Best business bank accounts in the US, for startups and small businesses

Are you a small business owner or a startup in the UK looking to expand to the US? Chances are, you’re here seeking the best business accounts in the US to receive international payments and make payments to suppliers or vendors with ease.

This is why we’ve put together this guide. Here, we provided a detailed roundup of some of the best business bank accounts in the US to consider.

If you plan to move your business to the US, you may need a traditional bank account. However, digital providers like Wise can help get your business running overseas from the jump, without a time-consuming set-up process. To easily send and receive international payments, consider using Wise Business, a versatile international payments platform that lets you receive money in 40+ currencies with local account details, including US dollars.

Get started with Wise Business 🚀

Best business bank accounts in the US: overview

Here’s a quick overview of the best business bank accounts you should consider in the US:

Bank/ Provider	Business account options	Key features	Monthly fees	Opening requirements
Chase	Checking - Complete Banking, Performance and Platinum Savings - Total, Premier Savings⁴ Chase Business Certificates of Deposit⁴	5,000 branches, 15,000+ ATMs¹ Up to 500 free transactions⁴ Free incoming wire transfers⁴	$10-$95 (depending on tier)⁴	EIN required⁵ Business ID proof ⁵ Initial deposit varies⁵
Wells Fargo	Checking - Initiate, Navigate and Optimize ⁹ Savings - Business Market Rate, Platinum, Time Account (CD)	4,000+ branches⁷ Foreign currency wire transfers⁹ Up to 250 free transactions⁹	$10-$75 (depending on tier)⁹	Business registration docs¹⁰ Credit history review¹⁰ $25 min. opening¹⁰
Bank of America	Business Advantage (checking) - Fundamentals, Relationship and Savings ¹² Business CDs (Multiple types)¹²	Extensive branch/ATM network Interest rate boosters (5-20%) $500 debit card purchase waiver	$16 - $29.95 (depending on tier)¹²	Federal tax ID/EIN ¹⁴ Personal ID ¹⁴ State formation documents¹⁴ $25 minimum opening¹⁴
Capital One	Checking - Basic, Enhanced and Premier¹⁷ Business Savings¹⁷	Free Capital One ATM deposits¹⁷ High savings APY (3.70%) ¹⁷	$15-$99 (depending on tier)¹⁷	Business federal tax ID¹⁹ Business license ¹⁹ Formation documents ¹⁹ Personal info verification¹⁹
Wise	Wise Business account and cards	Hold 40+ currencies Pay suppliers in 140+ countries Mid-market exchange rates, no fixed fees Built-in integrations	1 upfront fee of £45 to register	Business registration Identity verification (varies by jurisdiction)

Types of business accounts

Before delving deeper into the providers, it’s worth considering the types of business accounts available to ensure its capabilities match your organisation’s financial goals and priorities.

The common types of accounts are:

• Business checking accounts (equivalent of current accounts in the UK): Business checking accounts are highly liquid bank accounts specifically for receiving paychecks, paying bills, making purchases, withdrawing cash at an ATM, and managing your everyday financial transactions. In the UK, the equivalent of a US checking account is a current account.
• Business savings accounts: These are high-yield accounts that allow you to store excess cash and earn interest on your money. Unlike checking accounts that are used for frequent business transactions, savings accounts are designed for holding money that there’s no immediate need for. They are less liquid than checking accounts, meaning you can access
• Money market accounts: These are bank accounts that combine features of checking and savings accounts. This means you get access to high-interest rates on your account while also enjoying easy access to your money. For instance, it may come with a debit card or checks, which allow you to get access to your money easily.

Types of banks

It’s also advisable to know the different types of banks on offer depending on business needs and expansion goals. Each one has its advantages, shortcomings, and requirements.

