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Find The Best Business Checking Account: The Ultimate List

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 best business checking account for your company, 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 Business Checking Accounts — Top 3 Picks

Top 3 Picks

Radius Bank

Great APY

ATM reimbursements

Low fees

Open Account READ REVIEW

TIAA Bank

Great initial APY

Fully optimized mobile app

No monthly maintenance fee

Open Account READ REVIEW

AZLO

Fully digital checking

No monthly fees

Integration with other online payment platforms

Open Account READ REVIEW

6 Best Checking Accounts for Businesses

1. Radius Bank

With headquarters in Boston, MA, Radius Bank is the place where you can find the best online business checking account. They are focused on digital banking solutions and providing financial products and services that are easily accessible to any kind of business.READ REVIEW

0.50% APY

ATM reimbursements

Low fees

Open Account

show more


Min. initial deposit

$100

Min. account balance

None

Monthly fees

$10

ATM fees

None

Other fees

None

APY

0.50% on balances of $5,000

Customer service

C+

2. TIAA Bank

TIAA - the 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. READ REVIEW

1.21% APY for the first 12 months

Fully optimized mobile application

No monthly maintenance fee

Open Account

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Min. initial deposit

$1,500

Min. account balance

None

Monthly fees

None

ATM fees

None; Reimbursements for maintaining $5,000 minimum balance

Other fees

See review for details

APY

0.20%-0.61%

Customer service

B+

3. Wells Fargo

Wells Fargo hardly needs any introduction at all. As one of the most famous financial institutions in America, it’s a safe bet and a great choice for businesses that want something tried and true. READ REVIEW

Great customer service

Low initial deposits

More than 13,000 ATMs

Open Account

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Min. initial deposit

$25

Min. account balance

None

Monthly fees

$10, waived if a minimum balance is $500

ATM fees

Free in-network withdrawals, out-of-network withdrawals $2.5

Other fees

See review for details

APY

N/A

Customer service

A

4. AZLO

AZLO is a fintech institution that offers a full range of benefits, all delivered digitally. If you need an online business checking account with no fees, this is a great place for you.READ REVIEW

Fully digital checking

No monthly fees

Integration with other online payment platforms

Open Account

show more


Min. initial deposit

None

Min. account balance

None

Monthly fees

None

ATM fees

None at BBVA and Allpoint ATMs

Other fees

None

APY

N/A

Customer service

B

5. PNC Bank

This could be the best business checking account for a small business. 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.READ REVIEW

Physical locations in over 21 states

Low initial deposit

Good customer service

Open Account

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Min. initial deposit:

$100

Min. account balance

None

Monthly fees

$10 (See review for more details)

ATM fees

None for in-network withdrawals, out-of-network withdrawals $3

Other fees

See review below for details

APY

None

Customer Service

A-

6. Citizens Bank

Citizens Bank has some of the most competitive offers 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.READ REVIEW

Free notary service

No monthly fees

Great online account features

Open Account

show more


Min. initial deposit

None

Min. account balance

None

Monthly fees

None

ATM fees

$3 for out-of-network withdrawals, plus operator fees

Other fees

See review below for details

APY

None

Customer service

A

7. Axos Bank

Axos Bank, headquartered in San Diego, is a digital bank with two decades of experience. It offers a variety of financial products through its online platform, including three types of business checking accounts. Their basic business checking account is a good solution for small businesses looking to reduce banking-related costs, as there are no monthly maintenance fees. It also includes unlimited cash withdrawals from ATMs nationwide. READ REVIEW

First 50 checks free

No minimum balance required

Compatible with Quickbooks

Open Account

show more


Min. initial deposit

$1,000

Min. account balance

None (Basic Account)

Monthly fees

None (Basic Account)

ATM fees

None

Other fees

$0.30 monthly fee after 200 free transactions


APY

N/A (Basic Business Account); $0.80 (Business Interest Checking)

Customer Service

A-

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 businessperson 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 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.

The Best Business Checking Account - Ultimate List

  • Radius Bank: Best for low fees
  • TIAA: Best for APY
  • Wells Fargo: Best for reliability
  • AZLO: Best for online banking
  • PNC Bank: Best for initial offers
  • Citizens Bank: Best for customer service

The Best Business Checking Accounts — In-Depth Reviews

      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 0.50% 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 0.50% APY is also great if you plan to keep a minimum balance over $5,000.

      At a Glance

      Minimum initial deposit: $100

      Minimum account balance: None, but there are benefits for companies with a minimum of $5,000

      Monthly fees: $10, but waived if you have a minimum $5,000 account balance

      ATM fees: None

      Other fees: None

      APY: 0.50% APY on balances of $5,000

      Customer service: C+

          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.

