Today’s business checking accounts are more than a simple money-management vehicle. Many business bank accounts include tools to streamline invoicing and bookkeeping, making it easier to run — and grow — your business.
The best small-business checking accounts also deliver perks like automatic ATM fee refunds, cash back on debit card purchases, and interest earned on even the smallest balances. (At least one of our picks offers all three.) All for little to no monthly fee.
NerdWallet evaluated more than 30 business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least four stars were eligible to be included in this list. Here are our picks for the best checking accounts for small businesses.
Featured
Learn more
at Bluevine, Deposits are FDIC Insured
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
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$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 $100,000. Terms apply.
- No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).
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.
Our Nerdy picks for
Earning interest
Bluevine Business CheckingCash deposits
Axos Bank® Basic Business Checking1% cash back on debit card purchases
Grasshopper Business Checking AccountMultiple accounts
RelaySign-up bonus
Chase Business Complete Banking℠Freelancers
Lili Business CheckingBest Business Checking Accounts
Bank/institution | 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 Cash deposits | $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 1% cash back on debit card purchases | $0 | 1.51% With $0 min. balance for APY | $100 | Learn more at Grasshopper Bank, Member FDIC |
Relay Learn more at Relay, Deposits are FDIC Insured | 4.5/5 Best for Multiple accounts | $0 | N/A | $0 | Learn more at Relay, Deposits are FDIC Insured |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 5.0/5 Best for Sign-up bonus | $15.00 Waived with $2,000 minimum balance | N/A | $0 | Learn more at Chase, Member FDIC |
Lili Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.5/5 Best for Freelancers | $0 | N/A | $0 | Learn more at Lili, Deposits are FDIC Insured |
Mercury Business Bank Account Learn more at Mercury, Deposits are FDIC Insured | 4.5/5 Best for Wire transfers | $0 | N/A | $0 | Learn more at Mercury, Deposits are FDIC Insured |
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 |
Novo Business Checking Learn more at Novo, Deposits are FDIC Insured | 4.5/5 Best for Free ATM access | $0 | N/A | $0 | Learn more at Novo, Deposits are FDIC Insured |
Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.0/5 Best for Gig work and side hustles | $0 | N/A | $0 | Learn more at Found, Deposits are FDIC Insured |
Navy Federal Credit Union Business Checking | 4.5/5 Best for Veteran-owned businesses | $0 | 0.01% With $0 min. balance for APY | $255 | |
American Express® Business Checking | 5.0/5 Best for 24/7 customer support | $0 | 1.30% | $0 | |
Oxygen Business Account | 4.5/5 Best for Up to 5% cash back at select merchants | $0 | N/A | $0 | |
U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.0/5 Best for Free business checking (brick-and-mortar) | $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 (brick-and-mortar) | $16.00 Waived with $5,000 minimum balance | N/A | $0 | Learn more at Bank of America, N.A., Member FDIC |
Wells Fargo Initiate Business Checking℠ Account | 4.0/5 Best for In-person banking | $10.00 Waived with $500 minimum balance | N/A | $25 | |
Huntington Business Checking 100 | 4.0/5 Best for Overdraft grace period | $0 | N/A | $0 | |
LendingClub Tailored Checking | 5.0/5 Best for Cash back | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | $100 |
Our pick for
Earning interest
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
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
The Bluevine Business Checking account earns
2.00%
interest on your account balance up to and including $100,000 — that’s 50x higher than the national average for interest-bearing checking accounts.The free online business checking account also includes unlimited transactions and free ATM access through the MoneyPass network — with the ability to deposit cash (for a fee) at Green Dot locations across the U.S.
The downsides: Cash deposits are capped a $500 per deposit and $2,000 per day. Each deposit carries a fee of up to $4.95.
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 $100,000. Terms apply.
- No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).
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.
Our pick for
Cash deposits
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
$200
Requirements to qualify
Axos Bank’s Basic Business Checking account includes free, unlimited cash deposits via compatible AllPoint and MoneyPass ATMs — a feature matched by few other business checking accounts.
The free online business account has no monthly fee or minimum opening deposit requirement, delivers 24/7 customer support and offers free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.
The downside: Unlike some other online business accounts, Axos does charge for overdrafts and returned payments.
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
1% cash back on debit card purchases
Grasshopper Business Checking Account
Learn more
at Grasshopper Bank, Member FDIC
APY
1.51%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Sign-up bonus
$0
Grasshopper bank’s business checking account pays you two ways: You can earn unlimited 1% cash back on qualified purchases and up to
1.51%
APY on the balance in your account. You also get free, built-in access to Autobooks, as well as business tools like invoicing and cash management.Grasshopper's business account has no monthly fees or overdraft charges and fee-free access to more than 45,000 ATMs via the MoneyPass and SUM networks (third-party fees may apply outside of these networks).
