The Best Business Checking Account in 2023
Looking for the best business checking account to allow you easy access and manage your company’s finances without high fees? This article has all the answers you need.
Business owners want to focus on their businesses, not necessarily on where to bank, so choosing the right business checking account is important. Convenience, not paying fees, and having an easy way to the bank, should be the priority.
Best Business Checking Accounts
The best business checking accounts are listed below:
1. Best for a free account with no transaction limits: Bethpage Federal Credit Union
2. Best for outgoing domestic wire transfers: Capital One
3. Best for a cashback debit card: LendingClub Bank
4. Best for getting a safe-deposit box discount: Regions Bank
5. Best for business perks: Security Service Federal Credit Union
6. Best for depositing cash: VyStar Credit Union
1. Bethpage Federal Credit Union
Bethpage Federal Credit Union was established in 1941. Bethpage Federal Credit Union’s Free Business Checking with Interest doesn’t have a transaction limit.
It also doesn’t charge you a monthly service fee and it earns some interest. Anyone can join Bethpage Federal Credit Union with a $5 deposit into a savings account. It only has branches on Long Island, New York.
2. Capital One
Capital One has 333 branches and about 50 Capital One Cafes. It offers online bank accounts.
Savings accounts, business credit cards, the ability to accept credit card payments from customers, and lending options are some of the products and services that Capital One offers for businesses.
The first five domestic outgoing wires each month are free with the Spark Business Unlimited Checking account.
Those domestic outgoing wires are valued at $125 since after your five free monthly wires are sent you’ll be charged $25 for each additional domestic wire transfer.
Account-holders also won’t be charged for receiving domestic wire transfers and no fee is charged on cash deposits of less than $40,000 a month. It also allows unlimited transactions.
A monthly maintenance fee of $35 is charged for 30-day or 90-day balances that go below $25,000.
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3. LendingClub Bank
LendingClub Bank is an online bank founded in 2007. Radius Bank, which was founded in 1987, was acquired by LendingClub in January 2021.
LendingClub’s Tailored Checking offers unlimited cashback of 1 percent and earns 0.1 percent APY on balances of $5,000 or more. The account also offers businesses free, unlimited transactions.
LendingClub Bank has only one cashless branch, in Boston, according to its website. Businesses that need cash and coin orders regularly may want to avoid online banks.
There is a $10 monthly maintenance fee if the Tailored Checking account balance falls below $5,000.
4. Regions Bank
Regions Bank has about 1,400 branches in the South, Midwest, and Texas. Regions Bank’s Business Simple Checking account offers business owners up to a 40% discount on a safe-deposit box.
Account holders can waive the $7 monthly service fee by making at least $500 in purchases with a Regions Business CheckCard. Regions require only a $100 deposit to open an account.
Regions Bank branches are limited to 16 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Virginia.
5. Security Service Federal Credit Union
The Security Service Federal Credit Union Premium Business Checking account offers an account that helps with more than just banking.
The account is subject to a $20 monthly maintenance fee for accounts that don’t maintain an average daily balance of at least $50,000.
With the account, you’ll have access to a network of attorneys, who provide free and discounted services for Premium Business Checking customers.
The credit union also provides business checking customers with mobile phone coverage, which covers accidental damage, mechanical failure, or theft. Two claims of up to $500 each are permitted in 12 months.
Only customers who live, work, attend school, worship, volunteer or have a business in Colorado, Texas or Utah are eligible to join the credit union.
You can also join by being a military member of select branches or units. Department of Defense employees at certain bases within Security Service Federal Credit Union service areas may also be eligible.
6. VyStar Credit Union
VyStar Credit Union is the 18th-largest credit union based on assets, according to VyStar’s website, and it is headquartered in Jacksonville, Florida.
The VyStar Credit Union Small Business Checking account lets a business deposit up to $10,000 in cash monthly without paying a fee. Other banks or credit unions might have lower limits on depositing cash for free.
The account pays interest on daily balances of $2,500 or more and doesn’t have a monthly maintenance fee.
People who live or work in 49 Florida and 10 Georgia counties can join VyStar Credit Union. A $5 minimum deposit is required to open an account.
Best Small Business Checking Account
A business checking account is typically a must for small businesses.
