Top 10 LLC Business Bank Accounts – An Ultimate Guide for 2023

4:13 PM, Mar 21, 2023
4:13 PM, Mar 21, 2023
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Small and medium-sized business executives recognize the significance of effectively managing their financial affairs. In the present time, companies require more than just a checking account to handle various operations related to their business, including invoice processing, payroll management, offering multiple payment options, and keeping track of inventory changes, among others.

To assist with making the best decision for their company, we looked into a wide array of the best small business checking accounts available both online and in person. 

We took a variety of factors into consideration, including the presence of invoices, different payment choices, fees, and interest rates.

 

 

Best Small Business Checking Accounts

  • Bluevine – Best Business 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

When selecting the best small business checking account, there are usually numerous factors that have to be taken into account, like required minimum balances, interest rates, account features, and quality of customer service. 

After examining all of these elements, a business owner can choose the option that offers the most benefit and meets their needs. To make an informed decision, data from multiple sources must be gathered, including bank websites, account terms, customer reviews, and financial advisors. 

Doing detailed research and evaluating multiple options will enable a company owner to make the best choice for their needs.

 

 

Bank Fees Interest Rates Lending Options Rewards Additional Features Customer Service
Bluevine Business Checking $4.95 for cash deposits, $15 for outgoing wires Up to 2.0% APY Up to $250,000 line of credit None Cash deposits, online payments, multiple sub accounts Excellent
Novo Business Checking $27 overdraft fee $0% APY No lending options Up to $5,000 in online perks Reserve accounts, invoice tracking, virtual debit card Excellent
Axos Bank $35 for outgoing wire transfers 0% APY Loans and lines of credit starting at $10 million Up to $200 sign-on bonus ATM reimbursements, first 50 checks free, Quickbooks integration Excellent
Capital One Basic Checking Account $15 monthly service fee, $15 per incoming domestic wire, $25 for outgoing domestic wire 0% APY Loans and lines of credit up to $5 million None Unlimited digital transfers, overdraft coverage, $5,000 in free cash deposits Excellent
Bank of America Business Advantage Fundamentals Banking $16 monthly service fee 0% APY Loans and lines of credit from $10,000 None Integrates with Zelle payment app, business services Good
American Express Business Checking $20 for outgoing domestic wires 0% APY Loans and lines of credit starting at $10 million Up to $200 sign-on bonus ATM reimbursements, first 50 checks free, Quickbooks integration Good
Lili Business Checking $2.50 for out of network domestic ATMs, $5 for international 0% APY No lending options Cash back with debit card Tax optimization software, fast enrollment, smart mobile banking Good
U.S. Bank Silver Business Checking $0.50 fee for transactions after the first 125, fees at out of network ATMs 0% APY Many types of loans and lines of credit up to $12 million None $2,500 of free cash deposits, 50% discount on first check order Good
Oxygen Business Checking No monthly maintenance fees, possible out-of-network and international fees 1.0% APY in attached savings account No lending options 5% cash back from various merchants LLC creation assistance Good
Chase Business Complete Banking $15 monthly service fee 0% APY Loans and lines of credit up to $500,000 $300 sign-on bonus, up to $750 in cash back $5,000 in no-fee cash deposits, waived savings account fee, long list of business services Good

 

Bluevine: Best Small Business Checking Account Overall

Star rating: 4.9/5

Offering a free high-yield business account, Bluevine stands out from other online business banking services that typically do not impose fees or limit transactions. It’s also of the best business banking solutions for Indiana. The account holders benefit from one of the highest interest rates on balances up to $100,000 at 2.00%. 

Furthermore, Bluevine provides cash deposit services, although for a fee, which is uncommon among online-only accounts. Established in 2013, this FinTech company launched corporate checking accounts in 2020. The banking services are provided by Coastal Community Bank, and deposits are safeguarded up to $250,000 by the FDIC.

Why we chose it: The user-friendliness, low fees, and high interest rate of Bluevine make it the top choice for the best online business checking account in the current market.

