Best Business Bank Accounts of December 2023

at Bluevine, Deposits are FDIC Insured

APY

2.00%

With $0 min. balance for APY

Monthly fee

Min. opening deposit

Free cash deposits

Fee of up to $4.95 per cash deposit.

Overdraft fees

Bonus

The Bluevine Business Checking account has no monthly fees, overdraft fees or transaction fees and does not require a minimum opening deposit. This high-yield account also boasts a great interest rate:

Earn 2.00% interest on account balances up to and including $250,000. Terms apply.

You also have free ATM access through the MoneyPass network — with the ability to deposit cash (up to $7,500 per month with a $4.95 fee per deposit) at Green Dot locations across the U.S.

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free transactions; no overdraft fees.
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
Access up to $3 million in FDIC insurance with Insured Cash Sweep.

Cons

Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
Fee for using out-of-network ATMs.
No joint accounts or employee debit cards.

Grasshopper Business Checking Account

5.0

at Grasshopper Bank, Member FDIC

APY

2.25%

With $0 min. balance for APY

Monthly fee

Min. opening deposit

$100

Free cash deposits

No cash deposits.

Overdraft fees

Bonus

Grasshopper's online business checking account pays you two ways: You can earn unlimited 1% cash back on qualified purchases and up to

2.25%

APY on the balance in your account. You also get free, built-in access to Autobooks, as well as business tools like invoicing and cash management.

The catch: You can't deposit cash and the account requires a $100 minimum opening deposit.

Pros

Unlimited 1% cash back on qualified debit card purchases.
Earn up to 2.25% APY.
No monthly fees or overdraft charges.
Free, built-in bookkeeping software.

Cons

Can’t deposit cash.
$100 minimum opening deposit.
No weekend support.

Axos Bank® Basic Business Checking

5.0

at Axos Bank®, Member FDIC

APY

N/A

Monthly fee

Min. opening deposit

Free cash deposits

Yes

Unlimited

Overdraft fees

$25

Bonus

$400

Requirements to qualify

This free online business account delivers 24/7 customer support and includes free, unlimited cash deposits via compatible AllPoint and MoneyPass ATMs — a feature matched by few other business checking accounts. Plus, you get truly free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free transactions.
Automatic refunds of all ATM fees (domestic).
Cash deposits via MoneyPass and AllPoint ATMs.
24/7 customer support.
Welcome bonus for new customers (terms apply).

Cons

$25 fee for insufficient funds/uncollected funds returned.
No third-party app integrations.

nbkc Business Account

5.0

at nbkc bank, Member FDIC

APY

N/A

Monthly fee

Min. opening deposit

Free cash deposits

Yes

Unlimited

Overdraft fees

Bonus

NBKC’s Business Account is a free business checking account with no deposit and no minimum balance requirement. This account includes unlimited transactions, fee-free ATM access through the MoneyPass network (with the ability to deposit cash) and up to $12 in monthly refunds for ATM fees charged by other banks worldwide.

Unlike other business accounts, NBKC does not limit the amount of cash you can deposit per month, and there are no fees for cash deposits. There are also no incidental fees for incoming domestic wires, overdrafts or stop payments.

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free transactions; no overdraft or incidental fees.
Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
Cash deposits via MoneyPass ATMs.
Accept contactless payments via the NBKC app (iOS only). Fees apply.

Cons

High fee ($45) for international wire transfers.
No weekend or after-hours customer support.
No third-party app integrations.

LendingClub Tailored Checking

5.0

at LendingClub Bank, Member FDIC

APY

1.50%

With $0 min. balance for APY

Monthly fee

$10.00

Waived with $500 minimum balance

Min. opening deposit

$100

Free cash deposits

Yes

Unlimited

Overdraft fees

Bonus

LendingClub Tailored Checking has several standout features, including unlimited, fee-free cash deposits and free ATM access worldwide.

This online business checking account also earns

1.50%

APY on balances up to $100,000 and

0.10%

APY on all balances after that.

Maintain a balance of $500 or more and you unlock additional benefits, including unlimited 1% cash back on online and signature-based credit transactions. The monthly service fee ($10) is also waived if you have an average monthly balance of $500.

Pros

Unlimited fee-free transactions; no overdraft fees.
Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
Cash deposits via MoneyPass and SUM ATMs.
Earn unlimited 1% cash back on debit card purchases.

Cons

$10 monthly fee.
$100 minimum opening deposit requirement.
Minimum $500 balance required to earn cash-back rewards and waive monthly fee.

