Best Small Business Bank Accounts for 2022

Frank Silva
Community Growth & Operations, rebank
4
minutes

The best small business bank accounts for 2022 covering rewards, business checking, interest-bearing, and spend management. 

Running a business requires good financial management, so it's important to find the right banking system for your business. There are many types of bank accounts and hundreds of different banks to choose from, especially for small businesses—and there isn't just one type of bank account for everything. There’s a whole ocean of financial institutions ready to offer you the next best thing.

So, how do you decide which is the golden nugget amongst the sea of rocks? Here’s our pick of the best small business bank accounts for 2022.

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Best small business bank account for rewards

Brex is ideal if you’re looking for rewards for everyday banking. While not a bank account in the strict sense, their all-in-one platform allows you to offset your card expenses by earning rewards. Banking with Brex means you’ll be able to earn big with their multipliers and accumulate partner perks worth over $150,000.

You can select the type of rewards you’d like to gain too, such as transferring points into miles at a ratio of 1:1 with top airlines as well as convert your purchases into crypto rewards. Finally, there are no transactions or account fees with Brex.

Best small business bank account for online checking

Novo is a completely online bank which is great if you don't need to bank in person and can manage your finances online. Novo’s business checking account has a lot to offer a small business including account syncing with popular merchant tools such as Stripe, Zapier, Shopify, Xero, and others. You’ll be rewarded for linking your Novo and Stripe accounts with up to $20,000 in fee-free credit card transactions. Additionally, Novo sign-up perks can range from $3,000 in Google Cloud credits, $150 towards your first Google Ads spend, and 40% off the first six months of QuickBooks Online.

You initially need to deposit a minimum of $50 when you sign up after which you won’t have any additional fees to pay. You won’t be charged an overdraft fee, however, there’s a nonsufficient funds fee of $27. What’s more, you can use your Novo debit card at any ATM and all fees incurred will be refunded at the end of the month including international fees.

Novo’s online checking account is one of the best small business bank accounts because it allows you to deposit checks via your mobile. However, it’s important to note that there’s no easy way to deposit cash, but that may not be an issue if you’re a predominantly online business.

Best small business bank account for earning interest on your checking balance

Nbkc has a lot to offer small businesses and startups. Their business account has no fees for incoming domestic wire transfers, stop payments, bill pay services, and e-statements. They also offer other accounts including money market and business certificate of deposit accounts.

Their business certificates of deposit (CD) account has eight different term lengths ranging from fourteen days to five years. You can earn 0.10 to 0.30% APY and, naturally, the longer the term the higher the interest rate. To open a CD account with nbkc, you’ll first need to open an nbkc business account to be eligible. Furthermore, it’s important to note that all nbkc CDs require a $1,000 minimum deposit. 

Best small business bank account for spend management

Ramp is ideal if you’re looking to manage your spending using their finance automation platform designed to save you time and money. You set your spending policies and Ramp does the rest. Plus, You can receive cards for you and your employees that have built-in controls for you to manage responsible spending. Finally, you can earn 1.5% cashback with every purchase you make on your Ramp card meaning you can save money on your spending as well.

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Best corporate card for small businesses 

Jeeves is a corporate card that’s tailored specifically for startup businesses. Although not a bank card in the traditional sense, their all-in-one expense management card enables you to pay for anything anywhere, no matter the currency. You can sign up easily with a quick approval process and have instant access to a high spend limit. What’s more, Jeeves make good on their promise of no fees, interest rates, or personal guarantees so you don’t get hit with unexpected add-on costs when you make purchases.

Best overall small business bank

Mercury is an online banking platform aimed at small businesses, promising a streamlined onboarding process, with the possibility of opening an account in as quickly as 30 minutes. Requiring no minimum deposit or charge transactions fees, they provide both a business checking account and business savings account for no monthly fee.

Mercury also allows full developer API access, to automate and customize your financial dashboard as you wish. Including scalable digital tools that allow you to track transactions, the ability to create digital debit cards, and different layers of access for multiple users. In addition, companies that hold deposits over $250,000 can join the Mercury Tea Room, where you can invest in low-risk securities such as  Treasury Bonds, for a low-interest rate of return on any spare funds.

Choosing the best small business bank account for your needs: things to bear in mind

Make sure you thoroughly research which provider will be the best small business bank account for your specific needs. Consider the nature of the transactions you’ll be making. Are you looking to earn something back on the purchases you make each month? Will you have large sums of money sitting in your checking account that could potentially earn you interest? Do you require access to in-person services such as cash and cheque deposits and an expansive ATM network? Knowing these key elements will help inform which bank and account type is suitable for your business. 

To learn more, read our article about the different types of business bank accounts and their features.

Make sure you thoroughly research which provider will be the best small business bank account for your specific needs. Consider the nature of the transactions you’ll be making. Knowing these key elements will help inform which bank and account type is suitable for your business.

Frank Silva
Community Growth & Operations, rebank

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