Best Business Bank Account for Small Business
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Discover the top 10 banks for small businesses. Unlock your business' potential with the best bank
Here are the best places for opening a small business account:
- Chase for best national bank
- Bluevine for online business banking
- Found for one-person small businesses
- Lili for banking and accounting
- Bank of America for low minimum requirements
- Novo for small online startups
- Relay for large teams and multiple accounts
- U.S. Bank for free business checking with a national bank
- Axos Bank for business checking with interest
- Wells Fargo for SBA loans
- Capital One for high volume businesses
- Digital Federal Credit Union for best credit union
Free Checking Account for Small Business Owners
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
- Automatic Savings
- Get paid up to 2 days early
Silver Business Checking account - $400 Bonus
Promo code Q4AFL24 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials (Available in AZ, NV, CO, NM, OH, IN, KY and TN) Business Checking account. Limit of one Business Checking bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials (not available in all markets) account between 10/1/2024 and 1/15/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. Checking account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
The business checking bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. This document can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
North One Free Business Banking
- Business banking for teams
- Automatic invoice ingestion and payments
- Sales and revenue analytics
- Unlimited account envelopes
- Close to 100 integrations
- Over $5000 in perks for new customers
- No monthly fees, no application fees, no minimum balance
North One is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, Member FDIC.
Your business bank is not just a place to keep your hard-earned cash safe. The right bank can also be a partner in success and reaching those big goals.
But not every bank is a match for every business. A cash-heavy restaurant might need a physical branch, while a tech startup could thrive with a cutting-edge digital bank.
The BIZ BANK rule helps small business owners remember the key aspects to consider when choosing a bank:
- Benefits: Look for rewards and incentives specific to small businesses.
- Integration: Ensure the bank integrates well with your accounting software.
- Zero fees: Aim for accounts with minimal or no fees.
- Business support: The bank should offer resources and services tailored to small businesses.
- Accessibility: Ensure easy access to branches, ATMs, and online banking.
- Necessary tools: Look for essential banking tools like merchant services and business credit cards.
- Knowledgeable support: Choose a bank with good customer service and small business expertise.
Find your new financial ally with this list of the best banks to open a business checking account.
Looking for business checking promotions? Jump down to find current deals and coupons by state.
10+ Best Banks for Business Accounts in 2024
Here are the top picks for small business banking. Discover their pros and cons and what makes each one unique.
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Chase: Best Brick-and-Mortar Bank
Chase is the best bank for business owners looking for a traditional brick-and-mortar bank. It stands out for its unique small business checking account and business credit cards.
Plus, it often offers bonuses for new customers.
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Associate Debit and Employee Deposit Cards available upon request
- Monthly Fee: $15 with ways to waive
Why we like Chase:
The Chase Business Complete Banking account has built-in credit card processing. This means no need to open a separate merchant account. You can bank and process payments with the same app.
When you take cards with Chase QuickAccept, you get same-day deposits into your business checking account. This keeps the cash flow moving so you can reinvest it back into your business sooner.
This account is perfect for small retailers, restaurants, and local services that get paid by card. If you also take cash, there are thousands of Chase ATMs and branches across the US for easy deposits.
Plus, Chase has some of the best business credit cards on the market. They come with great cashback and travel rewards, so you get more for your business purchases.
Pros:
- Over 4,700 and 15,000+ Chase ATMs
- All-in-one business checking + payment processing
- Excellent small business credit cards
- Highly-rated mobile app
- 24/7 customer service with real reps
Cons:
- Minimum requirements to waive monthly fees
- Many other banking fees like overdrafts and wires
- Low business savings account APYs
Choose Chase Bank if: You want a large traditional bank with a full range of business services. It's also good if you want to accept credit cards with less hassle.
If you don't need to deposit or withdraw cash, an online bank will probably fit your needs.
Bluevine: Best Online Business Checking Account
Bluevine is the best online business checking account because of the high interest rate. There are no monthly fees, no overdraft fees, and unlimited transactions. So you can grow your money without being nickel and dimed.
