Best small business bank account review : Entrepreneurs and SMEs (Small and Medium Enterprises) are in fashion. At the end of the day, an innovative trader has to start with something to be successful, right? If you are one of those who runs a neighborhood store or a small business, even a restaurant, you will know that having a bank account, rather than an alternative, is a requirement. Therefore, here we bring you a list of the best banks for small businesses in the USA , so you can decide.

Think that only then will your company have access to its own checking account , process payments with a POS or POS and enjoy other services, such as savings accounts, credit cards, certificates of deposit and revolving lines of credit. This will allow you to keep your capital and earnings safe, create a financial record for your business, start building credit, and make tax, utility and payroll payments much easier to make.

However, it is not enough to go to the nearest bank and open an account to enjoy the best offer. Medium and small companies have certain characteristics that are very different from those of large corporations and companies. Therefore, you need to discover which banks in the USA offer the best range of services for business , the one that charges the least fees and, of course, which of the many in the market is more suited to your needs and work pace.

What should you take into account before opening a bank account for your SME?

Depending on your business branch, some aspects of the bank account may or may not be important to facilitate the management of your business , such as:

• If you allow cash deposits.
• Portfolio of accounts offered (savings, checking, etc.).
• Possibility of making a mobile or virtual deposit of checks.
• If you have free ATM operations.
• What is customer service like, both online and in person.

Of course, another factor that you should take into account before opening a bank account for your small business is the issue of fees . Although it is understandable that the rates that banks handle for individuals are much lower than those of small, medium or large companies; there are institutions that work with really accessible costs, charges and commissions. By choosing the best one for you, you can save on the monthly maintenance fee, on the fee for cash deposits, among other associated costs.

Now, each company is different! That is why it is important that you study your movement and the characteristics of your business very well. For example, if your clientele does not usually pay you in checks, you may not need a bank that allows virtual deposit of checks, but rather an account that has a high limit to make free cash deposits or that, if they do not have one, charge a fairly low fee for excess transactions.

Online banks could be a good option for you. Lost exempts them from charging customers monthly maintenance fee or, at the least, provides a fairly low when compared with traditional banking. In summary, it is important that, in addition to looking at factors such as the amount of services offered by the bank, you take into account the letter of rates, charges and commissions to avoid losing more money from the account.

What is the best bank to open a business account?

Now that we have some clear topics, let’s see which are the best small business banks in the United States:

# 1 Chase: best for SMBs, in general

For a unique yet traditional banking experience, Chase Bank might be your best option! Why? Because it has a portfolio specially designed for small business owners . First, Chase has offices across the country, so direct service at branches and cash deposits won’t be a problem for you. In addition, it offers business checks at no charge , at least as long as companies maintain a minimum balance of $ 1,500 or more.

But what else makes Chase Bank such an attractive alternative? Mainly, it has one of the best online banking systems and an excellent mobile banking platform. In addition, it offers several business credit cards, such as Chase Ink Preferred , for example. With this card, you will get a series of rewards that will help you apply for free trips or receive discounts on your purchases.

The best? With Chase, you can have all your bank accounts in one place, so it will save you time and money in managing your company’s finances, since you can access any of them by logging into your online banking.

As you can see, all these benefits make the Chase occupy the first place on our list. And it is that, if you think twice, it offers all the services that a small company could need , from hundreds of offices, branches and ATMs nationwide to the exemption of the collection of commissions to withdraw money or make cash deposits.

An extra piece of information? The Chase could also be one of the best benches for your employees. Not only does it allow you to pay your payroll easily and quickly, it also has attractive features, rates, and commissions for workers.

# 2 Navy Federal Credit Union: the best credit union

Although not technically a bank, the Navy Federal Credit Union could not be missing from this list, basically because it is one of the few credit unions that has excellent commercial service for stores, small businesses, coffee shops and restaurants. These options include business checks, accounts, and other options for savings; a fantastic portfolio of loans and microloans; platforms for processing payments and even retirement plans and insurance for employees.Remember that credit unions are non-profit entities. What does this mean? They tend to handle much lower fees and, in contravention of traditional banks, offer a much higher APY on different savings products.

To open a business account with Navy Federal Credit Union, the first thing you need to do is convert your business into a business member . This requires you to join the credit union as an individual and deposit $ 100 to get started.

Note : Credit unions generally focus on consumers rather than businesses. But this option has the advantage of extending its services for SMEs. Study its catalog and, if it is compatible with what you need, do not miss the opportunity to open an account, since you will spend much less in commissions and surcharges, and you will get more money in interest in your savings accounts. This will allow your company to increase its investment capital and, of course, help it to grow in the future.

