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Best Bank for Small Business in America

Which is the best bank for small business?

There are many banks that offer various banking products for small business and it won't be right to name one. We need to understand the primary, secondary and tertiary requirement of small businesses than only we can choose the best bank as per our need. When we start a business the first necessity is a business account to receive payment or pay others using check, online transfer and other form of payments. There are hundreds of bank and credit union which offer financial business products such as business checking account, loan, credit card and so on. Few important things that need to be kept in mind are no hidden charges, free transactions, lowest rates on loan and easily accessible branches.

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Well its not easy to find desired banks which can offer product or services as per the business requirement, however, we have invested 400 hours to compare, survey and research to find the 10 best banks for small business. Certain banks like Wells Fargo Bank has separate segment for small business. There are many other banks as well that offer customized products to small business accounts.

Best Small Business Banks

 

We have compared all the pros and cons and here is the list

  1. JP Morgan Chase Bank
  2. Wells Fargo Bank
  3. Bank of America
  4. SunTrust Bank
  5. Capital One
  6. US Bank
  7. PNC Bank
  8. BBVA Compass
  9. M&T Bank
  10. BMO Harris Bank

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JP Morgan Chase Bank : The largest bank in the United States has dozens of banking products design to enhance small businesses. Chase bank is one of best in lending products, few of them are equipment financing, credit cards, line of credit, and so on. Detailed business products are as follows

  1. Chip-based cards - These cards uses the latest technology which ensure security
  2. Line of Credit - It helps you to take credits as per your business need and time
  3. Business Credit Cards - They have varieties, you can choose whichever is suitable
  4. Merchant Services - It helps your customers in buying your product and services
  5. Business Debit Cards - They have different options and are connected with the business account
  6. Commercial Banking - They lend your business to achieve your growth with very low interest 
  7. Business Services - Business solutions such as credit card processing
  8. Business Checking - 3 different checking accounts as per your business need.
  9. Payroll Solutions - Once your business starts growing you can use this service.

The bank pays you bonus of $200 when you open a checking account with them, the monthly maintenance fee can be waived by maintaining a balance of $1,500, also, you get 200 transactions for free every month. 

Chase bank for small business

Wells Fargo Bank : Third largest bank in the America by total assets, Wells Fargo is on the top choices by small business owners. They offer flexible lending products for growing your business. They offer loan upto $500,000 depending upon worth of your business. The bank is rated as the best SBA lender and crossed $1 billion mark of SBA lending.

Few of the products for small business by Wells Fargo -

  1. Debit and Credit Cards - Multiple options as per your business need
  2. Line of Credit - Use funds as much you need and when required and pay interest only on what you have used
  3. Business Loan - Grow your business, commercial unsecured loan at 7.75% and equipment loan at 6.75%
  4. Payroll Solutions - Once your business grows, payroll solutions would be best fit.
  5. Merchant Services - Be it online, mobile or card swiping machine they offer every option.
  6. Business Checking Account - Wells Fargo Bank has the highest number of branches in the U.S. Their checking account comes with 200 free transaction every month, however, they charge $14 monthly maintenance fee which can be waived by making 10 debit card transactions. 

Wells Fargo Bank for small business

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Bank of America : One of the best bank for small business, BoA has a credit record of more than $12 billion to small business. They offer bonus of $500 if you open two business checking account with them. The bank has served more than 3,000,000 small businesses in its more than 200 years of journey. Let us have a look on their business banking products.

  1. Credit Cards - There are four different business credit cards offered by the bank to suit you
  2. Lending - It consists of secured and unsecured loan, line of credit, equipment and auto loan, commercial real estate loan and so on
  3. Community Forum - The online community forum is for discussions in regards to small business. You can login at https://www.bankofamerica.com/smallbusiness/
  4. Payroll - For payroll they have two products ADP and Intuit for all your human resource and payroll needs.
  5. Investments - It consists small business 401(k), individual 401(k), SEP IRA, Simple IRA. 
  6. Savings Account - There are three savings account to suit small business of different sizes - Business Investment Account, Business Advantage Savings and  Business CD.
  7. Checking Account - Their checking accounts which consists Business Fundamentals and Business Advantage accounts for small business and growing business respectively has some unique features. 

