Choosing the right bank for your small business is one of the most important financial decisions you'll make. The right business checking account can save you hundreds in fees, earn interest on your balance, and provide tools that streamline your operations. We've analyzed dozens of banks to bring you this comprehensive guide.
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Our Top Picks at a Glance
According to NerdWallet and Bankrate, these are the standout options for 2025:
Bluevine
Free checking with 1.3% APY on balances up to $250,000
Chase
4,900+ branches nationwide with $300 bonus offer
Novo
Free business banking with powerful integrations
Lili
Perfect for one-person operations with zero fees
Best Overall: Bluevine Business Checking
Bluevine consistently ranks as the top choice for small businesses, and for good reason. According to SmartAsset, it offers a rare combination of high interest, no fees, and unlimited transactions.
Key Features
- APY: 1.3% on balances up to $250,000
- Monthly Fee: $0
- Minimum Balance: $0
- Transactions: Unlimited
- FDIC Insurance: Up to $3 million through sweep network
- ACH Payments: Free
- Overdraft Fees: None
Pros
- High APY on balances
- No monthly fees or minimums
- Unlimited transactions
- Up to $3M in FDIC coverage
- Fast ACH transfers
Cons
- No physical branches
- Limited cash deposit options
- No wire transfers
Best for: Online businesses, service providers, and any small business that doesn't need frequent cash deposits.
Best for Branch Access: Chase Business Complete Banking
If you value in-person banking, Chase is hard to beat. With over 4,900 branches and 16,000 ATMs, you'll have access to physical locations almost anywhere in the country.
Key Features
- Sign-Up Bonus: $300 when you meet requirements
- Monthly Fee: $15 (waivable with $2,000 balance)
- Free Transactions: 100/month
- Cash Deposits: $7,500/month free
- Built-in card acceptance: Accept payments directly
- QuickAccept: Same-day deposits for card payments
Current Offer
Earn $300 when you open a new Chase Business Complete Checking account and complete qualifying activities within 90 days. This bonus makes Chase an attractive option even if you eventually switch banks.
Best for: Retail businesses, restaurants, and any business that handles significant cash or needs in-person banking services.
Best for LLCs & Freelancers: Novo
Novo has built a following among LLCs, sole proprietors, and contractors by focusing on what matters: free banking with powerful integrations. According to Nav, it's one of the best options for small business owners who want simplicity.
Key Features
- Monthly Fee: $0
- Minimum Balance: $0
- ATM Fees: Refunded (up to limits)
- Integrations: Xero, QuickBooks, Slack, Zapier, and more
- Invoice Creation: Built-in invoicing tools
- Reserves: Create multiple savings buckets
Pros
- Completely free
- Excellent app integrations
- Built-in business tools
- ATM fee refunds
- Fast signup process
Cons
- No interest earned
- No physical branches
- Limited to US businesses
Best for: Freelancers, consultants, small LLCs, and businesses that use multiple software tools.
Best for Solopreneurs: Lili
Lili is designed specifically for one-person operations. If you're a freelancer, gig worker, or solo entrepreneur, Lili offers features tailored to your unique needs.
Key Features
- Monthly Fee: $0 (basic plan)
- Tax Buckets: Automatically set aside money for taxes
- Expense Tracking: Categorize spending automatically
- Invoicing: Create and send professional invoices
- Early Deposit: Get paid up to 2 days early
- Overdraft: No fees
Best for: Freelancers, gig workers, and anyone running a one-person business who wants built-in tax and expense tools.
Best for SBA Loans: Wells Fargo
If you anticipate needing business financing, Wells Fargo's relationship with the SBA makes it a strategic choice. According to SmartAsset, Wells Fargo is one of the most active SBA lenders in the country.
Key Features
- SBA Lending: One of the top SBA lenders nationwide
- Business Credit Cards: Full suite of options
- Merchant Services: Integrated payment processing
- Branch Network: Extensive physical presence
- Business Lines of Credit: Multiple options available
Best for: Businesses planning to seek SBA loans or other financing, and those who value a full-service banking relationship.
Full Comparison Table
| Bank | Monthly Fee | APY | Sign-Up Bonus | Best For |
|---|---|---|---|---|
| Bluevine | $0 | 1.3% | None | Overall value |
| Chase | $15* | 0% | $300 | Branch access |
| Novo | $0 | 0% | None | LLCs & freelancers |
| Lili | $0 | 0% | None | Solo businesses |
| Wells Fargo | $10* | 0% | Varies | SBA loans |
| U.S. Bank | $0 | 0% | $500 | Lending products |
| Bank of America | $16* | 0% | $100-500 | Full-service |
* Fee waivable with minimum balance requirements
How to Choose the Right Business Bank
Consider these factors when selecting your business bank:
1. Transaction Volume
If you process many transactions, look for accounts with unlimited or high transaction limits. Banks like Bluevine and Novo offer unlimited transactions at no cost.
2. Cash Handling Needs
Retail and restaurant businesses often need to deposit cash. Traditional banks like Chase and Wells Fargo offer better cash deposit options, while online banks may charge fees or have limits.
3. Branch Access Requirements
If you need face-to-face service or to deposit cash frequently, prioritize banks with strong branch networks. Otherwise, online banks often offer better rates and lower fees.
4. Interest on Balances
If you maintain significant balances, look for accounts that pay interest. Bluevine's 1.3% APY can add up quickly on larger balances.
5. Integration Needs
Consider what accounting software and business tools you use. Banks like Novo excel at integrations with tools like QuickBooks, Xero, and Zapier.
6. Future Financing
If you anticipate needing business loans, establishing a relationship with a bank that offers strong lending products (like Wells Fargo or U.S. Bank) can be beneficial.
Pro Tip: Consider Multiple Accounts
Many savvy business owners maintain accounts at multiple banks—for example, a high-yield account at Bluevine for reserves and a Chase account for cash deposits and in-person needs. This approach lets you maximize benefits from each bank's strengths.
Key Takeaways
- Best Overall: Bluevine offers the best combination of features for most small businesses
- Best for Branches: Chase provides unmatched physical access with a solid bonus offer
- Best for Digital: Novo and Lili excel for online-first businesses
- Best for Financing: Wells Fargo is your best bet if you need SBA loans
- Consider your needs: Cash handling, transaction volume, and integrations should drive your decision