January 20, 2021

Best Business Checking Account

Read more about Business
This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by reading our website and using our links. (read more)

Cut banking costs and keep more money in your business. Here are the best business checking accounts with low fees and minimums.

If you're a small business owner, it's important to have a business checking account.

Not only it is important to separate your business and personal finances, the right business checking account can also help your business grow.

All businesses have different needs, so it's important to get one that's right for you.

We've come up a list of the best business checking accounts. We picked accounts with unique features and low fees (or even no monthly fee at all). Read on.

Business Checking Accounts for December 2021

  1. Chase Business Complete Banking: Checking + Card Processing
  2. BlueVine Business Checking: High Interest Checking
  3. Novo Business Banking: Tech + Checking Combined
  4. LendingClub Tailored Checking: Perks for Balances $5,000+
  5. NorthOne Business Banking: Organize Business Finances
  6. Axos Basic Business Checking: Free with No Service Fee
  7. U.S. Bank Silver Business Checking: Free Account from Physical Bank
  8. Wells Fargo Initiate Business Checking: Comprehensive Services
  9. Bank of America Business Advantage Banking: Convenience and Low Requirements

Types of Business Checking Accounts

First, you need 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 throughout the nation. They're more convenient and usually offer more services and products. This could be a good choice for more established businesses.

  • Local Bank: Small local businesses may benefit more from a local bank or credit union. A smaller bank is more likely to work with your needs and take a greater interest in helping local businesses grow.

  • Online Bank: This option is good for purely online businesses, freelancers, or small side hustles. Online banks often have fewer fees and requirements. The application process is usually faster as well.

Our list mostly focuses on the bigger traditional banks and online banks, since those are available to everyone. But we urge local businesses to look into community banks in your area.

What kind of bank do you want to use for your small business?

Best Business Checking Accounts

Here are the best business checking accounts for different kinds of businesses. Be sure to note any service fees and minimum balance requirements.

1. Chase Business Complete Banking

Checking with built-in card processing

Chase's new Business Complete Banking is a great choice for small mobile businesses and retailers.

This account has payment processing integrated into the checking account. You don't need to open a separate Chase Merchant Services account. Some features include:

  • Process credit cards through the Chase mobile app with the QuickAccept card reader.
  • Competitive processing rates at just 2.6% + $0.10 per swipe. This is on par with cheap mobile processors like Square.
  • Same-day deposits into your checking account. This could be really helpful for managing cash flow for small businesses.

Chase is one of the largest banks in the U.S. with over 4,700 branches and 16,000 ATMs. So it's good if you're looking for convenience.

Chase
Member FDIC

Chase Business Complete Banking℠ - $300 Bonus

Expires 1/20/2022
  • Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
  • More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
  • Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept℠.
  • Same-day deposits with QuickAccept℠. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
  • Alerts to help you stay on top of your account activity.
  • Easy account management through Chase Business online and the Chase Mobile® app.
  • Unlimited electronic deposits, ACH and Chase Quick Deposit℠.
  • Convenient access to 16,000 ATMs and more than 4,700 branches.

You can waive the $15 monthly service fee with one of the following:
  • Maintaining $2,000 minimum daily balance, OR
  • Making $2,000 in purchases on a Chase Ink Business card, OR
  • Receiving $2,000 in deposits from QuickAccept and/or other eligible Chase Merchant Services transactions

2. BlueVine Business Checking

High interest rate on balances up to $100k

BlueVine is known for convenient small business financing. It also has an excellent business checking account with no monthly service fee, no minimum deposit, and a competitive interest rate.

Business Checking - Up to 0.6% APY

  • Minimum Deposit to Open: $0
  • Balance Requirement: $0
  • Monthly Fee: $0
  • APY: 0.6% on balances up to $100,000; 0% APY on balances over $100,000
  • ATMs: 37,000+ MoneyPass ATMs
  • Perks: 2 free checkbooks; No non-sufficient funds fee

One benefit is that you can deposit cash at over 90,000 GreenDot locations. A lot of online business accounts don't support cash deposits, so it's nice that BlueVine lets you do so. However, GreenDot does charge a fee.

A downside is that you can't add another owner and or get employee debit cards. BlueVine is best if you are the sole owner of your business.

BlueVine Business Checking is partnered with Bancorp Bank for FDIC insurance. BlueVine's other services include business term loans, lines of credit, and invoice factoring.

3. Novo Business Banking

Tech + checking for entrepreneurs; no monthly fees

Novo stands out from other banks because of their tech tools. It lets you integrate your checking with other business apps, so you can manage your entire business life in one place.

You can integrate with Square, Stripe, QuickBooks, Xero, Zapier, Slack, and many more. Plus, you can sync your checking account with thousands of external platforms.

