Disclaimer: This material is partially funded by a sponsor. The sponsor is solely responsible for any ideas or opinions that do not represent those of WTVR.
Business owners and managers of medium-sized and smaller enterprises know how crucial it is to have a firm grasp of the company's finances.
Businesses nowadays need more than simply a bank account to manage the myriad of operations inherent to their existence, including but not limited to issuing invoices, paying employees and independent contractors, accepting both online and offline payments, maintaining accurate stock levels.
With the goal of assisting them in picking the most suitable choice for their business, we researched a few of the top business checking accounts offered both online and in brick-and-mortar locations. We considered several variables, such as the availability of invoices, various payment methods, fees, and interest rates.
Best Business Checking Accounts
- Bluevine – Best Checking Account Overall
- Novo– Best Low-Fee Business Checking Account
- Axos– Best Full-Service Online Bank 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
Many elements, such as minimum balances, interest rates, account features, and quality of customer care, must often be considered while settling on the ideal small business checking account.
When all of these factors are taken into account, company owners may make an informed decision about which course of action will best serve their enterprise. Information from many sources, such as bank websites, account conditions, customer evaluations, and financial experts, should be compiled for a well-informed choice.
A business owner may make the best decision after thorough investigation and comparison of available possibilities.
|Bank||Fees||Interest Rates||Lending Options||Rewards||Additional Features||Customer Service|
|Bluevine Business Checking||$4.95 for cash deposits, $15 for outgoing wires||Up to 2.0% 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||Good|
|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 Checking Account Overall
Star rating: 4.9/5
Bluevineseparates itself from other online business banking services by providing a free high-yield business account with no monthly fees or transaction limits. With balances up to $100,000, account holders get a competitive 2.00% interest rate.
Unlike other strictly digital banking options, Bluevine allows cash deposits, although at a cost. The fintech firm that was founded in 2013 is responsible for the introduction of business checking accounts in 2020.
Coastal Community Bank is the provider of the banking services, and deposits are insured by the FDIC up to $250,000.
Why we chose it: Bluevine is the finest online business checking account because it is simple to use, has cheap costs, and offers a high interest rate.
- Increase your yearly percentage yield on deposits of less than $100,000
- Overdrafts, ACH transfers, wire transfers from outside the country, and monthly minimum balances all incur zero costs
- Users have the option to instantly lock and unlock their Bluevine Business Debit Mastercard® account, adding an added degree of protection
- Integration with payment processing services like PayPal, Stripe, and Expenses Unlimited simplifies the payment process for your customers
- Obtainable mainly through the World Wide Web
- Cash withdrawals made at non-network ATMs are not refundable
Bluevine features less fees than other business banking options. No overdrafts nor wire transfers are charged fees, and neither account maintenance nor regular checks are required. Each cash deposit costs $4.95, and wire transfers cost $15.
If you use your Bluevine Business Debit Mastercard to make at least $500 in purchases each month or amass $2,500 in client payments each month, you will be charged an interest rate of two percent (2.0%). Over the first hundred thousand dollars, no interest is paid on this benefit.
Bluevine does not provide traditional loans, but they do provide a line of credit for businesses that may be utilized anyway the owner sees fit. You can receive a line of credit for as much as $250,000, and the quickest possible decision time is only 5 minutes.
No fees are associated with creating an account, and the only cost will be interest on the money you borrow. Rates as low as 4.8% are now available.
Bluevine offers a generous 2.0% APY, which is a great benefit. But, further incentives for opening the finest small business checking account are not currently offered.
You may pay using ACH, a check, or a wire transfer if you have a Bluevine account or a credit card. The bank's internet banking system allows for an unlimited number of transactions. Having a number of separate accounts helps with both of these issues.
Novo – Best Low-Fee Business Checking Account
Star rating: 4.8/5
Novo business checking is a great option for on-the-go entrepreneurs since it doesn't impose monthly fees, reimburses unlimited ATM costs, and prioritizes digital banking.
