Best Banks for Small Business in NC of March 2024

Nerdwallet analyzed national, regional and online financial institutions to find the best banks for small businesses in North Carolina. We prioritized banks that offered free or low-fee business checking accounts alongside other business services, including business loans, high-yield savings accounts, merchant services and business credit cards.

Weigh the features most important to you when choosing a bank for your business, whether those be branch locations, cash deposits, customer support or account flexibility. While online banks score points for minimal fees and easy accessibility, live customer support can be lacking. Brick-and-mortar banks typically have more fees and restrictions but offer a wide range of business services — and likely have a branch in your area if you want to talk to a banker in person.

Here are our picks for the best overall banks available to small businesses in North Carolina, plus some local options worth considering. Note that most of the star ratings on this list are specific to the bank’s business checking account, not the overall institution. The exception is Live Oak Bank, which we’ve highlighted for its standout business savings account.

We evaluated dozens of business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least four stars were eligible to be included in this list. All of the business accounts that appear on this page were chosen by our editorial team, who follow strict editorial guidelines to ensure fairness and accuracy in our coverage.

Best banks for business accounts in North Carolina

Best for: 24/7 customer support

NerdWallet star rating:

Online banks can often fall short on live customer support. Not Axos. This online-only bank offers live, 24/7 phone support for business customers. Other standout features include the ability to easily make cash deposits at compatible ATMs and automatic refunds of any ATM fees, including those charged by third-party operators.

Two business checking accounts: one free and one interest-earning account.
Business Interest Checking is $

10

per month unless you maintain an average daily balance of $

5000

. The account earns up to

1.01%

APY.
Basic Business Checking has no monthly fee or minimum opening deposit requirement and includes unlimited fee-free transactions.
No ATM fees, regardless of the ATM you use, plus unlimited rebates for ATM fees you incur from other banks.
Both accounts allow cash deposits via compatible AllPoint and MoneyPass ATMs.

Additional services

Business savings accounts, money market accounts and certificates of deposit.
Merchant services, including point-of-sale systems, e-commerce solutions, and credit and debit card acceptance through Cerelo Merchant Services.
Small-business loans, including SBA 7(a) loans, real estate and equipment financing, and working capital loans.

Best for: High-yield business savings + SBA loans

NerdWallet star rating:

Live Oak is one of the most active SBA 7(a) lenders in North Carolina. The online bank also consistently offers some of the best interest rates on the market with its business savings products, including a top-notch high-yield business savings account that earns 4.00% APY and multiple business CD options that earn at least 5.00% APY as of this writing.

Three business checking options.
Business Essential Checking has a $10 monthly fee (waived with $1,000 average daily balance) and no monthly transaction limits.
Live Oak does not support cash deposits; accounts can be funded via ACH, wire transfer or check.
No cash deposits or weekend customer support.
Fee-free access to more than 55,000 AllPoint ATMs (savings accounts don’t have ATM access).

Additional services:

High-yield savings account that earns

4.00%

APY on all balances, with no monthly fee or minimum deposit.
A cash sweep account that provides FDIC insurance for up to $10 million in deposits.
Business CDs that earn upwards of 5.00% APY.
Issued more SBA 7(a) loans by dollar amount than any other lender in 2023.

Best for: No-fee business banking checking

NerdWallet star rating:

4.9

NBKC’s free business checking is an attractive option for business owners in North Carolina who won’t mind a fully online banking experience. NBKC has only four branch locations, and they’re all in the Kansas City area. However, customers can access their account through NBKC’s mobile app and website, as well as 34,000+ MoneyPass ATMs (which include numerous locations at Han-Dee Hugo’s, Sheetz and 7-Eleven).

Free business checking account that can be opened online anywhere in the U.S.
Account includes unlimited fee-free transactions and no incoming domestic wire fees, overdraft, stop payment or similar incidental fees.
Fee-free access to over 37,000 MoneyPass ATMs across the country; up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
Ability to deposit cash fee-free at eligible MoneyPass ATMs using your NBKC business debit card.
Free online and mobile banking with mobile check deposit and online bill pay included.
Option to customize your checking account by adding desktop deposit, ACH credit and debits, merchant processing and Autobooks invoicing software.

Additional services

Best for: Non-bank option for small businesses

NerdWallet star rating:

4.7

Bluevine isn’t a bank, but rather a technology company that offers FDIC-insured business banking products via a partner financial institution. Bluevine’s online business checking account is backed by Coastal Community Bank and insured by the FDIC for up to $3 million via the IntraFi sweep network. The account has no monthly fees and an APY, too:

Earn 2.00% interest on account balances up to and including $250,000. Terms apply.

Beyond business checking, Bluevine also offers business lines of credit and (currently by invitation only) a newly launched business credit card.

Free business checking account with no minimum deposit.
No overdraft fees or transaction limits.
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
No ATM fees at more than 37,000 MoneyPass ATMs.
One-time and recurring bill payments via ACH, wire transfer or check.

