Best Business Checking Account: Top 10 Reviewed & Ranked 2021

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Best Value

Chase

Chase

  • Unlimited favorite transactions 
  • Options to waiver monthly fees
  • No minimum opening deposit

Open Account

Most Easy

LendingClub

LendingClub

  • Low minimum requirements
  • Easy-to-waiver monthly transaction fees
  • Total refunds for ATM charges

Open Account

Novo Bank

Novo Bank

  • No monthly transaction fees
  • Free unlimited transaction
  • Refunds on all ATM fees
  • No hidden fees

Open Account

The Lineup At A Glance

Chase

Best checking account for small businesses

Chase

  • Unlimited favorite transactions 
  • Options to waiver monthly fees
  • No minimum opening deposit

LendingClub

Best online solution for unlimited cashback and transactions

LendingClub

  • Low minimum requirements
  • Easy-to-waiver monthly transaction fees
  • Total refunds for ATM charges

Novo Bank

Best online-only banking solution for entrepreneurs

Novo Bank

  • No monthly transaction fees
  • Free unlimited transaction
  • Refunds on all ATM fees

Axos 

Online-exclusive bank with no monthly fee 0

Axos

  • Digital banking available
  • Wide ATM network
  • Unlimited refunds on all ATM fees

Bluevine

Best business checking for startups and small businesses

Bluevine

  • No monthly service fees
  •  No transaction fees
  •  Zero openings deposit

Navy Federal

Best for entrepreneurs with ties to the armed forces

Navy Federal

  • An extensive ATM network and of branches
  • Offer solutions for scaling your business
  • Easy to waive the monthly fee

U.S Bank

Free business checking account for companies with a low monthly transaction volume

U.S Bank

  • No monthly service fee
  • Discounts on the first check order
  • Free business checking
  • 125 free monthly transactions

Bank of America

Best overall for cash deposits and big introductory bonus

Bank of America

  • $200 free monthly transactions 
  • $500 introductory bonus
  •  $7500 free cash deposits per month

Capital One

Best for outgoing domestic wire transfers

Capital One

  • Unlimited transactions
  • Up to $5000 free cash deposits
  • Integrates with top accounting software

NBKC

Best for fee-free online banking

NBKC

  • No limit on fee-free transaction
  • Strong digital banking platform
  • Competitive savings ratings

Best Business Checking Accounts

Every small business needs a business checking account to manage everyday finances. It allows you to make an opening deposit, pay bills, and budget.  You use it to separate business and personal expenses, prepare for taxes and establish a business financial present. With hundreds of small business checking accounts, we have reviewed the top ones and ranked them according to the features.

Chase bank

Chase is an excellent checking solution for small businesses. It has excellent customer support. The payment processing option allows companies to accept payments on the go. The Chase business complete banking offers unlimited electronic deposits and convenient access to 16000 EMS and over 4,700 branches. It is the best option for companies with no monthly deposit. You can enjoy a same-day deposit and credit card withdrawal with the chase business complete offers.

Bank of America

Bank of America offers low-cost solutions with an attractive sign-up bonus. It has five small business credit cards. The mobile app for Bank of America is excellent. You can use it to deposit checks, pay bills and make transfers. There is a cash flow management tool that allows you to connect accounting analytics and payroll apps. It is the best choice if you want an annual percentage yield.

Bluevine business checking

Bluevine targets entrepreneurs and other startups. Some of its features include no monthly fee, unlimited transactions, and no minimum deposit requirement. The lack of a monthly maintenance fee or a minimum deposit is an advantage. The bank has over 38,000 ATM networks and provides live chat support to its customers. It’s ideal for small business owners seeking a higher APY on balances without charging fees.

Axos banking

Axos offers an excellent business checking account online-only service with zero monthly fees. It provides mobile banking solutions, meaning you can deposit from anywhere using your mobile. The Axos basic business solution is ideal for small business owners with modest banking needs. You get unlimited ATM fee reimbursement.

U.S bank

U.S bank has a 100% free silver business checking for entrepreneurs. Its benefits include overdraft protection, access to mobile and online accounts, and online bill pay. For instance, it does not charge any monthly service fee regardless of your monthly balance. You also enjoy remote deposits and 50% off the first order of checks. However, the bank limits cash deposits with a minimum balance requirement.

Bank Novo

Novo is an online-exclusive small business checking account for entrepreneurs and freelancers. They have no hidden monthly fee or minimum balance requirement. You can integrate your account with Slack and other tools. However, it doesn’t have a physical branch or in-person banking. The Novo business checking is an ideal option for businesses that don’t handle cash transactions.

