Small Business Banking: Top Banks in 2023

Overview

This digital bank in our small business bank reviews is also the youngest. It was founded in San Diego, California, and has been headquartered there since 1999. The bank also has branches in Las Vegas, Nevada and Columbus, Ohio, but you can open an account nationwide. Despite being online-only, Axos gives you access to a wide network of ATMs with no service charges.

Loans

Axos offers a wealth of loan options, from term loans and lines of credit to equipment financing, commercial real estate loans, and invoice factoring. You’ll also get a dedicated account rep to help you with any questions you may have, and you’ll also get access to the bank’s 24/7 lending services online.

Commercial term loans have three-, five-, and seven-year repayment terms and range from $250,000 to $5 million. Lines of credit also start at $250,000. This means that Axos has higher than usual line of credit requirements. The high minimum borrowing amounts, however, mean this bank isn’t the right choice for micro businesses or startups needing smaller loans.

Checking Accounts

Axos offers three checking account options, depending on whether you are interested in accruing interest or avoiding monthly costs and requirements. If you’re looking for banks with no fees, the Basic Business Checking account is ideal for you. After you put down an admittedly hefty $1,000 initial deposit, you won’t have any average daily or monthly balance requirements and no maintenance fees whatsoever. What’s more, newly established businesses get a $200 welcome bonus.

There is also a Business Interest Checking account, with an APY as high as 1.01% if your balance doesn’t exceed $49,999. This one comes with numerous benefits, such as unlimited domestic ATM fee reimbursements and free statements. You’ll need a $100 opening deposit and a $5,000 minimum average daily balance to waive the $10 monthly maintenance fee, though.

Axos is the only bank on our list besides Capital One to offer unlimited monthly transactions. This is an especially impressive offer considering that, unlike at Capital One, there are no maintenance fees when using the Basic Business Checking account at Axos. You also get 50 free checks, which is a nice bonus.

Credit Cards

Unfortunately, Axos doesn’t offer any credit card options, so there’s not a lot we can say here.

Online and Mobile Banking

We’ve already hinted that Axos may be the best internet-only bank on our list. Its website and mobile app don’t quite live up to this description, having received mixed reviews from customers. While the website is fairly standard and reasonably well-optimized, users report frequent crashes and inadequate performance from the mobile app. However, the app features are solid, so if and when Axos fixes these issues, we’ll update our score.

Special offer! New business owners get a $200 welcome bonus! If you incorporated after June 1, 2020, we´ll add $200 to your new business bank account. Just use promo code NEWBIZ200 on your application.* Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus. **

Summary

Overall, Axos is a great bank that deserves a place on our list. It has plenty of loan options with repayment terms of up to seven years. It is also a top online bank for small business owners looking for a no-hassle checking account with no monthly fees or requirements.

On the downside, Axos doesn’t offer credit cards, and it has only three branches and around 1,900 ATMs across the country. Then again, that’s to be expected from an online-only bank. As such, the only real objections we can express concerning Axos are its high term minimum loan amounts and the buggy mobile app.

_{* Business must be incorporated after 6/01/2020 and application must be submitted before 11:59pm on 3/31/2022 to qualify. In the first two months after account opening, the average daily balance of the account must be at least $2,500 in order to qualify for the $200 bonus. Bonus will be deposited into your new account within 5 business days of your statement cycle date. Account must remain open for 180 days or an early closure fee of $50 may apply. Must be new funds to receive bonus credit. Terms and conditions subject to change without notice. Bonus may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year. NOTE: “New Funds” is defined as funds that did not originate from another Axos Bank brand account.}

_{** Application must be submitted before 11:59pm on 3/31/2022 to qualify. In the first two months after account opening, the average daily balance of the account must be at least $2,500 in order to qualify for the $100 bonus. Bonus will be deposited into your new account within 5 business days of your statement cycle date. Account must remain open for 180 days or an early closure fee of $50 may apply. Must be new funds to receive bonus credit. Terms and conditions subject to change without notice. Bonus may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year. NOTE: “New Funds” is defined as funds that did not originate from another Axos Bank brand account.}

BlueVine Capital is an online small-business lending company with headquarters in Redwood City, California. It was established in 2013 and launched its first invoice factoring product the next year. In 2016, BlueVine entered a partnership with Intuit, allowing QuickBooks users easy access to a line of credit.

