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Fortunly's Guide

The Best Checking Account for a Small Business: The Ultimate List

By
I. Mitic

October 20,2021


Getting a checking account seems fairly straightforward: All you need is a place to keep your company’s money, and pretty much any bank will let you have that. But what about all of those tiny transaction fees that you didn’t count on? What about the small print that you missed? Those seemingly small expenses could end up piling up and reducing your profit at the end of the month.

We’re here to make sure that doesn’t happen. If you’re ready to find the very very best checking account for your small business needs, we’re about to help you do just that. Here’s a list of tried-and-true business bank accounts that will give you all the benefits you need to run your firm successfully.

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The Best Small Business Checking Accounts in 2021

APY:
None
Monthly fees:
$15 (none with $2,000 min. balance)
Min. balance:
None to open an account
ATM fees:
None
Open Account
Offer details
APY:
N/A (Basic), 0.81% (Business Interest Checking)
Monthly fees:
None (Basic Account)
Min. balance:
None (Basic Account)
ATM fees:
None
Open Account
Offer details
APY:
N/A
Monthly fees:
$50, waived for the 1st month
Min. balance:
None
ATM fees:
None in-network
Open Account
Offer details
APY:
0.10% - 0.15%
Monthly fees:
None
Min. balance:
None
ATM fees:
None
Open Account
Offer details
APY:
0.05%
Monthly fees:
$14.95 (None with $5,000 min. balance)
Min. balance:
None
ATM fees:
None
Open Account
Offer details
APY:
N/A
Monthly fees:
$10, waived if a min. balance is $500/$1,000
Min. balance:
None
ATM fees:
None, $2.5 out-of-network
Open Account
Offer details
APY:
N/A
Monthly fees:
$10 (See review for more details)
Min. balance:
None, $100 to open
ATM fees:
None at BBVA and Allpoint ATMs
Open Account
Offer details
APY:
None
Monthly fees:
None
Min. balance:
None
ATM fees:
$3 out-of-network, operator fees
Open Account
Offer details
APY:
1% for balances up to $100,000
Monthly fees:
None
Min. balance:
None
ATM fees:
None in-network
Open Account
Offer details
Evaluation Criteria

The Best Business Checking Accounts — Our Methodology

Any company worth its salt needs to start thinking about checking accounts as soon as possible. They give owners a way to access funds quickly, and they’re the first step toward managing company finances. Whether you’re trying to find the best small business bank or you’re interested in online business checking, you have to make sure to find the right bank that will suit your firm specifically. 

This can be a long process. It involves going from bank to bank and asking questions, dealing with a lot of paperwork, and carefully weighing the pros and cons of each and every company. We’ve decided to do all of that work for you. With our experience in the world of finance, we know what to look for and how to choose the best business checking account offers.

However, we don’t believe you should simply take our word for it. Everyone who’s a serious business person needs to understand the ins and outs of every financial process related to their company, and we want to help you make an informed decision. You can choose who you do business with once you know every important detail. 

That’s why, to help you find the best banks for business accounts, we want to show you our methodology. We intend to walk you through every step of the process so you’ll know exactly why these companies are on our list. We’ve done a thorough small business bank account comparison using a special procedure. We’ve gathered up every piece of info that we could find, and we carefully weighed the pros and cons of dozens of banks. 

Here are the things we took into account: 

Monthly fees

You can absolutely find a small business checking account with no monthly fee if you go to the right banks. Financial institutions definitely want to work with corporations and they’re willing to go out of their way to give good business bank account offers, but that doesn’t mean that every bank has your interests at heart. 

In your search for the best free online business checking account you might encounter a lot of shady dealings and fine print that ends up confusing you and hitting you with unexpected fees. Monthly fees are a big deal, too — it’s money that goes out of your pocket and ultimately reduces your profit. Terrible banks require exorbitant maintenance fees every single month. Good banks don’t. It’s as simple as that.

Don’t let anyone trick you into overpaying just to keep a basic account open. There are better checking account offers out there and that’s why we want to be clear about this. If there are any additional costs that you have to pay each month, we’ll let you know and we’ll tell you whether those costs are justified or not. 

Transaction fees

Transaction fees are nothing but a bother. If you have to pay each time you use a debit card, you’ll have to plan each transaction carefully to avoid wasting money. That’s why we looked for places with either minimal transaction fees or no transaction fees - or places that offer other types of benefits, such as cash-back rewards and discounts that can offset the cost. The best online small business checking account will help you grow your cash instead of wasting it. 