Pros: 

  • Secure a higher annual return rate on deposits that are less than $100,000
  • No fees are charged for overdrafts, ACH payments, incoming wires, or even the minimum balance each month. All other costs are also waived
  • The Bluevine Business Debit Mastercard® provides users with the ability to lock and unlock their account with immediate effect, providing an extra layer of security
  • Creating a connection between your business and applications like PayPal, Stripe and Expenses Unlimited can enable payments to be made quickly and easily

Cons: 

  • Accessible solely through the web (not convenient if you favor banking in person)
  • No refunds on withdrawals taken at ATMs not affiliated with the network

Fees

In comparison to other leading business bank accounts, Bluevine has very few charges. There is no fee for overdrafts or receiving wire transfers, nor is there a charge for account or monthly upkeep. A fee of $4.95 is required for each cash deposit and $15 for each wire transfer.

Interest Rates

For Bluevine Business Debit Mastercard holders, a two percent (2.0%) rate of interest applies if they make at least $500 in purchases every month or accumulate $2,500 in customer payments every month. This benefit has a limit of $100,000, beyond which no interest is provided.

Lending

Although Bluevine does not offer conventional loans, you can still get a business line of credit that can be used according to your needs. You can get a maximum line amount of up to $250,000, and the swiftest judgment time is 5 minutes. You don't need to pay anything for opening it, and you will only be charged interest on the funds that you spend. At the present time, you can get rates as low as 4.8%.

Rewards

A 2.0% Annual Percentage Yield is provided by Bluevine, which is a nice perk. However, no additional bonuses are available for setting up the best small business checking account.

Additional Features

If you have either a Bluevine account or a credit card, ACH, a check, or a wire transfer can all be used to make payments. There is no limit to the amount of transactions you can make online via the bank. It’s beneficial to have multiple sub-accounts to keep track of and organize financial transactions.

 

 

Novo – Best Low-Fee Business Bank Account

Star rating: 4.8/5

For mobile small business owners, Novo business checking is an outstanding choice due to its absence of monthly charges, unlimited reimbursement of ATM fees, and concentration on digital banking. With its integrated invoicing tool and direct integration with main business programs, Novo is ideal for perfecting financial processes and overseeing various accounts. 

Novo's online-first strategy implies it lacks a feature numerous firms consider essential—the capacity to accept cash deposits. Although, some competitors allow customers to deposit money into the best online business checking accounts.

Why we chose it: Startups and small businesses can benefit greatly from Novo's competitive pricing. It’s an ideal choice if you’re in search of a bank for a new business venture.

Pros: 

  • No charges will be incurred on an ongoing basis or for having a minimum balance
  • No matter how many transactions you make, you won't incur any charges for making ACH transfers or wire transfers, either outgoing or incoming
  • All expenses associated with using an ATM are reimbursed
  • It’s possible to send out free paper checks to anyone with no restrictions on how often one can utilize online payment systems or submit invoices
  • The capability to synchronize with well-known business programs like Quicken, Xero, Stripe, and Shopify is available
  • Signing in will grant you access to exclusive discounts on business software and services

Cons: 

  • At this time, putting money into an account via cash is not a possibility
  • It’s no longer feasible to carry out either local or foreign wire transfers. It is, however, possible to make international wire transfers through Wise integration.
  • Regrettably, the bill pay system is unable to process recurring payments at present
  • A fee of $27 is imposed for returning a check with either a lack of funds or an uncollected sum

Fees

The fees that Novo charges are hard to find, but they’re existent. This online bank offers a no-cost checking account which also reimburses international ATM fees. To prevent being charged $27 for overdraft, it’s essential to keep track of one's bank balance.

Interest Rates

Putting money into Novo's business checking account will not yield interest, and there are no investment options to generate returns on extra funds.

Lending

Novo does not offer any type of loan or credit line offerings. Consequently, those in need of such a service will have to look elsewhere. However, some may not be too concerned by this.