Loan Requirements

BlueVine’s requirements depend on the type of loan you want. For small business loans with bad credit ratings, we’ll be looking at the term loan option. The requirements here are similar to those of Fundbox, Kabbage, and LoanBuilder. You need a minimum FICO credit score of 600. You also need proof of at least six months of business activity and an annual income of $100,000 (3 months and 530 credit score for invoice factoring).

Loan Terms and Conditions

There are many options for getting an online loan with a bad credit rating these days. BlueVine offers fairly standard terms compared to the competition, with term loans and lines of credit ranging from $5,000 to $250,000 and invoice financing going up to $5 million. Their financial loans for bad credit have fairly short repayment terms of either six or 12 months. In either case, payments are made on a weekly basis, which can be problematic for new businesses. Invoice financing is clearly superior here both in terms of the requirements and maximum loan amounts available, but you need to have B2B or B2G invoices to benefit from this service if you have bad credit. Financing is secured by a general lien on the assets of the business and backed by a personal guarantee. In other words, no personal assets are required as collateral.

Ongoing Costs

BlueVine has no origination fee, and the APR for term loans varies from 15% to 78%. The interest rate on term business loans for poor credit is a fixed fee starting at 4.8% and going up to 47.1%. The fee is fixed, so even though there are early payment options you don’t save money on interest as you would with Fundbox or Kabbage.

There is also a $15 bank wire transfer fee if you want quicker access to your funds (automated clearing house processing is free). Late fees occur after two weeks and start at 2% of the loan amount.

Customer Satisfaction

BlueVine offers a wide variety of customer support options. If you’re looking for bad credit startup business loans or just want to inquire about your existing loan, you can reach them on a toll-free phone number from Monday to Saturday. They also offer email support and are very active on social networks such as Facebook and Twitter. Their FAQ is also very detailed. Overall, borrowers are pretty pleased with BlueVine’s customer service.

Summary

Overall, BlueVine is a great choice if you’re after invoice factoring, with low credit requirements and the highest max loan of all competitors on our list.

Term loans are not as competitive. The main disadvantages are that the fees are a bit high and require weekly payments with fairly short repayment terms (12 months at most).

Overview

Baselane is an all-in-one banking platform and financial operating system that is focused on landlords and real estate investors. The company has gathered all the fragmented financial solutions for managing rent collection, bookkeeping, banking, and analytics under one roof.

This integrated platform is best known for offering several types of loans for landlords in partnership with Lendency, a private lending company. As it’s not a bank, Baselane has partnered with Blue Ridge Bank, N.A., to provide FDIC-insured checking accounts and other banking services to its users.

Loans

Before we delve deeper into explaining the types of loans the company offers, it’s worth noting that the loans are available only for landlords based on their real estate portfolio. Baselane doesn’t have in-house loans, so it provides loan products via its partner lender company, Lendency.

You can apply for two main types of funding: long-term rental loans and rehab loans. Unlike regular home loans, these two offer more flexible approval criteria, faster processing with fewer documents, and scaling of your real estate portfolio.

Baselane is a top fintech company when it comes to loan amounts, as users can apply for anywhere from $50,000 to $2 million. The minimum credit score ranges from 575 for prolific rehabbers to 680 for rental loans, and the terms can go anywhere from 12, 18, and 24 months for rehab loans up to 30 years for long-term ones.

Checking Accounts

Baselane offers a completely free high-yield checking account that’s FDIC-insured up to $250,000 and specially tailored for landlords. You won’t need to pay to open it, and there aren’t minimum deposit or minimum balance requirements, monthly fees, or overdraft fees either. On top of that, you’ll be able to earn 3.30% APY, which is way above the national average that is currently at 0.21%.

Aside from the checking account for a small business, you can open an unlimited number of virtual accounts that will help you stay organized. Simply separate accounts for each property and subdivide expenses and income by units.

Credit Cards

Even though the company doesn’t offer a credit card, every account holder will get the Baselane Visa Debit Card issued by Blue Ridge Bank. With it, you earn 5% Cash Back Rewards when you spend at least $5,000 on purchases per year. Other than that, you will get unlimited 1% cash back on all other spending.