ATM fees and availability

A place that expects you to pay an ATM fee within the bank’s own network is not really the best place to open a business checking account. While most banks require a fee if you go to an ATM that’s outside of the network, a bank that takes a fee within its own network is probably running some sort of scam. We looked exclusively for banks that don’t have any in-network ATM fees, or those that refund all ATM fees up to a certain limit every month. We want you to find the cheapest business checking account that will help your company manage its finances.

Domestic incoming and outgoing wires

Wire transfers are an essential part of any business. Whether it’s Bank of America business banking or Wells Fargo business checking, most financial institutions have wiring fees that you have to pay to transfer money to a client or a business partner. The trick to finding the best bank to open a business checking account with is to find a place that has low fees and quick processing so you can transfer cash right away.

International incoming and outgoing wires

It doesn’t matter if you want to open a small business checking account or an account for your new entrepreneurship: If you plan to work with international clients, you’ll need a reliable way of transferring money back and forth, and the best business checking account offers will give you lower fees. We found banks that don’t charge extortionate prices for international wire transfers. 

Online banking features

Online banking is the future. Banks that don’t offer a full range of online features were immediately dismissed from consideration because businesses are run online today, and not having a fully optimized online interface means the financial institution isn’t serious. The best bank for business checking account operations will usually give you the option of conducting all your transactions online. It should also have a useful mobile application so you can handle your money while you’re on the go. 

Minimum initial deposit

Most banks expect you to make a deposit when you open an account. This makes sense, because the bank wants to make sure you plan to use the account. An inactive account serves no purpose to either you or the bank. However, some places will ask for thousands in deposits from the get-go, and a lot of startups can’t afford that. We made sure to pick only the banks with reasonable minimum initial deposits, and we’ve included a few that let you open a free business checking account online with no deposit. 

Minimum account balance

Banks want you to have a minimum account balance so they know you can pay all your monthly fees. A corporate checking account could have a minimum balance requirement of several hundred or several thousand dollars, but some of the companies on our list have no minimum balance requirement at all. Sme of them don’t require a minimum balance for the first 12 months. This is how you can pick the best bank for a small business checking account - because you can slowly build up to higher monthly revenues. 

Customer service

No one likes going to the bank. Visits usually involve long and complicated paperwork, a lot of waiting time, and exhausting conversations with the bank teller as you try to explain what you need. The only thing that’s more annoying than bank visits are phone calls and emails where you struggle to establish effective communication and solve your problem remotely.

Customer service is an essential part of any business, but it’s particularly important when it comes to banks. Our list of best business bank accounts takes customer service into consideration — we’ve dealt with all of these companies and we’ll tell you exactly how they treated us. We aimed to find helpful customer service workers who were able to answer our questions quickly and efficiently.

We took special care to compare business accounts and find small business banks and other types of financial institutions that were welcoming and easy to communicate with.

APY

APY, or annual percentage yield, is basically the compound interest that you earn over the course of a year. When you open a business checking account online, the bank’s ongoing APY is one of the first things you need to consider because a higher APY means you’ll earn more money on your checking account.

APY takes compounding into account, where interests rates do not. Our small business bank reviews can help you sort all of this out without resorting to a calculator.

Special features

Each bank is different, and experienced ones know that they have to work hard to draw in customers. Find the right bank and you can get the best business checking account bonus, or a number of other useful features that other places don’t offer.

Some banks will offer great payroll options, excellent mobile optimization, free business debit cards, a lower ATM fee for withdrawals outside the network, or other handy tools to help you manage your business. 

What to watch out for

Whether it’s overpaying for incoming wires, high minimum balance, or poor customer service, we want you to know all the pros and cons of every financial institution we review. You can only pick the best bank for business checking for you if you know both the good and the bad.

If there’s anything you need to watch out for, we’ll make sure to let you know right away. What you pick will depend on the needs of your individual business, so regardless of whether you’re running an eCommerce company or a small bookkeeping business, we’ll point out relevant details to help you make the right choice. 

Quick Breakdown

The Best Small Business Checking Accounts - Ultimate List

The Best Business Checking Accounts — In-Depth Reviews

Chase Business Complete Banking Review
Chase Business Complete Banking Review Logo Open Account

On Official Website

APY:
None
Monthly fees:
$15 (none with $2,000 min. balance)
Min. balance:
None to open an account
ATM fees:
None
Other fees:
2.6% + 10 cents for tap, dip or swipe transactions using a QuickAccept Mobile Card Reader; 3.5% + 10 cents for transactions through the Chase Mobile® app

Overview

The following provider on our list of the best business checking accounts is Chase bank. Chase is a subsidiary of JPMorgan Chase & Co, one of the largest banks in the US, with $2.6 trillion in assets. Nearly half of America’s households rely on Chase bank. It provides a wide range of personal and business banking financial services, including loans and lines of credit, savings and checking accounts, equipment financing, and many other financial products. When it comes to business checking accounts, Chase offers accounts with unlimited electronic deposits, advanced fraud protection, and access to 16,000 Chase ATMs across the country. 

