The Best Bank for Small Business in 2020

Searching for the best bank for your small business or growing startup? Feeling overwhelmed by the countless options and factors you need to consider? Don’t worry, we’ve got your back. We’ve done thorough research so you don’t have to. In doing so, we’ve compiled a list of the top-performing banks for small businesses in 2020. You can read more about our review methodology by clicking on the link below. There’s also a section where you can directly compare our top picks. But if you just want to read all about each bank, let’s get right into it.

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1. Wells Fargo

One of the oldest banks on our list, Wells Fargo offers a wealth of options for personal, small business, and commercial loans. It’s also a stand-out when it comes to checking accounts and credit cards, making it one of the top small business lenders on our list. Our table focuses on Wells Fargo’s unsecured business loan and Business Choice checking account, but the bank also offers great SBA loan options and lines of credit. read full review

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Loan types:

Term loans, lines of credit, SBA loans, letters of credit, commercial real estate financing, healthcare practice financing

Term loan amounts:

$10,000 to $100,000 ($5,000,000 for SBA loans)

Monthly checking account fee:

$14 ($7,500 no-fee balance)

Opening deposit:

$25

Monthly transaction limit:

200

Branches/ATMs:

Over 5,500/13,000

Mobile banking:

iOS, Android

  • Wealth of loan options to suit businesses of any size
  • Easy application process
  • Excellent SBA loans
read full review

Loan types:

Term loans, lines of credit, SBA loans, letters of credit, commercial real estate financing, healthcare practice financing

Term loan amounts:

$10,000 to $100,000 ($5,000,000 for SBA loans)

Monthly checking account fee:

$14 ($7,500 no-fee balance)

Opening deposit:

$25

Monthly transaction limit:

200

Branches/ATMs:

Over 5,500/13,000

Mobile banking:

iOS, Android

  • Wealth of loan options to suit businesses of any size
  • Easy application process
  • Excellent SBA loans

2. Chase

With $2.73 trillion in total assets, Chase is the largest bank in the United States and the sixth-largest bank in the world. Its biggest argument for being the best bank for a business account is its excellent credit cards, but it also provides a wealth of loan options and very good checking account plans. Our table has information about the bank’s most popular checking account: Chase Total Business Checking. read full review

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Loan types:

Term loans, lines of credit, SBA loans, commercial real estate loans, equipment financing options

Term loan amounts:

$5,000 to $5,000,000

Monthly checking account fee:

$12 ($15 with paper statements, $1,500 no-fee balance)

Opening deposit:

$0

Monthly transaction limit:

100

Branches/ATMs:

5,000 branches/16,000 ATMs

Mobile banking:

iOS, Android

  • Fantastic credit card options
  • No opening deposit on checking account
  • Fantastic ATM coverage
read full review

Loan types:

Term loans, lines of credit, SBA loans, commercial real estate loans, equipment financing options

Term loan amounts:

$5,000 to $5,000,000

Monthly checking account fee:

$12 ($15 with paper statements, $1,500 no-fee balance)

Opening deposit:

$0

Monthly transaction limit:

100

Branches/ATMs:

5,000 branches/16,000 ATMs

Mobile banking:

iOS, Android

  • Fantastic credit card options
  • No opening deposit on checking account
  • Fantastic ATM coverage

3. Capital One

Despite being one of the younger banks on our list, Capital One is an excellent small business bank. It offers a variety of business loans, lines of credit, checking accounts, and credit cards, with preferential loan terms for people who already have business accounts at Capital One. The main attraction of having a small business checking account with Chase is the unlimited monthly transactions. The table below has data about both of the bank’s checking account offers: Spark Business Basic Checking and Spark Business Unlimited Checking. read full review

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Loan types:

Term loans, lines of credit, SBA loans, equipment and business auto loans

Term loan amounts:

Starting at $10,000 with no upper limit

Monthly checking account fee:

$15/$35 ($2,000/$25,000 no-fee balance)

Opening deposit:

$0

Monthly transaction limit:

Unlimited

Branches/ATMs:

755/39,000

Mobile banking:

iOS, Android

  • Unlimited monthly transactions
  • No upper limit on business loans and lines of credit
  • Better loan terms for existing account owners
read full review

Loan types:

Term loans, lines of credit, SBA loans, equipment and business auto loans

Term loan amounts:

Starting at $10,000 with no upper limit

Monthly checking account fee:

$15/$35 ($2,000/$25,000 no-fee balance)

Opening deposit:

$0

Monthly transaction limit:

Unlimited

Branches/ATMs:

755/39,000

Mobile banking:

iOS, Android

  • Unlimited monthly transactions
  • No upper limit on business loans and lines of credit
  • Better loan terms for existing account owners

4. Bank of America

One of the oldest and largest banks in the US, the Bank of America is second only to JPMorgan Chase. It provides solid loan and checking account options across the board. While its maintenance fees are a bit higher than most of its competitors’, the Bank of America also provide the greatest number of ways to waive these fees. Our table has information regarding the bank’s basic but extremely popular Business Fundamentals checking account. read full review

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Loan types:

term loans, lines of credit, SBA loans, auto loans, commercial real estate loans

Term loan amounts:

Starting at $25,000 ($10,000 to $100,000 for unsecured loans)

Monthly checking account fee:

$18 (many ways to waive, see our review)

Opening deposit:

$0

Monthly transaction limit:

200

Branches/ATMs:

4,600 branches/16,000 ATMs

Mobile banking:

iOS, Android

  • Plenty of options for waiving maintenance fee
  • Excellent mobile app
  • Above-average transaction limits
read full review

Loan types:

term loans, lines of credit, SBA loans, auto loans, commercial real estate loans

Term loan amounts:

Starting at $25,000 ($10,000 to $100,000 for unsecured loans)

Monthly checking account fee:

$18 (many ways to waive, see our review)

Opening deposit:

$0

Monthly transaction limit:

200

Branches/ATMs:

4,600 branches/16,000 ATMs

Mobile banking:

iOS, Android

  • Plenty of options for waiving maintenance fee
  • Excellent mobile app
  • Above-average transaction limits

5. TD Bank

Although it operates only along the east coast of the US, TD Bank is in the top 10 largest US banks both in terms of deposits and total assets. It is possibly the best bank for small business owners looking for SBA and commercial real estate loans. The checking account data below concerns its most popular checking accounts: Business Simple Checking and Business Convenience Checking Plus. read full review

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Loan types:

term loans, lines of credit, SBA loans, commercial real estate loans

Term loan amounts:

$10,000–$1,000,000 ($250,000–$5,000,000 for SBA loans)

Monthly checking account fee:

$10/$25 ($1,500 no-fee balance)

Opening deposit:

$10/$100

Monthly transaction limit:

200/500

Branches/ATMs:

1,300 branches/1,900 ATMs

Mobile banking:

iOS, Android

  • Fantastic SBA and real estate loans
  • Very high transaction limits
  • Very low maintenance fee waiving balance
read full review

Loan types:

term loans, lines of credit, SBA loans, commercial real estate loans

Term loan amounts:

$10,000–$1,000,000 ($250,000–$5,000,000 for SBA loans)

Monthly checking account fee:

$10/$25 ($1,500 no-fee balance)

Opening deposit:

$10/$100

Monthly transaction limit:

200/500

Branches/ATMs:

1,300 branches/1,900 ATMs

Mobile banking:

iOS, Android

  • Fantastic SBA and real estate loans
  • Very high transaction limits
  • Very low maintenance fee waiving balance

6. Axos Bank

Despite being an online-only bank, Axos offers a wealth of loan options. It also provides fantastic checking accounts with no fees, although it doesn’t offer credit cards like most of the other banks on our list. Our table below has information about its most popular checking account: Basic Business Checking. read full review

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Loan types:

term loans, lines of credit, equipment financing, commercial real estate loans, and invoice factoring

Term loan amounts:

$250,000 to $5,000,000

Monthly checking account fee:

None

Opening deposit:

$1,000

Transaction limit:

Unlimited

Branches/ATMs:

Free access to 1,900 ATMs

Mobile banking:

iOS, Android

  • No monthly checking account fees
  • Unlimited monthly transactions
  • 50 free checks
read full review

Loan types:

term loans, lines of credit, equipment financing, commercial real estate loans, and invoice factoring

Term loan amounts:

$250,000 to $5,000,000

Monthly checking account fee:

None

Opening deposit:

$1,000

Transaction limit:

Unlimited

Branches/ATMs:

Free access to 1,900 ATMs

Mobile banking:

iOS, Android

  • No monthly checking account fees
  • Unlimited monthly transactions
  • 50 free checks

Our Methodology

What is the best bank in America?
How to choose a bank for my small business?
Is Bigfoot real?

If these are some of the burning questions keeping you up at night, fret not, because we have answers to at least two of them right here. Before we take you to the in-depth reviews of our favorite small business banks of 2020, let’s first take a look at how we evaluated our picks.

Lending options and costs

This category looks at what sorts of loans focused on small businesses you can open within a bank, how much money you can loan from your bank, and under what conditions.

Whether you’re just starting out or have gotten into some financial trouble, finding the best bank for small business loans can help get your business on track. Different types of loans offer wildly different conditions and fees. You might find that the requirements for the best loan types, such as Small Business Administration loans, can be very strict and require a long time for approval. Bad credit can also be detrimental to your chances of scoring a good business loan.

We have focused on what loan options are available for small business owners so that you can judge whether the loan amounts and repayment terms suit your particular business. We’ve listed all the available options, but put emphasis specifically on the best small business bank term loan solutions for most small enterprises. For a more in-depth look at the other options, interest rates, APRs, and credit score requirements, you can consult our reviews focused specifically on loans.

Checking account options and costs

This category looks at what sorts of checking accounts focused on small businesses you can open within a bank. We also highlight the terms, conditions, and fees related to opening and maintaining an account.

There are many factors to consider when opening a small business bank account. The first and most important one is the monthly maintenance fees your account will incur. Depending on the bank, these can be between $0 and $25 for small business accounts, with fees rising sharply for the more advanced accounts larger companies and enterprises would use. Just because a bank is offering low fees or even no fees at all doesn’t mean it will end up being the cheapest option.

These types of banks usually limit your monthly transactions and earn money on any transactions you make over that limit. In this section, we first look at monthly fees and transaction limits and analyze how those affect your overall monthly costs.

The top banks for small business owners also offer ways to waive those monthly fees completely. You can usually do this by having a certain amount of money in your account at the end of each day or month. Usually, banks check the average of your daily closing balances each month.

The second factor we consider in this category is what requirements each bank has for waiving your monthly fee. This way you can estimate how this lines up with your average daily and monthly cash flow so you can pick the best option for your business.

Finally, when picking the best bank account for your small business, you should know how much money you need to deposit when opening a checking account. Remember that lower minimum deposits often translate to lower maximum transaction limits and higher charges. Finding the right balance between all three factors is key to picking the right bank for your small business account.

Credit cards

This category looks at the credit card options offered by each bank. One of the main ways in which banks attract new customers is through offering attractive credit card options with perks and benefits based on subscription tiers. When choosing the best bank for your small business, you should consider how the benefits stack up against the costs.

The areas we’ve examined in this section include cashback offers and bonuses, as well as fees and APR rates. This should help you determine which credit card is best suited to your needs and the needs of your business.

Branch and ATM availability

This category looks at how good a bank’s branch and ATM network coverage is.

The type of business you operate plays a key part in what services you need from your bank. These determine whether you require brick-and-mortar offices or if e-banking will get the job done. If most of your transactions are conducted digitally, online small business banking can be a quick, efficient and hassle-free solution. On the other hand, if you’re running a brick-and-mortar retail store yourself, chances are that you will want a physical branch, as online banks do not support cash deposits.