Novo is great for improving financial operations and keeping track of several accounts because of its built-in invoicing tool and direct interaction with essential business applications.
Because of its emphasis on digital transactions, Novo is unable to provide a service that many businesses would consider fundamental, the ability to accept cash deposits. Yet, several rivals don't let consumers fund the top online business checking accounts, which is a significant oversight.
Why we chose it: Novo's affordable price is a significant selling point for startups and other small enterprises. If you need a bank to start a company, this is the best option.
- No maintenance or minimum balance fees will be assessed
- There are no fees associated with initiating or receiving wire transfers or ACH withdrawals, regardless of the volume of transactions
- The cost of using an ATM will be covered in full
- Unlike internet payment systems, which have use limits, paper checks may be sent to anybody at no cost
- Popular business applications such as Quicken, Xero, Stripe, and Shopify may be synchronized
- By logging up, you will have access to exclusive offers on various pieces of business software and services
- We are unable to accept cash deposits at this time
- Foreign and domestic wire transfers are now impossible
- The online bill pay service is temporarily unable to handle recurring payments
- If a check is returned due to insufficient funds or an uncollected amount, a charge of $27 will be assessed
It takes some digging to uncover the costs that Novo really charges. This online bank not only provides a free checking account but also reimburses any ATM costs incurred abroad. A $27 overdraft fee may be incurred quickly if one is not vigilant about monitoring their account balance.
If you deposit money into Novo's business checking account, you won't earn any interest, and you can't invest those funds to make a profit.
No loan or credit line products are available via Novo. Anyone in need of this kind of assistance will have to find it elsewhere. Some people, though, may not be too worried about this.
As a result of Novo's compatibility with various business apps, you may save money without sacrificing quality. By way of illustration, a Novo checking account user is entitled to a 30% discount on the whole HubSpot product suite. Depending on your chosen plan, you might save as much as $4,000.
Invoices may be quickly sent and tracked with the help of a well-designed dashboard. To make in-store and online purchases, you may ditch the plastic in favor of a digital debit card and the app of your choice. Using Novo Reserves, you can set aside money for bills or save up for a big purchase.
Axos – Best Full-Service Online Bank Account
Star rating: 4.61/5
Axos Bank announced in March 2022 that it will be making changes to its business checking services. These changes would see cash deposits enabled for all accounts, transaction limits lifted, and an initial deposit no longer required for its free business checking account.
All domestic ATM costs will be reimbursed in full, and customer support will be provided around the clock. Business checking accounts include the no-frills Basic Business Checking Account and the interest-bearing Business Interest Checking Account, which may earn a maximum of 1.01% APY.
The interest-bearing account costs $10 per month, but you may avoid the fee by maintaining a daily balance of $5,000 or more. The free checking account is always accessible.
In contrast to other online business checking accounts, whose banking services are offered and insured by other financial institutions, Axos Bank is a component of the Federal Deposit Insurance Corp. and delivers these goods and services directly to businesses.
While both accounts are discussed, only the Axos Basic Business Checking account has been given a star rating.
Why we chose it: With no monthly maintenance charges and no minimum deposit requirement, Axos Simple Business Checking is the ultimate small company checking account.
- There are no transaction fees, and there is also no monthly minimum balance requirement
- Those incurred at domestic ATMs are fully reimbursable
- You may put money into your account at MoneyPass or AllPoint ATMs
- New clients might get a bonus under specific circumstances
- Help is available at any time, day or night
- We do not allow any third-party add-ons or programs
- In general, Intrigue's APY is fine, but it might be higher
You may keep your Axos Bank Basic Business Checking account active without paying a charge or maintaining a minimum balance every month. If you use an ATM and they repay you for the fee, your bank account will cost you nothing. If you want to move a substantial sum, please be aware that Axos assesses a fee of $35 each wire transfer.
This account offers benefits useful in operating a company rather than a financial return. Axos offers competitive interest rates on business savings accounts.
