Best Business Bank Accounts

Congratulations on starting your own business!

This is a great accomplishment, and now that you're well on your way to greatness, you need a great business bank account.

We've scoured the Internet to choose options for the best business checking accounts, including both banks and credit unions.

We've also included both online and brick and mortar banks just so you know what your options are.

Our Top Picks for the Best Bank Accounts for Businesses

And because credit unions often have some great checking and savings account products too, we've included two of the best:

  • First Tech Credit Union
  • Navy Federal Credit Union

Business Checking Account Product Reviews

Axos Bank

When you open a business checking account through Axos Bank, you'll get a lot of great features.

This type of account is great if you're a newly registered LLC, but it can work well for other types of businesses too.

Pros:

  • You get a $100 welcome bonus (free money!).
  • You get unlimited use of domestic ATMs with ATM fee reimbursement.
  • You have the option to earn APY.

Cons:

  • You don't get free unlimited transactions.
  • You have to have a cash deposit to open your account.
  • If you choose the basic business checking account, you don't earn interest.

Other Features We Like:

  • Free bill pay
  • Free image statements
  • Dedicated customer service reps and relationship managers.
  • You can accept ACH payments.
  • Their business checking accounts are compatible with QuickBooks.

Bank of America

A Bank of America business account is awesome if your business is cash-based.

They have online banking as well as brick and mortar bank locations all over the United States. So this is definitely one to consider.

Pros:

  • Your business may qualify for up to $500 in introductory bonuses (more free money!).
  • You get 200 free transactions every month with your Bank of America business account.
  • You get up to $7,500 in free cash deposits every month.

Cons:

  • There is a monthly fee.
  • If you use a 3rd party ATM, you do not get a refund on your ATM fees.
  • There is no way to waive your monthly maintenance fee.

Other Features We Like:

  • If you have a larger business, Bank of America offers payroll and merchant services with Intuit and ADP.
  • Their accounts integrate with many of the top bookkeeping tools, including QuickBooks.
  • They offer free online and mobile banking.
  • You get free bill pay services and customer support 24/7.

BlueVine

If your business doesn't have many cash transactions every month, you might want to check out BlueVine business checking.

They specialize in business loans, so if that's something you think you'll be interested in in the future, this might be the bank for you.

Pros:

  • They're great on fees - no monthly, NSF, or incoming wire fees.
  • You get unlimited free transactions without a minimum balance requirement.
  • Once your account hits at least $1,000, you get 1.0% APY (annual percentage yield).

Cons:

  • This isn't the account for you if you need to make cash deposits.
  • They don't have any branch locations, so online banking will be your new best friend.
  • They don't have a lot of options for BlueVine business checking accounts.

Other Features We Like:

  • No matter what accounting software you use, BlueVine offers easy integration.
  • You can connect your account with lots of payment options, including PayPal and Stripe.
  • You get live customer support.

Capital One

Capital One is one of the best business checking accounts if you're a business that expects a high volume of transactions every month.

You'll find about 750 brick and mortar Capital One bank locations in the United States, and of course, they offer online banking too.

Plus, they have lots of great additional features you'll want to take advantage of.

Theirs is truly one of the best business checking accounts out there.

Pros:

  • Capital One offers unlimited transactions every month.
  • If you use accounting software, integration is simple.
  • If you need to make some cash deposits, you can get up to $5,000 free every month.

Cons:

  • You have to have a minimum deposit to open an account.
  • They don't offer an online application, so you need to go to a branch location to get started.
  • You'll have to pay a monthly fee to maintain your account.

Other Features We Like:

  • They have terrific online banking capabilities that include bill pay and even online deposits.
  • They offer merchant and invoicing services.
  • Escrow services are available if you need them.

Chase

If you are a new business owner, opening a business checking account with Chase Bank is a great option.

Their Chase Business Complete account is among the best in the industry, and a lot of business owners choose it for that reason.

Pros:

  • They offer as much as $300 in introductory cash bonuses.
  • There are several options available to waive monthly fees for businesses.
  • You don't have to have an initial deposit to get started.

Cons:

  • If you're specifically looking for free transactions, you only get 20 for free each month.
  • You won't earn any interest on your deposits.
  • If you decide to use a 3rd party ATM, you'll have to pay the ATM fee yourself.

