BEST OF

Best Business Bank Accounts of February 2023

Jan 26, 2023

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A business bank account can serve multiple functions depending on your business's size, needs and stage of growth.

A business checking account is often the first step. Most companies build from there, opening a combination of business banking accounts to capitalize on interest, save for long-term goals, link to a merchant account or tie to a small-business loan.

We rounded up the best bank accounts for small businesses, organized by perks (no fees, earning interest, cash deposits) and preferences (in-person versus online banking). We also break down what business account to use when, and how to choose the best one for your business.

Best Business Bank Accounts

Our pick for

Best online business bank accounts

Bank from anywhere with a fully-online business checking account.

Bluevine Business Checking
Learn more

at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0

NerdWallet rating 
Bluevine Business Checking

Monthly fee

$0

APY

2.00%

With $0 min. balance for APY

Min. opening deposit

$0
Learn more

at Bluevine, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

The Bluevine Business Checking account has no monthly fees, overdraft fees or transaction fees and does not require a minimum opening deposit. Plus you earn 2.00% on your account balance up to $100,000. 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 $100,000. Terms apply.

  • No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).

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.

Read Full Review
Axos Bank® Basic Business Checking
Learn more

at Axos Bank®, Member FDIC

Axos Bank® Basic Business Checking

5.0

NerdWallet rating 
Axos Bank® Basic Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Axos Bank®, Member FDIC


Min. opening deposit

$0

Why we like it

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.

Read Full Review
nbkc Business Account
Learn more

at nbkc bank, Member FDIC

nbkc Business Account

5.0

NerdWallet rating 
nbkc Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at nbkc bank, Member FDIC


Min. opening deposit

$0

Why we like it

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.

Cons

  • High fee ($45) for international wire transfers.

  • No weekend or after-hours customer support.

  • No third-party app integrations.

Read Full Review
Grasshopper Business Checking Account
Learn more

at Grasshopper Bank, Member FDIC

Grasshopper Business Checking Account

5.0

NerdWallet rating 
Grasshopper Business Checking Account

Monthly fee

$0

APY

1.51%

With $0 min. balance for APY

Min. opening deposit

$100
Learn more

at Grasshopper Bank, Member FDIC


Min. opening deposit

$100

Why we like it

Grasshopper's online business checking account pays you two ways: You can earn unlimited 1% cash back on qualified purchases and up to 1.51% 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 1.51% APY.

  • No monthly fees or overdraft charges.

  • Free, built-in bookkeeping software.

Cons

  • Can’t deposit cash.

  • $100 minimum opening deposit.

Read Full Review

LendingClub Tailored Checking

5.0

NerdWallet rating 
LendingClub Tailored Checking

Monthly fee

$10.00

Waived with $500 minimum balance

APY

1.50%

With $0 min. balance for APY

Min. opening deposit

$100

Min. opening deposit

$100

Why we like it

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.

Read Full Review

Our pick for

Best business bank accounts for branch access

Prefer in-person banking? Open a business account with one of these banks and you'll have access to more than 4,200 branch locations across the United States.

Chase Business Complete Banking℠
Learn more

at Chase, Member FDIC

Chase Business Complete Banking℠

5.0

NerdWallet rating 
Chase Business Complete Banking℠

Monthly fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Min. opening deposit

$0
Learn more

at Chase, Member FDIC


Min. opening deposit

$0

Why we like it

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.

Read Full Review
U.S. Bank Silver Business Checking
Learn more

at U.S. Bank, Member FDIC

U.S. Bank Silver Business Checking

4.0

NerdWallet rating 
U.S. Bank Silver Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$100
Learn more

at U.S. Bank, Member FDIC


Min. opening deposit

$100

Why we like it

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.

Read Full Review
Bank of America Business Advantage Fundamentals™ Banking
Learn more

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

Bank of America Business Advantage Fundamentals™ Banking

5.0

NerdWallet rating 
Bank of America Business Advantage Fundamentals™ Banking

Monthly fee

$16.00

Waived with $5,000 minimum balance

APY

N/A

Min. opening deposit

$0
Learn more

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


Min. opening deposit

$0

Why we like it

Business Advantage Fundamentals™ Banking accountholders have access to more than 3,800 Bank of America branches across 37 states and Washington, D.C. This business checking account features a generous cash deposit allowance — up to $7,500 per month — along with unlimited 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

  • Unlimited fee-free electronic transactions.

  • High cash deposit limits.

  • Business accounts can be opened entirely online.

Cons

  • No free business checking account option.

  • High incidental fees.

  • Fee for using out-of-network ATMs.

Read Full Review

Wells Fargo Initiate Business Checking℠ Account

4.0

NerdWallet rating 
Wells Fargo Initiate Business Checking℠ Account

Monthly fee

$10.00

Waived with $500 minimum balance

APY

N/A

Min. opening deposit

$25

Min. opening deposit

$25

Why we like it

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.

