10 Best Business Checking Accounts in 2024
DISCLAIMER: This is paid content. All opinions and views are of the advertiser and do not reflect the same of WISH-TV. The content presented on this page has been created and provided entirely by the advertiser.
As the head of a small to medium-sized enterprise, you recognize the significance of possessing an excellent online business checking account to manage your company’s financial requirements.
In today’s modern era, a business owner requires more than just a checking account to effectively manage the various tasks associated with running a company. These tasks include sending invoices, compensating employees and independent contractors, accepting digital and non-digital payment methods, and keeping track of ever-changing stock levels.
To help you make an informed decision about which online business checking account is best for your company, we have thoroughly evaluated several options that are available online and in person. When determining which accounts made our list of the best choices, we considered factors such as invoicing capabilities, payment options offered, fees assessed by each provider, and interest rates provided.
Our assessment ensures that you will have all the information to select an online business checking account that suits your specific needs. With this knowledge, you can confidently navigate through the financial aspects of your organization while saving time and money.
Best Online Business Checking Accounts
- Bluevine – Best Business Checking Account Overall
- Novo – Best Low-Fee Business Checking Account
- Axos – Best Full-Service Online Checking Account
- Capital One – Best for Unlimited Transactions
- Bank of America – Best for Traditional Banking
- American Express – Best for Membership Rewards
- Lili – Best for One-Person Businesses
- U.S. Bank – Best for Lending Options
- Oxygen – Best for Freelancers
- Chase Business – Best Bank Account for Merchant Service
In most cases, a number of criteria must be examined to choose a single best business checking account. Minimum balance requirements, interest rates, account features, and quality of customer service may all play a role.
By carefully considering these aspects, a company owner may choose the best business bank account that provides the most bang for their buck, and best fits their requirements.
A thorough evaluation of company business checking accounts requires data collection from several channels. A variety of resources available to you, such as bank websites, account terms, customer reviews and ratings, and professional financial advisors, may help you do this.
A company owner may pick the ideal account for their requirements by doing extensive research and evaluating several options.
|Additional Features||Customer Service|
|Bluevine Business Checking||$4.95 for cash deposits, $15 for outgoing wires||Up to 4.25% APY|
Up to $250,000 line of credit
|None||Cash deposits, online payments, multiple sub accounts||Excellent|
|Novo Business Checking||$27 overdraft fee||$0% APY|
No lending options
|Up to $5,000 in online perks||Reserve accounts, invoice tracking, virtual debit card||Excellent|
|Axos Bank||$35 for outgoing wire transfers||0% APY||Loans and lines of credit starting at $10 million||Up to $200 sign-on bonus||ATM reimbursements, first 50 checks free, Quickbooks integration||Excellent|
|Capital One Basic Checking Account||$15 monthly service fee, $15 per incoming domestic wire, $25 for outgoing domestic wire||0% APY||Loans and lines of credit up to $5 million||None||Unlimited digital transfers, overdraft coverage, $5,000 in free cash deposits||Excellent|
|Bank of America Business Advantage Fundamentals Banking||$16 monthly service fee||0% APY||Loans and lines of credit from $10,000||None||Integrates with Zelle payment app, business services||Good|
American Express Business Checking
|$20 for outgoing domestic wires||0% APY||Loans and lines of credit starting at $10 million||Up to $200 sign-on bonus||ATM reimbursements, first 50 checks free, Quickbooks integration||Good|
|Lili Business Checking||$2.50 for out of network domestic ATMs, $5 for international||0% APY||No lending options||Cash back with debit card|
Tax optimization software, fast enrollment, smart mobile banking
|U.S. Bank Silver Business Checking||$0.50 fee for transactions after the first 125, fees at out of network ATMs||0% APY||Many types of loans and lines of credit up to $12 million||None||$2,500 of free cash deposits, 50% discount on first check order||Good|
|Oxygen Business Checking||No monthly maintenance fees, possible out-of-network and international fees||1.0% APY in attached savings account||No lending options||5% cash back from various merchants||LLC creation assistance||Good|
|Chase Business Complete Banking||$15 monthly service fee||0% APY|
Loans and lines of credit up to $500,000
|$300 sign-on bonus, up to $750 in cash back||$5,000 in no-fee cash deposits, waived savings account fee, long list of business services||Good|
Bluevine: Best Business Checking Account Overall
Star rating: 4.9/5
Although it’s standard for the best online business checking accounts to have no fees and allow for an unlimited number of transactions, Bluevine goes above and above with its free high-yield business account.