• National banks such as Chase and Bank of America operate across multiple states and have a wide range of service offerings. However, they usually charge higher fees and require larger minimum balances if you want them to waive their monthly maintenance fees.
• Regional banks are mid-sized banks with branches in multiple states within the same region. While they don’t have the wider coverage like national banks, they specialise in having a deep understanding of their regional markets. They also offer more competitive products and fees. Aside from having limited geographical coverage, most regional banks also offer not a lot of services for international businesses.
• Community banks and credit unions are local banks that prioritise serving customers in a specific geographical area. They concentrate on serving local customers and understand the unique needs of their specific market area.
• Online/digital payment services are financial services that operate primarily on digital channels, which can often be more favourable for non-residents. Wise Business is a great example of a digital payment service.

1 - Chase

Chase is the U.S consumer and commercial banking of JP Morgan Chase & Co. (NYSE: JPM), a major global financial services firm with $2.6 trillion in assets and operations worldwide¹. Headquartered in New York, Chase has up to 5,000 branches and more than 15,000 ATMs for you to make deposits and get cash¹.

The bank offers a wide range of business bank accounts, ranging from Business Checking Accounts to Business Savings Accounts. Chase also offers a Business Certificate of Deposit account that allows you to save money at a fixed rate of interest for a fixed length of time.

Chase also supports both domestic and international wire transfers². Meaning you can send U.S dollars to a foreign bank or send U.S dollars to individuals or businesses inside the U.S.

Chase has a Trustpilot score of 1.2 out of 5.0 based on 2,000 reviews³.

Best for: Businesses of all sizes, from small companies to mid-sized and large companies.

Chase checking account

Here’s a rundown of the checking accounts Chase offers:

Feature	Chase Business Complete Banking®⁴	Chase Performance Business Checking®⁴	Chase Platinum Business Checking℠⁴
Monthly service fee	$15 (or $0 with waiver)⁴	$30 (or $0 with waiver)⁴	$95 (or $0 with waiver)⁴
Fee Waiver Requirements	$2,000 minimum daily balance incl. other options⁴	$35,000 combined average beginning day balance⁴	$100,000 combined average beginning day balance⁴
Checks & Deposits with Banker	0 - 20 transactions for free⁴ $0.40/each transaction after the first 20 ⁴	0 - 250 transactions for free⁴ $0.40/each transaction after the first 250⁴	0 - 500 transactions for free⁴ $0.40/each transaction after the first 500⁴
Wire Transfer Fees: (Incoming)	Domestic and international - $15 per transfer⁴	Domestic and international - $0 per transaction ⁴	Domestic and international - $0 per transaction⁴
Wire Transfer Fees: (Outgoing)	Domestic - $25-$35 per transfer⁴ International U.S. Dollar⁴ - $40-$50 per transfer⁴ International FX -$5 per transfer or $50 in branch. $0 per transfer if the amount is equal to $5,000 USD or more⁴	$0 for the 2 most expensive outgoing domestic wire transfers per statement period⁴ Domestic - $25-$35 per transfer⁴ International U.S. Dollar⁴ - $40-$50 per transfer⁴ International FX -$5 per transfer or $50 in branch. $0 per transfer if the amount is equal to $5,000 USD or more⁴	$0 for the 4 most expensive outgoing wires per statement period⁴ Domestic - $25-$35 per transfer⁴ International U.S. Dollar⁴ - $40-$50 per transfer⁴ International FX -$5 per transfer or $50 in branch. $0 per transfer if the amount is equal to $5,000 USD or more⁴ $0 for all wire fees when linked to Chase Private Client Checking, JPMorgan Classic Checking, or Private Client Checking Plus⁴
In-Branch Cash Deposits	$5,000⁴	$20,000⁴	$25,000⁴

Chase savings account

Here’s a walkthrough of Chase savings accounts:

Feature	Chase Business Total Savings℠⁴	Chase Business Premier Savings℠⁴	Chase Business Certificates of Deposit⁴
Monthly service fee	$10 or (or $0 with waiver)⁴	$20 (or $0 with waiver)⁴	No monthly service fee
Transaction Fees per month	0–15 items free⁴ 16+ $0.40/each⁴	0–30 items free⁴ 31+ $0.40/each⁴	N/A
Interest	Yes - earn interest on balance⁴	Yes - earn interest on balance⁴	Yes - fixed rate of return⁴
Transaction Limits	Standard savings withdrawal limits⁴	Standard savings withdrawal limits⁴	Penalty for withdrawing principal before the maturity date⁴
Minimum balance	Not specified	Not specified	$1,000⁴
Wire Transfer Fees (Incoming)	Domestic- $15 per transfer⁴ International - $15 per transfer⁴	Domestic- $15 per transfer⁴ International - $15 per transfer⁴	N/A
Wire Transfer Fees (Outgoing)	From $5-40 per transfer depending on method. If sending over 5000 USD, you may be exempt from Chase’s FX wire fees.22	From $5-40 per transfer depending on method. If sending over 5000 USD, you may be exempt from Chase’s FX wire fees.	From $5-40 per transfer depending on method. If sending over 5000 USD, you may be exempt from Chase’s FX wire fees.

Eligibility

To open a Chase business account, you need to have the following:

• You must have an EIN (Employer Identification Number) issued by the IRS⁵
• Proof of identification for both you and your business:
  • Sole proprietor - your Social Security number⁵
  • LLC - your EIN and business registration⁵
  • Limited liability partnership - an agreement that shows the names of all the partners and the name of the business⁵
• An initial deposit, which may vary depending on the type of business account you’re opening⁵

2 - Wells Fargo

Wells Fargo was founded in March 1852 by Henry Wells and William George Fargo to handle banking and express business prompted by the California Gold Rush⁶. Today, the national bank operates over 4,000 branches⁷.

Wells Fargo offers multiple foreign currency payment options, including wire transfers that can be sent in-person at branches, over the phone, or online, with the ability to receive wires in many foreign currencies.

On Trustpilot, Wells Fargo has a score of 1.4 out of 5.0 based on 546 reviews⁸.

Best for: Small and mid-sized companies.

Wells Fargo checking account

Here’s a comparison of the different types of checking accounts at Wells Fargo:

Feature	Initiate Business Checking®⁹	Navigate Business Checking®⁹	Optimize Business Checking®⁹
Minimum opening deposit	$25⁹	$25⁹	$25⁹
Monthly service fee	$10 (or $0 with waiver)⁹	$25 (or $0 with waiver)⁹	$75 for up to 5 Optimize Business Checking accounts⁹ $30 per account in excess of 5 Optimize Business Checking accounts⁹
Fee Waiver Requirements	$500 minimum daily balance⁹ OR $1,000 average ledger balance⁹	$10,000 minimum daily balance⁹ OR $15,000 average combined business deposit balances⁹	N/A
Transactions fee	$0 for the first 100 transactions⁹ $0.50 for each transaction over 100⁹	$0 for the first 250 transactions⁹ $0.50 for each transaction over 250⁹	$0 for the first 250 transactions21 $0.50 for each transaction over 250⁹
Cash deposit processing fee	$0 for the first $5,000 deposited⁹ $0.30 per $100 deposited over $5,000⁹	$0 for the first $20,000 deposited⁹ $0.30 per $100 deposited over $20,000⁹	$0.0030 per $1 deposited per statement period21
ATM fees (per transaction)	$0 at Wells Fargo ATMs⁹ $3.00 at a non-Wells Fargo ATM within U.S/ U.S territories⁹ $5.00 outside of the U.S⁹	$0 at Wells Fargo ATMs⁹ $3.00 at a non-Wells Fargo ATM within U.S/ U.S territories⁹ $5.00 outside of the U.S⁹	$0 at Wells Fargo ATMs⁹ $3.00 at a non-Wells Fargo ATM within U.S⁹ $5.00 outside of the U.S⁹
Wire transfer (Incoming)	$15 each - Domestic, US currency and FX⁹	$15 each - Domestic, US currency and FX⁹	$15 each - Domestic, US currency and FX⁹
Wire transfer (Outgoing)	Digital wire - $25 each - Domestic, USD and FX⁹ Branch - $40 each - Domestic, US currency and FX⁹ Standing transfer order (non-analysed accounts) - $25 each - Domestic, USD and FX⁹ Standing transfer order - (analysed accounts) - $18 for Domestic, $30 in USD and N/A in FX⁹	Digital wire - $25 each - Domestic, USD and FX⁹ Branch - $40 each - Domestic, USD and FX⁹ Standing transfer order (non-analysed accounts) - $25 each - Domestic, USD and FX⁹ Standing transfer order - (analysed accounts) - $18 for Domestic, $30 in USD and N/A in FX⁹	Digital wire - $25 each - Domestic, USD and FX⁹ Branch - $40 each - Domestic, USD and FX⁹ Standing transfer order (non-analysed accounts) - $25 each - Domestic, USD and FX⁹ Standing transfer order - (analysed accounts) - $18 for Domestic, $30 in USD and N/A in FX⁹

