When it comes to running a small or medium-sized business, it’s crucial to manage different financial aspects effectively. This entails generating invoices, making payments to contractors, handling digital and non-digital payment methods, and consistently monitoring inventory.
In the current business landscape, having more than just a regular checking account is necessary for these financial requirements.
To simplify your search for the right solution, we’ve evaluated numerous top-notch business checking accounts that offer online and offline accessibility. Our evaluation considered various factors such as invoicing support, payment flexibility, fees charged, and interest rates to identify the most advantageous accounts available.
Best Business Checking Accounts
- Bluevine – Best Checking Account Overall
- Novo – Best Low-Fee Business Checking Account
- Axos – Best Full-Service Online Bank Account
- Capital One – Best for Unlimited Transactions
- Bank of America – Best for Traditional Banking
- American Express – Best for Membership Rewards
- Lili – Best for One-Person Businesses
- U.S. Bank – Best for Lending Options
- Oxygen – Best for Freelancers
- Chase Business – Best Bank Account for Merchant Service
Various factors need to be considered when ranking the best business checking accounts. These factors include monthly maintenance fees, transaction fees, minimum balance requirements, interest rates, account features, and customer service.
Evaluating these factors can help a business owner identify the account that offers the greatest value and aligns with their requirements.
Collecting data from diverse sources is crucial to thoroughly evaluating the best business checking accounts. These sources may comprise analyzing account terms and bank websites, scrutinizing customer feedback and ratings, and seeking advice from financial specialists.
By meticulously researching and contrasting accounts, entrepreneurs can intelligently select the most suitable account that caters to their requirements.
Bluevine : Best Business Checking Account Overall
Star rating: 4.9/5
Online best business checking accounts usually offer unlimited transactions and no fees, but Bluevine provides an additional advantage with its free high-yield best business checking account. Bluevine's business account provides 4.25% of APY for balances up to $3 million. It also provides a 2.00% interest rate on balances up to $100,000, one of the best rates available among the best business checking accounts.
Although Bluevine account holders can make cash deposits, they’re charged a fee. Bluevine is a FinTech company that began offering one of the best business checking accounts in 2019, and Coastal Community Bank provides its banking services. The Federal Deposit Insurance Corp. insures all Bluevine accounts up to $250,000.
Why we chose it: This best business checking account offered by Bluevine is currently the best option due to its low fees, user-friendly interface, and highly competitive interest rate. It’s an excellent choice for businesses looking for a hassle-free banking experience.
- Up to $100,000 in balances can earn a higher APY than usual
- No overdraft fees, inbound wire fees, monthly fees, daily costs, or minimum balance requirements
- The capacity to immediately lock and unlock your Bluevine Business Debit Mastercard® for increased protection
- Unlimited transactions
- Link to business tools like PayPal, Stripe, and Expensify
- Solely online (not great if you prefer in-person banking)
- No out-of-network ATM refunds are available
Unlike other best business checking accounts, Bluevine doesn’t charge several fees. This includes no monthly fees, minimum balance requirements, or charges for overdrafts or incoming wire transfers. However, customers will be charged $4.95 for every cash deposit and $15 for every outgoing wire transfer.
Obtaining a 4.25% interest rate on your best business checking account is feasible if certain conditions are met. To qualify, you must satisfy one of two prerequisites: expend a minimum of $500 monthly utilizing your Bluevine Business Debit Mastercard or receive no less than $2,500 in monthly customer payments into your account.
The interest has a limit of $100,000, and any amount exceeding that will not generate any additional earnings.
Although Bluevine does not offer traditional loans, it provides a versatile business line of credit that can be utilized in any way necessary. The credit lines can go as high as $250,000, and approval decisions can be reached in as little as five minutes.
There are no charges for keeping the account active. You’ll only have to pay interest on the amount you use. Presently, the interest rates begin at 4.8%, which is quite reasonable.
Bluevine's business checking account currently does not provide additional incentives to customers apart from its attractive 4.25% APY, which is a considerable reward.