Read Full Review

Our pick for

Best business accounts 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 (0.33% APY, as of this writing, according to the Federal Deposit Insurance Corp.)

Live Oak Bank Business Savings

Not yet rated

Live Oak Bank Business Savings

APY

3.50%

With $0.01 min. balance for APY

Min. opening deposit

$0

Why we like it

Live Oak is an online business savings account that, as of this writing, earns 3.50% APY on balances as low as 1 cent. The account has no monthly fee or minimum balance requirements. Like other savings accounts, you are limited to six fee-free withdrawals per month.

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.

Read Full Review
Bluevine Business Checking
Learn more

at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0

NerdWallet rating 
Bluevine Business Checking

Monthly fee

$0

APY

2.00%

With $0 min. balance for APY

Min. opening deposit

$0
Learn more

at Bluevine, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

The Bluevine Business Checking account has no monthly fees, overdraft fees or transaction fees and does not require a minimum opening deposit. Plus you earn 2.00% on your account balance up to $100,000. 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 $100,000. Terms apply.

  • No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).

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.

Read Full Review

nbkc bank Business Money Market Account

Not yet rated

nbkc bank Business Money Market Account

APY

1.26%

With $0.01 min. balance for APY

Min. opening deposit

$0

Why we like it

The NBKC Business Money Market account earns 1.26% 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.

Read Full Review

LendingClub Tailored Checking

5.0

NerdWallet rating 
LendingClub Tailored Checking

Monthly fee

$10.00

Waived with $500 minimum balance

APY

1.50%

With $0 min. balance for APY

Min. opening deposit

$100

Min. opening deposit

$100

Why we like it

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.

Read Full Review
Grasshopper Business Checking Account
Learn more

at Grasshopper Bank, Member FDIC

Grasshopper Business Checking Account

5.0

NerdWallet rating 
Grasshopper Business Checking Account

Monthly fee

$0

APY

1.51%

With $0 min. balance for APY

Min. opening deposit

$100
Learn more

at Grasshopper Bank, Member FDIC


Min. opening deposit

$100

Why we like it

Grasshopper's online business checking account pays you two ways: You can earn unlimited 1% cash back on qualified purchases and up to 1.51% 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 1.51% APY.

  • No monthly fees or overdraft charges.

  • Free, built-in bookkeeping software.

Cons

  • Can’t deposit cash.

  • $100 minimum opening deposit.

Read Full Review
First Internet Bank Business Money Market Savings

First Internet Bank Business Money Market Savings

Not yet rated

First Internet Bank Business Money Market Savings

APY

2.84%

With $0 min. balance for APY

Min. opening deposit

$100

Why we like it

The First Internet Bank Money Market Savings account requires a $100 opening deposit and carries a $5 monthly fee (waived with an average daily balance of $4,000). In return, account holders earn2.84% APY.

This account is only available to sole proprietors.

Our pick for

Best business accounts for cash deposits

These business bank accounts have no caps or fees for cash deposits — a must for small businesses that deal primarily in cash.

LendingClub Tailored Checking

5.0

NerdWallet rating 
LendingClub Tailored Checking

Monthly fee

$10.00

Waived with $500 minimum balance

APY

1.50%

With $0 min. balance for APY

Min. opening deposit

$100

Min. opening deposit

$100

Why we like it

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.

Read Full Review
Bank of America Business Advantage Fundamentals™ Banking
Learn more

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

Bank of America Business Advantage Fundamentals™ Banking

5.0

NerdWallet rating 
Bank of America Business Advantage Fundamentals™ Banking

Monthly fee

$16.00

Waived with $5,000 minimum balance

APY

N/A

Min. opening deposit

$0
Learn more

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


Min. opening deposit

$0

Why we like it

Business Advantage Fundamentals™ Banking accountholders have access to more than 3,800 Bank of America branches across 37 states and Washington, D.C. This business checking account features a generous cash deposit allowance — up to $7,500 per month — along with unlimited 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

  • Unlimited fee-free electronic transactions.

  • High cash deposit limits.

  • Business accounts can be opened entirely online.

Cons

  • No free business checking account option.

  • High incidental fees.

  • Fee for using out-of-network ATMs.

Read Full Review
Axos Bank® Basic Business Checking
Learn more

at Axos Bank®, Member FDIC

Axos Bank® Basic Business Checking

5.0

NerdWallet rating 
Axos Bank® Basic Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Axos Bank®, Member FDIC


Min. opening deposit

$0

Why we like it

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.

Read Full Review

Navy Federal Credit Union Business Checking

4.5

NerdWallet rating 
Navy Federal Credit Union Business Checking

Monthly fee

$0

APY

0.01%

With $0 min. balance for APY

Min. opening deposit

$255

Min. opening deposit

$255

Why we like it

Navy Federal Credit Union’s business checking account is available to business owners with a qualifying military background. Those who meet the membership criteria enjoy free business checking with no cap on cash deposits, unlimited electronic transactions and 24/7 customer support by phone.

