Finding the best bank for business in Memphis requires carefully weighing your options against your company’s situation. Whether you’re a downtown retailer or an online creative entrepreneur, Memphis businesses need financial institutions that understand local market dynamics while offering modern banking capabilities. 

From digital-first platforms to established national and community banks, we’ve analyzed the top financial institutions serving the area. Here’s our guide to the five best banks for business in Memphis—we’ve ranked them based on their fees, features, accessibility and small business focus. 

The Top Banks for Business in Memphis

These banks offer tailored solutions for Memphis businesses, combining local expertise with essential financial tools and services. From flexible checking accounts and lending options to cutting-edge digital banking features, they are equipped to support businesses of all sizes in Bluff City. Whether you’re a small startup or an established enterprise, these banks provide the resources to help your business thrive.

1. North One

North One is the top banking choice for small businesses in Memphis. This digital-first bank simplifies financial management, allowing local entrepreneurs to focus on growing their businesses. 

With North One’s Revenue Dashboard, business owners can consolidate cash flow from multiple platforms like PayPal, Shopify and Stripe into a single view. This feature is great for small businesses who rely on diverse income streams like e-commerce sales and in-person transactions. The dashboard also provides real-time insights—you can see a single snapshot of your gross revenue, transaction volume and costs of returns. This makes it easy to manage your finances and avoid cash flow surprises.

Small businesses also benefit from North One’s seamless integrations with over 40 essential tools, including accounting software like QuickBooks and Xero, e-commerce platforms like Etsy and Amazon and payroll services like Gusto and ADP. For Memphis entrepreneurs running creative or service-based businesses, these integrations can automate tedious tasks like reconciling accounts, processing invoices and managing payroll. This saves time and ensures accuracy in financial reporting—a critical need if you’re planning to scale up over time.

Fees and pricing are simple. North One offers two account tiers. The Standard Plan is entirely fee-free, offering essential features such as digital bill payments, budgeting through the “Envelopes” system and two free ATM withdrawals per month. The Plus Plan, priced at $20/month, also includes unlimited same-day ACH payments, a dedicated customer success manager and discounts on incorporation services.

Finally, North One’s commitment to transparency and flexibility makes it a smart choice for Memphis business owners. Owners can monitor funds in transit and receive real-time updates—and if there are any issues, the robust customer support helps owners resolve them quickly.

2. Truist

Truist, formed from the merger of SunTrust and BB&T, is one of the largest financial institutions in the U.S. It offers a wide range of small business services, including checking and savings accounts, credit cards, loans and lines of credit.

Truist’s business checking options include Truist Simple Business Checking with a $12 fee waived by maintaining a $1,500 balance, and Truist Dynamic Business Checking, which waives its $20 fee with a $5,000 balance or $2,000 in spending. Transparent pricing extends to services like overdraft protection and cash management tools.

For credit cards, the Truist Business Cash Rewards Credit Card provides 3% cash back on gas and office supplies and 1% on other purchases, with no annual fee. Features like employee spending limits and transaction reporting help simplify expense management.

Truist also supports working capital needs with business lines of credit, offering quick access to funds with flexible repayment terms. Additional options include equipment financing and SBA loans for larger investments or expansion.

With user-friendly online and mobile banking, small business owners can monitor accounts, pay bills, deposit checks, and initiate wire transfers in real time. Integrated tools for budgeting, cash flow projections, and financial reporting enhance financial oversight, while rewards programs allow businesses to redeem points for cash, travel, or gift cards.

With numerous branches in the Memphis area, Truist combines traditional banking with features tailored to small businesses, making it a strong choice for local entrepreneurs.

3. Independent Bank (i-bank)

i-bank is a community-focused financial institution with over 20 years of experience. With a customer-first approach, i-bank offers banking solutions designed for diverse small businesses. 

i-bank’s business checking accounts are tailored to different business needs. Their Small Business Checking account has no minimum balance and a low $100 opening deposit, with 75 free monthly items. The Basic Business Checking account, ideal for mid-sized businesses, charges a $15 monthly fee unless specific balance requirements are met. For high-activity businesses, the Analyzed Business Checking offers unlimited transactions with a $20 maintenance fee. The Business Options Checking offers flexibility, waiving the $20 fee with higher balance requirements and includes 500 free items each month. Their business savings and money market accounts come with tiered interest rates and low fees.