Rewards

Novo's linkages to other business software can help you save funds while still receiving a great deal. An example of this is that a Novo checking account holder can get a 30% reduction on the entire suite of HubSpot products. You can potentially save up to $4,000, depending on the program you select.

Additional Features

A dashboard that’s designed well makes the process of sending and tracking payments for invoices easy. Rather than using a traditional debit card, you can take advantage of a digital version with your preferred mobile payment app to buy things both in-store and online. Novo Reserves permits you to allocate funds for specific needs, like paying bills or accumulating money for an important venture.

 

 

Axos – Best Full-service Online Checking Account

Star rating: 4.61/5

In March 2022, Axos Bank declared modifications to its business checking services, such as including cash deposits for all accounts, the removal of transaction caps, and the lack of initial deposit needs for its free business checking account. 

These changes build upon the services currently available, for instance 24/7 customer service, no ATM charges all over the US, and unlimited refunds for domestic ATM fees. The options for business checking comprise the Basic Business Checking Account and the Business Interest Checking Account, which may earn a yield of up to 1.01% APY. 

Even though free checking is constantly available, the interest-bearing account has a $10 monthly cost that may be bypassed by keeping a minimum of $5,000 in the account on a daily basis. 

Axos Bank is a part of the Federal Deposit Insurance Corp. and provides business banking products and services directly, unlike other online business checking accounts whose banking services are provided and insured by other financial organizations. Although both accounts are analyzed here, the star rating only applies to the Axos Basic Business Checking account.

Why we chose it: Axos Simple Business Checking is the best small business checking account owing to its lack of fees and the absence of a prerequisite for a minimum deposit.

Pros: 

  • No fees are applicable for any transaction, and no minimum balance has to be maintained in a month
  • Domestic ATM fees are eligible for reimbursement without any restriction
  • It's possible to deposit cash using MoneyPass and AllPoint Automated Teller Machines
  • A bonus, with certain conditions, is offered to new customers
  • Round-the-clock assistance is accessible

Cons: 

  • No outside applications or extensions are permissible
  • It’s fair to say that the interest rate of Intrigue APY is satisfactory, but it could be better

Fees

You don't need to worry about a monthly fee or minimum balance to keep yourAxos Bank Basic Business Checking account operational. Additionally, they will reimburse you for any ATM costs, making it a no-cost bank account. However, it's important to note that Axos charges $35 for each wire transfer if that's how you choose to move a lot of money.

Interest Rates

Rather than concentrating on gaining a financial return, this account provides rewards to be utilized in running a business. If you open up a business savings account with Axos, you will receive interest on your savings.

Lending

Axos offers a range of loan options and credit facilities to its members. The requirements to qualify for these loans, however, can be quite stringent, with some businesses requiring applicants to possess two years of industry experience. Such rigorous criteria are to be expected, given that the minimum loan size is $10 million.

Rewards

When establishing a new business, an individual can receive $200 by launching a checking account with Axos. This offer is available for anyone setting up an Axos account, regardless of the status of the business.

Additional Features

Axos has a substantial network of 91,000 ATMs that span the country, and they will refund you if you use an out-of-network ATM. Furthermore, the online bank will reimburse the first two wire transactions done each month. As far as money management is concerned, Axos is advantageous due to its compatibility with Quickbooks.

 

 

Capital One – Best Small Business Checking Account for Unlimited Transactions

Star rating: 4.7/5

Capital One is a large, mostly online bank that provides a variety of banking services, from personal and business accounts to checking and savings accounts. Businesses may be able to open an account with them for free, but if the balance falls below a certain level, then a maintenance fee is incurred. 

For people with extra money, there is the Business Savings Account, which pays out a low 0.2% APR on a monthly basis, and checking accounts that give no interest. At Capital One, certain wire transactions, overdrafts, and a portion of cash deposits are fee exempt. 

A great feature of the service is the ability to carry out an unlimited number of digital transfers every month, with no cost, to friends, family, and charities.

