15+ Best Business Checking Accounts For 2023 Review

The best business checking accounts allow you to easily access and manage your company’s finances without high fees. Compare top options here.

Best Business Checking Account

This content will help you know how to get a small business checking account.

With all of the options available, choosing the best small business checking account for your business can be daunting.

Best Small Business Checking Account

Whether you prefer to conduct your banking in person or online, you’ll want to review transaction and cash deposit limitations, account fees, interest-earning potential, and additional support features of the account you’re considering.

So, while you’re shopping for a business checking account, explore how each bank can help you keep more of your earnings and support you as your business grows.

We’ve selected the eighteen best small business checking accounts:

Business Checking Account Best

To narrow your search, focus on the key aspects that are most important to you.

1. Chase Bank

1. $300 bonus when you open an account

2. Easy to waive the monthly fee

3. Built-in card acceptance with QuickAccept via the Chase Mobile app

4. A limited number of free transactions

5. Atm fees are not reimbursed

6. Fee for cash deposits of more than $5,000 per statement period

Additional Features

1. Manage debit, deposit, and ATM card settings for individual employees

2. Deposit checks, view account balances, pay bills and make transfers through the mobile app

3. Integrates with QuickBooks and other leading accounting software

As one of the oldest banks in the nation, Chase maintains a reputation for prioritizing its customers’ needs.

While it offers three different checking accounts, we selected Chase’s Business Complete BankingSM account as the best fit for small businesses.

It offers unlimited electronic deposits and transfers and 20 free transactions per month, all for a nominal $15 monthly maintenance fee that can be waived easily―see below under Fees & Terms.

When to Choose Chase Business Complete Checking

1. You want a bank that offers a full suite of banking services

2. Your banking needs include making frequent cash deposits

3. You prefer the option of in-person banking

Fees & Terms

1. Monthly fee: $15—waived if you meet one of the following criteria:

2 Maintain a minimum daily balance of $2,000

3. Spend at least $2,000 in purchases―minus returns or refunds―using your Chase Ink Business Cards

4. Deposit $2,000 into your Chase checking account from your QuickAccept and/or other eligible

5. Chase Merchant Services transactions at least one business day before the last day of your bank account statement period

6. Maintain a linked Chase Private Client Checking account

7. Transaction fee: First 20 free, then 40 cents per transaction

8. Cash deposit fee: $2.50 per $1,000 after you deposit $5,000 in a billing cycle

9. Atm fee: $2.50 per transaction at any non-Chase ATM, plus ATM operator fees

10. Minimum deposit: None

11. Minimum balance: None

READ ALSO!!!

Why we Like It

In addition to its business checking accounts, Chase offers a wide selection of business banking products—business savings accounts, credit cards, lines of credit, and point-of-sale (POS) and software solutions;

Making it our top choice for the best bank for small businesses. With its many product offerings, you can expand your financial relationship easily to help fulfil your financial goals.

As your business scales, you can conveniently meet with a Chase representative at one of the thousands of branch locations nationwide to discuss further banking opportunities.

2. Capital One

Best Business Checking Account

1. Unlimited transactions

2. Easy ATM access

3. Low or no monthly fee

4. Requires a $250 opening deposit

5. Accounts can not be opened online

6. Account doesn’t earn interest

Additional Features

1. Pay bills, track accounts, transfer funds, and deposit checks with the mobile app

2. Integrates with Xero and other top accounting software

3. Free overdraft protection when linked to another small business deposit account

NoteCapital One currently requires that you visit a branch to complete an application to open a business checking account.

There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.

Capital One is one of the few brick-and-mortar banks in the nation that doesn’t charge fees for everyday checking account transactions.

With its Spark Business Basic Checking, you get unlimited deposits, withdrawals, and transfers—not including international wires, cashier’s checks, and other services—with no restrictions.

