Best Banks for Small Business in America
When choosing the best banks for small businesses in America, it's essential to consider factors such as customer service, fees, account options, and additional services tailored to small business needs. Popular choices often include institutions like Chase, Bank of America, and Wells Fargo due to their extensive branch networks and comprehensive service offerings.
Advertisement
Chase is renowned for its robust online banking platform and a wide array of business credit cards, making it a solid choice for tech-savvy entrepreneurs. Bank of America offers specialized small business advisors and flexible financing options, which can be highly beneficial for growing businesses. Wells Fargo provides various business checking accounts with low fees and numerous branch locations across the country. Other notable mentions include U.S. Bank, known for its excellent customer service, and Capital One, which offers competitive interest rates on savings accounts and business loans. Online banks like Axos and BlueVine are also gaining popularity due to their innovative digital banking solutions and low overhead costs, providing small businesses with unique financial tools and easy access to funds.
Chase BankView AllChase Bank - Chase Bank: Major U.S. financial institution offering diverse services.
U.S. BankView AllU.S. Bank - U.S. Bank: Major American financial services holding company.
Capital OneView AllCapital One - Capital One is a major U.S. bank and financial institution.
Bank of AmericaView AllBank of America - Major U.S. bank offering financial services globally.
Wells FargoView AllWells Fargo - Major American financial services company and banking institution.
PNC BankView AllPNC Bank - PNC Bank: Major U.S. financial services institution.
Navy Federal Credit UnionView AllNavy Federal Credit Union - Largest U.S. credit union serving military and their families.
TD BankView AllTD Bank - North American bank offering personal and commercial financial services.
BBVA USAView AllBBVA USA - BBVA USA: Former American bank, merged into PNC Bank.
Regions BankView AllRegions Bank - Regional bank offering financial services in Southern U.S.
Best Banks for Small Business in America
1.
Chase Bank
Chase Bank, officially known as JPMorgan Chase Bank, N.A., is a leading national bank and subsidiary of JPMorgan Chase & Co., one of the largest financial institutions in the world. Headquartered in New York City, Chase offers a wide range of financial services including personal banking, credit cards, mortgages, auto financing, investment advice, and business banking. With a vast network of branches and ATMs across the United States, Chase serves millions of customers and businesses, emphasizing convenience, security, and innovative financial solutions.
Pros
Wide network- diverse financial products
- strong customer service
- robust mobile app
- reliable security measures.
Cons
High fees- limited branch locations in rural areas
- occasional customer service issues
- and strict approval criteria for loans.
2.
U.S. Bank
U.S. Bank, officially known as U.S. Bancorp, is a leading American financial institution headquartered in Minneapolis, Minnesota. Established in 1863, it operates as the parent company of U.S. Bank National Association. Offering a wide range of services including banking, investment, mortgage, trust, and payment services, U.S. Bank caters to individuals, businesses, and government entities. Known for its robust digital banking platform and extensive branch network, it ranks among the largest banks in the United States by assets. U.S. Bank emphasizes customer service and financial innovation.
Pros
- U.S. Bank offers extensive branch network
- strong digital banking
- diverse financial services
- and competitive interest rates.
Cons
- High fees
- limited branch access in some regions
- slow customer service
- and less competitive interest rates.
3.
Capital One
Capital One is a prominent American bank holding company specializing in credit cards, auto loans, banking, and savings accounts. Founded in 1994 and headquartered in McLean, Virginia, it is one of the largest banks in the United States by assets. Known for its innovative approach to technology and customer service, Capital One has made significant strides in digital banking. The company is also recognized for its catchy marketing campaigns, such as the "What's in Your Wallet?" slogan, and its commitment to community service and financial education.
Pros
- No annual fees
- excellent rewards programs
- robust customer service
- and versatile credit card options.
Cons
- High interest rates
- limited branch access
- mediocre customer service
- and frequent fees are common complaints against Capital One.
4.
Bank of America
Bank of America is one of the world's leading financial institutions, offering a broad range of banking, investing, asset management, and other financial and risk management services. Headquartered in Charlotte, North Carolina, it serves individual consumers, small and middle-market businesses, and large corporations with a full suite of banking, investing, and financial products and services. With a global presence in over 35 countries, the bank aims to connect clients to the resources they need to achieve their financial goals.