One of the highest APY of 4.25% for a Premier tier. In addition, Bluevine account members may make cash deposits, although at a cost, unlike other online accounts.
Founded in 2013, Bluevine is a fintech firm that introduced business checking accounts only this year. Coastal Community Bank is responsible for its banking services, and all deposits are protected up to $250,000 by the FDIC.
Why we chose it: Due to its user-friendliness, low fees, and high-interest rate, Bluevine is the best small business checking account available today.
- High APY of 4.25%
- Overdraft, ACH payment, inbound wire, and monthly balance fees are all waived
- The Bluevine Business Debit Mastercard® has the extra security feature of being able to be locked and unlocked instantaneously
- Synchronize with popular Biz apps including PayPal, Stripe, and Expenses Unlimited payments
- To be accessed only through the internet
- No cash back on non-network ATM withdrawals
As compared to competing best business bank accounts, Bluevine has almost no fees. Overdrafts and inbound wire transfers are free of charge, and there are no account maintenance or monthly maintenance fees. Each cash deposit costs $4.95, and each wire transfer costs $15.
Two percent (2.0%) interest is available on a business checking account in one of two scenarios. 4.25% APY is offered to Premium customers. Bluevine Business Debit Mastercard holders must make at least $500 in monthly purchases or accumulate $2,500 in client payments each and every month. There’s a $100,000 limit beyond which you will no longer receive interest.
While Bluevine doesn’t provide traditional loan services, you may still receive a company line of credit that can be used anyway. The maximum line amount is $250,000, and the quickest turnaround time for a judgment is 5 minutes. It’s free to open, and you’ll only pay interest on the funds that actually leave your account. As of right now, rates may be had for as little as 4.8%.
The 4.25% APY offered by Bluevine is already quite a bonus. Nevertheless, no bonuses are currently associated with opening a business checking account.
Whether you have a Bluevine business checking account or a credit card, you may use ACH, a check, or a wire transfer to pay your expenses. There are no monthly transaction limitations on the online bank. Having several separate sub-accounts helps organize and keep tabs on monetary transactions.
Novo – Best Low-Fee Business Checking Account
Star rating: 4.8/5
Novo business checking account is a wonderful alternative for small company owners because of its lack of monthly fees, unrestricted reimbursement of ATM costs, and emphasis on digital banking.
Novo is great for optimizing financial procedures and managing various accounts because of its integrated invoicing tool and direct connectivity with leading business applications.
Novo’s online-first approach means it lacks a characteristic that many companies consider essential, the ability to accept cash deposits. Several rivals, however, let customers make deposits to their business checking accounts over the web.
Why we chose it: Novo’s minimal pricing structure is a big plus for startups and small companies. Novo is an excellent option if you need a bank for a new business.
- There are never any recurring or minimum balance fees
- There are no limits on the number of transactions
- All ATM withdrawal costs are reimbursed
- Send free paper checks to anyone and pay bills or submit invoices without restrictions
- Sync with top business apps like Quicken, Xero, Stripe, and Shopify
- Get special pricing on business-related software and services by logging in
- Cash deposits are currently unavailable
- No longer possible to send local or foreign wire transfers
- Unfortunately, bill pay does not support recurring payments at this time
- The cost to send back a check with insufficient funds or an uncollected amount is $27
Novo’s fees are buried deep inside the service, but they’re there. The online bank provides a free business checking account in addition to the reimbursement of all international ATM costs. Keeping a close eye on your bank balance will help you avoid the $27 overdraft charge.
If you deposit money into Novo’s business checking account, it will not earn interest. There’s also nowhere to put spare cash to grow.
Novo doesn’t provide any kind of loan or credit line services. Some people won’t mind, but others desperate for money will have to search elsewhere.
Using Novo’s connections to other business software, you may save money while getting more for your money. For instance, a Novo checking account holder receives a 30% discount on the whole HubSpot suite of business products. It’s possible to economize as much as $4,000, depending on the program you pick.
Sending and monitoring payments for invoices is made simple with a well-designed dashboard. Rather than carrying around a traditional debit card, you may use a digital version with your preferred mobile payment app to make purchases online or in-store. With Novo Reserves, you may set aside funds for certain purposes, such as paying bills or saving up for a major undertaking.