Branch and ATM availability

As an online banking platform and not a brick-and-mortar bank, Baselane doesn’t have any physical branches. However, it boasts a large network of over 55,000 Allpoint ATMs where you can get unlimited free cash withdrawals and deposits. When it comes to out-of-network ATMs, Baselane won’t charge any processing fees, but the ATM operator might do so.

Online and Mobile Banking

Even though Baselane’s online platform is easy to use and has an intuitive dashboard, it might seem overwhelming at times as it integrates with different types of bookkeeping services, reporting, analytics, and rent collection tools. When it comes to mobile banking, Baselane doesn’t have a native app. However, the site is fully responsive and fits screens of all sizes so that you can use it on your iOS and Android devices without any issues.

Summary

Baselane offers the best small-business banking services for landlords and real estate investors while helping them to organize their bookkeeping, analytical, and rent collection services. With substantial loan amounts of up to $2 million, a free checking account with cashback rewards, and over 55,000 in-network ATMs, we believe Baselane is a great choice for all who are about to start investing in real estate.

Overview

NorthOne is a digital-only financial services provider established in 2017. Developed with small businesses, startups, and freelancers in mind, NorthOne offers an easy-to-use, mobile-friendly business checking account solution that comes with unlimited transactions and access to more than 2,000,000 ATMs across the globe. As the best digital banking option for small-business owners, this bank account provider supports integrations with some of the most popular payment and accounting software solutions, too.

Loans

Unlike other banks on our list – e.g., Chase and Wells Fargo – that offer a variety of business funding solutions, NorthOne doesn’t offer loan products directly to its users. However, it does help immensely if your business needs a loan.

Not only did NorthOne help small businesses in their time of need via the Paycheck Protection Program thanks to its partnership with Cross River Bank (an FDIC member), it continues to streamline loan access now that the PPP program is over.

Businesses can use their NorthOne accounts to simplify their loan payments for a reasonable price. The company’s partnerships with Stripe, Square, and PayPal – all of them business lending providers – greatly simplify getting funded if you’re approved for one of their loans. What’s more, its features like the budget Envelopes and useful integrations will prove crucial for managing relevant loan expenses.

Checking Accounts

As the best internet bank for small-business owners, NorthOne offers an excellent digital-first alternative to traditional business checking account solutions. Unlike some of its competitors featured on our list, this provider has a single online-based business checking option that can be opened and entirely managed via browser and Android or iOS app.

For a monthly fee of $10 (waived for the first month for those who apply via SmallBizGenius),

users get unlimited fee-free transactions, including check deposits and debit card purchases, fee-free access to more than 2,000,000 in-network ATMs. Moreover, they get a selection of useful money-management tools, such as an unlimited number of custom Envelopes for organizing business expenses (e.g., rent, taxes, or payroll), as well as bill paying and invoicing features.

NorthOne is completely transparent about its checking account fees. You’ll need to deposit at least $50 to open an account, and, in addition to the $10 monthly fee, there’s also a $15 charge for incoming and outgoing domestic wire transfers. Those are the only two fees involved, as NorthOne doesn’t have hidden ATM, overdraft, ACH, or NSF fees other banks charge for their banking services.

Still, keep in mind that NorthOne isn’t an actual bank. However, its accounts are still FDIC-insured thanks to the provider’s partnership with FDIC member The Bancorp.

Credit Cards

Credit cards aren’t part of NorthOne’s product lineup. However, it does offer Mastercard debit cards. You can use your debit card to make cash withdrawals at any MoneyPass or Cirrus ATM nationwide, shop online or in-store anywhere Mastercard is accepted, and activate, freeze, or order additional cards directly from your phone.

Branch and ATM Availability

NorthOne is a digital-only bank, which means that it doesn’t have brick-and-mortar locations clients can visit. Still, thanks to its partnership with Greendot Corporation, it allows making a cash deposit at more than 90,000 locations nationwide.

You can complete all your banking tasks using your phone and, should you experience any issues, NorthOne’s customer care team is available to answer any questions through the in-app chat feature, phone, or email, from Monday to Friday, 8 a.m. to 9 p.m. ET and Saturday to Sunday 9 a.m. to 6 p.m. ET. Customers can also schedule a call at a time that is most convenient for them.

In addition to providing online-only banking for small business owners, NorthOne lets you make fee-free withdrawals at more than 2,000,000 Cirrus ATMs worldwide. Note that you can also use out-of-network ATMs; however, NorthOne won’t reimburse the fees such transactions may incur.