Other Features We Like:

  • They offer some great merchant and payroll services for business owners.
  • They offer several business accounts, including savings and two other options for business checking accounts.
  • You get free online and mobile banking, as well as bill pay services.

First Internet Bank

Just like its name suggests, First Internet Bank is an online bank that offers just about every service your business could want.

Their small business checking account is among the best, but they offer several in order to meet their customers' needs.

Pros:

  • If annual percentage yield is your thing, they offer competitive interest rates.
  • Their small business checking account has no monthly fee.
  • You can get ATM fee reimbursements up to $10 a month.

Cons:

  • They don't have any brick and mortar bank locations.
  • They also do not have any of their own ATMs.
  • You won't be able to make cash deposits.

Other Features We Like:

  • There are no minimum balance requirements.
  • You can make unlimited deposits every month.
  • Their APY means that you might not even need to consider business savings accounts.

LendingClub

If you're a business owner who is looking for a business checking account that earns interest and has cash back, LendingClub might be right up your alley.

They offer everything from checking and savings accounts to money market accounts and CDs for businesses.

Pros:

  • You get an annual percentage yield of 0.10% on all balances of $5,000 and up.
  • You also get fee free ATM use.
  • They offer unlimited transactions.

Cons:

  • They do have a minimum balance requirement of $5,000 in order to avoid paying a monthly maintenance fee.
  • They do not have any brick and mortar locations.
  • You need at least $100 in order to open business checking accounts.

Other Features We Like:

  • Your account will come complete with a business debit card for use as needed.
  • LendingClub offers access to Autobooks, which is digital invoicing software.
  • They also offer point-of-sale solutions for an additional charge.

Lili

Just because you're a freelancer, that doesn't mean you don't need a business checking account.

You do! And Lili is a great option because it's designed to meet your unique needs.

Lili has some great account features that we're sure you're going to love.

Pros:

  • You won't need a minimum deposit to open your business account.
  • There is no monthly service fee.
  • They offer an APY of 1% when you have an Automatic Savings Account.

Cons:

  • This is not the best account for small business owners because it was made for freelancers.
  • While you will receive a debit card, you cannot make cash deposits with it.
  • Cashback is available, but only for those who open a pro account.

Other Features We Like:

  • If your business is in need of bookkeeping features, Lili has many of them built right in.
  • Their mobile app is easy to use and great for banking on the go.
  • You can even get your paycheck as much as two days early when you have direct deposit.

Mercury

If you want to open a business checking account, Mercury is a great option.

They offer banking options that are designed to support you as you grow your business.

Opening an online business checking account is smart, and theirs is among the best.

Pros:

  • No minimum balance is required.
  • There are no service charges or hidden fees for you to worry about.
  • They offer a mobile app for easy banking on the go.

Cons:

  • If you're a sole proprietor, this might not be the best business banking option for you.
  • You won't be able to make any cash deposits.
  • If you are also interested in a business savings account, you might want to choose a different bank.

Other Features We Like:

  • There are no transaction limits, so your business is free to grow at a pace that's right for you.
  • This is a free business checking account, so there are no monthly fees to worry about.
  • They offer some great digital tools that allow you to send and receive online payments, monitor your spending, and more.

NBKC Bank

When you choose NBKC for your business checking account, you'll love its versatility.

Their goal is to make banking as simple as possible for your business.

If you want an easy-to-manage bank account that allows you to focus more on your business, NBKC might be the best choice for you.

Pros:

  • There is no monthly maintenance fee for you to worry about.
  • You don't have to maintain a minimum balance every month.
  • They offer a fee free business debit card.

Cons:

  • They do charge $5 for outgoing domestic wires and $45 for incoming and outgoing international wires.
  • They do not integrate with 3rd party business tools like QuickBooks.
  • They only have physical branch locations in Kansas City, Missouri, which could be a problem if you need to make cash deposits.

Other Features We Like:

  • There are no charges for overdraft fees or NSFs.
  • They offer business online banking at no additional charge to you.
  • You can get free online Bill Pay on your phone, desktop, or tablet.

