Best Banking For Small Business

Small businesses need an outstanding business checking products and services from their banks to grow and prosper. There are two types of banks on this list: those that offer full-service business banking and those that offer a specific product that makes them worthy of inclusion in a buyer's guide.

While each provider offers outstanding business banking services, each has strengths and weaknesses. Select the business bank option that aligns with your business's needs based on what services you need.

Here are the top 10 banks for small businesses, with links directly to them:

  • Zil Bank: Best Online bank which provides you with a fee-free checking account with zero hidden charges.
  • Chase: Best overall bank for small business banking tools and premium checking accounts.
  • Bank of America: The go-to for low cash deposit fees and ongoing rewards
  • Bluevine: The best high-yield checking account
  • U.S. Bank: Best traditional bank for business loans
  • Capital One: Best for unlimited everyday transactions
  • Huntington Bank: Best for businesses looking for smaller Small Business Administration (SBA) 7(a) loans
  • Mercury: Best digital bank for incorporated startups and tech companies
  • Novo: Best digital-only bank for rapid access to funds and faster payments
  • Silicon Valley Bank: Best for startup business resources

Business Bank Account Requirements

Depending on the provider, different documents may be required. In general, you'll need:

  •  An employer identification number (EIN) or a Social Security number if you're a sole proprietor
  • Certification of fictitious business names (DBA)
  • Documents for business formation
  • The documents of your organization, including your ownership agreements
  •  Business licenses
  • Driver's license or passport issued by the government

Choosing a Bank for Your Small Business

As you compare your options, keep the following in mind:

  • Keep your long-term and short-term financial goals in mind. You don't want to pick a bank that won't be able to accommodate your business's needs in a year if you think your business's needs will change dramatically.
  • Identify your preferred method of banking. Do you intend to focus your search exclusively on brick-and-mortar banks, or are you considering online banks?
  • Consider which product features or services are most important to you. Choose the best checking account options for your business if you are looking for a business checking account. However, if you want multiple products bundled together, find a bank that offers the services you need.
  • Fees shouldn't be overlooked. Before committing to any business account, be sure you understand the fees.
  • Your personal bank is a good place to start, but it's not the end of your search. 79% of small-business owners use the same financial services provider for their personal and business needs, according to a 2019 study conducted by BAI, a nonprofit research and training organization. According to the same study, however, business owners are less satisfied with their bank than general banking customers. For available banking customers, the net promoter score is 35, but for business owners, it is only 24. While you might be tempted to start your search with your personal bank, you might also want to explore alternative banks.

With so many options available, it can be difficult to choose the best banking for small business. However, by taking into account your specific needs and requirements, you can narrow down your options and find the bank that's right for you. We hope our list of the best banks for small businesses has helped you in your search for the perfect financial partner for your business.