Bank of America for small business 

SunTrust Bank : SunTrust is one of the renowned bank known for small business lending. They offer many small business products, all of their checking accounts come with zero monthly maintenance fee for the first year. Few best business products consists of

  1. Long Term Secured and Unsecured Loan : Their business loans are very reliable and period of repayment can extend upto 20 years. 
  2. Credit Card : One of the best business credit card without any interest charge for the first twelve months.
  3. Payroll : SunTrust offers end to end HR and Payroll services to small businesses.
  4. Checking Account : SunTrust offer three different checking accounts - Simple Business Checking, Primary Business Checking and Business Advantage Plus Checking.

Bank of America for small business 

Capital One Bank : This bank offers great business products and and they want your business to grow more so that they can grow in parallel with you. The bank wants to make a strong with their small business client and offers some of the awesome features such as unlimited free transactions. Below is the list of business products offered by Capital One Bank

  1. Credit Cards - Spark cash back rewards and spark miles rewards are the two business credit cards offered by Capital one bank. With the former you can get upto 2% cashback while with the later you can earn 2X miles reward points.
  2. Savings Account - One of the best business savings account in America.
  3. Business Loans - Capital One Bank offers varieties of business financing such as commercial real estate loan, auto and equipment loan, line of credit and so on. APR can be as low as 5.9% depends on several factors.
  4. 401(k) plans - decent retirement plans for owner/s and employees.
  5. Merchant Services - Online, Mobile and point of sale for processing payments.
  6. Checking Account - As mentioned earlier the bank offers unlimited transactions for free and monthly maintenance can be waived by maintaining balance of $2,000 which is not much for a business account.

US Bank : The best part of US Bank is they offer small business loans to as new as six month businesses. This bank is one of the best options for start up. They offer two type of quick loan, auto and equipment to new start ups, with a limit of $100,000 and $250,000 respectively. Their business banking products consists of the following

  1. Business Credit Cards
  2. Lending Services
  3. Business Checking Account 

PNC Bank : This bank has almost all the banking products for small business, starting from credit cards to line of credit. Their checking account is very suitable small business, unlimited free transaction and monthly fee can be waived by spending $1,000 with PNC business credit card. Products and services offered by PNC Bank are as follows

  1. Business Checking Account
  2. Business Credit Cards
  3. Merchant Services
  4. Business Loans
  5. Business Lines of Credit
  6. Online and Mobile services

PNC Bank for small business 

BBVA Compass Bank: BBVA is one of the competitor in the SBA loan sector. They offer several different types of secured and unsecured lending products especially loans. They disburse the loan amount very quickly with a track record of 24 hours. Customer service is much better than other banks. Business products consists of the following

  1. Lending
  2. Checking Accounts
  3. Credit Cards
  4. Savings Accounts
  5. Business Services
  6. Specialty Programs 

BBVA Compass Bank for small business 

M&T Bank : One of the top 10 small business lender in the United States, M&T offers both secured and unsecured business loans to finance the needs of small business owners. The BizFlex business checking account allows deposits of as high as $50,000 every month. Below are the business products offered by M&T Bank

  1. Debit and Credit Cards
  2. Checking Accounts
  3. Business Loans
  4. Payroll Tools
  5. Savings Accounts

M&T Bank for small business

BMO Harris Bank : The unique feature which is very hard to find in other banks is the non profit business checking account, the feature of this checking account are no monthly fee, only $100 to open a business account and so on. They also provide various business loans and other services 

  1. Credit Cards
  2. Checking Accounts
  3. Lending services
  4. Business Services
  5. Saving
  6. Money Markets and CDs

BMO Harris Bank for small business

 

About the Author
Paul William
Author: Paul William
I am an American Economist (Ph.D. MIT). Over 1981-88, I was an Assistant Professor of Economics at the City University of New Work. I have also assisted the Republic Government of USA I have worked in several countries in Europe and Africa as a consultant. I have also been a consultant for a variety of U.S. agencies. These include the D.C. Public Service Commission, the D.C. Department of Energy and Wind and Solar Energy California.

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