Why we chose it: Capital One has done away with any impediments to electronic money transfers, ensuring a smooth transition of funds.

Pros: 

  • It’s possible to handle the number of transactions that fit the needs of the business, whether that be many or few per month
  • Obtaining money within 24 hours
  • Any provider can offer free wiring if done at one's residence
  • No cost debit cards accessible for businesses
  • Zero-cost money deposits

Cons: 

  • For companies with yearly sales of under $10 million, a high minimum balance must be maintained to dodge the monthly fee
  • Fewer opportunities for physical excursions
  • At present, no interest rate is in effect

Fees

The Capital One Basic Business Checking account is usually associated with a monthly fee of $15, but this fee can be waived if the average balance of the account in a period of 30 or 90 days is not less than $2,000. Additionally, transferring money online does not cost anything.

Interest Rates

If you move your extra funds to a Capital One savings account, your money won't just sit around doing nothing; instead, it will start collecting interest annually.

Lending

Your business can access a range of loan products from Capital One to assist with achieving success. To be considered, the enterprise must have been in operation for two years and possess a bank account for the business. Both lines of credit and loans are available up to $5 million.

Rewards

Registering with Capital One doesn't give you any rewards. However, you may change your opinion when you check out its credit cards. You’re sure to find a card that’s suitable for the expenses of your business as it provides a wide selection of choices.

Additional Features

It’s possible to transfer unlimited amounts of money from one bank account to another located in any nation through digital transfers. Additionally, Capital One's Basic Business Checking offers an overdraft protection as well as up to $5,000 in fee-free cash deposits on a monthly basis.

 

 

Bank of America – Best Small Business Checking Account for Traditional Banking

Star rating: 4.67/5

Bank of America's business checking stands apart from other banks, both national and local, due to its unlimited free electronic transfers, large deposit limits, and three types of accounts available for opening. In particular, two account offerings, Business Advantage Relationship Banking and Business Advantage FundamentalsTM Banking, were assessed, with only the latter earning a star rating. 

For those who prefer not to bank entirely online, Bank of America has 4,200 branches in 37 states plus D.C. to choose from.

Why we chose it: Boasting thousands of branches and a variety of services, Bank of America is a well-established financial institution.

Pros: 

  • You can decide how many or few electronic purchases to make without having to pay any extra fees
  • Many options for depositing money.
  • It’s possible to initiate an account either online, by calling, or in a face-to-face setting
  • No matter where you’re, Bank of America has you covered with their expansive network of 16,000 ATMs and 4,200 physical branch locations for your convenience
  • The Business Advantage 360 internet banking provides a variety of useful features, including mobile banking, a cash flow tracker, and paying bills.

Cons: 

  • No business checking account is offered without a fee
  • Expensive additional fees
  • When using an ATM not owned by Bank of America located within the United States, the fee is $2.50, and for an ATM not owned by Bank of America located outside the US, the fee is $5

Fees

Bank of America is a credible financial establishment offering a range of banking services with a set of fees associated. The Business Advantage Basics program necessitates a $16 payment each month unless one of the requirements is met. To be eligible, a combined average monthly sum of $5,000 must be maintained, or $250 must be spent in debit card transactions per month.

Interest Rates

Bank of America's Business Advantage Basic Checking Account unfortunately does not offer any interest. It’s possible to open a business savings account with a mere $10 per month, but the associated interest rate is quite miniscule at 0.01%. Additionally, be sure to check out our comprehensive guide on how to establish a bank account for a business.

Lending

In order to receive a loan or line of credit from Bank of America, you must meet the bank's income and company standards. Both types of credit offer you access to money whenever it’s necessary, with the former being available starting at $10,000 and the latter at any amount you determine. Your payment amount each month is based on your current balance.

Rewards

No special benefits come along with Bank of America, but there are plenty of advantages. You have the opportunity to access more than 4,300 physical branches across the country, and various online banking choices, that provide you with a great deal of liberty to fulfill your financial needs whenever and wherever they’re necessary.

