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Best Business Checking Accounts of March 2024

By Randa Kriss, Kelsey Sheehy
Last updated on March 1, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 6 minutes

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A small-business checking account provides an easy-to-use, inexpensive home for your company's cash. The best business checking accounts offer perks like interest on your balances, cash back on debit card spending, automatic ATM fee refunds and 24/7 customer support, all for little to no monthly fee.
Every entrepreneur should separate their personal and professional finances, and a business checking account is a simple way to do so. But the right business bank account for you depends on your unique needs. Focus on your top priorities — high interest rates, low overdraft fees or small-business bank branches you can visit in person, for instance — as you compare options.
Here are our picks for the best checking accounts for small businesses.

Best Business Checking Accounts

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for High-yield business checking

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5

Best for Cash deposits + branch access

$16.00

N/A$0
Learn more

at Bank of America, N.A., Member FDIC

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Multiple accounts

$0

N/A$0
Learn more

at Relay, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for Cash back + high APY

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for Overdraft grace period + branch access

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for No fees

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Sign-up bonus + branch access

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for Cash access + 24/7 customer support

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Found Small Business Banking

Learn more

at Found, Deposits are FDIC Insured

4.4/5

Best for Freelancers and side hustlers

$0

N/A$20

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/A$0
Learn more

at Lili, Deposits are FDIC Insured

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Cash back + ATM rebates

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5

Best for Invoicing + ATM fee refunds

$0

N/A$0
Learn more

at Novo, Deposits are FDIC Insured

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for Cash management

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

Navy Federal Credit Union Business Checking

4.2/5

Best for Veteran-owned businesses

$0

0.01%

With $0 min. balance for APY

$0

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for In-person banking

$10.00

Waived with $500 minimum balance

N/A$0

American Express® Business Checking

5.0/5

Best for 24/7 customer support

$0

1.30%

$240

Requirements to qualify

Oxygen Business Account

4.3/5

Best for Up to 5% cash back at select merchants

$0

N/A$0

QuickBooks Money

4.4/5

Best for Built-in invoicing + payment processing

$0

5.00%

With $0 min. balance for APY

$0
Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for High-yield business checking

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5

Best for Cash deposits + branch access

$16.00

N/A$0
Learn more

at Bank of America, N.A., Member FDIC

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Multiple accounts

$0

N/A$0
Learn more

at Relay, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for Cash back + high APY

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for Overdraft grace period + branch access

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for No fees

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Sign-up bonus + branch access

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for Cash access + 24/7 customer support

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Found Small Business Banking

Learn more

at Found, Deposits are FDIC Insured

4.4/5

Best for Freelancers and side hustlers

$0

N/A$20

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/A$0
Learn more

at Lili, Deposits are FDIC Insured

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Cash back + ATM rebates

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5

Best for Invoicing + ATM fee refunds

$0

N/A$0
Learn more

at Novo, Deposits are FDIC Insured

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for Cash management

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

Navy Federal Credit Union Business Checking

4.2/5

Best for Veteran-owned businesses

$0

0.01%

With $0 min. balance for APY

$0

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for In-person banking

$10.00

Waived with $500 minimum balance

N/A$0

American Express® Business Checking

5.0/5

Best for 24/7 customer support

$0

1.30%

$240

Requirements to qualify

Oxygen Business Account

4.3/5

Best for Up to 5% cash back at select merchants

$0

N/A$0

QuickBooks Money

4.4/5

Best for Built-in invoicing + payment processing

$0

5.00%

With $0 min. balance for APY

$0

I'M INTERESTED IN:

Our pick for

High-yield business checking

Bluevine's APY is hard to beat, and users can upgrade for an even higher rate. This online account also offers expanded FDIC insurance, covering up to $3 million instead of the usual $250,000.

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

Fees vary by location.

Overdraft fees
$0
Bonus
$0

Our pick for

Cash deposits + branch access

Bank of America stands out for its big branch and ATM network, and its $7,500 monthly cash deposit limit is higher than many of its competitors.

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

APY
N/A
Monthly fee
$16.00
Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$0

See offer page for more details

Our pick for

Multiple accounts

Relay offers a straightforward, free online business banking solution that lets business owners open up to 20 checking accounts and create multiple user roles.

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Unlimited

Overdraft fees
$0
Bonus
$0

Our pick for

Cash back + high APY

Online-only bank Grasshopper pays 1% cash back on qualifying debit card purchases and offers a solid APY, which could add up to significant rewards for some businesses.

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

APY
2.25%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No

No cash deposits.

Overdraft fees
$0
Bonus
$0

Our pick for

Overdraft grace period + branch access

Chase stands out from other brick-and-mortar banks for its generous overdraft policy: $50 of wiggle room and 24 hours to get your account back in the black before fees kick in.

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
$400

Requirements to qualify

Our pick for

No fees

NBKC charges remarkably few fees — there's no monthly fee nor a fee on transactions, ATM withdrawals, incoming wires or overdrafts.

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
Bonus
$0

Our pick for

Sign-up bonus + branch access

U.S. Bank offers a hefty sign-up bonus and no monthly fee, both of which set it apart from other brick-and-mortar options.

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
$800

Requirements to qualify

Our pick for

Cash access + 24/7 customer support

Axos customers can talk to a human around the clock. Plus, the bank charges no ATM fees and gives unlimited refunds on the fees charged by other ATM operators.

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
$400

Requirements to qualify

Our pick for

Freelancers and side hustlers

Found's bookkeeping, invoicing and tax-planning tools and integration with business apps make it a great choice for solopreneurs.