Through Bluevine, you can pay bills using ACH, check, or wire directly from your account or credit card. There are no restrictions on the number of monthly transactions you can make. Bluevine allows for the organization and tracking of finances by enabling multiple sub-accounts to allocate funds to different categories.
Novo – Best Low-Fee Business Bank Account
Star rating: 4.8/5
Novo business checking is suitable for small-business owners who require digital banking and unlimited refunds for ATM charges. It has no monthly fees and includes an invoicing tool and direct integration with leading business tools.
Novo is ideal for streamlining financial processes and managing multiple accounts in one place. However, Novo cannot accommodate cash deposits, which is a crucial feature for various businesses. In contrast, other competitors provide the option to deposit cash with an online-based business checking account.
Why we chose it: Novo is an ideal option for small businesses in need of a bank as their fee structure is minimal, which is highly advantageous. This makes it a highly recommended choice for startups seeking banking services.
- No minimum balance needed or monthly fees
- No incoming wire fees, no ACH transfer fees, and no transaction limits
- Worldwide refunds for all ATM costs
- Internet banking with limitless invoicing, bill pay, and the free delivery of paper checks
- Connectivity with well-known business applications like Shopify, Stripe, QuickBooks, and Xero
- Via your account, you can get savings on software and services for businesses
- Cash cannot be deposited
- Cannot send wires internationally or domestically
- With bill pay, recurring payments aren’t possible
- Insufficient money/returned uncollected monies costs are $27
If you search thoroughly, you may find some fees associated with Novo. Nonetheless, the online bank offers a checking account that doesn’t require maintenance fees and reimburses all ATM fees, regardless of location. Monitoring your account closely is essential to avoid the $27 overdraft fee.
Novo's checking account for businesses doesn’t provide any option for earning interest on your funds, and it also lacks a savings account to allow excess money to accumulate interest. No information has been left out in this paraphrasing.
Novo offers no lending or credit line options as part of its feature set. While this may not pose a problem for a few individuals, those who require a chance to generate income will have to explore other alternatives.
Novo has partnerships with multiple business applications, which enables it to provide lucrative discounts. You can receive a 30% discount on HubSpot's range of business tools if you have a Novo checking account. Depending on your software requirements, you may save up to $4,000.
With the help of a well-designed dashboard, sending and monitoring invoices can become a simple task. A virtual debit card enables you to easily make online or offline payments without requiring a physical card. Novo Reserves allows you to allocate funds to different accounts to prepare for upcoming expenses or a major project.
Axos – Best Full-Service Online Checking Account
Star rating: 4.6/5
In March 2022, Axos Bank upgraded its business checking options by enabling cash deposits for all accounts, eliminating transaction limits, and waiving deposit requirements for its free business checking account. These updates complement the bank's current offerings of round-the-clock customer service, free access to ATMs across the country, and unlimited refunds for domestic ATM fees.
Axos provides two primary best business checking options: Basic Business Checking and Business Interest Checking, which can earn up to 1.01% APY. Basic checking is free, while the interest-earning account requires a $10 monthly fee, which can be waived by maintaining an average daily balance of at least $5,000.
Unlike some online best business checking accounts that rely on other financial institutions for banking services, Axos Bank is an FDIC-insured institution that offers its business banking products and services directly.
Although this review covers both accounts, the above star rating applies to the Axos Basic Business Checking account.
Why we chose it: Axos Basic Business Checking is considered one of the best business bank accounts due to its low fee structure and the availability of free cash deposits.
- Unlimited transactions and no monthly cost
- Unlimited reimbursement for domestic ATM fees
- Cash deposits at Allpoint and MoneyPass ATMs
- Greeting bonus for new clients (terms apply)
- 24/7 client assistance
- No integrations with outside apps
- Interest monitoring APY is adequate but not outstanding
Axos Bank Basic best Business Checking account is free to use as it doesn’t have a monthly maintenance fee or any specific requirements to keep the account open. The account reimburses any ATM fees incurred monthly, making it effectively free. However, if you frequently use wire transfers, it’s important to note that Axos charges $35 for each transfer.