LendingClub

This credit union offers lucrative online business checking accounts with unlimited cashback. It takes a short time to open a savings account and start saving. You can also enjoy unlimited transactions and ATM fee payments. There is no monthly balance fee for over $5000 or minimum daily balance requirement on LendiClub. This bank is tailored for entrepreneurs and bootstrap businesses.

Navy Federal

Navy Federal Credit Union is one of the best solutions in the country for those attached to the navy. It is a basic account checking with online banking and mobile check deposits. The bank pays interest for the premium business checking. The basic business checking is limited to 30 transactions per month, with the premium over anymore.

Capital one

Capital One offers online business bank accounts, checking and savings accounts, and business credit cards. You can accept debit card payments from customers and lending options. The spark business unlimited allows for wavering a monthly maintenance fee up to two spark business basic checking accounts.

NBKC 

This bank doesn’t have monthly balance requirements or monthly maintenance and transaction fees. It offers fee-free withdrawal at over 32,000 ATMs in the country. The online and mobile banking platforms make it easy to deposit checks remotely. NBKC provides monthly refunds for ATM fees charged by any other bank worldwide. It also has mobile-friendly features.

Best Business Checking Account Features & Terms

Debit card: This card helps make purchases that are debited from your account. You can use it at the ATM or allow one of your employees to have them. 

Positive pay: This feature allows businesses to submit information about the checks to limit fraudulent transactions. It is available for automated clearing house transactions.

Cash counting limits: A bank or credit union can limit the amount of cash to deposit into the account without incurring a fee. 

Bill pay: This term describes paying bills online through a business checking account

Remote deposit capture: It is a feature that allows you to deposit a check without going to the bank.

Items: Some credit unions limit the number of items per month. An item can be a cheque, cash withdrawal, credit card purchase, or ATM withdrawal.

How to Choose a Business Checking Account

The best business checking accounts have no fees, provide online banking tools, and ATM accessibility. Depending on your specific needs, choose one based on the following factors.

Minimum opening deposit

This is the amount you deposit when opening a bank checking account.  Some institutions may not require you to meet a specific minimum opening deposit.

Monthly maintenance fees 

Banking solutions charge a fee of 0 for the services offered. A bank account charges a monthly fee to keep your account open. Select one that offers a lower monthly maintenance fee.

Transaction limits

Choose a business bank account based on the number of transactions to make per month. 

Cash deposit limit 

Banks have cash deposit limits. Select a financial institution that has a limit for a minimum deposit requirement 

ATM access

Consider where you can use your business debit card based on the fees you use at the ATM network. Consider whether the ATM access includes both cash withdrawal and deposit.

Additional fees

Look at whether the bank charges hefty fees for using your business bank account. The fees can be overdraft fees, wire fees, or stop payment fees.

Methodology

When determining a business checking account, we surveyed over 70 public financial institutions comprising banks and credit unions. We rate these business banking accounts based on fees, digital experience, minimum balance, and annual percentage yield. Usually, they have extra fees and minimum balance requirements. Others come with monthly transaction limits. The best solution can elevate your business and personal finances while keeping your personal finances separate from your business transaction. 

Frequently Asked Questions

Which bank is the best for small business owners?

The best bank depends on your banking service needs. Every entrepreneur has diverse goals they aim to achieve.

What is the difference between a business and a personal account?

They have different features and limits. For example, a basic business checking account has more restrictions and fees compared to a personal account.

Can you use a personal account for business?

It’s better to keep them separate. Therefore, don’t use your personal checking account for business.

Can you open a business checking account at a credit union?

Yes, you can open one at the Federal deposit insurance corp banks or national Credit Union association credit unions.

Do you need an LLC to open an account?

You don’t need an LLC to open an account. Use an employee identification or social security number to open the account.

Can you open a business account online?

Some banks allow you to open a checking account online. You can also apply for business savings at a brick-and-mortar bank.

What do you need to open a business checking account?

You need to present some essential documents. They include the business banking formation documents and your social security number.  


+ 2 sources

  1. Foreman, D. (2021). Best Business Checking Accounts Of October 2021. Forbes. [online] 1 Oct. Available at: https://www.forbes.com/advisor/banking/best-business-checking-accounts/ [Accessed 21 Oct. 2021].
  2. DeMatteo, M. (2020). The best business checking accounts for solo entrepreneurs, small biz owners and more. [online] CNBC. Available at: https://www.cnbc.com/select/best-business-checking-accounts/ [Accessed 21 Oct. 2021].

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Billy Graham

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