Online and Mobile Banking

This small business checking account provider recognizes the importance of multi-platform support: You can access your account via browser and mobile app alike. NorthOne offers proprietary invoice-making software, too, but you can still export your financial info into Excel and integrate it with some of the most popular payment and accounting tools such as Expensify, QuickBooks, FreshBooks, Xero, Wave, PayPal, Shopify, Amazon, and Stripe.

Summary

If you are on the hunt for easy-to-use and affordable business checking solutions to support your business loan, NorthOne may be it. Just keep in mind that the company doesn’t offer any small-business and startup loans.

Some of the most apparent advantages of NorthOne’s business banking option include unlimited transactions, an unlimited number of Envelopes to organize business expenses, bill payment, valuable integrations, and in-app live support.

Since there are no hidden fees, with this solution, you can also save a significant chunk of funds that you’d otherwise leave at the bank – on average, you can save more than $180 a month with NorthOne. The downside is that the $10 monthly fee can only be waived for the first month, all domestic wire transfers have a $15 fee, and there are no reimbursements for fees charged by out-of-network ATMs.

Overview

Relay Financial is a fully digital banking solution that offers free small business checking accounts and money management tools. If you’re looking to automate payments, and bring more clarity to your expenses, then Relay Financial is the perfect choice. It also allows easy integrations with some of the most popular accounting software, which will help you better manage your business.

Loans

At the moment, Relay doesn’t offer any lending options, but this might change in the future through a partnership with other renowned business banks. Relay is already partnered with Evolve Bank & Trust, which enables the platform to offer deposit accounts and provide its users with Mastercard debit cards.

Checking Accounts

Relay offers excellent, fee-free checking accounts that small business owners can’t afford to ignore. Relay Standard checking accounts allow you to create up to 20 no-fee accounts for your team members, and within the same package, you can order up to 50 virtual or physical Mastercard debit cards for your team to use.

It takes mere seconds to create new checking accounts for small business banking, including a dedicated account for taxes and an account for payroll. The available features also enable secure collaboration with your team through user permissions and spending limits. Best of all, you can effortlessly track your team’s expenses. Each of the cards is also Apple and Google Pay compatible.

You can manage all the accounts and spending limits through your browser, iOS, or Android. Furthermore, you can sync transaction data with popular accounting software, such as X​​ero and QuickBooks to speed up bookkeeping. What’s more, this small business bank charges no fees. There are no account or overdraft fees, no minimum balance requirements, and withdrawal fees at Allpoint ATMs.

Credit Cards

Like many other providers on our list, Relay only offers debit cards at the moment. The platform doesn’t have any credit cards or borrowing options available.

Online and Mobile Banking

Relay’s services require you to do all your banking online. There aren’t any physical locations you can visit to meet with the staff or conduct transactions. You can access your accounts via a web browser or through iOS and Android if you prefer to handle your banking on the go.

This digital bank for a small business also has a Relay Pro package with a monthly fee of $30. Its forte lies in automation tools, which will save you hours of work. In addition to everything included in Relay Standard, you’ll be able to automatically import bills from QuickBooks and Xero. Furthermore, the package offers you the ability to set up a multi-stage automated approval workflow for bills and even pay them in batches.

Through both the Standard and Pro packages, you can integrate Relay bank with Expensify, Gusto, Plaid, and Wise to simplify your accounting, effortlessly handle payroll, and streamline overall money management operations in your company.

Summary

Overall, Relay digital bank for small businesses is not the best option for business owners looking to borrow funds. However, if you have a small business and are looking to simplify money management processes, want to avoid the usual fees, and don’t need to visit the bank’s physical locations, Relay is the ideal solution.

Overview

Chase is a subsidiary of JPMorgan Chase & Co. headquartered in Manhattan. Founded in 1877, it has been through several mergers, the latest of which was in 2000 with J.P. Morgan. Along with Wells Fargo, Citigroup, and Bank of America, it’s one of the “Big Four” banks in the United States, accounting for 45% of all US customer deposits across the country.

Loans

A good bank for small business owners, Chase offers a variety of loan options. There are as many as 12 options for small business loans, including term loans, lines of credit, SBA loans, commercial real estate loans, and equipment financing options.

