5 Best Suitable Bank for Small Bussiness and Startups Owner

As a small business owner, you’re frequently facing day-to-day challenges that come with operation, whether that’s managing employees, handling customers or addressing growth challenges. One area that small business owners shouldn’t have to worry about is their banking and the management of their money, at least in terms of how it’s being done.

That’s why it’s so essential that business owners make the right choice when searching for the best bank for small business banking.

A top rated best small business bank should be able to help small business owners maintain a sense of control and visibility over their money while providing the tools and support that contribute to growth.

An excellent bank for small businesses should also be one that’s convenient and alleviates burdens to the customer.

But then the question is, Which bank that fits for small business like you?

Here i've has researched and published this article of best banks for small business accounts and detailed small business bank reviews. Each of the below banking firms (large or small) is considered a best bank for small business owners, and the details of why each made it onto this year’s small business banking comparison are also presented below.

1. Bank of America

As part of the U.S. banking system for more than 200 years, Bank of America is a global financial institution with 4,700 retail financial centers and 16,000 ATMs. Bank of America is well-known for its advanced technology, including award-winning online and mobile banking. As well as consumer and commercial services, Bank of America also provides services to more than 3 million small business owners.

Small business services and products at Bank of America include fundamentals such as checking and savings accounts as well as credit and investing, cash management, payroll and more.

Key Factors That Enabled Us to Rank This Bank as a Best Bank for Businesses

Listed below are some of the services and offerings of Bank of America that led to its inclusion on this list of small business bank reviews and rankings.

A. Clover Solutions

Small business owners who bank with Bank of America have the opportunity to utilize Clover products, which are advanced point-of-sale devices designed with the intent of improving efficiency and reducing workload.

These smart and streamlined POS systems feature intuitive tools and customizable intelligence and allow business owners to manage a variety of tasks, including payment processing, inventory management, and employee scheduling.

When you opt to bank with Bank of America, you can link these tools and products with your traditional bank accounts to simplify financial and employee management.

B. Business Credit Card

Bank of America offers credit and lending options specifically for small businesses, which is why it’s rated as a best bank for a small business. One of the signature card offers for small businesses is the Cash Rewards for Business MasterCard. This card includes a number of benefits for business owners, including:
  • 1% cash back on purchases
  • 2% on purchases at restaurants
  • 3% on purchases at gas stations and office supply stores (up to $250,000 a year and 1% after that)
  • $100 statement credit when you spend $500 within 60 days of opening your account
  • 0% introductory APR on purchases for the first nine billing cycles
  • No annual fee
  • Ability to redeem your cash rewards and receive cash back or deposit them directly into your Bank of America account

C. Cash Management Tools

As one of the best banks for small business accounts, Bank of America offers not just the basics but also a suite of products that are specifically tailored to the needs of businesses. This includes cash management tools that pave the way for business owners to run their organizations more efficiently and effectively.

Some of these tools include:
  • Payroll services by Intuit
  • Remote deposit online
  • Account management
  • Direct payments
  • Express invoicing
  • Express tax services
  • Treasury services for larger businesses

D. Business Checking 

Bank of America offers two primary business checking accounts: Business Fundamentals and Business Advantage.

Business Fundamentals is designed to have all the essentials a small business needs, including online banking, bill pay, mobile banking, debit cards, and the option to link the account with a business savings account.

With Business Advantage, you receive all of those features as well as online account management, QuickBooks integration, an additional business checking account, and access to the Small Business Priority Service team.

2. BMO Harris

BMO Harris was founded in 1882 as Harris and, since that time, has grown and expanded to become one of the largest Midwest-based banks. BMO Harris includes personal banking products offered through more than 600 branches as well as business and commercial solutions.

Under the small business area of the bank are accounts, lending, and other services including cash flow and payroll products.

Key Factors That Led Us to Rank This Bank as a Best Bank for Small Businesses

Detailed below are some of the reasons BMO Harris was selected as one of the best banks for small business accounts and other services.

A. Business Checking

One of the reasons BMO Harris is considered a pick for the best bank for business accounts is because of its many checking options. Business owners can find the checking account that works for their individualized needs, ranging from Essentials Business Checking, which is designed for businesses that maintain a low balance and have a low transaction volume, to Business Checking Analyzed, which is ideal for higher volumes and balances.

Also available is Business Advantage Checking, which is an interest-earning account offering exclusive discounts on other products, such as checks and loans.

The Non-Profit Small Business checking account has no monthly maintenance fee and flexible transaction costs, dependent upon the type.

