small business checking

Best Business Bank Accounts: 5 Top Picks for Small Businesses

Key Takeaways:

Look for banks with low fees, accessibility, and flexible lending options.
Navy Federal Credit Union offers great flexibility and member-focused benefits.
Bank of America offers nationwide access, strong digital tools, and competitive rewards.
PNC Bank is known for friendly customer service and low-doc lending options.
Novo Bank excels in quick, online setups with no minimum deposits.
TD Bank is ideal for startups that want SBA loans and offers fee waivers.

Finding the right bank for your small business isn’t just about managing money—it’s about forming a partnership that helps your business grow. The best business bank accounts offer more than basic checking and savings; they provide tools, flexibility, and support tailored to small business needs.

Here, explore my top picks for business checking accounts, their key features, and get insights into what makes a business bank account great.

This is what’s in store:

What Makes a Bank Good for Small Businesses?
Our Top 5 Small Business Bank Picks
Bonus: Our Favorite Small Business Credit Cards
Frequently Asked Questions
Final Thoughts

Now, let’s go!

What Makes a Bank Good for Small Businesses?

Not all banks are created equal, especially when it comes to supporting small businesses.

Here’s what you should look for:

Ease of access
Low fees
Flexibility
Lending options
Standout customer service

Physical branches, ATMs, and user-friendly apps make sure you can manage your money anytime, anywhere. And, minimizing costs means more cash stays in your pocket. Look for low or no monthly maintenance fees, transaction fees, and ATM charges.

Every entrepreneur has a unique story, so banks that offer personalized solutions are a big plus. Whether you need a line of credit, equipment financing, or an SBA loan, a supportive bank is crucial.

A bank that understands your challenges and is easy to work with makes all the difference—so, be sure to test out the customer service before you commit.

With these factors in mind, let’s explore the top banks for small businesses.

Our Top 5 Small Business Bank Picks

Our favorite banks for small business accounts are Navy Federal Credit Union, Bank of America, PNC Bank, Novo Bank, and TD Bank. Find out why we recommend these particular institutions and what you can expect from each.

1. Navy Federal Credit Union

Navy Federal Credit Union (NFCU) genuinely prioritizes its members. They offer flexibility and benefits that you can’t typically find in traditional banks.

For instance, you can transfer funds from a credit card to a checking account without a cash advance fee. As a portfolio lender, NFCU sets its own lending guidelines, which makes it more accommodating than most.

Some of the key features of an NFCU business checking account are:

Their flexible lending options are tailored to small businesses.
They charge no cash advance fees for internal transfers.
Account holders can experience a highly member-focused approach to banking.

And, like all accounts, there can be some challenges or downsides—In the case of NFCU, here are the potential drawbacks:

Their account-opening process can be lengthy.
Membership requirements can be strict, often limited to military personnel and their families.

However, if you qualify for membership, NFCU is an excellent choice for businesses needing a partner with flexible solutions.

2. Bank of America

Best business bank accounts for small business

With nationwide access, Bank of America (BOA) is a top choice for businesses requiring convenience and digital tools. Their app is among the best in the industry, offering Zelle integration, online bill pay, and mobile deposits. This makes managing your business finances seamless, no matter where you are.

The standout features of a BOA business checking account are:

They have an extensive branch and ATM network across the U.S.
Accounts come with robust digital tools for payments and deposits.
Account holders can access a suite of business credit cards with competitive rewards.

And, some of the BOA business account challenges are:

Their higher turnover rates can affect customer service.
Bank policies are strict, which can leave little room for flexibility.

For businesses prioritizing convenience and digital innovation, BOA is a reliable option.

You might also like: Bank of America Corporate Cards: A Complete, Uncut Review

3. PNC Bank

Best business bank accounts for startups

PNC Bank offers a more personalized experience than larger national banks. With a focus on building relationships, they get to know your business needs and provide tailored solutions. As a portfolio lender, PNC offers flexible documentation requirements for loans, making it easier for small businesses to access credit.

Some of the top features of a PNC business checking account are:

It’s a regional bank with a customer-friendly approach.
It offers online bill pay, Zelle, and mobile deposit options.
They have lower documentation requirements for lending.

And, some of the possible downsides of banking with PNC bank are:

Their business lending options can lack clarity.
They have limited options for real estate investors.
Regional presence may not suit nationwide businesses.

If you prefer a bank that takes the time to understand your story, PNC is a strong contender.

