Best Banks for Small Business of 2021

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Our best banks for small business reviews are the result of over 40 hours of research on 35+ banks for small businesses from across the web. These reviews and our banks for small businesses guide help small companies and startups find the best bank for their small business.

The Best Banks for Small Businesses of 2021

Best Small Business Banking Badge

How We Chose the Best Banks for Small Business

There are so many banks offering small business services, it can be difficult to choose one that’s right for you. Each bank provides different services, including various checking accounts, investment options, loans and even credit cards. We evaluated banks on a variety of criteria, including some of the most important factors for many small businesses.

Find out how we chose the best banks for small businesses, and then, get the details on our top 14 choices below.

Transparent Fees

The cost of a bank account is typically wrapped up in the fees. Banks might charge monthly fees for your account if you don’t keep a certain minimum balance. They can also charge transaction fees for withdrawals, checks and other transactions, cash deposit fees and fees for issues such as overdrawn accounts. It’s important to understand the transaction fees so you know how much your account may cost you in the long run, and you can only do that if the bank is transparent about what they charge.

Minimum Balance

Some banks have a minimum balance requirement. This doesn’t mean your balance can never drop below that amount. It usually means that you might be charged a fee or higher fee if you carry a lower average balance during a month. If your account earns interest, you might also forfeit that interest or earn at a lower rate. We looked for banks that are transparent about minimum balance requirements, so you understand where you stand on this matter.

Monthly Transactions

Business banking accounts often limit how many transactions you can have in a given month before you’re charged extra fees. We looked for banks that offer a high number of monthly transactions without extra charges as well as those that don’t charge a lot for those extra transactions, relatively speaking.

The 14 Best Banks for Small Businesses of 2021

Axos Bank3 checking account options
3 savings account options
Business CDs
Visit Axos Bank
Bank of America2 checking account options
2 savings account options
Business CDs
Business loans
Business lines of credit
Credit cards
Visit Bank of America
BBVA USA3 checking account options
2 savings account options
Business loans
Business lines of credit
Credit cards
Capital One2 checking account options
1 savings account option
Business CDs
Business loans
Business lines of credit
Credit cards
Visit Capital One
Citizens3 checking account options
1 savings account option
Business CDs
Business loans
Business lines of credit
Credit cards
Visit Citizens Bank
Consumers Credit Union1 checking account option
1 savings account option
Business CDs
Business loans
Business lines of credit
Credit cards
Visit Consumers Credit Union
KeyBank3 checking account options
3 savings account options
Business CDs
Business loans
Business lines of credit
Credit cards
Visit KeyBank
Live Oak Bank1 savings account option
Business CDs
Business loans
Visit Live Oak Bank
M&T Bank4 checking account options
3 savings account options
Business loans
Business lines of credit
Visit M&T Bank
Navy Federal3 checking account options
2 savings account options
Business CDs
Business loans
Business lines of credit
Credit cards
Visit Navy Federal Credit Union
TD Bank4 checking account options
2 savings account options
Business CDs
Business loans
Business lines of credit
Credit cards
Visit TD Bank
The Huntington National Bank4 checking account options
2 savings account options
Business CDs
Business loans
Business lines of credit
Credit cards
Visit The Huntington National Bank
US Bank4 checking account options
4 savings account options
Business CDs
Business loans
Business lines of credit
Credit cards
Visit US Bank
Wells Fargo4 checking account options
2 savings account options
Business CDs
Business loans
Business lines of credit
Credit cards
Visit Wells Fargo

Axos Bank

Axos-Bank Logo
Axos is an online bank, which means you won’t have access to walk-up branches. If you’re the type of business owner who likes to sit down with people to discuss financial matters, this may not be ideal. However, the benefit of an online bank is that you can often save money on fees and other costs because the bank isn’t covering overhead such as buildings and tellers.

Axos offers service lines for individuals and businesses, and accounts can be covered by as much as $150 million in FDIC insurance. The bank has offerings for small businesses as well as corporations and larger organizations, which is good. This means that it’s not trying to shove small business banking into a square meant for corporate banking pegs.

Some services Axos Bank provides include basic business checking, business interest checking, business savings, business money market accounts, business CDs and CDARS, mobile banking and online banking. It also works to assist businesses with merchant services, such as POS terminals and PCI clearance.