Chase bank loans range from $5,000 to $5 million with varying interest rates and 12-84 month terms. Lines of credit up to $350,000 are also available through Chase’s SBA Express. If you intend to apply for an SBA loan, there are three options available:

• classic SBA 7(a) loan,
• SBA Express term loan, or
• SBA 504 loan.

As mentioned, you can borrow up to $5 million and Chase is a preferred SBA lender, meaning you can get access to SBA loans sooner than usual.

Checking Accounts

With Chase business banking, you have access to three business checking accounts: Business Complete Banking, Performance Business Checking, and Platinum Business Checking. Chase small business checking accounts are all aimed at different stages of your business’s development. We’ll be looking at the most popular option, the Business Complete Banking.

Unlike Wells Fargo’s offer, this account is free to open, charges a $15 monthly maintenance fee, and rewards you with a $300 sign-up bonus if you’re a new customer and complete the qualifying activities. The maintenance fee can be waived with a minimum balance of at least $2,000. What’s more, you can make up to 20 free transactions per month and deposit cash up to $5,000 per month without any extra transaction fees.

Credit Cards

When it comes to credit cards at Chase, the two most popular offerings are the Ink Business Unlimited and Ink Business Cash cards. Both come with no annual fee, a 12-month introductory period of 0% APR (16.99% to 22.99% after that), and a $900 cashback bonus if you spend $6,000 in your first three months.

Ink Business Unlimited will also earn you a standard 1.5% cash back on all purchases, while Ink Business Cash gives you as much as 5% on office supplies, internet, cable, and phone services. Finally, for $95, you can opt for an Ink Business Preferred card. This gets you further benefits like triple points on travel and other select business categories, as well as no foreign transaction fees.

Branch and ATM Availability

Whether you’re looking for Chase small business loans, checking accounts, or credit cards, you won’t have trouble finding one of the bank’s branches or ATMs. It’s no surprise that Chase, as one of the largest banks in the country, has an impressive number of locations across the United States. With around 4,700 branches and 16,000 ATMs, Chase is comparable to Wells Fargo, the Bank of America, and other leaders in the field.

Online and Mobile Banking

If you need an internet bank for your small business, it’s advisable to opt for a bank with a well-organized website. Thankfully, the website for Chase Bank International is well-designed and easy to use. Additionally, the bank has a highly rated app for both iOS and Android systems. A notable feature is that all your accounts are integrated within the app, which makes handling multiple bank accounts a breeze.

Summary

All in all, Chase is an excellent small business banking option, whether you need loans with long repayment terms or low-cost business checking accounts. The real stars of its offer, though, are the substantial cashback and rewards points earnings you get on Chase’s business credit cards offer. The one downside is the fairly strict limit on monthly checking account transactions.

Overview

Until 2021, Square was known exclusively for its point-of-sale (POS) hardware and software solutions. Today, it also provides banking services to all US-based businesses that operate as sole proprietorships. Its banking products can be divided into three main categories: Square Checking, Square Savings, and Square Loans.

Loans

If you’re interested in ​​online bank accounts for small-business owners, Square Banking might be an excellent solution. We’ll start our review by checking the kinds of loans the company offers. Square Banking small-business loans range from $300 to $250,000. The borrowing costs vary depending on the type of loan and go between 10% and 16%.

When it comes to repayment terms, all Square Banking loans need to be repaid within 18 months, and you must pay the remaining balance once this period ends. If you have the chance, you can also prepay your loan, and Square’s main advantage here is that it doesn’t charge any prepayment fees.

Checking Accounts

If you need a free small-business checking account, Square Banking has got you covered. There are only a few steps to open a Square checking account, and the best thing about it is that it comes with no additional fees: no minimum balance, monthly maintenance, overdraft, or service fees. Although there are no Square ATMs, you can collect your money at any third-party ATM that accepts Mastercard® debit cards, but in that case, operator fees may apply.

Credit Cards

Square is one of the most popular credit card processors, but as a digital bank for small businesses, it does not offer any credit cards of its own. There is, however, a Square debit card that is connected to your checking account. Once you open an account, you will automatically receive this business debit card, which can be used internationally, ​​anywhere Mastercard® debit cards are accepted.

Branch and ATM Availability

As mentioned, Square isn’t your regular brick-and-mortar bank, and as such, does not have any branches or ATMs. Of course, you can use your Square Debit Card to withdraw money from third-party AMTs or pay for goods and services in person or online.

