The Best U.S. Business Banks According to Consumer Reviews

The most recent business formation statistics for February 2023, published by the United States Census Bureau, show a 1.9% increase compared to the previous month, meaning that the estimated total of 31,888 new startups within the next four quarters from these filings.

Banks are vital in helping business owners handle their finances, meaning every business needs a checking account. First, however, every business owner must know the difference between personal vs. business checking.

Businesses require several vital banking services to ensure their smooth running. These include cash and online check deposits, accessible ATMs, business loans, business credit cards, multiple account options, etc.

According to The Credit Review, a business checking account provides business owners with liability protection, credibility, and flexibility. A business checking account also provides entrepreneurs with overdraft protection, several ways to make payments, and the ability to make cash withdrawals and deposits.

Best US Banks According to Consumer Reviews

Consumer reviews provide the best indicators of banks offering the best business checking accounts. Some banks stand out because they provide excellent and complete banking services, while others for their low fees.

1.  Chase

Chase is at the top of the list as the best overall business checking bank because it caters to all business needs, has several locations nationwide, and has a network of 16,000 ATMs.

The bank has no minimum balance requirement, meaning a business can open an account without depositing money. In addition, waiving options exist despite the bank’s monthly maintenance fee and an overdraft fee.

Chase’s online and mobile banking options add to its robust features, as do its virtual QuickAccept and same-day access to cash.

2. Bank of America

The Bank of America has generous limits for waiving fees for the monthly fee and cash deposits. In addition, businesses have unlimited free ACH, electronic debits, debit cards, and check deposits when done online. However, opening a business checking account requires a minimum deposit of $100.

The Bank of America has a network of 16,900 ATMs. Businesses have free overdraft protection with the bank’s automatic decline function for transactions exceeding available funds.

3. Axos

Axos is the pioneer of online-only banking in the U.S. and is ideal for businesses that require only online transactions. Companies can also open several types of accounts at the bank, e.g., a money market or savings account. A $10 monthly Business Checking Account fee can be waivered with an average of a rather hefty $5,000 daily average balance. With Basic Business Checking, enterprises get 200 free monthly transactions, whereas, with a Business Interest Checking Account, it drops to 50. However, the bank pays an APY of 1.01%.

4. Capital One

Capital One has a vast fee-free ATM network with over 40,000 locations. In addition, business checking at Capital One has unlimited monthly business transactions included each month which makes it the ideal bank for enterprises with high transaction volumes.

Additionally, businesses don’t pay for domestic wire transfers, cash deposits, or debit cards. Another positive feature is the next-day fund availability on incoming deposits.

Businesses can waive the $35 account maintenance fee with a $25,000 balance average over a 30–90-day period.

5. Wells Fargo

Wells Fargo has the most branches across the country and a large ATM network, making it a convenient bank for businesses that want a bank with a physical location. It also processes most Small Business Administration loans.

The bank provides businesses with several services, including H.R., payroll, and business tax services.

Wells Fargo has three business checking account options with monthly fees, which clients can waive when they meet the minimum balance requirements.

6. Novo

Novo is the second online-only business checking account to make this list because of its seamless tech integrations and partnerships with several business tools. Additionally, Novo has no maintenance fee, unlimited fee-free monthly transactions, including at ATMs worldwide, and no minimum balance.

Unfortunately, because it’s an online bank, it’s not ideal for those preferring in-person banking or frequent cash deposits.

Final Take

Whether a business prefers an online or a brick-and-mortar bank depends on its requirements. For example, companies dealing in cash mainly will find it more convenient to have a checking account at a bank with a local branch. Then again, online banks offer convenience thanks to their unique features and lower fees. Since every business needs a business checking account, the right option depends on its specific needs. 

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