The Ultimate Guide to Business Checking Accounts

Business checking accounts are crucial for managing business finances, separating personal and business transactions, and facilitating tax deductions. Choosing the right account can significantly impact a business’s financial health and growth.

Key Facts

  1. Relay Business Checking: Best for multiple accounts, no monthly fees.
  2. Bank of America Business Advantage Fundamentals™ Banking: Best for cash deposits and branch access, $16 monthly fee waived with $5,000 minimum balance.
  3. Bluevine Business Checking: Best for high-yield business checking, no monthly fees, 2.00% APY with $0 minimum balance.
  4. U.S. Bank Silver Business Checking: Best for sign-up bonus and branch access, no monthly fees, $800 sign-up bonus requirements.
  5. Chase Business Complete Banking℠: Best for overdraft grace period and branch access, $15 monthly fee waived with $2,000 minimum balance, $400 sign-up bonus requirements.
  6. Grasshopper Business Checking Account: Best for cash back and high APY, no monthly fees, 2.25% APY with $0 minimum balance.
  7. nbkc Business Account: Best for no fees, no monthly fees.
  8. Found Small Business Banking: Best for freelancers and side hustlers, no monthly fees, $20 requirements to qualify.
  9. Axos Bank® Basic Business Checking: Best for cash deposits and withdrawals, no monthly fees, $400 requirements to qualify.
  10. Lili Basic Business Checking: Best for early access to payments, no monthly fees.
  11. LendingClub Tailored Checking: Best for cash back and ATM rebates, $10 monthly fee waived with $500 minimum balance, 1.50% APY with $0 minimum balance.
  12. Novo Business Checking: Best for ATM fee refunds, no monthly fees.
  13. Mercury Business Bank Account: Best for cash management, no monthly fees.
  14. Navy Federal Credit Union Business Checking: Best for veteran-owned businesses, no monthly fees, 0.01% APY with $0 minimum balance.
  15. Wells Fargo Initiate Business Checking℠ Account: Best for in-person banking, $10 monthly fee waived with $500 minimum balance.
  16. American Express® Business Checking: Best for 24/7 customer support, no monthly fees, 1.30% APY.
  17. Oxygen Business Account: Best for up to 5% cash back at select merchants, no monthly fees.

Top Business Checking Accounts

Relay Business Checking

  • Best forMultiple accounts
  • FeesNo monthly fees
  • FeaturesUnlimited fee-free transactions, free incoming wires, direct integrations with QuickBooks Online and Xero

Bank of America Business Advantage Fundamentals™ Banking

  • Best forCash deposits and branch access
  • Fees$16 monthly fee (waived with $5,000 minimum balance)
  • FeaturesHigh cash deposit limits, fee-free electronic transactions, business accounts can be opened entirely online

Bluevine Business Checking

  • Best forHigh-yield business checking
  • FeesNo monthly fees
  • Features2.00% APY with $0 minimum balance, unlimited fee-free transactions, free ATM access through the MoneyPass network

U.S. Bank Silver Business Checking

  • Best forSign-up bonus and branch access
  • FeesNo monthly fees
  • Features$800 sign-up bonus (requirements apply), 125 free transactions per statement cycle, access to 4,700 U.S. Bank ATMs and 2,900 branches

Chase Business Complete Banking℠

  • Best forOverdraft grace period and branch access
  • Fees$15 monthly fee (waived with $2,000 minimum balance)
  • FeaturesUnlimited electronic deposits, access to thousands of ATM and branch locations nationwide, $400 sign-up bonus (requirements apply)

Grasshopper Business Checking Account

  • Best forCash back and high APY
  • FeesNo monthly fees
  • Features1% cash back on qualified debit card purchases, up to 2.25% APY on account balance, free, built-in bookkeeping software

nbkc Business Account

  • Best forNo fees
  • FeesNo monthly fees
  • FeaturesUnlimited fee-free transactions, no overdraft or incidental fees, up to $12 in monthly refunds for ATM fees charged by other banks worldwide

Found Small Business Banking

  • Best forFreelancers and side hustlers
  • FeesNo monthly fees
  • FeaturesDirect integration with popular business apps, built-in invoicing, bookkeeping, and tax-planning tools, $20 sign-up bonus (requirements apply)

Axos Bank® Basic Business Checking

  • Best forCash deposits and withdrawals
  • FeesNo monthly fees
  • FeaturesUnlimited cash deposits via MoneyPass and AllPoint ATMs, free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.

