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U.S. Business Bank Account
Everything You Need To Know

If you’re serious about running and growing your business, you’ll want to set up a business bank account as soon as possible so you can start managing your finances and, eventually, apply for a business loan.

But when you start searching for a bank to work with, you’ll quickly realize that finding the right business bank is easier said than done: It takes more than just knocking on the door of the bank nearest your business. But it can be overwhelming to sort through the fine print on bank websites and really figure out if they can offer the products and services your business truly needs.

Lucky for you, we’re here to do some of the heavy lifting for you—we’ve scoured the banking landscape and put together this definitive guide on business banks. First, we’ll show you how to find the right bank for your small business, then the four overall best banks for small businesses

You’re probably looking for a bank so you can open a business checking account, a business savings account, a business credit card, and, eventually, take out a business loan.

The thing is, though, that finding banks with great checking and savings options will be easy—but finding a bank that will also lend you money can be tough, since bank lending to businesses is down across the board. Additionally, credit cards are becoming a product you consider discretely, not necessarily based on which bank it’s attached to.

So, deciding on a business bank will really come down to what you’ll be using that bank for the most: checking and savings accounts.

And if you don’t have a business credit card, start shopping for one now. Business credit cards are crucial financing tools for every small business, because they give you an immediate, flexible source of capital. The best way to find a business credit card is to search the market according to what your small business needs.

Best U.S. Checking Account Options for Businesses

Larger bank chains are more likely to offer business checking, though you should be mindful of fees charged for overdraft and excess deposits or transactions. As of 2018, here are some of the best U.S. small business checking accounts on the market:

In its 200-year history, Bank of America has supported more than 3 million small business owners with easy-to-use banking products and services. With that much influence, Bank of America might just be the best bank for small business. Here’s why it could be a good fit for your small business. 
Bank of America: If you need a checking account to make cash deposits, Bank of America is the best option for your small business. Bank of America has more than 5,000 locations and over 16,000 ATMs. One unique advantage of using Bank of America is that you can make cash deposits at any of their ATMs.

 You won’t have to worry about a lack of small business lending capacity with Bank of America: The bank secured almost $10.7 billion in new credit to small business owners in 2015.

Bank of America offers traditional bank financing, like secured business term loans and lines of credit, along with commercial real estate loans, equipment and vehicle financing, and SBA loans. And, as with any small business loans from major banks, you can get long-term financing at a low rate. 

In particular, you’ll definitely want to check out Bank of America if you run a healthcare business, since the bank offers tailored financing solutions specifically for that industry. 

Bank of America has two solid business checking account options for small business owners: The Business Fundamentals account and the Business Advantage account.

Here are some major features of the Business Fundamentals Checking account, which offers all the essentials your small business needs:

  • $18 monthly fee that can be waived if:
    • You charge at least $250 per month on a business debit or credit card
    • Maintain an average monthly balance above $5,000
    • Have a combined average of linked Bank of America accounts of $15,000, or
    • Keep a minimum daily balance of $3,000.
  • Free cash deposits, up to $10,000 per month
  • Free mobile and online banking
  • Business and employee debit cards

If your small business mainly deals in cash, you’ll definitely want to consider a Bank of America business account—of the four best small business banks on this list, Bank of America charges the lowest fees on cash deposits.

As far as the best bank for small business goes, Bank of America is a tried-and-true banking option, with a solid lending program and intuitive checking accounts. And if you want to be absolutely sure that you’ll waive a checking account monthly fee, Bank of America is probably your best bet, since it offers the most ways to waive that extra charge.

As far as the best bank for small business goes, Bank of America is a tried-and-true banking option, with a solid lending program and intuitive checking accounts. And if you want to be absolutely sure that you’ll waive a checking account monthly fee, Bank of America is probably your best bet, since it offers the most ways to waive that extra charge.

Best U.S. Checking Account Options for Businesses

Larger bank chains are more likely to offer business checking, though you should be mindful of fees charged for overdraft and excess deposits or transactions. As of 2018, here are some of the best U.S. small business checking accounts on the market:

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Best U.S. Checking Account Options for Businesses

Larger bank chains are more likely to offer business checking, though you should be mindful of fees charged for overdraft and excess deposits or transactions. As of 2018, here are some of the best U.S. small business checking accounts on the market:

While Capital One has substantial consumer and commercial banking programs, their comprehensive suite of financing solutions proves that they’re equally devoted to small business owners. For unlimited transactions, Capital One offers one of the best business checking account options, offering a solution which functions entirely online. Because it is online-focused, Capital One has the best fee structure on the market. It has a massive network of 39,000 ATMs across the U.S. However, it only has about 700 brick-and-mortar locations. This could pose problems if your business makes routine cash deposits.

