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Best Business Bank Accounts of April 2024

By Kelsey Sheehy
Last updated on March 12, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 6 minutes

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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. You can use this account for day-to-day transactions and to separate your business and personal finances.
Most companies build from there, opening additional business accounts to capitalize on interest rates, save for long-term goals, link to a merchant account or tie to a small-business loan. Having accounts at different small-business banks 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, organized by perks (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 business accounts for you.

Best Business Bank Accounts

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Online business bank accounts + Earning interest

$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 Online business bank accounts + Earning 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

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for Online business bank accounts + Cash deposits + No fees

$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 Branch access

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Cash deposits + No fees

$0

N/A$0
Learn more

at Relay, Deposits are FDIC Insured

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for Online business bank accounts + Cash deposits

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Online business bank accounts + Earning interest + Cash deposits

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Earning interest

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Branch access

$10.00

Waived with $500 minimum balance

N/A$0

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5

Best for Earning interest

$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 No fees

$0

N/A$20

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Relay Business Savings

Learn more

at Relay, Deposits are FDIC Insured

3.5/5

Best for Earning interest

$0

1.00%

With $1 min. balance for APY

$0
Learn more

at Relay, Deposits are FDIC Insured

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for No fees

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

First Internet Bank Business Money Market Savings

4.0/5

Best for Earning interest

$5.00

Waived with $4,000 minimum balance

3.46%

With $0 min. balance for APY

$0

Navy Federal Credit Union Business Checking

4.2/5

Best for Cash deposits

$0

0.01%

With $0 min. balance for APY

$0
Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Online business bank accounts + Earning interest

$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 Online business bank accounts + Earning 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

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for Online business bank accounts + Cash deposits + No fees

$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 Branch access

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Cash deposits + No fees

$0

N/A$0
Learn more

at Relay, Deposits are FDIC Insured

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for Online business bank accounts + Cash deposits

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Online business bank accounts + Earning interest + Cash deposits

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Earning interest

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Branch access

$10.00

Waived with $500 minimum balance

N/A$0

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5

Best for Earning interest

$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 No fees

$0

N/A$20

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Relay Business Savings

Learn more

at Relay, Deposits are FDIC Insured

3.5/5

Best for Earning interest

$0

1.00%

With $1 min. balance for APY

$0
Learn more

at Relay, Deposits are FDIC Insured

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for No fees

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

First Internet Bank Business Money Market Savings

4.0/5

Best for Earning interest

$5.00

Waived with $4,000 minimum balance

3.46%

With $0 min. balance for APY

$0

Navy Federal Credit Union Business Checking

4.2/5

Best for Cash deposits

$0

0.01%

With $0 min. balance for APY

$0

I'M INTERESTED IN:

Our picks for

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

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

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

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

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

LendingClub Tailored Checking

Learn more

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
$0
Bonus
$0

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.

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

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
$400

Requirements to qualify

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

Wells Fargo Initiate Business Checking℠ Account

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
$0

Our picks 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.

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Unlimited

Overdraft fees
$0
Bonus
$0

LendingClub Tailored Checking

Learn more

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
$0
Bonus
$0

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

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

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

Navy Federal Credit Union Business Checking

APY
0.01%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$255
Free cash deposits
Yes

Unlimited

Overdraft fees
$29
Bonus
$0

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 (0.47% APY, as of this writing, according to the Federal Deposit Insurance Corp.)

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
$0

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

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

LendingClub Tailored Checking

Learn more

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
$0
Bonus
$0

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

Relay Business Savings

Learn more

at Relay, Deposits are FDIC Insured

APY
1.00%

With $1 min. balance for APY

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

No cash deposits

Overdraft fees
N/A
Bonus
$0

First Internet Bank Business Money Market Savings

4.0
NerdWallet rating 
APY
3.46%

With $0 min. balance for APY

Monthly fee
$5.00

Waived with $4,000 minimum balance

Min. opening deposit
$100
Free cash deposits
No

No cash deposits

Overdraft fees
N/A
Bonus
$0

Our picks for

No fees

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

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

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Unlimited

Overdraft fees
$0
Bonus
$0

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

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

No cash deposits.

Overdraft fees
$0
Bonus
$0

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, 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.

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 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% 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.

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 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.
Last updated on March 12, 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.
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Business banking made easy

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