The same goes with ATMs - how many of them does the bank have in your area and what fees does it charge if you use ATMs from other banks? We’ve looked at the overall branch and ATM network coverage that banks provide to their users in order to find the best bank for small business owners in 2020.

Online and mobile banking

This category looks at how good a bank’s website and mobile applications are.

Mobile phones and the internet have changed the way we think about work. Efficiency, flexibility, and portability are the paradigms for the new century. Being able to access your bank accounts, loan information, and other banking details on the go makes handling your finances a lot simpler.

We’ve looked at is the quality of each bank’s online platform and mobile banking apps, evaluated how intuitive the software is to use, and checked what operating systems are supported. The quality of customer experience is a very important factor in our selection process. Knowing how easy and intuitive it is to use your bank’s features should help you to pick the best banks for your business in 2020.

Top 6 Best Banks for Small Business

  • 1. Wells Fargo
  • 2. Chase
  • 3. Capital One
  • 4. Bank of America
  • 5. TD Bank
  • 6. Axos Bank

Best Bank for Small Business - Our Reviews

Key Features
  • Loan Options - Excellent
  • Loan Repayment Period - Medium
  • Checking Account Options - Very good
  • Monthly Checking Account Transactions - Very high
  • Number of Branches and ATMs - Very high
  • Website and Mobile App - Excellent
Additional Features
  • One of the oldest and most powerful banks on our list
  • Wealth of ATMs and branches available across the U.S.
  • Popular unsecured loan options

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 top five banks in the US in terms of total assets.

Loans

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

The small business loans Wells Fargo offers include three options for both term loans and lines of credit. When it comes to term loans, the options are Unsecured Business Loans, Equipment Express Loans, and Advancing Term Loans. The bank’s most popular option – Unsecured Business Loans – comes with repayment terms from one to five years and allows you to borrow anywhere from $10,000 to $100,000. Fixed rates range from 7.5% to 22.99%.

Wells Fargo also offers excellent Small Business Administration loans, with up to seven-year repayment terms for working capital and loan amounts of up to $5,000,000. 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 account

When looking for the best small business checking account, you need to consider your business’s size, capacities, and needs. Wells Fargo offers four account options here: Business Choice Checking, Platinum Business Checking, Simple Business Checking, and Analyzed Business Checking.

The most popular option – Business Choice Checking – gives you 200 free transactions per month with a $14 monthly service fee that can be waived in several ways. You can make cash deposits of up to $7,500 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. All of its cards offer 1.5% cash back on all purchases. They also feature a sign-up cash back bonus between $500 and $1,000, depending on the card you apply for.

The Wells Fargo Business Platinum card provides a 0% interest over the first nine months. After that, APR totals range from 13.49% to 23.49%.

Branch and ATM availability

This is one of the largest banks in the United States. As such, Wells Fargo small business customers can visit over 5,500 brick-and-mortar offices and 13,000 ATM machines across the country. The number of branches used to be even larger, but over 2,000 have closed in the past 20 years as more and more people have begun embracing online banking options.

Online and mobile banking

Of course, Wells Fargo bank has online banking. The website is well-organized, with a clean layout and plenty of content. The mobile app is very highly rated on both Apple and Google’s stores. It provides a wealth of features, from depositing checks and getting ATM access codes to tap-and-pay digital purchases, as well as facial and fingerprint recognition.

Summary

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

Key Features
  • Loan Options - Excellent
  • Loan Repayment Period - Long
  • Checking Account Options - Very good
  • Monthly Checking Account Transactions - Average
  • Number of Branches and ATMs - Very high
  • Website and Mobile App - Excellent
Additional Features
  • Accounts for 45% of all customer deposits in the United States
  • Quick access SBA loans
  • Excellent cash back rewards

Overview

Chase is a subsidiary of JPMorgan Chase & Co. headquartered in Manhattan, NYC. Since being 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

Chase is a very good bank for small business owners, offering 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 $5,000,000 with varying interest rates. Terms range from 12 to 84 months. Lines of credit up to $350,000 are also available through Chase’s SBA Express. If you want an SBA loan, there are three options available: A classic SBA 7(a) loan, an SBA Express term loan, or an SBA 504 loan. You can borrow up to $5,000,000 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: Total Business Checking, 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 and starting option, the Total Business Checking Account.