Axos – Best Full-service Online Checking Account
Star rating: 4.61/5
In March 2022, Axos Bank announced substantial changes to its business checking accounts, including the addition of cash deposits for all accounts, the elimination of transaction limitations, and the elimination of initial deposit requirements for its free business checking account.
These updates expand upon already available benefits, including round-the-clock customer service, no ATM surcharges everywhere in the country, and unlimited refunds for domestic ATM fees.
Among Axos’s business checking options are the Basic Business Checking Account and the Business Interest Checking Account, which may earn interest of up to 1.01% APY.
Although free checking is always available, the interest-bearing account has a $10 monthly charge that may be avoided by keeping at least $5,000 in the account on a daily basis.
Nonetheless, Axos Bank is a Federal Deposit Insurance Corp. member and offers business banking products and services directly, unlike the other best online business checking accounts whose banking services are offered and insured by other financial institutions.
Despite the fact that both accounts are included in this evaluation, the star rating above pertains only to the Axos Basic Business Checking account.
Why we chose it: Axos Simple Business Checking is one of the best small business checking accounts available due to its minimal fees and no minimum deposit requirement.
- There’s no charge per transaction
- No limit on refunds for domestic ATM fees
- You may make deposits using MoneyPass and Allpoint ATMs
- New-customer incentive bonus
- Service available around the clock
- There are no outside app add-ons allowed
- Verifying Intrigue APY is decent but not spectacular
No monthly maintenance fee or minimum balance are required to keep your Axos Bank Basic Business Checking account active. Your monthly ATM costs will be reimbursed, therefore making this account cost-free. Consider the $35 fee that Axos imposes on each wire transfer if that’s how you want to spend a lot of money.
Instead of focusing on a return on investment, this account offers incentives for use in running a company. You may earn interest on your savings by opening a business savings account with Axos.
Axos provides its members with a number of different loan programs and credit lines. Several businesses have stringent requirements for applicants, such as two years of industry experience. Since the smallest loans available are $10 million, this is to be expected.
If you’re a new company owner, you may get $200 when you open an Axos business checking account. Money is available for anybody creating an Axos account, regardless of whether or not they’re a startup.
Although Axos has a network of over 91,000 ATMs nationwide, you can get your money back if you use an out-of-network ATM. The first two monthly wire transactions are reimbursed by the online bank. In terms of finances, Axos’s compatibility with Quickbooks makes it a useful tool.
Capital One – Best for Unlimited Transactions
Star rating: 4.7/5
Capital One is a major online bank that offers a wide variety of services, including checking and savings accounts for both individuals and businesses. Businesses may open an account with them for free, but if their balances fall below a specific level, they will be charged a monthly maintenance fee.
For individuals with spare cash, the bank offers a Business Savings Account that pays out a meager 0.2% APR monthly, while checking accounts earn nothing. Overdrafts, certain wire transactions, and a certain percentage of cash deposits are exempt from fees at Capital One.
The service’s ability to facilitate limitless free digital transactions is particularly noteworthy. You may transfer as much money as you want to with friends, family, and charities every single month.
Why we chose it: Capital One removes restrictions on electronic fund transfers, letting you keep your money flowing smoothly.
- Unlimited transactions
- Acquiring cash in one day
- At home, you may get free wires from any provider
- Debit cards for businesses that are free to use
- No fee cash deposits
- High minimum balance required to avoid monthly charge (for firms with less than $10M sales)
- Fewer places to go literally
- There’s no current interest rate
The monthly cost for a Capital One Basic Business Checking account is $15. However, the bank will waive this fee if your average balance in the account for the previous 30 or 90 days is at least $2,000. Transferring money online, however, incurs no expenses either way.
Your extra cash won’t earn any interest in this account, but it won’t sit idle either. If you transfer the money to a Capital One savings account, the money will earn interest each year.
Capital One offers various loan products that will help your company succeed. To qualify, you must be in business for at least two years and have a business checking account. Both loans and lines of credit may go up to $5 million.
While signing up with Capital One won’t earn you anything, looking at its credit card options might alter your mind. With so many options, it shouldn’t be hard to discover a rewards card that works well for your company’s spending habits.
You may move money from your bank account to another bank account in almost any country in the world using unlimited digital transfers. Overdraft protection is another perk of Capital One’s Basic Business Checking, which also allows for $5,000 in monthly fee-free cash deposits.