Members of Axos have access to various lending programs and credit choices. Nevertheless, there are sometimes rigorous conditions for these loans, for example, some institutions require that candidates have worked in the field for at least two years. Given that the smallest possible loan is $10 million, such stringent requirements are to be anticipated.
By opening a business checking account with Axos, a new entrepreneur may get $200 to put toward the start-up costs of their company. All new Axos users, regardless of whether they are already operating a company, are eligible for this promotion.
You may withdraw money from any of the 91,000 Axos ATMs located around the nation and get a refund if you use an ATM that is not part of their network. In addition, the online bank will cover the costs of the first two monthly wire transfers made. Axos's connectivity with Quickbooks is an asset when managing money.
Capital One – Best for Unlimited Transactions
Star rating: 4.7/5
Capital One is a big, primarily digital financial institution that offers a full suite of banking products and services, from checking and savings accounts to corporate banking. It may be free for businesses to create an account with them, but they may charge a monthly fee if the amount in the account falls below a specific threshold.
There are checking accounts that don't pay interest and a Business Savings Account that pays a pitiful 0.2% annual percentage rate (APY) on savings. Fee-free transactions at Capital One include certain wire transfers, overdrafts, and deposits of up to a specified amount of cash.
The service's ability to send an unlimited number of digital transfers to loved ones and nonprofit organizations each month at no extra charge is a significant selling point.
Why we chose it: Capital One has removed all barriers to electronic money transfers, making it possible to send and receive money with ease.
- The volume of monthly transactions may be scaled up or down as necessary to meet the requirements of the company
- The process of getting cash in less than a day
- In-home wiring is something that every service provider should be able to undertake for free
- Accessible company debit cards at no cost
- Paying no fees to store your money
- Keeping a sizeable minimum balance each month is required for businesses with annual sales of less than $10 million
- Less chances to go on hikes and other active adventures
- No interest rate is in place at the moment
If your average balance in the account for a period of 30 or 90 days is $2,000 or more, Capital One will eliminate the $15 monthly charge connected with your Basic Business Checking account. Online money transfers are also free of charge.
If you open a savings account with Capital One, your spare cash won't be sitting there doing nothing, instead, it will earn interest on a yearly basis.
Capital One offers a variety of lending options to help your company succeed. A business bank account and at least two years in operation are prerequisites for consideration. There are loan options and credit lines available for up to $5 million.
Not signing up with Capital One will not earn you any bonuses, but looking at its credit cards might alter your mind. With so many options, you can pick a card that works for your company's spending needs.
It’s now feasible to send an infinite amount of money electronically from any bank account in the world to any other bank account in the world. Overdraft protection is provided, and customers may make monthly cash deposits of up to $5,000 without incurring any fees with Capital One's Basic Business Checking.
Bank of America – Best for Traditional Banking
Star rating: 4.67/5
Bank of America's online business checking account stands out from those of other national and local banks because of its limitless free electronic transfers, high deposit limits, and three different account types.
Specifically, two account options, Business Advantage Relationship Banking and Business Advantage Fundamentals TM Banking, were reviewed, with only the latter getting a star grade.
There are 4,200 Bank of America locations in 37 states and the District of Columbia for customers who would like not bank fully online.
Why we chose it: Bank of America is a reputable banking organization with hundreds of locations and a wide range of offerings.
- The number of electronic purchases you make every month is completely up to you, and there are no additional costs associated with making fewer transactions
- There are several ways to put money into an account
- There are several ways to sign up for an account, including online, over the phone, and in person
- Bank of America has you covered everywhere you go with their extensive network of 16,000 ATMs and 4,200 brick-and-mortar branch locations
- Mobile banking, a cash flow tracker, bill payment, and check depositing from a mobile device are just some of the convenient services offered by the Business Advantage 360 online banking
- There are no free options for commercial checking accounts
- Exorbitant extra charges
- The price to use an ATM that is not operated by Bank of America is $2.50 inside the United States and $5 abroad
Bank of America is a dependable financial institution that provides a selection of banking services for a price. The monthly fee for Business Advantage Basics is $16 unless one of the conditions is satisfied. You may qualify if you have a monthly average balance of at least $5,000 or if you make at least $250 in debit card purchases each and every month.