Unlike Wells Fargo’s offer, this account is free to open, rewards you with a $200 sign-up bonus, and charges a $12 monthly maintenance fee. The fee goes up to $15 if you also require paper statements, but can be waived if your daily balance is over $1,500. You can make up to 100 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, Chase is probably the best bank for small business in 2020, as its reputation suggests. The two most popular offerings are the The Ink Business Unlimited and Ink Business Cash cards.

Both come with no annual fee, a 12-month introductory period of 0% APR (15.49% to 21.49% after that), and a $500 cashback bonus if you spend $3,000 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 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 a huge number of locations across the United States. With around 5,000 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’re looking for the best internet bank for your small business, you want a bank with a well-organized website. Thankfully, the website for Chase Bank International is well-designed and easy to use. 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

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 to this is the fairly strict limit on monthly checking account transactions. This means Chase isn’t the best bank around for business account purposes if you make a lot of monthly transactions or payments.

Key Features
  • Loan Options - Good
  • Loan Repayment Period - Average
  • Checking Account Options - Very Good
  • Monthly Checking Account Transactions - Excellent
  • Number of Branches and ATMs - Very Good
  • Website and Mobile App - Excellent
Additional Features
  • 10th largest bank in the United States
  • No upper limit for loans and unlimited monthly transactions
  • Relationship-based loan rates for existing customers

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 nowadays 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, an 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 business bank accounts have plans that target businesses of all sizes and are suited to different stages of their development. Capital One offers two very 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 also 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 for small businesses, 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 at $15 per incoming domestic wire and $25 per outgoing domestic wire on both accounts.

Credit cards

Deciding which bank is best for small business depends on a lot of factors. Credit cards are certainly one of the more important things to factor in.

Like the best online banks in 2020, 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 $200 cash bonus if you spend $3,000 in your first three months, and a 0% APR for the first nine months. After that, the APR ranges from 15.24% to 23.24%. 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. It also features a search bar. 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 the best national bank 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. 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.

Key Features
  • Loan Options - Very good
  • Loan Repayment Period - Average
  • Checking Account Options - Good
  • Monthly Checking Account Transactions - Very high
  • Number of Branches and ATMs - Excellent
  • Website and Mobile App - Excellent
Additional Features
  • Second largest bank in the United States
  • Easy to waive fees and high transaction limits
  • Excellent app for smartphones

Overview

While looking for the best bank online, the Bank of America is certainly a name you’re bound to come across. 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 $350,000 to $5 million, with various repayment terms depending on what your loan will finance.

Checking accounts

When talking about the best bank for small business checking accounts, we cannot exclude Bank of America from the conversation. 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 expensive $18 monthly fee, though there are several ways to avoid this, such as maintaining a minimum daily balance of at least $3,000 or an average monthly balance over $5,000. You can also avoid the fee if have an average total balance of $15,000 between all your Bank of America accounts or spend $250 in purchases on a credit card or a business debit card.

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 a wealth 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 a 1-3% cash back depending on the type of purchases you make, as well as a $300 cash-back offer if you spend $3,000 or more in your first three months of owning the card. As with the best 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 14.24% to 24.24% after that.

Online and mobile banking

As expected, the Bank of America has a very patriotic-looking website, featuring predominantly red, white, and blue. Like the best national banks , it’s available in English and Spanish, and is generally very well laid-out and intuitive.

The mobile app is highly rated on both Apple and Google stores. You can use it to monitor your finances and make payments, as well as benefit from exclusive BankAmeriDeals. 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 very pleased with the mobile app.

Summary

With four different options for waiving the maintenance fee, the Bank of America might just be the best bank for a small business owner who wants to keep the checking account costs at a minimum. It also offers good loan options.

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 pretty good 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.