Bank of America – Best for Traditional Banking
Star rating: 4.67/5
Bank of America’s business checking account distinguishes it from its national and regional brick-and-mortar competition because of its limitless free electronic transactions, large cash deposit limits, and three account opening options.
Business Advantage Relationship Banking and Business Advantage FundamentalsTM Banking are two types of business checking accounts provided by Bank of America. Although both accounts are included in this evaluation, only the Business Advantage FundamentalsTM account was given a star rating.
Bank of America offers small company owners that choose not to bank entirely online with their 4,200 branches in 37 states and the District of Columbia.
Why we chose it: With thousands of branches and a wide range of convenient services, Bank of America has all the hallmarks of a conventional financial institution.
- No additional charges for unlimited or limited electronic purchases
- A lot of room for cash deposits
- Accounts may be opened through the website, via phone, or in person
- Access to 16,000 ATMs and 4,200 branches with Bank of America
- Convenient services in Business Advantage 360 include mobile banking, cash flow monitor, bill pay, and mobile check deposits
- There’s no cost-free business checking account available
- Costly extra charges
- Fees to use an ATM that’s not owned by Bank of America are $2.50 inside the United States and $5 outside
Bank of America is a legitimate financial institution that provides a variety of banking services and has its own set of fees. The featured course, Business Advantage Basics, requires a $16 monthly investment unless you fulfill one of the conditions listed below.
To qualify, you must maintain a combined average monthly amount of $5,000 or make at least $250 in transactions with your debit card each month.
Bank of America’s Business Advantage Basic Checking Account doesn’t pay any interest. A business savings account may be opened for $10 per month, but the interest rate is a pitiful 0.01%. In addition, you may read our detailed tutorial on setting up a bank account for a company.
In order to qualify for a loan or line of credit from Bank of America, you will need to fulfill the bank’s income and company criteria. Both plans provide you with access to cash whenever you need it, with the former beginning at $10,000 and the latter at whatever amount you choose. The amount you pay each month is contingent on your current balance.
There are no perks to joining Bank of America that you may expect to get. Access to over 4,300 physical locations around the nation, in addition to online banking options, gives you a great deal of freedom to meet your banking requirements whenever and wherever they arise.
Bank of America has the resources to back up its claim that it’s a major financial institution. With over 4,300 locations nationwide, you may feel safe in the knowledge that your money is with a major financial institution.
The bank collaborates with Zelle to facilitate instantaneous payments and transfers, and it offers a variety of services tailored to the needs of businesses.
American Express – Best Online Business Checking Account for Membership Rewards
In October 2021, American Express entered a market dominated by lesser-known banks and fintech startups with the introduction of their totally digital American Express Business Checking account. You need to have an Amex card to open the account at the moment.
The free business checking account matches the features of premium online accounts, including no monthly fees and no penalties for items like overdrafts, stop-payment requests, and inbound wire transfers. Yet, American Express Business Checking surpasses its competitors by providing round-the-clock human assistance, a favorable interest rate, and a sizable first deposit incentive.
Money may be deposited into an account by various methods, including mobile check deposit (iPhone only), ACH, and wire transfers, and withdrawn from any of the more than 37,000 MoneyPass ATMs nationwide at no cost. You may withdraw cash from an out-of-network ATM, but the ATM owner may charge you a fee.
Why we chose it: The interest rate on deposits with American Express is rather high, and the points-to-dollars program rewards cardholders for making purchases.
- There’s no required starting deposit or monthly charge to establish an account
- No overdraft or transaction fees; unlimited transactions
- You may get 1.30% APY on deposits up to $500,000
- Service available around the clock
- Cash deposits are currently unavailable
- Only Apple iOS devices are compatible with the mobile check deposit app
American Express only charges a fee for domestic wire transfers that are being made out, and even that amount is pretty cheap. There are no costs associated with establishing this account, having it open, maintaining it, or receiving funds from other institutions.
Interest on American Express cards is now 1.3% APY, which is 43% more than the average deposit rate. Amounts up to $500,000 will generate interest, but anything over that will not.
American Express facilitates business loans and credit lines via Kabbage Finance. Your company must have been operating for a minimum of a year, be profitable, and have a FICO score of 640 or above to qualify for this line of credit. If you link your American Express card to Kabbage, you may get a $250 bonus. For further details, see our analysis of Kabbage.