Interest is not available on the Business Advantage Basic Checking Account from Bank of America. If you own a company, you may create a savings account and start saving money with as little as $10 per month, but the 0.01% interest you'll get is hardly worth the effort.
Loans and credit lines from Bank of America are available to anyone who fulfill the institution's income and business requirements.
Both installment loans and lines of credit put cash in your hands whenever you need it, with the former beginning at $10,000 and the latter having no upper limit. The amount you pay each month is determined on your outstanding debt.
There aren't any perks exclusive to Bank of America, but there are benefits nevertheless. With more than 4,300 brick-and-mortar locations and a variety of convenient online banking options, you have the flexibility to take care of your banking business whenever and wherever it's most convenient for you.
Bank of America's massive size, with over 4,300 locations around the nation, may give you peace of mind that your money is safe. As an added bonus, they work with Zelle to facilitate instant payments and transfers, and they provide a wide range of services to cater to the needs of their business clientele.
American Express – Best for Membership Rewards
When American Express introduced its totally digital American Express Business Checking account in October 2021, it shook up a sector traditionally controlled by lesser-known banks and fintech companies. A current prerequisite for account activation is a company-issued card.
There are no monthly fees, no overdraft fees, and no costs for stop payments or incoming wire transfers with the free business checking account, just as there are with premium online accounts.
American Express Business Checking, on the other hand, surpasses its rivals by providing 24/7 human support, a high interest rate, and a substantial first deposit incentive.
Withdrawals from any of the more than 37,000 MoneyPass ATMs countrywide are free of charge, and the account accepts a broad variety of deposit options, including mobile check deposit (iPhone only), ACH, and wire transfers. The ATM's owner may impose a fee if you use it to withdraw cash from a different network.
Why we chose it: American Express's deposit interest rate is competitive, and the rewards program, which allows cardholders to redeem points for cash back, encourages spending.
- There is no minimum balance requirement or maintenance charge to start an account
- There are zero hidden fees, and the maximum number of possible exchanges is unlimited
- Up to $500,000 in deposits are eligible for a 1.30 percent annual percentage interest on a savings account
- There is support available at any time
- Deposits made in cash are now unavailable
- Only Apple iOS devices may use the mobile check deposit app
- To make a transaction, customers must have an American Express card
American Express does charge a fee for domestic wire transfers, but the rate is reasonable. Setting up, opening, maintaining, and making external transfers into this account are all free of charge.
Nowadays, American Express cards provide a yield of 1.3% each year, which is 43% more than the rate of return on the typical deposit. Interest will be computed on the first $500,000, but not on the remainder.
American Express's loan and credit line service is made available via Kabbage Finance to businesses with a minimum FICO score of 640, a year in business, and positive cash flow. Kabbage is now offering a $250 incentive to users who connect their American Express card. Our examination of Kabbage has further details regarding this choice.
You'll get 30,000 extra points just for signing up. Opening an account with a minimum of $5,000 and keeping it active for 60 days while making at least 10 qualifying transactions is required to obtain this prize.
If you use your debit card wisely, you may be able to earn points redeemable for cash credits to your account. You may spend these points for everything from shopping to booking holidays. If you're having trouble with your points or any other part of your American Express card, you may contact the company's helpful customer support staff for assistance.
Lili – Best Business Checking Account for One-Person Businesses
Star rating: 4.57/5
To help you file your taxes, Liliprovides all the resources you need. This online alternative to traditional business checking accounts has a number of convenient features for handling company funds without the need for a minimum opening balance or recurring service fees.
Among them include collecting money from clients and keeping tabs on deductions and other fiscal particulars. In addition, Lili now serves as a platform for any company, not only solopreneurs and consultants.