The account mentioned doesn’t offer an annual percentage yield but concentrates on providing benefits to businesses. Axos offers an interest-bearing business savings account that allows individuals to earn interest on their extra money.
Axos provides its members with a range of credit and lending options, but the eligibility criteria are strict, requiring a minimum of two years in business and other qualifications. The loan amounts start from $10 million, so the requirements are unsurprising.
If you’re a new business owner and sign up for an Axos checking account, you will receive a $200 welcome bonus. Additionally, even if you aren’t a new business, you can still receive $100 for opening an Axos account.
Axos has a wide network of over 91,000 ATMs nationwide. However, in case you use an out-of-network ATM, there’s a provision for fee reimbursement. The online bank offers reimbursement for the first two wire transfers each month. Axos also has a smooth integration with QuickBooks, which can assist with financial bookkeeping.
Capital One – Best Business Checking Account for Unlimited Transactions
Star rating: 4.7/5
Capital One is a sizable digital bank offering various services, including personal and business checking and savings accounts. While signing up for business accounts is free, a monthly fee is required to maintain them if balances fall below a particular limit.
The Business Savings Account yields a modest 0.2% APY for individuals with additional funds, whereas checking accounts don’t earn any interest. Capital One doesn’t charge fees for overdrafts, certain wire transfers, and some cash deposits.
One of the most notable features of the service is that it offers unlimited free digital transactions. This means there’s no limit to how much money you can transfer each month, whether it's to other people or businesses.
Why we chose it: Capital One has removed any restrictions on digital transfers that were previously in place, enabling individuals to maintain the flow of their finances without any hindrance.
- Monthly unlimited business transactions
- Access to funds the following day
- Any domestic wires coming in are free
- No cost business debit cards
- Free money deposits
- High minimum balance requirement
- Fewer geographic locations
To maintain a Capital One Basic Business Checking account, you must pay a $15 monthly fee. However, you won't have to pay the fee if your balance in the previous 30 or 90 days averages $2,000 or more.
There are additional charges for incoming and outgoing wire transfers, but you can transfer funds digitally without any charges.
Although no interest is attached to this account, you can still use surplus money by transferring it to one of Capital One's savings accounts, enabling it to earn some annual yield. It’s important to note that every penny counts and should be kept active.
Suppose you have an open business checking account and have been in business for at least two years. In that case, Capital One offers a variety of lending options that can be advantageous for your business. The loans and lines of credit they offer can range in amount, with a maximum cap of $5 million for each.
Although there are no benefits to simply signing up for Capital One, their credit card options offer potential rewards for users. With a variety of cards available, it’s possible to find one that suits the needs of your business and earns rewards for every transaction.
With unlimited digital transfers available, sending money from your bank account to any location on the planet is possible. Capital One Basic Business Checking also offers protection from overdraft charges and allows for free cash deposits of up to $5,000 per month.
Bank of America – Best Business Checking Account for Traditional Banking
Star rating: 4.67/5
Bank of America's business checking accounts are superior to those of other national and regional brick-and-mortar-based competitors because they provide unlimited fee-free electronic transactions, high cash deposit limits, and three different account opening methods.
The bank offers two types of small-business checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking, with this review focusing on the former.
Bank of America has 4,200 branch locations across 37 states and Washington, D.C., making it an excellent choice for small business owners requiring digital and in-person banking services.
Why we chose it: Bank of America possesses all the conventional features of a bank, including numerous branches and a wide range of exceptional services.
- Electronic money transfers with no limits and no fees
- High deposit limits in cash
- There are several ways to open an account, including online, via phone, and in-person
- access to 4,200 branches and 16,000 ATMs operated by Bank of America nationwide
- Includes mobile banking, an integrated cash-flow monitoring tool, bill payment, and mobile check deposit
- No choice for a free business checking account
- Expensive ancillary costs
- Fees for using ATMs not owned by Bank of America: $2.50 for domestic machines, and $5 for overseas machines
Bank of America is a complete bank with various account choices and a fee structure. The Business Advantage Fundamentals account has a $16 maintenance fee, which can be waived if you meet certain criteria. To avoid this fee, you must either maintain a combined average monthly balance of $5,000 or make debit card purchases worth at least $250 per month.