Free Business Checking - Up to 1.5% APY
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000
- ATMs: Approximately 40,000 MoneyPass ATMs
- Perks: 2 free checkbooks per year; No non-sufficient funds fee
Why we like Bluevine:
To earn the high APY, just do one of the following:
- Spend $500 per month with your Bluevine Business Debit Mastercard®, OR
- Receive or deposit $2,500 per month of customer payments into your account or sub-accounts [1]
That's it! These targets are totally doable for a small business.
Opting for the paid Plus tier enables you to earn a 3% APY without needing to meet any minimum qualifications, and also grants you a 20% reduction in most Standard payment fees.
Bluevine also offers a paid Premier business checking account that earns a higher 4.00% APY without minimum qualifications. With this upgrade, you can cut most of your payment fees in half and gain access to priority customer support.
Bluevine has no business savings account, but you can open 5 free subaccounts instead. This is even better, because you can dedicate accounts for specific purposes. And the subaccounts all earn interest too! - up to $250k combined across all accounts (or up to $3M combined for Premier tier).
Though it's online-only, it's still got good traditional features. You get 2 free checkbooks per year, and you can deposit cash at over 90,000 Green Dot retailers and over 1,500 Allpoint+ ATMs. So even small physical business can use Bluevine.
You can also order multiple debit cards for your team, increasing your business's spending flexibility.
Pros:
- Potential to earn a high APY
- Total of 6 free business checking accounts
- 2 free checkbooks per year
- No fees for overdrafts or incoming domestic wires
- Cash deposit available
- Multiple users and different access levels
- Up to 4 free additional debit cards for authorized users
Cons:
- Fee for cash deposits
- Limited integrations
Choose Bluevine if: You want a free small business checking account and earn interest on your everyday business funds.
Free Business Checking - Earn $300 Bonus
To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code CD300.
After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:
- Deposit at least $5,000 from eligible merchant services to your Bluevine account OR
- Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers OR
- Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Banking services provided by Coastal Community Bank, Member FDIC
Bluevine is designed for growing small businesses. The next option may be better if you just started freelancing or self-employment.
Found: Best for One-Person Small Businesses
Doing taxes and managing finances can be stressful for the newly self-employed. That's where Found comes in. It makes taxes and bookkeeping a breeze with automated tools.
Free Business Banking for the Self-Employed
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: Any ATM that accepts Mastercard; No ATMs fees from Found, but the owner may have fees
Why we like Found:
Found tracks your business expenses, so you don't miss any tax write-offs. And the cool thing is - whenever you have a business transaction, it estimates your new tax bill. You'll always know how much you owe, so no more tax bill surprises.
The money for taxes is automatically set aside in a Tax Savings Account. So you're already good to go when it's tax time.
If you sign up for Found Plus, it even files your taxes for you. Just fill out a tax profile and Found will send your quarterly tax payments directly to the IRS - correctly and on time.
And finally, you can send custom invoices right from the app. Found will even send reminders to your clients for you.
Pros:
- Automatically track tax write-offs
- Always see your estimated taxes in real-time
- Save and pay for taxes straight from the app
- Free unlimited invoicing
- No credit check
Cons:
- No physical checks
- No savings accounts aside from Tax Savings Account
- No network of free ATMs
- Only one physical debit card per account
- Fee to deposit cash
Choose Found if: You want business expense tracking and tax preparation along with your business checking.
Free Business Banking for the Self-Employed
- Banking, taxes, bookkeeping – all in one place
- Automatically find tax write-offs and save for taxes
- Track and categorize expenses with custom rules
- Free unlimited custom invoices
- Easy sign up; no credit check
Lili: Best for Banking and Accounting
Lili is similar to Found at first glance. It also has tax tools to help you prepare for taxes. While the basic account doesn't include invoicing, tax planning, and bookkeeping tools, it does have other features that Found lacks.
