Learn more Every small business needs a business banking account. Like consumer banking accounts, these bank accounts allow you to manage your business’s everyday finances by making deposits, paying bills, budgeting and more.
In addition, a business banking account gives you the ability to separate your business and personal expenses, prepare for taxes and legitimately establish your business’s financial presence.
The best business banking 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.
Note on American Express® Business Checking : At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Bonus
30,000 points
Requirements to qualify
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
- Does not offer jointly owned accounts.
American Express® Business Checking
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Bonus
30,000 points
Requirements to qualify
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
- Does not offer jointly owned accounts.
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at 37,000 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
- Sub-accounts help users set funds aside for specific purposes.
Cons
- No fee-free cash deposits. Cash deposits at Green Dot locations are capped at $2,000 per day and a service fee of up to $4.95 per deposit applies. At Allpoint ATMs that accept cash, deposits are capped at $5,500 per day and a fee of $1 plus 0.5% of the deposit amount applies.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
Bluevine Business Checking
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at 37,000 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
- Sub-accounts help users set funds aside for specific purposes.
Cons
- No fee-free cash deposits. Cash deposits at Green Dot locations are capped at $2,000 per day and a service fee of up to $4.95 per deposit applies. At Allpoint ATMs that accept cash, deposits are capped at $5,500 per day and a fee of $1 plus 0.5% of the deposit amount applies.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Bonus
N/A
Cash back on debit
at Grasshopper Bank, Member FDIC
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 1.80% APY.
- No monthly fees, transaction fees or overdraft charges.
- Free, built-in bookkeeping and invoicing software.
- Free incoming domestic wires; low fees on other wire transfers.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Grasshopper Innovator Business Checking Account
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Bonus
N/A
Cash back on debit
at Grasshopper Bank, Member FDIC
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 1.80% APY.
- No monthly fees, transaction fees or overdraft charges.
- Free, built-in bookkeeping and invoicing software.
- Free incoming domestic wires; low fees on other wire transfers.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Pros
- No monthly service fee.
- Welcome bonus for new customers (terms apply).
- Unlimited fee-free electronic and debit card transactions.
- Supports Zelle for Business.
- Account holders are assigned to a dedicated banker or customer support representative.
- Accept payments with free mobile card reader, no monthly software fee. Processing fees apply.
Cons
- $100 minimum opening deposit.
- Low limit on fee-free cash deposits.
- Fee for using out-of-network ATMs.
- High overdraft, wire transfer fees.
- $1 fee for outgoing domestic ACH transfers.
U.S. Bank Business Essentials
APY
N/A
Monthly fee
$0
Bonus
$400
Requirements to qualify
at U.S. Bank, Member FDIC
Pros
- No monthly service fee.
- Welcome bonus for new customers (terms apply).
- Unlimited fee-free electronic and debit card transactions.
- Supports Zelle for Business.
- Account holders are assigned to a dedicated banker or customer support representative.
- Accept payments with free mobile card reader, no monthly software fee. Processing fees apply.
Cons
- $100 minimum opening deposit.
- Low limit on fee-free cash deposits.
- Fee for using out-of-network ATMs.
- High overdraft, wire transfer fees.
- $1 fee for outgoing domestic ACH transfers.
APY
N/A
Monthly fee
$0
Bonus
$300
Requirements to qualify
at Mercury, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free U.S. dollar transactions; no overdraft fees.
- Free domestic and international U.S. dollar wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
- Unlimited refunds on all domestic ATM fees.
Cons
- Can’t deposit cash.
- Mercury is not part of a fee-free ATM network.
Mercury Business Bank Account
APY
N/A
Monthly fee
$0
Bonus
$300
Requirements to qualify
at Mercury, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free U.S. dollar transactions; no overdraft fees.
- Free domestic and international U.S. dollar wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
- Unlimited refunds on all domestic ATM fees.
Cons
- Can’t deposit cash.
- Mercury is not part of a fee-free ATM network.
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Bonus
N/A
at Bank of America, N.A., Member FDIC
Pros
- No monthly fee for the first 12 statement cycles.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
- Relatively low overdraft fees ($10 per item, limited to two per day)
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
- $16 monthly fee after introductory period ends.
Bank of America® Business Advantage Fundamentals™ Banking
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Bonus
N/A
at Bank of America, N.A., Member FDIC
Pros
- No monthly fee for the first 12 statement cycles.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
- Relatively low overdraft fees ($10 per item, limited to two per day)
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
- $16 monthly fee after introductory period ends.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass and Allpoint ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
- Unlimited debit cards.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass and Allpoint ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
- Unlimited debit cards.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
Pros
- No required monthly fee or minimum balance requirement.
- Unlimited fee-free transactions; no overdraft fees.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
- Up to 50 debit cards.
- Direct integration with Shopify.
Cons
- Deposited checks may be held for up to 6-7 business days.
- No bill pay feature in the free plan.
Relay Business Checking
Best for Multiple business checking accounts (up to 20)
APY
N/A
Monthly fee
$0
Bonus
N/A
at Relay, Deposits are FDIC Insured
Pros
- No required monthly fee or minimum balance requirement.
- Unlimited fee-free transactions; no overdraft fees.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
- Up to 50 debit cards.
- Direct integration with Shopify.
Cons
- Deposited checks may be held for up to 6-7 business days.
- No bill pay feature in the free plan.
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$500
Requirements to qualify
at Chase, Member FDIC
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic and debit card transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 15,400 Chase ATMs and access to around 4,900 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Chase Business Complete Banking®
Best for Full-service business banking
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$500
Requirements to qualify
at Chase, Member FDIC
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic and debit card transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 15,400 Chase ATMs and access to around 4,900 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Jump to
What factors should I look at when comparing business banking accounts?
Depending on your small business’s needs, you may want to consider the following features when choosing a business banking account:
- Minimum opening deposit: The amount that you’re required to deposit when you open your business banking 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. The best business banking accounts have low or no monthly fees. Some banks charge a monthly fee but offer ways that you can qualify to waive them. In this case, make sure you can meet those qualifications 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 banking 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 banking 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 banking 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 banking 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
Frequently Asked Questions
It’s highly recommended that you open a separate bank account for your business.
With a business bank account, you'll deposit checks made out to your company in your business checking, not your personal checking account. Likewise, you'll pay business expenses out of the business account.
Having separate accounts and separate record-keeping makes it easier to deduct business expenses for taxes. It also better protects you if legal action is taken against your company. Having commingled accounts may put your personal assets at risk in a lawsuit.
Credit unions typically have low or no monthly fees for their business bank accounts, and they’re known for good customer service. In addition, credit unions can have high cash deposit limits, making them a good choice for restaurants and other businesses that deal mostly in cash.
Keep in mind that credit unions might have just a few locations and ATMs, compared with major bank chains, which can have national reach.
If you qualify for membership, however, they’re worth considering. Compare some strong options in our roundup of NerdWallet’s Best Credit Unions
Your personal bank can be a good first stop when shopping for a business checking account. In fact, 79% of business owners surveyed in 2019 by BAI, a research and training nonprofit for business owners, reported using the same provider for personal and business financial services relationships.
However, you should compare multiple accounts to make sure you’ll be paying the fewest fees and getting the most benefit out of your business checking account. You may find another bank can offer a higher level of customer service, fewer transaction limits or greater ATM access.
Start your search with our roundup of the best banks for small business
To open a business checking account, you’ll be required to provide basic information about yourself and your business. You’ll also need to provide personal identification, such as a government-issued ID and Social Security number, as well as legal business documentation.
Learn more about the process in our comprehensive guide