When to Choose Capital One Spark Business Basic Checking

1. Your business is located near a Capital One branch

2. You require the ability to make large cash deposits

3. Your business does a large number of transactions

Fees & Terms

1. Monthly service fee: $15—waived if you maintain a $2,000 minimum 30- or 90-day average balance or have two other Capital One accounts

2. Transaction fee: Unlimited free transactions

3. Cash deposit fee: Up to $5,000 per month free—$1 for every $1,000 after that

4. ATM fee: None at more than 39,000 Allpoint ATMs nationwide

5. Minimum deposit: $250

6. Minimum balance: None to maintain the account

Why We Like It

If one of your financial goals is to save funds by not paying unnecessary fees, Capital One’s Spark Business Basic Checking is a great choice.

While this account does have a nominal monthly fee, it’s easy to meet the requirements to have the fee waived.

This checking account is the only one on our list that offers both in-person banking as well as unlimited free transactions.

It’s so easy to save on fees with this straightforward account, named one of the best business checking accounts for limited liability companies (LLCs).

3. BlueVine

1. No monthly fee

2. Fee-free transactions

3. 1.20% annual percentage yield (APY) on balances up to $100,000

4. No introductory bonus

5. No physical branches

6. Cannot request additional debit cards for employees

Additional Features

1. Integrates with accounting software, such as QuickBooks Online, Wave, and FreshBooks

2. Connects with e-commerce solutions Stripe, PayPal, and Expensify

3. Live customer support

BlueVine provides an online-only business banking platform. One of its most compelling features is its checking account which offers 1.20% APY on balances of up to $100,000.

This is one of the highest yields in the nation, with no monthly fees, penalties, or minimum balance to maintain.

Check deposits can be made via the mobile app and cash is accepted at more than 90,000 Green Dot retail locations nationwide—a $4.95 fee will apply to each Green Dot deposit.

When to Choose BlueVine Business Checking

1. You want to earn interest on your business checking account

2. You receive the majority of your funds electronically

3. You occasionally need to make cash deposits

Fees & Terms

1. Monthly fee: None

2. Transaction fee: None—offers unlimited transactions

3. ATM fee: No fees at more than 38,000 MoneyPass ATM locations nationwide

4. Minimum initial deposit: None

5. Minimum balance requirement: None

6. Ongoing APY: 1.20% on balances up to $100,000 (no interest earned on balances over $100,000)

Why We Like It

BlueVine’s interest-bearing checking account with unlimited transactions makes it a highly desirable choice for any business owner who wants an easy-to-use, straightforward account.

Its ease of use means more time to focus on your business. Without any branch locations or weekend customer support, it’s best for business owners who are comfortable using an online-only platform.

4. Bank of America

1. 200 free transactions per month

2. Free digital tools to track business performance

3. Ongoing rewards

4. Cash deposits fees charged per $100 over the monthly allowance

5. Doesn’t offer ATM fee reimbursements

6. Requires a $100 opening deposit

Additional Features

1. Deposit checks, view accounts, make transfers and pay bills with the mobile app

2. Credit card processing and payroll services through ADP

3. Monitor, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions

Bank of America’s Business Checking Account has Two Settings

Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. As your banking needs change, you can switch from one setting to the other.

1. The Fundamentals setting includes Cash Flow Monitor, Erica—Bank of America’s artificial intelligence (AI)-driven virtual financial assistant—and Zelle.

2. The Relationship setting gives you all the same tools, plus QuickBooks integration, additional checking and savings account options, no fees for incoming wires, and more.

Both settings are eligible to enrol in Bank of America’s Preferred Rewards for Business program, which offers significant rewards and discounts for no additional fee.

To qualify for this ongoing no-fee rewards program, you’ll need an active Bank of America personal checking account and a three-month combined average daily balance of $20,000;

Or more in Bank of America business deposit accounts and/or Merrill business investment accounts.