When it comes to financing, i-bank provides a range of credit options. Their Business Credit Cards come in low-rate, cash-back and flexible-rewards options. The cards include features like zero fraud liability and free employee cards. The i-bank One Card, in particular, offers enhanced payment controls: a $100,000 Visa Liability Waiver for employee misuse, and detailed spending reports to help monitor activity and mitigate risk.

For larger financial needs, i-bank offers term loans, revolving lines of credit and working capital lines to help businesses fund expansion or manage cash flow. Their commercial real estate loans can assist businesses in purchasing property, while factoring options allow businesses to access immediate cash by selling accounts receivable. 

Finally, their online and mobile banking tools provide businesses with the convenience of managing accounts, paying bills and monitoring transactions on the go. i-bank also offers specialty services like ACH payments, lockbox access, payroll support, and remote deposit capture. 

If your company needs credit and financing all in one place, i-bank is a good choice for Memphis business owners.

4. Bank of America

Looking for a national banking solution? Bank of America offers multiple Memphis-area branches and robust business banking features. The Business Advantage Fundamentals Banking account is ideal for smaller businesses, with a $16 monthly fee waived by maintaining a $5,000 balance or making $250 in qualifying debit or credit card purchases. For additional benefits, the Business Advantage Relationship Banking account waives fees for a second business account or incoming wires, with a $29.95 fee waived by maintaining a $15,000 balance.

For savings, the Business Advantage Savings Account helps grow funds with a $10 monthly fee waived by keeping a $2,500 balance or linking it to a Business Advantage Relationship account. Preferred Rewards for Business members enjoy enhanced interest rates, reaching up to 0.04% APY for higher tiers.

The Business Advantage Unlimited Cash Rewards Mastercard offers 1.5% unlimited cash back on purchases, with no annual fee and a $300 bonus for spending $3,000 in the first 90 days. Preferred Rewards members can boost cash back to 2.62%. The card features a 0% introductory APR for nine billing cycles, with a standard APR of 17.99–27.99% thereafter.

Bank of America’s mobile and online platforms provide tools like mobile check deposit, real-time tracking, Zelle payments, Cash Flow Monitor for projections, and Balance Connect for overdraft protection. The bank also offers business loans and lines of credit, making it a strong choice for business owners who value nationwide accessibility and comprehensive services.

5. Chase Bank

Chase Bank offers traditional banking services with nationwide reach, just like Bank of America. With thousands of branches and ATM locations, you’re sure to find a convenient location in Memphis and beyond. 

Chase’s business checking accounts offer unlimited fee-free electronic transactions. Their account fees come with $15 to $95 monthly fees, but those can be waived with certain minimum monthly balances. Business owners should be careful to check the limits on fee-free cash depositions and physical transactions—after the fee-free threshold, those costs can add up fast.

Chase’s main savings options include Chase Business Total Savings and Chase Business Premier Savings. Both accounts allow businesses to save extra funds and earn interest, while still having access to their money if necessary. The Total Savings account has a $10 monthly service fee, waivable with a $1,000 average balance or by linking the savings account to another qualified account. Businesses can deposit up to $5,000 per month without fees. Similarly, the Premier Savings account waives a $25 monthly fee with a $25,000 average balance or linking a qualified account. Both accounts earn interest. Chase also offers CDs for long-term, fixed returns.

Chase Bank also offers loan options, from lines of credit to business credit cards. With mobile and online banking, merchant services and treasury services, they’re a great national option for small businesses looking to scale up.

Banking Tailored to Meet the Needs of Your Memphis Business

When choosing the best bank for your Memphis business, consider how each institution’s strengths align with your specific needs. Digital-first North One excels in integration and cash flow management, while traditional players offer extensive branch networks and comprehensive service suites. Evaluate factors like transaction volumes, credit needs and whether you prefer digital or in-person banking to make the right choice for your Memphis business. It’s an important decision that shouldn’t be rushed.