Additional Features

The assurance that your money is with a respected financial institution can be found in the sheer magnitude of Bank of America, which has over 4,300 branches covering the country. In addition, they partner with Zelle to enable quick payments and transfers, and they offer a variety of services to meet the demands of commercial customers.

 

 

American Express – Best Online Business Checking Account for Membership Rewards

In October 2021, American Express disrupted a market previously dominated by lesser-known banks and fintech startups with the launch of their fully digital American Express Business Checking account. For now, a card from the company is required to open the account. The free business checking account has features that match premium online accounts, including no monthly fees, lack of penalty for overdrafts, stop-payment requests, and inbound wire transfers. 

However, American Express Business Checking goes further than its competitors with around-the-clock human assistance, a competitive interest rate, and a sizable first deposit bonus. 

Money may be deposited into the account through various methods, including mobile check deposit (iPhone only), ACH, and wire transfers, and it may be withdrawn from any of the more than 37,000 MoneyPass ATMs nationwide without a fee. 

Withdrawing cash from an ATM outside of the network may incur a charge from the ATM owner.

Why we chose it: American Express offers an attractive interest rate for deposits, and the rewards program incentivizes cardholders to make purchases with points-to-dollars conversion.

Pros: 

  • No initial deposit or monthly fee is needed to open an account
  • No extra costs incurred; an infinite number of transactions allowed
  • Savings accounts with deposits of up to $500,000 may offer an annual percentage yield of 1.30%
  • 24-hour service is provided

Cons: 

  • At present, it’s not possible to make cash deposits
  • The mobile check deposit app is only available for Apple iOS devices
  • Only those who possess an American Express card are eligible to make a purchase

Fees

A domestic wire transfer by American Express will incur a fee, but it’s quite affordable. There are no fees for setting up, opening, maintaining, or receiving money from other places with this account.

Interest Rates

The current annual percentage yield on American Express cards is 1.3%, which is a significant 43% higher than the average deposit rate. Interest will be applied to up to $500,000 but anything over that amount will not be calculated.

Lending

Businesses that have been in operation for at least one year, are profitable and have a minimum FICO score of 640 can take advantage of the loan and credit line service from American Express through Kabbage Finance. Currently, individuals that link their American Express card to Kabbage may qualify for a $250 bonus. Further information about this option can be found in our analysis of Kabbage.

Rewards

When you register, you will be rewarded with 30,000 bonus points. The requirements to receive this bonus are to open an account with a minimum of $5,000 and maintain it for 60 days while fulfilling at least ten transactions that meet the criteria.

Additional Features

By employing your debit card judiciously, you may acquire points that can be exchanged for deposits into your bank account. These points can be used for buying merchandise, planning trips, and more. American Express has a customer service team that’s at the ready to assist in any issues you may have with your points or any other aspects of your card.

 

 

Lili – Best Small Business Checking Account for One-Person Businesses

Star rating: 4.57/5

When it's time to complete a tax return, Lili offers the necessary tools to make it happen. Unlike other business checking accounts, this online alternative doesn't require an initial deposit or regular service fees and provides a set of features to manage business finances. 

These include taking payments from customers, tracking deductions and other tax-related items. In addition, Lili has broadened its scope to include all types of businesses, not just independent contractors and freelancers.

Why we chose it: Using Lili's tax optimization software, companies are able to retain a larger portion of their profits. Additionally, if you're looking for the best online business checking account that doesn't require a credit check, Lili is an ideal option.

Pros: 

  • No initial deposit or balance is needed to open an account
  • There are no constraints on how many times you can transact or how much you can spend
  • No additional fees will be incurred when using MoneyPass ATMs and when making deposits with Green Dot
  • A central hub that provides access to all things related to financial and tax planning
  • A feature of direct deposit makes it possible to access your funds two days in advance of the typical bank account.