One of the main differences is that Lili lets you mark your expenses as "personal" or "business." So it's possible for single users to use one account and still keep their books organized for taxes.
Lili also supports multi-owner companies. And if you have more than one business, you can even have an account for each business and manage them all using a single login.
Free Checking Account for Small Business Owners
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: Approximately 40,000 MoneyPass ATMs
- Perks: Get direct deposits up to 2 days earlier
Why we like Lili:
With Lili paid plans, you can automatically save money for taxes. It'll help you calculate how much you should save and put aside a percentage of your business income in a Tax Bucket.
To make taxes easier, it generates quarterly and yearly business expense reports for you. It'll even pre-fill your annual 1040 Schedule C, so you can file directly with the IRS.
If you do get paid sometimes in cash or check, Lili supports these kinds of deposits. And you can withdraw funds at over 40,000 fee-free ATMs.
Pros:
- Free basic account
- Automatically track tax write-offs (paid plans)
- Integrates with Etsy, Shopify, Quickbooks, and more
- Get direct deposits up to 2 days early
- No credit check
Cons:
- Most features are only for Lili Pro, Smart, and Premium members
- Up to $4.95 to deposit cash
Choose Lili if: You want integrated accounting, tax tools, APY on savings, and multi-user access.
Free Checking Account for Small Business Owners
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
- Automatic Savings
- Get paid up to 2 days early
Bank of America: Low Minimum Requirements
Bank of America is one of the largest brick-and-mortar banks in the United States. It's a good option if you're looking for lots of physical branch locations.
It offers a flexible Business Advantage Banking checking account with great built-in digital tools.
Business Advantage Fundamentals™ Banking
- No fee for first 200 transactions per statement cycle
- No fee for first $7,500 in cash deposited per statement cycle
- Minimum Deposit to Open: $100
- Balance Requirement: None
- Monthly Fee: $16 or $0 – Great news, there's no monthly fee for the first 12 statement cycles. To avoid the Monthly Fee after, meet one of the following requirements each statement cycle:
- Maintain a $5,000 combined average monthly balance.
- Use your Bank of America business debit card to make at least $250 in new net qualified purchases. Starting Nov 1, 2024, the Monthly Fee can be avoided when you use your Bank of America business debit card to make at least $500 in new net qualified purchases.
- Become a member Preferred Rewards for Business.
- APY: N/A
Why we like Bank of America:
A new business can start with the basic tier, which lets you waive the monthly fee with only $250 in new net qualified debit card purchases each statement cycle, or maintaining a $5,000 combined average monthly balance.
When you outgrow it, just level up to the higher tier account. In fact, you can switch between the 2 tiers as your business needs change.
Compared to other traditional banks, Bank of America offers higher transaction and cash deposit limits. So it's good for small businesses with higher activity.
What really sets Bank of America apart, though, are the cash management tools. With its cash flow projections, you can plan for future expenses and catch potential issues before they become a problem.
Plus, your account syncs with business apps, like Quickbooks and tons more. Your business metrics are all in one place, so you get a clear view of how you're doing.
Pros:
- Thousands of ATMs and financial centers
- Switch between the two business checking accounts
- Many app integrations
- Access to Small Business Specialists
- Highly rated mobile app for customer satisfaction
Cons:
- Many banking fees like overdrafts, stop payments, and wires
- Less active SBA loans lender
- Low APY for business savings accounts
Choose Bank of America if: You're looking for a national bank with flexible requirements and great online banking features.
Shep Hyken, customer service/experience expert, keynote speaker and New York Times bestselling author
Bank of America® Business Advantage Banking Checking Account - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new eligible business checking customers only.
- Offer expires 12/31/2024.
- To qualify, deposit $5,000 or more in New Money* directly into a new eligible Bank of America Business Advantage Banking account within thirty (30) days of account opening.
- Maintain an average balance of $5,000 in that new Business Advantage Banking account during the Maintenance Period**.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *New Money is new funds deposited into your business checking account that are not transfers from other Bank of America deposit accounts or
Merrill investment accounts.
- ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
- Bank of America, N.A. Member FDIC
Novo: Best for Small Online Startups
Can't live without your business tools? Novo is high-tech online business banking platform that seamlessly integrates all your tools. It's ideal for online startups and eCommerce businesses.
There are no monthly fees, and it comes with great features and perks.
Free Business Checking
- Minimum Deposit to Open: $50
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: Up to $7 per month ATM fee reimbursement worldwide
- Perks: Thousands of dollars in exclusive perks from popular business services
Why we like Novo:
What makes Novo so cutting-edge? It integrates with thousands of popular business tools like Shopify, QuickBooks, HubSpot, Google Ads, Slack, and more.
That means you can manage your entire business world from your banking platform. You save time by not bouncing between different apps and having to do manual data entry. Your whole workflow is synced with your banking.
All accounts get 20 Reserves. This helps with cash management because you can organize budgets for things like taxes or big business expenses.
And good news - Novo does not do a credit check. Your credit score will not be affected by having a Novo account.
Pros:
- Create up to 20 Reserves
- Thousands of integrations
- Free unlimited invoicing
- Send paper checks for free through the Novo app
Cons:
- No cash deposits
- Cannot send wires. You can only send international money transfers through the Wise integration.
Choose Novo if: You use a lot of business tools and software, and want to streamline your workflow by managing your business operations and banking in one place.
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
Banks may run a soft inquiry on your credit. That won't affect your credit score. But most banks do run your banking history through the ChexSystem. If you have had overdrafts or other bad marks, that may go against you.
Relay: For Multiple Accounts
Is your business growing and your current banking setup just isn't cutting it? Relay Financial might fit your needs.
Relay is specifically designed for large teams and larger financial needs, so you can level up your business without any roadblocks.
No-Fee Business Checking
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: Earn up to 3% APY: Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000.
- ATMs: 55,000+ Allpoint ATMs
- Perks: Up to 20 accounts, 50 debit cards, and free checks
Why we like Relay:
Relay lets you open up to 20 individual business checking accounts and issue up to 50 debit cards at no extra cost.
You can assign each account and debit card to a specific purpose (like marketing, business trip, etc). This gives you complete control over how you manage your money.
Plus, you can give team members access to help with banking tasks. User permission settings will make sure everyone has the right level of access.
As a bonus - Relay gives you interest on your savings balances. It can even automatically move idle cash into your savings so they can grow.
And that's not all. Relay streamlines your bookkeeping by directly integrating with accounting tools such as Quickbooks, Gusto, Expensify, Xero, and more.
Pros:
- Up to 20 checking accounts and 50 debit cards
- Different user permissions
- Bookkeeping and payroll integrations
- Higher transaction limits than other banks
- Free cash deposits and withdrawals at Allpoint ATMs
- Earn APY on savings balances
Cons:
- No paper checks
- Doesn't support Zelle as of now
Choose Relay if: You need multiple checking accounts and debit cards for your business. It's also good if your team is growing and you're ready to share banking responsibilities.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
U.S. Bank: National Bank with Free Checking
It's hard to find free business checking accounts at a big financial institution. U.S. Bank is one of the few large physical banks with a no-fee business checking option.
Silver Business Checking account - $400 Bonus
Promo code Q4AFL24 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials (Available in AZ, NV, CO, NM, OH, IN, KY and TN) Business Checking account. Limit of one Business Checking bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials (not available in all markets) account between 10/1/2024 and 1/15/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. Checking account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
The business checking bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. This document can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
- Monthly Fee: $0 monthly maintenance fee
Why we like US Bank:
The Silver Business Checking Package has no monthly service charges or account minimum balance. It's ideal for new small businesses and startups looking to save money on bank fees.
US Bank has over 2,000 branches and more than 4,500 U.S. Bank ATMs across the country. But even if you don't live near a branch, you can also use approximately 40,000 MoneyPass ATMs with no surcharge.