These bank accounts allow you to separate your business and personal expenses, prepare for taxes and legitimately establish your business’s financial presence.
The best small-business checking accounts have low or no fees, ATM accessibility, and online or mobile banking tools. Interest-earning accounts and accounts with integrated business tools are also a plus.
Here are our top checking accounts for small businesses.
1. Chase: Best overall for small business checking
2. Capital One: Best for unlimited everyday transactions
3. BlueVine: Best for earning interest on deposits
4. Bank of America: Best for ongoing rewards and low cash deposit fees
5. Mercury: Best for digitally-based business owners
6. U.S. Bank: Best for businesses with low transaction volumes
7. First Internet Bank: Best for full-service online banking
8. Novo: Best for free ATM usage
1. Chase Bank
As one of the oldest banks in the nation, Chase maintains a reputation for prioritizing its customers’ needs.
While it offers three different checking accounts, we selected Chase’s Business Complete BankingSM account as the best fit for small businesses.
It offers unlimited electronic deposits and transfers and 20 free transactions per month, all for a nominal $15 monthly maintenance fee that can be waived easily―see below under Fees & Terms.
As an added perk, you can receive a $300 bonus if you open a new account online or in person and complete qualifying activities.
Pros
‣ $300 bonus when you open an account
‣ Easy to waive the monthly fee
‣ Built-in card acceptance with QuickAccept via the Chase Mobile app
Cons
‣ limited number of free transactions
‣ ATM fees are not reimbursed
‣ Fee for cash deposits of more than $5,000 per statement period
Additional Features
‣ Manage debit, deposit, and ATM card settings for individual employees
‣ Deposit checks, view account balances, pay bills and make transfers through the mobile app
‣ Integrates with QuickBooks and other leading accounting software
2. Capital One
Capital One is one of the few brick-and-mortar banks in the nation that doesn’t charge fees for everyday checking account transactions.
With its Spark Business Basic Checking, you get unlimited deposits, withdrawals, and transfers—not including international wires, cashier’s checks, and other services—with no restrictions.
However, if you make a lot of cash deposits, you’ll be charged $1 for every $1,000 after depositing $5,000 in a single month.
Pros
‣ Unlimited transactions
‣ Easy ATM access
‣ Low or no monthly fee
Cons
‣ Requires a $250 opening deposit
‣ Accounts can not be opened online
‣ Account doesn’t earn interest
Additional Features
‣ Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
‣ Integrates with Xero and other top accounting software
‣ Free overdraft protection when linked to another small business deposit account
3. BlueVine
BlueVine provides an online-only business banking platform. One of its most compelling features is its checking account that offers 1.50% APY on balances of up to $100,000;
To qualify for APY you must deposit $2,500 per month into your account via ACH, wire transfer, mobile deposit, or merchant payment processing provider, or use spend $500 per month using your BlueVine Business Debit card.
This is one of the highest yields in the nation, with no monthly fees, penalties, or minimum balance to maintain.
Pros
‣ No monthly fee
‣ Fee-free transactions
‣ 1.50% annual percentage yield (APY) on balances up to $100,000
Cons
‣ No introductory bonus
‣ No physical branches
‣ Cannot request additional debit cards for employees
Additional Features
‣ Integrates with accounting software, such as QuickBooks Online, Wave, and FreshBooks
‣ Connects with eCommerce solutions Stripe, PayPal, and Expensify
‣ Live customer support
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4. Bank of America
Bank of America’s business checking account has two settings:
Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. As your banking needs change, you can switch from one setting to the other.
The Fundamentals set includes Cash Flow Monitor, Erica—Bank of America’s artificial intelligence (AI)-driven virtual financial assistant—and Zelle.
The Relationship setting gives you all the same tools, plus QuickBooks integration, additional checking and savings account options, no fees for incoming wires, and more.
Pros
‣ 200 free transactions per month
‣ Free digital tools to track business performance
‣ Ongoing rewards
Cons
‣ Cash deposits fees charged per $100 over the monthly allowance
‣ Doesn’t offer ATM fee reimbursements
‣ Requires a $100 opening deposit
Additional Features
‣ Deposit checks, view accounts, make transfers and pay bills with the mobile app
‣ Credit card processing and payroll services through ADP
‣ Monitor, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
5. Mercury
Mercury is a fully online banking platform geared towards internet-based businesses and business owners.
