5 Best Business Checking Accounts of December 2021
The best business checking accounts have zero fees (or provide multiple ways to waive them), minimal opening balance requirements and reliable digital bank platforms. Additionally, business checking accounts help you stay on top of your business finances while keeping them separate from your personal checking accounts.
Read on to learn more about the best business checking accounts from new banking startups, banks with physical branches and online-only banks.
Our Top Picks for Best Business Checking Accounts
Best Business Checking Account Reviews
Pros
- Over 15 third party apps already integrated into the account without paying a fee to Novo
- Unlimited ATM fee reimbursement, including on foreign transactions
- Discounts and perks on a variety of different services and applications
Cons
- Cash deposits require buying a money order
- No physical branches
Monthly service fee
$0
Min. opening deposit
$50 (to unlock banking features)
Min. monthly balance
$0
ATM network
None, but refunds ATM fees
APY
None
Why we chose them: Novo’s Online Business Banking gives you access to over 15 popular third party apps through the Novo App Marketplace, without having to add them or pay a Novo fee to use them.
Novo automatically integrates apps such as Square, Shopify, Slack and Stripe. While Novo doesn’t charge to use these apps, some partner fees may apply. The account also includes discounts and rewards for popular programs like Homebase and Google Ads.
Additional perks include a 40% discount on the first six months use of any online QuickBooks program, and no fees for up to $20,000 in credit card processing through Stripe. You can use your business debit card at any ATM nationwide and Novo will reimburse all ATM fees, including international fees.
Novo’s mobile app makes it easy to carry out transactions like check deposits, payments, transfers and wires. Customers can also link their PayPal account as an additional payment option. You can also use Novo’s Virtual Card through the app to make purchases.
The only way to make cash deposits is to purchase a money order, so this account may not be the best option if your business handles a lot of cash.
If your business requires you to make check payments, you can request them with Novo’s mobile app and send them directly to the payee at no charge. All deposits at Novo are FDIC-insured through Middlesex Federal Savings.
Opening a Novo business checking account doesn’t require a minimum opening deposit, although a $50 deposit is requested in order to unlock all the features and benefits provided.
Pros
- Fee-free for a number of services typically charged by most banks
- 3 business credit card options offering cash back
- Access to over 37,000 MoneyPass ATM’s
- Low incoming and outgoing domestic wire transfers
Cons
- $45 fee out incoming and outgoing international wire transfers
- Only reimburses up to $12 per month in out of network ATM fees
Montly service fee
$0
Min. opening deposit
$0
Mon. monthly balance
$0
ATM network
Free access to over 37k MoneyPass ATMs
APY
None
Why we chose them: NBKC’s Free Business Checking Account is a basic account that provides business owners the benefits of fully digital banking, along with no-fee accounts available nationwide.
The Free Business Checking Account has no transaction fees, overdraft fees, minimum balance or opening deposit requirements. In addition, you won’t be charged for stop payments, insufficient funds or returned electronic or paper transactions. Domestic incoming wire transfers are free and there’s a minimal $5 fee for outgoing wires. However, there is a $45 fee for both incoming and outgoing international wire transfers.
When using NBKC’s credit/debit Business MasterCard, customers can make free cash deposits or withdrawals using MoneyPass’s large ATM network. Fees for out-of-network ATMs are reimbursed up to $12 per billing cycle.
In terms of business credit card options there are three to choose from. The Visa Business Real Rewards card and the Smart Business Rewards Visa Signature Card allow you to accumulate points that can be redeemed for cash back, travel, gift cards or merchandise. With the Visa Business Cash Card you can earn up to 3% cash back on eligible purchases at office supply stores, and on internet, phone and cable TV services.
Other perks include check scanning equipment for desktop deposits and merchant processing services.
Pros
- An unlimited number of bank transactions per month
- Account earns interest
- Free bill and vendor payments
Cons
- $2.50 fee for using an out-of-network ATM
- No out-of-network fee reimbursement
- $4.95 fee for cash deposits at Green Dot retailers
Monthly service fee
$0
Min. opening deposit
$0
Min. monthly balance
$0
ATM network
Free access to over 37k MoneyPass ATMs
APY
0.60% on balances up to $100,000
Why we chose them: BlueVine’s Business Checking places no limit on the number of daily/monthly deposits, withdrawals or transfers, making it ideal for businesses with a high number of transactions.
Additionally, there are no monthly, minimum daily balance or non-sufficient fund fees. You also won’t pay for overdrafts or ACH payments.