Pros & Cons of Axos Bank
Axos Bank is a digital bank, which means there aren’t branches. That can be a downside when you want to hash out an issue with someone and need to rely on chat or telephone support. But online banking is convenient and can save you money, and Axos Bank offers a wide range of services with ample FDIC insurance for peace of mind.

>Online and mobile banking for convenience
>Ample FDIC insurance
>Wide range of business services
>No branches
>Potentially slow deposit clearing times

What Customers Are Saying
Many customers report that they love Axos Bank and find it convenient and easy to deal with. However, some customers have said they experienced delays in deposits and in getting issues resolved through customer support.

Bank of America

Bank-of-America Logo
Bank of America is an enormous financial provider that offers a wide range of business banking solutions. It offers a line of options specifically for small-business clients, including checking accounts and ways to manage suppliers and payments. Some checking account options include the Business Fundamentals Checking, which includes mobile and online banking, business debit card and savings account options, and the Business Advantage Checking, which includes all features from the Fundamentals as well as QuickBooks integration, no-fee stop payments and a second business checking account among other features.

Business accounts with Bank of America also grant you access to Zelle. This is a digital way to send and receive payments. You can get money in minutes or send it to business partners or vendors.

And since Bank of America is a national financial institution, it’s likely you’ll be able to find a branch in your region or when you travel to other areas.

Pros & Cons of Bank of America
Bank of America is a well-recognized name that can help create trust in your business. It also has plenty of resources to ensure a wide range of banking options that can support your business as it grows. However, it is a large corporation, and you won’t be one of the most important customers if you’re a small business. If you’re looking to be a big fish in a small pond, this may not be the ideal choice.

>Plenty of branches and resources
>Options for a variety of business banking needs
>Potentially high fees

What Customers Are Saying
As with most large banks, customers have had every type of experience possible with Bank of America. Some reviewers love the bank and its financial products and especially like all the options offered. Others report having unsatisfying experiences with customer support or issues with accounting mistakes that needed to be corrected.


BBVA stands for Banco Bilbao Vizcaya Argentaria. This is a Spanish-owned conglomerate, but BBVA USA is a bank that is headquartered in Alabama. Branches are located primarily in states that include Texas, Florida, New Mexico, Alabama, Colorado, California, Arizona and Alabama, so you do need to ensure that this bank has a presence in your state or city before you choose it.

Like many other banks on this list, BBVA USA offers services for personal banking and business banking, with a special line of products for small businesses. That includes checking, savings, lending, credit cards, merchant services and specialty programs such as fundraising.

You can also opt for the Business Professional Program. This option includes the financial services professionals in niches such as engineering, law, insurance, accounting, consulting and architecture might need. That includes a business account, credit card and special loan pricing.

BBVA USA offers three checking accounts for small businesses: Business Connect Checking, Business Choice Checking and Business Premium Checking.

Pros & Cons of BBVA USA
BBVA USA isn’t located throughout the country, which means that you may be limited on the ability to work with this bank depending on where you live. Some people may also not want to bank with a company that’s internationally owned. However, if you can work with this bank, it offers some decent perks, especially if you qualify for one of the specialty programs.

>Plenty of business banking choices
>Packages for professionals in certain niches
>Large numbers of transaction fees allowed
>No presence in many states

What Customers Are Saying
Customer reviews of BBVA USA indicate that the bank has a lot of clients who have been satisfied for years or even decades. Negative reviews, when they do get posted, tend to be about fees and long wait times when dealing with customer support.

Capital One

Capital-One Logo
Like Bank of America, this is a large bank with branches in many cities, making it more likely you’ll be able to talk to someone in person when you open your accounts or ever have an issue in the future. Many people might know Capital One as a credit card company, but it also offers a wide range of banking products, including checking accounts and loans.

Business banking services offered include savings and checking accounts, merchant services and lending. Capital One does play to its strengths by offering a range of business credit cards. They’re called Spark cards and include both cash back and miles options. For example, the Capital One Spark cashback card has three versions with cash back of 2%, 1.5% or 1%, depending on which one you can qualify for.

Capital One’s business checking accounts include basic and unlimited options. However, these business checking accounts are not available in all areas, and you may need to have a local branch to qualify. Different options might be available in some areas.

Pros & Cons of Capital One
Capital One has a lot to offer, especially if you’re looking for a large financial services provider that can offer accounts as well as credit. The Spark credit cards can be a way to save money or earn points on business purchases, for example. But Capital One banking services aren’t available in all areas, and they are a huge company, so you may not get the personalization you desire.