Novo

Powerfully Simple Business Banking

  • Minimum Deposit to Open: $50
  • Balance Requirement: $0
  • Monthly Fee: $0
  • APY: N/A
  • ATMs: Unlimited ATM fee rebates each month
  • Perks: Thousands of dollars in exclusive perks from popular business services

Another really cool feature is Novo's rewards program. It offers hundreds in savings from popular business services (for example $3,000 in Google Cloud credits).

Novo doesn't offer checkbooks, but you can request mailed paper checks on your behalf through the app. This service is free.

4. LendingClub Tailored Checking

Interest & cash back for accounts $5k+

If you can keep a $5,000 balance, the LendingClub Tailored Checking business account offers some great perks for small businesses. The minimum to open is $100.

You earn unlimited 1% cash back on all debit card purchases if you maintain a monthly average balance of at least $5,000. In addition, balances $5k and more will earn interest.

LendingClub Bank

Tailored Checking - Business Banking

  • Minimum Deposit to Open: $100
  • Balance Requirement: $0
  • Monthly Fee: $10 (can be waived by maintaining a $5,000 balance)
  • APY: 0.10% APY on balances of $5,000 and up
  • ATMs: Unlimited ATM fee rebates worldwide
  • Perks: Unlimited 1% cashback on debit card purchases (for accounts with at least $5,000 balance)

LendingClub offers free ATM access worldwide. It even reimburses ATM fees charged by other banks. You can also make cash deposits at MoneyPass and NYCE shared deposit ATMs.

The $10 monthly maintenance fee can be waived if you maintain an average balance of $5,000 or greater.

5. NorthOne Business Banking

Integrations and organize business finances

Just launching in August 2019, NorthOne is one of the most innovative digital business banks. Even though it has a $10 monthly fee (not waivable), it offers great features to help manage your business finances.

NorthOne Business Banking

  • Minimum Deposit to Open: $50
  • Balance Requirement: $0
  • Monthly Fee: $10 (cannot be waived)
  • APY: N/A
  • ATMs: 38,000+ MoneyPass ATMs

A great feature is the ability to create "Envelopes." These are like savings accounts to set aside money for big expenses. For example, you can create envelopes for taxes, payroll, upcoming business trips, etc. You can set rules to automatically send a part of every payment to your envelopes.

You can also connect your account with business apps like Square, Strip, Amazon, Etsy, Lyft, and many more.

Even though it's a purely mobile bank, you get live in-person chat support through the app. Or you can schedule a call-back to speak with someone.

6. Axos Business Checking

Different business checking account options

Axos Bank (previously Bank of Internet USA) offers a couple of different business checking accounts for different needs.

  • The Basic Business Checking has no account minimum requirements and no monthly fees. The opening deposit is $1,000.

  • The Interest Checking offers a competitive interest rate, but it has a $10 monthly fee. You can waive it by maintaining a $5,000 minimum average daily balance.

Axos doesn't have its own ATM network, but you get unlimited domestic ATM fee reimbursements.

Axos Bank
Member FDIC

Basic Business Checking Account - $100 Bonus

Expires 12/31/2021

Use promo code EARN100 on your application. Restrictions apply.

Axos Bank
Member FDIC

Business Interest Checking - 0.81% APY

  • Earn 0.81% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee with average daily balance of at least $5,000
  • Unlimited domestic ATM fee reimbursements
Axos Bank
Member FDIC

Business Money Market

  • Earn 0.20% APY
  • $1,000 minimum opening deposit
  • No monthly maintenance fee with average daily balance of at least $5,000

7. U.S. Bank Silver Business Checking

Free account from physical bank

Traditional brick-and-mortar banks usually don't offer free accounts. But U.S. Bank's Silver Business Checking Package has no monthly service charges or account minimum balance. The opening deposit is $100.

But you only get 125 free transaction and 25 free cash deposit units each month. So it's ideal for very small businesses or side hustles with less banking activity.

Silver Business Checking Account Package

  • $0 monthly service fee
  • 125 free transactions per statement cycle
  • 25 free cash deposits per statement cycle
  • Balance Requirement: $0
  • Monthly Fee: $0
  • ATMs: No fees at US Bank or MoneyPass ATMs
  • Perks: 50% discount on first check order up to $50

U.S. Bank has large branch network of over 3,000 physical branches across the nation. You can use any U.S. Bank or MoneyPass ATM at no charge.

8. Wells Fargo Initiate Business Checking

Great for growing businesses looking for full-service bank

Wells Fargo is one of the "big four" banks in the nation with over 5,000 branches and 13,000 ATMs across the country.

The Wells Fargo Initiate Business Checking account is designed with growing small businesses in mind. There is a monthly service fee, but it's easy to waive it.

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: 12,000+ nationwide

The $10 monthly maintenance fee can be waived by:
  • Maintaining a $500 minimum daily balance, OR
  • Maintaining a $1,000 average ledger balance

Wells Fargo offers a wide range of other business banking services including loans, lines of credit, payroll, employee benefits, and business insurance.

It could be a good choice if you want everything under one roof, or if you have your personal account with them and want to stay with the same bank.