Pros
- Strong financial stability
- extensive branch network
- diverse financial services
- robust digital banking
- and excellent customer support.
Cons
- High fees
- poor customer service
- frequent account issues
- limited branch locations
- and complex loan approval processes.
5.
Wells Fargo
Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California. Founded in 1852, it offers a range of financial products and services including banking, investments, mortgages, and commercial finance. Known for its extensive network of branches and ATMs, Wells Fargo serves millions of customers worldwide. Despite its significant market presence, the company has faced scrutiny and regulatory challenges in recent years due to various scandals. Nonetheless, it remains one of the largest banks in the United States by assets and market capitalization.
Pros
- Strong financial stability
- extensive branch network
- diverse financial products
- robust digital banking services
- and excellent customer service.
Cons
- Wells Fargo has faced scandals
- customer trust issues
- regulatory fines
- and complaints about customer service and fees.
6.
PNC Bank
PNC Bank, a subsidiary of PNC Financial Services Group, is a prominent American financial institution headquartered in Pittsburgh, Pennsylvania. Established in 1852, it offers a wide range of services including personal banking, corporate banking, asset management, and mortgage banking. PNC operates over 2,000 branches and nearly 9,000 ATMs across the United States. Known for its customer-centric approach, the bank provides innovative solutions like its Virtual Wallet and has a strong focus on community development and corporate responsibility initiatives.
Pros
- PNC Bank offers robust online banking
- diverse financial products
- strong customer service
- and widespread ATM access.
Cons
- High fees
- limited branch availability in some regions
- average customer service
- and occasional issues with mobile app functionality.
7.
Navy Federal Credit Union
Navy Federal Credit Union, established in 1933, is the world's largest credit union, serving over 11 million members, primarily from the military and Department of Defense communities. Headquartered in Vienna, Virginia, it offers a comprehensive range of financial services, including savings and checking accounts, loans, mortgages, and credit cards. Committed to member service and financial wellness, Navy Federal provides competitive rates, digital banking tools, and personalized support, aiming to meet the unique needs of its members through every stage of their financial journey.
Pros
- Navy Federal Credit Union offers low fees
- competitive rates
- excellent customer service
- and extensive member benefits.
Cons
- Limited branch locations
- membership restrictions
- and potentially slower customer service compared to larger banks.
8.
TD Bank
TD Bank, part of the Toronto-Dominion Bank Group, is one of North America's largest and most respected financial institutions. Headquartered in Toronto, Canada, TD Bank offers a broad range of services including personal and commercial banking, wealth management, and insurance. Known for its customer-centric approach, TD Bank operates over 1,200 branches across the United States and Canada. The bank emphasizes innovation, digital solutions, and community involvement, consistently ranking high in customer satisfaction and industry performance metrics.
Pros
- TD Bank offers convenient hours
- excellent customer service
- and a wide range of financial products and services.
Cons
- High fees
- limited branch locations
- occasional customer service issues
- and less competitive interest rates.
9.
BBVA USA
BBVA USA, previously known as Compass Bancshares, Inc., was a prominent U.S. banking organization headquartered in Birmingham, Alabama. As a subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria (BBVA), it provided a range of financial services including personal and commercial banking, wealth management, and investment solutions. BBVA USA operated numerous branches across several states including Texas, Alabama, and California. In 2021, it was acquired by PNC Financial Services, marking a significant consolidation in the U.S. banking sector and expanding PNC's footprint nationwide.
Pros
- BBVA USA offers comprehensive banking services
- competitive rates
- digital innovations
- strong customer service
- and extensive branch network.
Cons
- High fees
- limited branch access
- slow customer service
- outdated technology
- and frequent account issues.
10.
Regions Bank
Regions Bank, headquartered in Birmingham, Alabama, is a full-service provider of consumer and commercial banking, wealth management, and mortgage products and services. Founded in 1971, it operates over 1,400 banking offices and approximately 2,000 ATMs across the Southern and Midwestern United States. Regions is a member of the S&P 500 Index and is known for its commitment to customer service, community involvement, and financial education. The bank offers a comprehensive suite of financial solutions, including checking and savings accounts, loans, credit cards, and investment services.
Pros
- Regions Bank offers robust customer service
- extensive branch network
- competitive rates
- and a wide range of financial products.
Cons
- Regions Bank may have higher fees
- limited nationwide presence
- and mixed customer service reviews.