And you can easily do your business banking on their highly-rated mobile app, with features like bill pay and mobile check deposit.
Pros:
- Free basic business checking account
- Nonprofit and premium checking options
- One of the more active SBA lenders among big banks
Cons:
- Many other banking fees like overdrafts and wires
- Checking accounts have less features than other big banks
Choose US Bank if: You want a free small business checking account with a traditional bank.
Silver Business Checking account - $400 Bonus
Promo code Q4AFL24 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials (Available in AZ, NV, CO, NM, OH, IN, KY and TN) Business Checking account. Limit of one Business Checking bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials (not available in all markets) account between 10/1/2024 and 1/15/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. Checking account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
The business checking bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. This document can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Platinum Business Checking account - $900 Bonus
Promo code Q4AFL24 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials (Available in AZ, NV, CO, NM, OH, IN, KY and TN) Business Checking account. Limit of one Business Checking bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $900 Business Checking bonus by opening a new U.S. Bank Platinum Business Checking account between 10/01/2024 and 1/15/2025. You must make deposit(s) of at least $30,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $30,000 until the 60th day after account opening.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. Checking account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
The business checking bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. This document can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Axos Bank: Business Checking with Interest
Axos Bank offers online-only business checking and savings accounts with competitive interest rates.
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!* Open a business checking account by January 2 and get up to $400 when you use promo code NEW400 on your application.*
- No initial deposit requirement
- No minimum balance requirement
- No monthly maintenance fees
- Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
- Unlimited domestic ATM fee reimbursements
- Unlimited item processing (debits, credits, and deposited items)
- Cash deposits via MoneyPass and AllPoint networks
Business Interest Checking - 1.01% APY
- Interested in a $400 welcome bonus? Start growing your business and get up to $400 when you open a Business Interest Checking account by January 2. Just use promo code NEW400 on your application.**
- Up to 1.01% APY**
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 100 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
- Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
- Free online banking, image statements, and Bill Pay
Why we like Axos:
Axos Business Interest Checking account offers a decent interest rate. Unlike Bluevine, there are no deposit or activity requirements to earn the APY. You get a high interest rate on all balances below $50,000.
You can use any ATM you want. Axos will give you unlimited domestic ATM fee rebates. And you can deposit cash for free via MoneyPass and AllPoint ATMs.
But the business interest checking account requires an average balance of $5,000 to waive the monthly fee.[3] Another downside is that it only gives you 100 free transactions per month. So it's only ideal for small businesses with less banking activity.
Pros:
- Offers higher interest rate than most other banks
- Unlimited domestic ATM fee rebates
- First set of 50 checks free
Cons:
- The business interest checking account requires a higher minimum to waive the monthly fee
- Only integrates with Quickbooks
- No physical locations
Choose Axos if: You're looking for a business checking account with decent interest.
Wells Fargo: Best for SBA Loans
Wells Fargo has the largest national footprint. It has a wide range of services and convenient locations. It's a good choice if you want everything in one place.
It's also one of the top SBA 7(a) lenders. If you need startup capital or plan on expanding your business, it's smart to go with a bank known for approving these loans.
Initiate Business Checking
- 100 free transactions each fee period
- $5,000 in cash deposits processed free each fee period
- $25 minimum opening deposit
- Waive the $10 monthly service fee by maintaining a $500 minimum daily balance or a $1,000 average ledger balance
- Balance Requirement: $500 minimum daily balance to waive $10 fee
- Monthly Fee: $10 (can be waived)
- ATMs: 11,000+ nationwide
Why we like Wells Fargo:
The Initiate Business Checking Account is ideal for growing small businesses. It's pretty easy to waive the monthly fee. But you only get 100 free transactions per month.
All business account holders can customize your business debit card and checks with your own logo. This will make you look more professional to clients and suppliers.
Wells Fargo doesn't have the most unique business checking accounts, but they offer full-service business banking. If you need more down the road, they've got you covered with options like business loans, payroll services, tax programs, merchant services, and insurance.