You might also like: PNC Bank Business Credit Card Review & Comparison

4. Novo Bank

Who is the best bank for business banking?

Novo Bank is perfect for entrepreneurs who value speed and simplicity. This online-only bank allows you to set up an account in about 10 minutes, with no minimum balance or initial deposit. Novo also partners with tools like Stripe to provide perks like faster payouts and fee discounts.

Some of the perks of a Novo business checking account are:

The account setup process is quick with no minimum deposit.
They issue virtual debit cards for immediate use.
Accounts integrate with Stripe Boost™ for faster access to funds.

And, some of the possible shortcomings of banking with Novo can be:

They have no physical branches, which may be inconvenient for some businesses.
Their customer service has been criticized, especially for check deposit issues.

Novo might be ideal for tech-savvy entrepreneurs or startups that need fast, fee-free banking solutions.

5. TD Bank

Best business bank accounts for sole proprietorship

TD Bank is a regional powerhouse that excels in customer service and fee waivers. It’s also one of the top SBA lenders, making it a great choice for businesses needing funding to start or expand.

TD waives many common fees, including ATM fees for out-of-network locations, which can save you money.

A few of the advantages of business banking with TD are:

They offer fee waivers for small business accounts.
Their small business lending options are excellent and include SBA loans.
They have a strong regional presence with accessible customer service.

And, some of the possible disadvantages of TD business checking are:

Account setup can be slow.
Their regional availability may limit access for nationwide businesses.

For startups and small businesses looking for funding, TD Bank is a noteworthy choice.

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income

Bonus: Some of Our Favorite Small Business Credit Cards

In addition to a business bank account, having the right credit card can boost your purchasing power and rewards.

I recommend you explore:

Chase Ink Business Preferred
Bank of America Platinum Plus Business Mastercard
American Express Business Gold Card
Capital One Spark 2% Cash Plus
CitiBusiness / AAdvantage Platinum Select Mastercard

The Chase Ink Business Preferred card offers 3X points on shipping and select business categories, with points redeemable for cash back, gift cards, and travel through Chase Ultimate Rewards®.

Meanwhile, the Bank of America Platinum Plus Business Mastercard provides a competitive APR, tools for managing cash flow, free access to business credit scores, and travel-related benefits.

Next, the American Express Business Gold Card allows you to earn 4X points on your top two spending categories each billing cycle, up to $150,000 annually, and includes valuable travel perks.

And, the Capital One Spark 2% Cash Plus card delivers unlimited 2% cash back on all purchases, with an additional 5% on hotels and rental cars booked through Capital One Travel.

Finally, the CitiBusiness / AAdvantage Platinum Select Mastercard is ideal for frequent flyers, offering rewards and perks on American Airlines, such as a free checked bag and preferred boarding.

Frequently Asked Questions

Which bank is best for a business account?

The answer depends on your needs. Navy Federal offers unmatched flexibility for members, while Novo provides fast, online-first solutions. And, TD Bank is a top choice for startups that need funding.

Which is the quickest business account to open?

Novo Bank takes about 10 minutes to set up online, which makes it the fastest option I know of.

What type of account should an LLC open?

An LLC should look for a business checking account with low fees, online tools, and lending support. Options like TD Bank and PNC offer great flexibility for LLCs.

Are there business accounts for sole proprietors?

Yes, all banks on this list cater to sole proprietors. Navy Federal and PNC provide excellent services for smaller operations.

Final Thoughts

Choosing the best business bank account means finding a partner that fits your needs, whether it’s fast online access, personalized service, or low fees. Navy Federal Credit Union is unmatched in flexibility, while Novo is ideal for online-first businesses. For startups and LLCs, TD Bank offers competitive funding options and waived fees.

Evaluate your business goals, compare the options, and pick the bank that supports your journey. With the right banking partner, managing your finances becomes one less thing to worry about.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

NorthOne Bank: A Comprehensive Look at the Pros & Cons

By Joe

When I was writing recent overviews of Novo Bank and Bluevine offers, NorthOne Bank kept popping up. So, I did some poking and saw that this is an offer worth looking into. While they don’t offer free banking, their business accounts cost only $10 per month… sort of. So, let’s see what value you can truly get for the low price.

Here’s everything I could dig up about the offer:

NorthOne Company Overview
What is a NorthOne Business Account?
How Does NorthOne Stack Up Against Rivals?
Frequently Asked Questions
Final Takeaway

Now, let’s get the ball rolling!

