking services. 

The following are the 8 excellent banks for small business in the USA and highlight their top attributes, pros and cons, desirable uses, and more pertinent information.

Banks for Small Business in the USA

Rank	Bank Name	Best For	Rating
1	Chase Bank	Complete banking services with ample branch accessibility	9.5/10
2	Bank of America	Secure online banking, and many financial products	9.3/10
3	Wells Fargo	Many financial products and services, have branch locations in your area	9.2/10
4	Capital One	Free banking, with high-quality online rewards and services.	9.1/10
5	U.S. Bank	Banking solutions customized to your needs with solid customer service	8.9/10
6	TD Bank	Flexible hours for banking and Financial services	8.8/10
7	PNC Bank	Innovative tools for managing cash flows	8.7/10
8	Bluevine	High APY accounts that have no fees to bank online exclusively	8.5/10

1. Chase Bank

Chase is among the perfect banks that cater to small-sized businesses. It is one of the five top SBA lenders across the U.S. and is a reliable institution. If you don’t have a Chase branch in your area, however, you can use the internet banking choice to control your account via your mobile or laptop.

Chase provides a variety of services to corporate clients. It is possible to choose between a range of options for checking accounts and Chase Business Complete Banking. Chase Business Complete Banking account suitable for smaller business. There is a 15-per-month charge, however you could get rid of this charge if you keep a balance on your daily account of more than $2,000, which is a low amount for accounts that are designed specifically for businesses. It is also possible to reduce the cost by putting in $2000 per month using the Chase Ink Business Card, making deposits of $2,000 through the eligible Chase Merchant Services, or joining an existing Chase Private Client Checking account. There are other Chase business checking accounts need greater minimum balances, and are intended for larger enterprises.

Chase also offers a selection of credit cards for businesses such as one called the Ink Business Preferred Credit Card which is listed as one of the desirable small-sized credit cards for businesses. Furthermore, Chase offers fraud protection and merchant services to help you run your business smoothly.

Features:

• A vast network of over 4700 branches, and 16,000 ATMs across the country.
• Chase Business Complete Banking offers unlimited electronic deposit options, no-cost cash inputs of up to $5,000 per cycle, as well as electronic bill payment.
• The ability to access a powerful mobile app as well as a bank online platform.
• Payroll processing for credit cards and merchant services are available.

Pros:

• All branches across the nation are accessible, as well as ATMs.
• Flexible business options with flexible accounts.
• Integrated Merchant Services.

Cons:

• The monthly fee on certain accounts is charged if the balance requirements haven’t been satisfied.
• Free cash deposit for a limited time.

Best for:
Companies looking for a complete banking service with branch connections.

2. Bank of America

Bank of America offers excellent bank options for small-sized firms. Checking accounts are available along with credit cards and financial education materials designed specifically for small business owners. The bank offers financing solutions specifically for certain industries such as agriculture and health care.

Bank of America has two commercial checking accounts The Business Advantage account is for Fundamentals Banking and Business Advantage Relationship Banking. This Fundamentals account is a better choice for small businesses, whereas the Relationship account can be used suited to large, established companies with more stringent minimum requirements.

Features:

• Business Advantage Essentials, as well as Business Advantage Relationship Bank, accounts specifically crafted for small businesses.
• Mobile and online banking, with Zelle integration for fast transactions.
• The ability to access business loans and credit cards, as well as the ability to open credit lines.
• Tools for managing cash flow and the services of fraud prevention.

Pros:

• Solid online banking platform, with different instruments for financial management.
• Rewards program to reward relationships for lower costs as well as more benefits.
• The widest range of commercial loans.

Cons:

• Additional fees are charged for accounts not linked to a relationship.
• There are fewer free transactions when compared with other competitors.

Best for:
Companies that require high-quality online banking options as well as comprehensive services in finance.

3. Wells Fargo

Wells Fargo is the top-rated business bank according to our research. It’s one of the top SBA lenders across the U.S., providing many loan and financing options. This bank has a solid tradition of helping small companies and provides a range different checking account. Wells Fargo provides lines of credit, secured as well as unsecured loans, as well as commercial mortgages for real estate.

