Whether you’re a freelancer or running your own small business banks, you need a separate bank account to keep your personal and business expenses from mixing. And you want a bank that offers the services you need, like business checking accounts with debit cards and savings options. You may also need a business credit card or loan. Some banks offer all of these services in a one-stop-shop, while others specialize in specific areas.
Can I create a business bank account online?
There are many factors to consider when choosing a bank for your small business, including the type of financial institution, the fees and perks, and the customer service. You can choose from large traditional banks, such as Wells Fargo or Bank of America, which both have a wide network of branches and ATMs and offer a full suite of banking products for small businesses. Or you can choose a digital-only bank, such as Novo or NorthOne, which are geared solely to small businesses and feature highly rated mobile apps and other online services.
There are also credit unions, which are owned by their members and have a smaller footprint but typically offer better rates. Whether you’re looking for a new small business bank or just wanting to explore your options, we’ve reviewed 14 of the best banks for small businesses and ranked them based on their features, perks and fees. These banks include Chase, which offers three different small business checking accounts with unlimited debit and in-network ATM transactions and up to $5,000 in cash deposits per month without a fee. It also offers a suite of business credit cards with rewards, as well as payment solutions and collection services.