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Updated: July 7, 2020 9:13 AM ET | Originally published: January 3, 2020
Money; Getty Images

The best business checking accounts of 2020 make it easy for businesses to do their banking online or at a branch, with minimal fees. Many of the top business checking accounts offer unlimited transactions and have no minimum balance requirements, and some provide free checks, access to a mobile banking app, and cash bonus offers you can earn right away.

As you search for the right business checking account for your needs, it’s essential to take a moment to think about the features you really want. Do you want to be able to make unlimited deposits each month with no fees? Do you need access to a broad selection of ATMs where you can withdraw cash? Do you need a business debit card? And, do you want to avoid fees for things like minimum balance requirements?

These are all good questions to ask before figuring out what’s the best business checking account for you and your company. Our list features some reliable options for business checking accounts. Not only do they make it easy to access your money, but they make it possible to avoid costly fees that can chip away at your business earnings. Even so, deciding which business checking account is best for you will depend on your company’s needs and personal preferences. So it’s wise to consider your situation carefully and review the perks, requirements, and fees from a wide range of bank business checking accounts before making your final decision.

To help consumers find the best business checking accounts today, we compared a wide range of banking products to see how they stack up.

Important Things to Know About Business Checking Accounts

  • While all the business checking accounts on this list are good in different ways, they’re not all created equal, nor do they offer the same perks. Make sure to compare each account and their offerings to see which one has the benefits your business needs.
  • Many business checking accounts come with a monthly maintenance fee, but you should strive to avoid it. Most of the time, you can avoid paying monthly fees if you keep a specific amount of money on deposit each month. Read the fine print carefully.
  • Having access to a mobile banking app can make keeping track of your business cash flow a breeze. If you like to bank on the go, make sure to check out banks that have a mobile app.
  • Finally, consider the ATM network you can use for cash withdrawals, checking on account balances, and more. If you use ATMs frequently for business purposes, you’ll want access to as many free ATMs as possible.

The 5 Best Business Checking Accounts of 2020

The following business checking accounts are high on convenience. While they may not necessarily be the biggest or highest-profile banks, and they may not have branches where you live, they are low on fees and very easy to use. If you’re on the hunt for a new business checking account, it’s smart to start your search here:

Best Business Checking Account Reviews

The following reviews can help you determine which of these accounts may be the right fit for you.

NBKC Bank: Best for No Fees

NBKC Bank is known for offering mostly “free” business checking accounts with no service charges, no transaction fees, and no limits. As a business checking customer, you’ll also qualify for no fees on mobile deposits or bill pay.

This business checking account doesn’t require any account minimums either, so you’ll never have to worry about burdensome fees if your account balance gets low. You also get access to more than 32,000 MoneyPass ATMs in the U.S. and Puerto Rico, and you’ll pay $0 to access cash with your NBKC Bank debit card. Finally, this free account offers up to $12 per month in refunds for fees charged by foreign ATMs.

Summary of benefits:

  • No banking fees and no minimum balance requirements
  • Access a useful mobile app for banking on the go
  • Use over 32,000 fee-free ATMS around the U.S, and in Puerto Rico
  • Pay $0 to access cash with your NBKC Bank debit card at an in-network ATM

Novo: Best for No Account Minimums

Novo promises “smarter business banking” with features like no account minimums and transparent pricing with no hidden fees. Once you sign up, you’ll be able to download a mobile app that lets you track deposits, keep tabs on your spending, and more. This account comes with access to a debit card you can use to make business purchases directly from your new checking account, and you’ll also receive online account management and support.

You need at least $50 in funds to open a new business checking account with Novo, but there is no specific minimum balance requirement afterward. Novo also offers free ACH transfers, and even incoming domestic and foreign wire transfers, which can help you save big if you’re currently paying for each transfer made with your bank.

Summary of benefits:

  • No account minimums or hidden fees
  • Receive a Novo business debit card
  • $50 required to open an account
  • No fees for ACH transfers or wire transfers

Chase for Business: Best Big Bank Business Checking Account

Chase Bank is popular nationwide, and with good reason. Not only does this bank offer some of the most popular business credit cards available today, but they provide dynamic business banking products and one of the best online platforms you can find.

The Chase business checking account even comes with a $300 bonus when you open an account and deposit at least $1,000 within 20 days of opening it. You have to keep your money on deposit for at least 60 days and complete five qualifying transactions during that same timeline.

While Chase does charge a $15 monthly service fee on business checking accounts, this fee is waived when you maintain an average daily balance of at least $1,500 or link your account with a Chase Private Client or Chase Sapphire Checking account. Chase business checking accounts also come with free debit cards, unlimited electronic deposits, domestic and international wire transfers, account alerts, and access to over 16,000 ATMs and nearly 4,900 bank branches nationwide.

Summary of benefits:

  • Qualify for a business checking bonus of $300 with qualifying activities
  • Access over 16,000 bank branches and nearly 5,000 bank branches
  • Monthly service fee waived with a minimum qualifying balance or qualifying activities
  • Robust online platform and mobile banking app

Axos Bank: Best for Free Checks

Axos Bank offers a business banking account with a minimum deposit requirement of at least $1,000 to get started. There are also a few checking limits to be aware of. For example, you can only deposit up to 60 times per month without a fee, and you are limited to just 200 free transactions per month ($.30 per transaction after that). Also note that you have to keep at least $5,000 on deposit to have the $10 monthly maintenance fee waived.