The downsides: You can't deposit cash and the account requires a $100 minimum opening deposit.
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn 1.51% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
Our pick for
Multiple accounts
Relay
Learn more
at Relay, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Sign-up bonus
$0
Relay’s free online business checking account comes with several features that benefit midsize businesses and rapidly growing startups, including the option to open multiple accounts (up to 20; 10 for sole proprietorships) and ability to invite team members, assign roles and permissions, and set spending limits.
Relay has no monthly fees, includes unlimited fee-free transactions and free income wires, and allows for direct integrations with QuickBooks Online and Xero
The downsides: Relay does not currently offer the ability to deposit cash at ATMs.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- No foreign transaction fees when you use your Relay Mastercard abroad.
- Supports multiple accounts; employee debit cards with transaction and withdrawal limits.
Cons
- Can't deposit cash or order checks.
- Limited phone support. Email support available seven days a week.
- Deposited checks are held for up to 6-7 business days.
Our pick for
Sign-up bonus
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
Chase Business Complete Checking offers one of the most generous sign-up bonuses for business bank accounts: Earn a $300 sign-up bonus if you deposit $2,000 or more within 30 days of opening your account, maintain that balance for 60 days and complete five qualifying transactions.
Chase Business Complete Checking also includes unlimited electronic deposits, extensive nationwide branch and ATM access, and the ability to accept credit card payments via QuickAccept℠ using the Chase mobile app (associated processing fees apply).
The downsides: The account has a $15 monthly maintenance fee (multiple ways to waive) and caps in-person transactions at 20 per month.
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
Freelancers
Lili Business Checking
Learn more
at Lili, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
Lili Business Checking is an online business account with no monthly fees or minimum opening deposit. While the lack of fees is a plus, Lili’s suite of digital tools is what really makes the account stand out, especially for freelancers and independent contractors.
If you do business via Uber, Lyft or Shopify, you can connect your account with Lili to receive funds up to two days faster. You can also easily separate (or split) business and personal expense if you use your account for both, and automatically save a percentage of your income for taxes.
The downsides: Lili doesn't support joint accounts. You also can't send or receive wire transfers from your Lili business account. Cash deposits and mobile check deposits also come with some limits.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- No fees at MoneyPass ATMs.
- Cash deposits via Green Dot network (fees and limits apply).
- Integrated tools for managing expenses and planning for taxes.
- Early payment feature with direct deposit allows you to receive funds up to two days sooner than you might with a traditional bank account.
Cons
- Fee for using out-of-network ATMs.
- Cash deposits limited to $1,000 per day, $9,000 per month. Service fee of up to $4.95 per deposit.
- No checkbooks; can’t send or receive wire transfers.
- Limited business-related features: no joint accounts, limited to one business debit card, no third-party integrations.
Our pick for
Wire transfers
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
Sign-up bonus
$0
Mercury's free business checking account has no transaction fees, no overdraft fees and free domestic and international wire transfers.
The online banking platform is great for tech-focused startups, offering a variety of digital tools and read-write application programming interface access that allows you to customize your business banking.
The downside: Mercury doesn’t accept cash deposits. The online business account is also not available to sole proprietors.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- No fees at Allpoint ATMs.
- Free domestic and international wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
Cons
- Not available to sole proprietors.
- Can’t deposit cash.
Our pick for
No-fee business checking account
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
Sign-up bonus
$0
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).
The downside: NBKC doesn’t offer direct integration with any invoicing or bookkeeping tools, a common feature among online business checking accounts. You can add on Autobooks for $10 per month.
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.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
- No third-party app integrations.
Our pick for
Free ATM access
Novo Business Checking
Learn more
at Novo, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$27
Sign-up bonus
$0
The Novo business checking account includes unlimited fee-free transactions and refunds on all ATM fees worldwide, all while charging no monthly fees, ACH fees or incoming wire fees.
Novo also includes unlimited invoicing and bill pay, as well as integrations with top business tools like QuickBooks, Xero, Stripe and Shopify.
The downside: You cannot deposit cash with this business bank account.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- Refunds on all ATM fees worldwide.
- Integrates with top business tools, including QuickBooks, Xero, Stripe and Shopify.
Cons
- Can’t deposit cash.
- Can’t send domestic or international wires.