Bank of America's Business Advantage Fundamentals checking account offers no APY. Even though you can open a business savings account at a monthly cost of $10, the interest rate on funds deposited will only be 0.01%. For more information on opening a business bank account, refer to our guide.
Certain revenue and business criteria must be met to qualify for a loan or line of credit with Bank of America. The minimum amount for both options is $10,000, and you can receive funding as required. The monthly payments will depend on the account balance.
No exclusive incentives are offered if you become a Bank of America member. However, having access to over 4,300 branches nationwide and online banking options provides increased flexibility to meet your banking requirements.
The Bank of America is a significantly sized financial institution with various resources and evidence to support its claim. With a nationwide coverage of 4,300 branches, it offers secure banking services that only a company of its magnitude can provide.
Furthermore, the bank provides many business-related services and collaborates with Zelle to facilitate fast and convenient payment and transfer processes.
American Express – Best Business Checking Account for Membership Rewards
In October 2021, American Express introduced its fully digital American Express Business Checking account, which is currently only accessible to Amex clients. This move brought a well-known brand to a market dominated by lesser-known banks and fintech companies.
The account is free, just like other online accounts, and has no monthly fees or charges for items such as overdrafts, stop-payment requests, and incoming wire transfers. However, American Express Business Checking stands out by offering 24/7 live customer service, a competitive interest rate, and a generous welcome bonus.
Clients who have accounts can add funds through mobile check deposits using iPhones, ACH, and wire transfers. They can also withdraw funds without any cost from over 37,000 ATMs that are part of the MoneyPass network. However, cash cannot be deposited, and there’s a possibility of having to pay fees charged by the ATM owner when using out-of-network ATMs.
Why we chose it: American Express pays you to shop with point-to-dollar deposits and delivers a hefty interest rate.
- Neither a minimum starting deposit nor monthly fees
- No overdraft costs (limitless transactions without fees)
- With balances up to $500,000, get 1.30% APY
- 24/7 client assistance
- Cash cannot be deposited
- Only Apple iOS supports mobile check deposits via apps
- Only clients of American Express may purchase
American Express only charges a fee for outgoing domestic wire transfers, which is fairly priced. They don’t impose monthly maintenance fees, penalties for insufficient funds, or fees for receiving funds from different sources.
At present, American Express offers an annual interest rate of 1.3% APY, which is 43 times higher than the national deposit rate. This rate applies to deposits up to $500,000. However, any amount exceeding this limit will not earn any interest.
American Express provides Kabbage Funding as a means for businesses to access loans and credit lines. To qualify, the company must have been operational for at least a year, generate a minimum monthly revenue of $3,000, and have a FICO score of 640 or higher.
By linking your American Express account to Kabbage, you can earn a $250 reward. Further details can be found in our review of Kabbage Funding.
By registering, new members can receive 30,000 bonus points, provided they deposit a minimum of $5,000 into their account and maintain that balance for a minimum of 60 days. Additionally, they must complete at least ten qualifying transactions within the same timeframe.
By making purchases using your debit card, you can earn reward points that can be converted into deposits directly deposited into your bank account or used for gift cards, travel, and similar purchases. American Express offers round-the-clock customer service to address any issues with your rewards points or other features.
Lili – Best Business Checking Account for One-Person Businesses
Star rating: 4.57/5
Lili provides all the necessary resources to prepare a precise tax report. With Lili, individuals can access the best business checking account online that charges no monthly fees or minimum deposit.
Lili offers various digital tools enabling users to handle their expenses, monitor tax deductions, allocate tax funds, and receive payments from clients through a single account. Although initially intended for self-employed individuals and freelancers, Lili is accessible to all business entities.
We chose it because Lili's software for tax optimization and low charges aids businesses in retaining their earnings. Lili is a beneficial choice for those seeking any best business checking account with no credit checks.