Why we chose it: Corporations may keep more of their hard-earned cash with the help of Lili's tax optimization program. Furthermore, Liliis a great choice for those who want a business checking account without the hassle of a credit check.
- There is zero minimum opening amount or deposit required to start an account
- You are free to make as many or as few purchases as you choose
- Using a MoneyPass ATM or making a Green Dot deposit will not cost you anything extra
- The one-stop shop for all of your financial and tax-related needs
- When you use direct deposit, you may get your money two days sooner than with a regular bank account
- If you deposit cash at a Green Dot location, you will be charged a maximum cost of $4.95
- You won't have any trouble making digital money transfers or writing cheques
- Joint accounts, numerous corporate debit cards, and partnerships are some of the few options available to businesses
There are no account or overdraft fees with Lili's tax plan. Also, there are over 38,000 no-fee ATMs available to users throughout the United States. Nevertheless, fees of $2.50 to $5 may be incurred if a computer is used that is not connected to the network.
No interest is accrued onLili's business checking account. You would need to maintain a minimum balance of $34,000 in the account at all times to cover the charge in exchange for a yearly return of 1.5% on her funds.
Money lending is not an option for Lili's clientele. So, you will have to hunt elsewhere for a loan or line of credit.
By using Lili's debit card, you may avoid paying any service or transaction fees at any retailer that accepts it, and the funds from your transactions will be deposited directly into your company's bank account.
Lili's tax optimizer is the best tool available to help you minimize your taxable income. This software makes filing taxes easier by offering a centralized location to record transactions, calculate tax liability, and submit the return.
The company also has a mobile app that can be used to keep tabs on personal and company expenditures even while you're on the go. Furthermore, a bank account may be opened immediately, with zero hassle.
U.S. Bank – Best Business Checking Account for Lending Options
Star rating: 4.5/5
There is a loan or line of credit available fromU.S. Bankthat will suit your company's needs. In the event that your business requires it, they also provide merchant services that are uniquely suited to a variety of industries. In addition to their online services, customers in any of the 26 states where they are present may visit one of their 2,400 local branches.
Why we chose it: U.S. Bank's business checking account comes with a variety of lending alternatives for companies of all sizes.
- Free ATM use is accessible at any of the 4,700 U.S. Bank ATMs and any of the 37,000 MoneyPass ATMs nationwide
- It's possible to open an account in one of three ways: online, in person, or over the phone
- A variety of options for accepting payments, from mobile applications to traditional POS systems, are made available by service providers for a charge
- After completing the registration procedure, you may be eligible for a $400 incentive, subject to terms and conditions
- The maximum amount that may be placed in cash is rather low when compared to other banking institutions
- No transparent fees or terms and conditions information is provided on the bank's website
There are no hidden fees associated with the U.S. Bank Silver Business Checking account. Yet, if you aren't careful, you might end up paying overdraft fees.
Each month, you may print your first 125 checks for free, and any checks written after that will only cost you fifty cents apiece. A U.S. Bank ATM may not charge you any fees, but you should still be aware of the possibility.
U.S. Bank offers savings and money market accounts tailored to companies, but their interest rates on checking accounts aren't especially competitive. Putting your extra cash into one of these accounts might potentially earn you a return.
Because of its wide variety of loans, the U.S. Bank provides some of the best online business checking accounts. Depending on the industry, the value of a loan might be ranging from $5,000 to several million dollars. Lines of credit are similar to fixed loans in that they enable you to borrow money and pay it back over time.
The U.S. Bank does not provide any kind of incentive for opening an account or for doing transactions inside that account. Many credit cards come with different perks and bonuses.
The U.S. Bank offers a service for businesses that do not deal with huge amounts of cash by allowing deposits of up to $2,500 in cash every statement cycle. In addition, if a buyer pays using a check instead of credit card, they'll save 50% on the first transaction. Apart from financial loans, U.S. Bank provides a number of other services that are also viable options.
