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By Noel DávilaRuben Ramos and Andrea Agostini
August 24, 2021
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Best for E-Commerce
Novo

Check Price
Monthly Service Fee

$0

Minimum Opening Deposit

$0

Minimum Monthly Balance

$0

ATM Network

None, but Novo returns ATM fees

APY

None

Best for Small Business
nbkc bank

Check Price
Monthly Service Fee

$0

Minimum Opening Deposit

$0

Minimum Monthly Balance

$0

ATM Network

Free access to 32,000+ MoneyPass ATMs

APY

None

Best for High Yields
BlueVine

Check Price
Monthly Service Fee

$0

Minimum Opening Deposit

$0

Minimum Monthly Balance

$0

ATM Network

Free access to 32,000+ MoneyPass ATMs

APY

1.0% on balance up to $100,000

Best for Variety
Axos Bank Basic

Check Price
Monthly Service Fee

$0

Minimum Opening Deposit

$1,000

Minimum Monthly Balance

$0

ATM Network

Free access to Allpoint ATMs nationwide

APY

None

Best Option from Large Bank
Chase Business Complete Banking

Check Price
Monthly Service Fee

$15, with multiple options to wave

Minimum Opening Deposit

$0

Minimum Monthly Balance

$0, or $2,000 daily to waive the service fee

ATM Network

6,000 Chase Bank ATMs nationwide

APY

None

Monthly Service Fee

$0

$0

$0

$0

$15, with multiple options to wave

Minimum Opening Deposit

$0

$0

$0

$1,000

$0

Minimum Monthly Balance

$0

$0

$0

$0

$0, or $2,000 daily to waive the service fee

ATM Network

None, but Novo returns ATM fees

Free access to 32,000+ MoneyPass ATMs

Free access to 32,000+ MoneyPass ATMs

Free access to Allpoint ATMs nationwide

6,000 Chase Bank ATMs nationwide

APY

None

None

1.0% on balance up to $100,000

None

None

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The best business checking accounts have zero fees (or ways to waive them), minimal requirements and reliable digital bank platforms. A good business checking account will help you stay on top of your business finances while keeping them separate from your personal checking accounts.

Read on to learn more about the best business checking accounts from online banking startups, banks with physical branches and online-only banks.

Our Top Picks for Best Business Checking Accounts

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Best Business Checking Account Reviews

 

Monthly service fee
$0
Min. opening deposit
$50
Min. monthly balance
$0
ATM network
None, but refunds ATM fees
APY
None
Monthly service fee
$0
Min. opening deposit
$50
Min. monthly balance
$0
ATM network
None, but refunds ATM fees
APY
None
Monthly service fee
$0
Min. opening deposit
$50
Min. monthly balance
$0
ATM network
None, but refunds ATM fees
APY
None
Pros
  • Refund on all U.S. and international ATM fees
  • Free ACH transfers
  • Cash withdrawals with Novo debit card
  • Free incoming wires
  • Integrates multiple third-party programs
  • Remote deposits for checks via mobile app
Cons
  • No physical branches
  • No cash deposits
  • No wire transfers
  • $27 overdraft fee

Novo’s Online Business Banking is great for e-commerce businesses as it integrates popular third-party programs such as Shopify, Slack, Stripe, among others. The account also includes discounts and rewards for popular programs like Homebase and Google Ads.

Novo’s mobile app makes it easy to carry out transactions like check deposits, payments, transfers and wires. Customers can also link their PayPal account as an additional payment option.

The only way to make cash deposits is to purchase a money order, so this account may not be the best option if your business handles a lot of cash.

If your business requires check payments, you can request them with Novo’s mobile app and send them directly to the payee at no charge. All deposits at Novo are FDIC-insured through Middlesex Federal Savings.

