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Axos Bank Basic Business Checking Annual Percentage Yield 0% Minimum Deposit Requirement $0 Monthly Maintenance Fee $0 Axos Bank Basic Business Checking Best Business Checking AccountsWe’ve compared 50 checking accounts at 20 banks and credit unions to find some of the best business checking accounts available. For the purposes of this list, Forbes Advisor focused on checking accounts that are nationally available to small businesses. Annual percentage yields (APYs) and account details are accurate as of Nov. 1, 2022. FEATURED PARTNER OFFER nbkc bank Business Checking Account Annual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeWhy We Picked It Founded in 1999, nbkc bank is a Kansas-based online bank with only four physical branches, all located in Kansas and Missouri. The nbkc bank Business Account is the bank’s only business checking offering and it prides itself on the account’s general lack of fees. There is no minimum deposit requirement and no monthly maintenance fee, which can be found at other banks. However, nbkc takes things even further: There are no overdraft or non-sufficient funds fees, no fees for generating eStatements and no fees for stop payments or for bill pay services. nbkc bank offers a complimentary debit Mastercard, which can be used surcharge-free at more than 37,000 MoneyPass ATMs across the U.S. and Puerto Rico. If you need to use an out-of-network ATM that charges a fee, nbkc refunds up to $12 per statement period. In addition to a great checking account, nbkc bank offers business savings deposit accounts—both money market accounts and certificates of deposit (CDs)—four business credit cards, business loans and lines of credit, and business solutions including cash management, fraud management, collections and disbursement services. Read our full nbkc bank Business Checking Review. Details nbkc bank offers a single mobile app that can accommodate both business and personal banking. The app earns 4.5 out of 5 stars on the App Store and 4.2 stars out of 5 on Google Play. Pros & Cons
FEATURED PARTNER OFFER TIAA Bank Small Business CheckingAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeWhy We Picked It TIAA Bank, based in Florida, is a division of TIAA, FSB, a global leader in the financial services space with a long history of service to educators and others. TIAA Bank offers robust business checking services, savings deposit accounts and treasury services. TIAA Bank Small Business Checking is designed specifically for the sole proprietor and single-member limited liability company (LLC). This is an interest-bearing checking account that pays 0.50% APY on all balances. The minimum deposit to open a Small Business Checking account is $1,500 and there is no monthly maintenance fee. You have surcharge-free ATM access at any Allpoint or MoneyPass ATMs in the U.S. If you maintain a balance of $5,000 or more in the account, TIAA Bank will reimburse you for all U.S. ATM fees charged by other banks. If the account balance is below $5,000, you will receive up to $15 per month in U.S. ATM fee reimbursements. For businesses with moderate transaction volume, TIAA Bank also offers its Business Checking account, which provides up to 200 free transactions and 10 free online bill payments per month. TIAA Business Checking does not earn interest and has a $14.95 monthly maintenance fee that can be waived with a $5,000 balance. TIAA Bank offers several other checking solutions and savings deposit accounts that include business money market accounts and CDs, plus a variety of treasury and merchant services. Read our full TIAA Bank Business Checking Review. Details The highly rated main TIAA mobile app earns 4.7 out of 5 stars and 4.5 out of 5 on Google Play. The business banking-specific app receives 1.8 out of 5 stars on the App Store (with only nine ratings) and 3.0 out of 5 on Google Play (with only 15 ratings). Pros & Cons
FEATURED PARTNER OFFER LendingClub Tailored Checking AccountAnnual Percentage YieldUp to 1.50% 1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000 Minimum Deposit RequirementMonthly Maintenance Fee$10; $0 with monthly balance of $500 Annual Percentage YieldUp to 1.50% 1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000 Minimum Deposit RequirementMonthly Maintenance Fee$10; $0 with monthly balance of $500 Why We Picked It Radius, an online bank founded in 1987, was acquired by LendingClub, one of the largest online lending marketplaces, as of February 2021, and now operates as LendingClub Bank. LendingClub Tailored Checking is its primary business checking option, which—unlike other accounts on this list—both earns interest and awards cash back. LendingClub Tailored Checking pays 1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000. In an unusual feature for a business checking account, online