The Best Business Checking Accounts

One of the first steps you should take when opening a small business is opening a bank account for that business. A business bank account is typically used to hold funds that may be necessary for the day-to-day operations of a business, including paying employees, buying ads, and ordering supplies. Some businesses—like restaurants, retail stores, and laundromats—routinely handle large volumes of cash and must deposit it into their bank accounts. But many accounts have cash deposit limits that may be too small to handle those needs, or charge fees that make doing so inordinately expensive. If you don’t want to pay much for checking services, Axos provides a simple and inexpensive option with its Basic Business Checking account.

Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Determining the optimal amount of cash to keep on hand depends on several factors unique to your operation. While there’s no exact average cash on hand for small businesses, some experts recommend keeping three to six months’ worth of operating expenses as a general rule. But your specific circumstances might call for more nuanced planning.

• The best business checking accounts for small businesses have low or no fees, integrates with business tools, and offer access to online and/or mobile banking.
• But Grasshopper stands out for offering 1% cash back for debit card purchases, along with the ability to spin up virtual cards as needed for online purchases and in-person contactless purchases.
• While we are independent, the offers that appear on this site are from companies from which Finder receives compensation.
• It’s important to add funds within 60 days of opening your new account.
• Novo has one of the best small business checking accounts, as you can perform all its services fee-free business bank account if you’re careful.
• It’s the top-ranked choice for sole proprietors and small businesses.

It works similarly to a personal checking account in that both products are a convenient way to administer sizable amounts of cash and transfer it to other entities. A checking account should first do no harm, and that means charging little in fees. We like that the KeyBank Basic Business Checking account allows up to 200 combined transactions each statement period and lets business owners deposit $25,000 in cash monthly with no added fees. We chose the PNC Bank Treasury Enterprise Plan because it includes a high monthly transaction limit of 2,500 and allows businesses to deposit $50,000 in cash monthly with no additional charge. This account also has investment options for excess cash with the ability to set up an automatic sweep into a money market account for balances over a minimum you set.

• However, many banks do use ChexSystems when reviewing applications for business checking accounts.
• First Internet Bank also offers several business deposit accounts, including a savings account, money market account and CDs.
• To that end, we looked at their scores on Google Play and the App Store.
• A business money market account  is similar to a savings account in that it earns interest and provides a place to build up cash reserves.
• To choose the best nationwide checking account for your business, you’ll want to consider a few key factors.

Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Nearly anyone with a side hustle or small business can qualify for a business checking account — not just large corporations.

See if your small business is a good match to work with a dedicated business banker

However, this service comes with a charge of 1.5% of the transaction amount. Novo also offers discounts to customers on several partner products including $5,000 in waived Stripe processing fees, and three months free on Gusto. The BMO Digital business checking account Business Checking account has a monthly fee, but it can be waived by maintaining a low minimum average balance. The account allows unlimited incoming ACH transactions and incoming wire transfers. PNC Treasury Enterprise Plan is best for established businesses with high deposit and transaction volumes. While PNC Bank offers mobile and digital banking, this account may be best suited for business owners who prefer banking at a branch.

A business checking account lets you deposit payments, pay bills, write checks, and use debit cards for expenses—all under your business’s name instead of your personal one. Below are six excellent options, each “best” for a specific use case, followed by a quick comparison and a practical buying framework. However, many banks do use ChexSystems when reviewing applications for business checking accounts. ChexSystems is a reporting agency that provides information on how you’ve handled checking and savings accounts in the past.

Like Amex, it’s an online-only bank so it tends to be less expensive than its brick-and-mortar counterparts, but you’ll also miss out on the ability to visit a branch and get in-person help. The best overall small business bank account is Amex’s Business Checking, based on independent research conducted by Investopedia. Amex Business Checking is an inexpensive but valuable account that will serve many business owners well, especially those with simple needs who don’t need to visit bank branches in person.

Best Online Business Checking

NBKC is the rare bank that has both a great business checking account and a great personal checking account.Both accounts come free. To make things even better, the business checking account lets you add on a free money market savings account, which comes with a competitive interest rate. And the personal checking account happens to earn interest too (also at a very competitive rate). But this account comes with two free Capital One Basic Checking accounts, which typically cost $15 per month each. Compare the features of these two accounts to see if you’d get everything you need from the Basic, or if upgrading to Enhanced might make sense for your business. Like many other business checking accounts, incoming domestic wires are free.

Bluevine offers an interest rate of 1.5%-3.7%, which is currently well above the national average. If you’re looking for additional rewards, such as a signup bonus or points when you use your debit card, you won’t find them with this business checking account. Grasshopper is one of the few online banks that offer both APY and cash-back on their checking accounts.

Business services

For the most current information about packages and benefits available, contact your banker. Explore U.S. Bank’s range of business term loan options to grow your business. Shared Access allows you to give employees the capabilities they need to manage company finances while you’re not around. Securely share access while maintaining full control over permissions that optimize your business operations. Bank online or mobile banking to review, track and pay all your bills in one secure place.