NorthOne Company Overview

Most people looking for info on NorthOne want to know if the offer is legit, among other things. I’ll share what I know and you can decide for yourself.

NorthOne is a New York-based, for-profit company, founded in 2016 by Eytan Bensoussan and Justin Adler. The company has received $90.3 million in equity funding since its launch seven years ago — serious investors believe in the offer.

Prior to co-founding NorthOne, Bensoussan graduated from McGill University and served in various positions with companies like McKinsey & Company, Ferst Capital Partners, and the Forbes Finance Council. At that time, Adler was studying Psychology at Concordia, then held various marketing positions with Frank And Oak, Keeward, and SourceKnowledge.

NorthOne is a finance technology (fintech) company, not a bank.

The team has a strong combined background that would traditionally make for a long-term, successful business relationship. From this, I’d say they look legitimate and trustworthy. What do you think?

You might also like: What’s the Best Payment Processor for a Small Business? Really

What is a NorthOne Business Account?

Like Bluevine and Novo, NorthOne is a “neobank.” Neobanks are usually serviced through established FDIC-insured institutions. In this case, the servicer is Bancorp Bank, which enables NorthOne to offer real-time payments, available as of a few weeks ago. This means that your business will have the ability to accept payments and receive funds instantly if you open an account.

NorthOne’s fee-free accounts give small business owners the opportunity to apply for and open an account in minutes, without the need to ever walk into a branch. They enable digital banking tools, send payments, deposit and withdraw, and automate budgeting.

Like Novo Bank, NorthOne is built with a profit-first-friendly framework. They provide a simple, business debit card for spending, accepting payments, and ATM access.

NorthOne Integrations

You can connect your NorthOne account to the financial tools you already use (if you’re using compatible products.

And, NorthOne connects easily to top accounting software like Expensify, Quickbooks, and Wave. And, accounts integrate with payment processors like Amazon Pay, PayPal, Shopify, and Stripe. While NorthOne doesn’t offer business credit options, using a NorthOne account in tandem with these payment processors could help you become eligible for a capital loan through one of the other companies.

Money Movement

Essentially, NorthOne accounts give your business a simple way to deposit, withdraw, pay, and get paid.

NorthOne enables cash deposits — not all online bank accounts do. With NorthOne, you can deposit cash through the GreenDot™ network, but there are some limitations.

Daily limit: 4 loads max, for a total of $1,500.00 per day
Weekly limit: 7 loads max, for a total of $3,500.00 per week
Monthly limit: 20 loads max, for a total of $5,000.00 per month

Note: GreenDot locations may elect to impose smaller caps on cash transfers, so check your local ATMs and locations for more details.

Remember when I said that NorthOne supports profit-first? Let’s explore how that works.

NorthOne Envelopes

NorthOne accounts have built-in “envelopes” that enable you to designate portions of your balance for specific, designated purposes. These envelopes are accessed on the mobile app or web app, to help you keep your money organized. You can set your account to send a set amount of money, either by amount or percentage, to each envelope from daily transactions.

This feature helps companies get a clear picture of where they’re spending, save, practice discipline, and avoid spending money they don’t have.

New, Real-Time Payments Network

Furthermore, just this year, NorthOne, along with Bancorp, joined the Clearinghouse’s new Real-Time Payments Network; this means that account holders are now at a competitive advantage with the ability to accept payments and receive funds instantly.

It sounds like a wire transfer-type situation because you have to give the sender your NorthOne routing and account numbers, but you will get the payment in seconds after they send it. Obviously, this is not a feature that you will be able to leverage with all of your customers because you shouldn’t share sensitive data with just anyone.

Note: the ability to send Real-Time Payments with a NorthOne account is coming soon, according to a customer service rep I spoke with.

No Peer-to-Peer Mobile Payments

On the other hand, if you need to process through Zelle, CashApp, or Venmo, the offer might not seem so cutting-edge. These types of instant transfer services are treated like ACH transactions, and take 1-3 days to process. This leaves some uninformed account holders with a bad taste in their mouth.

Currently, NorthOne does NOT have a Zelle integration to receive payments. They are working on adding a Zelle integration to their accounts, so keep checking back and follow the news for updates — they don’t have an expected date when this might happen.

With that said, you can use Cash App, Venmo, and the Real-Time Payments Network to receive funds quickly.

NorthOne Fees

As with most banks (though, not all neobank accounts) There are fees imposed with the offer.