Fees to expect

One of the things that make a Chase business account the best online small business checking account is the fact you can waive monthly fees. The bank regularly charges $15 for monthly maintenance, but you can avoid paying this fee if you maintain a $2,000 daily balance on your account. And this is not the only option: For example, you can waive fees if you have $2,000 in purchases on your Chase Ink Business Card. 

Chase has a large network of ATMs, so you don’t need to worry about ATM transaction fees. However, fees do apply for certain domestic and international wire transfers. 

Special features

All top business checking accounts on our list come with additional features and special tools, and Chase Business Complete Banking is no exception. Its powerful mobile app allows you to effectively manage your account and even accept credit card payments using the built-in Chase QuickAccept feature. You can tap transactions manually or with a mobile phone reader. The service costs 2.6%, plus 10 cents for tapped, dipped, and swiped transactions through the mobile card reader, or 3.5%, plus 10 cents for manual transactions through the mobile app. 

Customer service

Chase agents can be reached via phone (1-800-935-9935). Alternatively, you can arrange a face-to-face meeting. There’s no live chat support, but the site is loaded with useful articles about the bank’s products and services. 

What to watch out for

To compare small business checking accounts properly, we’ve thoroughly researched fees that come with each of the accounts. With Chase’s business account, the fee-free cash deposit is limited to $5,000 per month. After your cash deposit exceeds this amount, you’ll need to pay $2.50 per $1,000 deposited.

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BankProv Small Business
BankProv Small Business Logo Open Account

On Official Website

APY:
N/A
Monthly fees:
$50 monthly fee, waived for the first month
Min. balance for a fee waiver:
$100,000 for 1/2 the monthly fee; $250,000 for it to be waived
ATM fees:
Free in-network, $2.5 for out-of-network withdrawals
Other fees:
$10 incoming wires (domestic and international); $25 outgoing wires (domestic); $35 outgoing wires (international)

Overview 

The next candidate for the best small business bank account is the Small Business Checking account by BankProv. BankProv (formerly known as The Provident Bank) has been in business for nearly 200 years, making it one of the oldest banks in America. The bank is well-known for offering technologically advanced banking solutions for various businesses, including renewable energy, cryptocurrency, and fintech companies.

Client reviews are mostly positive when it comes to both business and individual financial products. Also, the bank has an A+ score on BBB, which says a lot about its reputation. Speaking about business bank accounts, the bank offers several options, depending on a company’s size. In our review, we will focus on the small business checking account. 

Fees to expect

Even if you are looking for a small business checking account with no fees, BankProv should be on your list of the strongest candidates. Although the bank charges a $50 monthly fee for its Small Business checking account service, it’s still a good solution for small businesses. Moreover, the monthly fee will be waived for the first month, or if your balance is $250,000 or over. 

The bank charges an incoming wire fee of $10 for both domestic and international transactions. You can also expect to pay $25 for outgoing domestic wire and $35 for outgoing international wire. 

You will also get up to 50 same-day ACH transfers for free. After that, the bank will charge $0.07 per incoming and outgoing transaction.

Special features

The best checking accounts for a small business are FDIC-insured up to $250,000. Unlike many other providers, BankProv provides additional DIF insurance that covers account balances that go over FDIC’s $250,000. One of the main reasons you should consider this provider to bank with is because the combination of the two types of insurance offer your deposit account complete coverage. 

Another great thing about this bank is that it offers unique financial products for underserved markets and Banking as a service (BaaS) models. 

Customer service

We had a pleasant experience with the BankProv customer support team. The agents introduced everything we needed to know about the different business checking account offers, including small business checking accounts. The fastest way to get in touch with the bank’s representatives is via phone support.

The agents are available from 8 a.m. to 8 p.m. ET on business days and from 9 a.m. to 1 p.m. ET on Saturdays. You can also make use of the 24-hour self-service support to make inquiries about your balance, make transfers between BankProv accounts, and more.

What to watch out for

The biggest downside of BankProv is high monthly balances that you’ll need to maintain if you want to avoid monthly fees. The good thing is that you can waive half of the costs if you manage to have an account balance of at least $100,000. You can waive it entirely if you have an account balance of $250,000 or more.

