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8 Best Business Checking Accounts

Randa KrissFebruary 26, 2021
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Every small business needs a business checking account. Like consumer checking accounts, these bank accounts allow you to manage your business’s everyday finances by making deposits, paying bills, budgeting and more.

In addition, a business checking account gives you the ability to separate your business and personal expenses, prepare for taxes and legitimately establish your business’s financial presence.

The best business checking accounts have low or no fees, ATM accessibility and online or mobile banking tools. Interest-earning accounts and accounts with integrated business tools are also a plus.

NerdWallet looked at some of the largest banks in the country, along with a few big online banks and notable regional banks, and compared their business checking accounts. Here are our top checking accounts for small businesses.

Summary of Best Business Checking Accounts

Novo Business Checking

at Novo, Deposits are FDIC Insured

Novo Business Checking

Not yet rated

Novo Business Checking

Monthly Fee

$0

APY

N/A

Bonus

N/A

at Novo, Deposits are FDIC Insured


Bonus

N/A

Why we like it

The Novo business checking account has no monthly fees, no minimum balance requirements, no ACH transfer fees and no incoming wire fees. This online business checking account also includes unlimited fee-free transactions and refunds on all ATM fees worldwide.

In addition, Novo offers unlimited invoicing and bill pay, as well as integrations with top business tools like QuickBooks, Xero, Stripe and Shopify.

Novo business checking is a great option for small-business owners on the go — it’s important to note, however, that you cannot deposit cash with this business bank account.

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Chase Business Complete Banking℠

at Chase, Member FDIC

Chase Business Complete Banking℠

Not yet rated

Chase Business Complete Banking℠

Monthly Fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Bonus

$300

Requirements to qualify

at Chase, Member FDIC


Bonus

$300

Requirements to qualify

Why we like it

Chase Business Complete Checking is a digital-friendly small business bank account that includes access to 16,000 Chase ATMs and 4,700 branches across the U.S. This account has no minimum opening deposit, includes unlimited electronic deposits and offers the opportunity to earn a $300 sign-up bonus.

In addition, Chase Business Complete Checking gives you the ability to deposit up to $5,000 in cash per month for free, make 20 physical fee-free transactions per month and use Chase QuickAccept℠ to accept credit card payments with the Chase mobile app (associated processing fees apply).

That said, this Chase business checking account does have a monthly maintenance fee, $15, but there are multiple ways to waive it, including maintaining a daily minimum balance of $2,000.

Eligible entity types also have the option to open the Chase Business Complete Checking account online as well as by visiting a branch location.

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Radius Tailored Checking

at Radius, Member FDIC

Radius Tailored Checking

Not yet rated

Radius Tailored Checking

Monthly Fee

$10.00

Waived with $5,000 minimum balance

APY

0.10%

With $5,000 minimum balance

Bonus

N/A

at Radius, Member FDIC


Bonus

N/A

Why we like it

Radius Tailored Checking is an interest-earning small business checking account that allows you to earn 0.10% APY as long as you maintain an account balance of $5,000 or more. This account requires a $100 minimum opening deposit and has a $10 monthly maintenance fee, which can be waived with a minimum balance of $5,000.

Radius business checking offers unlimited transactions, fee-free ATM access (with the ability to deposit cash) and unlimited reimbursements for ATM fees charged by other banks.

This online business checking account also gives you the opportunity to earn an unlimited 1% cash back on debit card purchases, provided you maintain an average monthly balance of $5,000 or more. Plus, for a limited time, you can earn an additional 0.50% cash back on spending in business-specific categories like computer network services and direct marketing.

Radius Tailored Checking also includes access to online and mobile banking tools — most notably, Autobooks, an integrated invoicing and online payment software.

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Mercury Business Bank Account

at Mercury, Deposits are FDIC Insured

Mercury Business Bank Account

Not yet rated

Mercury Business Bank Account

Monthly Fee

$0

APY

N/A

Bonus

N/A

at Mercury, Deposits are FDIC Insured


Bonus

N/A

Why we like it

Mercury is an online banking platform that’s great for startups, offering a variety of digital tools and read-write application programming interface access that allows you to customize your business banking.

Mercury includes a free business checking account, a free business savings account and has no transaction fees, no overdraft fees and no incoming wire fees. In addition, Mercury provides access to over 55,000 fee-free ATMs through the Allpoint network.

Moreover, Mercury’s digital tools allow you to manage and track your expenses, send and receive online payments, create virtual debit cards and add and manage team members to your account. You also have the ability to integrate with third-party business tools.

Plus, businesses that hold a balance of more than $250,000 are eligible for a Mercury Tea Room account, which offers additional perks such as free outgoing wires, exclusive partner discounts and access to Mercury Treasury, an automated cash management account.

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nbkc Business Account

Not yet rated

nbkc Business Account

Monthly Fee

$0

APY

N/A

Bonus

N/A


Bonus

N/A

Why we like it

NBKC’s Business Account is a free business checking account with no monthly fees, no minimum balance requirement and no opening deposit 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.

Additionally, there are no incoming domestic wire fees, overdraft, stop payment, or other similar incidental fees with the NBKC business checking account. You’ll only face fees for outgoing domestic wires ($5) and incoming and outgoing international wires ($45).

Although you can’t integrate this online business checking account directly with third-party business tools, NBKC does offer its own customizable banking add-ons — including the Autobooks invoicing software and the free NBKC Business Money Market Savings account.

