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Best Small Business Checking Accounts for 2024
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.
Top Business Checking Accounts for November 2024
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 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.
- •First 50 checks free
- •No minimum balance required
- •Compatible with Quickbooks
- •QuickBooks Integration
Unlike other providers from our list, Novo is not a bank in the traditional sense of the word. It’s a fintech company supported by Middlesex Federal Savings, a financial institution that secures Novo accounts and provides banking services. Novo is a good option for small business owners and entrepreneurs. Aside from offering entirely free services, Novo enables clients to connect their bank account with dozens of business tools, including Zapier, Quickbooks, Slack, and many others. Read more
- •Fee-free bank with no transactions limits
- •Instant integration with hundreds of business apps
- •Built-in transaction categorization and tagging
Baselane is a fintech company launched in 2020. It aims to empower real estate investors by simplifying the most challenging aspects of managing financials for rental properties. They offer various solutions that allow landlords and tenants to manage and track payments easily. Read more
- •Free ATM withdrawals
- •Integrated bookkeeping tools
- •Competitive APY
BlueVine is an online-only fintech company that offers a variety of financial services aimed at small businesses. Charging no monthly fees, having no minimum balance/deposit requirements, and letting account holders earn up to 4.25% APY on their balances, the company’s business checking accounts are an excellent choice for fledgling companies and high-revenue firms alike. Read more
- •Two free checkbooks
- •Great APY rate
- •Unlimited number of transactions
- •FDIC insurance up to $3 million
Chase is the US consumer and commercial banking business of JPMorgan Chase & Co., one of the largest banks in the US, offering a wide range of financial products for businesses, including checking accounts, business cards, lines of credit, loans, and so forth. Chase Business Complete Banking® comes with a built-in feature called Chase QuickAccept, enabling you to make transactions anywhere you want. Read more
- •Possibility to waive monthly fees
- •Excellent mobile banking
- •15,000 ATMs across the country
BankProv has been in operation for 200 years. It is one of the oldest banks in America, offering financial products for both individuals and businesses. Its Small Business checking account is what we are going to present in our review. Read more
- •Two types of insurance for complete coverage of your deposit account
- •A dedicated banking officer
- •Integration with QuickBooks for managing expenses and invoices
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 more
- •1.21% APY for the first 12 months
- •Fully optimized mobile application
- •No monthly maintenance fee
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 more
- •Great customer service
- •Low initial deposits
- •More than 13,000 ATMs
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 more
- •Physical locations in over 21 states
- •Low initial deposit
- •Good customer service
Citizens Bank has some of the most competitive offers on the market. The company's account comes with no fees, which businesses of all sizes can benefit from. It also has about 1,100 branches across the US. Read more
- •Free notary service
- •No monthly fees
- •Great online account features
Small Business Checking Accounts - Our Top Picks for 2024
Baselane - Best for landlords and real estate investors
- Chase Business Complete Banking - Flexible banking
- BankProv Small Business - Additional DIF insurance for balances over FDIC’s $250,000
- Axos Bank - First 50 checks free
- BlueVine - 2.0% APY
- Novo - Fee free, integrates with dozens of business apps
- TIAA - No monthly maintenance fee
- Wells Fargo - More than 13,000 ATMs
- PNC Bank - Low initial deposit
- Citizens Bank - Great online account features
In-Depth Reviews of Business Checking Accounts
Axos Bank has been around for more than two decades, offering financial products for individual and business clients. Based in San Diego, Axos Bank has branches in several states, including California, Utah, Ohio, and Kansas. You can apply online for most products, including several types of business accounts.
How to Apply for Axos Bank® Basic Business Checking
Axos Bank offers an online service, meaning that you can apply for a Basic Business Checking account through its website. The application procedure is straightforward. The bank asks for basic personal and business information, including your business name, address, and email address.
The business tax identification number (TIN) and your Social Security Number are required, too.
Fees to Expect
Axos Bank has no a minimum opening deposit requirements for this account. There’s no monthly fee for account maintenance.
There is a transaction fee, but that only applies if you exceed the 200 free transactions per month. In that case, you’ll need to pay 30 cents for every additional transaction.
Reasons to Choose
The first thing worth mentioning is the welcome bonus that is available to all businesses.
With this account, customers get the first set of 50 checks for free and unlimited domestic ATM fee reimbursements. Axos Bank offers exceptional banking tools for managing your finances online with the highest level of convenience.
For example, the free Bill Pay feature enables you to autopay bills directly from your account. Moreover, you can use the bank’s iOS or Android app to deposit checks and manage payments while you are on the go.
Reasons to Explore Other Options
The 200 free transactions per month aren’t sufficient for every business, and some may not be happy about having to pay 30 cents for every additional item, including debits, credits, and deposited items.
You won’t earn any interest with this account. If you want to make some money with your account, Axos Business Interest Business Checking is a better option. Another downside is that it doesn’t allow traditional cash deposits. As such, you’ll need to make ACH transfers or wire transfers to fund your bank account.
Overview
Novo is a New York-based fintech company that provides online and mobile banking services for small businesses, startups, freelancers, and entrepreneurs, allowing them to connect bank accounts with dozens of useful business tools, including Slack, Zapier, Stripe, Quickbooks, and many others.