Oxygen – Best Business Checking Account for Freelancers
Star rating: 4/5
Oxygen has made a name for itself in the financial technology industry and comes highly recommended by experts for sole proprietors and other small company owners. There are no hidden costs or additional charges.
In certain cases, customers might earn as much as 5% cash back on their purchases. Moreover, it allows for the creation of an unlimited number of temporary debit cards with fixed spending restrictions, which is a fantastic method of keeping money secure.
Why we chose it: Oxygen cares about the needs of the modern company owner and offers a wide range of useful financial products and services to meet those needs. For business owners, it's also a great option for a checking account.
- The modern company owner is the target audience
- There is a 5% cash rebate available
- Make a virtual debit card that can only be used once
- It's a pity this site isn't optimized for mobile use
- Just one person may use it at a time
- The price tag is just too expensive
While Oxygen boasts that there are no hidden costs, the company does warn its consumers that using ATMs located in other countries may incur additional expenses. With an ACH account, there are no costs associated with making a purchase or maintaining the account.
It's possible that even the best online business checking account won't earn you any money, but Oxygen Business Savings Accounts may. The annual percentage yield (APY) on balances up to $20,000 is 1%. Any sum beyond that will still earn interest, but at a lesser rate.
As Oxygen is a mobile fintech firm and not a conventional bank, you cannot get a loan from them.
It's satisfying to profit from one's investments. The 5% cash back offer is automatically applied to all purchases, including gas, rideshares, and delivery services.
Oxygenis the best option for those in need of an LLC business banking account. If you're a freelancer who would benefit from the protections afforded by a limited liability corporation, you may quickly and simply create one with the help of the Oxygen app for smartphones.
Chase Business – Best Bank Account for Merchant Service
Star rating: 3.8/5
Chasehas now released a number of new services, including payment processing and fraud protection, aimed specifically at companies. A signup incentive of $300 is available. The Chase mobile app also offers the convenience of having credit card payments deposited straight into your account. There's a monthly cost, but there are methods to get around it.
Why we chose it: To its commercial clientele, Chase provides more than just banking services.
- There is no need to put down any money up front
- You may make as many digital purchases as you want without paying any additional service costs
- Payments are processed in a timely and orderly manner
- First subscriber incentive as an inducement to try out the service (conditions apply)
- After 24 hours, a $35 charge will be assessed if the account balance is below $50
- It will cost $15 each month
- The monthly maximum on fee-free cash deposits is $5,000, while all other types of cash transactions are unlimited
- Using an ATM outside of its designated network will result in a fee
There are ways to avoid having to pay the monthly service charge that many individuals would rather not have to pay.
You may earn a bonus from Chaseif you maintain a daily balance of $2,000, make net purchases of $2,000 or more using your business card, or receive deposits of $2,000 or more using the Chase QuickAccept app.
Chase's Business Comprehensive Checking account offers valuable features despite the absence of interest. A savings account may be opened at no additional cost if a checking account is already in use. Never underestimate the importance of this benefit.
You may apply for a loan or credit line when you become a Chase account. The maximum loan amount is $500,000, and the payback terms are flexible. Equivalent borrowing limits may be established using a credit line.
Chase will credit $300 to your new Business Comprehensive Checking account if you satisfy certain criteria. As an added bonus, they also offer a variety of credit cards that may be used to earn incentives like cash back or points for future travel purchases.
Chase offers its business checking account holders free enrollment in one of its savings plans. Also, your company will have access to a wide range of tools for safe and easy financial administration and protection.
Our Ranking Methodology for the Best Small Business Checking Account
We've done the legwork for you, comparing the best small business checking accounts from several banks, so you can focus on running your business. In searching, we took a few things into account heavily, and they informed our final choices:
Transfers: Your company's cash flow may be very variable. You don't want to deal with the hassle of having to deal with fines for making too many transfers or not having enough money. The best business accounts allow for free flow of information between the company and its suppliers and other financial apps.