Best for

Clients who want to open a checking account for a small business.

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Radius Bank Review
Radius Bank Review Logo Open Account

On Official Website

APY:
Rewards Checking earns 0.10% APY on balances of $2,500 - $99,999.99; 0.15% APY on balances of $100,000
Monthly fees:
None
Min. balance:
None apart from $100 for account opening
ATM fees:
None
Other fees:
$100 for account opening

Overview

With headquarters in Boston, MA, Radius Bank is the place where you can find the best online business checking account. Since it is a full-service online bank, you can open an account regardless of where you live. They are focused on digital banking solutions and proving financial products and services that are easily accessible to any kind of business. You can take advantage of their smooth online application process and get an account set up quickly. This bank has won three notable innovation awards: 2017 Celent Model Bank Product Innovation Award, the 2018 FinXTech Startup Innovation Award, and the 2018 EverFi Financial Capability Innovation Award.

Fees to expect

There are no transaction fees or incoming wire fees. The bank requires a $10 monthly payment to maintain your account — unless you keep a minimum account balance of $5,000. If you have the minimum, then the fee is waived. Accounts for small businesses or corporations that can’t maintain that balance will have to pay for maintenance. Once you set up your online business checking account, you won’t have to worry about ATM fees. While Radius Bank doesn’t have any in-network ATMs, they offer automatic ATM reimbursements. This means that pretty much any ATM you want to use is at your disposal. You will have to pay $100 for the initial deposit. 

Special features

Radius Bank offers a 0.75% APY. It’s a competitive rate, so if you plan to earn money from compound interest, this is one of the top business bank accounts to consider. Radius also offers Small Business Administration services and other types of loans, so you could kill two birds with one stone in case you need to borrow money for your company.  

Customer service

Radius is one of the few banks that have a chatbot on their website that you can talk to any time you like. You can also contact customer service through phone or email if you have questions about their digital banking, but we found that customer service agents weren’t always eager to help with inquiries. 

What to watch out for

Radius Bank doesn’t provide completely fee free business checking. Unless you can maintain a minimum monthly balance, this might not be one of the best checking accounts for you. You can open a new business bank account quickly and do all of your business online, but sometimes the online application glitches. 

Best for

If people from your company travel a lot and need constant access to ATMs, this could be a great bank for you. The 0.75% APY is also great if you plan to keep a minimum balance over $5,000.

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TIAA Bank Review
TIAA Bank Review Logo Open Account

On Official Website

APY:
0.05%
Monthly fees:
None with $5,000 minimum balance, $14.95 otherwise
Min. balance:
None, but $1,500 to open account
ATM fees:
None; reimbursements if you maintain a $5,000 minimum balance
Other fees:
25¢ for each transaction after the first 200 transactions in a month; $25 for domestic wire transfers; $35 for international wire transfers

Overview

TIAA (Teachers Insurance and Annuity Association) is a financial institution with more than a century of experience. They began as an institution aimed at providing retirement income and life insurance to educators, but grew to become one of the oldest and most reliable banks in America. They take a personalized approach to dealing with every client, and here you can open the best small business checking account for your company. They offer a great introductory APY and charge very few fees. 

Fees to expect

There are no monthly maintenance fees at TIAA. They are one of the few institutions that don’t charge anything to keep your account going, but they require a hefty initial deposit — $1,500. This isn’t a completely no fees business checking account, but the fees that they do have are relatively low compared to the competitors. You can expect a 25 cent fee for every transaction after 200 transactions in a month. TIAA doesn’t have in-network ATMs, but they provide ATM fee reimbursements if you maintain a daily minimum balance of $5,000. If you can’t maintain the minimum, then your only option is to look for fee-free ATMs from other banks or simply pay the ATM fees. 

Special features

One of the reasons TIAA is the best bank to open a business checking account with is their introductory APY offer. For the first 12 months, you’ll get a 1.21% APY on your account on deposits up to $250,000. After a year has passed, the APY will drop to somewhere between 0.20% and 0.61%, depending on your account balance. 

TIAA has an exceptional online user interface, and all business can be conducted digitally. You can download an app that will help you manage finances on the go. Since no monthly fee is required, TIAA is possibly the cheapest business bank account you can get in the long run.

Customer service

You can easily contact TIAA representatives over the phone or email, but there is no chatbot on the website. The customer service team is usually quick to answer questions about business free checking, but their replies are not always as clear and detailed as they could be. 

