If you are in the process of starting your business, you will likely need a checking account at some point. As with all things related to money and banking, there is no shortage of companies vying for your business.
When looking for the best checking accounts for small businesses you want to be mindful of a few things. Fees, ATM accessibility, local branches, customer service, and any rewards offered are things you should consider when looking for a bank.
Below we’ll look at 10 of the best small business checking accounts available today. Some are immediately recognizable large banks. Others you may not have heard about because they focus more on business accounts than personal.
Take a look, and let us know in the comments if you would like us to review any other banks on our list.
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BlueVine offers a purpose-built business checking account solution that is perfect for small businesses. You won’t pay any monthly fees whatsoever, and you’ll earn 1% on your balance up to $100,000. There is no required minimum balance so that you can get started quickly and efficiently. If you want to draw cash from the account, 38,000 MoneyPass locations across the country allow you to withdraw money without paying a thing. They also have one of the most compelling interest rates, earning you 1% on your money which is about 20x the national average.
Their online platform is intuitive and easy-to-use, giving you everything you need to run your small business’ finances without fuss. You can log in on any device and see everything you need to see in sleek interfaces that strip out the noise and bring your banking to the forefront. Couple this with useful features such as scheduled payments, deposit insurance, and dedicated support on hand whenever you need it – this is an excellent option for any small business. It takes about a minute to sign up, so there is no excuse – it’s the way small business banking is supposed to be.
Pros:
In under 10 minutes, you could be the brand-new owner of a Novo checking account and off to the races as a result. The account offers a robust suite of business banking services that integrate seamlessly with a wide range of small business tools so that your banking can fit effortlessly into your workflow. There are no hidden fees. In fact, there are no monthly fees or minimum balance requirements at all. Instead, you can focus on your business and not worry about trying to optimize banking costs.
Their mobile app is sleek and user-friendly, and they have human-powered customer service – something that is incredibly rare these days. This means that you can efficiently navigate the world of small business, calling on that support when you need it. You’ll get free transfers, mailed checks, and incoming wires, as well as refunds on all ATM fees. Top it off with thousands of dollars in exclusive perks, and you’ve got yourself a solid competitor for the best business checking account out there. It’s magical.
Pros:
nkbc is a bank in your pocket. Their smartphone app houses all the services you need to deposit checks, pay vendors, transfer money, originate wire transfers, and the like from wherever you. It fits around your existing business rather than getting in the way. All of this is delivered with complete transparency and no hidden fees. There is no minimum balance required, no fees for mobile deposits, overdrafts, or incoming domestic wires. They also offer free cash withdrawals from MoneyPass ATMs across the country.
One of the cool things they do is reimburse you for 3rd party ATM fees that you might incur across the world for up to $12 a month. It’s a small perk that shows how competitive they want their offering to be. This ensures that no matter where you’re going to do business, you can rest assured that nbkc has got your back. They step out of the way and let you get down to it. It’s simple, transparent, and one of the best business checking account options for mobile-first companies.
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Of course, Chase is one of the giants for banking, and they’ve done a lot to force the industry to innovate when it comes to small business solutions. They have three different business banking options, each with varying feature sets and pricing. For most small businesses, you’ll likely be looking at the ‘Complete Banking’ package. It carries a $15 monthly service fee unless you have a minimum of $2,000 as a daily balance, $2,000 in purchases on your business card, $2,000 in deposits from Chase Merchant Solutions, or a linked Private Client Checking account. If any of those are true, they’ll waive the fee, and you get the account for free.
They have built-in card acceptance with merchants across the country, and their scale means that you’ll always have access to the services you need as you run your business. If you’re looking for a long track record, an established customer brand, and reliability when it comes to procuring business banking services, then Chase might be the right option for you.
Pros:
Bank of America is another one of the national giants that support small businesses with reliable and sophisticated banking solutions backed by a highly regarded brand across the world. They have a few business checking accounts, but the most relevant for small businesses is the ‘Business Advantage Fundamentals’ account which gives small businesses tremendous flexibility in their banking services at a very competitive rate. The monthly account fee is $16 unless you can meet one of their waiving criteria, which includes a $5,000 combined average monthly balance, $250 worth of spend on net new purchases on a business debit card, or a membership to the ‘Preferred Rewards for Business’ program.
As part of the account, you’ll get access to Zelle, a convenient way to send and request money directly between US bank accounts. You also get Business Advantage 360, an online portal containing various accounting, cash flow, and bill monitoring tools. These can ease the administrative burden that can slow down new companies. All in all, a one-stop-shop for small business banking coming from one of the most trusted names in the game. What’s not to like?