# 3 Axos Bank: the best for opening checking accounts online

At the same time that Capital One put its most popular account (the Spark Business checking account, which was an excellent alternative for SMEs) on hiatus, Axos Bank launched an account that has allowed it to replace its competitor and thus position itself as one of the best banks for small businesses in the USA. Axos Bank is the oldest online bank in the United States . It is a robust institution, with a history and with a lot of experience in the financial sector, something that will give you much more peace of mind.

The best account for SMEs at Axos Bank is the Business Interest checking account . The account is free as long as an average daily balance of $ 5,000 is maintained. If you do not reach this limit, you will have to pay a monthly maintenance fee, which is $ 10. The account offers 50 free transactions per month . This is an important factor that you should take into account, since if your company is dynamic in collections and payments, you may want to switch to a bank that is more affordable for your pocket. 

Something we really like about the Axos Bank SME account? Which, despite being a checking account, generates interest on the amount deposited! How much are we talking about? 0.80%. If you prefer to review other Axos options, we recommend you take a look at their basic commercial checking account, since it is not subject to monthly charges, it offers up to 200 free transactions per month and certain additional operations completely free. Depending on your needs, this alternative may be much better than Business Interest.

Note : Axos Bank also offers business savings and money market accounts , certificates of deposit, and a suite of cash management services. When you compare it with other online banks (and even some traditional banks) you will notice that what Axos Bank offers is quite ambitious.

If you do not often work with cash, but you need a solid bank that covers your basic needs, you may want to take a good look at their service offering.

# 4 Wells Fargo – Best in Number of Offices and Branches

Wells Fargo is so popular that it needs no introduction. But what can you offer an SME? Much, and more if you think about who is the best lender of the SBA Small Business Loan Administration . In addition, it is the bank with the most branches in the United States.

Wells Fargo offers a comprehensive catalog of business checking accounts. All these accounts are subject to monthly maintenance fees, but in most cases you can avoid them by maintaining the average monthly balance established by the bank . For example, for the Simple Business Checking account, you will need a balance of $ 500 to forget about the application of additional charges.

Because Wells Fargo is so large, it offers almost all the services that SMBs could need. These include payroll services , business taxes , among others. However, you may need to pay a little more to take advantage of all the additional services Wells Fargo provides to its clientele.

Note : If your business typically handles a lot of cash transactions, Wells Fargo might be the best alternative for you . Not only can you deposit at any branch near your business, but you can also withdraw money at any of their ATMs. Remember that Wells Fargo’s ATM and branch network is one of the largest in the country.

# 5 M&T Bank: the best to analyze the finances of your company

Another of the best banks for small businesses is M&T Bank. If your business is located on the east coast of the country, you might consider opening a business bank account at M&T Bank. Why? Because, according to our study, it can easily meet the needs of small and medium-sized businesses. M&T Bank has 690 branches spread over New York, Washington, Virginia, Pennsylvania, Maryland, West Virginia, DC and Florida . But this option stands out for something that goes beyond its branch network.

For example, M&T Bank has a world-class service team . If you open your account there, you can enjoy the personalized attention of a manager. In addition to explaining everything related to bank accounts, he will answer any questions you have in relation to their services. These staff also review the finances of your business to help you understand your financial situation and thus give you the necessary tools so that you can make sound decisions, both commercially and banking.

M&T Bank is one of the SBA’s top ten lenders and offers an acceptable variety of SMB bank accounts. Within its catalog, you will see at least five different checking account options that suit the needs of most small businesses, as well as specific accounts for certain industry sectors, accounts for medical services and for independent contractors or firms that offer their professional services to the public.

The biggest drawback of M&T Bank is that you will need to maintain a large balance in your account in order to get rid of commissions . For example, to avoid being charged the Simple Checking for Business fee (which is $ 10) you will need to maintain an average balance of $ 2,500.

# 6 US Bank: Best for Free ATM Transactions

US Bank is not as large as others on the list, but we believe it has a sizeable nationwide network of branches and ATMs . What stands out most about US Bank is its account, Silver Business , which is a checking account with no monthly maintenance fee aimed especially at small businesses.

This account is ideal for those companies that make less than 150 transactions per month , since customers will have to pay $ 0.50 for each of the additional transactions. In addition, the bank allows you to deposit up to 20 checks virtually free of charge. And if you deposit more checks per month, you can do so by paying a fee (which is also $ 0.50) for additional transactions.

Like other banks on the list, US Bank offers extra services through a package that includes POS terminals, POS and payment processing platforms for debit and / or credit cards, payroll services and even billing. 

Note . Although other US Bank checking accounts offer a greater number of free transactions per month, they require the customer to maintain a much higher balance to avoid the monthly fee, which is $ 25 per account.