Online and Mobile Banking

If you’ve been looking for the best online bank for a small business, you probably already came across Square. Its online platform is user-friendly and easy to navigate, and if you prefer to manage your payments and accounts on the go, you can download the Square app to your Android or iOS device.

Summary

If you’re already using Square as your business payment processor, Square Banking could be a good option. It is an alternative to a traditional business bank account that usually involves a complicated opening procedure and a lot of paperwork.

Instead, Square Banking provides customers with an easy way to separate their private and business finances, has no hidden fees, credit checks, or minimum balance. This is something you don’t get to see every day! If you need an online bank account for your small business, look no further, as Square Banking has it all.

There are a few drawbacks to Square Banking, such as the inability to deposit checks and cash into your account and the fact it does not have its own ATMs or branches, but if your transactions mostly happen online, you’re not going to miss much.

Overview

Wells Fargo is a multinational financial services company headquartered in San Francisco, California, with offices across the United States. Established in 1852, it’s one of the oldest banks on our list. It’s also in the top five banks in the world in terms of market capitalization and total assets.

Loans

Wells Fargo offers an incredible number of loan options split between personal and commercial financing options. As this article focuses on the best small-business banks, we’ll be covering Wells Fargo’s small-business lines of credit.

As you can no longer get small-business loans at Wells Fargo specifically, you can instead make use of its business lines of credit and SBA loans. The former is available in two variants: Business and Prime. The first one is an unsecured loan with loan amounts between $5,000 and $100,000, with the rate being as low as Prime’s + 1.75%.

The Prime option is secured with business assets and covers lending from $100,00 to $500,000. The rates for Wells Fargo’s small-business lines of credit are calculated based on origination fees and rates from competing lenders.

Wells Fargo also offers outstanding Small Business Administration loans, with repayment terms of up to seven years for working capital and loan amounts of up to $5,000,000/$6,500,000 – depending on the type of SBA loan. It is also rated second on the list of SBA 7(a) lenders in the United States in terms of the number of approved loans and dollar volume.

Checking Accounts

When looking for a checking account, you need to consider your business size, capacities, and needs. Wells Fargo offers three account options to cater to various combinations of those three factors: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking.

The most popular option – Initiate Business Checking – gives you 100 free transactions per month, with a $10 monthly service fee that can be waived in several ways. You can make cash deposits of up to $5,000 per month without paying any fees, which is more generous than most competitors on our list. It also gives you access to mobile and online banking.

Credit Cards

The best business banks offer a variety of credit cards, and Wells Fargo is no different. For example, the Wells Fargo Active Cash Card offers 2% cash rewards on all purchases. It also features a $200 cash rewards bonus when you spend $1,000 on purchases in the first three months. The Wells Fargo Reflect card provides a 0% interest rate over the first 18 months. After that, APR totals range from 16.74% to 28.74%.

Branch and ATM Availability

As this is one of the largest banks in the United States, it boasts over 5,500 brick-and-mortar offices and 13,000 ATMs across the country that are available to Wells Fargo small business customers. The number of branches used to be even larger, but over 2,000 have closed in the past two decades as more and more people have embraced online banking options.

Online and Mobile Banking

Of course, Wells Fargo bank has online banking, and its website is well-organized, with a clean layout and plenty of content. The mobile app is highly rated in both the App Store and Google Play. It provides a wealth of features, from depositing checks and getting ATM access codes for tap-and-pay digital purchases, as well as facial and fingerprint recognition.

Summary

Wells Fargo is one of the most comprehensive banking options across the board, whether you are looking for a loan, credit card, or checking account for a small business. It’s particularly good for small business owners looking for competitive term and SBA loans with flexible options and low rates, although it does have tighter repayment restrictions than some of the competition.

Overview

Capital One Financial Corporation specializes in auto loans, banking, credit cards, and savings accounts. It was founded in 1994 in Richmond, Virginia, and is now based in McLean, Virginia. In terms of assets, it’s the 10th-largest bank in the United States.

Loans

When it comes to loans, Capital One small business banking provides several options. You can take out a line of credit, equipment or business auto loan, a business installment loan, or an SBA loan.

