Charles Schwab does not have business checking accounts. The bank offers other small-business products, including a business brokerage account, plus personal checking and savings accounts.
NerdWallet recommends keeping personal and business accounts separate. But if you like Charles Schwab’s personal checking, the following business checking accounts have some similarities.
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American Express National Bank American Express® Business Checking
Bonus Amount
30,000 Points Bluevine Business Checking
Charles Schwab offers an interest-bearing personal checking account with no monthly fees or account minimums. If you want an account that matches those features, consider Bluevine Business Checking.
Bluevine Business Checking is an online-only free business checking account. In addition to not charging monthly maintenance fees, Bluevine keeps other potential costs low with no account minimums, unlimited fee-free transactions and free incoming wire transfers and ACH payments.
Bluevine also boasts a high APY: Earn 1.30% interest on account balances up to and including $250,000. Terms apply. That not only tops Charles Schwab’s personal checking account, but is far higher than the national average for savings accounts.
Novo Business Checking
Novo is another Charles Schwab business checking alternative that may make sense, especially if you withdraw cash from ATMs often. Like Schwab, Novo Business Checking offers free access to ATMs worldwide.
Novo Business Checking is an online account. But unlike other online business checking accounts, including Bluevine, you’re not limited to a specific ATM partner network: You can use any ATM in the U.S. or abroad without a fee. If a bank charges you separately for using its ATM, Novo will reimburse you.
However, Novo Business Checking doesn’t support direct cash deposits via ATM. You can work around this by using money orders, but that extra step might make other checking accounts a better fit for cash-based businesses.
» MORE: Novo Business Checking review
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Bank of America® Business Advantage Fundamentals™ Banking
Charles Schwab pairs online bank accounts with physical branches in seven states. If you prefer a brick-and-mortar bank, Bank of America has thousands of branches in the U.S., plus mobile services.
Bank of America's entry-level Business Advantage Fundamentals doesn't charge a fee for the first 20 transactions and the first $5,000 in cash deposited per statement cycle. This account does charge a monthly fee of $16 (after the first 12 statement cycles), but there are multiple ways to avoid it. (Learn how to avoid this fee.)
If you’re interested in Schwab’s brokerage services, you may also value Bank of America’s relationship with Merrill. This lets you access banking and investing accounts via a single digital platform. Preferred Rewards members also receive a free consultation with a Merrill advisor.
The information about the Bank of America® Business Advantage Fundamentals™ account has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.