When to Choose Bank of America’s Business Checking Account

1. Your business deposits large amounts of cash monthly

2. You do a lot of your business banking in person

3. You want to use the same bank for both your personal and business accounts

Fees & Terms

1. Monthly fee:

2. Fundamentals account setting: $16—waived if you meet one of the following criteria during each checking statement cycle:

3. Spend $250 on new net purchases with your Bank of America business debit, credit card, or charge card

4. Maintain a $5,000 combined average monthly balance

5. Become a member of Preferred Rewards for Business—first four checking accounts per enrolled business

6. Relationship set: $29.95—waived if you maintain a $15,000 combined average monthly balance

Transaction Fee

1. No fee for the first 200 transactions (500 transactions for the Relationship setting), then 45 cents per item

2. No excess transaction fee for automated clearing house (ACH), debit card transactions, online bill pay, electronic debits, and checks deposited through remote deposit online

Cash Deposit Fee

1. Fundamentals account setting: Deposit up to $7,500 with no cash deposit processing fee, then 30 cents per $100 per statement cycle

2. Relationship account setting: Deposit the first $20,000 with no cash deposit processing fee, then 30 cents per $100 per statement cycle

ATM Fee

1. Free access to more than 16,000 ATMs nationwide—$2.50 per transaction on out-of-network ATMs

2. Minimum deposit: $100

3. Minimum balance: None

Why We Like It

Few business checking accounts offer generous rewards. With Bank of America’s Preferred Rewards for Business, you gain;

Access to a 25% to 75% rewards bonus on credit cards, a 5% to 20% interest rate boost on savings accounts, interest rate discounts on lines of credit and other loans, no fees on select banking services;

Cashback on payroll service fees, and free financial analysis from a Merrill financial advisor.

We selected the business advantage fundamentals banking account as one of the best bank accounts for self-employed professionals.

5. Mercury

1. No minimum deposit to open an account

2. Physical and virtual debit cards

3. Access multiple business entities with a single sign-on (SSO)

4. Accounts not available to sole proprietorships

5. Lacks paper check-writing abilities

6. Accounts don’t earn interest

Additional Features

1. Accounts integrate with major accounting software

2. Set custom user permissions for your team members

3. Create auto-transfer rules for your accounts

4. Integrates fully with QuickBooks and Xero accounting software

Mercury is a fully online banking platform geared towards internet-based businesses and business owners.

This checking account is entirely fee-free—even domestic and international wire transfers are free. With its extensive mobile and desktop applications, you can customize permissions, request physical and virtual debit cards for your team, and set up customized account automation easily.

To be eligible for a Mercury account, your business must be incorporated in the United States—Mercury is unable to provide accounts for sole proprietorships.

When to Choose Mercury’s Business Checking Account

1. Your business is incorporated as its own legal entity

2. Your business income and expenses are handled electronically

3. You don’t have cash transactions and you infrequently pay by check

Fees & Terms

1. Monthly fee: None

2. Transaction fee: None

3. Cash deposit fee: N/A—Bank doesn’t accept cash deposits

4. ATM fee: No charge for out-of-network ATMs, although operator fees apply—free access to the Allpoint ATM network (55,000 locations worldwide).

5. Minimum deposit: None

6. Minimum balance: None

Why We Like It

While fee-free banking is a great perk of having your business checking account with Mercury;

One thing that sets this company apart is that those who own multiple businesses can access their various accounts through a single sign-on.

With the click of a button, you can toggle from one business to the next, and custom user permissions allow you to grant varying levels of access to your bookkeeper, employees, and partners.

Additionally, by being a Mercury customer you’re granted access to a variety of perks and rewards that include discounts on various software, insurance, and financial consulting

6. U.S. Bank

Best Business Checking Account

1. No monthly fee

2. Free mobile check deposits

3. Apply in person, online, or by phone

4. No introductory bonus

5. Limited free transactions

6. Limits on cash deposits

Additional Features

1. Zelle to send and receive money

2. Digital invoicing and payment systems integrated into your online dashboard

3. Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online

4. Easy integration with overdraft protection or credit card processing services for your business

5. You can avoid fees easily with U.S. Bank’s Silver Business Checking account.

6. If your business does less than 125 transactions per month and less than $2,500 in cash deposits per month, you can conduct business almost entirely fee-free.