Just after joining up, new members may get 30,000 bonus points. You must open an account with at least $5,000 and keep it there for at least 60 days to qualify. Throughout that period, you must complete at least 10 transactions meeting the criteria.
With careful use of your debit card, you may earn points redeemable for deposits straight into your bank account. Points may be used for merchandise, trips, and more. American Express offers a customer support staff available around the clock to help with any issues you may have with your points or any other feature of your card.
Lili – Best for One-Person Businesses
Star rating: 4.57/5
When it comes time to file your taxes, Lili has everything you need to do it correctly. Unlike traditional business checking accounts, Lili’s online option requires no minimum opening deposit or monthly maintenance fees, and it comes equipped with a suite of useful features for handling business finances, like accepting payments from customers and keeping tabs on deductions and other tax deductions.
Lili has expanded from its initial focus on independent contractors and freelancers to accommodate any form of company.
Why we chose it: Businesses may keep more of what they make with the aid of Lili’s low fees and tax optimization software. Lili is a fantastic choice for anyone seeking a credit-check-free online business checking account.
- There are no minimum beginning deposits or balances required to establish an account
- With no limits on the number of transactions or the amount spent
- No fees for Green Dot deposits and access to MoneyPass ATMs
- Financial and tax planning resources in one convenient place
- Early payment function enables access to funds two days in advance
- The maximum cost for making a cash deposit at a Green Dot store is $4.95
- Lacking the ability to write checks or make electronic fund transfers
- Limited business options, such as joint accounts, multiple debit cards, and integration
Lili’s free tax software is a highlight, but the absence of account and overdraft fees is also welcome news for company owners. You won’t pay anything to use any of the more than 38,000 ATMs in the United States that are part of the network. You might anticipate paying anything from $2.50 to $5 if you use a computer that’s not part of your network.
Lili’s business checking account does not earn any interest. It’s possible to get an annual percentage yield of 1.5% on your savings if you don’t mind paying for the privilege, but you’ll need at least $34,000 in the account at all times to cover the maintenance fee.
Lili doesn’t provide its customers with any means of borrowing money. If you’re in need of a loan or line of credit, you’ll have to search elsewhere.
The money you earn by using your Lili debit card at participating merchants is transferred straight into your company bank account. You may use your debit card without worrying about service or transaction fees.
When it comes to tools that help you save money on taxes, nothing beats Lili’s tax optimizer. The program simplifies the tax filing process by helping you track your spending, determine your tax bracket, and submit your return.
The online bank also provides a useful smartphone app for monitoring company and personal spending on the go. Bank accounts may be opened in a matter of minutes, with no paperwork or hassle required.
U.S. Bank – Best for Lending Options
Star rating: 4.5/5
Whether it’s for growth or an unforeseen need, U.S. Bank provides the loan or line of credit your company needs. Depending on your company’s needs, merchant services tailored to certain sectors may also be useful. If you happen to be in one of the 26 states where they operate, you may use one of their 2,400 branches to do your banking in person.
Why we chose it: With U.S. Bank’s business checking account, you have access to valuable loan choices that are designed for companies of all sizes.
- No fees for over 4,700 U.S. Bank ATMs and 37,000 MoneyPass ATMs
- Open an account online, in-person, or by phone
- Payment processing options include mobile apps and POS systems (for a fee)
- Possibility of receiving a $400 bonus for signing up
- Limits on how much money may be deposited in cash are modest compared to the competition
- The bank’s website does not provide transparent information on fees and terms
There aren’t any hidden charges with U.S. Bank Silver Business Checking, but it’s easy to rack up overdraft penalties if you’re not careful. The first 125 you send monthly are on the house, and further ones cost just half a dollar. Be wary about using ATMs that aren’t affiliated with a U.S. bank since they often impose their own fees.
U.S. Bank doesn’t provide competitive interest rates on checking accounts, but it does offer savings and money market accounts tailored to businesses. If you have any extra cash lying around, you may earn a certain percentage of it by putting it away in saves.
U.S. Bank has the best small business checking accounts in large part because of the variety of loans it offers. Loan amounts range from $5,000 to several million dollars, with the exact range depending on the nature of the firm. Similar to a fixed loan, a line of credit allows you to borrow a certain amount and pay it back over time.
There are no sign-up or account-activity bonuses available at U.S. Bank. You may choose from various credit cards, each with its own perks and benefits.