- No recurring payments available with bill pay.
- $27 fees for insufficient funds/uncollected funds returned.
Our pick for
Gig work and side hustles
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
No cash deposits.
Overdraft fees
$0
Bonus
$20
Requirements to qualify
Found business checking is a great starter kit for gig workers and independent contractors looking to level up their side hustle. The account offers direct integration with popular business apps, including Etsy, PayPal, Uber, Lyft and Instacart, as well as built-in bookkeeping, invoicing and tax-planning tools. Plus, this free business checking account has no monthly fees, overdraft fees or minimum opening deposit.
The downsides: You can't deposit cash or checks (even via mobile deposit), and you can't pay by check, either. Found also has limited customer support hours, with no weekend or after-hours availability.
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
- Can’t deposit cash; can’t deposit checks or pay by check.
- No weekend or after-hours customer support.
- Have to open account in your name, not business name, and use your SSN to apply. (Business EIN can be added later.)
Our pick for
24/7 customer support
American Express® Business Checking
APY
1.30%
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
There's a lot to like about the American Express Business Checking account, including no monthly fees, a competitive interest rate, 24/7 customer support and a generous welcome bonus.
The downsides: You cannot deposit cash, and the bank's app (and mobile check deposit) is only available to iPhone users.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
Cons
- Can’t deposit cash.
- Mobile check deposit (via app) is only available on Apple iOS.
- Only available to American Express customers.
Our pick for
Free business checking (brick-and-mortar)
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
$400
Requirements to qualify
A free business checking account from a big brick-and-mortar bank is rare, but that's exactly what U.S. Bank delivers with its Silver Business Checking account. You can apply for an account online, over the phone or in person at a branch (U.S. Bank has branches in 26 states). And new customers can earn a signup bonus if they meet certain requirements.
The downside: Silver Business Checking has a stingy transaction limit, especially when compared with similar accounts from competitors. Though most of those accounts carry a monthly fee.
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 (brick-and-mortar)
Bank of America Business Advantage Fundamentals™ Banking
Learn more
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
Waived with $5,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $7,500 per month.
Overdraft fees
$10
Bonus
$200
See offer page for more details
This account has a high cash deposit allowance for a brick-and-mortar bank and offers unlimited fee-free electronic transactions. Plus, you can open an account entirely online.
The downsides: There is a $16 monthly fee (multiple ways to waive), and you'll pay to use non-Bank of America ATMs.
Pros
- Unlimited fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- High incidental fees.
- Fee for using out-of-network ATMs.
Our pick for
Overdraft grace period
Huntington Business Checking 100
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Up to $5,000 per month.
Overdraft fees
$36
Sign-up bonus
$0
Huntington Bank doesn't charge an overdraft fee unless your account is overdrawn by more than $50. Even then, the bank will refund any overdraft fees as long as you make a deposit by midnight the next business day to bring your account into good standing. The bank's service area is pretty small, though, with 1,000 branches and 1,600 ATMs across 11 states. And Huntington charges a fee to use out-of-network ATMs.
Pros
- No monthly service fee for Business Checking 100 account.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- Business accounts can be opened entirely online.
- Welcome bonus for new customers (terms apply).
Cons
- Fee for using out-of-network ATMs.
- Monthly limit on fee-free cash deposits ($5,000) and transactions (100).
- Accounts only available in 11 states.
Our pick for
Cash back
LendingClub Tailored Checking
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
Sign-up bonus
$0
LendingClub Tailored Checking pays you back in two ways: You get unlimited 1% cash back on qualifying debit card purchases (terms apply) and earn
1.50%
APY on balances up to $100,000 and 0.10% APY on all balances after that. LendingClub Tailored Checking also offers unlimited transactions, fee-free ATM access (with the ability to deposit cash) and unlimited reimbursements for ATM fees charged by other banks.
The downside: This account requires a $100 minimum opening deposit and has a $10 monthly maintenance fee (waived with a minimum balance of $500).
Pros
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
- Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
- Cash deposits via MoneyPass and SUM ATMs.
- Earn unlimited 1% cash back on debit card purchases.
Cons
- $10 monthly fee.
- $100 minimum opening deposit requirement.
- Minimum $500 balance required to earn cash-back rewards and waive monthly fee.
Anyone who owns a business should have a business checking account. That includes corporations and LLCs along with sole proprietors, freelancers and folks who do gig work.
Using a dedicated business bank account for your business income and expenses helps streamline record keeping, making it easier to file taxes and gather financials to apply for grants and business loans.