Cons: 

  • Green Dot stores impose a maximum fee of $4.95 on deposits made in cash
  • The incapacity to produce checks or execute digital money transfers is absent
  • Businesses have limited choices, such as the option to form joint accounts, provide multiple company debit cards, or join with other services

Fees

A key element of Lili's tax program is that there are no account or overdraft fees. Users also have access to more than 38,000 ATMs in the U.S. without any cost. However, if the machine employed is not part of the network, one may be charged between $2.50 and $5.

Interest Rates

Lili's business checking account doesn't gain any interest. To receive a 1.5% annual percentage yield on her savings, but with the consequence of paying a fee, she would need to hold a minimum of $34,000 in the account constantly to cover the maintenance cost.

Lending

Lili does not offer any form of borrowing money to its customers. Therefore, if you're in search of a loan or line of credit, you'll need to look in other places.

Rewards

Lili's debit card allows you to completely sidestep any service or transaction fees when you make purchases at participating merchants; the money will be transferred instantly into your business bank account.

Additional Features

If you're looking for something to aid in your tax savings, Lili's tax optimizer is your top choice. This program streamlines the tax filing process by providing a way to keep track of expenditures, determine the proper tax bracket, and submit the return. 

Additionally, their mobile application enables monitoring of both business and private spending while on the move. Plus, you can open a bank account in a flash with no need for paperwork or stress.

 

 

US Bank – Best Online Business Checking Account for Lending Options

Star rating: 4.5/5

No matter the purpose, the U.S. Bank has the loan or line of credit to meet your business's requirements. If your company's operations necessitate it, they offer merchant services tailored to specific sectors. Those living in any of the 26 states where they operate can also use one of their 2,400 physical branches to handle banking in person.

Why we chose it: U.S. Bank offers an array of loan options for businesses of all sizes with their business checking account.

Pros: 

  • U.S. Bank customers can access up to 4,700 ATMs without any charge, and MoneyPass ATMs are available with a total of 37,000 locations free of charge
  • Creating an account can be done through three different avenues: online, in-person, or by telephone
  • For a fee, service providers offer a range of payment processing alternatives, ranging from apps to physical point-of-sale systems
  • The offer of a $400 bonus upon completion of the sign-up process is available, with certain restrictions in place

Cons: 

  • Compared to other financial institutions, the maximum amount of money that can be deposited in cash is quite modest
  • The site of the bank does not give clear details on the costs, and conditions associated

Fees

With U.S. Bank Silver Business Checking, you won't find any surprise expenses. However, it’s possible to incur overdraft fees if you're not mindful. The first 125 checks you write each month are free of charge, while additional ones are just fifty cents per check. When using an ATM that’s not associated with a U.S. Bank, you have to be aware of the fees they may impose.

Interest Rates

When it comes to checking accounts, U.S. Bank's interest rates are not particularly competitive. However, they do offer savings and money market accounts specifically designed for businesses. If you have spare money to invest, you may be able to generate some return by placing it into one of these accounts.

Lending

The U.S. Bank offers some of the best online business checking accounts due to its extensive range of loans. Loan sizes can range anywhere between $5,000 and several million dollars, depending on the type of business. Much like a fixed loan, a line of credit can be obtained that allows for borrowing a certain amount and paying it back in installments.

Rewards

No sign-up or account-activity bonuses exist at U.S. Bank. They have a selection of credit cards, each with its own incentive package and advantages.

Additional Features

For companies that don't handle large quantities of physical money, The U.S. Bank provides a service that permits deposits of up to $2,500 in cash for each statement cycle. Additionally, customers can save half of their money on the initial purchase by paying via check. Apart from loans, U.S. Bank offers a broad range of services that are all worth considering.

 

 

Oxygen – Best Small Business Checking Account for Freelancers

Star rating: 4/5

In the FinTech sector, Oxygen has established a strong presence and is widely recommended for independent contractors and small business owners. It offers transparent pricing without any concealed fees. One might even get up to 5% cashback when purchasing from certain stores. Moreover, it provides the option of creating an infinite amount of temporary debit cards with pre-defined spending limits, which is a great way to safeguard funds.