          At a Glance

          Minimum initial deposit: $1,500

          Minimum account balance: None

          Monthly fees: None

          ATM fees: None because it provides 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

          APY: 0.20%-0.61%

          Customer service: B+

              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 Simple 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 Simple 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.

              At a Glance

              Minimum initial deposit: $25

              Minimum account balance: None

              Monthly fees: $10, but waived if you maintain a minimum account balance of $500

              ATM fees: Free in-network withdrawals, $2.50 for out-of-network withdrawals

              Other fees: 50¢ for each transaction after the first 50 transactions in a month; $35 overdraft fee; $15 incoming domestic wires, $30 outgoing domestic wires; $16 incoming international wires, $45 outgoing international wires

              APY: N/A

              Customer service: A

                  Overview

                  AZLO is a fintech institution that offers a full range of benefits, all delivered digitally. If you need an online business checking account with no fees, this is a great place for you. As one of the best free business checking accounts, AZLO allows its customers to take their business completely online. You’ll get the benefit of constant access to your finances without having to visit a physical location.

                  Both its desktop and mobile digital platforms are impressive but simple to use. The future is in online business banking, and AZLO is there to lead with innovative fintech.

                  Fees to expect

                  There are practically no fees at AZLO. You can even receive international wires for free, but you don’t have the option of ever sending out an international wire transfer. The no fee business checking approach this company takes makes it truly unique on the market, so if you want to kick your startup off, you can sign up for this no fee business account and never worry about any sort of fine print or hidden costs.

                  Special features

                  The fact that everything is digital is one of the most unique things about AZLO. You can sign up for a startup bank account even if you’re not sure how much you can expect to earn, because this digital bank won’t charge anything. AZLO offers fee-free ATM usage through Allpoint and BBVA ATMs, which means you’ll have access to more than 55,000 machines all across the US.

                  Another thing that makes this the best free small business checking account is that the AZLO platform integrates with other payment platforms such as Square, PayPal, and Stripe. You can even connect the platform with Kabbage if you need to take out a small business loan.

                  AZLO has built-in electronic payment and invoicing features, so you’ll be able to accept and send out any kind of invoice as long as it’s digital.

                  Customer service

                  Customer service is generally good, but you can only contact them through the website or by making a phone call. You won’t be able to get any kind of in-person help because this company has no physical locations.

                  What to watch out for

                  While AZLO enables free business checking, the fact that it’s online is both a benefit and a drawback. Since the company is fully digital, you won’t ever be able to make any kind of cash deposits. If you run the kind of business that deals in cash often, online business accounts aren’t a good option for you.

                  There can be only one user per AZLO account, and the company doesn’t offer any type of checkbook. You won’t be able to send wires, either domestic or international, but you can still receive them.

                  Best for

                  AZLO is a good bank for a small business that doesn’t deal in cash and doesn’t want to pay any kind of transaction fee. This is some of the best business banking you can find online, but only if you’re ready for your checking account to only be online.

                  At a Glance

                  Minimum initial deposit: None

                  Minimum account balance: None

                  Monthly fees: None

                  ATM fees: None at BBVA and Allpoint ATMs

                  Other fees: None

                  APY: N/A

                  Customer service: B

                      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.

                      At a Glance

                      Minimum initial deposit: $100

                      Minimum account balance: None

                      Monthly fees: $10, but waived if you maintain a minimum monthly balance of $500 or if you meet some other conditions

                      ATM fees: None for in-network withdrawals, $3 for out-of-network withdrawals

                      Other fees: Cash deposit fee of 25¢ for each $100 after the first $5,000 in a month; transaction fee of 50¢ for every transaction after the first 150 in a month; $12.50 for domestic incoming wires, $78 for domestic outgoing wires; $20 for international incoming wires, $110 for international outgoing wires

                      APY: None

                      Customer Service: A-

                          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.

                          At a Glance

                          Minimum initial deposit: None

                          Minimum account balance: None

                          Monthly fees: None

                          ATM fees: $3 for out-of-network withdrawals, plus operator fees

                          Other fees: 50¢ per transaction after the first 200 transactions in a month; $2.50 deposit fee per $1,000 deposited or withdrawn after the first $5,000 each month; $10 for domestic incoming wires, $20 for domestic outgoing wires; $12 for international incoming wires, $35 for international outgoing wires

                          APY: None

                          Customer service: A

                          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 e-commerce 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, AZLO, 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 AZLO that doesn’t charge for 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.

                          Best Business Checking Account — FAQ

                          Which bank has the best business account?

                          This depends entirely on your business. AZLO, 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, AZLO, 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 of 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 – AZLO 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?

                          AZLO, 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.

                          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.