What to watch out for

You can open the best business checking account for LLC institutions and other small businesses, but one thing to keep in mind is that TIAA doesn’t have in-network ATMs. While it takes a personalized approach to dealing with small business clients, some owners might prefer to find a bank with a better ATM network. 

Best for

Clients who want a bank with a well-optimized digital banking interface and companies that want to make use of the initial APY offering. 

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Wells Fargo Simple Business Checking Account Review
Wells Fargo Simple Business Checking Account Review Logo Open Account

On Official Website

APY:
N/A
Monthly fees:
$10, but waived if you maintain a minimum account balance of $500/$1,000 average ledger balance
Min. balance:
None
ATM fees:
Free in-network, $2.5 for out-of-network withdrawals
Other fees:
50¢ after the first 100 transactions in a month; 30¢ fee for each $100 after the first $5,000 deposited; $35 overdraft fee; $15 incoming domestic wires, $30 outgoing domestic wires; $16 incoming international wires, $45 outgoing international wires

Overview

Wells Fargo hardly needs any introduction. As one of the best-known financial institutions in America, it’s a safe bet and a great choice for businesses that want something tried-and-true. You can find great small business bank account offers and several types of business checking to choose from. Their rates are higher than some of the other companies on the list, but they offer a good range of benefits to make up for it. Wells Fargo Initiate Business Checking is a good basic product for smaller companies.

Fees to expect

There’s a $10 monthly fee for account maintenance, but this amount can be waived if you keep a minimum account balance of $500. You can also expect a cash deposit fee after the first $3,000. Anything over that will cost 30 cents per $100 deposited. There is also an overdraft fee of $35 per item, overdraft protection of $12.50, a domestic incoming wire transfer fee ($15), domestic outgoing wire transfer fee ($30), an international incoming wire transfer fee ($16), and international an outgoing wire transfer fee ($45). To open an account, you’ll have to deposit $25. 

Special features

Our small business bank reviews indicate that Wells Fargo financial products usually result in high customer satisfaction rates. We did a best small business checking account comparison for Wells Fargo checking products, and the Initiate Business Checking plan seems to be tailor-made for small businesses that can’t afford to make a huge initial deposit or can’t afford to have a huge monthly balance in their accounts. 

Wells Fargo also offers a great mobile app for on-the-go usage, and easy online banking. The company often gives rewards to loyal customers, and you can sometimes earn a Wells Fargo checking account bonus for using their services. You can also open a free business checking account online and pay the initial deposit later on. Expect free ATM withdrawals in-network and at over 13,000 ATMs spread across America. 

Another great feature that we really like is purely cosmetic — when you get your business debit card, you can customize it to have your company logo included. It’s a small thing, but little details such as these make the company the best business checking account for many firms. 

Customer service

Wells Fargo customer service is exceptional. You’ll occasionally have to deal with longer waiting times if you contact them by phone, but the customer service agents are extremely helpful. All of our questions were answered promptly and concisely. 

What to watch out for

If you make more than $3,000 in cash deposits monthly, this account could be expensive to maintain. Open business checking online with Wells Fargo only if you’re ready for fees or you don’t expect to make more than $3,000 in cash deposits each month. 

Best for

Small companies, new and growing businesses, and businesses that don’t plan to make many transactions every month.

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PNC Bank Review
PNC Bank Review Logo Open Account

On Official Website

APY:
N/A
Monthly fees:
$10, but $0 for the first 3 statement cycles, avoidable with $500 balance
Min. balance:
None, $100 to open
ATM fees:
None at BBVA and Allpoint ATMs
Other fees:
25¢ cash deposit fee for each $100 after the first $5,000 in a month; 50¢ transaction fee after the first 150 in a month; domestic incoming wires $12.50, domestic outgoing wires $78; international incoming wires $20, international outgoing wires $110

Overview

Our small business banking reviews show that this is a great company for startups. In fact, this can be the best business checking account for a small business, especially if they are looking to score some bonuses. PNC has exceptional initial offers that can help a budding company save up some cash at the end of the year and kick things off the right way. PNC is a great choice for larger corporations as well because it’s an established company that’s ready to provide for its clients. If you want to open a PNC business account, it’s very difficult to go wrong.  

Fees to expect

PNC won’t expect you to pay a monthly maintenance fee for the first three months. After that, the maintenance fee is $10. This will be waived if you meet one of these conditions: 

  • You have a minimum balance of $500.
  • You make $500 in purchases with a PNC credit card.
  • You link your PNC merchant services account to your checking account and deposit at least $500 in card payments. 