>Large bank with many resources
>Options for lines of credit or credit cards
>Merchant services are an option
>Not available in all areas
>Potentially high overdraft fees

What Customers Are Saying
As with any large bank, Capital One has both fans and detractors. Fans love the plentiful options and expert service. Those who don’t care for the banks cite the lack of branches outside of certain areas and the fact that you have to work through bureaucracy for some things.


Citizens Logo
Citizens Bank offers a variety of services for businesses of various sizes, including banking and credit cards, loans, cash flow management tools and investing. You can apply for business checking accounts, credit cards, money market and CD accounts and online and mobile banking.

Business checking options include Clearly Better Checking, Business Advisor Checking and Citizens Analysis Business Checking. The Clearly Better Checking is the product designed for small businesses. It comes with $0 monthly maintenance and up to 200 checks per month. After that number, you pay 50 cents per check. There’s no minimum monthly balance.

Citizens has more than 1,000 branches and more than 3,000 ATMs, so if you have branches in your region, it should be easy to find one nearby. But your checking account does come with online and mobile access for greater convenience.

Pros & Cons of Citizens
Citizens Bank offers a wide range of business services and several checking accounts to choose from. It also has plenty of branches and ATMs, which can help with managing your business finances. If you opt for the small-business checking, you’re limited to 200 transactions before you begin paying a fee.

>Multiple account options
>More than 1,000 branches
>Many features for small businesses
>You pay a fee after certain number of transactions

What Customers Are Saying
Customers appreciate the quality options available from this bank and the fact that it’s big enough to support certain resources. However, several client reviews note that the bank is large, and that means they don’t need every customer and may not treat small-business customers as a priority.

Consumers Credit Union

Consumers-Credit-Union Logo

Consumers Credit Union has 21 offices and over 300 employees located in Michigan, and their members have fee-free access to over 30,000 ATMs nationwide.

If your company needs funding fast, then you should consider their Small Business Express loans. It only takes 30 minutes to apply, and you’ll be able to access your funds within days if approved. The maximum amount of funding with this option is just $50,000, though.

For more funding, check out their Small Business Administration (SBA) loans. These are guaranteed by the federal government, and the loan amounts go all the way up to $5.5 million.

Pros & Cons of Consumers Credit Union

Consumers offers a variety of useful services to small businesses. In addition to their loans, they also provide lines of credit, checking/savings accounts, retirement plans, and much more. The only con is that you need to be based in Michigan in order to become a member.

>Wide variety of small business services>Only available in Michigan

What Customers Are Saying

Many of their clients report that they previously had bad experiences with big banks, and they found that this regional credit union was able to provide them with much better service.


KeyBank-National-Association Logo
KeyBank is one of the top 20 largest banks in the United States. It offers checking, savings, investing and other financial services to individuals and businesses. Business checking accounts include Basic Business Checking, Business Interest Checking and Business Reward Checking.

The Basic Business Checking offers 200 free transactions every monthly statement cycle, online bill payment and a waived maintenance fee if you keep a minimum balance of $1,000. You can also get your fee waived if you have a total balance of $10,000 across all accounts and lines of credit with the bank. For sole proprietors, the total minimum balance requirement can include personal accounts.

Other business banking services provided by KeyBank include loans, a rewards Mastercard, wire transfers, automated tax payments, electronic invoicing and ebilling and health savings accounts.

Pros & Cons of KeyBank
KeyBank offers some great products for businesses of all sizes, including a checking account that’s easy to maintain as a free option if you keep just $1,000 in it or $5,000 total. The ability to combine your personal and business accounts makes this even easier. However, KeyBank is a large organization, so if you don’t read the fine print on all agreements, you may find it difficult to get an issue resolved later.

>Combine personal and business accounts to meet minimums
>Rewards credit card offers
>Many options for business cash management services
>Fees after 100 to 200 transactions

What Customers Are Saying
Customers like many of the offerings from KeyBank, including the options for business checking. They also like that they can use their personal balances to qualify for no monthly maintenance fees. However, many reviews do note trouble with customer service when they have an account problem.

Live Oak Bank

Live-Oak-Bank Logo

Live Oak is a digital, cloud-based bank with no branches, tellers, or ATMS. Live Oak serves small business owners in all 50 states and is the leading SBA and USDA lender by dollar volume* in the country. Live Oak offers FDIC-insured banking products that help customers buy, build, and expand their business, along with high-yield savings and CD products to grow their hard-earned money. Their mantra is to treat every customer like the only customer and their mission is to be America’s small business bank.

