Our editorial team is independent and objective. To help support our review work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Bankiful site. This site does not include all companies or products available within the market.

We also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content.

While we work hard to provide accurate and up to date information that we think you will find relevant, Bankiful does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.

Best Small Business Bank Accounts For 20 Employees or Less

Find the best business bank accounts for small businesses that integrate with popular apps, offer free checking and earn high-interest.
Best Small Business Bank Accounts

Over 99 percent of America’s companies are considered a small business according research by JP Morgan Chase Institute.

Of America's small businesses, 88 percent have fewer than 20 employees. Small business bank accounts that offer checking, savings, credit cards, funding, and merchant services can help small business owners stay legally compliant and protected while providing benefits to customers and employees.

Best Small Business Bank Accounts For 20 Employees or Less

1. Live Oak Bank – Best for Business Savings Earning 4.00% APY

Big banks offer high fees and low interest rates but with Live Oak Bank, small business owners get to save for their business with a high-yield business savings account. Business owners earn 4.00% APY on all balances, with no monthly fee or minimum balance required to start earning interest. Live Oak's APY easily beats other business savings accounts and is well above the national average for savings accounts currently at 0.46% APY, according to the FDIC.

One major benefit of the Live Oak business savings account is that customers can access up to $10 million in FDIC coverage through the bank’s Insured Cash Sweep service, which distributes funds across a network of FDIC-insured banks to maximize protection.

  • Industry-leading 4.00% APY
  • No monthly maintenance fees
  • No minimum balance requirements
  • Online and mobile banking
  • Integrates with Quickbooks
  • Access up to $10 million in FDIC insurance with Insured Cash Sweep

2. Novo – Best for Monthly Free Checking

  • Up to 95% faster payments with Novo Boost
  • No monthly fees or minimum balance requirements
  • Free ACH transfers and unlimited ATM fee refunds
  • Thousands of dollars in exclusive perks
  • Simple, easy-to-use mobile apps
  • Connections to thousands of business apps
  • Integrates with other small business tools
  • Refunds all ATM fees
  • Backed with FDIC insurance through Middlesex Federal Savings, F.A.

3. NorthOne – Best for Integrating with Business Tools

  • Unlimited fee-free transactions
  • Digital banking tools including unlimited Envelopes, bill pay and expense management.
  • Integrate with business tools, including QuickBooks, Shopify, Stripe, Square and Expensify.
  • Access customer support via in-app live chat, phone or email with extended hours.
  • $10 monthly fee, with no options to waive.
  • Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.

4. Axos Bank – Best for Welcome Bonus up to $400

Axos Bank offers a bonus up to $400 when you open a new Axos business checking account and maintain an average daily balance of at least $50,000 (use promo code NEW400 on your online application). Business account holders can use any ATM in the U.S. without incurring fees from Axos. If you’re charged a fee from the owner of the ATM, Axos provides unlimited domestic ATM fee reimbursements.

Where Axos Business Checking shines is the fee-free cash deposits, unlike other online banks that offer cash deposits only through Green Dot, a third-party that charges $4.95 per deposit. However, Axos business checking does fall short in the area of direct-integrated business tools or apps. It's a rather antiquated system that only integrates with Quickbooks.

Unlimited transaction fees lets you keep more money in your business
No monthly fees or minimum opening deposit
Unlimited fee-free transactions
Automatic refunds of all ATM fees (domestic)
Cash deposits via MoneyPass and AllPoint ATMs
Earn a welcome bonus of up to $400 with promo code NEW400
Standard FDIC insured up to $250K individual and $500K joint
Optional FDIC-coverage up to $175 million with Axos Bank InsureGuard+ Savings from IntraFi® Network DepositsSM

5. Found – Best for Low Transaction Fees

  • Unlimited fee-free transactions
  • Digital banking tools including unlimited Envelopes, bill pay and expense management.
  • Integrate with business tools, including QuickBooks, Shopify, Stripe, Square and Expensify.
  • Access customer support via in-app live chat, phone or email with extended hours.
  • $10 monthly fee, with no options to waive.
  • Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.

What you need to open most small business bank accounts

It's convenient it is to open a business account online, you'll only need basic information, including:

Personal information. Name, address, date of birth, Social Security number, and driver’s license or government-issued photo identification.

Business information. Business name, address, phone number and website, as well as your tax identification number (EIN or SSN for sole proprietors), business structure, industry, annual revenue, number of employees and years in business.

Business documentation. Articles of incorporation or other relevant business formation documents.

Best online savings rates

The national savings rate is 0.46% APY. This online bank pays way more.

CIT Bank

Platinum Savings
5.05% APY
/Month
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

CIT Bank

Savings Connect
4.65% APY
/Month
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

CIT Bank

6-Month CD
5.00% APY
/Month
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

© 2023 Bankiful.com All rights reserved.