Wells Fargo savings account

Below is a quick comparison of Wells Fargo savings accounts:

Features	Business Market Rate Savings	Business Platinum Savings	Business Time Account (CD)
Monthly service fee	$5⁹ (See website for waiver conditions)	$15⁹ (See website for waiver conditions)	N/A
Minimum opening deposit	$25⁹	$25⁹	$2,500⁹
Interest	No ⁹	No⁹	Yes; fixed and based on account opening rate⁹
Cash deposit processing fee	$0 for the first $5,000 deposited⁹ $0.30 per $100 deposited over $5,000⁹	$0 for the first $5,000 deposited⁹ $0.30 per $100 deposited over $5,000⁹	N/A

Eligibility¹⁰

To open a Wells Fargo business account, you’ll need to provide:

• Business ownership details
• Information on any companies that have ownership stakes in your business
• Key business operations manager contact
• Permission to review your credit history (won't affect your credit score)
• Official paperwork showing business registration with government offices like the Secretary of State or local agencies (may need to be uploaded during online applications)
• Any of these name registration documents:
  • Fictitious Name Certificate/Statement
  • Certificate of Assumed Name
  • Business License
  • Registration of Trade Name

3 - Bank of America

Bank of America is one of the largest U.S. financial institutions, serving millions of consumers and businesses through an extensive network of branches, ATMs, and digital banking platforms. This bank provides a wide range of services, including checking and savings accounts, loans, and extensive foreign exchange services.

Bank of America has a Trustpilot score of 1.3 out of 5.0 based on 3,000 reviews¹¹

Best for: Small, medium-sized, and large companies.

Bank of America checking accounts:

Here is a quick overview of Bank of America checking accounts:

Features	Business Advantage Fundamentals™ Banking¹²	Business Advantage Relationship™ Banking¹²
Monthly service fee	$16(or $0 with waiver)¹²	$29.95 (or $0 with waiver)¹²
Fee Waiver Requirements	(See website for waiver conditions)	(See website for waiver conditions)
Minimum opening deposit	$25¹²	$25¹²
Interest	No ¹²	No¹²
Cash deposit processing fee	$0 first $5,000 in cash deposited¹² $0.30 per $100 deposited over $5,000¹²	$0 for the first $20,000 in cash deposited¹² $0.30 per $100 deposited over $5,000¹²

Bank of America savings account:

Below is a walkthrough of the Bank of America savings account:

Features	Business Advantage Savings¹²
Monthly service fee	$10(or $0 with waiver)¹²
Fee Waiver Requirements	(See website for waiver conditions)
Minimum opening deposit	N/A
Interest rate	Gold - 5% interest rate booster¹³ Platinum - 10% interest rate booster¹³ Platinum honors - 20% interest rate booster¹³
Cash deposit processing fee	$0 first $5,000 in cash deposited per¹² $0.30 per $100 deposited over $5,000¹²