* The data supplied by the SBA reflects 7(a) highest dollar volume during FY 2020. The data supplied by the USDA for the highest dollar volume during FY 2019.

Pros & Cons of Live Oak Bank
Live Oak Bank makes a business model out of providing small business loans, which means you may be able to find assistance here if other banks don’t have options for you. However, the bank doesn’t offer checking at all, and it’s known to sell its loans, so realize that you might be dealing with a new service provider shortly after you begin paying back a loan.

>Specializes in small business lending
>Options for no minimum savings accounts
>No business checking accounts
>Lack of branches means less options for face-to-face assistance

What Customers Are Saying.
For the most part, customers seem to like dealing with Live Oak Bank, especially for loans. They find the processes fairly easy to understand and like the flexibility of the bank’s mobile app. They don’t care for the fact that the product options are so limited outside of loans.

M&T Bank

M_T-Bank Logo
M&T Bank has more than 700 branches located mostly in the mid-Atlantic and north east. Branches are found in Connecticut, West Virginia, Virginia, Pennsylvania, Delaware, Maryland, New Jersey, New York and Washington D.C. The bank has a long-standing history of profitability, which is good on one hand because it supports ongoing solvency and the knowledge that the bank is well-run. It might, however, mean that customers are more likely to pay fees here.

The bank provides business checking, business credit cards, cash flow management, business financing, digital banking and merchant services. Checking account options include Simple Checking for Businesses, Tailored Business Checking and BizFlex Checking. All require a minimum total ledger balance every month to waive maintenance fees. The Simple Checking option only requires $2,500 in minimum balance; the other two require $10,000 and $50,000, respectively. However, you can also get the fee waived on your Simple Checking account by having five transactions completed in the month. You get 100 transactions for free every month with that account.

Pros & Cons of M&T Bank
M&T Bank has a solid reputation for good business practices and offers a number of financial options for small businesses, including merchant services. It’s relatively easy to meet requirements for waiving fees on a small business account. However, larger transaction volumes can lead to more expense.

>Waive monthly fee with only a few transactions
>Automations and mobile accounts
>Options for merchant services
>Limited options for very small businesses
>Branches not available outside of mid-Atlantic and lower Northeast regions

What Customers Are Saying
Customers like the offerings of M&T Bank and the fact that you can easily get your monthly maintenance fees waived simply by handling routine business tasks. They don’t care for the phone support options and some of the other fees that can accrue.

Navy-Federal-Credit-Union Logo
Established in 1933, Navy Federal Credit Union is the largest credit union in the world, serving over 9 million members globally. Membership is open to all branches of the armed forces, veterans, and their families.

Navy Federal Business Solutions provides products and services for small businesses. Basic Business Checking includes no monthly service fees, 0.05% APY, and the ability to add two signers. You can also opt for Business Plus or Business Premium Checking. These accounts come with a monthly service fee, but you can get unlimited signers and higher APYs with both Plus and Premium checking accounts.

Business savings accounts, money market accounts, business lines of credit, real estate loans, business term loans, and business credit cards are among the other products available through Navy Federal Business Solutions. It also offers mobile banking and a business education center, including resources for veteran business owners.

Pros & Cons of Navy Federal Credit Union
Navy Federal Business Solutions offers a number of resources you may not find at other large banks, including educational resources and assistance for managing financial matters. It also has a small business checking option with no monthly service fee. You must be a member of Navy Federal Credit Union to open a business membership with Navy Federal Business Solutions.

>Options for nearly free checking
>Financial education for vets
>Low fees and competitive dividends
>Limited eligibility for membership
>Limited free transactions on checking

What Customers Are Saying
Reading through reviews, you’ll find that many people have had positive experiences with Navy Federal Credit Union. Customers like the products offered and say that branch service is friendly. When things get complex, reaching out to someone on the phone can be a bit difficult for some.

TD Bank

TD-Bank Logo
TD Bank is one of the top 10 largest banks in the nation, and that’s true whether you count the total assets of the bank or how much it holds in deposits. The bank has branches in 15 states, mostly located along the East Coast. Its parent company is the Canadian Toronto-Dominion Bank.

The bank offers personal, small-business and commercial product lines. It’s small-business products include checking, lines of credit, loans, credit cards, health care financial services and merchant solutions. Checking account options include Business Premier, Business Convenience Checking Plus and Business Simple Checking.