7. The Silver account is a good choice for freelancers or small businesses that have limited transaction activity and no need to make large cash deposits.

U.S. Bank also offers Gold and Platinum accounts for more mature businesses with higher numbers of transactions and cash deposits, and a Premium account for those with more complex banking needs.

There’s also a speciality account designed for nonprofits that have no monthly maintenance or balance fees;

Because of this unique nonprofit offering, we’ve named U.S. Bank the best overall bank for nonprofit organizations.

When to Choose U.S. Bank’s Business Checking Account

1. You only need a basic business checking account

2. Your cash deposits don’t exceed $2,500 per month

3. You have less than 125 banking transactions per month

Fees & Terms

1. U.S. Bank’s Silver Account

2. Monthly fee: None

3. Transaction fee: 50 cents per transaction after the first 125 transactions in a month

4. Cash deposit fee: None—limited to $2,500 in cash deposits each month

5. ATM fee: No charge for out-of-network ATMs, although operator fees apply—free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs

6. Minimum deposit: None

7. Minimum balance: None

U.S. Bank’s Gold Account

1. Monthly fee: $20—waivable if you meet minimum requirements

2. Transaction fee: 45 cents per transaction after the first 300 transactions in a month

3. Cash deposit fee: None on the first $10,000 in cash deposits each month

Atm Fee

1. No charge for out-of-network ATMs, although operator fees apply—free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs

2. Minimum deposit: None

3. Minimum balance: None

Why We Like It

U.S. Bank offers multiple businesses checking account options, allowing you to choose the one that best suits your business needs.

For businesses with low transaction volumes that want a straightforward business account, you can’t go wrong with the Silver Account.

As your business grows or your transaction needs change, you can upgrade to one of the other U.S. Bank business accounts.

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7. First Internet Bank

1. Fee-free banking

2. Up to $10 refund for ATM fees

3. Selection of business deposit accounts

4. APY only available with an average daily balance of $10,000

5. No cash deposits

6. No physical branches

Additional Features

Other business bank accounts available, including savings, money markets, and certificates of deposit (CDs)—savings accounts ranked among the best

First Internet Bank operates as a full-service online bank.

It offers many ways to save through its Small Business Checking account with no minimum balance requirement, no monthly service fee, and unlimited transactions.

When to Choose First Internet Bank’s Business Checking Account

1. You want to earn interest on your business checking account and your average daily balance exceeds $10,000

2. You want to build a business banking relationship that extends beyond a checking account, but don’t require in-person services

3. You want to have your personal and business accounts in one place

Fees & Terms

1. Monthly fee: None

2. Transaction Fee: None—offers unlimited transactions

3. ATM fee: None—reimburses up to $10 per month in ATM fees

4. Minimum deposit: $100

5. Minimum balance: None

6. Ongoing APY: 0.30% on balances of $10,000 or more

Why We Like It

Not only can you earn interest on its small business checking account, but First Internet Bank also offers competitive rates on business savings accounts, business CDs, and a variety of loans.

If you’d like to keep all your finances in one place, it also offers small business lending options—including commercial real estate loans;

And provides personal accounts like checking, savings, money market, credit cards, CDs, and mortgages.

8. Novo

1. All ATM fees refunded

2. Discounts on business software

3. Unlimited free transactions

4. No physical branches

5. No domestic or international wires

6. Does not pay interest on account balance

Additional Features

1. Integrates with POS systems and other business tools, including QuickBooks, Slack, Xero, Stripe, Wise, and Shopify

2. Deposit checks directly through the mobile app

3. Online banking includes unlimited invoicing and bill pay

4. If you often use an ATM to access your business funds and don’t need the in-person services of a brick-and-mortar bank, Novo might be the right choice for your business.