 

Montly service fee
$0
Min. opening deposit
$0
Mon. monthly balance
$0
ATM network
Free access to over 37k MoneyPass ATMs
APY
None
Montly service fee
$0
Min. opening deposit
$0
Mon. monthly balance
$0
ATM network
Free access to over 37k MoneyPass ATMs
APY
None
Montly service fee
$0
Min. opening deposit
$0
Mon. monthly balance
$0
ATM network
Free access to over 37k MoneyPass ATMs
APY
None
Pros
  • $0 service or transaction fees
  • $0 fees on mobile deposits or bill pay
  • Free incoming domestic wire transfers
  • Cash deposits and withdrawals at MoneyPass ATMs
  • Includes a business credit card
Cons
  • Physical branches located only in Kansas City, Missouri
  • Outgoing domestic wires cost $5
  • Outgoing and incoming international wires cost $45

NBKC’s Free Business Checking Account is our top small business checking account for owners who want the benefits of fully digital banking but prefer to sign up with a traditional bank offering fee-free accounts nationwide.

The Free Business Checking Account has no transaction fees, minimum balance, opening deposit requirements or overdraft fees.

Using NBKC’s credit/debit Business MasterCard, customers can make free cash deposits or withdrawals using MoneyPass’s large ATM network. Fees for out-of-network ATMs are reimbursed up to $12 per billing cycle.

NBKC offers investment options for your business in the form of money market accounts and other add-on features. Perks include check scanning equipment for desktop deposits and merchant processing services.

 

Monthly service fee
$0
Min. opening deposit
$0
Min. monthly balance
$0
ATM network
Free access to over 37k MoneyPass ATMs
APY
1.0% on balances over $1,000
Monthly service fee
$0
Min. opening deposit
$0
Min. monthly balance
$0
ATM network
Free access to over 37k MoneyPass ATMs
APY
1.0% on balances over $1,000
Monthly service fee
$0
Min. opening deposit
$0
Min. monthly balance
$0
ATM network
Free access to over 37k MoneyPass ATMs
APY
1.0% on balances over $1,000
Pros
  • $0 non-sufficient funds fee
  • No overdraft fees
  • Automatic vendor payments
  • Mobile check deposits
  • Free checkbooks
  • Unlimited transactions
Cons
  • No physical branch locations
  • No reimbursement for out-of-network ATM fees
  • $4.95 fee for cash deposit at Green Dot locations

BlueVine’s Business Checking account pays 1.0% APY on customer deposits without a monthly or minimum daily account balance requirement.

The account includes unlimited transactions, and there are no monthly fees, minimum daily balance fees or non-sufficient fund fees.

BlueVine features the Payments Platform, where account holders can pay bills and make vendor payments at no cost.

While BlueVine doesn’t operate branches or its own ATM network, customers can withdraw cash and make deposits with their Business Debit Mastercard at any MoneyPass ATM.

 

Axos Basic Business

Monthly service fee
$0
Min. opening deposit
$1,000
Min. monthly balance
$0
ATM network
Free nationwide access to Allpoint ATMs
APY
None
Monthly service fee
$0
Min. opening deposit
$1,000
Min. monthly balance
$0
ATM network
Free nationwide access to Allpoint ATMs
APY
None
Monthly service fee
$0
Min. opening deposit
$1,000
Min. monthly balance
$0
ATM network
Free nationwide access to Allpoint ATMs
APY
None

Axos Business Interest Checking

Monthly service fee
$10 ($0 if you keep a $5k daily average balance)
Min. opening deposit
$100
Min. monthly balance
$0
ATM network
Free nationwide access to Allpoint ATMs
APY
Up to 0.81%
Monthly service fee
$10 ($0 if you keep a $5k daily average balance)
Min. opening deposit
$100
Min. monthly balance
$0
ATM network
Free nationwide access to Allpoint ATMs
APY
Up to 0.81%
Monthly service fee
$10 ($0 if you keep a $5k daily average balance)
Min. opening deposit
$100
Min. monthly balance
$0
ATM network
Free nationwide access to Allpoint ATMs
APY
Up to 0.81%
Pros
  • Two types of business checking accounts to choose from
  • Unlimited reimbursement of domestic ATM fees
  • Works with accounting software such as Quickbooks
  • First 50 checks free
  • Mobile check deposit
  • Bill pay and invoicing services
  • $100 welcome bonus for qualifying new businesses
Cons
  • Minimum opening deposits required
  • Limited free monthly transactions
  • No cash deposits
  • Only three physical branches nationwide

Business owners who sign up with Axos Bank can choose from two types of business checking accounts: Basic Business Checking and Business Interest Checking.