This checking account is entirely fee-free—even domestic and international wire transfers are free.
With its extensive mobile and desktop applications, you can customize permissions, request physical and virtual debit cards for your team, and set up customized account automation easily.
To be eligible for a Mercury account, your business must be incorporated in the United States—Mercury is unable to provide accounts for sole proprietorships.
Pros
‣ No minimum deposit to open an account
‣ Physical and virtual debit cards
‣ Access multiple business entities with a single sign-on (SSO)
Cons
‣ Accounts not available to sole proprietorships
‣ Lacks paper check-writing abilities
‣ Accounts don’t earn interest
Additional Features
‣ Accounts integrate with major accounting software
‣ Set custom user permissions for your team members
‣ Create auto-transfer rules for your accounts
‣ Integrates fully with QuickBooks and Xero accounting software
6. U.S. Bank
You can avoid fees easily with U.S. Bank’s Silver Business Checking account.
If your business does less than 125 transactions per month and less than $2,500 in cash deposits per month, you can conduct business almost entirely fee-free.
The Silver account is a good choice for freelancers or small businesses that have limited transaction activity and no need to make large cash deposits.
Pros
‣ No monthly fee
‣ Free mobile check deposits
‣ Apply in person, online, or by phone
Cons
‣ No introductory bonus
‣ Limited free transactions
‣ Limits on cash deposits
Additional Features
‣ Zelle to send and receive money
‣ Digital invoicing and payment systems integrated into your online dashboard
‣ Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
‣ Easy integration with overdraft protection or credit card processing services for your business
7. First Internet Bank
First Internet Bank operates as a full-service online bank.
It offers many ways to save through its Small Business Checking account with no minimum balance requirement, no monthly service fee, and unlimited transactions.
Its interest-earning account yields 0.30% APY if you maintain an average daily balance of $10,000. Both its online banking and mobile app are robust and highly rated.
Pros
‣ Fee-free banking
‣ Up to $10 refund for ATM fees
‣ Selection of business deposit accounts
Cons
‣ APY only available with an average daily balance of $10,000
‣ No cash deposits
‣ No physical branches
Additional Features
Other business bank accounts available, including savings, money markets, and certificates of deposit (CDs)—savings accounts ranked among the best
8. Novo
If you often use an ATM to access your business funds and don’t need the in-person services of a brick-and-mortar bank, Novo might be the right choice for your business.
Although it doesn’t have an associated ATM network, you’ll be reimbursed for all ATM fees at the end of each month.
Access your funds wherever and whenever you want without worrying about unwanted ATM fees reducing your balance.
Pros
‣ All ATM fees refunded
‣ Discounts on business software
‣ Unlimited free transactions
Cons
‣ No physical branches
‣ No domestic or international wires
‣ Does not pay interest on account balance
Additional Features
‣ Integrates with POS systems and other business tools, including QuickBooks, Slack, Xero, Stripe, Wise, and Shopify
‣ Deposit checks directly through the mobile app
‣ Online banking includes unlimited invoicing and bill pay
Business Checking Account Features and Terms
Some of the features of a business checking account.
1. Debit Card
A debit card allows you to make purchases from your business checking account. Business debit cards typically can also be used at ATMs, and employees may also have debit cards issued to them.
2. Cash-Counting Limits
Your bank might limit the amount of cash that can be deposited into the account without incurring a fee, which affects certain businesses;
Such as restaurants, grocery stores, or convenience stores — more than others.
3. Positive Pay
This feature allows a business to submit information about the checks that it has written to limit the occurrence of fraudulent transactions.
“The customer can see an image of that check that doesn’t match for whatever reason up on their computer screen within their online banking,” says Harpold of Capital Bank.
There’s usually a fee for this service. Positive pay may also be available for automated clearing house (ACH) transactions.
4. Bill Pay
A business can pay its bills online through a business checking account.
5. Remote Deposit Capture
A business may be able to deposit checks without going to the bank through this service.
6. Items
Some business checking accounts may limit the number of items per month.
An item may be a check, ACH, cash withdrawal with a teller, ATM withdrawal, debit card purchase, or other amount added or subtracted from your account.