NorthOne

A NorthOne business account gives you a lot of freedom with your company's money.

This bank is best for people who are not concerned about being able to physically go to the bank; they prefer to do everything online.

They have some great account features that we think you're going to love.

Pros:

  • They offer mobile banking that includes the ability to make check deposits online.
  • NorthOne offers a debit card, and you can even get one for every member of your team if you choose.
  • You can withdraw your cash anytime fee free from any MoneyPass ATM.

Cons:

  • Their monthly service fee is $10, and there is no way to waive that fee.
  • If you frequently need to withdraw money from an ATM, there are no reimbursements for using ATMs that are out of their network.
  • They do not offer business checking accounts with APY.

Other Features We Like:

  • NorthOne Bank's business checking account integrates easily with apps like PayPal, QuickBooks, and Venmo.
  • You get unlimited monthly transactions.
  • They offer NorthOne Envelopes to help you budget your money and expenses.

Novo

Novo Bank is definitely one of the best business banking options on our list.

If your business has customers that are primarily in the United States, this bank is a great choice.

You can apply for your account right through their website.

Pros:

  • There are no monthly fees for you to be concerned with.
  • You get unlimited transactions every month.
  • They offer online banking with unlimited bill pay and invoicing. You can even send paper checks at no additional cost.

Cons:

  • You won't be able to make cash deposits because everything is done online.
  • They charge $27 for insufficient funds or uncollected funds that have been returned.
  • You won't be able to send domestic or international wires without integrating with TransferWise.

Other Features We Like:

  • You'll always have access to cash and you'll get refunds on all ATM fees worldwide.
  • You can easily integrate with QuickBooks, Shopify, Stripe, and other business tools.
  • You can access discounts on business software and services when you bank with Novo.

PNC Bank

If you have an LLC and your banking needs are very basic, PNC Bank might have the business checking account you've been looking for.

They offer cash rewards just for opening business checking accounts as long as you qualify.

This might be a great option for people whose businesses are just getting started.

Pros:

  • You can get up to $5,000 in fee free cash deposits every month.
  • They offer free overdraft protection.
  • For the first three months, you get a free business checking account. After that, the monthly fee is just $10 unless you are qualified to have it waived.

Cons:

  • You'll need to pay a fee on every transaction once you hit 150 per month.
  • They do not offer any free business tools.
  • If you use a 3rd party ATM, you will not be reimbursed for those fees.

Other Features We Like:

  • For $10 a month, you get access to Cash Flow Insight, which provides tools that can help you monitor and operate your business.
  • They offer a free business debit card.
  • You have access to free online banking and bill pay.

Relay

Relay is an online bank that is set up to allow small businesses to streamline the financial aspects of their businesses.

Businesses can open as many as 20 checking accounts if they need to, and sole proprietors can open up to 10.

They also offer business debit cards, and you can get as many as 50 with no monthly fees to worry about.

Pros:

  • You won't pay a monthly fee when you bank at Relay.
  • You can withdraw cash at more than 32,000 Allpoint ATMs without paying ATM fees.
  • You'll never pay overdraft fees or fees for incoming wires.

Cons:

  • If you need additional features for your business checking account, you can upgrade to Relay Pro, but it costs $30 per month.
  • You won't be able to deposit cash through ATMs.
  • They do not offer annual percentage yield on their business checking accounts.

Other Features We Like:

  • Business owners appreciate being able to connect their accounts to QuickBooks Online, Xero, and other platforms.
  • They offer a mobile app, making it easy for you to bank from anywhere.
  • There is no minimum balance requirement.

Spark Business

Do you have a small or medium-sized business?

If so, the Spark Business checking account might be right up your alley.

They offer an unlimited checking account with some great account features for businesses just like yours.

Pros:

  • You get unlimited monthly transactions.
  • Any incoming domestic wires are fee free.
  • They offer free online bill pay.

Cons:

  • Their service fee is $35 a month, but this can be waived if you maintain an average minimum balance of $25,000 over a 30 or 90-day period.
  • They charge $35 for overdrafts, but these can also be waived by meeting their qualifications.
  • This business checking account is designed for people who have less than $40,000 a month in cash deposits.

