There are multiple types of business bank accounts, and the best choice for you depends on your business's size, needs and stage of growth. If you're just getting started, a business checking account is a great first step to manage day-to-day transactions and separate your business and personal finances. Consider account features like fees, transaction limits and interest rate to find the right fit.
Additional accounts can make sense as your business matures. For instance, opening a business savings account for your idle cash can let you capitalize on high interest rates and reach long-term goals faster. In addition, having a secondary account at a different small-business bank can help keep your business running in case of a sudden disruption, like an account freeze or bank failure.
Our top overall picks for the best business bank accounts are:
- Best business checking account (online):American Express® Business Checking.
- Best business checking account (brick-and-mortar):Chase Business Complete Banking®.
- Best business savings account:Live Oak Bank Business Savings.
- Best business money market account:nbkc bank Business Money Market Account.
We've listed additional great accounts for small businesses below based on their standout features. Read on to learn which type of business account to use when, as well as how to choose the best accounts for you.
250+ small-business products reviewed and rated by our team of experts.
95+ years of combined experience covering small-business and personal finance.
Objective comprehensive business bank accounts rubric (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
Best Business Bank Accounts From Our Partners
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
High-yield business checking Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
Online business checking American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
Brick-and-mortar business checking Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Welcome bonus U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.2/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Cash back on debit card purchases Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 1.80% With $25,000 min. balance for APY | N/A | Learn more at Grasshopper Bank, Member FDIC |
Unlimited ATM withdrawals Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.9/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
High-yield business savings account Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.70% With $0.01 min. balance for APY | $200 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Cash deposits Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | N/A | Learn more at Bank of America, N.A., Member FDIC |
Fee-free online banking nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
Freelancer-friendly tools Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.4/5 | $0 | N/A | $125 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
Business money market account nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 | $0 | 2.75% With $0.01 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
| Best for | NerdWallet rating▼ | Monthly fee ▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
High-yield business checking Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
Online business checking American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
Brick-and-mortar business checking Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Welcome bonus U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.2/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Cash back on debit card purchases Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 1.80% With $25,000 min. balance for APY | N/A | Learn more at Grasshopper Bank, Member FDIC |
Unlimited ATM withdrawals Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.9/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
High-yield business savings account Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.70% With $0.01 min. balance for APY | $200 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Cash deposits Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | N/A | Learn more at Bank of America, N.A., Member FDIC |
Fee-free online banking nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
Freelancer-friendly tools Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.4/5 | $0 | N/A | $125 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
Business money market account nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 | $0 | 2.75% With $0.01 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
I'M INTERESTED IN:
Our pick for
High-yield business checking
Bluevine Business Checking
Read Review
Learn more
at Bluevine, Deposits are FDIC Insured
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
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 1.50% interest on account balances up to and including $250,000. Terms apply.
Bluevine customers have free ATM withdrawal access through the MoneyPass network. Plus, you can deposit cash at Allpoint+ and Green Dot locations across the U.S., although fees apply.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Our pick for
Online business checking
American Express® Business Checking
Read Review
Learn more
at American Express National Bank, Member FDIC
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
N/A
Bonus
N/A
American Express offers a top online business checking account. It pays a solid interest rate, offers 24/7 customer support, charges no monthly fees and has a highly rated mobile app. You can't deposit cash, though you can withdraw it fee free from MoneyPass and Allpoint ATMs.
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
Our pick for
Brick-and-mortar business checking
Chase Business Complete Banking®
Read Review
Learn more
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
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.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Our pick for
Welcome bonus
U.S. Bank Silver Business Checking
Read Review
Learn more
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$400
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.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
Cons
- Low cash deposit limits.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
Our pick for
Cash back on debit card purchases
Grasshopper Business Checking Account
Read Review
Learn more
at Grasshopper Bank, Member FDIC
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
N/A
Grasshopper's online business checking account pays you two ways: You can earn unlimited 1% cash back on qualified purchases and up to
1.80%
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 1.80% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Our pick for
Unlimited ATM withdrawals
Axos Bank® Basic Business Checking
Read Review
Learn more
at Axos Bank®, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$25
Bonus
$400
Requirements to qualify
This free online business account delivers unlimited cash deposits via compatible AllPoint+ ATMs. 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 and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Our pick for
High-yield business savings account
Live Oak Bank Business Savings
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
3.70%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
$200
Requirements to qualify
Live Oak is an online business savings account that, as of this writing, earns
3.70%
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.
- Earn interest on balances of $0.01 and higher.
- 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.
Our pick for
Cash deposits
Bank of America® Business Advantage Fundamentals™ Banking
Read Review
Learn more
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Min. opening deposit
$100
Free cash deposits
Yes
Up to $5,000 per statement cycle.
Overdraft fees
$10
Bonus
N/A
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 12 statement cycles. 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. (The minimum spend increases to $500 starting Nov. 1, 2024.)
Pros
- No monthly fee for the first 12 statement cycles.