Other features include the Payments Platform, where account holders can pay bills and make vendor payments at no cost. Plus, you’ll earn 0.60% APY on customer deposits without a monthly or minimum daily account balance requirement — a perk you won’t find in most banks.
While BlueVine doesn’t operate branches or its own ATM network, customers can withdraw cash and make deposits with their Business Debit Mastercard at any of the over 37,000 MoneyPass ATMs nationwide for free. There is a $2.50 charge for using an out of network ATM though. You can also withdraw and deposit money at over 90,000 Green Dot retail locations, although there is a $4.95 fee for cash deposits.
Pros
- Account earns a high yield
- Low opening deposit on interest-bearing account
- Unlimited number of ATM fee reimbursements
Cons
- $10 monthly fee
- Minimum balance to waive monthly fee is high compared to other banks
- High opening deposit on non-interest bearing account
Monthly service fee
$10 ($0 if you keep a $5k daily average balance)
Min. opening deposit
$100
Min. monthly balance
$0 ($5,000 to waive monthly fee)
ATM network
Unlimited reimbursement of domestic ATM fees
APY
0.81% on balances below $50,000
Why we chose them: Axos’ Business Interest Checking account earns 0.81% APY on balances up to $50,000 — the highest of all the interest earning accounts on our list.
Higher balances will still earn interest, although at a lower rate. The account will pay 0.20% interest on balances from $50,000 to $250,000, and 0.10% on balances from $250,000 to $5 million.
Business Interest Checking can be opened with a minimum deposit of $100, which is a fairly low amount. There is a $10 monthly maintenance fee that can be waived if you maintain an average daily balance of $5,000.
If you’re looking for an option with no monthly fees, you can opt for Axos’ Basic Business Checking account. With this account, you’ll get your first 50 checks for free and up to 200 free transactions (deposits, credits and debits into the account) each month. There’s a minimum opening deposit of $1,000, however, which is higher than other banks.
Both accounts accept ACH payments and are QuickBooks compatible. While Axos doesn’t have an ATM network as such, it does reimburse an unlimited number of domestic ATM fees from other banks.
Pros
- Cash bonus for opening an account
- QuickAccept and QuickDeposit features allow for fast processing of debit and credit card transactions and remote check deposits
- Up to $5,000 in cash deposits per statement cycle at no charge
- Large national footprint with over 16,000 branches
Cons
- $15 monthly service fee
- High balances required to waive monthly fees compared to other banks
- ATM network is limited compared to other banks
Monthly service fee
$15 (may be waived)
Min. opening deposit
$0
Mon. monthly balance
$0 ($2,000 minimum daily balance to waive monthly fee)
ATM network
4,700 nationwide
APY
None
Why we chose them: With Chase’s entry-level checking account, Chase Business Complete Banking, new customers can earn a $300 bonus, the highest amount offered among the accounts we considered.
Aside from a bonus, the Business Complete Banking account integrates online, mobile and in-person banking with a streamlined digital platform and a large network of physical branches.
A standout feature of this account is QuickAccept, which allows you to accept debit or credit card payments with a mobile card reader or by manually entering the transaction on the Chase app. Transaction fees will apply.
You’ll also be able to take advantage of Chase’s QuickDeposit, a remote deposit feature that allows you to scan and deposit checks in multiple ways. You can use the mobile app to photograph and deposit checks with your phone or, if you have to deposit a large number of checks at the same time, you can sign up for a multiple feed scanner that allows you to scan up to 50 checks at once. A contract is required for this service.
If you have a lot of cash deposits, you’ll get up to $5,000 in free deposits per statement cycle with Business Complete Banking. Plus, you’ll have access to over 16,000 Chase ATMs and more than 4,700 bank branches throughout the country.
There is a monthly fee of $15 associated with this account, which can be waived by maintaining a minimum daily balance of $2,000, spending $2,000 or more per month on purchases with your Chase Ink Business card, or depositing at least $2,000 in QuickAccept per month.
Other business checking accounts we considered
Although some companies may offer higher fees, lower transaction limits or fewer features than our top picks, they still offer valuable services that could fit your business needs.
Here’s a list of our runners up:
Bank of America
Pros
- Ability to deposit large amounts of cash without fees
- Options to avoid monthly fees
- Access to Zelle(R) app and other useful digital tools
- Business debit cards with a $0 liability guarantee
- Add checking or savings account with no additional fees
Cons
- $15 per wire transfer on Fundamentals account
- $35 overdraft fees
- Account balance must surpass X amount for monthly fees to be waived
Bank of America offers two business checking accounts. The Business Advantage Fundamentals Banking has a $16 monthly fee, which can be waived if the average account balance is kept over $5,000.