- No fees, no minimum initial deposit, and no minimum balance requirements
- Unlimited transactions without fees
- Free MoneyPass network access to ATMs
- Tools that manage costs and help with tax preparation are integrated
- Green Dot stores charge up to $4.95 for each cash deposit made
- Can't send or receive wire transfers (no checkbooks)
- Restricted business features, such as the absence of joint accounts, multiple business debit cards, and third-party interfaces
Lili offers free tax software, and additionally, business owners can benefit from no account or overdraft fees. The company doesn’t charge for foreign transactions or for using any of the 38,000 in-network ATMs in the United States. However, customers who use an out-of-network ATM will be charged a fee ranging from $2.50 to $5.
Lili's best business checking account doesn’t offer any interest. However, individuals prepared to make payments can avail of a savings account that provides a 1.5% APY. Maintaining a balance of at least $34,000 in the account is essential to balance the monthly expenses.
Lili doesn’t provide any borrowing alternatives to its customers. You must explore alternative possibilities if you require a loan or a credit line.
When you use your Lili debit card at participating merchants, you will receive cashback that will be deposited into your best business checking account. Using your debit card, you won't have to pay service or transaction fees globally.
Lili's tax optimizer is an incomparable tool specifically created to assist users in minimizing expenses related to taxes. This software provides various features such as classifying purchases, determining your tax bracket, and effortlessly filing taxes.
Lili's online banking platform also includes a mobile application that lets users track their personal and business expenses while traveling. The sign-up process is uncomplicated and paperless, allowing users to start banking in minutes.
U.S. Bank – Best Business Checking Account for Lending Options
Star rating: 4.5/5
U.S. Bank offers loans and lines of credit to meet any financial requirements your business may encounter, ranging from growth to unforeseen costs.
Furthermore, your business may benefit from tailored merchant services focused on different sectors that may benefit your business. If you happen to be in one of the 26 states where they operate, you can visit one of their 2,400 branches for in-person banking.
Why we chose it: U.S. Bank offers lending solutions suitable for businesses of any size, enhancing their already sturdy best business checking account.
- You can access over 2,000 branches across 26 states without being charged for using over 4,700 U.S. Bank and 37,000 MoneyPass ATMs
- You can apply for an account online, in person, or over the phone
- There are additional payment processing services available for a fee, including mobile apps and in-store payment terminals
- By signing up, you can receive a $400 bonus, subject to specific terms and conditions
- The bank's cash deposit limits are relatively low
- It’s difficult to find information about its terms and fees on the website
The U.S. Bank Silver Best Business Checking account has no noticeable service fees, but keeping track of your transactions is important to avoid issues. The account allows for 125 free monthly transactions, but any additional transactions will cost $0.50 each. It’s important to be cautious of using non-U.S. bank ATMs as they often come with fees.
Although U.S. Bank's checking account interest rates aren’t impressive, their business savings and money market accounts are worth considering.
U.S. Bank offers a wide range of lending options, making it one of the top choices for business bank accounts. Whether your business is small or large, you can apply for loans ranging from $5,000 to several million, depending on your business category. Similarly, lines of credit operate, with the amount you can borrow determined by the funds' intended use.
The U.S. Bank doesn’t provide any incentives for opening or keeping an account, but they offer various credit card choices with introductory deals that you can explore.
If your business doesn't deal with a lot of cash, you can deposit a maximum of $2,500 per statement cycle at U.S. Bank. If you intend to make payments through checks, you may receive a 50% discount on your first order. The U.S. Bank offers several other services worth exploring apart from lending.
Oxygen – Best Business Checking Account for Freelancers
Star rating: 4/5
Oxygen has established itself as a favorable choice for independent workers and small business owners in the fintech industry. It offers zero fees and a 5% cashback reward for purchases made at specific vendors. To ensure financial safety, users can generate infinite one-time debit cards with predetermined dollar amounts.
Why we chose it: Oxygen, a banking service, appeals to modern entrepreneurs with its stylish features and is considered a top checking account option for those who are self-employed.