A separate small-business checking account draws a clear line between business and personal expenses, too, which can help shield your personal assets if your company is sued.
When comparing small-business checking accounts, first determine what’s most important to your business — whether it’s cash deposits, branch access, low fees or something else — to narrow your options. Then dig into the details of each potential account, looking at the following:
Minimum opening deposit: Opening deposit requirements can range from $0 to $100 (or more) depending on the account.
Monthly fees: A free business checking account is a great place to start for most businesses, but growing businesses with high transaction volume or deposits may find an account with a monthly fee a better fit. Just make sure you can easily meet the requirements to waive the monthly fee.
Transaction limits: Choose an account that can accommodate your average transaction volume, including electronic transactions and checks.
Online business checking accounts typically include unlimited fee-free transactions, but transaction limits at brick-and-mortar banks can range from 100 to 500 per month. Some accounts offer unlimited electronic transactions (ACH transfers, bill pay, debits, etc.) but limit in-person activity to as few as 20 times per month.
Cash deposits: Does your business deal with cash on a regular basis? Make sure your bank allows you to deposit that cash without a fee.
A cash deposit limit of $2,500 to $5,000 is common for entry-level business accounts at brick-and-mortar banks (beyond that you'll likely pay a fee). And cash deposits may not be available at all with an online business account, though several offer cash deposits for a fee via third parties like Green Dot.
ATM access: If you need to withdraw or deposit cash via ATM, take stock of the bank’s ATM network and any associated fees.
Some small-business banks, like Chase, Wells Fargo and Bank of America, charge $2 to $3 if you use an ATM outside of the bank’s own ATM network. And those fees are on top of any charged by the third-party ATM owner. Other business banks partner with MoneyPass, Allpoint and other massive ATM networks, giving fee-free access to more than 40,000 ATMs nationwide.
A handful of business banking accounts, including NBKC business checking, Lending Club Tailored Checking and Novo business checking, go a step further and will automatically refund some or all of your ATM fees, including those charged by third-party ATM operators. That can be a big bonus for business owners who rely on ATM access.
Additional fees: Read the fine print to get a clear picture of any incidental fees associated with an account, like nonsufficient funds fees, overdraft fees, wire fees, stop payment fees and returned items fees. Most banks publish this information online, but it’s not always easy to find. When in doubt, ask a bank representative to see the full schedule of fees before opening an account.
Included business tools: The best business banking account for your company should have tools and features that make it easier to run your business. A business checking account for freelancers and new businesses, for example, might have built-in accounting and tax planning tools. While a more established business may want an account that easily integrates with its existing business software and offers free, customized invoicing. Other features, like free online banking, bill pay and mobile check deposit, are also included with most small-business checking accounts.
Interest: A high-yield business checking account lets your money earn money. Look for an account that earns a high APY — as of this writing, the national average for interest checking is 0.06%, according to the FDIC, but several of our top picks earn 1% or more — but beware of fees or high balance requirements that might cancel out your earnings. Want a higher interest rate for long-term savings? Consider a business savings account, which tend to earn a higher APY (though your account activity is limited in other ways).
Compare more business banking options
Want to explore more banks for small businesses? Use NerdWallet's tool to search for and compare business checking accounts based on the features that are important to you, whether that's unlimited transactions, free ATM access, no monthly fee or a low minimum opening deposit.
Last updated on February 7, 2023
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.
Frequently Asked Questions
Having separate personal and business checking accounts — and separate record-keeping — makes it easier to deduct business expenses for taxes. It also better protects you if legal action is taken against your company. Having commingled accounts may put your personal assets at risk in a lawsuit.
Credit unions typically have low or no monthly fees for their business bank accounts, and they’re known for good customer service. In addition, credit unions can have high cash deposit limits, making them a good choice for restaurants and other businesses that deal mostly in cash.
Keep in mind that credit unions might have just a few locations and ATMs compared with major bank chains, which can have national reach.
If you qualify for membership, however, they’re worth considering. Compare some strong options in our roundup of NerdWallet’s Best Credit Unions.
Your personal bank can be a good first stop when shopping for a business checking account. But you should compare multiple accounts to make sure you get the most benefit out of your business checking account. You may find another bank can offer a higher level of customer service, fewer deposit and transaction limits or greater ATM access. Start your search with our roundup of the best banks for small business.
To open a business checking account, you’ll be required to provide basic information about yourself and your business. You’ll also need to provide personal identification, such as a government-issued ID and Social Security number, as well as legal business documentation.
Learn more about the process in our comprehensive guide to opening a business bank account.