The Business Advantage Relationship Banking costs $29.95, which can also be waived if the average monthly balance is over $15,000.
Both accounts provide access to a Cash Flow Monitor tool, mobile banking and guidance provided by dedicated specialists.
Wells Fargo
Pros
- Deposit checks directly with mobile app
- Over 5,000 branches and over 13,000 ATMs
- 24/7 fraud monitoring and alerts
Cons
- Some accounts may not be eligible for mobile deposit
- $2.50 withdrawal fee for out-of-network ATMs
Wells Fargo offers three business checking accounts to accommodate different transaction volumes. The Initiate Business Checking Account has a minimum opening deposit of $25 and a $10 monthly fee.
For businesses with higher transaction volumes, Wells Fargo offers the Navigate Business Checking account for $25 a month, and Optimize Business Checking account for $75.
US Bank
Pros
- Silver Business Checking has $0 monthly maintenance fees
- 24/7 phone support available on Premium Business Checking Account
- No maintenance fee and 1,800 free annual transactions on some accounts
Cons
- No detailed information on other transaction and account fees
- Exceeding monthly transaction limits is met with a fee
U.S. Bank offers three business checking accounts: the Silver Business Checking Package (no monthly fee), the Gold Business Checking Package and the Platinum Business Checking Package.
The bank also offers two specialty accounts: a Nonprofit Checking Account and the Premium Business Checking Account. All accounts include a U.S. Bank Visa debit card, no-fee transactions at U.S. Bank ATMs, mobile check deposit and access to business services and payment products.
Pros
- Over 600 branches and 1,000 ATMs
- No fees if you use another bank’s ATM
- Unlimited debit card and ATM transactions
- Some accounts have no service charge or balance minimum
Cons
- Physical branches in only seven states, including Florida and Texas
- Only businesses with sole proprietors can apply online
BBVA has three business checking accounts: the Business Connect Checking (no monthly maintenance fee), the Business Choice Checking for $15 per month and the Business Premium Checking for $25 per month.
All accounts offer online, mobile, and ATM banking features, business logo customized debit cards and online and mobile banking alerts to protect against fraud.
Citizens Bank
Pros
- No minimum opening balance for all three account tiers
- No maintenance fee on the Clearly Better Business Checking account
- Funds are made available within the same day until 10 PM
- Over 1,000 branches and over 3,100 ATMs
Cons
- No remote sign-up is available
- Only operates in 11 states
Citizens Bank offers the Clearly Better Business Checking account with no monthly maintenance fee and up to 200 check transactions per statement cycle.
Two other account tiers are available: Business Advisor Checking for $25 per month and the Citizens Analysis Business Checking account for $20 a month.
All accounts include online, mobile and phone banking, savings overdraft transfer and overdraft line of credit, as well as a debit card.
Capital One
Pros
- Get unlimited monthly transactions
- No fee cash deposits on the Unlimited plan
- Deposit checks directly using your smartphone
- Free overdraft protection with a linked deposit account
Cons
- Free cash deposit on the Basic account is up to $5k only
- Incoming domestic wires cost $15
- Outgoing domestic wires cost $25
Capital One offers two accounts: Spark Business Basic Checking for $15 per month, and Spark Business Unlimited Checking for $35.
Both business checking accounts include unlimited transactions, 24/7 real-time account information, business debit card, as well as online bill pay, and mobile checking, including check deposits from your smartphone.
Capital One also offers business loans & lines of credit, merchant services and Spark Business credit cards.
LendingClub
Pros
- Unlimited monthly transactions and no minimum balance
- Unlimited 1% cash back with LendingClub debit card purchases
- Earn a 0.10% APY with balances over $5,000
- No ATM fees anywhere in the world
- Rebates on fees charged by other banks
Cons
- Only two physical branches
- APY is considerably low
- $10 monthly fee can only be waived with a balance of $5k
The LendingClub Tailored Checking account can be opened with only $100.
The bank’s app shows real-time transaction history and allows you to pay bills, transfer funds, send wires, deposit checks, and create and send invoices.
The app also allows you to receive card, ACH and lockbox payments. Additionally, LendingClub employs 256-bit encryption to protect data.
Business Checking Accounts Guide
Difference between a business checking account and a personal checking account
There are certain elements of both personal and business checking accounts that are identical. Both accounts allow you to write checks to pay bills and use an associated debit or credit card to make purchases, for instance.
