Quick picks for sole proprietor banks
Best Business Bank Accounts for Sole Proprietors
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Min. opening deposit▼ | Learn more |
---|---|---|---|---|---|
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 Best for Earning interest | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for 24/7 customer support + ATM fee rebates | $0 | N/A | $0 | Learn more at Axos Bank®, Member FDIC |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 5.0/5 Best for High-yield checking with cash-back rewards | $0 | 2.25% With $0 min. balance for APY | $100 | Learn more at Grasshopper Bank, Member FDIC |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 5.0/5 Best for Branch access, payment processing | $15.00 Waived with $2,000 minimum balance | N/A | $0 | Learn more at Chase, Member FDIC |
Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 5.0/5 Best for E-commerce businesses | $0 | N/A | $0 | Learn more at Found, Deposits are FDIC Insured |
U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.0/5 Best for Sign-up bonus | $0 | N/A | $100 | Learn more at U.S. Bank, Member FDIC |
Bank of America Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 5.0/5 Best for Cash deposits, dedicated support | $16.00 Waived with $5,000 minimum balance | N/A | $100 | Learn more at Bank of America, N.A., Member FDIC |
nbkc Business Account Learn more at nbkc bank, Member FDIC | 5.0/5 Best for No-fee business checking account | $0 | N/A | $0 | Learn more at nbkc bank, Member FDIC |
Our pick for
Earning interest
Bluevine Business Checking
at Bluevine, Deposits are FDIC Insured
2.00%
With $0 min. balance for APY
$0
$0
No
Fee of up to $4.95 per cash deposit.
$0
$0
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 $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
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 or employee debit cards.
Our pick for
24/7 customer support + ATM fee rebates
Axos Bank® Basic Business Checking
at Axos Bank®, Member FDIC
N/A
$0
$0
Yes
Unlimited
$25
$200
Requirements to qualify
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.
Our pick for
High-yield checking with cash-back rewards
Grasshopper Business Checking Account
at Grasshopper Bank, Member FDIC
2.25%
With $0 min. balance for APY
$0
$100
No
No cash deposits.
$0
$0
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.25% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Our pick for
Branch access, payment processing
Chase Business Complete Banking℠
at Chase, Member FDIC
N/A
$15.00
Waived with $2,000 minimum balance
$0
Yes
Up to $5,000 per month.
$34
$300
Requirements to qualify
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.
Our pick for
E-commerce businesses
Found Small Business Banking
at Found, Deposits are FDIC Insured
N/A
$0
$0
No
No cash deposits.
$0
$20
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business apps, including Stripe, Etsy and PayPal.
Cons
- Weekend and after-hours support via email only.
- Have to open account in your name, not business name, and use your SSN to apply. (Business EIN can be added later.)
- No outgoing wires. Can’t pay by check.
- Cash deposits limited to $1,000 per week; $4,000 per month. A $2 service fee applies.
Our pick for
Sign-up bonus
U.S. Bank Silver Business Checking
at U.S. Bank, Member FDIC
N/A
$0
$100
Yes
Up to $2,500 per month.
$36
$800
Requirements to qualify
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.
Our pick for
Cash deposits, dedicated support
Bank of America Business Advantage Fundamentals™ Banking
at Bank of America, N.A., Member FDIC
N/A
$16.00
Waived with $5,000 minimum balance
$100
Yes
Up to $7,500 per month.
$10
$200
See offer page for more details
Pros
- Fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
No-fee business checking account
nbkc Business Account
at nbkc bank, Member FDIC
N/A
$0
$0
Yes
Unlimited
$0
$0
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.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
- No third-party app integrations.
Can you open a bank account as a sole proprietor?
Do sole proprietors need business bank accounts?
What sole proprietors should look for in a business account
How to open a business bank account as a sole proprietor
- A government-issued photo ID.
- Business license.
- Business name registration certificate or “doing business as” documentation.
- Employer identification number (EIN) if you have one. Otherwise, your Social Security number.
- Company details: industry and business type, when it was formed, and your business address and phone number.