5. Although it doesn’t have an associated ATM network, you’ll be reimbursed for all ATM fees at the end of each month.

6. Access your funds wherever and whenever you want without worrying about unwanted ATM fees reducing your balance.

When to Choose Novo’s Business Checking Account

1. You frequently utilize ATMs for business purposes

2. You rarely make cash deposits—your income stream is electronic

3. You want to integrate your business checking account with other online business platforms

Fees & Terms

1. Monthly fee: None

2. Transaction fee: None

3. Cash deposit fee: None—cash is deposited through money orders

4. ATM fee: Refunds all ATM fees

5. ACH fee: None

6. Minimum deposit: None

7. Minimum balance: None

Why We Like It

Refunded ATM fees aren’t the only perk of Novo’s business checking account.

If your business uses third-party apps for accounting and e-commerce payments, such as Wise, Slack, Xero, Stripe, QuickBooks, and Shopify, Novo sets you up for easy integration.

You can save money with significant discounts on licenses and packages for business services, including Gusto, Zendesk, HubSpot, and Salesforce.

How We Evaluated the Best Small Business Checking Accounts

To determine the best selection, we considered dozens of small business checking accounts that charge minimal fees, provide strong support, and offer many features important to small business owners.

We compared APYs, maintenance fees, the initial deposit and minimum balance requirements, branch and ATM availability, online and mobile banking features, and additional account perks for each bank.

9. Bethpage Federal Credit Union

Best for a free account with no transaction limits

Overview

Bethpage Federal Credit Union was established in 1941.

Perks

Bethpage Federal Credit Union’s Free Business Checking with Interest doesn’t have a transaction limit.

It also doesn’t charge you a monthly service fee and it earns some interest. Anyone can join Bethpage Federal Credit Union with a $5 deposit into a savings account.

What to watch for: It only has branches on Long Island, New York.

10. Capital One

Best for outgoing domestic wire transfers

Overview

Capital One has 333 branches and about 50 Capital One Cafes.

It offers online bank accounts. Savings accounts, business credit cards, the ability to accept credit card payments from customers;

And lending options are some of the products and services that Capital One offers for businesses.

Perks

The first five domestic outgoing wires each month are free with the Spark Business Unlimited Checking account.

Those domestic outgoing wires are valued at $125 since after your five free monthly wires are sent you’ll be charged $25 for each additional domestic wire transfer.

The Spark Business Unlimited Checking Account

1. The Spark Business Unlimited Checking account allows you to have the monthly maintenance fee waived on up to two Spark Business Basic Checking accounts.

2. Account holders also won’t be charged for receiving domestic wire transfers and no fee is charged on cash deposits of less than $40,000 a month. It also allows unlimited transactions.

3. Spark Business Unlimited Checking customers aren’t charged a fee for making cash deposits.

But the bank may convert the account into another checking product if you make more than $40,000 in cash deposits during a statement cycle.

The account is meant for businesses that have less than $10 million in annual sales.

4. What to watch for: A monthly maintenance fee of $35 is charged for 30-day or 90-day balances that go below $25,000.

11. Lendingclub Bank

Best for a cashback debit card

Best Business Checking Account

Overview

LendingClub Bank is an online bank founded in 2007.  Radius Bank, which was founded in 1987, was acquired by LendingClub in January 2021.

Perks

LendingClub’s Tailored Checking offers unlimited cashback of 1 per cent and earns 0.1 per cent APY on balances of $5,000 or more.

The account also offers businesses free unlimited transactions.

What to watch for: LendingClub Bank has only one cashless branch, in Boston, according to its website. Businesses that need cash and coin orders on a regular basis may want to avoid online banks.

There is a $10 monthly maintenance fee if the Tailored Checking account balance falls below $5,000.

12. Regions Bank

Best for getting a safe-deposit box discount

Overview

Regions Bank has about 1,400 branches in the South, Midwest, and Texas.

Perks

Regions Bank’s Business Simple Checking account offers business owners up to a 40% discount on a safe-deposit box.

Account holders can waive the $7 monthly service fee by making at least $500 in purchases with a Regions Business Check Card. Regions require only a $100 deposit to open an account.

What to watch for: Regions Bank has locations in 16 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Virginia.

13. Security Service Federal Credit Union

Best for business perks

Overview

The Security Service Federal Credit Union Premium Business Checking account offers an account that helps with more than just banking.

The account is subject to a $20 monthly maintenance fee for accounts that don’t maintain an average daily balance of at least $50,000.

Perks

With the account, you’ll have access to a network of attorneys, who provide free and discounted services for Premium Business Checking customers.

The credit union also provides business checking customers with mobile phone coverage, which covers accidental damage, mechanical failure, or theft.

Two claims of up to $500 each are permitted in a 12-month period.

What to watch for: Only customers who live, work, attend school, worship, volunteer or have a business in Colorado, Texas or Utah are eligible to join the credit union.

You can also join by being a military member of select branches or units.

Department of Defense employees at certain bases within Security Service Federal Credit Union service areas may also be eligible.

Also, family members or household members of an existing member can join.

14. Vystar Credit Union

Best for depositing cash.

Overview

VyStar Credit Union is the 18th-largest credit union based on assets, according to VyStar’s website, and it is headquartered in Jacksonville, Florida.

Perks

The VyStar Credit Union Small Business Checking account lets a business deposit up to $10,000 in cash monthly without paying a fee.

Other banks or credit unions might have lower limits on depositing cash for free. Also, the account pays interest on daily balances of $2,500 or more and doesn’t have a monthly maintenance fee.

What to watch for: People who live or work in 49 Florida and 10 Georgia counties can join VyStar Credit Union.

A $5 minimum deposit is required to open an account.

15. Axos Bank Basic Business Checking

Best online business checking account

Axos Bank was designed as a digital bank from its inception in 2000. A publicly-traded company, with over $14.4 billion in assets.

Its Basic Business Checking account is “for the busy business owner with modest checking needs.” The account has no monthly service charges and unlimited domestic ATM fee reimbursement.

Pros

1. No monthly service charges

2. Unlimited domestic ATM fee reimbursement

3. The first set of 50 checks is free

Cons

1. No branches/in-person interaction

2. Other important information:

3. Minimum balance: $0

4. APY: 0%2

5. Transaction Limits: Unlimited debit, credit, and deposited item processing

6. Fees: None

16. U.S. Bank Silver Business Checking Package

Best brick-and-mortar bank

U.S. Bank is America’s fifth-largest bank with nearly 70,000 employees and $567 billion in assets.

Founded in 1863 and headquartered in Minnesota, it has over 2200 branches in 26 states across the U.S. Small business customers are its speciality.

The Silver Business Checking Package has no monthly fees and allows for up to 125 transactions, which is adequate for many small businesses.

Pros

1. No monthly fees

2. No minimum balance requirements

3. Up to 125 transactions allowed monthly

Cons

1. $0.50 charge for each transaction exceeding 125 monthly maximum

2. Not located in every state

3. No interest-earning accounts

4. Other important information:

5. Minimum balance: $0

6. APY: 0%3

7. Transaction Limits: 125 per month, including 25 free cash deposit units per month

8. Fees: $2 paper statement fee

17. LendingClub Tailored Checking

Best interest-bearing business checking account

LendingClub offers the same FDIC insurance as traditional brick-and-mortar banks and now has over $4 billion in assets.

The LendingClub Tailored Checking account offers an interest rate of 0.10% on balances that are $5,000 and up.

Customer benefits include unlimited transactions with no fees, including free ATM withdrawals (it rebates any incurred surcharge) and bill pay.

Pros

1. Unlimited ATM surcharge rebates

2. Interest on accounts (currently .10%)

3. Unlimited no-fee transactions

Cons

1. No physical branches

2. No interest on balances under $5,000

3. High minimum balance is required to waive a monthly fee

Other Important Information

1. Minimum balance: No minimum balance is required, but $100 is needed to open an account

2. APY: 0.10% with a balance of $5,000 or more4

3. Transaction Limits: Unlimited transactions with no per-transaction fees

4. Fees: Accounts with less than a $5,000 average balance are charged $10 per month

18. Wells Fargo Navigate Business Checking

Best for cash deposits

Founded in 1852, Wells Fargo has grown into the third-largest bank in the U.S. with over $1.7 trillion in assets.

