Best Banks for Small Businesses

The best bank for small businesses depends on your business model, transaction volume, and banking preferences. However, after comparing fees, features, accessibility, and customer feedback, Bluevine stands out as the best overall bank for most small businesses.

Bluevine offers a no-fee business checking account with no monthly maintenance charges, no overdraft fees, and no transaction limits. It also allows eligible businesses to earn interest on their checking balance—something rarely offered by traditional banks.

That said, businesses with specialized needs—such as freelancers, global sellers, or cash-heavy operations—may benefit more from banks like Found, Airwallex, or KeyBank.

Small banks and community banks can be a great option for some small businesses, particularly those that value personalized service and local relationships. These banks often provide better face-to-face support, more flexibility in lending decisions, and a deeper understanding of local markets.

However, small banks may also have limitations. Their digital banking tools may not be as advanced, branch availability may be limited, and fees can sometimes be higher than online banks.

Online banks, on the other hand, usually offer lower fees, faster account setup, and modern financial tools. For businesses that don't rely heavily on cash deposits or in-person visits, online banks are often a more practical and cost-effective choice.

Online banks are generally the easiest and fastest option for opening a business bank account. Banks such as Bluevine, Lili, and Found allow you to complete the entire application process online—often in just a few minutes.

Most online banks require basic documentation such as your EIN, LLC or corporation formation documents, and a valid ID. Approval times are usually quick, and you can start using your account shortly after approval without visiting a branch.

Traditional banks typically require in-person visits, longer paperwork, and scheduled appointments, which can slow down the process—especially for new business owners.

Local credit unions can be an excellent alternative to traditional banks, especially for small businesses that prefer community-focused financial institutions. Credit unions often offer lower fees, better interest rates, and more personalized customer service.

However, credit unions may have limited business banking features, fewer branch locations, and less advanced online tools compared to larger banks or fintech platforms. Additionally, membership eligibility requirements may apply.

If your business values local relationships and doesn't require advanced digital features, a credit union could be a strong option worth considering.

Business banking fees vary depending on the bank and account type. Common fees include monthly maintenance fees, transaction or transfer fees, cash deposit fees, wire transfer fees, and overdraft and insufficient funds fees.

Many online banks eliminate most of these fees entirely. For example, Bluevine, Found, and Lili offer accounts with $0 monthly fees and no minimum balance requirements. Traditional banks often charge monthly fees unless you maintain a minimum balance.

Always review the fee schedule carefully before opening an account to avoid unexpected charges.

Availability depends on whether the bank operates online or through physical branches. Online banks like Bluevine, Lili, Found, and Airwallex are typically available in all 50 U.S. states and are not location-dependent.

Traditional banks such as TD Bank, Citizens, and KeyBank operate regionally, meaning their services may only be available in specific states or regions.

Before choosing a bank, it's important to confirm whether it operates in your state and whether in-person banking is required for account setup or ongoing services.