The Simple Checking option is designed for smaller businesses. It offers up to 200 free transactions and $5,000 free cash deposits. There is no minimum monthly balance, but you pay a $10 fee regardless. The Convenience Checking Plus includes an option to waive the monthly maintenance fee with a $1,500 minimum balance on average and you get up to 500 free transactions, making this a potentially better option for growing businesses.

There’s also an option for checking that earns you interest if you can keep fairly high minimum balances.

Pros & Cons of TD Bank
TD Bank offers a number of products for businesses, including merchant solutions and health care finance options. You can choose from several small-business checking accounts, although the most basic option comes with a fee no matter how much you carry in average monthly balances.

>Several options for business checking
>Merchant solution options
>Plenty of branches along the East Coast
>Most basic business checking always comes with a fee
>Not many branches outside of East Coast

What Customers Are Saying
Reviews on TD Bank are fairly average. People like the security of banking with a large company, and they typically can find a product that meets their needs. But some reviewers don’t care for the corporate environment and the fact that the bank doesn’t have branches outside of the East Coast region.

Huntington National Bank

The-Huntington-National-Bank Logo
Huntington National Bank is in the top 40 banks in the United States by size and is headquartered in Ohio. It has more than 900 branches in states including Ohio, Michigan, Indiana, Pennsylvania, Illinois, Kentucky and West Virginia. It’s one of the top originators of loans backed by the Small Business Administration in the country.

In addition to robust business loan products, the bank offers business checking and savings accounts, CDs, money market accounts, merchant services and business credit cards. Options for business checking include Unlimited Plus Business Checking, Unlimited Business Checking, Business Checking 100 and Business Analyzed Checking.

Unlimited Plus and Unlimited accounts offer unlimited transactions, and Business Checking 100 offers up to 100 free transactions every month. The 100 account option doesn’t come with a monthly maintenance fee. Fees can be offset in other accounts by maintaining sizable minimum balances. You can choose from several bonus services with premium accounts; the basic account comes with a free 120-day trial of a fraud protection tool.

Pros & Cons of the Huntington National Bank
Huntington National Bank specializes in offering small business loans, which can be helpful for businesses that are looking to grow. It offers several options for small business checking. However, many of the options require large minimum balances — $10,000 or $50,000 — to get the most benefits.

>Expert small business lending
>Customizable checking options
>Merchant services
>Large minimum balance requirements on some accounts
>No branches out of Midwest
>Free checking option only allows up to 100 transactions before fees kick in

What Customers Are Saying
Customers like many of the convenience options offered by this bank, including mobile and online banking and bill pay. They also like the overdraft protection, but some customers report having issues understanding the fine print related to some of these features.

US Bank

US-Bank Logo
US Bank is another huge banking provider, regularly making the list of top banks by size in the United States. It offers a wide range of services for individuals and businesses, including checking and savings accounts, lines of credit, credit cards and investments. Business services also include merchant services, remote deposit capture, mobile banking, tax payments and prepaid expense cards.

Business checking accounts include Silver, Gold, Platinum and Premium options. Free combined transactions per month range from 125 to 500+ depending on which option you choose, and fees can range from $0 to $30 for maintenance. The Silver plan doesn’t come with a monthly maintenance fee, and the other accounts can include fee waivers if you carry a high enough average balance. The checking accounts also come with other services, including a business money market account, card payment processing and a personal checking account.

Pros & Cons of US Bank
Since this is such a large bank with so many specialties, you can do all your banking here without finding yourself limited to products. In fact, many of the products include crossover benefits with extras for personal banking built into some business checking accounts. But the downside is that this is a large bank, and you won’t get the type of personalized experience you might with a smaller local option.

>Numerous product options
>Built-in perks such as money market accounts
>Free checking option for businesses with small transaction volumes
>Perks on non-basic accounts may require large minimum balances

What Customers Are Saying
For a large bank, US Bank has fairly good overall reviews. People tend to like the products offered and the flexibility of working with a bank with so many resources. As with most large financial organizations, the less stellar reviews tend to relate to customer service issues or mistakes on statements.

Wells Fargo

Wells-Fargo Logo
Wells Fargo is another bank making the top five list with regard to size. It’s also in the top 50 of the Fortune 500 list for its revenue. It has more than 8,000 branches across the nation, due in part to numerous mergers and acquisitions, and more than 13,000 ATMs.

