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Best Business Checking Accounts of February 2023

By Randa Kriss, Kelsey Sheehy
Last updated on February 7, 2023
Edited byRyan Lane

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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 
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at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0
NerdWallet rating 
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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

Our Nerdy picks for

1% cash back on debit card purchases

Grasshopper Business Checking Account

Multiple accounts

Relay

Best Business Checking Accounts

Bank/institution
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Bluevine Business Checking

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at Bluevine, Deposits are FDIC Insured

5.0/5

Best for Earning interest

$0

2.00%

With $0 min. balance for APY

$0
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at Bluevine, Deposits are FDIC Insured

Axos Bank® Basic Business Checking

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at Axos Bank®, Member FDIC

5.0/5

Best for Cash deposits

$0

N/A$0
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at Axos Bank®, Member FDIC

Grasshopper Business Checking Account

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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

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at Relay, Deposits are FDIC Insured

4.5/5

Best for Multiple accounts

$0

N/A$0
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at Relay, Deposits are FDIC Insured

Chase Business Complete Banking℠

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at Chase, Member FDIC

5.0/5

Best for Sign-up bonus

$15.00

Waived with $2,000 minimum balance

N/A$0
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at Chase, Member FDIC

Lili Business Checking

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at Lili, Deposits are FDIC Insured

4.5/5

Best for Freelancers

$0

N/A$0
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at Lili, Deposits are FDIC Insured

Mercury Business Bank Account

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at Mercury, Deposits are FDIC Insured

4.5/5

Best for Wire transfers

$0

N/A$0
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at Mercury, Deposits are FDIC Insured

nbkc Business Account

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at nbkc bank, Member FDIC

5.0/5

Best for No-fee business checking account

$0

N/A$0
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at nbkc bank, Member FDIC

Novo Business Checking

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at Novo, Deposits are FDIC Insured

4.5/5

Best for Free ATM access

$0

N/A$0
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at Novo, Deposits are FDIC Insured

Found Small Business Banking

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at Found, Deposits are FDIC Insured

4.0/5

Best for Gig work and side hustles

$0

N/A$0
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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

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at U.S. Bank, Member FDIC

4.0/5

Best for Free business checking (brick-and-mortar)

$0

N/A$100
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at U.S. Bank, Member FDIC

Bank of America Business Advantage Fundamentals™ Banking

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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
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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

5.0
NerdWallet rating 
Learn more

at Bluevine, Deposits are FDIC Insured

APY

2.00%

Earn 2.00% interest on account balances up to and including $100,000. Terms apply.

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

Our pick for

Cash deposits

Axos Bank® Basic Business Checking

5.0
NerdWallet rating 
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

New business owners get a $200 welcome bonus with promo code NEWBIZ200. Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.

Requirements to qualify

Our pick for

1% cash back on debit card purchases

Grasshopper Business Checking Account

5.0
NerdWallet rating 
Learn more

at Grasshopper Bank, Member FDIC

APY

1.51%

Unlimited 1.51% APY

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

Our pick for

Multiple accounts

Relay

4.5
NerdWallet rating 
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

Our pick for

Sign-up bonus

Chase Business Complete Banking℠

5.0
NerdWallet rating 
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

Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.

Requirements to qualify

Our pick for

Freelancers

Lili Business Checking

4.5
NerdWallet rating 
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

Our pick for

Wire transfers

Mercury Business Bank Account

4.5
NerdWallet rating 
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

Our pick for

No-fee business checking account

nbkc Business Account

5.0
NerdWallet rating 
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

Our pick for

Free ATM access

Novo Business Checking

4.5
NerdWallet rating 
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

Our pick for

Gig work and side hustles

Found Small Business Banking

4.0
NerdWallet rating 
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

Receive $20 when you spend your first $100 on your Found card (in first 30 days after signing up)

Requirements to qualify

Our pick for

24/7 customer support

American Express® Business Checking

5.0
NerdWallet rating 
APY

1.30%

Monthly fee

$0

Min. opening deposit

$0

Free cash deposits

No

No cash deposits.

Overdraft fees

$0

Bonus

$300

Earn 30,000 Membership Rewards points, which is equivalent to $300 when converted to a cash deposit into your business checking account. Other redemption options available. Terms apply.

Requirements to qualify

Our pick for

Free business checking (brick-and-mortar)

U.S. Bank Silver Business Checking

4.0
NerdWallet rating 
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

Earn a $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code AF49ZCB and complete qualifying activities1, subject to certain terms and limitations. Offer valid through February 22, 2023. Member FDIC. Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for checking account

Requirements to qualify

Our pick for

Cash deposits (brick-and-mortar)

Bank of America Business Advantage Fundamentals™ Banking

5.0
NerdWallet rating 
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

Our pick for

Overdraft grace period

Huntington Business Checking 100

4.0
NerdWallet rating 
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

Our pick for

Cash back

LendingClub Tailored Checking

5.0
NerdWallet rating 
APY

1.50%

1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that

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

Who should get a business checking account?

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.

How to compare small-business checking accounts

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