Why we chose it: Oxygen is dedicated to tending to the requirements of the contemporary business proprietor, and provides numerous helpful financial services. In addition, it’s an excellent choice of checking account for those who run their own companies.

Pros: 

  • The hip business proprietor is the intended recipient of this writing
  • You can get an extra 5% back in cash!
  • Create a single-use, virtual debit card

Cons: 

  • It’s regrettable that this website does not have a mobile-friendly design
  • It’s designed solely for one person's use
  • The cost is too high

Fees

Oxygen states that there are no concealed fees. However, it does remind customers that withdrawals from ATMs outside of the country's network may be charged. No fees are applicable for ACH transactions or account upkeep.

Interest Rates

Your best online business checking account may not give you any returns, but Oxygen has a business savings account that can. Balances up to $20,000 annually have an APY of 1%. Any greater amount will still earn some interest, though at a lower rate.

Lending

Oxygen, a mobile FinTech company and not a traditional bank, precludes the possibility of taking out a loan from them.

Rewards

Receiving a return for the things you acquire is rewarding. All buys, including fuel, rideshares, and delivery services, are eligible for a 5% cash back bonus without any queries.

Additional Features

If you desire a business banking account for an LLC, Oxygen is the place to look. Any individual working freelance who appreciates the legal securities that a Limited Liability Company offers may easily generate one with the support of the Oxygen app for phones.

 

 

Chase Business – Best Bank Account for Merchant Service

Star rating: 3.8/5

Chase has recently introduced a slew of services for businesses, such as receiving payment and guarding against fraud. As an added bonus, you can get $300 just for signing up. Furthermore, the Chase application allows you to get credit card payments directly into your account. Although there is a monthly fee, there are several ways to bypass it.

Why we chose it: Chase offers a range of services for businesses, including banking.

Pros: 

  • No initial deposit is necessary
  • The option to engage in any number of digital transactions without incurring extra fees is available
  • Processing payments with a smooth flow
  • Incentive bonus for those who are new to the service (conditions apply)
  • If a balance falls below -$50, a fee of $35 will be applied after a 24-hour period has elapsed

Cons: 

  • The fee for each month will be $15
  • The amount of fee-free cash deposits is limited to $5,000 a month, and there are no limitations on physical transactions (20)
  • A charge applies when utilizing an ATM outside of the associated network

Fees

A lot of people do not like the thought of a monthly service fee, but there are options to prevent having to pay it. Keeping a daily balance of $2,000, making $2,000 in net purchases on a business card, or getting $2,000 in deposits through the Chase QuickAccept app will entitle you to a bonus.

Interest Rates

Although Chase's Business Comprehensive Checking account does not pay interest, one can still benefit from its services. By maintaining an active checking account, it’s possible to open a savings account without incurring any cost. This is a great advantage that should not be overlooked.

Lending

When you become a Chase customer, you have the option to take out a loan or credit line. Up to $500,000 can be accessed in one loan, and the repayment plan is very accommodating. Similarly, borrowing up to the same amount is possible through a line of credit.

Rewards

If you open a Business Comprehensive Checking account with Chase and meet their requirements, the bank will deposit $300 into your account. Additionally, they have a selection of credit cards which can be used to gain rewards like cash back or travel points.

Additional Features

A Chase business checking account comes with the opportunity to join one of Chase's savings programs free of charge. In addition, you will have access to a broad selection of secure and convenient financial management and protection instruments for your business.

 

 

Our Ranking Methodology for the Best Business Checking Account

To determine the right business checking account for your company, we've done the work for you and compared the top accounts from several banks. Our decisions were based on a few key factors that we considered while searching:

Transfers: The cash flow of your business can experience a lot of fluctuations. You don't need any additional complications from penalties due to too many transfers or not having the funds. The most beneficial corporate accounts are those with few limitations and the option for open communication with vendors, as well as for various financial applications.

