Like any organization, small businesses require resources and support to function, produce, and thrive – especially when market conditions are not ideal. Experienced small business owners know that keeping a small company running through phases of market volatility is too great a gamble without accessing a number of financial products from their local lender.
Seasonal shortages in demand, supply problems, and meeting the capital conditions of a rare business opportunity require entrepreneurs to have access to a lender who they trust, and have a history with. But not all financial institutions are created equal. Some are more or less risk averse, some prefer lending to specific types of businesses, and all of them have their own policies and terms.
So it’s clear that a bank that’s right for one small business, would not be a good fit for another. In the interest of helping small business owners find the financial institution that’s right for them, here are the top ten best banks for small business accounts.
Top 10 Small Business Bank Reviews
10. U.S. Bank
With a host of consumer banking, mortgages, loans as well as a range of small business financing services, U.S. Bank is serving entrepreneurs in all 50 states. They offer checking, savings, financing, credit, employees services, and payment acceptance. They also offer a series of specialized business financing packages for new small business owners to choose from.
Featured Service: Maximized interest savings via their “Business Savings Sweep.”
9. TCF Bank
With branches all across the southeast and southwest, TFC offers a wide range of commercial and retail banking products. They also provide equipment financing, leasing, and automobile financing in every state. Both reliable and well funded, TFC delivers consistently superior service by working directly with their customers to help them achieve their goals. They provide checking, credit cards, money markets, and personal loans
Featured Service: Unsecured & secured business credit cards.
This leading small business bank has a long history as a trusted community financial services provider going back nearly 130 years. They are among the largest community banks in the southeast serving communities in Florida, Georgia, South Carolina, Tennessee, and Alabama. They offer a wide range of services, including wealth management and corporate banking.
Featured Service: Dynamic & effective payroll services.
With over $200 billion in assets, the Atlanta-based SunTrust bank is easily among the top banks in the country. Having strategically located many of their branches within measurably growth-conducive markets, SunTrust has removed a lot of the risk from the industries it serves.
They focus on helping small businesses optimize their cash flow. SunTrust has a sterling reputation as a great bank to work with for simple business checking and savings purposes, and their streamlining capabilities- like direct connect with Quickbooks- are a real time saver.
Featured Service: Secure, comprehensive cash management system.
This community banking group serves clientèle both nationally and regionally. They specialize in providing a localized presence to the people and organizations they serve. That means you don’t have to wait as long- or go through as many hoops to talk to a human being when you’re looking for top-notch customer service.
FSG sets itself apart by working with the Small Business Administration in many of their accounts. Applying for SBA loans is a time-consuming process. That’s why FSA goes the extra mile to offer personal service. They do what it takes to let you know that they haven’t forgotten about you. SBA loans come with some significant advantages- but timeliness isn’t one of them. FSG has taken pains to make the wait less painful by offering a more human presence for their customers to interact with.
Featured Service: SBA Preferred Lender.
5. Citizens Bank
A fully independent traded financial organization with roots going back over 150 years, Citizen’s Bank reaches out to small business by offering a superior banking experience. By placing a fine point on high values, focusing on meeting customer expectations, and working directly with their customers to deliver truly customized products and services- Citizen’s bank has developed a loyal customer base over the years.
Featured Services: A comprehensive range of cash management services.
Part of JPMorgan Chase & Co., Chase represents the commercial and consumer outreach brand for this, frankly- ancient, financial institution. They have assets upwards of $2.5 trillion and an international presence. That means, global support. They are also renowned as one of the best banks for handling small business accounts. If you’re a small company and need to travel for business purposes, Chase’s global support capabilities and deep pockets might make them ideal for you.
Featured Service: Free debit cards for business checking accounts.
3. Capital One
Capital One reaches out to a wide range of small business types with flexible products and a host of services. They are a Fortune 500 bank and rank high on the list of banks with the largest amount of deposits. In addition to all of the usual lending services, they also offer investment options, and business management services. Support services like these make Capital One a great choice for new and inexperienced business owners who could use some extra support managing the details of finance.
Featured Service: Business-specific tools for maximized profit and cash management.
2. BMO Harris Bank
Founded in 1882, BMO Harris has a lot of experience providing valuable financial services to small businesses and startups. They have a wide range of personal banking products and over 600 branches in the Midwest. BMO offers business-specific products like lending, accounting, cash flow, and payroll products. Accounting is important to every business, but for those to whom fiscal accountability is an essential issue, BMO may be an ideal fit.
Featured Service: A range of business checking account options.
1. Bank of America
BofA has been an integral part of the North American banking system for over 200 years. Few companies survive beyond the 50-year mark, and you can’t enjoy longevity like that without providing a valuable service to the business community.
They offer competitive online banking and a host of commercial and consumer services. They are well known for their ability to serve a wide variety of financial needs through sophisticated offerings like Clover Solutions, the BofA Business Credit Card, and Cash Management Tools.
When it comes down to it, you would be hard-pressed to find a better bet than BofA. For certain nitch companies, there is probably a better fit with one of the other banks, but with BofA, you can be sure that they will have a solution that will keep your business afloat.
Featured Service: The comprehensive BofA cash rewards card for business.