- Geared toward hip business owners
- 5% Cash Back incentives
- Make single-use, virtual debit cards
- Not suitable for mobile
- No multiple users permitted
- Cost is too expensive
According to Oxygen, their services are free, but they mention that there could be charges for withdrawing money from out-of-network or international locations. However, there’s no need to be concerned about paying for ACH transfers or maintaining your account.
Even though the best business checking accounts don't earn interest, Oxygen solves this issue by offering a business savings account with a 1.0% interest rate for balances up to $20,000. Balances above that amount still earn interest but at a lower rate.
Oxygen isn’t a bank but a mobile fintech startup. Oxygen is unable to provide any loan choices as a result.
Acquiring essential items becomes more delightful when you receive payment for it. Purchasing items such as fuel, ride-sharing services, or delivery services can yield a 5% cashback without any inquiries.
Oxygen is a suitable choice for LLC business bank accounts and provides additional services such as formation services as well. Individuals who work on a freelance basis and wish to have the security that comes with a Limited Liability Company can accelerate the registration process through Oxygen's mobile application.
Chase Business – Best Bank Account for Merchant Service
Star rating: 3.8/5
Chase offers various business services, including payment collection and fraud protection, and provides a bonus of $300 upon registration. Businesses can accept credit card payments directly into their account by utilizing the Chase app. Although there’s a monthly service charge, there are several methods to avoid it.
Why we chose it: Chase offers a wide range of supplementary business services to satisfy all of your business banking needs.
- You don't have to make a minimum deposit to open an account
- You can make unlimited electronic transactions without any fees
- The account comes with integrated credit card processing
- New customers are eligible for a welcome bonus (certain terms and conditions apply)
- If your account is overdrawn by less than $50, there won't be any overdraft fees
- A monthly charge of $15 is applicable
- There’s a cap on cash deposits and physical transactions that can be made without incurring fees
- There’s a charge for using ATMs outside of the designated network
Although many accounts without fees are available, a monthly service fee may discourage some. However, there are multiple ways to avoid this fee, such as maintaining a minimum daily balance of $2,000, making $2,000 in purchases with a business card, or receiving deposits totaling $2,000 through the Chase QuickAccept app.
Although Chase Business Complete Checking account doesn’t provide interest, there’s still an option available to enhance its functionality. You can consider opening a Chase business savings account in addition to your checking account. The good news is that there’s no charge for signing up for savings as long as your checking account remains active.
If you become a Chase member, you can access both loans and lines of credit easily. The maximum borrowing limit is $500,000 and there are many options available for repaying the borrowed amount. Similarly, lines of credit also have a limit of $500,000 that can be used as per your requirements.
Chase offers numerous benefits to its customers. The bank will credit $300 to your Business Complete Checking account by fulfilling specific criteria. Moreover, Chase provides an extensive selection of credit cards that allow you to earn cash back or points for travel and other rewards.
By opening the best business checking account with Chase, you can enjoy the benefit of having access to one of its savings plans without paying any additional fees. You’ll get access to a wide range of business solutions that can help you protect and manage your finances as per your requirements.
Our Ranking Methodology for the Best Business Checking Account
Selecting the right checking account for your business is crucial and requires careful consideration. We conducted a thorough analysis of various best business checking accounts offered by different banks to assist you in finding the optimal choice. Our selection process involved taking into account the following approaches to determine our top recommendations:
Fees: Experiencing financial depletion due to excessive fees imposed by your financial institution is far from ideal. To ensure cost-effectiveness, the most suitable business bank accounts maintain minimal fees. Although some may demand a monthly fee, numerous options offer fee waivers.
Interest Rates: Nowadays, not all financial institutions offer interest on best business checking accounts, unlike before. However, some still provide this benefit and even offer much higher rates than the average nationwide rate.
Lending: At some point, you may require additional funds for unforeseen expenses or to grow your business. One way to secure these funds is to approach the best business checking account providers with whom you already have an established relationship. This can mitigate the risks and costs associated with involving third-party lenders. It’s important to have a good business relationship with your bank.
Rewards: When you open an account, it's not just the financial institution that should gain an advantage. The best business checking accounts demonstrate their support by offering sign-up bonuses, cash back, or online perks.