9. Bank of America Business Advantage Banking

Convenient locations and low requirements

With more than 5,000 branches, Bank of America is another solid option if you're looking for a reputable national bank.

The Business Advantage Banking account has two settings that you can switch between based on your needs.

  • The basic Fundamentals account lets you waive the monthly fee by spending $250 a month on your debit card. It includes access to the Cash Flow Monitor and Erica the smart assistant.

  • The higher tier Relationship account gives you customized employee access, QuickBooks integration, and an included checking and savings account at no extra charge.

Business Advantage Fundamentals Banking

  • Minimum Deposit to Open: $100
  • Balance Requirement: None. Can waive monthly fee without needing to keep a balance.
  • Monthly Fee: $16 (can be waived by spending $250 in new net qualified debit card purchases each month)
  • APY: N/A
  • ATMs: 17,000 ATMs nationwide

Business Advantage Relationship Banking

  • Minimum Deposit to Open: $100
  • Balance Requirement: $15,000 combined average monthly balance to waive the monthly fee
  • Monthly Fee: $29.95 (can be waived)
  • Perks: Free Business Advantage Savings account; free wires

Bank of America also has a Preferred Rewards program for additional perks. Based on your balance, you can get banking fee waivers, interest rate discounts, and more.

What to Look for in a Business Checking Account

With a business checking account, there are different considerations than when choosing a personal account. Consider these things:

  • Type/size of bank
    This is the first thing to decide. Do you want the convenience of a large national bank? Or the more personalized service of a local bank or credit union? If you think you won't need in-person support, there are tons of great online business bank options.

  • Fees and account balance requirements
    Some banks have a minimum balance requirement to waive the monthly service fee. This is more typical for traditional banks, though we listed some free checking options. Can your business comfortably meet that requirement?

  • Transactions limits
    Business checking accounts usually only give you a certain number of free transactions per month. This includes debit card purchases, ACH transfers, deposits and withdrawals, and payments. Think about how much your business needs each month. Some online banks give you unlimited free transactions.

  • Cash deposit limits
    Does your business take cash payments? Note how much the account allows in free cash deposits per month. Keep in mind that a lot of online banks cannot accept cash deposits.

  • Software integration
    If your small business uses accounting software like QuickBooks or other alternatives, see if the checking account can integrate with it. This matters because it could make your life easier.

  • Additional banking services
    Besides just looking at the checking account features, look at what else the bank offers. If you think you may want a loan or employee programs in the future, see if the bank provides these services. Looking into options now could prevent the hassle of having to switch banks in the future.

    This is when it helps for small local businesses to work with a local bank. When you develop a relationship with your banker, they're more likely to approve you for loans or services to help your business grow.

  • Customer support
    Will you be able to get help from a real person when you have a problem? If you prefer a physical bank, it's a good idea to visit your local branch and get a feel for how friendly the people are. If you're thinking about an online bank, test out their customer response time.

How to Open a Business Checking Account

To open a small business checking account, you will need the following information and documents:

  • Employer identification number or Social Security number (for sole proprietors)
  • Partnership agreement (for partnerships)
  • Articles of organization (for LLCs)
  • Articles of incorporation (for corporations)
  • Business license
  • Business tax ID
  • Name, address, and state of your business and business owners

Sole proprietors are usually allowed to apply for a business account online.

If you have an LLC, partnership, or corporation, you and any partners most likely will need to sit down with a banker in person.

Bottom Line

No matter what kind of business you have - whether it's an ice cream stand, small e-commerce shop, or side hustle - it's essential to get a separate business checking account. Make sure to think about your business banking needs. The right checking account can help you better manage business finances and grow your business.

Carefully read the terms and conditions of your business checking account. Note any fees or balance requirements and see if they make sense for your business.

Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Read Next:

Best Bank for Small Business

Best Bank for Small Business

Best Free Checking Accounts for Small Businesses

Free Business Checking

Business Checking Account Promotions

Business Account Promotions

Chase
Member FDIC

Chase Total Checking® - $225 Bonus

Expires 1/19/2022
  • New Chase checking customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Overdraft Services - no fee if you're overdrawn by $50 or less at the end of the business day*
  • *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).
How to Build Business Credit

How to Build Business Credit

Professional Email Address

Professional Email Address

Discount Calculator

Discount Calculator

Sales Tax Calculator

Sales Tax Calculator

Profit Increase Calculator

Profit Increase Calculator

Business Startup Calculator

Business Startup Calculator

What kind of bank do you want to use for your small business?
26% National bank
31% Local bank
43% Online bank
Source: CreditDonkey
Leave a comment about Best Business Checking Account?



How to Get a Business Credit Card

How to Get a Business Credit Card

Applying for a business credit card is easier than it sounds. Here is how to apply for one, whether you have a corporation or a tiny home business.

About CreditDonkey
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2021 CreditDonkey Inc. All Rights Reserved.