It gives companies of every size different options to access funds and benefit you manage your financial affairs energetically. It is dependent on the kind of loan that you choose, you can take out loans as much as $100,000, with the terms of one up to six years.

Features:

• Choice of Business Choice, Platinum Business, and Analyzed Business Checking Accounts.
• The Wells Fargo Business Online Banking provides access to payroll solutions, payment solutions, as well as merchant services.
• Many business loan options are available, including line of credit as well as SBA loans.
• Customer service is available 24/7 and you have access to over 5,200 branches.

Pros:

• A vast branch along with an ATM network.
• Variety of financial products to suit businesses of all sizes.
• Strong customer service.

Cons:

• Fees for monthly payments unless you maintain a minimum balance.
• The recent scandals have impacted customer confidence.

Best for:
Small and medium-sized businesses that need a wide range of financial services have branches in their local area.

4. Capital One

Capital One offers a wide selection of options for business banking that are more comprehensive than their rivals. The main platform they use is Spark Business Banking, which handles business bank accounts and offers individualized assistance.

Through Capital One, you can get access to a range of products for business such as saving and checking, lines of credit, loans, and more lending choices. Capital One also offers a variety of high-quality credit cards as well as merchant solutions to benefit you run your business.

If you are looking for business checking accounts, customers have the opportunity to choose between a Basic Checking account or a Business Unlimited Checking account. Both accounts permit unlimited transactions and come with an annual fee that is waived as well as the feature of online or mobile banking. This Business Unlimited Checking account works ideal for bigger companies, while it is the Spark Business Basic Checking account works well for smaller companies. Additionally, there are specialized checking accounts that are specifically designed for certain needs including the escrow account.

Features:

• Spark Business Banking offers no-fee business checking accounts that allow unlimited transactions.
• Integration Capital One Spark Business credit cards to earn cashback and rewards.
• Mobile and online banking platforms.
• Cash deposits that are fee-free and with no minimum balance requirement.

Pros:

• Basic accounts do not have monthly fees. accounts.
• Unlimited transactions, with no more charges.
• A strong integration with credit card offers.

Cons:

• Branch network with limited branches.
• A few physical locations in comparison with larger banks.

Best for:
Business owners who want to have fee-free banking will benefit from strong online banking services and reward programs.

5. U.S. Bank

If you require a smaller company loan, you should consider U.S. Bank. They provide a variety of loan options and startups are advised to consider their short-term loans. U.S. Bank typically requires companies to have been operating for at least 2 years to be eligible. 

The bank offers three credit options for loans: expansions, equipment, and vehicles. They start with a loan of $5k and go upwards to $250,000 and have extended terms that can go up to 84 months. Furthermore, these loans don’t require a cash deposit, thus easing the financial burden on your company.

Features:

• The accounts are available in Gold, Silver, and Platinum Business Checking accounts designed to suit different sizes of businesses.
• U.S. Bank Business Access Mobile and online banking platforms are a wealth of financial instruments.
• The ability to access business loans and lines of credit as well as credit cards.
• Cash deposits and transactions are free subject to certain limits.

Pros:

• Customized account options to meet various company needs.
• Cash deposits and free transactions for accounts with lower tiers.
• A solid customer experience and strong Financial instruments.

Cons:

• Monthly charges on accounts with higher tiers.
• A limited presence of branches in certain states.

Best for:
Business owners looking for flexible banking options that offer good customer support.

6. TD Bank

TD Bank is known for the convenience of its banking hours as well as numerous financial products that make it a good option for businesses with small numbers in particular those that are located on the East Coast. It offers accounts for businesses including TD Business Convenience Checking Plus which has minimal balance requirements as well as various products.

One of TD Bank’s most distinctive highlights is the extended hours at the branch, which include weekend hours, which allows flexibility for busy entrepreneurs. In addition, TD Bank offers robust digital and mobile banking services that include Bill Pay and ACH services as well as access to SBA credit as well as business lines of credit, as well as merchant services. The bank’s branches are mostly located on the East Coast, which may restrict access for companies from other locations. 