Basic Business Checking is the best account for small business owners looking for a simple, free checking account with no monthly service fees. This account also includes the first 50 checks and up to 200 free transactions per month.

The Business Interest Checking account earns 0.81% APY on balances up to $50,000 and there is a $10 monthly maintenance fee that can be waived if you maintain an average daily balance of $5,000.

 

Monthly service fee
$15 (may be waived)
Min. opening deposit
$0
Mon. monthly balance
$0
ATM network
16,000 Chase Bank ATMs nationwide
APY
None
Monthly service fee
$15 (may be waived)
Min. opening deposit
$0
Mon. monthly balance
$0
ATM network
16,000 Chase Bank ATMs nationwide
APY
None
Monthly service fee
$15 (may be waived)
Min. opening deposit
$0
Mon. monthly balance
$0
ATM network
16,000 Chase Bank ATMs nationwide
APY
None
Pros
  • Large network of 4,700 branches and 16,000 ATMs
  • $300 bonus when you open an account (must qualify)
  • Free incoming wires
  • Free same-day deposits
  • Unlimited electronic deposits
  • 2nd in JD Power's National Banking Satisfaction Study
Cons
  • $15 monthly service fee (may be waived)
  • Fee for in-person deposits, withdrawals and paper checks
  • Must maintain a $2k min. daily balance to avoid a fee

Chase’s entry-level checking account, Chase Business Complete Banking, integrates online, mobile and in-person banking with a streamlined digital platform and a large network of physical branches.

Chase has a strong online presence and a robust mobile app while maintaining nearly 5,000 fully operational branches. For businesses looking for a large bank with a considerably modern focus, Chase has a lot to offer.

A standout feature of this account is QuickAccept, which allows you to accept debit or credit card payments with a mobile card reader or by manually entering the transaction on the Chase app. Transaction fees will apply.

Other business checking accounts we considered

Although some companies may offer higher fees, lower transaction limits or fewer features than our top picks, they still offer valuable services that could fit your business needs.

Here’s a list of our runner ups:

Bank of America

Pros
  • Ability to deposit large amounts of cash without fees
  • Options to avoid monthly fees
  • Access to Zelle® app and other useful digital tools
  • Business debit cards with a $0 liability guarantee
  • Add checking or savings account with no additional fees
Cons
  • $15 per wire transfer on Fundamentals account
  • $35 overdraft fees
  • Account balance must surpass X amount for monthly fees to be waived

Bank of America offers two business checking accounts. The Business Advantage Fundamentals Banking has a $16 monthly fee, which can be waived if the average account balance is kept over $5,000.

The Business Advantage Relationship Banking costs $29.95, which can also be waived if the average monthly balance is over $15,000.

Both accounts provide access to a Cash Flow Monitor tool, mobile banking and guidance provided by dedicated specialists.

Wells Fargo

Pros
  • Deposit checks directly with mobile app
  • Over 5,000 branches and over 13,000 ATMs
  • 24/7 fraud monitoring and alerts
Cons
  • Some accounts may not be eligible for mobile deposit
  • $2.50 withdrawal fee for out-of-network ATMs

Wells Fargo offers three business checking accounts to accommodate different transaction volumes. The Initiate Business Checking Account has a minimum opening deposit of $25 and a $10 monthly fee.

For businesses with higher transaction volumes, Wells Fargo offers the Navigate Business Checking account for $25 a month, and Optimize Business Checking account for $75.

US Bank

Pros
  • Silver Business Checking has $0 monthly maintenance fees
  • 24/7 phone support available on Premium Business Checking Account
  • No maintenance fee and 1,800 free annual transactions on some accounts
Cons
  • No detailed information on other transaction and account fees
  • Exceeding monthly transaction limits is met with a fee

US Bank offers three-tiered business checking accounts: Silver Business Checking Package (no monthly fee), the Gold Business Checking Package and Platinum Business Checking Package.