You will receive your first 50 checks free, which can be helpful if your business still requires you to use paper checks from time to time. Axos Bank also offers unlimited domestic ATM fee reimbursements with most of their business checking accounts.

Summary of benefits:

  • No monthly maintenance fees with a minimum average balance of $5,000
  • A minimum deposit of $1,000 to open an account
  • Make up to 60 deposits per month without fees, and qualify for 200 fee-free transactions per month
  • Get domestic ATM fees reimbursed with most of their business checking accounts.

Azlo: Best for Freelancers and Entrepreneurs

Azlo is a completely digital bank offering business banking services to freelancers, small businesses, entrepreneurs, and non-profit organizations. The bank offers easy online sign-up without a required opening or minimum balance. Checks can be deposited digitally through the Azlo mobile app.

There are no limits on mailed check deposits, incoming wires, and bank-to-bank (ACH) transfers as long as they are initiated by another bank. With Azlo you’ll have a debit card and fee-free access to Allpoint’s network of over 55,000 ATMs. Despite the access to such a large number of ATMs, however, Azlo doesn’t accept cash deposits, as it is a strictly online bank. Don’t expect to get a checkbook either; you can use the bank’s bill pay service to mail a check to anyone in the country or you can send a payment directly to the payee’s bank account.

Azlo also allows you to link to some of the more well-known accounting software programs such as QuickBooks Online, Xero, and Wave to help you keep track of all your business transactions, and the Azlo app can easily integrate with apps Kabbage, PayPal, Stripe, and Square to provide you with add-on service like invoicing and online lending. In all, Azlo is a great option for freelancers and small businesses looking to manage their online business.

Summary of Benefits:

  • No opening or minimum balance required
  • Access to over 55,000 ATMs
  • Online bill pay and invoicing services
  • Works with popular accounting software

How We Found the Best Business Checking Accounts

The best business checking accounts of 2020 all let business owners make the most of their bank accounts with minimal hassle and little-to-no fees. To find the best checking accounts for businesses, we evaluated each of the companies’ accounts based on the criteria mentioned below.

Few or No Monthly Fees

Finding checking accounts that don’t charge monthly fees may be a challenge, but it’s not impossible. For the purpose of this list, we only considered business checking accounts that come with no fees or let you avoid monthly fees with qualified activities, such as a minimum balance or a specific number of transactions each month.

Broad ATM Access

ATM access is vital for many business owners who want to deposit funds, view their balance, or withdraw cash for business expenses on the road. We gave precedence to business checking accounts that came with sizable ATM networks. Checking accounts that come with foreign ATM fee reimbursements also earned high marks.

Bonus Cash Offers

While bonus cash offers only benefit business owners once, we still looked for business checking accounts that offer this benefit. It’s nice to be rewarded for opening a new account, and these offers tend to incentivize consumers to move their business over sooner rather than later.

Reasonable Transaction Limits

We also looked for business checking accounts that allow unlimited transactions, or at least have reasonable transaction limits. Being able to fully utilize your business bank account is crucial, and nobody wants to get hit with unnecessary fees just for making too many deposits or debits.

How to Choose the Right Business Checking Account

The right business checking account for you really depends on how you will typically use your business bank account. These tips can help you ensure you wind up with a new account that works with your money management style and offers the benefits you really want.

Check local ATM access

If you are someone who uses an ATM for business banking often, make sure the new account you choose offers no-fee access to ATMs in your area. Some business checking accounts, like the one we profiled from NBKC Bank, let you use MoneyPass ATMs nationwide free of charge. With an extensive ATM network, you’ll always be close to one you can use.

Other banks that offer business checking accounts, like Chase Business Banking, may or may not have ATMs in your area, depending on where you live. There are only a handful of Chase ATMs in the entire state of Kansas, for example, which may make this bank a poor option if that’s where you or your company is located.

Be realistic about your likely average business checking account balance

Most business bank accounts require a minimum amount of money on deposit to avoid monthly maintenance fees. Make sure to read the fine print on each of the accounts listed below to see what this requirement is, and then figure out how much you usually keep on deposit in your business checking account.

This step is crucial if you don’t want your business checking balance whittled away by fees each month.

Decide whether local bank branches are important to you

Also decide whether you want access to a physical bank branch, which could be important if you like to have a personal relationship with a banker or prefer to make deposits in person. An online bank like Axos Bank may not work well for you if you want personal access, but there are plenty of accounts on this list that come from banks with brick-and-mortar storefronts.

If you love in-person banking and don’t want to give it up when you switch business checking accounts, it’s crucial to see which institutions have branches in your area.

Summary: Best Business Checking Accounts

Business Checking Account “Best Of” Category
NBKC Bank Best for No Fees
Novo Best for No Account Minimums
Chase for Business Best Big Bank Business Checking Account
Axos Bank Best for Free Checks
Azlo Best for Freelancers and Entrepreneurs

 

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