The bank offers a wide range of financial services for individuals, small businesses, and commercial organizations. Small-business products include checking and savings accounts, loans and lines of credit, credit cards, merchant services and payroll services.

Business checking accounts include Simple Business Checking, Business Choice Checking, Platinum Business Checking, Analyzed Business Checking and potential other options depending on where you are located. The Simple Business Checking account offers up to 50 transactions without fees each month. A $10 monthly service fee is waived if you carry an average minimum balance of just $500.

Pros & Cons of Wells Fargo
Wells Fargo is a large bank with plenty of resources, and it offers a number of business financial products to choose from. However, it does have an unfortunate recent history of problematic account management in some areas, so you do need to ensure you keep an eye on all statements.

>Many business financial services
>Low minimum average balance requirement
>Merchant services
>Low number of free transactions on some accounts
>History of account errors

What Customers Are Saying
Customers like the options afforded by Wells Fargo, and many report being happy with the service provided at local branches. However, others do note that they’ve had mistakes on statements in the past and advise keeping an eye on your accounts regularly.

What Are Banks for Small Business?

Banks for small businesses are often just traditional banks. That means they offer a wide range of services, including personal and business checking, savings and loans. Some may be online banks, which means there aren’t branch locations. Instead, you manage your account via mobile apps and computer portals. In some cases, you might find banks that specialize in business accounts and don’t offer personal options.

When choosing a bank for your small business, you might be tempted just to stick with the bank you know. And while you might get some benefits from holding multiple accounts with the same bank, it’s definitely a good idea to look at your options. The bank that’s best for your personal accounting might not offer the best options for your business. In some cases, you might be banking with a small credit union that’s perfectly able to support your personal needs. But it might not have the resources to help you manage and fund your business growth.

Benefits of Banks for Small Business

One of the obvious reasons to use a bank is that you can keep your money in a safe, secure account and easily access it if you need it. Some specific benefits can include:

  • FDIC insurance. If your bank is FDIC approved, your deposits are covered up to a certain amount should the bank fail. That can provide peace of mind for your small business.
  • Financial expertise. When you work with a bank that offers small-business service lines, you may be able to access financial professionals that can help guide you as you start your company and grow it.
  • Loans and credit. If you’re known to a bank because you have been an account-holder in good standing for a while, you may be able to get loans or credit lines that wouldn’t be as easy to get if you simply applied to a bank that didn’t know you.
  • Greater range of services. Banks that offer business accounts typically have a wide range of services to offer, which means you can get help with a variety of business financial needs. For example, you may be able to get a business debit card with cashback rewards.

What to Look For in a Bank for Small Business

When shopping for small business banking solutions, transparency is definitely important. As previously mentioned, you want to make sure that your bank is up front about all fees and requirements and that you understand then. If the fee schedules or other documents provided to you seem full of doublespeak or legalese that you can’t follow, that can be a bad sign. And if someone at the bank isn’t willing to spend time with you, answering your questions and ensuring you feel comfortable with the services, that might not be the best bank for you.

Some other things to look for in a bank for your small business include:

  • Expertise and the willingness to share it. Find out if the bank offers complimentary services such as notaries, financial planning and investment set up.
  • A wide range of services. You can plan for the future, but business goals can change quickly as you grow. Make sure you choose a bank that has the resources and service lines to meet different needs as you evolve your business.
  • Excellent customer service. From customer support phone lines and tellers to loan officers, make sure the people who will help you manage your finances are known for being professional, efficient and accurate. You can read business reviews of various banks to get an idea about this factor.

The Cost of Banking for Small Business

Banking costs can be difficult to gauge. Transaction fees can range from a few cents to a few dollars, and the total cost depends on how many of those transactions you make. For example, if a certain type of transaction costs $5 with one bank but you know your business will only use it once or twice a year, that’s a negligible cost. But if something costs 50 cents each and you’re going to have that transaction 500 times a month, that cost starts to add up.

You may also pay a monthly fee if you don’t keep a certain amount in your account. That fee can range from a few dollars to $50 or more per month, with averages between $10 and $30 typically. This isn’t actually a huge expense, and if you need your money for other business endeavors, you may keep a balance under the minimum requirement for some months. Just make sure there aren’t other penalties for doing so, such as potential closing of your account if you run at below minimum for a certain amount of time, loss of interest earnings or forfeiting other benefits.

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