B. Payroll Processing

Along with being a pick for the best bank for a business account, BMO Harris is also included in this small business banking comparison because of its services like payroll processing.

BMO Harris features two budget-friendly, simple payroll options that are both offered through its referral partner, Paychex. These comprehensive payroll solutions are designed to help business owners spend less time in this area and put more attention on growing their business.

C. Business Savings Accounts

BMO Harris is not only one of the best banks for small business checking accounts, but it also has a full range of savings options. These include:
  • Business Savings: This account includes a competitive interest rate and flexibility with the option to withdraw funds as needed.
  • Business Prime Money Market: Rather than leaving cash on the sidelines, this account includes a competitive interest rate on higher balances, and the first 30 checks deposited per statement period don’t carry a transaction fee.
  • Business Prime Money Market Plus: This offers easy access to accounts at any time, and if you link your non-interest small business checking account, you can earn a higher interest rate.
  • Certificates of Deposit: This option is ideal if you’re looking for a long-term savings product. You can have your interest automatically deposited to your CD, paid to you by check or credited to another BMO Harris account.

D. BMO Harris Bank Debit MasterCard Business Card

As a best bank to open a business account with, BMO Harris also offers excellent debit and credit card options for account holders. One of the signature debit cards is the BMO Harris Bank Debit MasterCard Business Card, which offers convenient access to checking accounts as well as financial control.

Some of the features include:
  • Access to detailed transaction records on your monthly account statements, including merchant name and location
  • Compatibility with Apple Pay
  • Advanced chip technology
  • Purchase Assurance provides coverage for most items you purchase if they’re damaged or stolen within 90 days of being purchased
  • Car Rental Collison Damage Waiver insurance
  • Travel Assistance Services
  • MasterCard VAT Reclaim Service
  • MasterCard Global Service​

3. Capital One

Capital One is a bank offering a broad range of services and products, not only to consumers and small business clients but also commercial clients. This Fortune 500 financial institution is one of the nation’s 10 largest banks based on deposits, and there are branch locations throughout the country, including New York, New Jersey, Texas, Maryland, Virginia, and D.C.

Capital One business services include accounts, borrowing and investing options, business management services, and more. The business tools from Capital One are designed to give owners a way to manage their accounts conveniently and easily.

Key Factors That Make This Bank to Rank as a Top Best Small Business Bank

The list below represents some of the main reasons Capital One was chosen as a best business bank.

A. Spark Business Checking

Spark Business Checking is an excellent checking account option for small businesses because it’s a convenient, online-based digital account with no monthly transaction fees or limits, no minimum balance required, no monthly fees, and no fees for Allpoint ATMs.

Deposits are available the next day, a debit card is included for free, you can manage business finances on the go with the Spark Business mobile app, and this account includes free online bill pay and electronic invoicing. You can also link your Spark Business Savings account for overdraft protection.

B. Spark Pay

Capital One is not just one of the best banks for small business checking but also for general business management services, including Spark Pay, which is an innovative payment solution.

Spark Pay is a way to accept and process payments that includes the options to select from a mobile reader, digital register, payment terminal or an e-commerce store that simplifies setting up an online store.

Features of Spark Pay include the ability to synchronize multiple devices and users, inventory management, the ability to download transactions and reports, customized receipts, and options to create personalized promotions or deals.

C. Spark Credit Cards

Capital One is known for being not just one of the best banks to open a business account with but also one of the nation’s top providers of credit card solutions. Spark Business cards include the Spark Cash Back Rewards Card and the Spark Miles Rewards card.

The Spark Cash Back Rewards card includes 2% cash back with Spark Cash as well as a $500 cash bonus. With the Spark miles rewards card, business users earn unlimited 2x miles on every business purchase, with no annual fee. Enrollees of this card also have the opportunity to earn a one-time miles bonus of up to 50,000.

D. Spark Business IQ

One of the many ways that Capital One demonstrates a dedication to being one of the best banks for a business account is through not just its products but also its business resources.

Spark Business IQ is a program for entrepreneurs designed to guide them through business ownership and show them ways to maximize their finances and cash flow. Spark Business IQ also features inspiring ideas and valuable guides that can help business owners create positive change not only for themselves but also for their customers.

Topics covered here include everything from preparing for new regulations and laws that impact small business owners to videos of inspirational speakers.

4. Citizens Bank

Citizens Bank is a fully-independent traded company with a history that goes back more than 150 years. The bank defines its vision as delivering the best possible banking experience to customers, and its values include exceeding customer expectations, doing the right thing, thinking long term, and working together.

