There are a million things to consider when you are running a business and it is crucial to have healthy finances. By generating invoices, making and receiving payments, and tracking inventory, a business needs more than a standard checking account to manage its finances.
So, choosing the right business checking account is very important for a business. Convenience, not paying high fees, and an easy way to the bank should be the priorities.
Different businesses carry various features and so their requirements for a business checking account vary too.
“(Business owners) enjoy doing what they’re selling or what their business is all about,” says Kari Harpold, a treasury management officer at Capitol Bank in Madison, Wisconsin. “But to have to also do all of the financial ends of things…it’s not what they enjoy doing. So if they can just have a good relationship with the bank, where the bank’s handling a lot of that stuff for them, you’re just making it more efficient for them and save some of their time, then that’s a better scenario for them.”
For years, most banks have made profits by charging high fees on their business products that include business checking accounts and it has been difficult for business owners to find a checking account that meets their requirements. However, the technology is taking a major turn and more banks are now offering great online business checking accounts with low or reasonable fees.
And to make your search easier, we at BankQuality have reviewed dozens of banks offering business checking accounts, with both online and in-person access.
Here is the list of best business checking accounts:
Best overall: Chase business complete banking
Chase business complete banking which is formerly known as Chase total business checking, offers essential banking features for small business owners. This account includes unlimited electronic deposits, access to Chase branches and ATMs along with the ability to deposit cash, write cheques and send or receive wires.
There are not many fee-free transactions offered with Chase business complete checking compared to other competitors. However, the account stands out with its $300 sign-up bonus and access to Chase QuickAccept, which can be utilized to accept credit card payments on the go.
Chase business checking account at a glance:
|
Minimum opening deposit |
$0 |
|
Minimum balance requirement |
$0 (but $2,000 to earn bonus) |
|
Monthly fees |
$15 with multiple ways to waive it off |
|
Annual percentage yield (APY) |
None |
|
ATM access |
16,000 Chase ATMs. |
|
Promotion |
$300 sign-up bonus |
Pros:
Same-day access to cash if your deposit is approved before 8 p.m (except on Saturdays)
Easy methods to accept payments through QuickAccept
Unlimited electronic deposits and up to $5,000 fee-free cash deposits per cycle.
You can send and receive money without visiting a branch through Chase QuickDeposit wire transfers and Chase online bill pay.
Cons:
Only 20 free in-person paper cheque deposits/withdrawals and its charged $0.40 each, thereafter)
Best for sole proprietors: Novo business checking
Novo isn’t a bank but a tech company that is dedicated to bringing small business banking into the digital era. Its objective is to create a compelling banking experience by allowing small business owners to open bank accounts easily. They can use their banking data for bookkeeping and reporting.
Right now, Novo only offers online business checking accounts, and its accounts are offered through the company’s financial partner, Middlesex Federal Savings.
Novo business checking at a glance:
|
Minimum opening deposit |
$50 |
|
Minimum balance requirement |
$0 |
|
Monthly fees |
$0 |
|
APY |
None |
|
ATM access |
Unlimited worldwide |
|
Promotion |
None |
Pros:
Money-saving partnerships with popular invoicing, marketing, and communication tools.
Easy sync to Google Pay and Apple Pay
Unlimited fee-free monthly transactions
No monthly fees or minimum balance requirements.
Cons:
The bank is online-only (there is no access to a branch when you face any trouble with banking)
No easy way to deposit cash
Best for outgoing wire transfers: Capital One
Capital One has over 380 bank branches and it also offers online bank accounts along with savings accounts, business credit cards. The ability to accept credit card payments from customers and lending options are some of the products offered by Capital One for businesses.
The first five domestic outgoing wires each month are free with the Spark business unlimited checking account and those wires are valued at $125 since after your first five free wires are sent, you will be charged $25 for each additional domestic wire transfer.
Capital One Spark business unlimited checking at a glance:
|
Minimum opening deposit |
$250 |
|
Minimum balance requirement |
None |
|
Monthly fees |
$35, waived if your prior 30 or 90-day account balance averages $25,000 or more |
|
APY |
None |
|
ATM access |
40,000+ fee-free Capital One and Allpoint® ATMs to choose from (including in select Target®, Walgreens®, and CVS Pharmacy® locations) |
|
Promotion |
None |
Pros
Unlimited business transactions are included every month which is beneficial for businesses with high transaction volume.
Next day availability of fund
All incoming domestic wires are free.
Free cash deposits.
Cons
High minimum account balance requirement to waive off the monthly fee
Best for a cashback debit card: Radius Bank
The Radius tailored business checking account is a great solution for small business owners who want to receive cashback frequently. This account is beneficial as it pays you interest and you can earn 0.10% APY on balances over $5,000.
They also offer unlimited free transactions, which is very unlikely for business bank accounts as banks usually charge a fee per transaction.
Radius tailored business checking account at a glance:
|
Minimum opening deposit |
$100 |
|
Minimum balance requirement |
$0 |
|
Monthly fees |
$10 which are waived when requirements are met |
|
APY |
0.10% |
|
ATM access |
Unlimited nationwide |
|
Promotion |
None |
Pros
Free interest-bearing checking account.
Mobile-first banking
Top-notch business banking account
Cons
If you need to deposit cash, then it can be difficult.
Best for small businesses: BlueVine business checking
BlueVine has been a lender for small businesses for almost a decade and it recently launched a business banking product that provides free business checking. It offers free business checking with unlimited transactions per month and has no minimum balance requirements along with free online statements. Unlike other business checking accounts, BlueVine offers interest on balances up to the $100,000 limit.
BlueVine business checking at a glance:
|
Minimum opening deposit |
$0 |
|
Minimum balance requirement |
$0 |
|
Monthly fees |
$0 |
|
APY |
1.00% APY |
|
ATM access |
38,000 ATMs |
|
Promotion |
None |
Pros
Earn 1.0% APY in balances up to $100,000
No monthly fees, or balance requirements.
Ability to instantly lock and unlock your BlueVine business debit Mastercard for added security.
Unlimited transactions
Cons
Online-only bank, not convenient if you prefer in-person banking.
No ATM refunds for out-of-network transactions.