Navy Federal requires a $255 minimum opening deposit on all of its business checking accounts ($250 for sole proprietorships).

Pros

  • No monthly fees.

  • Unlimited fee-free electronic transactions.

  • No dollar limit on cash deposits (other limits may apply).

  • 24/7 customer service.

Cons

  • High opening deposit (up to $255).

  • $29 fee for overdrafts, insufficient funds.

  • Eligibility limited to military members, Department of Defense employees and their families.

Read Full Review
nbkc Business Account
Learn more

at nbkc bank, Member FDIC

nbkc Business Account

5.0

NerdWallet rating 
nbkc Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at nbkc bank, Member FDIC


Min. opening deposit

$0

Why we like it

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.

Cons

  • High fee ($45) for international wire transfers.

  • No weekend or after-hours customer support.

  • No third-party app integrations.

Read Full Review

Our pick for

Best business bank accounts for no fees

These business accounts take free to the next level, with no monthly fees, overdraft fees, transaction fees or ATM fees.

Relay
Learn more

at Relay, Deposits are FDIC Insured

Relay

4.5

NerdWallet rating 
Relay

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Relay, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

Relay is a free online banking platform with a lot to offer, including unlimited fee-free transactions, no overdraft fees, free incoming wires and fee-free access to more than 32,000 Allpoint ATMs.

Want to streamline your business finances? Relay customers can connect their accounts to QuickBooks Online or Xero. The platform also integrates with Gusto, Plaid and Yodlee. Relay allows you to invite your partners and employees to your account, assign them user permissions and automate their spending limits.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions; no overdraft fees.

  • No foreign transaction fees when you use your Relay Mastercard abroad.

  • Supports multiple accounts; employee debit cards with transaction and withdrawal limits.

Cons

  • Can't deposit cash or order checks.

  • Limited phone support. Email support available seven days a week.

  • Deposited checks are held for up to 6-7 business days.

Read Full Review
nbkc Business Account
Learn more

at nbkc bank, Member FDIC

nbkc Business Account

5.0

NerdWallet rating 
nbkc Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at nbkc bank, Member FDIC


Min. opening deposit

$0

Why we like it

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.

Cons

  • High fee ($45) for international wire transfers.

  • No weekend or after-hours customer support.

  • No third-party app integrations.

Read Full Review
Mercury Business Bank Account
Learn more

at Mercury, Deposits are FDIC Insured

Mercury Business Bank Account

4.5

NerdWallet rating 
Mercury Business Bank Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Mercury, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

Mercury offers a free business checking and savings account with no transaction fees, overdraft fees or minimum opening deposit requirement. The account also offers free domestic and international wires.

The platform offers built-in digital tools that allow you to track and manage your payments and expenses, create virtual debit cards and manage team members. You can also integrate your Mercury account with a variety of other business tools, including Quickbooks and Xero.

The catch: Mercury is not available to sole proprietors and cannot accommodate cash deposits.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions; no overdraft fees.

  • No fees at Allpoint ATMs.

  • Free domestic and international wire transfers.

  • Advanced digital tools including API access to automate and customize your banking.

Cons

  • Not available to sole proprietors.

  • Can’t deposit cash.

Read Full Review

Types of business accounts

There are four types of business bank accounts: checking account, savings account, credit card and merchant services. A business checking account is best for everyday cash flow and you’ll need one to open a merchant services account (a must if you accept debit and credit card payments).

Savings accounts are a good tool to stash funds for long-term goals. And a small-business credit card can help you build your business credit history and earn rewards on everyday spending.

Best for: Everyday use.

Best for: Long-term savings.

Best for: Building credit, earning rewards.

Best for: Accepting debit and credit card payments.

What to keep in mind:

  • Included monthly transactions.

  • ATM access.

  • Account and incidental fees.

What to keep in mind: 

  • APY.

  • Account fees.

  • Minimum balance required to earn interest.

What to keep in mind: 

  • Annual fee.

  • Interest rate.

  • Spending habits.

  • Rewards type and structure.

  • Introductory offers.

What to keep in mind: 

  • Bundled merchant services.

  • Low transaction fees.

  • Additional fees.

Choosing a business bank account

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.

  • Minimum balance requirements.

  • Included fee-free transactions.

  • ATM access (withdrawals and deposits).

  • Wiring, transfer and payment capabilities.

  • Incidental fees (stop payment, nonsufficient funds, overdrafts).

  • Online and mobile banking.

  • Additional features, such as bill pay, invoicing or integrations with other business tools.

Last updated on January 26, 2023

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.

To recap our selections...

NerdWallet's Best Business Bank Accounts of February 2023