A personal checking account is used to take care of personal finances. It’s an account where you can receive your paycheck and then use that money to pay your mortgage, utilities, and credit cards. You can also access cash through an ATM or debit card, or send money to family and friends.
A business checking account, on the other hand, will provide specific tools that help you manage your business. You’ll not only be able to pay bills and access cash, you’ll also be able to receive payments, process credit cards and manage your payroll.
Other differences between personal and business accounts can be seen in the requirements for opening. While you can open a personal checking account with a valid form of identification and social security number, a business account will also ask for proof of ownership of the business. There may also be higher minimum opening balances and higher service fees as well.
While you can use a personal checking account as your business account, especially if it’s a home based business, there are advantages to having separate accounts:
Streamline your bookkeeping. You’ll be better able to follow your cash flow and keep track of sales, expenses and payments if you keep separate accounts.
Simplify your tax reporting. You won’t have to sift through your bank statements separating business income and expenses (and eligible tax deductions) from personal income and expenses. Plus, you’ll have the paper trail of all your business transactions readily available in case of an Internal Revenue Service audit.
Establish a legitimate business presence. Being able to pay your providers and employees with a business check helps establish your presence as a legitimate business, making it easier to apply for a small business loan.
Protect your personal assets. Keeping your business and personal assets separate can help protect you in case your business is sued, defaults on a loan or runs into financial difficulty.
How to choose the best business checking account
As part of your research, consider looking into customer reviews and testimonials. Moreover, if a financial institution has a considerably large number of complaints or they’re facing a class-action lawsuit, these may be red flags.
Small businesses could benefit from referencing J.D. Power’s Small Business Banking Satisfaction Study.
Select the business checking account that best fits your money management style, business structure and size. Also, keep an eye out for a bank that earns high marks for customer satisfaction.
In addition to having a separate account, consider adding business insurance to cover general liability and some of the unexpected costs of running a business.
Common Business checking account features
Business checking accounts come with a wide variety of features and benefits that you could take advantage of depending on your business size and needs. Some things you’ll want to take into consideration include:
Fee and Balance Requirements
No daily balance minimums. The best business bank accounts will not require a daily minimum balance. This is the minimum daily amount of money you should have in your account to avoid paying a monthly fee.
No fees. Look for an account that won’t charge a monthly maintenance or service fee to keep your account active. If there are monthly fees, look for an account that offers multiple ways of waiving the fee that you know you’ll be able to meet consistently.
No minimum balance requirements. Similar to a minimum daily balance, some banks will require that you have a minimum monthly balance in your account in order to waive monthly service fees. The best accounts won’t ask you to keep a minimum monthly balance.
Overdraft protection. If you spend more than the balance you have in your account, overdraft protection will transfer funds from a linked account, credit card or line of credit to cover the deficit, allowing you to avoid an overdraft fee. Some banks will charge a small fee (lower than an overdraft fee) for this service, while others will provide it for free. Keep in mind that if your overdraft is covered by a line of credit the balance may be liable for interest charges which you will have to pay back.
APY and Bonuses
High annual percentage yield. The annual percentage yield is the amount of interest paid on the account. Most banks won’t pay an APY on business checking accounts, but some do. An account that offers a high APY can help maximize your business revenue.
Cash bonus offers. Some banks will offer a cash bonus to new customers opening a business checking account. It is a means of remaining competitive with other banks and drawing in new customers. There will usually be either a minimum deposit amount or a minimum number of days the account must be open to qualify for the bonus.
Free checks. Offering free checks is another way banks compete. It is a perk that can be offered to attract new customers. For the business owner, free checks reduce the cost of doing business.
Products and Accessibility.
Mobile and online banking. These features allow you to bank from anywhere at any time. Being able to process payments electronically, transfer funds and automate bill payments can reduce banking costs and lead to a more efficient management of business funds.
Free ATM access. Free access to an ATM means you can make withdrawals and deposits, transfer funds between accounts and check on balances at thousands of locations across the country. It’s also an easy way of paying for business purchases without having to write a check.
Business debit card. Having a business debit card provides spending flexibility. Because it is linked to your account, you can make debit card purchases without spending beyond your balance and without increasing your debt, as would happen with a credit card.
Nearby physical branches. While many business transactions can be done online, businesses that deal in large amounts of cash can benefit from having bank branches nearby. Other benefits include establishing a personal relationship with banking officers who can provide help if problems arise with an account.
Free wires. Wire transfer fees are one of the more expensive fees charged by banks. An account that offers free, or low cost, wire transfers helps reduce business expenses.
