The best bank for small businesses offers business loans, free ATMS,various account types, merchant services, business credit cards, easy cash and mobile check deposits.It is also good to consider minimum balance, bank fees requirement to make sure they fit your financial desires.
Axos Bank
Axos Bank is consider best for Online only checking.This bank has choice for saving accounts, CDs, cash management services, plus money markets, checking accounts with no monthly fees.
Pros
- Small Business Interest Checking Account pays 1.01% APY.
- Pioneer in online only banking
- Unlimited free transaction each month.
- Saving accounts and Money market available to businesses.
Cons
- Small Business interest checking account offers only 60 deposits per month.
- Small Business Interest Checking account requires a $5000 daily average balance to avoid a $10 monthly fee.
U.S. Bank
U.S. Bank gives a silver business checking account choices with no monthly charges for up to 125 transactions per month.
Pros
- Bundles available for credit card, invoice, payroll servicing.
- No monthly maintenance fee
Cons
- Other checking accounts have large average balance requirements to avoid charges.
Wells Fargo
Well Fargo is one of the largest small business administration lenders for SBA loans.This has huge fee free ATMS networks.One of the largest branch network in the U.S.
Pros
- Offers HR, Payroll and business tax services.
- Extensive network in the USA
- One of the huge banks for small business administration loans.
Cons
- All business account charge monthly fees.
- Fined by the Consumer Financial Protection Bureau for fraudulent actions between 2011 and 2016.
M&T Bank
M&T Bank is a top 10 SBA lender with a variety of account choices.
Pros
- Five checking account choices to fit most business desire.
- Relationship manager review your small business desire.
Cons
- first 100 transaction each month are free in the simple checking for Business account.
- Only available in Washington DC and 12 East cost states.
Chase
Chase offers various facilities like mobile banking system,credit card options and locations.
Pros
- Online Banking
- Locations across country
- High value rewards credit cards
Cons
- $ 2,000 minimum balance to avoid charges.
Navy Federal Credit Union
Navy Federal offers the opportunity to save money with a business saving and checking accounts.
Pros
- Lower fees and higher interest than for profit banks.
- Features insurance and retirement for business employees and owners.
Cons
- Only for veterans, US Department of Defense workers, immediate military family members and active duty army personnel.