Key Features
  • Loan Options - Excellent
  • Loan Repayment Terms - Medium
  • Checking Account Options - Very good
  • Monthly Checking Account Transaction - Excellent
  • Number of Branches and ATMs - Low
  • Website and Mobile App - Excellent
Additional Features
  • Easy to waive maintenance fee
  • Great terms for real estate an SBA loans
  • Excellent website and mobile app

Overview

Founded in 1852, TD Bank is the US subsidiary of the Canadian multinational Toronto-Dominion Bank. Its headquarters are in New Jersey. 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 east coast of the US.

Loans

TD Bank offers business term loans, lines of credit, SBA loans, and commercial real estate loans. It is the best bank for a small business loan 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 SBA loans. 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 smaller than $100,000.

Checking accounts

The best business bank accounts for LLC and small business owners provide more than just favorable loan rates. TD Bank has several offers when it comes to 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 $10,000 in monthly cash deposits and a fantastic 500 free monthly transactions.

If you don’t need such high numbers, 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 low maintenance fee.

Credit cards

In addition to good loan and checking account options, the best banks for small business owners have competitive credit cards. Like other banks with no fees for maintaining credit cards, TD Bank offers a great option: the Business Solutions Credit Card. In addition to no maintenance fees, it comes with no APR in the first six billing cycles (14.99%, 19.99% or 24.99% after that, depending on your credit rating). You can earn anywhere from 1% to 3% cash back depending on what you spend money on, and the bank’s welcome offer is a generous $400 on your first $3,000 spent within 90 days of obtaining the card.

Online and mobile banking

To provide the best online banking for small business, 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 very 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 the best bank 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 a small number of branches and ATMs compared to the larger banks on our list.

Key Features
  • Loan Options - Average
  • Loan Repayment Period - Long
  • Checking Account Options - Good
  • Monthly Checking Account Transactions - Excellent
  • Number of Branches and ATMs - Low
  • Website and Mobile App - Fair
Additional Features
  • Digital only bank
  • Unlimited monthly transactions and no checking fees
  • 50 free checks as a sign up bonus

Overview

The only digital bank on our list of 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. 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 3.5- and seven-year repayment terms and range from $250,000 to $5,000,000. Lines of credit also start at $250,000. This makes Axos the best bank for a small business with line of credit requirements that are higher than usual. The very high minimum borrowing amounts, however, mean this bank isn’t the right choice for micro businesses or startups needing much smaller loans.

Checking accounts

Axos offers three different small business 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 to pay any average daily or monthly balance requirements, and absolutely no maintenance fees whatsoever.

The best banks for small business accounts allow for a large number of free monthly transactions. 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 for small business owners. Its website and mobile app don’t quite live up to this high standard, having very mixed reviews from the community. While the website is fairly standard and reasonably well-optimized, users report frequent crashes and poor performance from the mobile app. However, the features of the app are solid, so if and when Axos fixes these issues, we’ll update our score.

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 the best 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 criticisms we can level at Axos are its high term loan minimum loan amounts and the buggy mobile app.

FAQ

How do I choose a bank for my small business?

First decide what you want from your bank. Compare the small and large banks for loan terms, checking accounts, credit cards, online and mobile banking, and customer service. Better yet, you can just read our guide to get started with some solid picks.

What banks have free business checking accounts?

Axos is an example of a bank with a free small business checking account that has no maintenance fees. You need to make an opening deposit of $1,000, though. Plenty of banks on our list offer easy ways to waive monthly maintenance fees - our favorites in this regard are Chase, TD Bank, and the Bank of America.

Which bank is best for startup business?

Capital One. Signing up for a checking account or loan with this bank gives you access to Spark Business IQ, a phenomenal repository of small business and startup tips and resources.

What is the best bank for small business?

Wells Fargo, Chase, Capital One, and the Bank of America. It’s a hugely competitive market out there and different banks provide different benefits, which means it’s not easy to definitively pick the best bank for small business. Any of the six options from out list will serve you well, but we’ve picked these four for a mix of reasons. They are well-established brands with huge ATM and branch networks, great customer service, and excellent loan, checking account, and credit card options.

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