Transfers: Money transactions are frequent and crucial if you're running a business. Avoid penalties caused by excessive transfers or difficulty in directing funds to the right place. To ensure seamless communication with vendors and financial apps, the ideal business accounts eliminate restrictions and provide ease of access.
Additional Features: After conducting a thorough investigation, it was found that banks and FinTech companies have distinct differences. It was determined that each entity provides unique features that can be utilized to one's advantage in business transactions.
Who Should Get a Best Business Checking Account?
It may come as a surprise, but even individuals with small businesses or side hustles can be eligible for the best business checking account. This applies to big corporations and to anyone who wants to keep their personal finances separate from their business finances.
Whether you’re a sole proprietor using your social security number or an LLC with its tax ID, opening a business checking account is straightforward. A business, regardless of its size, can take advantage of having the best business checking account as it allows for better monitoring of earnings and expenditures.
This enables owners to assess the financial progress of the business before moving funds to their personal accounts for personal use. Although it’s important to have the best business checking account, it’s crucial to note that they often come with higher fees and minimum balance requirements compared to personal accounts.
This is because banks assume that businesses generate more revenue and have a higher volume of transactions and administration costs. However, more online-based best business checking accounts now don’t require a minimum balance or charge transaction fees, making them a more affordable option for businesses.
Online vs. Brick-And-Mortar Business Checking Accounts
Before choosing between an online best business checking account and a physical bank, evaluating your daily business management is important. Today, many businesses operate digitally, electronically handling tasks like invoicing, payments, accounting, and payroll. Therefore, consider your business's digital needs when making a decision.
While many businesses have shifted towards online banking and mobile check deposits, some still rely heavily on cash transactions and require a local bank branch to deposit their earnings at the end of each business day.
Although online best business checking accounts offer convenient invoicing features such as QuickBooks integration and credit card payment acceptance through Stripe, businesses that deal with large quantities of physical cash may choose to prioritize the ability to withdraw easily and deposit cash over the convenience of online options.
If you don't need to do banking in person on a regular basis, think about switching to an online-only bank, as they typically have lower fees and minimum balance requirements (some even as low as zero). It's important not to overlook this alternative.
Best Business Checking Account Frequently Asked Questions
To provide further assistance in resolving your concerns, we’ve compiled a list of the frequently asked questions about best business checking accounts, along with their respective answers.
Should I Use a Credit Union for My Business Checking Account?
When it comes to business bank accounts, credit unions are a great option due to their minimal or zero monthly fees and reputation for providing good customer service.
They also tend to have high cash deposit limits, making them a suitable choice for businesses that handle a lot of cash, such as restaurants. However, it should be noted that credit unions may have limited locations and ATMs compared to larger banks that operate nationally.
If you’re eligible for membership, it’s recommended that you compare some of the best credit unions listed in NerdWallet's roundup.
Who Should Get the Best Business Checking Account?
It may come as a surprise, but even individuals with small businesses or side hustles are eligible for the best business checking account, not just big companies. This is a straightforward method to separate your personal and business finances, whether you're a sole proprietor operating under your social security number or if you have an LLC with its own tax ID.
Can You Run a Business Without a Business Bank Account?
It’s possible to run a business without a separate business bank account, but doing so can endanger your personal finances. If there’s any legal action or debt, other parties can use your personal assets as collateral.
What Are the Most Important Features of the Best Business Checking Accounts?
When choosing the best business checking account, it’s crucial to consider your business's requirements, banking behaviors, and personal preferences, just like any financial decision.
You must consider features specific to your business, such as the ability to connect with other accounting tools, payment and e-commerce functions, debit card security measures, and ATM fee reimbursement.
Bottom Line on Business Checking Accounts
Choosing the optimal business checking account plays a crucial role in the triumph of your company. The top options offer perks and rewards upon signing up, all while keeping fees to a minimum.
These accounts often assist with financial management, freeing up your focus for more urgent matters. While Bluevine currently holds the title of best business checking account, any selection from our list will prove advantageous for you.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.