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Best Business Checking Accounts of December 2022

Written by Randa Kriss, Kelsey Sheehy
Edited by Ryan Lane
Last updated on December 1, 2022

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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.

Best Business Checking Accounts

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Bank/institution
NerdWallet rating
Monthly fee
APY
Min. opening deposit
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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
Learn more

at Bluevine, Deposits are FDIC Insured

LendingClub Tailored Checking

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at LendingClub Bank, Member FDIC

5.0/5

Best for Cash back

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$100
Learn more

at LendingClub Bank, Member FDIC

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
Learn more

at Axos 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

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
Learn more

at Novo, 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
Learn more

at Mercury, Deposits are FDIC Insured

nbkc Business Account

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at nbkc bank, Member FDIC

5.0/5

Best for Add-on business solutions

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

Chase Business Complete Banking℠

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at Chase, Member FDIC

4.5/5

Best for Sign-up bonus

$15.00

Waived with $2,000 minimum balance

N/A$0
Learn more

at Chase, Member FDIC

Navy Federal Credit Union Business Checking

5.0/5

Best for Veteran-owned businesses

$0

0.01%

With $0 min. balance for APY

$255

Found Small Business Banking

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at Found, Deposits are FDIC Insured

4.5/5

Best for Gig work and side hustles

$0

N/A$0
Learn more

at Found, Deposits are FDIC Insured

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

Lili Business Checking

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at Lili, Deposits are FDIC Insured

4.5/5

Best for Freelancers

$0

N/A$0
Learn more

at Lili, Deposits are FDIC Insured

Grasshopper Business Checking Account

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at Grasshopper Bank, Member FDIC

4.5/5

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

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
Learn more

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

4.0/5

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

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

Our pick for

Cash back

LendingClub Tailored Checking

5.0
NerdWallet rating 
Learn more

at LendingClub Bank, Member FDIC

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

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

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

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

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

Our pick for

Add-on business solutions

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

Our pick for

Sign-up bonus

Chase Business Complete Banking℠

4.5
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

No

Up to $5,000 per month.

Overdraft fees

$34

Our pick for

Gig work and side hustles

Found Small Business Banking

4.5
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

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

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

Our pick for

1% cash back on debit card purchases

Grasshopper Business Checking Account

4.5
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

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

Our pick for

Cash deposits (brick-and-mortar)

Bank of America Business Advantage Fundamentals™ Banking

4.0
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

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

Consider the following features when choosing a business checking account:
  • Minimum opening deposit: This is the amount you’re required to deposit when you open your business checking account. These amounts can vary, and not all business bank accounts require that you meet a specific minimum.
  • Monthly fees: Look for a free business checking account or one that charges a low monthly fee that can be waived if you meet certain qualifications (just make sure you can meet those requirements).
  • Transaction limits: Business accounts often limit the number of free transactions a business can make with its account, including electronic transactions and checks. This is especially true at brick-and-mortar banks. Choose an account that can accommodate your average transaction volume or opt for an online account, which typically offer unlimited fee-free transactions.
  • 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: Where can you use your business debit card? Are there fees associated with using your card outside 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 options for customizing your business banking, such as invoicing, online payments, third-party integrations and more.
  • 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 0.04%, 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).
  • 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 business account, for example, is typically free and easy to open but may not accommodate cash deposits and does not offer in-person banking. A local brick-and-mortar bank, on the other hand, may offer a more personalized customer experience but have more restrictions on transactions and deposits. Plus, brick-and-mortar banks often require that you apply for an account in person; they may also require that your business be located within their county.

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 December 1, 2022

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