The 6 Best Banks in 2018 for Small Business

Author: Randy Lang

Banks for small businesses
small business banks

If you run a small business, it’s crucial that you set up a business banking account. Every business should have its separate checking account, and potentially savings, credit cards, and other necessary accounts to maintain a steady financial record.


Have you seen a Capital One bank near you? Maybe a Wells Fargo? It’s important that you do your research before you just head to the closest bank around the block. They may not offer you the features or deals that are required for your small business. When making a banking decision, take into consideration these features: free ATMs, mobile check deposits, cash deposits, having all accounts in one bank, checking accounts with interest, and personable customer service. All of these features will not be crucial for your small business, but some of them will be.


Take note that business banking accounts tend to charge larger fees than your own personal checkings or savings. These major fees may include: excess transaction fees, excess cash deposit fees, and monthly account fees. The fees will vary between banks. This is one of the main reasons why it’s important for you to be educated about multiple banks before you make this financial decision for your small business.


A business is not designed to be the exact same as another. That is why you will not find a perfect bank account for your small business.  You will need to determine the features that are necessities for you. For instance, some businesses may prioritize having an online-only bank that doesn’t have any monthly fees. Other small businesses may concentrate more on frequent cash deposits and know they will never deposit a check by their phone. Take the time to consider what your priorities and needs are for your small business before you do your research.


If there was a universal desire in all small businesses, it would be low fees. Be aware and cautious for fees that you may be charged for having a business account. Most banks will have these fees, but you will find a few that don’t.


Last, but not least, here are the 6 best bank accounts in 2018 for small businesses:

  1. Chase

If we were to give an award for Chase, it would be for the best overall bank. If you are looking for a traditional bank experience, Chase is the one for you. Chase is a national bank with several locations across the country. They also offer business checking without a fee, as long as you can maintain a $1,500 minimum balance. Chase also has one of the most efficient online banking and mobile banking systems.

2. Capital One

This bank has been pegged for being one of the best online banks. This can be useful if you don’t use a lot of cash in your small business. Capital One “Spark Checking and Spark Saving” accounts are at the top of the list for online accounts. The feature that you will love most about the Spark Business accounts: no monthly fees and no minimum balances required. Trust us, that is hard to come by when trying to open a business bank account. Not to mention, the Spark Savings account has one of the best savings interest rates for small businesses. Capital One is an especially great choice for freelance, nomadic, solo, and other small businesses.

3. Wells Fargo

Nearly everyone is familiar with Wells Fargo. This is due to the fact that Wells Fargo has more branches than any other bank in the United States. It is a hugely popular bank, and for good reason.

Wells Fargo is the largest lender for SBA (Small Business Administration) loans. They also offer four different business checking accounts to strive to fit a majority of businesses’ needs. All four of these accounts have monthly fees, but they can be avoided with a minimum balance requirement. For example, the Simple Business Checking account requires a minimum balance of $500 in order to avoid fees.

4. Bank of Internet USA

For years, Capital One has been ranked best for their Spark Business checkings and savings. However, Bank of Internet USA has kicked it up a notch and is fighting for that same ranking. They have one of the best online banking accounts offered for small businesses.

The checking account at this bank is free with a $5,000 average daily balance. Otherwise, you’ll be charged a small $10 monthly fee. Bank of Internet USA also offers interest and professional mobile banking options.

5. Navy Federal Credit Union

While this is not technically a bank, Navy Federal Credit Union offers a wide range of impressive business banking services for small businesses. These services include checking and saving accounts, credit cards, loans, LOCs, insurance, and even retirement for not only you, but your employees also.

In order to open a business bank account at Navy Federal Credit Union, you must first become a member by joining the credit union personally as an individual. They also require a $100 opening deposit fee. Though credit unions are more for consumers, don’t neglect the big opportunities to save money by opening a business bank account with a credit union.

6. M&T Bank

If business analysis is huge for your company, M&T bank is an excellent choice. M&T has 690 branches on the east and south coast. You’ll find them in places like New York, Pennsylvania, Washington D.C., Florida, and more.

When you open a business bank account at M&T, they will offer you relationship managers who do more than just approve you for a business banking account and answer your customer service questions. The purpose of these relationship managers is to review your business finances inside and out. They do this to help you become more familiar with your numbers and understand them more. This can help your small business see greater success.

M&T offers five different checking accounts. That being said, you need to maintain a large balance in most of these accounts to avoid any fees. For example, to avoid the fee when you have a Simple Checking business account, you need to have a minimum balance of $25,000. However, there are many attractive features that M&T offers if you can keep that minimum balance.

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