Other Features We Like:

  • You get access to a free debit card for your business.
  • They offer two different business checking accounts, so you can choose the one that is right for you.
  • They offer five free outgoing domestic wires if you choose the Spark Business Unlimited Checking Account.

TIAA Bank

TIAA Bank is based in Florida, but this is mostly an online bank.

They offer interest-bearing checking accounts for sole proprietors and other small businesses.

Over the years, they have become a global leader in business banking and they offer some of the best business accounts in the industry.

Pros:

  • There are five different business checking accounts available, so you can choose the one that fits your business.
  • They do charge monthly maintenance fees, but they can be waived if you meet their qualifications.
  • The minimum deposit that is required to open your account differs for each one, but it is minimal.

Cons:

  • If you cannot meet the minimum balance requirement every month, you'll have to pay a fee.
  • There is a $25 late payment charge on overdraft protection.
  • There are fees for domestic wire transfers ($25) and for international wire transfers ($35).

Other Features We Like:

  • They offer an APY of 0.10%.
  • You can enjoy fee free ATM use at MoneyPass or Allpoint ATMs.
  • Small businesses will receive 200 free monthly transactions and 10 free online bill pays every month.

US Bank

US Bank is the fifth-largest bank in the country, and they have been around since 1863.

This is a great bank for people who need to make cash deposits because they have more than 3,000 branch locations in 40 states.

US Bank specializes in working with small businesses and can be an asset in helping you grow.

Pros:

  • There's no need to worry about paying a monthly fee - there aren't any.
  • There are no minimum balance requirements.
  • You get as many as 125 monthly transactions for free.

Cons:

  • If you exceed 125 monthly transactions, you'll be charged 0.50 for each one.
  • Your business checking account will not earn any interest.
  • They do not have a physical location in every state.

Other Features We Like:

  • You get 25 free cash deposits every statement cycle.
  • When you order your first batch of checks, you can get a 50% discount up to $50.
  • They offer online and mobile banking with bill pay services.

Wells Fargo

Wells Fargo is the third-largest bank in the United States.

They have more than 7,400 branch locations as well as 13,000 ATMs in 32 countries.

This is a great option if you are interested in a business checking account for a medium, large and/or growing business.

Pros:

  • Wells Fargo allows their business customers 250 monthly transactions.
  • You'll get an interesting-earning business checking account.
  • You won't encounter any fees for stop payments, cashier's checks, or money orders.

Cons:

  • They do charge a monthly maintenance fee and it is quite a bit higher than other banks.
  • If your business does more than 250 transactions per month, you'll pay 0.50 for every transaction over that.
  • If you make more than $20,000 in cash deposits per month, you'll pay 0.30 for every $100 you deposit.

Other Features We Like:

  • You only need $25 to open your business checking account with Wells Fargo.
  • There are no fees for overdraft protection transfers from eligible business savings accounts.
  • They offer both online and mobile banking.

Best Credit Union Accounts for Businesses

Some businesses would rather work with credit unions than banks.

If that's you, then we have a couple of options we like for the best business checking accounts through credit unions.

First Tech Credit Union

First Tech Credit Union has a lot of the same great products you're used to seeing from banks.

Their fees tend to be lower than most banks and they offer exceptional customer service.

Pros:

  • You can get both a business checking account and a savings account.
  • They charge a monthly fee of $6, but if you maintain an average account balance of $1,000 or more, that fee is waived.
  • You won't find any monthly transaction limits.

Cons:

  • They offer a lower APY than other online banks do.
  • They only have 40 physical locations, so if you need to deposit cash, this might not be the best choice.

Other Features We Like:

  • They offer free online banking.
  • They have a mobile app, so you can access your accounts from anywhere.
  • Business owners have access to more than 30,000 free ATMs all over the United States.

Navy Federal Credit Union

No matter what size your business is, Navy Federal Credit Union has a business checking account that can meet your needs.

They offer three different options for checking accounts as well as two business savings account options and business CDs.

Pros:

  • When you bank at a credit union, you get higher interest rates. This one offers a 0.05% APY.
  • Your first 30 non-electronic transactions are free.
  • There is no monthly fee for you to pay.

