In this article, we’re sharing how to find the best banks for a small business in the United States.
This article is part of our free US business banking series on how to open a US business bank account for non-residents, which you can access right now by clicking here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Are the Best Banks for a Small Business?
- What Are the Benefits of Opening Accounts at the Best Banks for Small Businesses?
- How to Choose the Best Banks for Small Businesses?
- How to Open a Small Business Bank Account?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
What Are the Best Banks for a Small Business?
Best banks for small businesses in the United States include banks that specialize in financial services for small businesses, offer small business loans, and provide small business credit cards. These banks overlap with those offering banking services for entrepreneurs and banking for startups.
That said, every business is different and requires different business banking solutions. As a result, the specific bank and business account options that may match one business’ needs may not be suitable for another business.
Likewise, while certain businesses may only be looking for business checking accounts, others may be seeking small business financing or only need access to business savings accounts.
And, while most banks will offer both business bank accounts, small business lending may be more challenging to find. So, narrowing in on the specific services that matter most to your business is critical when selecting where to open.
Of course, larger businesses requiring commercial banking services may be able to find services at these small business banks as well, However, in most cases, they will need to open with a different division of the bank to access the services they need.
In all cases, when deciding which banks are the best for a small business, you should look for business banking reviews and insights from banking experts on which banks best match your needs. To do this you can tap into a premium service like GlobalBanks USA and have our team assist you, or you can look for publicly available information.
It’s also important to understand the US filing requirements, specifically the types of forms you’re required to submit to the IRS, including Form SS4, which you can learn more about by accessing the link here.
What Are the Benefits of Opening Accounts at the Best Banks for Small Businesses?
There are a wide range of benefits to opening small business bank accounts with the best banks possible, including excellent customer service, low fees, streamlined transactions, and more.
To help you understand what you should be looking for from the best banks for small businesses, here’s a hit list of the key benefits that you can expect.
- Unique services catering to small businesses
- Bankers that understand the needs of small businesses
- Small business lending and credit facilities
- Competitive interest rates compared to the market
- Responsive customer service representatives
- Easy to access and use online banking
- Integration with your required merchant services
- Integration with third-party business applications (bookkeeping)
- Local support for your business in terms of growth
Of course, every business has different priorities. So, when choosing the best bank for your small business, you should aim to find one that matches your unique requirements.
Do You Want More USA Banking Insights?
Sign up here to receive our Free USA Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
How to Choose the Best Banks for Small Businesses?
To choose the best banks for small businesses, you should consider a few key variables, which include fees, deposits, payment cards, opening requirements, and more. We’ll break down each of these for you in greater detail below.
Bank Account Monthly Fees
Most banks charge monthly fees for small business bank accounts. However, certain banks may offer a way to eliminate fees by maintaining a high monthly balance in the account.
That said, whether you plan on maintaining a high balance or not, you should still compare monthly fees when deciding which bank is best for your small business needs.
Bank Deposit Requirements
Certain banks do require a specific deposit to maintain accounts. In most cases, this amount ranges between USD 1,500 and USD 2,500. However, if you are looking for banks as a foreign non-resident owner of a US business, you need to open accounts remotely, the requirement can be between USD 25,000 and USD 100,000.
Access to Debit and Credit Cards
One of the most important services that businesses require is access to their money through debit and credit cards. While debit cards are available through all major banks in the United States, credit cards are less common for new businesses.
Depending on the age and credit history of the company, you may need to use your personal credit history to qualify. If having access to a credit card is important for your business, you should confirm that this is an available option before applying for an account.
Specific Bank Account Opening Requirements
Lastly, each bank will have its own specific bank account opening requirements. This is especially true for foreign non-resident individuals looking to open business bank accounts for their US LLCs.
In all cases, you should confirm the specific requirements and know what an EIN is and if it is required when applying to open an account. This will ensure that you only apply to banks where you can realistically open, saving you time, effort, and money.
How to Open a Small Business Bank Account?
To open a small business bank account with one of the best banks in the United States, you first need to choose which bank you want to open with. To do this, you will need to review the bank’s account opening requirements and confirm that you can actually open an account.
Of course, if you are a foreign non-resident business owner looking to open an account for a US LLC remotely, you will have fewer options available. However, it is possible to open US bank accounts, including 100% remotely.
That said, the specific requirements will vary depending on the type of business you have, the services you require, and the residency status of the business owners.
With this in mind, here’s a quick look at the different requirements you should expect when opening accounts with the best bank for your small business account.
Requirements for Opening Small Business Bank Accounts
- Government-issued ID for the members (or shareholders)
- Proof of address for the members (or shareholders)
- Corporate documents for the entity opening accounts
- Proof of address for the entity
- Description of business activities
- Domain of the business’ website
- In-person interview (not always required)
- Qualifying deposit (varies by bank)
If your business is engaged in higher risk activities or the individuals involved in the business have characteristics that make them higher risk in the eyes of the bank, additional information may be requested during the account opening process.
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into where the best banks for small business are. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Type of Bank Account Should I Open for My Business?
The type of bank account that you should open for your business will depend on the specific needs of your business, your priorities, the activities that your business engages in, and more. That said, if you have a basic operating business that engages in local activities, you should look for the best business banking option in your local community that will meet your needs at a reasonable price.
Who Is the Best at Business Banking?
The best business banking option in the United States often depends on where you live and who you ask. That said, if you have a business that operates across state lines, you may find that one of the larger national banks is best to serve your needs.
What Do Small Businesses Look For in a Bank?
Small businesses typically look for a bank that has specialized small business banking services, offers small business financing, credit cards, and merchant services. That said, small businesses also want the same services that anyone else desires from a bank, including excellent customer service, smooth transactions, consistent online banking, and bankers that understand their needs.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