Along with Citizens being one of the best banks for small businesses, it also has services and products aimed at personal banking, investing, and commercial entities. Citizens’ business services include bank accounts, business loans, and cash management tools and services.

Key Factors That Enabled Us to Rank This Bank as One of the Best Banks for Businesses

When reviewing the best banks for small business checking and other services, the following are some of the reasons Citizens stood out and was included in this small business banking comparison and ranking.

A. Clearly Better Business Checking

Citizens is considered among the best banks to open a business account with, and one of the signature checking accounts for businesses is the Clearly Better Business Checking account. This option carries with it no minimum monthly balance or maintenance fee, and it’s a great account for owners seeking something that will grow along with their business.

Along with no fee and no minimum balance requirement, account holders can take advantage of up to 200 check transactions per statement period at no charge, unlimited online access to accounts, and use of Citizens Mobile Banking.

B. Non-Profit Checking

Along with essential business checking account options, Citizens Bank also has a unique offering, which is an account designed specifically for nonprofit businesses and organizations, clubs, and associations.

Account holders can select between interest-bearing and non-interest-bearing accounts, and the features of the account are specifically targeted to the unique needs of nonprofits. The Association Checking option offers unlimited transactions while the Association Checking with Interest is an interest-bearing checking account for nonprofits that have limited activity.

C. Cash Management

Along with being one of the best banks for small business checking accounts, Citizens also offers services tailored to cash management. These services let businesses manage their cash flow efficiently and easily. Specific cash management services include:
  • Collection services
  • Disbursements
  • Payroll services
  • International banking
  • E-Z Deposit Remote Deposit Capture
  • Information reporting
  • Sweep and investment services

E. accessBUSINESS Manager

AccessBUSINESS Manager is a signature Citizens Bank offering for business account holders that provides them with all the tools and information they need right on their desktop. From this centralized location, business owners can view their deposits and all of their cash flow information for up to 5 business checking accounts with 1,000 total transactions per month.

ACH Payment services are available through accessMONEY Manager, and up to 10 outbound global wire transfers are included per month.

5. US Bank

Offering a full array of not only small business banking options but also consumer banking and mortgages, loans, and wealth management products, US Bank operates on the motto of “making possible happen.” US Bank is part of U.S. Bancorp, which maintains more than $420 billion in assets.

There are more than 3,100 banking offices operated by the company throughout the country, and it’s the fifth largest commercial bank in the U.S. Small business banking services include checking and savings, credit and financing, payment acceptance, and employee services.

KeyFactors That Led to the Inclusion of This Bank as a Best Bank for a Small Business

The list below showcases some of the reasons US Bank is included in this small business banking comparison as one of the best banks for small businesses.

A. Business Packages

Distinctively, US Bank offers three different business checking account packages :

  • The Silver Package is designed for banks with limited transaction activities, and it features essential products and services to save business owners and employees time and money. It comes with no minimum balance requirements or monthly maintenance fees.
  • The Gold Package is for businesses with significant transactions, and features include tools for the management of cash flow. If you use a U.S. Bank credit card, the monthly maintenance fee can be waived.
  • Finally, with the Platinum Package, businesses will enjoy the best rates, rewards, and discounts available. It’s also advantageous because it consolidates accounts and provides access to advanced services.
B. Business Savings Sweep

Business Savings Sweep is a product offering that lets account holders automate how their money is moved between their checking account and their interest-bearing savings account rather than having cash sit unused. At the end of each business day, excess balances are transferred from a U.S. Bank checking account to an interest-bearing savings account.

If your checking account balance goes below a set amount, funds are automatically moved over from your investment account to cover that.

It’s also a tiered system, so the more business account holders save, the more interest they’ll earn.

C. Credit and Financing

As well as being one of the best banks for small business accounts, US Bank also offers a full array of business financing and credit so clients have access to the capital they need.

Small business credit and financing options from US Bank include:
  • Business ownership and expansion loans
  • Commercial real estate financing solutions
  • Term loans so you can finance equipment quickly and easily
  • Lines of credit designed to give working capital to cover any variety of operational expenses

D. Business Visa Check Card

The US Bank Business Edge Debit Card offers business owners and their associates a simplified way to manage cash and expenditures. This debit card can be used to make purchases anywhere Visa is accepted, and it lets business owners quickly and easily monitor not only their own expenses but also what their employees are spending.

Monitoring account activity can not only be done through online banking, but business owners can also set up customized email and text alerts so they always maintain visibility of their finances. 

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