Lili Basic Business Checking

  • Best forEarly access to payments
  • FeesNo monthly fees
  • FeaturesEarly payment feature allows funds to be received up to two days sooner than with traditional bank accounts, fee-free MoneyPass ATMs, unlimited invoicing and bill pay

LendingClub Tailored Checking

  • Best forCash back and ATM rebates
  • Fees$10 monthly fee (waived with $500 minimum balance)
  • Features1% cash back on qualifying debit card purchases, unlimited fee-free transactions, free domestic and international wire transfers

Novo Business Checking

  • Best forATM fee refunds
  • FeesNo monthly fees
  • FeaturesUnlimited fee-free transactions, refunds on all ATM fees worldwide, integrates with top business tools like QuickBooks, Xero, Stripe, and Shopify

Mercury Business Bank Account

  • Best forCash management
  • FeesNo monthly fees
  • FeaturesUnlimited fee-free transactions, free domestic and international wire transfers, advanced digital tools including API access to automate and customize banking

Navy Federal Credit Union Business Checking

  • Best forVeteran-owned businesses
  • FeesNo monthly fees
  • Features0.01% APY with $0 minimum balance, access to a nationwide network of ATMs and branches, tailored financial solutions for veteran-owned businesses

Wells Fargo Initiate Business Checking℠ Account

  • Best forIn-person banking
  • Fees$10 monthly fee (waived with $500 minimum balance)
  • FeaturesAccess to a large branch network, tailored business solutions, fee-free cash deposits and withdrawals at Wells Fargo ATMs

16. American Express® Business Checking

  • Best for24/7 customer support
  • FeesNo monthly fees
  • Features1.30% APY, 24/7 customer support, fee-free cash deposits at MoneyPass ATMs, access to American Express business rewards and benefits

Factors to Consider When Choosing a Business Checking Account

  • Transaction volumeEstimate the number of monthly transactions you expect to make.
  • Cash depositsDetermine if you need to make frequent cash deposits and consider accounts with high cash deposit limits.
  • Branch accessDecide if in-person banking is important to you.
  • FeesReview monthly fees, transaction fees, and overdraft fees.
  • FeaturesConsider additional features such as online banking, mobile app, invoicing tools, and cash back rewards.
  • Customer supportEnsure the bank offers reliable and accessible customer support.

Conclusion

Choosing the right business checking account is essential for managing business finances effectively. By considering the factors outlined above and researching the top accounts available, businesses can select an account that aligns with their specific needs and supports their financial goals.

Sources

FAQs

What is the best business checking account?

The best business checking account depends on the specific needs of your business. Consider factors such as transaction volume, cash deposits, branch access, fees, features, and customer support.

What are the benefits of having a business checking account?

Business checking accounts offer numerous benefits, including:

  • Separating personal and business finances
  • Facilitating tax deductions
  • Managing cash flow effectively
  • Accessing business loans and other financial services

What fees are typically associated with business checking accounts?

Common fees associated with business checking accounts include:

  • Monthly maintenance fees
  • Transaction fees
  • Overdraft fees
  • Cash deposit fees
  • ATM fees

What features should I look for in a business checking account?

Important features to consider include:

  • Online and mobile banking
  • Bill pay and invoicing tools
  • Cash back rewards or interest earning
  • Integration with accounting software
  • 24/7 customer support

What documents do I need to open a business checking account?

Typically, you will need:

  • Business registration documents (e.g., articles of incorporation, LLC agreement)
  • Employer Identification Number (EIN)
  • Personal identification (e.g., driver’s license, passport)
  • Business license (if applicable)

Can I use a personal bank account for my business?

Using a personal account for business is not advisable. It can lead to commingling of funds, difficulty in tracking business expenses, and limited access to business-specific financial services.

How do I choose the right business checking account for my business?

To choose the right account, assess your business needs, compare different accounts, and consider factors such as fees, features, and customer support.

What are some tips for managing a business checking account effectively?

  • Monitor your account balance regularly.
  • Reconcile your bank statements frequently.
  • Use online banking and mobile apps for convenience.
  • Set up automatic payments for recurring expenses.
  • Seek professional advice from a financial advisor or accountant if needed.

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