Pros:
- Approximately 4,700 branches in 36 states + D.C.
- 3 business checking accounts for different needs
- A large range of business services
- Active SBA lender
Cons:
- Not as many business banking features as other banks
- Many other banking fees like overdrafts, stop payments, and wire transfer fees
Choose Wells Fargo if: You're looking for a full-service bank and if you may need a small business loan.
Capital One: Best for High Volume Businesses
For businesses with a lot of monthly transactions, Capital One is worth looking into. The Basic Business Checking account is free and gives you unlimited free digital transactions.
Basic Business Checking
- Unlimited free transactions each month
- $5,000 in free cash deposits each month
- Waive the $15 monthly service fee by maintaining a prior 30- or 90-day average balance of $2,000 or more
- Minimum Deposit to Open: $0
- Balance Requirement: $2,000 average balance to waive $15 fee
- Monthly Fee: $15 (can be waived)
- ATMs: 70,000+ Capital One, MoneyPass and Allpoint ATMs
Why we like Capital One:
Capital One doesn't have a lot of physical locations, but it has a very big ATM network. You get fee-free access to more than 70,000 ATMs in the Allpoint and MoneyPass networks.
Another thing Capital One is known for is their business credit cards. It has a strong lineup of cards offering cashback or travel rewards. Plus, all Capital One credit cards have no foreign transaction fees.
Pros:
- Unlimited fee-free transactions
- Free ATM access to Allpoint and Moneypass ATMs
- Excellent small business credit cards
Cons:
- Business checking accounts require higher minimum balance
- Only have branches in a few states
- You may need to apply in person
Choose Capital One if: You make a lot of transactions each month.
Digital Federal Credit Union: Best Credit Union
Consider a credit union if you don't like the idea of a big bank. Credit unions are often more affordable and offer more personalized service.
Why we like Digital Federal Credit Union:
It offers a Free Business Checking account with no monthly maintenance fees or minimum balance requirements. It's ideal for new businesses with low activity.
Digital Federal Credit Union lets anyone join by becoming a member of one of their participating organizations (membership fee starting from $5). Or you can join if you or a family member works for one of the many participating employers.
Pros:
- Free access to 80,000+ Allpoint, SUM, or CO-OP ATMs
- Up to 4 debit cards per account (upon approval)
- Several business savings accounts, including IRA options for your employees
Cons:
- Limited services compared to the big banks
- Less small business loans
- Physical branches only in MA and NH
Choose Digital Federal Credit Union if: You want to use a credit union instead of a bank, and if you're looking for a free business checking account.
A local credit union may have less fees and more personalized service. However, their services may be more limited than the big banks. Think about what you need (not only now but also down the road) to find what's best for you.
Best Regional Banks for Small Business
If you have a local business, a regional or community bank may fit your needs. It gives you the chance to build a personal relationship with your banker. They also have more interest in helping small businesses succeed.
Here are some of the best business checking accounts from regional banks:
Huntington Bank
Huntington Bank offers three business checking accounts depending on the size of your business. It even has a free account with no minimum balance. All accounts come with digital tools to help you manage income and expenses. This bank has a large presence in the Midwest.
PNC Bank
The basic Business Checking lets you waive the $12 monthly maintenance fee by maintaining a $500 average monthly balance. The opening deposit is just $100.
TD Bank
TD Bank has a large footprint on the East Coast with over 1,100 locations. It's known for extended banking hours and 24/7 live customer service.
First Horizon Bank
First Horizon Bank offers a BizEssentials Checking account with no minimums or monthly service fee. This bank has a large presence across 12 southern states.
KeyBank
KeyBank has 3 business checking account options for businesses in different stages.
The Basic Business Checking lets you waive the monthly fee of $5 with only $1,000 average daily balance. All accounts let you deposit up to $25,000 each month for free, so it's great for small businesses that take cash.