If your company doesn’t deal in a lot of hard currency, you may appreciate The U.S. Bank’s policy of allowing deposits of up to $2,500 in cash every statement cycle. One may save 50% on their first purchase by opting to pay with checks. U.S. Bank offers a wide variety of services other than loans that are all worthwhile.
Oxygen – Best for Freelancers
Star rating: 4/5
Oxygen has carved out a special place for itself in the fintech sector, making it a fantastic choice for independent contractors and small businesses. There are no hidden costs, and buying from certain stores might get you as much as 5% back.
You may protect your money by issuing an infinite number of temporary debit cards to yourself, each with a predetermined spending restriction.
Why we chose it: Oxygen understands the needs of the hip company owner and caters to them by providing a number of nifty financial services. Furthermore, it’s a great checking account option for those who own their own businesses.
- Written for the hip company owner
- Bonus cash back of 5%
- Make one-time use, digital debit cards
- Unfortunately, this site is not mobile-friendly
- It’s strictly single-user only
- There’s too much of a premium being charged
Although Oxygen says it has no hidden fees, it does warn that withdrawals made from ATMs outside of the country’s network may incur a cost. Zero ongoing or one-time fees are associated with ACH transactions or maintaining your account.
Even though your company checking account won’t earn you any interest, Oxygen has you covered with a separate business savings account. For balances in savings of $20,000 or less, the annual percentage yield is 1%. Excess funds still accrue interest but at a considerably reduced rate.
Oxygen isn’t a traditional bank but rather a mobile fintech firm. This eliminates any possibility of a loan from Oxygen.
When you are compensated to buy things you need, it feels good. For items like petrol, rideshares, and shipping services, 5% cash back is available on all purchases, no questions asked.
If you’re looking for a small business bank account in Indiana, go no further than Oxygen. Anybody working independently who values legal protections afforded by a Limited Liability Company may quickly form one with the help of the Oxygen app for mobile devices.
Chase Business – Best Bank Account for Merchant Service
Star rating: 3.8/5
Chase now offers businesses a variety of new services, including payment collection and fraud protection, as well as a $300 incentive simply for joining up. The Chase app also allows you to receive credit card payments instantly into your account. There’s a service charge assessed monthly, but there are numerous methods to get around it.
Why we chose it: Chase provides a comprehensive suite of services for your company, including banking.
- There’s no required initial deposit
- No extra charges for limited or unlimited electronic purchases
- Payment processing that is seamless
- New-customer incentive bonus (terms apply)
- $35 fee for negative balances over $50, with a 24-hour grace period
- The cost will be $15 per month
- There’s a $5,000 monthly cap on fee-free cash deposits and no restriction on physical transactions
- ATM use fee when using a machine outside of the network
Many people are put off by the idea of paying a monthly service charge, but there are ways to avoid paying it altogether. Maintaining a daily balance of $2,000, making $2,000 in net purchases on a business card, or receiving $2,000 in deposits via the Chase QuickAccept app qualifies you for the bonus.
Even though Chase’s Business Comprehensive Checking account doesn’t pay interest, it’s not hopeless. The services provided by a Chase Business Checking Account may be supplemented with a savings account. The best part is that there’s zero cost to sign up for savings as long as your checking account remains open.
You may get a loan or a line of credit when you become a Chase customer. You may take out a loan of up to $500,000 at a time, and the terms of repayment are quite flexible. Borrow up to $500,000 as required from a line of credit.
Chase offers an abundance of perks. If you open a Business Comprehensive Checking account and match the bank’s criteria, they will deposit $300 into your account. Chase also offers a variety of credit cards that may be used to earn rewards, such as cashback or travel points.
With a Chase business checking account, you get free participation in one of Chase’s savings schemes. You’ll also have your pick of a wide range of secure and convenient financial management and protection tools for your company.
Read the complete Chase Business Checking Account review.
Our Ranking Methodology for the Best Small Business Checking Account
Not any old bank account will do if you want the best for your company. We compared the best small business checking accounts from several banks so that you don’t have to. We based our best choices on the following criteria throughout our search:
Fees: If you lose a lot of money due to your bank’s fees, that’s not good. The finest bank accounts for companies have minimal costs. Whilst some services need a regular payment, most also provide some kind of price waiver.
Interest Rates: Interest on business checking accounts used to be offered by a wide variety of financial institutions, but those days are long gone. Some customers will pay you directly for doing business with them by making a regular deposit into your account. The finest of them provide rates much above the country’s norm.