Our picks for

Branch access

Prefer in-person banking? Open a business account with one of these banks and you'll have access to thousands of branch locations across the United States.

Chase Business Complete Banking℠

5.0

at Chase, Member FDIC

APY

N/A

Monthly fee

$15.00

Waived with $2,000 minimum balance

Min. opening deposit

Free cash deposits

Yes

Up to $5,000 per month.

Overdraft fees

$34

Bonus

$300

Requirements to qualify

Chase Business Complete Checking is a digital-friendly small business bank account that includes access to over 4,700 branches and 16,000 ATMs across 48 states.

This Chase business checking account carries a $15 monthly service fee, which is waived if you maintain a daily minimum balance of $2,000 or meet other designated criteria. Account holders receive unlimited electronic deposits and can earn a $300 sign-up bonus.

Pros

No minimum opening deposit.
Unlimited fee-free electronic transactions.
Integrated credit card processing.
Welcome bonus for new customers (terms apply).
No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.

Cons

$15 monthly fee.
Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
Fee for using out-of-network ATMs.

U.S. Bank Silver Business Checking

4.0

at U.S. Bank, Member FDIC

APY

N/A

Monthly fee

Min. opening deposit

$100

Free cash deposits

Yes

Up to $2,500 per month.

Overdraft fees

$36

Bonus

$800

Requirements to qualify

U.S. Bank is one of the few brick-and-mortar banks that lets you open an account online. You can also call or visit a branch — U.S. Bank has more than 2,000 branches in 26 states — to get your account started.

The U.S. Bank Silver Business Checking account has no monthly fee and includes 125 transactions and up to $2,500 in cash deposits per statement cycle at no additional cost.

Pros

No monthly service fee for Silver Business Checking account.
Business accounts can be opened entirely online.
Optional payment processing services ranging from mobile apps to in-store payment terminals. Additional fees apply.
Welcome bonus for new customers (terms apply).

Cons

Low cash deposit limits.
Terms and fees are not easily accessible via the bank’s website.

Bank of America Business Advantage Fundamentals™ Banking

5.0

at Bank of America, N.A., Member FDIC

APY

N/A

Monthly fee

$16.00

Waived with $5,000 minimum balance

Min. opening deposit

$100

Free cash deposits

Yes

Up to $7,500 per month.

Overdraft fees

$10

Bonus

$200

See offer page for more details

Business Advantage Fundamentals™ Banking accountholders have access to thousands of Bank of America branches and ATMs. This business checking account features a generous cash deposit allowance — up to $7,500 per month — along with fee-free electronic transactions and up to 200 non-electronic transactions (checks paid, other debits, deposited items).

The account carries a $16 monthly service fee, which is waived for the first three months. After that, you can avoid the fee by maintaining a $5,000 combined average monthly balance or by spending $250 in net new qualifying purchases on your Bank of America business debit card.

Pros

Fee-free electronic transactions.
High cash deposit limits.
Business accounts can be opened entirely online.

Cons

No free business checking account option.
$100 minimum opening deposit.
Fee for using out-of-network ATMs.

Wells Fargo Initiate Business Checking℠ Account

4.0

APY

N/A

Monthly fee

$10.00

Waived with $500 minimum balance

Min. opening deposit

$25

Free cash deposits

Yes

Up to $5,000.

Overdraft fees

$35

Bonus

Wells Fargo has 4,900 branches across more than 40 states, plus Washington, D.C. The Initiate Business Checking account has a $10 monthly fee that can be waived with a minimum daily balance of only $500.

This account includes 100 fee-free transactions and $5,000 in fee-free cash deposits per month — making it a great option for a wide variety of small businesses. Wells Fargo business checking also provides access to over 12,000 fee-free ATMs, free online bill pay and mobile check deposit.

Pros

More branch locations than any bank in the U.S.
Business accounts can be opened entirely online.
Extended customer service availability.

Cons

No free business checking account option.
Stingy transaction allowance.
Fees for using out-of-network ATMs.

Our picks for

Earning interest

Let your money earn money with these high-yield business checking and savings accounts, which offer APYs well above the national average (0.45% APY, as of this writing, according to the Federal Deposit Insurance Corp.)

Live Oak Bank Business Savings

5.0

at Live Oak Bank, Member FDIC

APY

4.00%

With $0.01 min. balance for APY

Monthly fee

Min. opening deposit

Free cash deposits

N/A

Overdraft fees

N/A

Bonus

Live Oak is an online business savings account that, as of this writing, earns

4.00%

APY on balances as low as 1 cent. The account has no monthly fee or minimum balance requirements.