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

$2 fee per deposit

Overdraft fees
$0
Bonus
$20

Requirements to qualify

Our pick for

Early access to payments

If you do business with certain apps, like Uber or Shopify, you can connect your account with Lili to receive funds up to two days faster. Users can upgrade for additional bookkeeping and tax-planning tools, too.

Lili Basic 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
Bonus
$0

Our pick for

Cash back + ATM rebates

LendingClub offers 1% cash back on all debit card purchases and pays interest, making it a great option for businesses seeking rewards. Plus, users pay no ATM fees and get unlimited reimbursements on those charged by ATM owners.

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

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
Bonus
$0

Our pick for

Invoicing + ATM fee refunds

Novo users can send unlimited invoices and set up automatic bill pay. And while Novo doesn't accept cash deposits, it does offer unlimited refunds on ATM withdrawal fees.

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
$0
Bonus
$0

Our pick for

Cash management

Mercury users with more than $500,000 on deposit can apply for Mercury Treasury, a cash management account that lets you put funds into securities and money market funds and earn a higher APY. That makes it a competitive choice for startups with cash in the bank.

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
Bonus
$0

Our pick for

Built-in invoicing + payment processing

QuickBooks Money includes both a business checking account and a payment processor, allowing you to send customers invoices and take their payments without using a third-party service. This can mean faster access to your funds, too.

QuickBooks Money

APY
5.00%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

Fees of up to $5.95 may be collected by retailers when depositing cash to your account at their locations.

Overdraft fees
N/A
Bonus
$0

Other business checking accounts to consider

You may want to explore your local options, too.
Other accounts NerdWallet has reviewed include:
Prefer a smaller institution, or one with a brick-and-mortar footprint? Check out our list of credit unions that offer business accounts or use the below tool to see which local banks in your state offer free small-business checking accounts.

Who should get a small-business checking account?

From corporations to sole proprietors, all businesses can benefit from a business checking account.
Anyone who owns a business should have a business checking account. That includes corporations and LLCs, as well as sole proprietors and freelancers.
Using a dedicated business bank account for your business income and expenses helps streamline record-keeping, making it easier to file taxes and gather the financial statements you'll need to apply for small-business 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

Consider an account's fees, transaction limits, ATM and branch access, APY and other factors.
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 using the following questions:

1. How much will this business checking account cost?

Free business checking accounts don’t charge monthly fees, but can still have incidental and excess deposit fees (more on those below). Read the fine print for any account you’re considering to get a clear picture of how much it might actually cost you.
Costs to weigh include:
  • Monthly fees: Business checking accounts commonly charge monthly fees of around $15. Most offer to waive this fee if you maintain a certain average balance, make a certain number of transactions each month or both.
  • Minimum opening deposit: Some business accounts require a minimum opening deposit, which can range from $0 to $100 (or more) depending on the account.  
  • ATM fees: Some small-business banks charge $2 to $3 if you use an ATM outside of the bank’s own ATM network. 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 tens of thousands of ATMs nationwide. A handful of business banking accounts 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.
  • Overdraft fees: Dipping into the red on your business checking account can cost anywhere from $10 to $39 in overdraft or non-sufficient funds fees. And some accounts will assess up to six overdraft charges per day if you have multiple items come through. A handful of business checking accounts, including Chase, Axos and Huntington, offer a grace period on overdrafts (up to a certain amount) to give small businesses some wiggle room.
Most banks publish their fees online, but they're not always easy to find. When in doubt, ask a bank representative to see the full schedule of fees before opening your business account

2. What limits does this account impose? 

Transaction limits and cash deposits limits are common with business checking accounts, especially those from brick-and-mortar banks. Review your banking history to ensure you won’t bump up against these limits and run into extra fees.
A cash deposit limit of up to to $5,000 is typical for entry-level business accounts at brick-and-mortar banks. Beyond that, you'll likely pay a fee. And transaction limits usually range from 100 to 500 per month. 
Online business checking accounts usually include unlimited fee-free transactions, but you'll face other limits — for instance, on how much you can deposit or transfer per day and per month. Cash deposits are typically available via certain ATMs or via third parties that accept in-person deposits, like Green Dot. (There are a few online-only business accounts that don't let you deposit cash at all, though.)

3. How do you want to access your money?

There are a lot of ways to access the money in your business checking account: checks, ACH transfers, online bill pay, wire transfers and cash withdrawal (in person or via ATM).
Traditional brick-and-mortar banks typically offer all of these options, though they tend to limit the number of free transactions you can make each month. Neobanks are more likely to offer unlimited transactions, but they may not offer those other tools — for instance, they don't always issue checkbooks. Most financial institutions, whether they have branches or not, charge for wire transfers.
If in-person banking or ATM access is at the top of your priority list, scan the bank’s branch and ATM network to ensure there are close and convenient options.

4. Does the account add value to your business?

A business checking account should do more than just hold your money. Look for an account that earns a high APY (several of our top picks earn 1% or more) or offers features that make it easier to run your business.

🤓 Nerdy Tip

Want to earn more in interest? Consider a business savings account or business money market account for longer-term savings. Some business savings accounts earn more than 4% APY.
A business checking account for freelancers or new businesses, for example, might have built-in accounting and tax planning tools. A more established business may want an account that easily integrates with its existing business software and offers free, customized invoicing.
Look for business bank account promotions, too. Some small-business checking accounts offer cash bonuses to new customers who meet specific requirements, like depositing a certain amount of money and then meeting spending thresholds on the account's business debit card within the first few months of it opening.

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 March 1, 2024

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

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