- High cash deposit limits.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
Fee-free online banking
nbkc Business Account
Read Review
Learn more
at nbkc bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
N/A
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 and Allpoint networks (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 fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass and Allpoint ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
Our pick for
Freelancer-friendly tools
Found Small Business Banking
Read Review
Learn more
at Found, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
$2 fee per deposit
Overdraft fees
$0
Bonus
$125
Requirements to qualify
Found offers a free business checking account with no monthly fees, no minimum opening deposit and unlimited fee-free transactions. On top of that, freelancers may want to take advantage of built-in tools for invoicing and tax planning.
Found is only available to sole proprietors and single-owner LLCs. And cash withdrawals and deposits are limited pretty strictly — $550 per day and $2,000 per rolling seven days, respectively. There are no limits on direct deposits and transfers from payment apps, though.
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees or overdraft fees; free incoming domestic wires.
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business apps, including Stripe, Etsy and PayPal.
Cons
- No weekend or after-hours phone support.
- Only available to single-owner businesses.
- Low check and cash deposit limits; fee for cash deposits.
Our pick for
Business money market account
nbkc bank Business Money Market Account
Read Review
Learn more
at nbkc bank, Member FDIC
APY
2.75%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Up to $2,500 per day via compatible ATMs.
Overdraft fees
$0
Bonus
N/A
The NBKC Business Money Market account earns
2.75%
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 2.75% 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.
A business account is a bank account designed to meet the needs of entrepreneurs. Typically, this will be a checking account that your company uses for its day-to-day operations. However, there are a number of additional types of business bank accounts, including savings accounts, cash management accounts, credit cards and merchant services accounts.
These accounts may offer business-specific features — like built-in tools for business services such as invoicing or tax planning — as well as transaction limits that allow greater cash flow. For instance,
LendingClub Tailored Checking
allows new business owner clients up to $2,000 in daily ATM withdrawals. Its personal checking account caps that total at $500. Those additional benefits can come with a bigger price tag. That LendingClub personal account doesn't charge a monthly fee, but its business account costs $10 (though there are multiple ways to waive this fee). Banks may also place additional scrutiny on business accounts to prevent issues like money laundering and fraud. That's one reason some financial institutions explicitly prohibit the use of their personal accounts for business purposes.
The best bank account for your small business will depend on its needs. But if you're not sure what you need, a business checking account is a great start. These accounts are ideal for everyday cash flow, and you’ll need one to open a merchant services account if you accept debit and credit card payments.
Beyond that, business savings accounts are useful for stashing idle funds and saving for long-term goals. Some high-yield business savings and business money market accounts earn upwards of 4.00% annual percentage yield (APY).
If you have large cash reserves (think a startup with venture capital), a business cash management account could further increase your yield.
Separately, a small-business credit card can help you build your business credit history and earn rewards on everyday spending. A business card with a 0% intro APR is a good option for new businesses, since you can pay purchases off over time with no interest. But look for cards with rewards you'll want to use on an ongoing basis.
Here is an overview of some common business bank accounts you might want to consider:
Best for: Everyday use. | Best for: Long-term savings. | Best for: Maximizing large cash reserves. | Best for: Building credit, earning rewards. | Best for: Accepting debit and credit card payments. |
What to keep in mind:
| What to keep in mind:
| What to keep in mind:
| What to keep in mind:
| What to keep in mind:
|
Consider what type of business bank account you need and whether you want an online business account, an in-person experience or a combination of the two. Then, compare your business bank account options, taking the following factors into account:
- Monthly fees: Recurring fees eat into your bottom line so look for an account with no monthly fees, like a free business checking account or a high-yield savings account with no fees. If an account does carry a monthly fee, make sure you can reliably hit the minimum balance to have the fee waived or that the benefit of any added features outweighs the monthly cost.
- Transaction and deposit limits: Most accounts place some restrictions on transactions and deposits. Brick-and-mortar banks typically limit fee-free transactions — anywhere from 100 transactions to 500 per month for entry-level business accounts. Some banks only limit in-person transactions, while others cap all activity. Online banks rarely limit the number of transactions you can make, but most impose other limits, such as how much you can transfer or deposit each month. Read the fine print to understand what’s included and make sure those limits wont stifle your business activity.
- ATM access: Note the size and location of your bank’s ATM network before opening a business bank account. For savings accounts, also consider whether the account includes ATM access at all (many do not).
- Customer support: If you want to be able to talk to a banker face-to-face, open an account at a bank or credit union with branches close to your home or business. If you're OK with phone support, most online banks offer it — just make sure it's available on evenings and weekends if you work during those times.
- Incidental fees: Additional fees on your business account can add up fast. Check the schedule of fees for your account to understand what extra charges could apply. Common fees include stop payment, nonsufficient funds and overdrafts.
- Value-added features: Some business accounts offer tax-planning tools, which are great for sole proprietors and freelancers. Other accounts offer easy integration with business tools, like QuickBooks Online and Gusto, to streamline your business operations. And some business banks can help you network with investors and workshop your pitch deck, making them some of the best banks for startups.
Note on
American Express® Business Checking
: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.Last updated on December 2, 2024
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.