In addition to this, expect cash deposit fees of 25 cents for each $100 after the first $5,000 and transaction fees of 50 cents for every transaction after the first 150. PNC Bank isn’t the best business checking account for international transactions because wires can be pricey — $20 for incoming wires and $110 for outgoing wires.  

Special features

PNC Bank has 6,000 ATMs and physical locations in 21 states. It offers the option of managing everything online — right down to the free online bill pay. The bank also has various initial offers, but you have to maintain minimum account balances to cash in on them. You get $200 when you apply for an account - the only account that gives you a bigger bonus is the Bank of America business account. 

Customer service

PNC Bank has pretty great customer service all around. You can call them by phone, send them an email, or go visit them in person and you’re bound to get good help. Sometimes you’ll encounter long waiting lines.

What to watch out for

While PNC offers online banking, it doesn’t have a huge number of physical locations across the US. It’s also not the best business checking account for paying different countries, as international wire transfers can be a little pricey compared to some of the other companies on our list. 

Best for

Companies that want to get a good initial offer to help them kickstart their business.

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Citizens Bank Review
Citizens Bank Review Logo Open Account

On Official Website

APY:
None
Monthly fees:
None
Min. balance:
None
ATM fees:
$3 for out-of-network withdrawals, plus operator fees
Other fees:
50¢ after the first 200 transactions in a month; $2.50 fee per $1,000 deposited or withdrawn after the first $5,000 each month; domestic incoming wires $12.5, domestic outgoing wires $20; international incoming wires $15, international outgoing wires $35.

Overview

Citizens Bank has some of the most competitive business checking accounts on the market. The company offers a business checking account with no fees that sole proprietors, small businesses, and larger companies can benefit from, and it has about 1,100 branches across the US. You can find Citizens Bank in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. It’s headquartered in Rhode Island and serves more than 5 million customers. It has an A+ BBB rating.  

Fees to expect

There are a few fees that you’ll have to deal with if you apply for a Citizens Bank checking account. When you compare business checking accounts, this one comes out near the top because there are no hidden costs involved. The company has a low cash deposit fee — $2.50 per $1,000 after the first $5,000. It also has a low transaction fee — 50 cents per transaction after the first 200 transactions. Citizens Bank offers good small business accounts, especially for companies that don’t plan to make more than 200 transactions per month. 

Expect a $3 ATM fee for out-of-network ATMs plus operator costs, but bear in mind that Citizens Bank has 3,100 ATMs spread across the country. It doesn’t offer ATM reimbursements. 

Special features

Citizens Bank is the best business bank because it will give you access to a free notary public service and allow your funds to go through the same day for after-hours deposits until 10 p.m. 

Not only can you open a business bank account for free here, you won’t have to pay to maintain it or have any sort of minimum balance. The rates that you do have to pay are competitive. You get the benefits of both physical locations and online banking for business, plus a mobile application to help you manage everything on the go. Citizens Bank puts a lot of stock in internet business banking, so you can use their services even if you travel to a different state.  

Customer service

Citizens Bank has great customer service. If you want to open a small business bank account, you can contact them by phone and a service agent will walk you through the process step by step. You can also open a business checking account online for free and use the FAQ section of the bank’s website to help you.

What to watch out for

Citizens Bank is generally a great choice for customers who live in one of the eight states where it has physical locations. There aren’t enough ATMs in other states for it to make sense to do business with Citizens Bank otherwise. If you do live in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, or Vermont, then you can open the best checking account for business, but otherwise you might want to turn to other banks on our list. 

Best for

Businesses based in one of the eight states where Citizens Bank has physical locations. This will enable you to make both in-branch deposits and mobile check deposit for business checking. 

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BlueVine Business Checking Review
BlueVine Business Checking Review Logo Open Account

On Official Website

APY:
1% on balances up to $100,000
Monthly fees:
None
Min. balance:
None
ATM fees:
$0 for in-network withdrawals
Other fees:
$15 for outgoing wires, $4.95 for cash deposits

Overview

BlueVine is a small business-focused fintech company that offers a plethora of online banking services. BlueVine provides not only business checking accounts but also loans and bill and vendor payment services. Its business checking account’s standout features are the unlimited number of transactions, lack of monthly fees, and no minimum deposit or balance requirements. Besides offering one of the best free business checking accounts, BlueVine gives account holders the ability to earn 1% interest on their balances.

Fees to expect

The great thing about BlueVine’s business checking account is that there are no monthly fees involved. Additionally, you won’t be charged any fees for NSF or incoming wires. You won’t be charged for any transactions at MoneyPass ATMs, which constitute a 38,000-strong network in the US.