Capital One wants to be a partner for your small business, not just your bank. When you need to grow your business and smooth out your cash flow along the way, Capital One has a few different loan products for you to consider.

With Capital One, you could take out a working capital line of credit, equipment or vehicle loan, business installment loan, or SBA loan. With a wide variety of loan products available, they’re sure to meet any financing need that comes up as your business grows.

Capital One truly prioritizes your banking relationship. If you have an established Capital One business account and apply for a loan with the bank, you might qualify for what Capital One calls “relationship-base” loan rates Simply put, Capital One might give you a lower-cost loan if you already have an established relationship with the bank.

Capital One offers a straightforward small business checking account system. You have two options to choose from: The Spark Business Basic Checking and the Spark Business Unlimited Checking.

Here’s what you can expect with a Spark Business Basic Checking account:

  • Unlimited transactions each month
  • Deposit up to $5,000 in cash each month with no extra fee
  • $15 monthly service fee, waived if you maintain the minimum 30- or 90-day average monthly balance of $2,000, or, if you have two other Capital One products open
  • Free business debit card, online bill pays, and online and mobile checking

It’s hard to find a business checking account that has unlimited transactions and a high number of free cash deposits. So, if you run a business that has a high number of monthly transactions and cash deposits, banking with Capital One is a smart choice.

Their Spark Business Savings Account is a stellar choice for a first savings account for many businesses, too, offering free business savings that you can set up entirely online. That’s a feature that’s rare to find.

When you sign up for a business account with Capital One, you’ll find that their Spark Business program has a lot to offer. Here are some of the features you can take advantage of:

  • Capital One has a pretty great array of business credit cards, and they’re easy to sign up for if you already have a business account open.
  • Spark Business has a comprehensive online banking program, so you can do all your banking online
  • If you use Capital One’s online banking, you’ll have access to different cash flow management tools that can help you analyze and control your business’s cash flow

Here’s what you can expect with a Spark Business Basic Checking account:

  • Unlimited transactions each month
  • Deposit up to $5,000 in cash each month with no extra fee
  • $15 monthly service fee, waived if you maintain the minimum 30- or 90-day average monthly balance of $2,000, or, if you have two other Capital One products open
  • Free business debit card, online bill pays, and online and mobile checking

It’s hard to find a business checking account that has unlimited transactions and a high number of free cash deposits. So, if you run a business that has a high number of monthly transactions and cash deposits, banking with Capital One is a smart choice.

Their Spark Business Savings Account is a stellar choice for a first savings account for many businesses, too, offering free business savings that you can set up entirely online. That’s a feature that’s rare to find.

With a strong lending program and low-cost business checking accounts, Capital One is one of the best banks for small business. But Capital One really sets itself apart by being totally devoted to small businesses. No two small businesses are alike, and Capital One recognizes that by tailoring their Spark Business program to meet various banking needs across various industries.

But here’s where Capital One really shines: When you bank with Capital One, you’ll have access to Spark Business IQ—a program designed to help entrepreneurs manage their business’s operations, finances, and cash flow. You can tap into Spark Business IQ to access valuable guides and share ideas on how to grow your business.

Information Needed to Open a
U.S. Business Bank Account

Non-U.S. business entities trying to open a bank account in the U.S. must provide the required information and documents:

  • The U.S. entity’s Articles of Incorporation or the sole proprietorship or general partnership’s name.
  • The business’s EIN.
  • The lease agreement for your business’s physical office.
  • Your business’s physical address in your home country.
  • Color copies of the driver’s licenses and passports of each person on the account.
  • A reference letter from your home country’s bank manager that verifies:
    • How long you’ve been a bank customer.
    • Your home and business addresses.
    • Your phone number(s) — home, business, and cell phone.
    • Your employment information and occupation.

Some elements that are crucial to building a credible business presence in the U.S. are:

  • A U.S. corporation or LLC, which carries tax benefits and ensures compliance.
  • A physical U.S. address, which builds banking credibility and trust from consumers.
  • A U.S. bank account, which allows you to process payments and carries merchant fee advantages.

Roadblocks to Getting a U.S. Bank Account

It’s important to note that the U.S. has passed laws that place restrictions on nonresidents and non-U.S. businesses opening U.S bank accounts. These laws were passed to block criminal activity and international money laundering.

The Patriot Act, passed in the wake of the 9/11 attacks, makes it difficult for certain non-U.S. residents to open bank accounts in the U.S.

The Patriot Act calls for any person opening a bank account to pass the required anti-money laundering and anti-terrorism checks. The Patriot Act makes it extremely difficult, if not impossible, to open a U.S. bank account for people from Afghanistan, Burma, Iran, Iraq, Liberia, North Korea, Sudan, Western Balkans, and Zimbabwe. It is also near impossible for people whose names are on the Office of Foreign Assets Control’s list of blocked companies or people.

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