Best Small Business Bank Accounts in the USA

As a small business owner, your business checking account is your key to establishing a professional presence, preparing taxes, and keeping your personal expenses separate.

The best online banks leverage technology to get you paid smoothly and to ease administrative work. The best of them will offer the following products for no monthly fees:

• Free ATM withdrawals;
• Digital wallets;
• Integration with accounting software;
• Multi-currency accounts;
• No foreign transaction fees;
• Multi-director access to the account.

While no one size fits all, it’s helpful to have access to these features under one roof. As a company, you can certainly consider opening multiple accounts to take advantage of their best products too. By building a good relationship with your bank, you’ll be able to work together to find the right solutions as your business grows.

In this guide, we share the highest quality online platforms in the United States for business checking accounts. Read on for our head-to-head of Novo vs Bluevine vs Brex vs Revolut Business and more. One of them just might be perfect for you and your small business.

Novo — Best No Hidden Fee All-Rounder

Novo is a digital business checking account powered by Middlesex Federal Savings F.A.; Member FDIC. Founded in 2016 in Florida, Novo has the most straightforward and transparent fee schedule that we have seen. They even got rid of their insufficient funds fee, making them truly a no-fee solution.

Account name: Free Business Checking

Noteworthy features: Free payments and wires, refund at all ATMs.

The digital platform integrates with some of the most powerful financial apps, such as Shopify, Stripe, Amazon, and Wise, to empower your small business. For all these reasons and more, Monito recommends Novo’s free business checking account to any US-based small business owner, entrepreneur, or freelancer without hesitation.

Revolut Business — Best for Team Management

One of the most well-known global finance platforms, Revolut Business was founded in the UK in 2015 and is operational around the world. Revolut is duly regulated by the competent authorities back in the UK (Financial Conduct Authority), and its partner bank in the US, the Lead Bank, Member FDIC, is a member of the FDIC. 

Account name: Revolut Business Free

Noteworthy features: Account with 25 currencies, USD and GBP account details, API access.

More info: See our full Revolut Business review.

Revolut Business is trusted by over 500 thousand business owners to help grow their operations worldwide. Clients include companies as large as Deel to those as small as one-person freelancers.

You can start Revolut Business for £10 per month, although the standard plan sets very low fee-free allowances. Upgrading to the upper three tiers raises the free allowances for local payments and foreign exchanges. Revolut Business is ideal for teams that do business globally because the account allows you to hold and exchange 25 currencies, give your team members debit cards for free, and top up those cards in 150 currencies.

Lili — Best for Freelancers

Lili is a mobile banking service designed in New York in 2018 specifically for freelancers in the United States, and partners with FDIC member Choice Financial Group to manage your finances. It’s fee-free schedule rivals that of Novo. Lili charges no overdraft fee up to $200, but only if you are a Lili Premium, Lili Smart or Lili Pro customer.

Account name: Lili Standard

Noteworthy features: 4.15% APY (as of 2023, subject to change), tax optimization tools, card cashback.

While the platform has no hidden fees or minimum balances, its real power comes from its expense management, free invoicing, and tax refund optimization tools. Unlike Novo, Lili does however charge ATM fees if withdrawals are made outside of its 38,000 ATM network.

Lili Pro is $9 per month, Lili Smart is $21 per month, and Lili Premium is $33 per month. These paid tiers offer higher APY and better tax-reporting and accounting services.

BlueVine — Best for Unlimited Deposits and Payments

BlueVine’s mobile and desktop platform was designed for small businesses and makes paying business bills swift and stress-free. Founded in California in 2013, the company partners with FDIC member Coastal Community Bank to insure your deposits. 

Account name: Business Checking

Noteworthy features: 2% APY on balances up to $250,000, access to business loans.

BlueVine’s $15 fee to initiate a domestic wire transfer was the only fee that stood out to us. Although wire transfers are immediate, we recommend using ACH payments with BlueVine. They may take an extra day but they are free. In fact, an unlimited number of incoming and outgoing payments are free with BlueVine. You can even use their platform to pay your suppliers and partners by credit card so that you can free up your cash.

It's 2% APY is attractive, but only applies to your balances if at least one of the two following criteria are met: spend $500 with your BlueVine Mastercard per month or receive $2,500 in customer payments per month.

