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7 Best Banks for US Small Businesses

Written by on November 02, 2016

When you’re starting up in one of the best small business markets in the world, you need to know which bank accounts are best for US small businesses.

In order to give you a concise but detailed answer, we scoured the information pages of various American banks and settled on two different types: larger banks and smaller banks. We think they’re both of value, so we gave you an overview of all of them.

We’ll start with the big boys and then move on to the smaller fish. Nonetheless, despite their sizes, they all offer the same thing: some great banking options for US small businesses.

Bank of America Business Fundamentals

Bank of America is one of the 7 Best Banks for US Small BusinessesBank of America is the largest bank in the US and therefore it offers great choices for US small businesses. This includes online support, mobile apps, and many other features.

Account Feature Cost
Monthly fee $17 (avoid fee with minimum daily $3,000 or average monthly $5,000 balance)
Minimum Opening Deposit $0
Monthly transactions No fees up to 200 transactions, $0.45 after
Overdraft fees $35.00 for each overdraft
Cash Deposits Free for first $7,500 each month, then $0.30 for each $100
Non-Bank ATM $2.50 in US, $5.00 outside US+ATM operator’s fee

Wells Fargo Business Choice Checking

Wells Fargo is one of the 7 Best Banks for US Small BusinessesWells Fargo has many great options for its business checking accounts. These plans are all great for US small businesses. However, we’ve highlighted one that is great for a small business just starting up.

Account Feature Cost
Monthly fee $14 (avoid fee with minimum $7,500 average ledger balance, 5 other ways)
Minimum Opening Deposit $25
Monthly transactions No fees up to 200 transactions, $0.50 after
Overdraft fees $35.00 for each overdraft
Cash Deposits Free for first $7,500 each month, then $0.30 for each $100
Non-Bank ATM $2.50 in US, $5.00 outside US+ATM operator’s fee

Citibank Business Streamlined Checking

Citibank is one of the 7 Best Banks for US Small BusinessesCitibank offers many competitive business accounts. However, unlike the other large banks listed here, Citibank makes it quite difficult to find out any more information about its fees and charges schedule. Some of the information had to be discovered from other sources.

Account Feature Cost
Monthly fee $15 (avoid fee with minimum $5,000 monthly balance)
Minimum Opening Deposit $25
Monthly transactions No fees up to 250 transactions
Overdraft fees $34.00 for each overdraft
Cash Deposits Free for first $10,000 each month, 0.3% after
Non-Bank ATM $2.50 in US, $2.00 + 3% outside US+ATM operator’s fee

PNC Bank Business Checking

PNC Bank is one of the 7 Best Banks for US Small BusinessesThe first of our smaller banks is PNC Bank. This bank offers great options at lower prices, but you’ll be giving up some of the benefits of larger banks—and gaining some benefits as well.

Account Feature Cost
Monthly fee $12 (avoid fee with minimum $1,500 average monthly balance, 2 other ways)
Minimum Opening Deposit $100
Monthly transactions No fees up to 150 transactions, $0.50 after
Overdraft fees $36.00 for each overdraft
Cash Deposits Free for first $5,000 each month, $0.25 after
Non-Bank ATM $3.00 in US, $5.00 + 3% outside US+ATM operator’s fee

US Bank Silver Business Package

US Bank is one of the 7 Best Banks for US Small BusinessesUS Banks is one of the few American banks that offer no monthly fee and no monthly opening deposit for US small businesses. The other features are quite attractive too.

Account Feature Cost
Monthly fee $0
Minimum Opening Deposit $0
Monthly transactions No fees up to 150 transactions, $0.50 after
Overdraft fees $36.00 for each overdraft
Cash Deposits Free for first $2,500 each month, $0.25 after
Non-Bank ATM $2.00 in US, $3.00 + 3% outside US+ATM operator’s fee

Navy Federal Credit Union Business Checking

Navy Federal Credit Union is one of the 7 Best Banks for US Small BusinessesAs a credit union, this is one of the more beneficial and interesting bank accounts for US small businesses. At Navy Federal, all business accounts earn interest. There are some other great options too.

Account Feature Cost
Monthly fee $0
Minimum Opening Deposit $0
Monthly transactions No fees up to 30 transactions, $0.25 after
Overdraft fees $36.00 for each overdraft
Cash Deposits Unstated
Non-Bank ATM $1.00 in US, 0.8%-1% outside of US

First Citizens Bank Basic Business Checking

First Citizens is one of the 7 Best Banks for US Small BusinessesThis is advantageous because it’s a free business checking account. Only US bank offers better free conditions, although the charges and fees here are lower.

Account Feature Cost
Monthly fee $0
Minimum Opening Deposit $100
Monthly transactions No fees up to 175 transactions, $0.40 after
Overdraft fees $30-$40 for each overdraft
Cash Deposits Free for first $5,000 each month, $0.16 after
Non-Bank ATM $.85 in US, 2.15% outside US+ATM operator’s fee

The best business accounts for US small businesses

Of course, this may come as a no-brainer, but there is no single best business checking account for all US small businesses. The country is just too large.

However, it is good to begin to research and find out what are the conditions that you fall in: how much your average monthly balance can be, how many transactions you’ll make per month, amount of cash deposits, etc.

After working out those basics, it’ll be much easier for you to choose the best bank accounts that suit your small business.

Good luck!

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