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9 Best Business Checking Accounts of October 2022

Last updated on September 16, 2022

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Today’s business checking accounts are more than a simple money-management vehicle. Many 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 looked at some of the biggest national, regional and online banks and compared their business checking accounts. Here are our picks for the best checking accounts for small businesses.

Best Business Checking Accounts

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

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

5.0/5

Best for Earning interest

$0

1.50%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

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

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

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

1.00%

With $100 min. balance for APY

$100
Learn more

at LendingClub Bank, Member FDIC

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℠

4.5/5

Best for Sign-up bonus

$15.00

Waived with $2,000 minimum balance

N/A$0

Navy Federal Credit Union Business Checking

5.0/5

Best for Veteran-owned businesses

$0

0.01%

With $0 min. balance for APY

$255

Our pick for

Earning interest

Bluevine Business Checking

5.0
NerdWallet rating 
Learn more

at Bluevine, Deposits are FDIC Insured

APY

1.50%

Earn 1.50% on your balance up to and including $100,000

With $0 min. balance for APY

Monthly fee

$0

Min. opening deposit

$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

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

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

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

Our pick for

Cash back

LendingClub Tailored Checking

5.0
NerdWallet rating 
Learn more

at LendingClub Bank, Member FDIC

APY

1.00%

1.00% APY on balances up to $100,000 and 0.10% APY on all balances after that

With $100 min. balance for APY

Monthly fee

$10.00

Waived with $500 minimum balance

Min. opening deposit

$100

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

Our pick for

Sign-up bonus

Chase Business Complete Banking℠

4.5
NerdWallet rating 
APY

N/A

Monthly fee

$15.00

Waived with $2,000 minimum balance

Min. opening deposit

$0

Our pick for

Veteran-owned businesses

Navy Federal Credit Union Business Checking

5.0
NerdWallet rating 
APY

0.01%

With $0 min. balance for APY

Monthly fee

$0

Min. opening deposit

$255

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

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 business bank accounts require that you meet a specific minimum.
  • Monthly fees: The fee the bank charges to maintain your account. Look for a free business checking account or one that charges a low monthly fee that can be waived if you meet certain qualifications. If an account has a fee, make sure you can meet the requirements to waive it 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 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: 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.
  • 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 September 16, 2022

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