The bank also offers two specialty accounts: a Nonprofit Checking Account and the Premium Business Checking Account. All accounts include U.S. Bank Visa debit card, no-fee transactions at U.S. Bank ATMs, mobile check deposit and access to business services and payment products.

BBVA

Pros
  • Over 600 branches and 1,000 ATMs
  • No fees if you use another bank's ATM
  • Unlimited debit card and ATM transactions
  • Some accounts have no service charge or balance minimum
Cons
  • Physical branches in only seven states, including Florida and Texas
  • Only businesses with sole proprietors can apply online

BBVA offers three-tiered business checking accounts: the Business Connect Checking (no monthly maintenance fee), the Business Choice Checking for $15 per month and the Business Premium Checking for $25 per month.

All accounts offer online, mobile, and ATM banking features, business logo customized debit cards and online and mobile banking alerts to protect against fraud.

Citizens Bank

Pros
  • No minimum opening balance for all three account tiers
  • No maintenance fee on the Clearly Better Business Checking account
  • Funds are made available within the same day until 10 PM
  • Over 1,000 branches and over 3,100 ATMs
Cons
  • No remote sign-up is available
  • Only operates in 11 states

Citizens Bank offers the Clearly Better Business Checking account with no monthly maintenance fee and up to 200 check transactions per statement cycle.

Two other account tiers are available: Business Advisor Checking for $25 per month and the Citizens Analysis Business Checking account for $20 a month.

All accounts include online, mobile and phone banking, savings overdraft transfer and overdraft line of credit, as well as a debit card.

Capital One

Pros
  • Get unlimited monthly transactions
  • No fee cash deposits on the Unlimited plan
  • Deposit checks directly using your smartphone
  • Free overdraft protection with a linked deposit account
Cons
  • Free cash deposit on the Basic account is up to $5k only
  • Incoming domestic wires cost $15
  • Outgoing domestic wires cost $25

Capital One offers two accounts: Spark Business Basic Checking for $15 per month, and Spark Business Unlimited Checking for $35.

Both business checking accounts include unlimited transactions, 24/7 real-time account information, business debit card, as well as online bill pay, and mobile checking, including check deposits from your smartphone.

Capital One also offers business loans & lines of credit, merchant services and Spark Business credit cards.

LendingClub

Pros
  • Unlimited monthly transactions and no minimum balance
  • Unlimited 1% cash back with LendingClub debit card purchases
  • Earn a 0.10% APY with balances over $5,000
  • No ATM fees anywhere in the world
  • Rebates on fees charged by other banks
Cons
  • Only two physical branches
  • APY is considerably low
  • $10 monthly fee can only be waived with a balance of $5k

The Lending Club Tailored Checking account can be opened with only $100.

The bank’s app shows real-time transaction history and allows you to pay bills, transfer funds, send wires, deposit checks, create and send invoices.

The app also allows you to receive card, ACH and lockbox payments. Additionally, LendingClub employs 256-bit encryption to protect data.

Business Checking Accounts Guide

Tips for choosing the best business checking account

Features you may want and need can include:

  • No daily balance minimums
  • No fees
  • No minimum balance requirements
  • Overdraft protection
  • High annual percentage yield
  • Mobile and online banking
  • Cash bonus offers
  • Free ATM access
  • Free checks
  • Business debit card
  • Nearby physical branches
  • Free wires
  • Merchant services and banking products like investment or savings accounts
  • FDIC or NCUA insured

As part of your research, consider looking into customer reviews and testimonials. Moreover, if a financial institution has a considerably large number of complaints or they’re facing a class-action lawsuit, these may be red flags.

Small businesses could benefit from referencing J.D. Power’s Small Business Banking Satisfaction Study.

Select the business checking account that best fits your money management style, business structure and size. Also, keep an eye out for a bank that earns high marks for customer satisfaction.

In addition to having a separate account, consider adding business insurance to cover general liability and some of the unexpected costs of running a business.

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Documents needed to apply for your business checking account

  • Employer Identification Number (EIN)
  • One or two types of personal identification
  • Business license
  • Articles of incorporation
  • Certificate of Assumed Name, also known as a DBA
  • Partnership Agreement, if applicable

Requirements may vary depending on the business structure, whether you are a sole proprietor, a member of a business partnership, a limited liability company (LLC) or a corporation.