Pros:
Navy Federal gets rid of all the fluff and offers small businesses the checking solutions they need at an affordable cost. They have three different checking account options ranging from their free monthly account, which covers your first 30 non-electronic transactions, up to their premium option, which covers the first $100 non-electronic transactions at a monthly fee of $20. These monthly fees can be waived if you have a minimum average daily balance of $5,000 in the account. Their accounts tie together some of the critical building blocks of a small business and make sure that everything works well together.
One of the most exciting perks from Navy Federal is that as long as you have a minimum daily balance of $1,500 in your account, you can earn dividends on your money ranging from 0.01% – 0.45% depending on your banking activity. Combine this with outstanding service excellence and full-service digital banking options, and you have an excellent choice for small business checking accounts. It’s everything you need to see your business thrive.
Pros:
LendingClub provides a compelling business checking account solution for small businesses of all types. In just minutes, you can open an account online and get the ball rolling, taking advantage of industry-leading interest rates and unlimited 1+% cashback on various debit card transactions. This account gives you unlimited transactions with no penalties, no fees, and no upcharge. Instead of squeezing you on transactions, they want to be a valued partner as you grow your business.
When it comes to monthly maintenance fees, you won’t pay anything if your balance is over $5,000, and you only need $100 to open the account initially, with no minimum balance requirement after that. Their mobile app is full-featured and provides sophisticated reporting, invoicing, and reconciling functionality that is a game-changer for business owners who are always on the go. Their friendly customer service will be with you every step of the way. LendingClub does understand how small business owners in the modern world want to be treated, and their offering reflects that. It’s an excellent option for technology savvy, mobile-first businesses who want something lightweight that can scale with their needs.
Pros:
Axos is a great home for new small businesses because they provide full-featured banking solutions without unnecessary complications. It is simple yet powerful. Their business checking account has no monthly maintenance fee and includes your first 50 checks for free as well as unlimited domestic ATM fee reimbursements. They have very tight integration with QuickBooks, which makes for an effortless accounting process. They have dedicated relationship managers to support you whenever you run into a roadblock of any type.
They are so confident that their service will wow you that they offer all new business owners a $100 welcome bonus if they incorporated their company after June 1, 2020. This points to their willingness to go the extra mile, and it’s an excellent sweetener for anyone grabbing their business checking account from them. But even without the bonus, this is a solid option that gives you what you need and nothing more. It’s clear and elegant banking delivered with expert customer service every time.
Pros:
US Bank is another big bank that brings its wealth of experience and brand recognition to the world of small business checking accounts. They have a few options, but the most popular for small businesses is the ‘Silver Business Checking Package.’ This account gives you 125 free transactions and 25 free cash deposits for every statement cycle. Your monthly maintenance fee is $0, which is excellent for new businesses. It ramps up as your monthly banking activity grows but remains remarkably competitive for such an established brand.
The account also gives businesses a range of additional services, including online and mobile banking, card payment processing solutions, check fraud prevention, remote check deposits, overdraft protection, and the EZ Switch Kit if you’re coming over from a different checking account. It’s everything you could ever want in a business checking solution. You wouldn’t go wrong if this were your selection. It does its job and then gets out of the way so that you can focus on your business.
Pros:
Wells Fargo has a well-established track record as one of the fundamental financial service providers across the country. Their small business checking services certainly live up to this bill. As with most of the more prominent brands, they have several options, but most businesses will start with their ‘Initiate Business Checking’ option. The monthly service fee is $10, but this is easily waived if you can maintain a $500 minimum daily balance or a $1,000 average ledger balance during the period. There is no fee for the first $5,000 worth of cash deposits, and then it’s only $0.30 per $100 deposited after that. From a transaction perspective, you won’t pay anything on the first 100, and after that, you’ll incur $0.50 per transaction.
The account’s main strengths lie in its world-class online banking setup, a vast network of ATMs across the country, and dedicated support through an exceptional customer service phone center. These services create a unique small business offering that is an excellent choice for your banking activities. As you grow, they have a range of other solutions that start to provide more functionality as you scale up. It’s a great place to start a long-term banking relationship.
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Getting your financing setup isn’t the sexiest part of starting your business, but it is a necessity. Hopefully, this article gave you some ideas into the different options you have for business checking accounts.
Remember to look for well-established banks that offer good service compared to the fees they charge.
Because small business owners typically are operating on a tight budget, our top recommendations include banks with no maintenance fees.
Those banks may not be as well known to you, but rest assured they can handle all your business checking needs.
If you’re a brand-name kind of person, then you also have some of the big boys included here.
Whichever direction you choose, get your accounts set up and move on to more productive tasks as soon as possible.