Live Oak does not accept cash deposits and does not offer ATM access. You can fund your account via ACH payment, mobile check deposit, mailed check or wire transfer.

Pros

Industry-leading APY.
No minimum balance to earn interest.
No monthly fee or minimum deposit.
Access up to $10 million in FDIC insurance with Insured Cash Sweep.

Cons

No ATM or debit card access.
No weekend customer support.

Bluevine Business Checking

5.0

at Bluevine, Deposits are FDIC Insured

APY

2.00%

With $0 min. balance for APY

Monthly fee

Min. opening deposit

Free cash deposits

Fee of up to $4.95 per cash deposit.

Overdraft fees

Bonus

Earn 2.00% interest on account balances up to and including $250,000. Terms apply.

You also have free ATM access through the MoneyPass network — with the ability to deposit cash (up to $7,500 per month with a $4.95 fee per deposit) at Green Dot locations across the U.S.

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free transactions; no overdraft fees.
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
Access up to $3 million in FDIC insurance with Insured Cash Sweep.

Cons

Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
Fee for using out-of-network ATMs.
No joint accounts or employee debit cards.

Relay Business Savings

3.5

at Relay, Deposits are FDIC Insured

APY

1.00%

With $1 min. balance for APY

Monthly fee

Min. opening deposit

Free cash deposits

N/A

Overdraft fees

N/A

Bonus

Relay’s high-yield business savings account earns

1.00%

on balances up to $50,000 and up to 3% if your balance exceeds that amount. Relay’s savings account does not include an ATM card and you can’t make external transfers, so you’ll need a Relay business checking account to access your funds.

Pros

No monthly fee or minimum opening deposit.
No minimum balance to earn interest.
Earns 1.00%-3.00% APY.

Cons

Tiered interest structure.
Balance of $1 million needed to unlock the highest rate.
No ATM or debit card access.
Only allows internal transfers to a linked Relay Checking account.

nbkc bank Business Money Market Account

4.5

at nbkc bank, Member FDIC

APY

2.50%

With $0.01 min. balance for APY

Monthly fee

Min. opening deposit

Free cash deposits

N/A

Overdraft fees

Bonus

The NBKC Business Money Market account earns

2.50%

APY as long as you have a balance of at least 1 cent and is a great complement to NBKC's business checking account. Both accounts have no monthly fees or minimum opening deposit requirement.

Pros

Earns 2.50% APY.
No minimum balance to earn interest.
No monthly fee or minimum opening deposit.
Includes checks and an ATM card.

Cons

High fee ($45) for international wire transfers.
No weekend or after-hours customer support.

LendingClub Tailored Checking

5.0

at LendingClub Bank, Member FDIC

APY

1.50%

With $0 min. balance for APY

Monthly fee

$10.00

Waived with $500 minimum balance

Min. opening deposit

$100

Free cash deposits

Yes

Unlimited

Overdraft fees

Bonus

LendingClub Tailored Checking has several standout features, including unlimited, fee-free cash deposits and free ATM access worldwide.

Earn

1.50%

APY on balances up to $100,000 and 0.10% APY on all balances after that.

Pros

Unlimited fee-free transactions; no overdraft fees.
Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
Cash deposits via MoneyPass and SUM ATMs.
Earn unlimited 1% cash back on debit card purchases.

Cons

$10 monthly fee.
$100 minimum opening deposit requirement.
Minimum $500 balance required to earn cash-back rewards and waive monthly fee.

Grasshopper Business Checking Account

5.0

at Grasshopper Bank, Member FDIC

APY

2.25%

With $0 min. balance for APY

Monthly fee

Min. opening deposit

$100

Free cash deposits

No cash deposits.

Overdraft fees

Bonus

Grasshopper's online business checking account pays you two ways: You can earn unlimited 1% cash back on qualified purchases and up to

2.25%

APY on the balance in your account. You also get free, built-in access to Autobooks, as well as business tools like invoicing and cash management.

The catch: You can't deposit cash and the account requires a $100 minimum opening deposit.

Pros

Unlimited 1% cash back on qualified debit card purchases.
Earn up to 2.25% APY.
No monthly fees or overdraft charges.
Free, built-in bookkeeping software.

Cons

Can’t deposit cash.
$100 minimum opening deposit.
No weekend support.