Fees: It's not great when your bank takes a significant chunk of your money in fees. Best small business checking accounts often feature little fees. Some services have recurrent costs, while many others provide free trials or other forms of trial periods without any charges at all.
Interest Rates: The best online business checking accounts used to earn interest from banks, but that perk has since been eliminated. The finest of these partnerships, however, provide rates far higher than the national average, and some clients nevertheless make it a point to show their appreciation by making frequent deposits into the account.
Lending: Sooner or later, you may need to borrow money, whether it's for expanding your company or dealing with an emergency. If you already have a working connection with one of the best banks for companies, opening the best online business checking account may be a breeze. Involvement of a third party may boost both the potential for loss and the anticipated rate of return.
Rewards: It's important to weigh more than just the bank's or credit union's offerings while making a decision on where to keep one's money. For the best online business checking account to be considered optimal, it should provide new customers with incentives like cash bonuses, cash back, and access to digital features.
Additional Features: Learning to differentiate between traditional banks and fintech firms is crucial. To fully appreciate the value they provide to an enterprise, we dove into the specifics to learn about their features and capabilities.
Who Should Get a Business Checking Account?
Business checking accounts are available to everyone who has a side gig or a small company, not just corporations, which may come as a surprise to some.
No matter how large or small your company is, opening the best small business checking account is a simple method to separate your work and personal finances. To better decide how to invest your money, you should keep track of your cash flow using the appropriate accounts.
The minimum amount and fees associated with a business checking account may be greater than those associated with a personal checking account since banks often charge businesses extra for transaction and administrative services.
The availability of low-cost online business checking accounts that don't impose minimum-balance or monthly-fee limitations is expanding, however.
Online vs Brick-And-Mortar Business Checking Accounts
Considering your regular procedures is crucial when picking between a brick-and-mortar bank and the best online business checking account.
Some businesses have gone digital, processing all financial transactions (including payroll) online. Certain businesses, however, cannot function without accepting deposits at a physical location close by.
Features like mobile check deposits, QuickBooks syncing, and Stripe integration are time savers that may be found in the best online business checking account. While online-only banks offer reduced rates and minimum balance restrictions, the convenience of a branch location may be worth it if you anticipate needing cash on a regular basis.
Best Business Checking Account – Frequently Asked Questions
We receive a lot of questions, so we thought sharing our responses could help you grasp things a little better.
Should I Use a Credit Union for My Business Checking Account?
Having the best small business checking account with a credit union is a great option because of the credit union's reputation for excellent customer service and low or nonexistent fees. Its high deposit limits make them ideal for enterprises like restaurants that deal mostly in cash.
Remember that, unlike big banks, credit unions may have fewer locations and fewer automated teller machines. But if you think you could fulfill their membership criteria, it's worthwhile to find out more.
Who Should Get a Business Checking Account?
Whether you're a sole owner with an SSN or a limited liability corporation with a separate Tax ID, opening the best small business checking account is a simple procedure. It's not only big businesses that may benefit from this kind of account, anybody with a side gig or a tiny firm can use one to keep their commercial dealings apart from their personal ones.
Can You Run a Business Without a Business Bank Account?
Your personal money won't be as safe if you don't separate business and personal funds with a corporate bank account. It’s feasible to run a business without a formal legal structure, but creditors or litigants may try to seize personal assets instead.
What Are the Most Important Features of Business Checking Accounts?
The essential criteria in determining the best online business checking account are the nature of the company, the demands of the firm, and your personal banking preferences, just like any other financial choice. Debit card safety features, ATM fee refunds, internet purchasing, and payment processing are all company-specific additions to think about.
Bottom Line – Best Business Checking Accounts
Whichever the best online business checking account you choose might have a significant impact on your company's success. There should be a strong emphasis placed on accounts that have no initial costs and provide incentives for regular usage.
Several of these accounts also simplify money management, giving you more time and mental bandwidth to devote to other pursuits. Bluevine Business Checking is our top pick, but you should be happy with any of the other alternatives we've shown as well.
Read about the best small business banks in Virginia!