The bank’s business installment loans start at $10,000 with terms from one to five years and fixed monthly payments. There is no upper limit and the rates vary depending on the amount borrowed and repayment terms. You can also take out SBA 504 and SBA 7(a) loans, and the bank gives you more favorable relationship-based loans if you already have an established Capital One business account.

Checking Accounts

The banks with the best account options for small businesses have plans that target businesses of all sizes and are suited to different stages of their development. Capital One offers two straightforward options here: Spark Business Basic Checking and Spark Business Unlimited Checking. Both accounts are free to open and come with unlimited transactions each month.

You can deposit up to $5,000 in cash per month with no extra fees with the basic account, and there is no limit on the Unlimited Checking option. The accounts have a $15/$35 monthly service fee, which is waived if you maintain the minimum 30- or 90-day average monthly balance of $2,000/$25,000. Alternatively, you can waive the fee on both accounts if you use two other Capital One products, such as SparkPay or Spark Card.

As with other top banks in the small business category, both accounts also come with a free business debit card, online bill payment options, and online and mobile checking. Besides unlimited monthly cash deposits, Unlimited Checking also gives you up to five free domestic wire transfers and two free Basic Checking accounts. The wire fees are otherwise charged $15 per incoming domestic wire and $25 per outgoing domestic wire on both accounts.

Credit Cards

Deciding which bank is the best option for your small business depends on a lot of factors, credit cards certainly being among the more important ones. Capital One offers several credit card options: Spark Cash, Spark Cash Select, and Spark Classic.

Spark Cash Select is our favorite pick for small businesses. It comes with 1.5% cash back on all purchases, a $500 cash bonus if you spend $4,500 in your first three months, and a 0% APR for the first 12 months. After that, the APR ranges from 18.99% to 26.99%. There is also no annual fee.

Online and Mobile Banking

Capital One has a pretty standard website, with a top navigation pane that takes you to the loan, checking account, and credit card information. The Capital One mobile app has been rated #1 in customer satisfaction more than once; it’s a well-designed product for both iOS and Android systems. On this front, Capital One gets top marks.

Summary

In order to be a great choice for small business owners, a bank needs to provide more than just good loans, credit cards, and checking accounts. Capital One’s claim to fame is that it is truly devoted to small businesses and is among the top banks for business accounts. In addition to free unlimited monthly transactions on all business checking accounts, the bank offers small business owners access to Spark Business IQ, a program created to help entrepreneurs manage their business and cash flow. You can use its many resources and guides to get ideas on running or expanding a business.

The only major downside that we can think of is that, while Capital One provides access to over 39,000 ATMs, there are only 755 branches across the US.

Overview

While looking for the best bank for small business loans, you’re bound to come across the Bank of America. A household name in the banking industry, Bank of America Corporation is a multinational investment bank and financial services company based in Charlotte, North Carolina. It was formed through NationsBank’s acquisition of BankAmerica in 1998, but its origins stretch back to 1784 and the formation of the Massachusetts Bank. It is the second largest banking institution in the United States, after JPMorgan Chase.

Loans

Bank of America small business packages offer secured and unsecured loans and lines of credit, as well as SBA loans, auto loans, and commercial real estate loans. Its secured loans start at $25,000 and have no upper limit. Rates vary depending on the amount borrowed and repayment terms, which can be up to five years when secured by Certificates of Deposit.

Unsecured loans are in the $10,000-$100,000 bracket and feature 12-to-60-month repayment terms. You can also get SBA loans ranging from $200,000 to $5 million, with various repayment terms depending on what your loan will finance.

Checking Accounts

There are two Bank of America business account options for small business owners: the Business Fundamentals account and the Business Advantage account.

Business Fundamentals is the one most small business owners will be interested in. It features a rather steep $16 monthly fee, though there are several ways to avoid this, such as maintaining an average monthly balance over $5,000 or spending at least $250 in new net qualified debit card purchases. You can also avoid the fee if you have an average total balance of $15,000 between all your Bank of America accounts. On the other hand, the Business Advantage account will set you back $29.95 per month and offers 500 transactions each month.

If we make a small business bank account comparison, we can see that Bank of America’s monthly cash deposit and transaction limits are exactly the same as those offered by Wells Fargo. With 200 monthly transactions and $7,500 in cash deposits, both banks offer above-average numbers in this category.

