Every small business needs a business checking account. Like consumer checking 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 checking 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 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.
1.30% Earn 1.30% APY (annual percentage yield) on balances up to $500,000 as of 10/12/2022.
Monthly fee
$0
Bonus
30,000 Points Earn 30,000 Membership Rewards® points. Convert Membership Rewards® points into deposits directly into your American Express® Business Checking account. Other redemption options available. Terms apply. For new members: Points you earn, including the Welcome Bonus and from making Business Debit Card purchases, can be converted into deposits made directly into your Business Checking account. Terms apply. For Membership Rewards-enrolled Card holders: You can choose to convert points into deposits directly into your Business Checking account or use them the same way you always have – for travel, gift cards, and more. Terms apply. *Participating partners and available rewards are subject to change without notice.
1) Deposit a total of $5,000 or more in eligible deposits within 30 days of opening your first account, AND
▪ Eligible deposits are any deposits except deposits using our Redeem for Deposits feature, deposits from interest payments, and deposits from any other American Express Business Checking accounts.
2) Maintain an average account balance of $5,000 for the next 60 days,
AND
3) Make 5 or more qualifying transactions within 60 days of opening your account
▪ Qualifying transactions are mobile deposits, check deposits by mail, and electronic/online transactions including ACH, Wire, and Bill Payments. Business Debit Card transactions and deposits using our Redeem for Deposits feature are not qualifying transactions.
4) American Express is currently accepting applications from eligible U.S. businesses. Not all applicants will be approved for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible, such as money service businesses, cryptocurrency, internet gambling businesses, and marijuana related businesses.
1.35% Earn 1.00% APY on balances up to $24,999 and on balances greater than $250,000. Earn 1.35% APY on balances of $25,000 to $250,000.
With $25,000 min. balance for APY
Monthly fee
$0
Bonus
$300 Boost your earnings with a $300 sign-on bonus when you open an eligible Innovator Business Checking Account with promo code NW300 and complete qualifying activities. Terms Apply.
1.30% Earn 1.30% APY (annual percentage yield) on balances up to $500,000 as of 10/12/2022.
Monthly fee
$0
Bonus
30,000 Points Earn 30,000 Membership Rewards® points. Convert Membership Rewards® points into deposits directly into your American Express® Business Checking account. Other redemption options available. Terms apply. For new members: Points you earn, including the Welcome Bonus and from making Business Debit Card purchases, can be converted into deposits made directly into your Business Checking account. Terms apply. For Membership Rewards-enrolled Card holders: You can choose to convert points into deposits directly into your Business Checking account or use them the same way you always have – for travel, gift cards, and more. Terms apply. *Participating partners and available rewards are subject to change without notice.
1) Deposit a total of $5,000 or more in eligible deposits within 30 days of opening your first account, AND
▪ Eligible deposits are any deposits except deposits using our Redeem for Deposits feature, deposits from interest payments, and deposits from any other American Express Business Checking accounts.
2) Maintain an average account balance of $5,000 for the next 60 days,
AND
3) Make 5 or more qualifying transactions within 60 days of opening your account
▪ Qualifying transactions are mobile deposits, check deposits by mail, and electronic/online transactions including ACH, Wire, and Bill Payments. Business Debit Card transactions and deposits using our Redeem for Deposits feature are not qualifying transactions.
4) American Express is currently accepting applications from eligible U.S. businesses. Not all applicants will be approved for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible, such as money service businesses, cryptocurrency, internet gambling businesses, and marijuana related businesses.
1.35% Earn 1.00% APY on balances up to $24,999 and on balances greater than $250,000. Earn 1.35% APY on balances of $25,000 to $250,000.
With $25,000 min. balance for APY
Monthly fee
$0
Bonus
$300 Boost your earnings with a $300 sign-on bonus when you open an eligible Innovator Business Checking Account with promo code NW300 and complete qualifying activities. Terms Apply.
No required monthly fee, minimum opening deposit, excess transaction or 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.
Cons
No bill pay feature in the free plan.
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Pros
No required monthly fee, minimum opening deposit, excess transaction or 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.
Cons
No bill pay feature in the free plan.
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Pros
No required monthly fee, minimum opening deposit, excess transaction or 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.
Cons
No bill pay feature in the free plan.
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
What factors should I look at when comparing business checking accounts?
Depending on your small business’s needs, you may want to 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. The best business checking 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 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.
Last updated on March 25, 2024
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.
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.
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