Skip to content

Best Business Bank Accounts of April 2024

By Kelsey Sheehy
Last updated on April 17, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 6 minutes

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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 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 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 can help keep your business running in case of a sudden disruption, like an account freeze or bank failure.
We rounded up the best bank accounts for small businesses below based on their standout features. We also break down which type of business account to use when, as well as how to choose the best business accounts for you.

Best Business Bank Accounts From Our Partners

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for High-yield business checking

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for Cash back + interest

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Branch access + cash deposits

$16.00

N/A$0
Learn more

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

Chase Business Complete Banking®

Learn more

at Chase, Member FDIC

4.5/5

Best for Branch access + overdraft grace period

$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for Fee-free online banking

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Free brick-and-mortar banking + welcome bonus

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for Cash-based businesses

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for High-yield business savings account

$0

4.00%

With $0.01 min. balance for APY

$300

Requirements to qualify

Learn more

at Live Oak Bank, Member FDIC

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5

Best for Business money market account

$0

2.75%

With $0.01 min. balance for APY

$0
Learn more

at nbkc bank, Member FDIC

Found Small Business Banking

Learn more

at Found, Deposits are FDIC Insured

4.4/5

Best for Freelancer-friendly tools

$0

N/A$20

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for High-yield business checking

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for Cash back + interest

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Branch access + cash deposits

$16.00

N/A$0
Learn more

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

Chase Business Complete Banking®

Learn more

at Chase, Member FDIC

4.5/5

Best for Branch access + overdraft grace period

$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for Fee-free online banking

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Free brick-and-mortar banking + welcome bonus

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for Cash-based businesses

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for High-yield business savings account

$0

4.00%

With $0.01 min. balance for APY

$300

Requirements to qualify

Learn more

at Live Oak Bank, Member FDIC

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5

Best for Business money market account

$0

2.75%

With $0.01 min. balance for APY

$0
Learn more

at nbkc bank, Member FDIC

Found Small Business Banking

Learn more

at Found, Deposits are FDIC Insured

4.4/5

Best for Freelancer-friendly tools

$0

N/A$20

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Access real-time financial insights and recommendations

Get insights into your cash flow trends, track revenue and expenses, and receive personalized recommendations to make smarter financial decisions.

insight

Accounts

insight

Insights

Cash flow graph with different accounts and their balances
Cash flow graph with different accounts and their balances
Cash flow graph with different accounts and their balances

Data sources:

Logo Back Of AmericaLogo PayoneerLogo Union BankLogo Chase
Click to see the types of personalized insights you could get

I'M INTERESTED IN:

Our pick for

High-yield business checking

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

APY
2.00%

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
$0

Our pick for

Cash back + interest

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

APY
2.25%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No

No cash deposits.

Overdraft fees
$0
Bonus
$0

Our pick for

Branch access + cash deposits

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

APY
N/A
Monthly fee
$16.00
Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$0

See offer page for more details

Our pick for

Branch access + overdraft grace period

Chase Business Complete Banking®

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

Our pick for

Fee-free online banking

nbkc Business Account

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
$0

Our pick for

Free brick-and-mortar banking + welcome bonus

U.S. Bank Silver Business Checking

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
$800

Requirements to qualify

Our pick for

Cash-based businesses

Axos Bank® Basic Business Checking

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

Our pick for

High-yield business savings account

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

APY
4.00%

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
$300

Requirements to qualify

Our pick for

Business money market account

nbkc bank Business Money Market Account

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
$0

Our pick for

Freelancer-friendly tools

Found Small Business Banking

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
$20

Requirements to qualify

What is a business account?

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, , 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.

What is the best business bank account for small businesses?

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 if you accept debit and credit card payments.
Beyond that, are useful for stashing idle funds and saving for long-term goals. Some high-yield business savings and earn upwards of 4.00% 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 can help you build your business credit history and earn rewards on everyday spending. A 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.

Types of small-business bank accounts

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:
  • 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:
  • Potential yield.
  • Account fees.
  • Minimum balance to open account.
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.

How to choose a business bank account

Consider what type of business bank account you need and whether you want an , an in-person experience or a combination of the two. Then, , 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 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 . 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 .
Last updated on April 17, 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 .
Close
Business banking made easy

Shop, compare, and access our cash flow tool to find the perfect banking solution to grow your business.

Close
Business banking made easy

Shop, compare, and access our cash flow tool to find the perfect banking solution to grow your business.