Furthermore, fees may be charged if you don’t meet balance requirements this could be an issue for companies that have a lower flow of cash. All in all, TD Bank is perfectly suitable for East Coast businesses that require flexible hours for banking and extensive banking services.

Features:

• TD Business Convenience Checking Plus provides low balance requirements as well as an array of commercial options.
• Branch hours extended, even weekend hours, to prepare you with more convenience.
• Banking platforms for mobile and online including Bill Pay and ACH services.
• Access to SBA loans, business lines of credit, as well as Merchant services.

Pros:

• Convenient banking hours, including weekends.
• Lower minimum balance requirements.
• The full range of commercial financial products.

Cons:

• Branching out primarily along the East Coast.
• More expensive fees when you do not meet balance requirements.

Best for:
East Coast businesses that need flexible bank hours as well as comprehensive financial services.

7. PNC Bank

PNC Bank has branches in approximately half of the U.S., mainly in the central and eastern regions. Despite that, PNC offers many great business services and robust mobile and online features. It’s an excellent alternative for people who do not have a location close to the branch.

Companies that bank through PNC have access to savings and checking accounts, credit cards merchant services and numerous loans. PNC provides four different types of corporate checking accounts: Business Checking, Business Checking Plus, Analysis Business Checking as well as Treasury Enterprise Strategy. Each account comes with an annual fee. However, the majority of fees are reduced, with the exception of the Analysis Business Checking account. Business Checking Plus accounts are free. Business Checking Plus account has no fees when the total balance is $500 or more.

Features:

• Business Checking, Business Checking Plus Business Checking, Business Checking Plus Treasury Enterprise Strategy for small to medium-sized companies.
• Online and mobile banking, with apps such as the Cash Flow Insight for managing finances.
• A wide range of commercial credit products as well as merchant services.
• Free cash transactions and deposits in certain amounts.

Pros:

• Custom-designed financial management tools designed for small-sized businesses.
• Cash deposits and free transactions.
• Excellent customer service and an extensive range of products for business banks.

Cons:

• Monthly charges on accounts with higher tiers.
• There is a limited branch presence outside the core areas.

Best for:
Companies in the core regions of PNC are looking for the most advanced tools to manage cash flow.

8. Bluevine

Bluevine is an online-only banking institution that has been designed for small-sized businesses that want the latest, most modern banking experience. Bluevine offers a business-focused checking account without annual fees with no minimum balance requirement and unlimited transactions which makes it an affordable choice.

Bluevine is also unique due to the competitive 1.5 percent APY for account balances that exceed $100,000. That’s significantly higher than conventional banks. Bluevine operates completely online, offering a seamless experience with its easy-to-use mobile application and its online platform. In addition, Bluevine offers quick access to credit lines for businesses of up to $250,000. It helps companies to access funds quickly.

It does not have physical branches. This could be an issue for customers who prefer personal banking. In general, Bluevine is ideal for companies that are adept with technology and prefer online-only banking who want to profit from high interest rates as well as fees-free service.

Features:

• Business bank online that is free business checking accounts, with no minimum amount to balance.
• 1.5 percent APY for amounts of up to $100,000.
• Unlimited transactions with no fees per month.
• Funding is available via lines of credit that can be up to $250,000.

Pros:

• No fees, no minimum balances.
• Checking accounts with competitive interest rates. accounts.
• Access to credit lines in a flash.

Cons:

• There are no physical branches.
• A limited selection of products compared to the traditional banks.

Best for:
Companies are comfortable with banking online only searching for accounts that are fee-free and have a an APY that is high.

Final Thought:

The right bank to partner with for your small-scale business is not just about storing the money. You need to find a bank which helps you to grow your business and provides services that meet your requirements. The top 8 banks that we selected each come with distinct advantages including numerous branches, excellent online service with high-yielding accounts as well as flexible loan options. When you look at their capabilities benefits, disadvantages, and advantages You can pick the bank that accurate suits the goals of your company and enhances the efficiency of your finances. A good bank can simplify your day-to-day operations and benefit the business to achieve its goals. Thank You!

Frequently asked questions: