What makes a good business checking account?
Checking accounts are the most common business bank accounts. Before you gather the necessary documents and swing into the first bank you see, remember: not all business checking accounts are created equally. You want an account that fits your business needs and maybe checks a few extra boxes as well.
If you’re looking for the best business bank accounts, these are the most important features.
Low fees
No one wants to pay to use their own money, so the goal is to find the bank account with the lowest fees that still gives you all the features you need. Be sure to read the fine print, too: many banks charge transaction, wire or ACH, ATM, and monthly maintenance fees if you fail to meet their minimum balance requirements.
ATM access and cash deposits
Online-only banking is convenient in many ways unless your business requires regular cash transactions. If you routinely deal with cash and need to make frequent withdrawals or deposits, be sure to check the availability of free ATMs with your chosen bank. Some business bank accounts do not accept cash deposits, while others do not have dedicated ATM access, but might offer ATM fee reimbursements.
Online banking
Most, if not all, banks offer an online banking platform that allows you to see your money in real time, make check deposits, and view statements. The best business checking account will have an online or mobile banking platform that is comprehensive and user-friendly. Look for online banking features like bill pay, mobile check deposits, account alerts, and the ability to make transfers through the site.
Mobile app
A robust mobile app makes it easy for you to manage your business finances on the go—it’s essential for a modern business checking account. You should be able to check your account balance any time, confirm your bill pay records, and investigate issues from anywhere.
Interest
Look for a competitive interest rate. If you hold a sizable daily balance in your business checking account, your money can make more money. Interest-bearing checking accounts work like savings accounts, offering an annual percentage yield, or APY, on accounts, helping you earn interest without limiting your cash flow.
Perks
Many banks offer business checking accounts with a variety of perks, including everything from cash back on debit purchases to members-only discounts on business tools like Hubspot and Salesforce.
Business tools
The best online business checking accounts have tools that make life simpler for business owners, including financial literacy and transaction tracking training. Some of the best banks even offer a full suite of bookkeeping assistance and tax preparation.
Further Reading:
- What Do I Need to Open a Business Bank Account (Checklist)
- Do I Need a Business Bank Account?
- Top 7 Banks for Small Business
The best business checking accounts
Your business needs will vary, but if you need help narrowing down the options, here’s our list of the best online business checking accounts in 2021. Note: all of the accounts below are insured by the FDIC.
The best business checking account for unlimited transactions: Capital One
If your small business makes many monthly transactions, you’ll need a bank account that doesn’t nickel-and-dime you every time you write a check or make a deposit. Many banks offer limited free transactions per month, but Capital One’s Spark Business Basic Checking offers truly unlimited transactions every month without any additional transaction fees.
The best things about a Capital One business checking account include:
- Unlimited number of transactions with no fees
- $5,000 in monthly cash deposits without fees
- Easy integration with accounting software like Xero
- A mobile app that allows you to deposit checks, pay bills, and make transfers
- Business credit cards available
- 39,000 dedicated ATMs
- 750 physical branches in eight states
A few areas of concern with Capital One business bank accounts:
- Minimum deposit requirement of $250
- No online applications are available—new accounts must be opened at a branch location and are only available in eight states
- No sign-up bonus
- $15 monthly service fee, which be waived with a $2,000 minimum daily balance
Learn more about Capital One’s Spark Business Basic Checking Account.
The best business checking account for limited fees: U.S. Bank
If you don’t touch your checking account that often, you don’t need to worry about transaction fees or deposits, and you’d probably just as soon not pay much for your account. U.S. Bank’s Silver Business Checking Package offers a simple business checking account with no monthly fees, reasonable ATM access, and business tools to help with payroll.
The top features of U.S. Bank business checking accounts include:
- No monthly fees
- No minimum monthly deposit
- No minimum balance requirement
- 125 fee monthly transactions, with additional transactions at $0.50 each
- $2,500 in free cash deposits every month
- 50% discount on your first order of checks
- Linked access to ADP Payroll
- Online business banking tools, including digital invoices and payment system
- Mobile app to transfer money and deposit checks online
- 3,000 branch locations
- More than 5,000 ATMs across 28 states
- Access to 25,000 ATMs nationwide
A few things to watch for with U.S. Bank
- No sign-up bonus
- Overdraft fees are charged
- Exceeding the transaction limit can be costly
Learn more about U.S. Bank’s Silver Business Checking Package.
The best business checking account for flexibility: Relay
Relay, an online banking provider built specifically for business customers, is the all-around winner when it comes to flexibility. Relay is an online-only provider, so there are no branches or branded ATMs—however, Relay customers have access to all Allpoint ATMs worldwide, fee-free, for both deposits and withdrawals. Relay also offers savings accounts, accounts payable, and receipts management for customers on the Pro plan.
Reasons Relay's Business Checking might work well for your business:
- Zero monthly fees
- No minimum balance requirements
- No overdraft or account fees
- No fees for bounced checks
- No ATM fees on Allpoint ATMs
- Open online in minutes
- Business checking customers can open up to 20 separate checking accounts
- Issue up to 50 debit cards for employees
- Receive payments via check, ACH, and wire transfer
Potential disadvantages for your business:
- No physical branches or ATMs, so not ideal for businesses making frequent cash deposits
- Monthly fee if you want to use Pro features
Learn more about Relay's Business Checking accounts.
The best business checking account for earning interest: First Internet Bank
Online banks have fewer overhead costs and often pass those savings on to their customers in the form of reduced fees. First Internet Bank’s Small Business Checking accounts offer fee-free checking and interest-bearing accounts. However, as an online-only bank, they do not offer access to storefront banking locations or ATMs.
Here are the best features of First Internet Bank’s Small Business Checking Account:
- No fees for any banking transactions
- Unlimited transactions
- Refunds on third-party ATM fees (up to $10 per month)
- Access to interest-bearing business accounts
- Checking accounts come with a business debit card
- Multiple account types available, including savings, checking, money market, and certificates of deposit
- 0.30% APY Interest-earning checking account on balances of at least $10,000
- Higher APY available with linked business savings accounts and checking accounts.
Some areas that might not be ideal for your business with First Internet:
- With no physical branches, all transactions happen online or through their mobile app
- No cash deposits available
- No dedicated ATM network, but the first $10 in ATM fees are reimbursed
- $100 opening deposit required
- No sign-up bonus
Learn more about First Internet Bank’s Small Business Checking accounts.
The best business checking account for a sign-up bonus: Bank of America
Bank of America’s $500 sign-up bonus makes it a very attractive option for business checking accounts, especially when paired with their low fees and other features. Bank of America’s Business Advantage Fundamentals Banking package includes a large number of deposits and access to thousands of storefront locations and ATMs nationwide. If you’re looking for free money and great accessibility, a Bank of America account might be for you.
The best features of Bank of America’s small business checking accounts include:
- $500 sign-up bonus
- 200 free transactions every month
- Deposit $7,500 in cash per month without fees
- Monitor tool that allows you to integrate accounting, analytics, and payroll apps
- Mobile banking app for check deposits, transfers, and bill pay
- Small business credit cards available
- No ATM fees at 16,000 Bank of America ATMs
A few potential downsides for Bank of America checking accounts include:
- Monthly maintenance fee of $16, which can be waived by either maintaining a minimum daily balance of $5,000 or using your business debit card for $250 in qualified purchases every month
- $0.45 fee per transaction after the first 200 monthly transactions, not including debit card transactions, online bill pay, or online app deposits
- No refunds available for third-party ATM fees
- Required minimum opening deposit of $100
Learn more about Bank of America’s Business Advantage Banking checking accounts.
The best business checking account for minimal monthly transactions: Chase Bank
If you don’t make many monthly deposits or other transactions but prefer the security of a large network of ATMs and storefronts, Chase Bank is a good choice for a new business bank account. With Chase Business Complete Banking, you can enjoy a cash sign-up bonus as well as an expansive network that includes more than 4,700 storefront locations across 29 states.
The features of a business checking account through Chase Bank include:
- $300 sign-up bonus
- No opening deposit required
- Many options to waive the monthly fee
- 20 free monthly transactions
- $5,000 cash deposits every month without fees
- Easy integration with other business tools like QuickBooks
- Mobile app that allows online check deposits, bill pay, and transfers
- Several business credit card options available
- Dedicated ATM network of 16,000 ATMs
- 4,700 branch locations across 29 states
A few things to watch for with a Chase business checking account:
- Monthly fee of $15, which can be waived with a minimum $2,000 daily balance, by spending $2,000 on a Chase debit card, or by depositing $2,000 per month into the account. You may also waive the monthly fee if you link your Chase business and personal accounts.
- Only 20 free transactions per month, with a $0.40 charge for additional transactions (not including electronic deposits)
- No refund for third-party ATM fees and an additional fee of $2.50 per transaction at non-Chase ATMs
Learn more about Chase Business Complete Banking.
Further reading: How to Open a Business Bank Account