What to Consider When Choosing a Business Checking Account
Here are some things to consider before opening a business checking account:
1. Minimum balance requirement.
2. Monthly maintenance fee.
3. Other fees.
4. Bonus for new accounts.
5. Cash-counting fee.
6. Free or discounted checks.
7. Number of free items or transactions.
Proximity to your business, especially for businesses that often need cash or coin orders or businesses that need to deposit cash or coins.
Reasons to Consider a Business Checking Account
Whether you’re just starting or have been operating for years, having a proper business bank account is essential.
Every professional venture or company, no matter how small, needs one:
It is central to your business’s financial operations, as it receives deposits from customers and makes payments to your employees and vendors.
It can also be important for proper bookkeeping, tax reporting, and various legal reasons.
1. Keep Your Business and Personal Finances Separated
To maintain the integrity and accuracy of your business’s financial records, it’s important to keep your business and personal finances separate.
2. You’ll Build Your Business’s Credit
When you open a business bank account, credit bureaus begin tracking credit history for your business.
3. You Can Assess Your Business’s Performance More Easily
With your income and expenses running through a dedicated account, it becomes easier to analyze your business’s performance.
4. It Lends Credibility to Your Business
Customers will see your business as more trustworthy when payments come from a business account.
5. It Helps Simplify Tax Season
Using a business checking account helps maintain a record of income and expenses, simplifying your tax preparation at the end of the year.
6. You Can Build a Banking Relationship
Building a banking relationship can be beneficial if you need business financing in the future.
What You Need to Open a Small Business Checking Account
Many banks require the following items. Be sure to confirm if the account can be opened online or if you need to visit a branch to fill out the application:
1. Employer identification number (EIN) or Social Security number if you’re a sole proprietor
2. Fictitious business name certificate or doing-business-as (DBA) certificate
3. Business formation documents
4. Organization documents, including your ownership agreements
5. Business licenses
6. Government-issued photo IDs, such as a passport or driver’s license
How to Choose a Business Checking Account
A business checking account provides the foundation of your business banking relationship. One of its most important functions is to separate your business banking from your banking.
Before choosing an account based on the APY or fees alone, consider what this business checking account needs to do for you and your business.
Does your business rely heavily on the processing of transactions? Will you frequently be handling cash? Knowing your specific needs both as your business is starting out and as you intend for it to grow is critical.
Here are several things to consider as you’re choosing the right business checking account:
1. Fees
Since you’ll be using your business checking account to process your business’s day-to-day transactions, it’s important to keep fees to a minimum.
In particular, look at any monthly maintenance fees, out-of-network ATM fees, or transaction fees that are volume-based.
2. Minimums
Some banks and credit unions require a minimum deposit when you open a business checking account.
Others may require you to maintain a minimum balance per statement cycle—or perform a certain volume or type of transactions;
To avoid paying a monthly maintenance fee or to enable you to earn the stated APY.
3. Limits
Because you likely will be processing more transactions per statement cycle with your business account, it’s important to look at any limits that may apply.
Some accounts will limit the number or type of transactions you can make, while others may limit your cash deposits or withdrawals.
4. APY
The interest you can earn is more of a priority when it comes to savings deposit accounts. Yet, for many businesses, their business checking account may be their primary banking relationship.
Not all business checking accounts pay interest. But, if you have the opportunity to earn APY on your business checking, so much better.
5. Customer Service
Regardless of whether you bank online or at a branch, it’s important to be able to get customer service support when and where you need it.
Some banks and credit unions offer dedicated specialists to address business needs and concerns.
6. Digital Experience
The Covid-19 pandemic showed businesses how important the digital banking experience—both online and mobile—can be.
With so many transactions occurring by phone or laptop, rather than within a physical bank branch, the quality and functionality of a mobile app can affect your business results.
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7. Safety
Make sure that the Federal Deposit Insurance Corporation (FDIC) insures your account.
It provides up to $250,000 in insurance per depositor, per bank, for each account ownership category, in the event of a bank failure.
At credit unions, look for similar coverage from the National Credit Union Administration (NCUA).
8. Room for Growth
Because your business checking account represents the entry point of your business banking relationship;
Look at what else the bank offers that may become important to you as your business grows, including opportunities for your business to save and invest, add merchant or treasury services, and access loans or lines of credit.
Frequently Asked Questions
Popular questions and answers hovering over the best business checking accounts are elicited below.
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