Novo is not owned and operated by a bank. However, the company is partnered with Middlesex Federal Savings, a financial institution that enables Novo’s banking services and guarantees FDIC-insured accounts.
Fees to expect
One of the best things about a Novo checking account is that it is an entirely free financial product. You will not have any costs with this account besides meeting the minimum opening deposit of $50 and paying a few fees in certain circumstances. There are no minimum balance requirements or monthly maintenance fees.
Novo is a good option because it doesn’t charge for incoming and outgoing ACH transfers or incoming wire transfers, and there are no stop payment fees either.
Novo doesn’t have a network of fee-free ATMs, but you can withdraw money from any machine in the US and abroad, and the bank will refund the fees at the end of every month.
The only potential costs you’ll need to pay at Novo are $27 each in fees for uncollected fund returns and having insufficient funds. These can both be avoided easily, however.
Special features
Novo offers many valuable functionalities to its customers. First of all, there are online and mobile banking services, meaning that you can open and manage your account anywhere at any time, as long as you’ve got access to the Internet.
Depending on whether you’ve got an Android or iOS device, you can download a mobile app from Apple Store or Google Play.
Secondly, Novo directly connects with different business apps, including Quickbooks, Zapier, Stripe, Shopify, Xero, Slack, and Wise. In addition, Novo accounts get discounts on specific apps and services, like Booking, Zendesk, HubSpot, and many others.
Thirdly, Novo allows you to create and send invoices to your clients and use Stripe to receive debit and credit card payments. Additionally, you can also use ACH transfers.
Customer service
As a Novo client, you can reach customer support every business day from 9 a.m. to 6 p.m. EST. This account offers its clients phone and email support. You will find the customer support number on Novo’s debit card, or you can send an email through your online dashboard or mobile app.
Unfortunately, if you are yet a client, you’ll need to get in touch via email.
What to watch out for
Although Novo offers a wide range of features for easier and faster banking, it certainly has its drawbacks. Based on clients’ reviews, Novo's biggest downside is that it doesn’t give you APY, so you won’t earn any money from your compound interest at the end of the year.
Another downside is the absence of direct cash deposits. Instead, you'll need to purchase a money order and deposit checks into your account using Novo’s mobile check deposit feature. Novo doesn’t allow you to set up accruing payments either, so you’ll need to manually watch out for due dates.
Overview
Baselane is a fintech platform that offers FDIC-insured business checking accounts through the company's partnership with Blue Ridge Bank. Since Baselane was built around the idea of becoming a one-stop financial solution for landlords and property investors, it combines its free business checking account offer with other essential financial services like bookkeeping, automated rent collection and real estate loans.
Baselane offers a high APY of 4.19% and 5% cash back to all new users who qualify for the bonus. The free checking account offer also comes with free financial tools such as bookkeeping and automated rent collection.
The company allows you to create unlimited banking accounts for free, and offer virtual accounts for managing property income expenses or keeping security deposits separated.
Fees to expect
The Baselene business checking account comes with no monthly or overdraft fees, no ATM withdrawal fees at Allpoint ATMs and no ACH transfer fees. This is what makes the company stand out the most amongst the competition.
Special features
What makes Baselane special is the fact that the company is continously expanding its partnerships, and allowing its customers more and more financial services and tools to manage their properties.
Not only is the checking account here one of the highest-yielding on the market, but you as a landlord or real estate investor have access to numerous other services, such as free rental collection software, financial report creation, tenant screening, or even real estate loans and lines of credit.
Customer service
The company has a fantastic customer support system, with numerous ways of reaching out to the Baselane support staff. You can chat with an agent directly through the in-app messenger and even schedule calls with the support staff through the app itself. You can also email the company or call the office line during work hours.
What to watch out for
The most obvious downside for some customers would be the fact that Baselane currently has no physical branch, as well as the fact that taking the full advantage of what the platform has to offer is when you shift all of your landlord finances to Baselane.
Overview
BlueVine is a 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. BlueVine also gives account holders the ability to earn up to 4.25% interest on their balances.
Fees to expect
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
First of all, BlueVine allows account holders to earn up to 4.25% 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. 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 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.
Overview
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 15,000 Chase ATMs across the country.
Fees to expect
One of the things that make a Chase's offer stand out 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 credit 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
Chase's 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
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 $3 per $1,000 deposited.
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.
Fees to expect
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
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 here 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 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.
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.
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.
The fees 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 things where TIAA shines is through 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 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, but their replies are not always as clear and detailed as they could be.
What to watch out for
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.
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
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 account 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 stand out.
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. Go 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.
Overview
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 option 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. Also, international transfers can be a little pricey compared to some of the other companies on our list.
Overview
Citizens Bank has some of the most competitive business checking accounts on the market. The company's offer caters to sole proprietors, small businesses, and larger companies, 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.
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. This is especially good 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 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. You can contact them by phone and a service agent will walk you through the process step by step. You can also open an account 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.
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 Requirements
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.
How We Evaluate Business Checking Accounts
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.
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.