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Best Business Bank Accounts of July 2022

Mar 23, 2022

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A small-business bank account can serve many functions. It can help establish your company by fully separating business and personal finances. A business account can also help you earn interest and save for long-term goals.

A business checking account is often the first step. Most companies build from there, opening a combination of business accounts to serve different functions.

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

Best Business Bank Accounts

Our picks for

Best online business bank accounts

Bank from anywhere with a fully online business bank account.

Bluevine Business Checking

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.50%
With $0 min. balance for APY
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 1.50% on your account balance up to $100,000.
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.
Relay

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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 Expensify, Gusto, Plaid and Wise. Relay allows you to invite your partners and employees to your account, assign them user permissions and automate their spending limits.
nbkc Business Account

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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.
Mercury Business Bank Account

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Min. opening deposit
$0
Why we like it
Mercury offers a free business checking and savings account with no transaction fees, overdraft fees, incoming wire fees or minimum opening deposit requirement.
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 Shopify, Stripe, PayPal and Quickbooks.
The catch: Mercury is not available to sole proprietors and cannot accommodate cash deposits.
Our picks 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℠

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$15.00
Waived with $2,000 minimum balance
APY
N/A
Min. opening deposit
$0
Why we like it
Chase Business Complete Checking is a digital-friendly small business bank account that includes access to 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.
Bank of America Business Advantage Fundamentals™ Banking

Checking

Member FDIC

4.0

/5
 NerdWallet rating 
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.

Why we like it
Bank of America has more than 4,200 branch locations across 37 states and Washington, D.C. The Business Advantage Fundamentals™ Banking includes up to 100 fee-free transactions and $7,500 in free cash deposits each month.
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.
Wells Fargo Initiate Business Checking℠ Account

Checking

Member FDIC

4.0

/5
 NerdWallet rating 
Monthly fee
$10.00
Waived with $500 minimum balance
APY
N/A
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.
Our picks 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 (0.06% APY, as of this writing, according to the Federal Deposit Insurance Corp.)

Kabbage Checking™

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.10%
With $0 min. balance for APY
Min. opening deposit
$0
Why we like it
Kabbage Checking is a simple, affordable banking option for small-business owners. The online business checking account has no monthly fee, no minimum opening deposit requirement and no minimum balance requirement.
As of this writing, customers earn 1.10% APY on balances up to $100,000 and enjoy unlimited electronic transactions. Kabbage Checking also offers fee-free access to 19,000 Allpoint ATMs.
You can deposit funds through the Kabbage mobile app (checks), at participating Green Dot locations (cash), or via direct deposit, incoming wire transfer or a transfer from another financial institution. There is no fee for incoming domestic wire transfers but cash deposits may incur a fee of up to $4.95 per deposit from the Green Dot retailer.
Bluevine Business Checking

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.50%
With $0 min. balance for APY
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 1.50% on your account balance up to $100,000.
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.
Live Oak Bank Business Savings

Savings

Member FDIC

Not yet rated

APY
1.05%
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 0.50% 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.
First Internet Bank Business Money Market Savings
First Internet Bank Business Money Market Savings

Money market

Member FDIC

Not yet rated

APY
0.70%
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 holder earn 0.40% APY on balances up to $10,000,000.
Our picks 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

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$10.00
Waived with $500 minimum balance
APY
0.50%
With $100 min. balance for APY
Min. opening deposit
$0
Learn more

at LendingClub Bank

Why we like it
LendingClub Tailored Checking has several standout features, including unlimited, fee-free cash deposits and free ATM access worldwide.
Earn 0.50% 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.
Navy Federal Credit Union Business Checking

Checking

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.01%
With $0 min. balance for APY
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).
nbkc Business Account

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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.
Our picks 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

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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 Expensify, Gusto, Plaid and Wise. Relay allows you to invite your partners and employees to your account, assign them user permissions and automate their spending limits.
Bluevine Business Checking

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.50%
With $0 min. balance for APY
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 1.50% on your account balance up to $100,000.
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.
nbkc Business Account

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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.
Mercury Business Bank Account

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Min. opening deposit
$0
Why we like it
Mercury offers a free business checking and savings account with no transaction fees, overdraft fees, incoming wire fees or minimum opening deposit requirement.
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 Shopify, Stripe, PayPal and Quickbooks.
The catch: Mercury is not available to sole proprietors and cannot accommodate cash deposits.

Types of business accounts

Most businesses use a combination of the following business accounts: checking, savings, credit card and merchant services. Each account type serves a different function.

Business checking accounts are ideal for day-to-day transactions and keeping business and personal finances separate. Savings accounts are a good tool to stash funds for long-term goals.

A small-business credit card can help you build your business credit history, earn rewards on everyday spending, and a merchant account allows you to accept credit and debit card payments from your customers. You need to open a business checking account before you can get a merchant account.

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, whether you’re interested in an online-only account and how you want to open your account (online vs. in person). 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 March 23, 2022

You may also like these

People often identify opening a savings account as their next money move.

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.00%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

1.26%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

0.90%

With $1 min. balance for APY

at American Express National Bank, Member FDIC

To recap our selections...

NerdWallet's Best Business Bank Accounts of July 2022