It has approximately 4,900 locations and more than 12,000 ATMs spread across much of the United States.

The Navigate Business Checking account is best for depositing cash because the first 250 transactions and $20,000 in cash deposits per month are included at no extra charge.

Pros

1. A high number of monthly transactions allowed

2. Large branch network

3. No fees for stop payments, cashier’s checks, and other business services

Cons

1. High monthly service charge/high balance to waive fees

2. $0.50 per item and $0.30 per $100 over transaction limits

3. Other important information:

4. Minimum balance: $25 to open the account

5. APY: Rates not available online

6. Transaction Limits: 250 transactions per month, then $0.50 per transaction; $20,000 in cash deposits per month, then $0.30 per $100 deposited

7. Fees: The monthly fee of $25 is waived with a $10,000 average balance or $15,000 in combined balances (checking, savings, time accounts, and credit).

Reasons to Consider a Business Checking Account

Before creating or opening a business checking account, the following must be considered.

Best Business Checking Account

1. Keep Your Business and Personal Finances Separated

To maintain the integrity and accuracy of your business’s financial records, it’s important to keep your business and personal finances separate.

2. You’ll Build Your Business’s Credit

When you open a business bank account, credit bureaus begin tracking the credit history of your business.

3. You can Assess Your Business’s Performance More Easily

With your income and expenses running through a dedicated account, it becomes easier to analyze your business’s performance.

4. It lends Credibility to Your Business

Customers will see your business as more trustworthy when payments come from a business account.

5. It Helps Simplify Tax Season

Using a business checking account helps maintain a record of income and expenses, simplifying your tax preparation at the end of the year.

6. You Can Build a Banking Relationship

Building a banking relationship can be beneficial if you need business financing in the future.

READ ALSO!!!

What You Need to Open a Small Business Checking Account

Many banks require the following items. Be sure to confirm if the account can be opened online or if you need to visit a branch to fill out the application:

Best Business Checking Account

1. Employer identification number (EIN) or Social Security number if you’re a sole proprietor

2. Fictitious business name certificate or doing-business-as (DBA) certificate

3. Business formation documents

4. Organization documents, including your ownership agreements

5. Business licenses

6. Government-issued photo ID, such as a passport or driver’s license

FAQ on Best Business Checking Account

List of some faqs about the business checking account.

1. Chase: Best overall for small business checking.

2. Capital One: Best for unlimited everyday transactions.

3. BlueVine: Best for earning interest on deposits.

3. Bank of America: Best for ongoing rewards and low cash deposit fees.

4. Mercury: Best for digitally based business owners.

1. Business checking account

2. Business savings account.

3. Business certificate of deposit (CD) account.

4. Business money market account.

5. Merchant account.

1. Novo — Best for freelancers and entrepreneurs.

2. NorthOne — Best for fully mobile business banking.

3. BlueVine — Best for new businesses to keep (and grow) cash.

4. Mercury — Best for startups and ecommerce businesses.

Yes, absolutely! You should set up a business banking account right away if you are starting an eCommerce business.

If you use WooCommerce or Shopify, you will need a bank account to receive funds from your sales revenue.

No, you can’t open a business checking account with Ally Bank—they only provide personal checking accounts. However, other online banks offer great alternatives.

Wells Fargo

Chase

Capital One

NBKC

Axos Bank

BlueVine

Digital Federal Credit Union

Discover does not have a business checking account. The bank does offer personal checking, but it’s smart and professional to separate your finances from your company’s.

If you already use Discover Bank, you may value some of its features, like no fees and cash-back rewards.

Small business banking refers to banking services and products designed for small and medium-sized businesses.

Banks and credit unions often have special divisions just for their small business clients.

Choose the right account.

Gather your LLC documentation.

Complete and submit your application.


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CSN Team.

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