Additional services:

Best for: All-in-one business bank

NerdWallet star rating:

4.5

Chase’s entry-level business bank account packs in a lot of useful business features, including unlimited electronic transactions and integrated payment processing via the Chase mobile app. While Chase is a huge national bank, it may not be the best option for in-person banking depending on where your business is in North Carolina. There are only about 30 branches in the state, primarily in larger cities like Raleigh, Durham, Charlotte and Greensboro.

Chase Business Complete Checking℠ is $15 per month, but there are multiple ways to avoid the fee.
Unlimited electronic deposits. In-person and paper transactions are limited to 20 per month for Chase Business Complete and 250 per month for Chase Performance Business Checking®.
Payment processing through the Chase mobile app with QuickAccept℠, no additional point-of-sale equipment needed.
Live customer service available by phone 24/7.

Additional services:

A full suite of Chase Ink business rewards credit cards, which offer generous sign-up bonuses, as well as other Chase business credit cards.
A variety of small-business loans, including lines of credit, equipment financing and SBA loans.
Chase offers payment services for e-commerce and retail businesses, including Chase QuickAccept, which lets business owners accept credit card payments from the mobile app.

Best for: Cash deposits + loyalty rewards

NerdWallet star rating:

4.5

Bank of America’s Business Advantage Fundamentals checking account includes up to $7,500 in cash deposits per month — that is substantially higher than other brick-and-mortar banks, which typically cap monthly cash deposits at anywhere from $2,500 to $5,000. Bank of America also rewards customers who keep their business in-house, with perks like higher savings and cash-back rates on certain products via its Preferred Rewards for Business program.

Two account options with respective fees of $

16

and $29.95 per month, though both can be waived if you meet average monthly balance requirements. Both require a minimum opening deposit of $100.
Bank of America Business Advantage Fundamentals Banking includes unlimited electronic transactions, up to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items) and up to $7,500 in fee-free cash deposits per statement cycle.
Opportunity to earn a welcome bonus. Terms apply.

Additional services:

Navy Federal Credit Union

Best for: Military member, veterans and their families

NerdWallet star rating:

4.2

Navy Federal Credit Union caters specifically to the military community. You can choose from multiple business checking and savings options, and can get access to a variety of business loans, if you qualify. Beyond that, Navy Federal’s business specialists can help you tap in to the network of resources available for veteran-owned businesses.

Free, interest-bearing business checking account.
Unlimited fee-free electronic transactions.
No dollar limit on cash deposits.
High opening deposit requirement — $250 for sole proprietors and $255 for other entity types.
Fee-free access to more than 30,000 ATMs, including Navy Federal ATMs and the CO-OP network.

Additional services:

357 branches worldwide.
24/7 general customer support.
Money market accounts and business certificates of deposit.
Business credit card with no annual fee.
Business loans and lines of credit.

Best for: Branch access + business loans

NerdWallet star rating:

Wells Fargo has more than 200 branches across North Carolina and offers a wide range of banking services — including business checking, savings and financing options — for business owners who prefer to bank in person.

Three business checking accounts with monthly maintenance fees ranging from $10 for the bank’s entry-level checking account (Initiate Business Checking) to $75 for a premium checking account that earns credits to offset fees (Optimize Business Checking).
Transaction limits range from 100 to 250 per month, depending on the account. Wells Fargo counts all withdrawals, debits and deposits, including mobile deposits, toward your transaction limit. Debit card purchases and payments do not count toward the limit.
Up to $20,000 in cash deposits per month, depending on the account type.
All business checking accounts can be opened online, over the phone or by visiting a branch.

Additional services:

Small-business loans, including commercial real estate and equipment financing. Wells Fargo also offers SBA loans.
Profit-sharing, 401(k) and IRA options for business owners and their employees.
Point-of-sale systems available through Clover.
Payroll services available through ADP.

Best for: In-person banking in North Carolina

NerdWallet star rating:

3.5

Truist Bank has nearly 300 branch locations across North Carolina, making it a standout option for business owners who prefer to bank in person. While Truist’s free business checking account leaves a lot to be desired — the transaction limits are particularly stingy compared with competitors — the bank’s Dynamic Business Checking gives you more runway and it’s relatively easy to avoid the monthly fee.

Three business checking account options, including a free account for nonprofit organizations.
Transaction limits range from 50 to 500 per month, depending on the account. Virtually all deposits, debits and transfers count toward your transaction limit.
Business accounts can be opened entirely online.
Access to more than 3,000 Truist Bank ATMs; fee for using out-of-network ATMs.
Business savings, money market and certificates of deposit available.

Additional services:

Business credit cards that offer rewards boost for Truist business checking customers.
Multiple business loan options, including term loans, equipment loans and business lines of credit.

Other North Carolina-based business banks to consider

First Citizens Bank: This bank’s free business checking account has no minimum balance requirement and includes up to 100 transactions and $5,000 in cash deposits per month.

North State Bank: With four business checking options, North State Bank offers something for nearly every business size. Accounts include QuickBooks integration and some also offer a healthy welcome bonus.

Self-Help Credit Union: This mission-driven credit union is dedicated to providing banking services and economic opportunity to underserved communities. While Self-Help doesn’t offer a business checking account, the credit union does offer many other business banking services, including business loans, money market accounts and certificates of deposits with very competitive terms.

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