As for the fees you will incur, there’s a $15 charge for outgoing wires and a $4.95 cash deposit fee. While there are no out-of-network ATM reimbursements, BlueVine’s ATM coverage is widespread enough not to present a significant problem.

Special features

To be featured on our best business checking account list, a company needs to incorporate functionalities that make it stand out from the competition. Luckily, BlueVine has a powerful offering that makes it attractive for all kinds of small businesses.

First of all, BlueVine allows account holders to earn a 1% interest on their balance, which is well above the national average. On top of that, the lack of a minimum account balance makes this checking account ideal for businesses that do not have a regular revenue income. Furthermore, if you lose your card or it gets stolen, you can quickly and easily lock it to prevent unauthorized use. Another hallmark of the best checking account for a small business is the FDIC deposit insurance. At BlueVine, your deposits will be insured to at least $250,000. 

Other valuable features include the addition of two free checkbooks, easy bill payments, account balance transfers, and payment scheduling.

Customer service

We found BlueVine’s customer service to be immaculate, with both agents and financial advisors at your beck and call whenever you’re facing an issue or need additional information. The support staff can be contacted via email or phone, Monday through Friday. Further details on the company’s no-fee business checking offer can be found in the comprehensive FAQ section and knowledge base as well.

What to watch out for

While BlueVine offers a multitude of great features, it does have some drawbacks. The main one is the lack of physical branch locations. While some people will undoubtedly prefer the online-only approach, not having the ability to go to a branch to directly sort out any issues that may arise is unfortunate. Additionally, the $4.95 fee for cash deposits might result in noticeable costs in the long run.

Best for

Businesses that want to conduct banking exclusively online.

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How can your business minimize all those bank fees?

Whether it’s BOA small business checking, Chase Bank small business checking, or any of the other options from our list, bank fees are always a bother. While even the best business checking account deals will require you to pay fees occasionally, there are ways you can reduce these costs. Here are some of the easiest ways to save money and make sure that your profits aren’t swallowed by various fees at the end of the month. 

Pick the right bank

Shop around. There’s nothing stopping you from asking around and browsing offers until you find the best business checking account for your ecommerce website or the best business checking account for an Airbnb. Every company is different, and not every offer will suit you. Phone as many bank representatives as you can, then write down the pros and cons of each and every one. This is the only way to find the right offer and make sure you have all your bases covered.

The financial institutions on our list are all great, but which one you pick will depend largely on what kind of business you run and how you deal with your finances. You can only find out what bank has the best small business checking account if you examine multiple offers, read small business banking reviews, and compare them. 

Read the contract closely

You don’t want to be hit with the small print when you least expect it. We’ve done our best to point out every single fee you might have to pay, so if you pick a bank that’s not on our list, make sure to read the website carefully and really study the contract. Something that sounds like no fee small business checking can end up being full of hidden costs that pile up at the end of the month.  

Don’t get special checks

Those fancy checks that banks offer might look nice, but they’re completely irrelevant for running your business. Your clients and partners really don’t care what your checks look like as long as you’ve got the money to cover them. After all, it’s not like they’re going to frame them and put them up on the wall next to a favorite family picture. Pair good old plain checks with a free business checking account with no fees and you’re already on your way to saving cash. 

Try to meet the minimum balance requirement

Meeting the minimum balance requirement means no extra monthly fees. If you can’t maintain the minimum, look for banks that don’t have a minimum requirement - and no maintenance fees. Citizens Bank, Radius Bank, and PNC are good examples. They offer some of the best business checking accounts for companies of any kind. 

Avoid expensive overdrafts

Keep a constant tab on your balance to avoid overdraft fees. You can pay for overdraft protection if you’d like, but this is usually a waste of money. Check out our business checking account comparison to find the bank that will help you save more money. 

Find banks with free wire transfers

Wire transfers can be pretty pricey, especially if you send out international wires frequently. To avoid overpaying for every single transfer, pick a bank like BlueVine that doesn’t charge for some of the transfers. You will get to enjoy no minimum balance business checking and free transfers whenever you need them.  

Integrate your account with P2P services

You can generally rely on small business online banking and peer-to-peer services to minimize the operational costs of finance handling. Services like Google Wallet, PayPal, Venmo, Zelle, and Popmoney can serve you well because they’ll save you money. Bear in mind that it usually takes a longer time to process payments through these services, but your costs are reduced. 

Use ACH transfers instead of wire transfers

Automated clearing house transfers are another way to reduce the cost of wire transfers. They also take longer to process, but since they’re cheaper, they are a good idea. 