Fees: It's not ideal when a lot of money is taken away from you by your bank's fees. The best bank accounts for businesses tend to have low expenses. While certain services may require a recurring fee, many also have some kind of fee waiver.

Interest Rates: Financial institutions used to offer interest on the best online business checking accounts, but that has since become a thing of the past. However, some customers still make a point of rewarding their partners for the services they receive by making regular deposits into the account, and the best of them offer rates much higher than the national average.

Lending: Eventually, a situation may arise when you must take out a loan for business growth or an unexpected incident. Having a relationship with some of the top banks for businesses may make the process of setting up a business checking account easier and provide quicker access to funds. Third party involvement might increase both risk and the expected return on investment.

Rewards: When selecting a financial institution, one should not only consider the bank or credit union's benefit. An ideal business checking account should come with rewards such as monetary bonuses, cash back, and online facilities to new account holders.

Additional Features: It’s essential to be able to recognize the differences between conventional banking institutions and modern FinTech companies. We studied the details to comprehend the advantages that each one offers and how to make the best use of them within a business.

 

 

Who Should Get a Business Checking Account?

It may come as a surprise, but business checking accounts are not solely for large businesses; anyone with a side job or a small business can open one. 

Opening a business checking account is a straightforward way to differentiate your professional and personal funds, no matter how small your business is. These accounts are beneficial for tracking cash flow, so you can make an educated decision on where to allocate your profits. 

Be aware that corporate checking accounts often have higher minimum balance requirements and more fees than personal checking accounts since banks assume companies have higher transaction and administrative costs. 

However, more economical online-only business checking accounts without minimum balance requirements and fees are increasingly available.

 

 

Online vs. Brick-And-Mortar Business Checking Accounts

When deciding between a traditional bank and an online business checking account, it’s essential to think about your daily operations. 

Many companies are now entirely digital, with billing, payments, and accounting/payroll all done electronically. However, some companies still rely heavily on cash, necessitating a physical location near their business for deposits. 

With the best online business checking account, features such as Stripe connections, QuickBooks synchronization, and mobile check deposits can save time. But if you will be using cash often, a physical branch may be worth the convenience, although online-only banks have lower costs and minimum balance requirements.

Best Online Business Checking Account Frequently Asked Questions 

We often get asked many questions, so here are our answers that may help you better understand.

Should I Use a Credit Union for My Business Checking Account?

Credit unions are highly regarded for their commitment to service and for offering low or no fees on business checking accounts. They’re a great choice of restaurants and other cash-based businesses that require large deposit limits. 

It’s important to remember that, unlike national banks, credit unions may only have a few branches and ATMs. Nonetheless, it’s worth investigating if you meet their membership requirements. To compare your current credit union to the best ones, see NerdWallet's picks.

Who Should Get a Business Checking Account?

It may come as a surprise to you, but setting up the best small business checking account is an easy process, even if you're a single proprietor using your Social Security Number or a Limited Liability Company with its own Tax ID. Such an account is not just for large corporations; it can be utilized by anyone who owns a side business or a small company to separate their professional and personal finances.

Can You Run a Business Without a Business Bank Account?

If you do not have a distinct corporate bank account, the security of your individual finances will not be as secure. It’s possible to manage the company without one. However, other entities may attempt to take possession of your personal assets in the event of a lawsuit or debt.

What Are the Most Important Features of Business Checking Accounts?

In any financial decision, the key factors of the best online business checking account are based on the type of business, the needs of the firm, and your own banking likes and dislikes. Features to consider include integration with other accounting systems, online buying and payment processing, debit card safety measures, and ATM fee reimbursements, all of which are company-specific options.

 

 

Bottom Line on the Best Online Business Checking Accounts

The fortunes of your company may be heavily influenced by the best online business checking account you select. You should prioritize accounts with low setup fees and rewards for frequent use. Many of these accounts also make it easy to manage your finances, freeing up your energy for other tasks. Of the options we recommend, Bluevine Business Checking is our favorite, but any of the other options should also provide satisfaction.

 

 

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