Bank of America Business CD accounts (Certificate of Deposit):

Features	Flexible CDs¹³	Business Featured CDs¹³	Fixed Term Business CDs¹³
Minimum opening deposit	$1,000¹³	$1,000¹³	$1,000¹³
Terms	Open a 12-month term¹³	7 months to 37 months¹³	7 months to 37 months¹³
Annual Percentage Yield (APY)	3.25-3.25%¹³	0.11-4%¹³	0.03-3.75%¹³

Eligibility ¹⁴

You’ll need the following to open a business account with Bank of America:

• Company address and phone number
• Account owner name(s)
• Personal ID (driver's license)
• Business documentation:
  • Federal tax ID/EIN (or SSN for sole proprietors)
  • State/local formation documents (for LLCs, etc.)
• Minimum opening deposit (required to keep account active)

4 - Capital One

Capital One Financial Corporation is a major American bank holding company founded in 1994 and headquartered in Tysons, Virginia¹⁵.

The bank offers a comprehensive range of financial services, including credit cards, personal and business banking accounts, auto loans, savings accounts, commercial lending, and investment products.

Capital One has a TrustPilot rating of 1.3 out of 5.0 based on 3,000 reviews¹⁶.

Best for: Small businesses and large corporations.

Capital One checking accounts:

Feature	Basic Checking¹⁷	Enhanced Checking¹⁷	Premier Checking¹⁷
Monthly Fee	$15 (waived with $2,000 min balance)¹⁷	$35 (waived with $25,000 min balance)¹⁷	$99 (waived with $100,000 min balance)¹⁷
Domestic Wires (Incoming)	$15¹⁷	Free¹⁷	Free¹⁷
Domestic Wires (Outgoing)	$25¹⁷	Free (first 5/month), then $25¹⁷	Free (first 10/month), then $10¹⁷
International Wires	$15 incoming, $40 outgoing	$15 incoming, $40 outgoing¹⁷	Free incoming, Free outgoing (first 4/month)¹⁷
Cash Deposits	Free at Capital One ATMs¹⁷	Free at Capital One ATMs¹⁷	Free at Capital One ATMs¹⁷

Capital One savings accounts:

Features	Capital One Savings Accounts
Minimum opening deposit	N/A
Monthly Fee	$3 (waived with $300 minimum balance)¹⁸
Withdrawals	Up to 6 free withdrawals per monthly cycle¹⁸
Annual Percentage Yield (APY)	3.70% APY - 3-Month Guaranteed Promotional Rate¹⁸

Eligibility¹⁹

To open a Capital One business account, you need the following:

• Business federal tax ID (EIN)
• Personal info: name, DOB, SSN
• Contact details: phone, email, U.S. address (no P.O. Box)
• Business license and formation documents
• Ownership agreements and structure details
• Business type, legal name, establishment date
• Employee count, ownership percentage, annual revenue
• Initial deposit (this varies depending on the account you’re opening)

Consider a non-banking alternative with Wise Business

Wise Business serves as a great alternative for businesses looking to manage their international finances without a traditional bank. It’s a Money Services Business (MSB) designed to deliver many bank-like tools designed for small businesses and startups like you.

Wise Business account lets you send, hold, and manage funds in 40+ currencies and pay suppliers in 140+ countries. For easier FX and expansion, you can start by opening a UK Wise Business account and then add local USD account details in the app so you can get paid like a local in the US.

Here’s a quick walk-through of the services/features Wise Business offers:

• Pay internationally at the mid-market exchange rate with transparent fees
• Generate branded invoices using the built-in, free invoicing tool
• Sync with QuickBooks to track bills and reconcile faster
• Manage multiple currencies from a single dashboard
• Receive payments like a local with major currency account numbers
• Hold and convert 40+ currencies on demand.