Cons:

  • You have to be or have been a member of the military in order to join. You also have to have a personal checking account with them first.
  • There are only a few branch locations, so this credit union might not work well for you if you have cash deposits.
  • It costs 0.25 for every non-electronic transaction after your first 30 each month.

Other Features We Like:

  • The Navy Federal Credit Union website offers helpful tools to businesses that can be tailored to their needs.
  • They offer more than 30,000 ATMs that are fee free.
  • Members have access to loans and credit cards, if they choose to utilize them.

Buyer's Guide: What to Look for in a Business Checking Account

In your search for the best business checking accounts, you'll want to look for a few key characteristics.

Minimum opening deposit

As always $0 is best, but look for an initial minimum deposit that you can afford.

Minimum balance

What do you estimate to be your average monthly balance?

If it is too low, you might encounter some hefty fees. So look for an account with an average monthly balance requirement that you can manage.

Monthly fees

When it comes to business banking, you can find accounts that have low or no monthly fees.

Some may require you to maintain a certain amount in your bank account in order to have fees waived.

Transaction limits

For a lot of small business owners, transaction limits do not impact them much.

But if you're intending to grow, you'll want to search for higher limits to keep more of your money in-house.

Cash deposit limit

Some banks charge monthly fees when you make a cash deposit, based on the amount. Make sure you ask about their fees.

If you make a lot of monthly cash deposits, you may want to go with a bank that will waive those fees for you.

ATM access

Most business owners find that having a debit card is very helpful to them.

But you want to make sure you can access ATMs without having to pay a lot of ATM fees.

Additional fees

What additional fees do they charge?

You might be able to get lower fees if both your business and personal accounts are held by the same institution.

Do they offer free transactions?

Ask as many questions as you can about fees before you open a business checking account.

Included tools

A lot of small business owners can benefit from many of the helpful tools that some banks and credit unions offer them.

It can be helpful if they integrate with other sites like PayPal or QuickBooks, or they offer payroll services.

Interest

Many of the best business checking accounts offer interest (APY) to their customers.

This is a great way to get a little extra money in your account every year; although you may have to open a savings account in order to enjoy that perk.

Type of bank

The type of bank you choose for your business accounts is completely up to you.

Consider your needs and then decide if a bank or a credit union would suit them better.

Frequently Asked Questions

Which is better - brick and mortar or an online business bank account?

Again, this is completely up to you.

A lot of people feel consoled knowing that their bank has a physical location they can visit. Others don't mind doing everything online.

You also might like the ease of having both your business and personal accounts at the same financial institution.

Should you consider having both a checking and savings account?

It might be a good idea to have both a checking and savings account for your business if you get rewarded for doing so.

For example, maybe they don't require a minimum deposit for your business checking if you also have your personal account with them.

But even so, if you want to set some money aside, you may want to have both.

What's the Difference Between a Business Bank Account and a Personal Bank Account?

A business bank account is for your business and your personal checking account is for you personally.

We highly recommend never mixing the two.

It's best to keep them separated especially when it comes to taxes.

What do You Need to Open a Business Bank Account?

Every bank will have a list of things that you will need to provide in order to open a bank account for your business. They include:

An Employer Identification Number (EIN) or your social security number if you are a sole proprietor.

  • Business formation documents.
  • Your business license.
  • Any ownership agreements you may have.

Before you open an account, make sure to check that you have what you need on hand.

Can You Open Business Bank Accounts Online?

Yes, and many online banks allow you to open your account quickly in just a few minutes.

Do I Need a Business Bank Account if I am Self-Employed?

Even if you are self-employed, it is still a good idea to get a business bank account.

Fortunately, there are financial institutions that offer products like free business checking accounts for people in your situation.

Can You Transfer Money from Your Business Bank Account to Your Personal Account Legally?

Yes, it is legal to transfer money from your business account into your personal account.

But if you have business partners, you'll want to make sure you have their permission in writing before doing this.

In business, it is important to keep track of everything for tax purposes.

Conclusion

When it comes to bank accounts for your business, what matters most is what is important to you.

Shop around to make sure you're getting the best deal, and consider what your needs as a business owner.

If you're looking for perks like no minimum deposit, savings accounts, free transactions, and a low initial deposit, there is an account out there that is just right for you.