Merchant services and banking products like investment or savings accounts. Accounts that offer additional business tools, or that can be integrated with third party apps such as QuickBooks or Stripe, can streamline business operations, allow for multiple payment methods and help keep track of business performance.
Reliability and Ratings.
FDIC or NCUA insured. Making sure your money is safe is important. Opening a business account in a bank or credit union that is insured by either the Federal Deposit Insurance Corporation or the National Credit Union Association insures your deposits for up to $250,000 in case the financial institution fails.
How to set up a business checking account
There are multiple ways to open a business checking account. You can do it in person by visiting a bank branch, or through a bank’s mobile app or website.
The method you choose will affect how long you have to wait to be able to use your account. Opening the account online or through an app can take about 15 minutes. Opening an account at a branch, however, could take anywhere from 7 business days to a month before you can start using it.
Regardless of how you open the account, you’ll need to provide the following information about yourself and your business.
Documents needed to apply
- Employer Identification Number (EIN)
- One or two types of personal identification
- Business license
- Articles of incorporation
- Certificate of Assumed Name, also known as a DBA
- Partnership Agreement, if applicable
Requirements may vary depending on the business structure, whether you are a sole proprietor, a member of a business partnership, a limited liability company (LLC) or a corporation.
Best Business Checking Accounts FAQ
What do I need to open a business checking account?
Generally, you will need an Employer Identification Number (EIN), two types of personal identification, Social Security number and card, business license, Articles of Incorporation and Certification of Assumed Name and Partnership Agreement, if applicable.
How to open a business checking account
Most online banks will allow you to apply and complete the process completely online. Most traditional banks will require you to make an appointment at a branch or over the phone. After selecting the financial institution of your preference, you will need to gather the necessary
documents to apply
.
Who has the best business checking account?
Small business owners should look for bank accounts that will fit their organization’s financial needs. In general, you should strive to avoid maintenance fees, minimum balance requirements and monthly transaction fees.
You can pick between online banks, traditional banks, credit unions and fintech companies, all of which have unique pros and cons. Regardless of which you choose, make sure you look at customer data before making a decision. Check out our reviews for the best business checking accounts to get started on your search.
How can I get a business checking account with bad credit?
It depends. Most banks will only look at your overall banking history with ChexSystems, but if your credit score is a noticeable red flag, qualifying for a checking account may be difficult. Your best bet is to apply for checking accounts at smaller or mid-sized banks or credit unions that may be willing to overlook a negative credit score.
Which bank is best for LLC?
The best bank for an LLC is one that provides different business account options you can choose from to help keep your personal funds separate from your business funds. The size of your business will determine the account features, such as low fees, ease of making cash deposits or the ability to process ACH payments, that best fit your business needs.
Is it legal to transfer money from a business account to a personal account?
Yes, it is legal to transfer funds from a business account to a personal account. However, any withdrawal or transfer you make is considered as a salary payment and will have income tax implications for the person receiving the funds. The transfer also needs to be included as an expenditure on the part of the business. There are limits to the amount of money that can be transferred, especially if the withdrawal of funds results in the business’ insolvency.
How We Chose the Best Business Checking Accounts
Business banking products are available from fintech companies, traditional banks and member-owned financial cooperatives, but they are not one size fits all. For this article, we prioritized business checking accounts with open membership, nationwide availability and robust digital platforms.
This narrowed down our options to accounts from banks or fintech companies, thereby excluding credit unions. That said, we’d encourage you to research business banking services from credit unions in your area. Credit unions operate at a more local level and generally have better interest rates, lower fees and a reputation for good customer service.
After selecting our Top Picks for business checking account providers, we reviewed the following features in more detail.
Monthly fees
We only considered business checking accounts that don’t charge fees or let you avoid fees if you meet certain requirements, such as having a minimum monthly balance or carrying out a specific number of transactions per month.
ATM access
We gave precedence to banks with a sizable ATM network. Checking accounts that come with foreign ATM fee reimbursements also earned high marks.
Transaction limits
Nobody wants to get hit with unnecessary fees just for making too many deposits or debits. For this reason, we also looked for business checking accounts that either allow unlimited transactions or have reasonable transaction limits.
FDIC or NCUA insurance
Your hard-earned money should always be insured. The FDIC and NCUA both guarantee deposit insurance for up to $250,000 for banks and credit unions. Fintech companies are a bit different. They offer services that focus on optimizing financial products with technology and are not directly insured by the FDIC. However, they can guarantee FDIC insurance for their customers by depositing your money in a partner or parent bank. All the fintech companies on our list provide that insurance.
Summary of Money’s Best Business Checking Accounts
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