January 20, 2021

Best Business Checking Account

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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 August 2021

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.

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. With a QuickAccept mobile card reader, you can accept card payments through the Chase mobile app anywhere. You don't need to open a separate Chase Merchant Services account.

Chase QuickAccept offers competitive processing rates at just 2.6% + $0.10 per swipe. This is on par with cheap mobile processors like Square.

You receive 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.

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

Member FDIC

Chase Business Complete Banking℠ - $300 Bonus

Expires 10/21/2021
  • 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.

BlueVine Business Checking

High interest rate on balances up to $100k

BlueVine is an online lender that provides fast and easy financing to small businesses.

It recently launched a new excellent business checking account with no monthly service fee, no minimum deposit, and no balance.

The account offers a high interest rate on balances up to $100,000, so you can grow your money. The rate is competitive even with the highest savings rate currently on the market.

  • Unlimited free transactions
  • No ATM fees at 38,000+ MoneyPass ATMs (though you are charged if you go out of network)
  • No non-sufficient funds fee
  • $0 for incoming wires
  • Two free checkbooks

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.

Novo Business Banking

Tech + checking combined; no monthly fees

Novo is an innovative business checking account for small business owners and freelancers. Novo is a tech company, so it focuses on building products to help entrepreneurs run their business. It's partnered with Middlesex Federal Savings to provide FDIC insurance.

There are no monthly service fees or minimum balance requirements. The minimum to open is $50. It also eliminates most banking fees.

  • ATM fee rebates from everywhere
  • Free ACH transfers
  • Free check mailing through the Novo app
  • No international card fees
  • $0 for incoming wires
  • Always talk to a real human through the app

It integrates with many small business tools that you already use. You can integrate with Shopify, Stripe, QuickBooks, Xero, Zapier, and Slack. More integrations are coming soon.

Novo also has a rewards program offering hundreds in savings from popular business services.

Radius Bank Tailored Checking

Interest & cash back perks for accounts $5k+

If you can keep a $5,000 balance, Radius Bank's 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 Radius debit card purchases if you maintain a monthly average balance of at least $5,000. In addition, balances $5k and more will earn interest.

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

  • Unlimited free transactions per month
  • Create and send digital invoices
  • Add users and get employee debit cards
  • Online bill pay and remote check deposits
  • Standard business checks available
  • Generate reports and reconcile accounting

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

NorthOne Business Banking

Unlimited subaccounts to organize business finances

Just launching in August 2019, NorthOne is one of the most innovative digital business banks. Its mission is to uncomplicate business banking so you can focus on growing your small business.

For a service fee of $10 per month (not waivable), you get access to all the features to help manage your business finances. The opening deposit is $50.

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

  • Debit cards for multiple owners
  • Withdraw or deposit cash at 300,000+ fee-free ATMs
  • Unlimited payments, deposits, and transfers
  • Share read-only access with your accountant
  • Integration with Square, Stripe, PayPal, Shopify, and lots more
  • Cashflow reporting

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.

NorthOne is partnered with Radius Bank to provide FDIC insurance.

Axos Basic Business Checking

Free online account; no service fees

Axos Bank (previously Bank of Internet USA) is another popular digital bank. Its Basic Business Checking has no account minimum requirements and no monthly fees. The opening deposit is $1,000.

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

  • 200 free transactions per month
  • Free business debit card
  • Mobile deposits and online bill pay
  • First set of 50 checks free
  • QuickBooks compatible

Business Interest Checking

  • 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

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

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 that don't need to bank much.

U.S. Bank has large branch network of over 3,000 physical branches and 4,700 ATMs across the nation. It doesn't charge fees at non-U.S. Bank ATMs, though the owner might.

  • 50% discount on first check order up to $50
  • Mobile check deposits and online bill pay
  • Share access with employees

BBVA Business Connect Checking

Free with unlimited transactions

BBVA is another physical bank offering a free business checking account. The Business Connect Checking has no monthly service fee or minimum balance requirements. It's just $100 to open.

Compared to the U.S. Bank Silver Checking, BBVA's account offers a larger number of free transactions and cash deposits. But it only has branch locations in AL, AZ, CA, CO, FL, NM, TX. Sole proprietors can apply online.

You pay no fees at all BBVA ATMs, 43,000+ Allpoint ATMs, and participating 7-Eleven ATMs. So you don't necessarily need to live near a BBVA service region to use the bank.

  • Unlimited free digital transactions
  • Up to $5,000 in free cash deposits every month
  • 2 free in-branch deposits per month
  • 5 free in-branch withdrawals per month
  • Free personalized Visa debit card
  • Free mobile deposits and bill pay

If you can keep a $5,000 balance, look into BBVA's Clear Choice Business Checking. You get to customize your account by picking 2 premium features.

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. The opening minimum deposit is just $25.

  • 100 free transactions per month
  • $5,000 in free cash deposits per month
  • Free text and mobile banking
  • Custom cards and checks
  • Zero Liability protection

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.

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.

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What kind of bank do you want to use for your small business?
26% National bank
29% Local bank
45% Online bank
Source: CreditDonkey
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