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Bank of America Business Advantage Fundamentals™ Banking

Not yet rated

Bank of America Business Advantage Fundamentals™ Banking

Monthly Fee

$16.00

Waived with $5,000 minimum balance

APY

N/A

Bonus

N/A


Bonus

N/A

Why we like it

Bank of America offers two business checking accounts — Business Advantage Fundamentals and Business Advantage Relationship — both of which include online and mobile banking, fee-free access to Bank of America ATMs and bill pay.

Both of these business bank accounts also include unlimited fee-free transactions for ACH transfers, debit card transactions, electronic debits and checks deposited through Remote Deposit Online.

For other types of transactions (i.e. checks paid, deposited items), the Advantage Fundamentals account includes 200 free transactions per month and the Advantage Relationship account includes 500 free transactions per month.

That said, Bank of America does charge monthly fees for both of their business checking accounts — $16 for Advantage Fundamentals and $29.95 for Advantage Relationship — there are, however, multiple ways to waive them.

Bank of America business checking is an ideal option for small business owners looking for access to some in-person banking, however, unlike some brick-and-mortar banks that require you visit a branch to open an account, Bank of America allows you to open an account online, over the phone, or in-person.

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Capital One Spark Business Basic Checking®

Not yet rated

Capital One Spark Business Basic Checking®

Monthly Fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Bonus

N/A


Bonus

N/A

Why we like it

With Capital One business checking, you have the option to choose between two accounts — Spark Business Basic Checking and Spark Business Unlimited Checking — both of which offer unlimited fee-free transactions, an uncommon feature for business checking accounts from brick-and-mortar banks.

These small business bank accounts also include access to over 40,000 fee-free ATMs, free online bill pay and mobile check deposit.

In addition, business owners that prefer to bundle their financial services can take advantage of Capital One’s vast suite of small-business products — and add a credit card, savings account, or loan — in the future.

That said, Capital One requires that you visit a branch to apply for one of their business checking accounts, and these accounts are only available in eight states — Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia — and Washington, D.C.

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BlueVine Business Checking

Not yet rated

BlueVine Business Checking

Monthly Fee

$0

APY

1.00%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

The BlueVine Business Checking account has no monthly fees, no minimum opening deposit and no minimum balance requirements. This online business checking account includes unlimited fee-free transactions, plus it allows you to earn 1% interest on your account balance up to $100,000.

In addition, BlueVine Business Checking offers 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.

The BlueVine business bank account also includes mobile check deposit, online bill pay and connects to third-party tools like Stripe and Expensify.

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What factors should I look at when comparing business checking accounts?

Depending on your small business’s needs, you may want to consider the following features when choosing a business checking account:

  • Minimum opening deposit: The amount that you’re required to deposit when you open your business checking account. These amounts can vary, and not all accounts require that you meet a specific minimum.

  • Monthly fees: The fee the bank charges to maintain your account. The best business checking accounts have low or no monthly fees. Some banks charge a monthly fee but offer ways that you can qualify to waive them. In this case, make sure you can meet those qualifications on a continual basis to avoid incurring fees later.

  • Transaction limits: Banks often place limits on the number of transactions a business can make with its account, including electronic transactions and checks. If you exceed your allotted number of monthly transactions, you typically face a small fee for each transaction you make. You’ll want to choose an account that can accommodate your average transaction volume.

  • Cash deposit limit: This is the amount of cash you’re allowed to deposit into your account for free each billing period. Again, after you reach the allotted threshold, you’ll face a small fee for each cash deposit you make.

  • ATM access: Where can you use your business debit card? Are there fees associated with using your card out of the bank’s ATM network? Does the business checking account offer any ATM fee reimbursements? Does your ATM access include both cash withdrawals and deposits? These are all relevant questions to consider.

  • Additional fees: What other fees does the bank charge for using your business checking account? Fees to look out for include nonsufficient funds fees, overdraft fees, wire fees, stop payment fees and returned items fees.

  • Included tools: What tools are offered with your business checking account? Many accounts offer free online and mobile banking, including mobile check deposit and online bill pay. Some accounts also offer other options for customizing your business banking, such as invoicing, online payments, third-party integrations and more.

  • Interest: Some business checking accounts offer interest. With interest-earning accounts, make sure you can meet any minimum balance requirements and that the earning potential isn’t canceled out by fees. Conversely, if you’re looking to save on a longer-term basis and don’t need daily access to your funds, you might consider a business savings account as the best option for earning interest. »MORE: Check out our picks for the best business savings accounts.

  • Type of bank: Is the business checking account from a national, regional or local bank? Is it from an online bank, or maybe a credit union? There's a range of qualities typically associated with these different types of financial institutions that might make a difference to your business. An online-only bank, for example, may offer a free account that can be opened quickly and easily online but does not include access to a physical branch location. A local brick-and-mortar bank, on the other hand, may offer a more personalized customer experience but require that you apply for an account in person and only work with businesses within their county.

Last updated on February 26, 2021

Methodology

To determine the best accounts, we took a close look at about 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, Internet search traffic and other factors; the nation's largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage rates, minimum balances, fees, digital experience and more.

Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA Compass, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MetaBank, M&T Bank, Moven, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees' Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Wells Fargo and Zions Bank.

Frequently asked questions