Save on ATM fees

If you want to find the best business account bank, pick the one that will reimburse you for out-of-network fees. Or simply avoid withdrawing cash from out-of-network ATMs. You should also minimize the number of withdrawals. It’s better to take out a larger amount of cash all at once than to withdraw a little bit every day and pay a fee each time. 

Ask questions

Sometimes that’s all it takes. Most consumers have no idea how much they spend on bank fees each month because they never look at their bank statements. Even the best small business checking account for free will have some sort of fees involved, and you need to know they’re there.

Very often customers forget to simply ask questions — are there any ATM fees? How much is the monthly maintenance charge? Are there any overdraft penalties? Write down a list of important questions before you apply to open a checking account and you can be better prepared. 

The very best business checking account is waiting for you

This is a handpicked list we compiled based on a lot of research and a lot of experience in the world of finance. As always, Fortunly aims to make the world of finance approachable to everyone. We wanted to make it easy for you to simply open a checking account without any fuss, so we’ve found these companies and made sure that all of them have been fully vetted. They are safe, they are good, and they’ll give you what you need. 

FAQ
Which bank has the best business account? +

This depends entirely on your business. Radius Bank, for example, has the best free business checking account for smaller companies, while PNC Bank has the best initial offer. Radius Bank will give you the best APY, so it’s a great pick if you hope to earn money from compound interest at the end of the year. Take a look at our business checking comparison to figure out which financial institution is right for you.

What banks offer free business checking? +

TIAA and Citizens Bank are some of the banks with free business checking that you can turn to. If you are just starting out and need a checking account that doesn’t cost a fortune to maintain, these are great options.

Do I need a business checking account? +

Of course you do. If you intend to run a business, then a checking account is essential. Even if your company is tiny, you can turn to small business online banking that’s generally affordable and easy to set up. Here are some of the reasons having a separate account for your firm is a good idea: 

  • Business checking accounts are designed to handle many transactions in a month. If you do everything through your personal account, you will end up paying more transaction fees.
  • It will look a lot more professional if you have a separate business account. It can be any kind of account — a Chase business account, a Citizens Bank business account, or an account from any other type of institution. Regardless of whether you pick someone from our list or find a different bank, make sure to opt specifically for a business checking account. Having an account that you use for both business and personal transactions doesn’t make you look very serious. You’ll look like someone who’s only sort-of-but-not-really in business.
  • This is a good way to protect your personal identity. The danger of fraudulent activity increases if your business and personal accounts are connected.
  • It’s a good way to build a business banking relationship. If you use Capital One banking, you’ll build a relationship with Capital One, and you might get discounts and special product offers in the future.
  • It will simplify your taxes. It’s very difficult to separate personal and business expenses when tax season rolls around if you don’t have separate accounts. Pick the best business checking account for your company and everything will be easier and completely aboveboard.
  • If you’re entering a partnership this is the only way to make everything fair and legal, you and all your partners can have access to the same account and always have an overview of what’s happening with the finances.
What should a small business look for in a bank account? +

Here are some things to look for:

  • Low fees (like with Citizens Bank)
  • Online banking and mobile banking services
  • Physical locations near you (unless you opt for an online bank - BlueVine is one of the best business checking accounts for this)
  • Minimum balance that you can maintain
  • Cash deposit limits that suit your type of business 

How to know what is the best small business checking account for you? Check out our list to find out.

Does an LLC need its own bank account? +

There are no strict legal requirements for an LLC to have its own separate bank account. However, owners can lose limited liability status if they aren’t careful, and it’s generally a good idea to keep everything personal separate from everything business-related.

Can I use a personal bank account for business? +

You can, but it’s usually not a great idea. It looks unprofessional and can make it complicated to manage your finances and your taxes. It will also help protect you from fraud. To find the best free business checking account for your business, look at our list or go shopping around with multiple banks. You’re bound to find plenty of affordable options. 

Can a business have two bank accounts? +

Yes. There’s absolutely nothing stopping you from opening multiple bank accounts. As long as the bank approves your application, you can open as many accounts as you like.

How does a business checking account work? +

It’s very similar to a regular checking account. With a business account, you deposit all checks made out to your company in that account, and you pay for business expenses from that account. You’ll get special benefits that will make it easier to manage your business finances and can even get bonuses or make use of things like Bank of America promotions if you open an account there.

What banks don’t charge monthly fees? +

BlueVine, Citizens Bank, and TIAA don’t charge any monthly fees for account maintenance. Which one is the best business checking account for you depends on the other requirements you might have. 

Can I open a business checking account online? +

Yes, you absolutely can. All of the banks from our list let you open a business account online without having to visit a physical location.

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