Does Charles Schwab Have Business Checking Accounts?

Business checking accounts aren’t available from Charles Schwab, but these providers are potential alternatives.

Ryan LaneMar 31, 2021
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Charles Schwab does not have business checking accounts. The bank offers other small-business products, including a business brokerage account, plus personal checking and savings accounts.

NerdWallet recommends keeping personal and business accounts separate. But if you like Charles Schwab’s personal checking, the following business checking accounts have some similarities.

BlueVine Business Checking

Charles Schwab offers an interest-bearing personal checking account with no monthly fees or account minimums. If you want an account that matches those features, consider BlueVine Business Checking.

BlueVine Business Checking is an online-only free business checking account. In addition to not charging monthly maintenance fees, BlueVine keeps other potential costs low with no account minimums, unlimited fee-free transactions and free incoming wire transfers and ACH payments.

BlueVine also lets you earn 1.00% APY interest on balances up to $100,000. That not only tops Charles Schwab’s personal checking account, but many top business savings accounts as well.

Novo Business Checking

Novo is another Charles Schwab business checking alternative that may make sense, especially if you withdraw cash from ATMs often. Like Schwab, Novo Business Checking offers free access to ATMs worldwide.

Novo Business Checking

at Novo, Deposits are FDIC Insured

Novo Business Checking is an online account. But unlike other online business checking accounts, including BlueVine, you’re not limited to a specific ATM partner network: You can use any ATM in the U.S. or abroad without a fee. If a bank charges you separately for using its ATM, Novo will reimburse you.

However, Novo Business Checking doesn’t support direct cash deposits via ATM. You can work around this by using money orders, but that extra step might make other checking accounts a better fit for cash-based businesses.

Bank of America® Business Advantage Fundamentals™ Banking

Charles Schwab pairs online bank accounts with physical branches in seven states. If you prefer a brick-and-mortar bank, Bank of America has about 4,300 financial centers in the U.S., plus mobile services.

Bank of America has two business checking accounts: Business Advantage Fundamentals and Business Advantage Relationship. Both offer some free online services — such as unlimited electronic deposits — but also have monthly fees. You can waive those charges in multiple ways, including joining the bank’s Preferred Rewards for Business program.

If you’re interested in Schwab’s brokerage services, you may also value Bank of America’s relationship with Merrill. This lets you access banking and investing accounts via a single digital platform. Preferred Rewards members also receive a free consultation with a Merrill advisor.