Wise Business — Best for International Payments and Transfers

Wise Business is the business product of one of the cheapest and most transparent international money transfer companies in the world. Wise was founded in the UK in 2011, and its US subsidiary partners with different FDIC-insured bodies depending on the US state in which it operates. See this list of Wise’s licenses. 

Account name: Wise Business ‘All You Need’

Noteworthy features: 10 local bank account details, withdraw from marketplaces like Shopify.

More info: See our full Wise Business account review.

Wise Business is free to sign up for and will give you access to one of the cheapest international payment tools on the market. This platform is highly recommended by Monito if you want to save money when paying international suppliers or getting paid by international customers and funders.

If you choose to pay a one-time fee of $31, Wise Business will give you unique international bank account details such as a European IBAN and a UK sort code. 

NBKC — Best Human Customer Support

NBKC Bank is a brick-and-mortar bank founded in Missouri in 1999, which has made an impressive shift to adopt high-quality financial technology to serve its customers. Unlike BlueVine, Wise, and other companies on this list (that partner with FDIC-insured banks to provide you with their platforms), NBKC Bank is itself FDIC-insured. 

Account name: The NBKC Business Account

Noteworthy features: Human support, checking and saving goals, access to business loans.

The bank’s fee schedule rivals that of others on this list with no fees for Bill Pay or inward and outward payments. Plus you will have the advantages that traditional banks offer, such as human customer support, commercial lending, and interest on your money. Its digital platform is limited when it comes to integration with accounting software and other apps. You may have to pay subscription fees to access those applications.

LendingClub Business Checking — Best Interest-Earning Account

LendingClub, like NBKC Bank, is a registered bank insured by the FDIC. It was founded in California in 2006. LendingClub’s mobile app organizes your electronic payments for you, deposits checks, keeps track of your card payments, and manages your accounting. 

Account name: Tailored Checking

Noteworthy features: Low-requirement 1.5% APY (subject to change), card cashback.

Two major perks include its 1% cashback if you maintain an average monthly balance of $5000, and its 1.5% APY if you have a total monthly balance of $100,000 or less. LendingClub’s fee schedule, however, was highest among the others on this list. If your monthly balance is below $500, you’ll be charged a $10 monthly maintenance fee. International and domestic wires in and domestic wires out fees also apply.

Payoneer — Best for Global E-commerce Businesses

Payoneer is a global financial platform founded in 2005 in New York that partners with a large network of FDIC insured banks. With a Payoneer account, which is free to sign up for, you will gain access to eight bank account details (including USD, GBP, and EUR) and integrations with world leading e-commerce marketplaces. 

Account name: Payoneer

Noteworthy features: Get paid to 8 local bank accounts, online marketplace connection, access to working capital advance.

More info: See our full Payoneer Review.

Payoneer expands your reach to online customers around the world, allowing you to get paid in their local currency. When you are ready to deposit your revenue into your home account in USD, Payoneer will exchange the currency at the real mid-market exchange rate.

While Payoneer does charge a fixed fee of up to 2% per international transfer, it is transparent and competitive compared to traditional big banks. Payoneer is at its cheapest if you don’t convert currencies (i.e. withdraw USD from your Payoneer balance to USD in your American bank account). 

If you are a business with an international reach, this kind of service will save you thousands of dollars in transfer and exchange fees in the long term. 

American Express — Best Online Membership Platform

American Express is renowned for its customer service, diverse rewards program, and trusted financial products. The American Express Business Checking Account offers a robust solution for small business owners seeking a cost-effective and rewards-rich banking option.

Account name: Business Checking

Noteworthy features: 1 Membership Rewards point for every $2, American Express® Business Debit Card.

The American Express Business Checking Account stands out with its generous rewards program, allowing you to earn 30,000 Membership Rewards® points after meeting specific deposit and transaction requirements upon opening your account. The account comes with no monthly maintenance fees, and no ATM withdrawal fees from Allpoint® ATMs and MoneyPass® ATMs. American Express provides 24/7 customer support and an excellent mobile and desktop online banking platform.

