1. Chase - 4.0/5 Stars
Chase runs regular promotions to reward customers for opening a business checking account. If they seem like your favorite choice, make sure to check if they have such a promotion running. Otherwise, they’re one of the largest banks in the world, so there’s plenty of upsides and downsides.
- 16,000 ATMs and nearly 4,900 Branches in the US
- 0.05%-0.15% APY Savings Accounts
Chase is our top pick thanks to the sheer volume of services and accessibility. They have a nice balance of features and price points as well, without a ton of fees.
2. Bank of America - 3.9/5 Stars
Bank of America includes free account activity alerts, and their mobile apps get rave reviews from their customers. Along with Chase, they’re a major bank so to get the real details it’ll take some research time through reviews and browsing their (somewhat difficult to use) website.
Through our testing, Bank of America staff is incredibly friendly but phone support and reaching a representative can feel like a but like a maze.
- $14-$29.95 Monthly Fee, 200-500 Transactions, $3,000-$15,000 Minimum Balance
- 16,000 ATMs and 4,600 Branches in the US
- 0.02%-0.06% APY Savings Accounts
Their business savings accounts don’t yield much, but their monthly fees are low and easily avoided with their small minimum balances. Bank of America is without a doubt another strong contender for your business banking needs to consider.
3. Wells Fargo - 3.9/5 Stars
Wells Fargo has some nice perks if you sign up for business credit cards, including cash back and travel rewards. For very small businesses that don’t need to make more than a few transactions here and there, their Simple Business Checking is arguably a pretty good fit.
- $10-$40 Monthly Fee, 50-500 Transactions, $500-$25,000 Minimum Balance
- 13,000 ATMs and 6,000 Branches in the US
- 0.03%-0.06% APY Savings Accounts
Wells Fargo doesn’t exactly stand out in any one way, but they offer well-rounded business bank accounts. If using Wells Fargo is convenient for you, we don’t have any reservations about using their services.
4. CitiBank - 3.8/5 Stars
Citibank’s business banking rates and yields operate a bit differently than the competition in that they vary by region. Because of this, it’s hard to objectively rate their services on a more general level.
- Variable Fees Start at $15/mo, 25-500 Transactions, $5,000-$10,000 Minimum Balance
- 34,000 ATMs and 1,000 branches in the US
- 0.01% APY Savings Accounts (higher yields variable)
If you’re interested in Citibank, we recommend you call your local branch, because they don’t advertise many of their rates and features on their website.
5. Spark Business - 4.7/5 Stars
Spark Business by Capital One is a fully-digital bank for business, with user-friendly Android and iOS apps. They’re our top pick thanks to their lack of fees and relatively high-yield savings accounts. They’re truly the most “21st century” option of the bunch by far, but that’s not for everyone.
- No Monthly Fees, Transaction Limits or Balance Minimums
- Access to 40,000+ ATMs in the US
- 1.00% Introductory APY - 0.40% Standard Rate on Savings Accounts
With Spark Business, you also receive free electronic invoicing and bill paying which just strengthens its case as our #1 pick for most Startup Savant readers. Of course, if you need to make regular cash deposits, a 100% digital bank may not be your best option.
Pros & Cons to Choosing a Larger Business Bank
- The big banks have huge amounts of capital and tend to be the ones innovating new banking features – for example P2P and Mobile banking.
- Larger banks are less vulnerable to economic slumps thanks to reforms and judicial actions taken between 2008-2016. They’re not completely without risk, but they’re as close as you can get.
- Bigger banks mean more accessible ATMs and physical branch locations, both in the US and abroad.
- The sheer amount of financial services, online banking tools and incentives is off the charts. While some consider this complexity more of a con than a pro, we like having so many options.
- You’re going to get access to more capital in terms of loans and credit when dealing with a global banking institution compared to a smaller local bank.
- Because of all the pros above, typically you’ll find larger banks charge higher fees than you’ll find with smaller, more consumer-focused community and local banks.
- Their customer service teams are massive and usually spread across the globe, which can be a downside in some contexts.
- Also because of the size of their platforms, big banks can be less flexible regarding getting fees waived, and other such case-by-case issues which don’t have ‘one size fits all’ solutions.
Which Bank For Business Should You Choose?
Making a general recommendation isn’t easy, because different entrepreneurs have different needs for a business bank account. These 5 banks are all thoroughly capable of providing you with great business banking service though.
That said, our preference is Chase, thanks to their digital accessibility and many branch locations. At the end of the day, trust your gut and choose the best business bank for you.