Best Small Business Checking Accounts for 2024

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. Two of those are Basic Business Checking and Business Interest Checking accounts. Our review focuses on Axos’ basic free business account. 

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 requires a minimum opening deposit of $1,000 for this business account. If this seems a little high, bear in mind that there aren’t other significant costs to worry about. There’s no monthly fee for account maintenance, as Axos Bank® Basic Business Checking is a no-fee business bank account. 

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 free online business bank 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. 

Axos Bank® Basic Business Checking is a good option for fee-free business checking, but 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

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 4.46% on all deposits and gives $300 to all new users who qualify for the bonus. The free checking account offer also comes with a 1% unlimited cash back debit card, and integration 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 is completely free and 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 leading competition on the market.

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.

Best for

Baselane free business checking account is easily the best solution available to you if you are a landlord or a property investor.

Overview

BlueVine is a small business-focused fintech company that offers a plethora of online banking services. BlueVine provides not only business checking accounts but also loans and bill and vendor payment services. Its business checking account’s standout features are the unlimited number of transactions, lack of monthly fees, and no minimum deposit or balance requirements. Besides offering one of the best free business checking accounts, BlueVine gives account holders the ability to earn up to 4.25% interest on their balances.

Fees to expect

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

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

Special features

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

First of all, BlueVine allows account holders to earn 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. Another hallmark of the best checking account for a small business is the FDIC deposit insurance. At BlueVine, your deposits will be insured to at least $250,000. 

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

Customer service

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

What to watch out for

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

Best for

Businesses that want to conduct banking exclusively online.

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

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

Customer service

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

What to watch out for

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

Fees to expect

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

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

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

Special features

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

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

Customer service

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

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

What to watch out for

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

Best for

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

Overview

Novo is a New York-based fintech company that offers small business checking accounts with no fees. The company 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 great bank for small business checking 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 is a great online bank for business checking accounts because it 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 business checking 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’ business checking account 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. 

Best for

Small business owners and entrepreneurs who want a free business checking account that integrates with dozens of business apps.

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. 

Overview

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

Fees to expect

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

Special features

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

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

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

Customer service

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

What to watch out for

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

Best for

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

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.

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.