Brex — Best Software Integration and Rewards Program

Born from the Y Combinator accelerator program in California in 2017, Brex is an all in one financial platform that helps businesses grow and scale. Brex is completely fee-free, with no maintenance fees, ACH transfer fees, or incoming and outgoing domestic and international wire fees. 

Account name: Business Account

Noteworthy features: API access, budget and expense management, team credit cards.

While Brex does not have currency exchange services as Revolut Business or Wise Business does, Brex does also have an excellent platform for teams and for managing their spending with cards. Your team will receive MasterCard credit cards that earn you points toward cash rewards, gift cards, air miles, and more.

You can seamlessly integrate your business with popular software, such as QuickBooks, Xero, or Slack. Also impressive is its spend management software, which sets budget policies for departments and alerts you when expense anomalies show up.

Mercury — Best for Startups

Mercury is a financial platform founded in 2017 in California and calls itself a bank built for startups. Its funds are insured by Evolve Bank, a member of the FDIC, and uses software to issue you physical and virtual cards and integrate your finances with accounting software. 

Account name: Standard

Noteworthy features: Investor database access, startup and e-commerce guides, custom tools.

Mercury’s software, along with Revolut Business and Brex, gives you API access to customize your own tools. You will even get access to an investor database, so you can build networks and find the right funders for your startup. Mercury offers free domestic and international wires, ACH payments, and check deposits. However, they do charge a 1% fee on currency exchange, and their rate will be weaker than the mid-market exchange rate.

What is a Business Account?

A business account is a bank account tailored for registered companies. You need an Employer Identification Number (EIN) to open a business bank account.

Business accounts include checking accounts for daily operations. Business owners will also have the option of opening savings accounts to earn interest on idle cash, cash management accounts for more transaction flexibility than savings accounts, credit cards for leveraging debt, and merchant services for processing customer purchases.

In addition, online business accounts often feature business-specific tools like invoicing, tax planning, and higher transaction limits.

What is the Best Business Bank Account for Small Businesses?

The best account depends on your business needs. At a fundamental level, you will need a business checking account to manage daily cash transactions with vendors and customers. Business savings accounts, cash management account, or high-yield money market accounts are ideal for idle cash that you don't need in the near term because they offer higher interest. As of 2024, you can find APY above 4%.

Additionally, a small-business credit card can help build credit and earn rewards, with some offering 0% intro APR for new businesses, allowing interest-free financing. Credit card accounts allow you to leverage debt and increase your accounts payable. However, you should manage your debt responsibly to ensure that your credit score increases and that you can qualify for more financing in the future.

How to Choose the Best Business Bank Account

The following criteria are the most common and most important factors that set good bank products from the great ones. It's also important to find a bank that integrates these features into user-friendly online platforms:

1. No Monthly Fees: Look for accounts with no monthly fees or ones where the fees can be waived easily. Ensure any fees are justified by the features provided, since monthly fees will add up significantly over the years.
2. No Fee Transactions and Deposits: Be aware of any transaction and deposit restrictions. Fees for transfers and withdrawals can be frustrating and costly, since they are the most common actions you will take on a daily basis to make sure that your business in running smoothly.
3. Free ATM Withdrawals: If your business deals in cash, you'll want wide availability and convenience of ATM locations associated with the account. Ensure the account offers free ATM withdrawals to avoid extra charges when accessing cash.
4. Digital Wallets: Check if the account supports digital wallets like Apple Pay, Google Pay, or others for ease of transactions.
5. Integration with Accounting Software: Accounts that integrate with tools like QuickBooks or Xero can streamline your bookkeeping.
6. Multi-Currency Accounts: If your business deals with multiple currencies, find an account that supports multi-currency transactions. This will greatly reduce your losses to foreign exchange margins and conversion fees.
7. No Foreign Transaction Fees: Avoid accounts with foreign transaction fees if you frequently deal with international payments.
8. Multi-Director Access: If your business has multiple directors, consider an account that allows multiple users with appropriate permissions.
9. Customer Support: Decide if you need in-person support or if phone and online support will suffice. Customer support will inevitable be important for those unforeseen emergencies.
10. No Incidental Charges: Review the schedule of fees for extra charges such as overdrafts, stop payments, or insufficient funds.
11. Value-Added Features: Look for accounts offering additional benefits like tax-planning tools, integration with business software, or networking opportunities with investors.