Credit Cards

The Bank of America has an array of credit cards aimed at individuals and businesses. The one we’ll be taking a closer at is the Business Advantage Cash Rewards Mastercard. It offers 1-3% cash back depending on the type of purchases you make, as well as a $300 cashback offer if you spend $3,000 or more in your first three months of owning the card. As with other top banks for startups and small businesses, there is also no annual maintenance fee. The APR is 0% during the first nine monthly billing cycles, and ranges from 15.99% to 25.99% after that.

Online and Mobile Banking

As expected, the Bank of America has a patriotic-looking website, featuring predominantly red, white, and blue. Like other national banks, it’s available in English and Spanish, with a clear and intuitive layout.

The mobile app is highly rated in both the App Store and Google Play. You can use it to monitor your finances and make payments, as well as benefit from exclusive BankAmeriDeals cashback offers. It also tracks your rewards and gives you access to a virtual assistant and customer support. While BoA’s customer service feedback is a bit mixed, people are quite pleased with the mobile app.

Summary

With four options for waiving the maintenance fee, the Bank of America might just be the top choice for a small business owner who wants to keep the checking account costs at a minimum. It also offers good loan options, however, the bank’s credit cards are pretty standard. Depending on what you use them for, they can offer up to 3% cash back, which is solid considering they have no maintenance fees. The downside is that if you don’t manage to take advantage of the numerous fee-waiving options, this bank has higher fees than most of the competition.

Overview

Founded in 1852, TD Bank is the New Jersey-based US subsidiary of the Canadian multinational Toronto-Dominion Bank. It’s the eighth-largest bank in the US by total assets and the seventh-largest by bank deposits. Notably, it only has branches in 16 states along the US East Coast.

Loans

TD Bank offers business term loans, lines of credit, SBA loans, and commercial real estate loans. We recommend TD Bank if you’re looking to buy commercial real estate, with government-guaranteed SBA 504 loans. Speaking of SBA loans, this bank also provides quick SBA 7(a) approvals. In fact, as an approved SBA lender, it is one of the best banks in the US when it comes to this type of loan. The repayment terms are up to 25 years for SBA 7(a) and 20 years for SBA 504, with interest rates depending on the term and amount borrowed.

When it comes to term loans, you can borrow anywhere from $10,000 to $1,000,000, with term lengths from three to five years. Lines of credit range from $25,000 to $500,000. Both are secured with collaterals and annual fees are waived for amounts below $100,000.

Checking Accounts

The best accounts for LLC and small business owners provide more than just favorable loan rates. TD Bank has several offers for checking accounts, but here we’ll be looking at its two most popular accounts: Business Convenience Checking Plus and Business Simple Checking accounts.

The more expensive Business Convenience Checking Plus comes with a $25 maintenance fee, which the bank will waive if you have at least $1,500 in your account. It allows for as much as $5,000 in monthly cash deposits and 500 free monthly transactions.

If you don’t need such high figures, or you find waiving the fee difficult, you can also opt for the basic Business Simple Checking account, for a fee of just $10 a month (same waiving conditions). This one comes with 200 monthly transactions and $5,000 in cash deposits, which is pretty good for such a modest maintenance fee.

Credit Cards

Like other banks with no fees for maintaining credit cards, TD Bank offers a great option: the Business Solutions Credit Card. It comes with an APR of 16.99%, 21.99% or 26.99% (based on your credit rating), and you can earn anywhere from 1% to 3% cash back depending on what you spend money on. Moreover, the bank’s welcome offer is a generous $250 on your first $1,500 spent within 90 days of obtaining the card.

Online and Mobile Banking

To provide efficient online banking, a bank needs to have a well-designed website that is intuitive to navigate. TD Bank is one of our favorites in this regard. Its modern, aesthetically pleasing page is less cluttered with offers than most of the competition. The mobile app also has a nicely designed UI and users rate both the iOS and Android systems quite highly. Both feature a simple green-and-white color scheme and a navigation pane on top of the screen, so switching between options feels seamless. Top marks for TD Bank here.

Summary

TD Bank might be a good choice for new small business owners looking to get commercial real estate or SBA loans. In addition, the bank offers solid checking account options with easily waivable fees and high transaction and cash deposit limits. Its credit card offer is also pretty competitive. The biggest downside is that TD Bank only operates across the East Coast of the US, which means it has fewer branches and ATMs than the larger banks on our list.