Best Business Checking Accounts FAQ
Why do I need a separate business checking account?
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Business checking accounts allow you to keep your business and personal finances separate and add multiple authorized users under one account while also streamlining the tax filing process. With a business checking account, you also gain access to merchant services and products such as mobile card readers or point-of-sale (POS) systems.
How to open a business checking account
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Most online banks will allow you to apply and complete the process completely online. Most traditional banks will require you to make an appointment at a branch or through the phone. After selecting the financial institution of your preference, you will need to gather the necessary documents to apply.
What do I need to open a business checking account?
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Generally, you will need an Employer Identification Number (EIN), two types of personal identification, Social Security number and card, business license, Articles of Incorporation and Certification of Assumed Name and Partnership Agreement, if applicable.
Can I be rejected for a business checking account?
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Yes, if your deposit account history is less than ideal, a bank can reject your application.

When you apply for a deposit account, be it checking or savings, many banks use ChexSystems — a reporting agency that records an individual's negative deposit account history — to see your account history. If they see red flags, like excessive overdrafts, bounced checks or unpaid negative balances, it can prompt the bank to reject your application.

There are "second chance banks," which will be less rigorous and offer you access to a checking account if more demanding banks won't. Remember that these accounts can lack benefits like overdraft protection and charge high service and monthly transaction fees.

How can I get a business checking account with bad credit?
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It depends. Most banks will only look at your overall banking history with ChexSystems, but if your credit score is a noticeable red flag, you could still be denied a checking account. Your best bet is to apply for checking accounts at smaller or mid-sized banks or credit unions that may be willing to overlook a negative credit score.
What are the best free business checking accounts?
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The best free business checking accounts are from NBKC, BlueVine, Chase, Novo and Axos — based on our own independent research. Many banking institutions offer "free" business checking accounts without a sign-up fee.

However, depending on the account, minimum opening deposits or minimum balance requirements may apply. Even if an account is free to open, always read the fine print.

Besides, free is not always the only feature to look out for. Many credit unions charge a reasonable membership fee to open an account, and oftentimes the benefits of the account far outweigh that initial opening cost.

Who has the best business checking account?
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Small business owners should look for bank accounts that will fit their organization's financial needs. In general, you should strive to avoid maintenance fees, minimum balance requirements and monthly transaction fees.

You can pick between online banks, traditional banks, credit unions and fintech companies, all of which have unique pros and cons. Regardless of which you choose, make sure yo look at customer data before making a decision.

How We Chose the Best Business Checking Accounts

Business banking products are available from fintech companies, traditional banks and member-owned financial cooperatives, but they are not one size fits all. For this article, we prioritized business checking accounts with open membership, nationwide availability and robust digital platforms.

This narrowed down our options to accounts from banks or fintech companies, thereby excluding credit unions. That said, we’d encourage you to research business banking services from credit unions in your area. Credit unions operate at a more local level and generally have better interest rates, lower fees and a reputation for good customer service.

After selecting our Top Picks for business checking account providers, we reviewed the following features in more detail.

Monthly fees

We only considered business checking accounts that don't charge fees or let you avoid fees if you meet certain requirements, such as having a minimum monthly balance or carrying out a specific number of transactions per month.

ATM access

We gave precedence to banks with a sizable ATM network. Checking accounts that come with foreign ATM fee reimbursements also earned high marks.

Transaction limits

Nobody wants to get hit with unnecessary fees just for making too many deposits or debits. For this reason, we also looked for business checking accounts that either allow unlimited transactions or have reasonable transaction limits.

FDIC or NCUA insurance

Your hard-earned money should always be insured. The FDIC and NCUA both guarantee deposit insurance for up to $250,000 for banks and credit unions.

Fintech companies are a bit different. They offer services that focus on optimizing financial products with technology and are not directly insured by the FDIC. However, they can guarantee FDIC insurance for their customers by depositing your money in a partner or parent bank. All the fintech companies on our list provide that insurance.

Summary of Money’s Best Business Checking Accounts of September 2021