Best Type of Bank to Open a Business Account
The first step is to decide what kind of bank you want to use for your small business. There are three main types:
- National bank: These are the big banks with a lot of branches and ATMs across the nation. They're convenient and usually offer more services and products. This could be a good choice for more established businesses.
- Local bank: Micro businesses may benefit more from a local bank or credit union. A smaller bank is more likely to take a greater interest in helping local businesses grow.
- Online bank: This option is good for online businesses or freelancers who don't need cash deposits. Online banks have less fees and requirements. As a bonus, they often offer higher interest rates.
How to Choose the Right Bank for Your Business
When choosing the best business bank account for your needs, think about what perks or features you'd like. Consider these things:
- Fees and account balance requirements
We have free accounts on our list. But many banks have a minimum balance requirement to waive the monthly service fees. Can your business comfortably meet that requirement? - Transaction limits
How many monthly transactions do you expect? Some accounts give you a certain number of free transactions per month. Beyond that, they charge a fee for each one.Transaction items include debits, credits, ACH bank transfer, and deposit checks. - Cash deposit
If your business takes in a lot of cash, look for an account with a higher amount of fee-free cash deposits. Also note that some online accounts don't allow for cash deposits. - Size of bank
Large national banks are more convenient. On the other hand, local banks or credit unions offer more personalized service. They may be able to get you a better deal on a loan or provide more aid if something happens.One of the best resources for entrepreneurs is the Small Business Development Center. This nonprofit organization can help you with marketing, business loans and more. - Accessibility
If you need to deposit and withdraw cash often, a brick-and-mortar bank may be better for you. Check that your bank has branches and ATMs near you.If you're okay with purely online and mobile banking, then an online bank can help you save. You can bank from anywhere on your smartphone.
- Cash management
Does the account have features to help manage your cash? For example, Bank of America has built-in tools. Novo has Reserves for you to set aside funds for business savings goals.Read more about cash management solutions. - Software integration
See if the business checking account integrates with accounting software like QuickBooks, Freshbooks, or Xero. This matters because it could make your life easier. - Small business loans
Even if you don't need a loan now, you may later. Having a personal relationship with your bank may help you obtain these resources or get a better interest rate.You may want to see if the bank provides SBA loans. These loans give financing opportunities to businesses that can't get a traditional bank loan. - Customer support
It's important to get help from a real person when you need it. Read other customers' bank reviews to get an idea of how responsive they are.
Why Have a Business Bank Account
If you're running an LLC or corporation, you must have a separate business bank account. You're considered a separate legal entity, so you also must separate your finances. This will protect you from personal liability in case of lawsuits or debts.
If you're a freelancer or sole proprietor, you don't legally need a business checking account. You could technically use your personal bank account. But separating finances will make your life easier.
Here are some good reasons why all businesses should have a business bank account:
- Easier to calculate business expenses during tax time and leave a clear trail for the IRS.
- Present a more professional image to clients and vendors.
- Be able to apply for small business loans.
- Accept credit card payments from customers.
- Give debit cards and access to team members.
Small banks generally have less fees than the big banks. They may also be able to offer better loan terms. Plus, a small local bank is more likely to support local businesses. However, the trade-off is that they may not provide as many services.
What Kind of Bank Account Should I Open for a Small Business?
Small business owners definitely need a business checking account for your day-to-day business activities, like receiving deposits, making business purchases, paying vendors, and more.
Once you've got extra funds, it's smart to have a business savings account too. It's good for stashing your business emergency fund and savings for future business projects. They can even earn interest to help your money grow.
You can open as many business bank accounts as you want. Having multiple can help you organize your finances. For example, you can have separate accounts for operation, payroll, taxes.
Methodology
We compared dozens of both traditional and online banks to curate this list of the best banks for small businesses. To start, we looked at the different kinds of businesses out there.
We looked for unique bank accounts that tackle the challenges faced by various businesses. For example, a freelancer may struggle with taxes, while a retailer would need credit card processing. You're sure to find a bank that fits your needs.
