As a small business owner, you have many banking needs. The best banks for small business provide you with a one-stop shop that includes a free or low-fee business checking account and multiple options for savings, credit cards and business loans. NerdWallet evaluated 30 national, regional and online banks to find the ones that offer the most to small businesses.
Grasshopper, for instance, is a fully digital small business checking account that launched in 2019 and caters exclusively to business owners. It offers a free business checking account with Stripe, Venmo and PayPal integration, as well as a Visa Business Debit card that can be used at any ATM for no fees. The bank also provides a wide variety of small business loans, a Business Savings account and a Business Premium Savings account that earns competitive interest rates.
Choosing the Best Small Business Bank Account: Features, Benefits, and Considerations
Big banks like Wells Fargo have a lot to offer, too. It’s the largest SBA 7(a) lender by dollars lent and has nearly 4,800 branches in the U.S. It’s also a good choice for business loans, offering unsecured business lines of credit and equipment financing. Wells Fargo scored 35 out of 50 in a recent J.D. Power 2022 small business banking satisfaction study.
Some smaller banks focus solely on business banking, providing a full suite of business services and connecting you to service providers for operational aspects of your company, including point-of-sale systems and human resources. For example, Fundera specializes in small business lending and provides unsecured lines of credit, credit cards and commercial real estate financing. It also connects you to partners that can help with accounting, legal and payroll.