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8 Best Business Checking Accounts of July 2022

Jul 1, 2022

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A business checking account is typically a must for small businesses. These bank accounts allow you to separate your business and personal expenses, prepare for taxes and legitimately establish your business’s financial presence.

The best small-business checking accounts have low or no fees, ATM accessibility and online or mobile banking tools. Interest-earning accounts and accounts with integrated business tools are also a plus.

NerdWallet looked at some of the largest banks in the country, along with a few big online banks and notable regional banks, and compared their business checking accounts. Here are our top checking accounts for small businesses.

Our pick for

Earning interest

Bluevine Business Checking

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.50%
With $0 min. balance for APY
Min. opening deposit
$0
Why we like it
The Bluevine Business Checking account has no monthly fees, no minimum opening deposit and no minimum balance requirements. This online business checking account includes unlimited fee-free transactions, plus it allows you to earn 1.50% interest on your account balance up to and including $100,000.
In addition, Bluevine Business Checking offers free ATM access through the MoneyPass network — with the ability to deposit cash (up to $7,500 per month with a $4.95 fee per deposit) at Green Dot locations across the U.S.
The Bluevine business bank account also includes mobile check deposit, online bill pay and connects to third-party tools like Stripe and Expensify.
Our pick for

Multiple accounts, debit cards

Relay

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Min. opening deposit
$0
Why we like it
Relay is a free online banking platform designed to help small businesses streamline financial management. With Relay, you have access to up to 20 checking accounts (10 for sole proprietorships) and up to 50 business debit cards — with no monthly fees.
Relay also includes unlimited fee-free transactions, the ability to withdraw cash fee-free at over 32,000 Allpoint ATMs and 24/7 customer support. Relay does not, however, currently offer the ability to deposit cash at ATMs.
This online platform doesn’t charge overdraft fees, includes free incoming wires and allows you to invite team members to your account. You can also connect direct bank feeds to QuickBooks Online and Xero, as well as integrate with Expensify, Gusto, Plaid and Wise.
If you want to access additional accounts payable features, you can upgrade your account to Relay Pro for $30 per month.
Our pick for

Digital banking with a brick-and-mortar

Chase Business Complete Banking℠

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$15.00
Waived with $2,000 minimum balance
APY
N/A
Min. opening deposit
$0
Why we like it
Chase Business Complete Checking is a digital-friendly small business bank account that includes access to 16,000 Chase ATMs and 4,700 branches across the U.S. This account has no minimum opening deposit, includes unlimited electronic deposits and offers the opportunity to earn a $300 sign-up bonus.
In addition, Chase Business Complete Checking gives you the ability to deposit up to $5,000 in cash per month for free, make 20 physical fee-free transactions per month and use Chase QuickAccept℠ to accept credit card payments with the Chase mobile app (associated processing fees apply).
That said, this Chase business checking account does have a monthly maintenance fee, $15, but there are multiple ways to waive it, including maintaining a daily minimum balance of $2,000.
Eligible entity types also have the option to open the Chase Business Complete Checking account online as well as by visiting a branch location.
Our pick for

Free ATM access

Novo Business Checking

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Min. opening deposit
$0
Why we like it
The Novo business checking account has no monthly fees, no minimum balance requirements, no ACH transfer fees and no incoming wire fees. This online business checking account also includes unlimited fee-free transactions and refunds on all ATM fees worldwide.
In addition, Novo offers unlimited invoicing and bill pay, as well as integrations with top business tools like QuickBooks, Xero, Stripe and Shopify.
Novo business checking is a great option for small-business owners on the go — it’s important to note, however, that you cannot deposit cash with this business bank account.
Our pick for

Startups

Mercury Business Bank Account

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Min. opening deposit
$0
Why we like it
Mercury is an online banking platform that’s great for startups, offering a variety of digital tools and read-write application programming interface access that allows you to customize your business banking.
Mercury includes a free business checking account, a free business savings account and has no transaction fees, no overdraft fees and no incoming wire fees. In addition, Mercury provides access to over 55,000 fee-free ATMs through the Allpoint network.
Moreover, Mercury’s digital tools allow you to manage and track your expenses, send and receive online payments, create virtual debit cards and add and manage team members to your account. You also have the ability to integrate with third-party business tools.
Our pick for

24/7 customer service

Axos Bank® Basic Business Checking

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Min. opening deposit
$0
Learn more

at Axos Bank®

Why we like it
Axos Bank’s Basic Business Checking has no monthly fee or minimum opening deposit requirement and offers unlimited transactions, plus cash deposits via AllPoint and MoneyPass ATMs.
The bank also offers 24/7 customer support and free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.
Unlike some online business checking accounts, whose banking services are provided and insured by other financial institutions, Axos Bank is a Federal Deposit Insurance Corp.-insured institution and provides all of its business banking products and services directly.
Our pick for

Cash back

LendingClub Tailored Checking

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$10.00
Waived with $500 minimum balance
APY
0.50%
With $100 min. balance for APY
Min. opening deposit
$0
Learn more

at LendingClub Bank

Why we like it
LendingClub Tailored Checking is an interest-earning small business checking account that allows you to earn 0.50% APY on balances up to $100,000 and 0.10% APY on all balances after that. This account requires a $100 minimum opening deposit and has a $10 monthly maintenance fee, which can be waived with a minimum balance of $500.
LendingClub business checking offers unlimited transactions, fee-free ATM access (with the ability to deposit cash) and unlimited reimbursements for ATM fees charged by other banks.
This online business checking account also gives you the opportunity to earn an unlimited 1% cash back on debit card purchases, provided you maintain an average monthly balance of $500 or more.
LendingClubTailored Checking also includes access to online and mobile banking tools — most notably, Autobooks, an integrated invoicing and online payment software.
Our pick for

Add-on business solutions

nbkc Business Account

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Min. opening deposit
$0
Why we like it
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).
Although you can’t integrate this online business checking account directly with third-party business tools, NBKC does offer its own customizable banking add-ons — including the Autobooks invoicing software and the free NBKC Business Money Market Savings account.

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 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 which can be waived if you meet certain qualifications. If an account has a fee, make sure you can meet those 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 out 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 other 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-only bank, for example, may offer a free account that can be opened quickly and easily online but does not include access to a physical branch location. A local brick-and-mortar bank, on the other hand, may offer a more personalized customer experience but require that you apply for an account in person and only work with businesses 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 July 1, 2022

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Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.10%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

1.26%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

1.00%

With $1 min. balance for APY

at American Express National Bank, Member FDIC

To recap our selections...

NerdWallet's Summary of Best Business Checking Accounts of July 2022

Frequently asked questions