We also made sure these banks are available to everyone nationwide. And of course, we don't believe in paying to bank. So these banks have easy ways to waive the monthly fees. Many banks on our list are even free.
And finally, all the banks have excellent security and are FDIC insured. So you can trust that your business funds are safe.
Small Business Banking FAQ
Do I need a business bank account as a sole proprietor?
Sole proprietors aren't required to have a separate bank account. But it's still smart not to mix personal and business finances. Or else it'll be a big pain during tax time.
Do I need a business bank account as an LLC?
LLCs are legally required to have a separate bank account, because the owners and the LLC are separate entities. You're protected from personal liability if your business gets sued. So you need to maintain the separation with a dedicated business bank account.
What banks offer free business checking accounts?
A lot of fintech companies offer free online business checking accounts, such as Bluevine and Lili. If you prefer a physical bank, U.S. Bank Silver Business Checking is a free business account.
What is the minimum amount to open a business account?
Each bank has their own requirements. But you can open a business checking account with $0. Some banks, like Bank of America, only requires $100 to open.
Do I need an EIN to open a business bank account?
Sole proprietors and single-member LLCs can use their SSN to open a business bank account. But you need an EIN if you hire employees or form an LLC or corporation. Check if you need an EIN here.
Can I open a business checking account with bad credit?
Yes you can. Some business bank accounts, like Lili and Novo, have no credit check. Or you can try to open an account with your local bank or credit union, as they may have more lax requirements.
What Experts Say
As part of our series on small businesses, CreditDonkey assembled a team of industry experts to answer readers' most pressing questions. Here's what they said.
Bottom Line
Picking the best bank for your small business needs is important to your success and growth. You'll need it to manage your business finances. Plus, it'll help when applying for a business loan or other services.
The right bank can open more opportunities and help take your business to the next level.
Consider all your options to see what makes most sense for your small business banking needs. Pay attention to the fine print before signing up. If you're unhappy with your choice or your business needs change, you can switch to another bank, but it'll be a hassle.
Additional Resources
Business Checking Account Promotions
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Associate Debit and Employee Deposit Cards available upon request
Bank of America® Business Advantage Banking Checking Account - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new eligible business checking customers only.
- Offer expires 12/31/2024.
- To qualify, deposit $5,000 or more in New Money* directly into a new eligible Bank of America Business Advantage Banking account within thirty (30) days of account opening.
- Maintain an average balance of $5,000 in that new Business Advantage Banking account during the Maintenance Period**.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *New Money is new funds deposited into your business checking account that are not transfers from other Bank of America deposit accounts or
Merrill investment accounts.
- ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
- Bank of America, N.A. Member FDIC
Free Business Checking - Earn $300 Bonus
To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code CD300.
After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:
- Deposit at least $5,000 from eligible merchant services to your Bluevine account OR
- Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers OR
- Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Banking services provided by Coastal Community Bank, Member FDIC
Spend $1500 with your Novo card within 90 days, and get $75
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!* Open a business checking account by January 2 and get up to $400 when you use promo code NEW400 on your application.*
- No initial deposit requirement
- No minimum balance requirement
- No monthly maintenance fees
- Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
- Unlimited domestic ATM fee reimbursements
- Unlimited item processing (debits, credits, and deposited items)
- Cash deposits via MoneyPass and AllPoint networks
Business Interest Checking - 1.01% APY
- Interested in a $400 welcome bonus? Start growing your business and get up to $400 when you open a Business Interest Checking account by January 2. Just use promo code NEW400 on your application.**
- Up to 1.01% APY**
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 100 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
- Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
- Free online banking, image statements, and Bill Pay
Business Checking Promotions for Alabama
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Additional Resources
References
- ^ Bluevine. Interest Earned on Bluevine Business Checking Account, Retrieved 05/02/2024
- ^ Bluevine. Line of Credit, Retrieved 12/29/2023
- ^ Axos Bank, Business Interest Checking, Retrieved 12/29/2023
Write to Samantha Tatro at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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