Monthly account fee: $10
Domestic wire fee: $15
Expedited card mailing: $25
Same-day ACH fee: $5
Digital check fee: $4 per check

And, NorthOne provides a virtual card, with a different 16-digit number than the physical card, that you can use while you wait for your debit card to arrive in the mail. You may only have one virtual card.

Mastercard Small Business Debit Card

NorthOne issues Mastercard Small Business debit cards that can be used anywhere Mastercard is accepted.

First of all, Mastercard is accepted at millions of merchants, suppliers, and utility companies worldwide. So, you won’t need to worry about where you will be able to use your card. Plus, Mastercard offers quite a myriad of benefits, even for basic debit cards.

All MasterCards come with zero-liability protection so you won’t pay for misuse or unauthorized purchases on your card. And, you can take advantage of free identity theft protection. If you opt-in, the system will monitor your credit and alert you to suspicious activity.

Mastercard’s Global Service provides 24/7 assistance for lost or stolen card reporting, emergency card replacement, and help finding an ATM if you need it.

None of this is beyond the norm for a business debit card, but it should bring you peace of mind, especially if you’re signing up with a neobank for the first time.

How Does NorthOne Stack Up Against Rivals?

I previously mentioned NorthOne’s top competitors, Novo and Bluevine. Let’s see how they contend next to one another.

NorthOne is the only bank of the three that charges a monthly fee. And, you can use a third-party app to send invoices from a NorthOne or Bluevine account, but this feature is built-in with Novo accounts.

None of these banks charge ATM fees themselves. With Novo, all third-party ATM fees will be reimbursed each month — NorthOne and Bluevine don’t currently offer reimbursement. Bluevine is the only account that enables you to earn interest on your business checking funds.

While NorthOne and Bluevine enable cash deposits, If you want to deposit cash into a Novo account, you’ll need to get a money order and then upload it through the app (not super convenient). And Bluevine is the only bank of the three that currently has a business credit offer, though NorthOne has stated that they plan to offer one in the future.

Frequently Asked Questions

Is NorthOne a real bank?

Yes and no; NorthOne is a real fintech company, also known as a “neobank,” and NorthOne accounts are serviced through Bancorp, an established, FDIC-insured bank.

Is NorthOne FDIC-insured?

Yes, NorthOne accounts are FDIC-insured via their servicer, Bancorp Bank.

Can you use Zelle with NorthOne?

As of today, NorthOne does not have a Zelle integration. However, according to one company representative, they are working on creating one. To receive funds, you can use Cash App, Venmo, or the Real-Time Payments Network.

Does NorthOne bank have checks?

At this time, NorthOne only allows account holders to send checks. The recipient would receive the check within 3-9 days, and the service costs $4.

Does NorthOne report to credit bureaus?

NorthOne doesn’t offer any credit products for individuals or businesses, so there is no need for them to report to credit bureaus. And, opening an account does not affect your credit score in any way.

id=”conclusion”Final Takeaway

NorthOne has an interesting offer, for sure. In particular, the Real-Time Payments Network seems to be a leading-edge technology. However, if real-time payments aren’t a feature you need, Bluevine seems to have a more robust offer, as of today.

With that said, I typically recommend small business owners bank with local community banks and credit unions for optimal access to substantial business credit lines.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

Best Business Bank Accounts: 5 Top Picks for Small Businesses

Key Takeaways:

What Makes a Bank Good for Small Businesses?

Our Top 5 Small Business Bank Picks

1. Navy Federal Credit Union

2. Bank of America

3. PNC Bank

4. Novo Bank

5. TD Bank

Bonus: Some of Our Favorite Small Business Credit Cards

Frequently Asked Questions

Which bank is best for a business account?

Which is the quickest business account to open?

What type of account should an LLC open?

Are there business accounts for sole proprietors?

Final Thoughts

NorthOne Bank: A Comprehensive Look at the Pros & Cons

NorthOne Company Overview

What is a NorthOne Business Account?

NorthOne Integrations

Money Movement

NorthOne Envelopes

New, Real-Time Payments Network

No Peer-to-Peer Mobile Payments

NorthOne Fees

Mastercard Small Business Debit Card

How Does NorthOne Stack Up Against Rivals?

Frequently Asked Questions

Is NorthOne a real bank?

Is NorthOne FDIC-insured?

Can you use Zelle with NorthOne?

Does NorthOne bank have checks?

Does NorthOne report to credit bureaus?

id=”conclusion”Final Takeaway

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