How to choose the right bank account in the US

To help you choose the right bank account for US business, here are some more factors that you should be looking out for:

Business structure and eligibility

Understand your business structure and your eligibility status. Will you be trading under your UK company, or do you have a US LLC/corporation? Also, would your business require having a physical branch in the US, or would you be conducting your business online?

Most banks will usually expect you to have a US LLC/corporation to open an account. Additionally, you might also have to provide an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) and have a physical US business address. It’s also not unlikely for traditional banks to insist you visit their branch to open an account.

Fees, minimum balances, and interest rates

The common bank charges usually include monthly maintenance fees, transaction fees, FX fees, overdraft fees, ATM fees, and insufficient fund (or NSF) fees. Some banks also require you to maintain a minimum required balance.

Additionally, consider picking a bank that offers a significant interest rate. This helps you earn money from your cash reserve. The average interest rate for a regular savings account for $2,500 balance, according to the National Credit Union Administration for June 27, 2025, is 0.19% APY for banks and 0.32% APY for credit unions²⁰.

FX and cross-border payments

If your business has international operations, foreign exchange and cross-border payments are very crucial. For these types of company, consider banks that support cross-border payments without having high transaction fees and foreign exchange conversion costs. This bank should also be able to process settlements faster and offer better exchange rates. With traditional banks, you can typically expect much higher FX fees compared to digital alternatives.

Customer service and reviews

Having poor customer support services can lead to frustration and a longer time to resolve issues. Additionally, check what their existing customers are saying about them on review sites like Trustpilot.

Technology and integration

Review the bank you are considering to see if they have an online banking platform. A solid digital banking platform should let you make payments, manage your account online, view your transaction history, and generate account reports without visiting a physical branch.

Also consider financial institutions that support mobile bank apps, third-party integrations with major in-house accounting software such as QuickBooks and Xero, and multi-user access for different team members to have varying access levels.

H2: Grow your business in the US with Wise Business

Wise Business is an easy way to get USD account details for non-residents, so you can begin expansion or trading in the US right away.

Opening a bank account in America can be a bit of a nightmare for non-residents. Visiting in person may not be possible, and international bank accounts require a hefty financial commitment.

If your local bank has a correspondent banking relationship, this could be a good solution for you — but it could take some time to set up. It’s worth calling your bank and seeing how they can help.

Though if you need a fast and low-cost way to send and receive USD, then try Wise. After the fast registration, all you need to verify your identity is your government ID. You can then top-up your account and start sending and receiving payments around the world!

Get US account details with Wise Business 🚀

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Sources used in this article:

1. About Chase Bank - Chase Bank
2. Wire Transfers - Chase for Business
3. Read Customer Service Reviews of chase.com- TrustPilot
4. Effective 06/22/2025Page 1 of 24 Additional Banking Services and Fees for Business Accounts - Chase Bank
5. What do you need to open a business bank account? - Chase Bank
6. Wells Fargo - EBSCO Research Starters
7. 2023 Annual Report - Wells Fargo
8. Wells Fargo Reviews - TrustPilot
9. Business Account Fees and Information - Wells Fargo
10. How to Open A Business Bank Account: What You Need - Wells Fargo
11. Bank of America Reviews - TrustPilot
12. Business Schedule of Fees - Bank of America
13. Business Certificate of Deposit (CD) Accounts - Bank of America
14. Sole Proprietorship Bank Account & Required Documents - Bank of America
15. FORM 10-K CAPITAL ONE FINANCIAL CORPORATION
16. Capital One US Reviews - TrustPilot
17. Small Business Checking Accounts - Capital One
18. Business Savings Accounts: Online Banking- Capital One
19. What Do You Need to Open a Business Bank Account? - Capital One
20. Credit Union and Bank Rates 2024 Q1 - NCUA
21. Optimize Business Checking Brochure - Wells Fargo
22. Wires and global transfers - Chase Bank

Sources last checked: 14-Aug-2025