Best Business Bank Accounts for Sole Proprietors of December 2024

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.

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.

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.

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.

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.

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.

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.

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.

Pros

• Easy access to phone support.
• No minimum deposit or excess transaction fees.
• No fees at Allpoint ATMs; third-party fees may apply at non-Allpoint ATMs.

Cons

• Can’t deposit cash.
• Limited integration with business apps.
• Long deposit hold for new customers.