Lending: The day will come when you need to take out a loan, whether for an expansion or an unforeseen need. Having an established business connection with several of the best banks for businesses may streamline the process of opening a business checking account and provide you faster access to this money. The involvement of a third party might raise both the potential for loss and the required investment return.
Rewards: The bank or credit union shouldn’t be the sole beneficiary of your account creation. The best online business checking accounts include incentives like cash bonuses, cash-back programs, and online privileges for new customers.
Transfers: Your company’s cash goes through a lot of changes. Penalties for making too many transfers or failing to provide necessary cash are the last thing you need. The most useful company accounts have few constraints and facilitate communication with suppliers and widespread monetary applications.
Additional Features: Differentiating between traditional banks and new fintech firms is important. We looked into the details to find out what benefits each one provides and how to maximize their use in the company.
Who Should Get a Business Checking Account
Business checking accounts aren’t only for big organizations. You may be shocked to hear that almost anybody with a side gig or small company can get one. Whether you’re a lone owner using your SSN for business purposes or a Limited Liability Company with its own tax ID, opening a business checking account is a straightforward approach to keeping your professional and personal funds distinct.
Business checking accounts are useful for every company, no matter how big or small. It aids in keeping tabs on cash flow so that you may assess your company’s health before deciding whether to funnel profits into your bank account.
Be aware, nevertheless, that corporate checking accounts frequently have higher minimum balance requirements to avoid monthly fees than personal checking accounts do since banks assume corporations bring in more money than individuals and have greater transaction and administrative expenses.
However, a rising number of smaller, online-only company checking accounts are emerging, making creating a business checking account considerably cheaper by eliminating minimum balance restrictions and transaction fees.
Online vs Brick and Mortar Business Checking Accounts
While picking between the best online business checking account and a traditional bank, it’s important to think about your day-to-day operations. Nowadays, many companies are entirely paperless; they only use electronic methods for billing, payments, and accounting/payroll.
Nonetheless, some companies rely so heavily on cash transactions that they must maintain a physical location near their place of business in order to deposit funds at the end of each day.
The option to take credit card payments via a connection to Stripe, sync with QuickBooks, and/or make mobile check deposits are just a few of the many time-saving and practical invoicing capabilities offered by the best online business checking accounts.
Nonetheless, the capacity to withdraw and deposit significant amounts of actual cash may be worth giving up the convenience of these alternatives.
But, if visiting a physical branch isn’t part of your regular routine, you may want to look into an online-only bank instead because of the reduced costs and often lower minimum balance requirements (some as low as $0).
Best Online Business Checking Account – Frequently Asked Questions
These are the questions that were asked the most, and our responses may clear things up for you.
Should I Use a Credit Union for My Best Online Business Checking Account?
In addition to their excellent reputation for service, credit unions are also recognized for charging low or even zero monthly fees on business checking accounts. Credit unions are a fantastic option for restaurants and other cash-based enterprises since they often offer large deposit limits for members.
Credit unions may only have a few facilities and ATMs, unlike huge bank chains. But they’re worth looking into if you meet the membership requirements. Check out NerdWallet’s picks for the top credit unions to see how your current one stacks up.
Who Should Get a Business Checking Account?
Almost anybody with a side gig or small company can get one. Whether you’re a lone owner using your SSN for business purposes or a Limited Liability Company with its own tax ID, opening a business checking account is a straightforward approach to keeping your professional and personal funds distinct.
Can You Run a Business Without a Business Bank Account?
Your personal funds won’t be protected as much if you operate your company without a separate corporate bank account, but it’s feasible to do so. Other parties may attempt to seize your personal assets in the case of a lawsuit or debt.
What Are the Most Important Features of Business Checking Accounts?
Like with any other financial choice, the most crucial aspects of a business checking account will depend on your industry, the demands of your company, and your own banking preferences. Integration with other accounting systems, online shopping, payment processing, debit card security features, and ATM charge refunds are all business-specific options to think about.
Bottom Line on the Best Online Business Checking Accounts
Your company’s prosperity relies heavily on the selection of a business checking account. Optimal options consist of minimal initial fees and added incentives for frequent usage.
Many options offer effortless financial management, freeing up your valuable time and energy for other tasks. While Bluevine Business Checking currently holds our highest recommendation, we believe you will be satisfied with any of the alternatives below.