and signature-based “credit” transactions made with the LendingClub debit card earn unlimited 1.00% cash back, provided you meet the account requirements, including an average monthly balance of $500 or more. LendingClub charges no ATM fees and rebates fees charged by other ATMs, worldwide. The LendingClub Tailored Checking account offers unlimited free transactions. The $10 monthly maintenance fee is waived when you maintain a balance of $500 or more. After a $100 minimum deposit to open a Tailored Checking account, there is no minimum balance requirement. LendingClub Bank offers several savings deposit options for small business and commercial applications, including savings accounts, money market accounts and CDs. LendingClub also provides a variety of cash management and business lending solutions, including being a nationwide Preferred SBA Lender. Read our full Radius, Now LendingClub, Business Checking Review. Details LendingClub offers a separate mobile app for business banking, in addition to its main banking app. The main LendingClub app earns 4.4 out of 5 stars on the App Store and 3.6 out of 5 on Google Play. The LendingClub Commercial app earns 2.8 out of 5 stars on the App Store (with only 25 ratings reported) and 3.9 out of 5 on Google Play (with 62 ratings). Pros & Cons
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Bluevine Business Checking
Annual Percentage Yield2.0% on balances up to and including $100,000 Minimum Deposit RequirementMonthly Maintenance FeeAnnual Percentage Yield2.0% on balances up to and including $100,000 Minimum Deposit RequirementMonthly Maintenance FeeWhy We Picked It Bluevine, an online banking platform founded in 2013, offers a business checking account that features unlimited transactions and very few fees. Bluevine Business Checking earns a very competitive 2.0% APY on balances up to and including $100,000. (Balances over $100,000 do not earn interest.) To earn the 2.0% APY, you will need to spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments into your Bluevine Business Checking account via ACH, wire transfer, mobile check deposit or directly from your merchant payment processing provider. There is no required minimum deposit, no monthly service fee and no minimum balance requirement. There are no ATM fees at 37,000+ MoneyPass ATMs nationwide. Bluevine does not assess non-sufficient funds fees and, for those who write paper checks, you receive two free books of checks. Bluevine provides a Mastercard business debit card. Business owners have an unlimited number of transactions with which to pay vendors and bills via ACH transfer, wire or check. It’s easy to transfer money to and from other accounts and to schedule one-time and recurring payments. The Bluevine mobile app provides 24/7 access to your banking relationship and, when you need help, there’s an online resource center and customer service that’s reachable by phone or email. Bluevine also offers business lines of credit to qualifying customers. Small business owners who need to make cash deposits can do so for a fee through Bluevine’s partnership with Green Dot, with over 90,000 U.S. retail locations. Bluevine is a financial technology company, not a bank. Deposits are FDIC insured through Coastal Community Bank. Read our full Bluevine Business Checking Review. Details Bluevine’s mobile app receives 4.6 out of 5 stars on the App Store and 4.6 out of 5 on Google Play. (Each has received just over 600 ratings to date.) Pros & Cons
FEATURED PARTNER OFFER U.S. Bank Silver Business Checking PackageAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeAnnual Percentage YieldMinimum Deposit Requirement
Monthly Maintenance FeeWhy We Picked It U.S. Bank, the fifth largest U.S. bank based on assets, offers five business checking accounts, including specialty accounts for nonprofit organizations and businesses with complex needs. For new and small businesses with basic banking needs, the U.S. Bank Silver Business Checking Package provides a straightforward business checking account, with no monthly maintenance fee. A $100 minimum deposit is required to open a Silver Business Checking account. You can perform 125 free transactions per statement cycle; these transactions include teller deposits, ATM deposits and check and debit card purchases. Transactions are 50 cents each above the 125 limit. You can make up to 25 free cash deposits per statement cycle. If you need to write paper checks, you can receive a 50% discount on the first check order up to $50. All five U.S. Bank business checking accounts include a debit card and surcharge-free transactions at U.S. Bank ATMs, online and mobile banking with mobile check deposit and access to a variety of business services and payment solutions. U.S. Bank also offers business savings deposit options, including saving accounts, money market accounts and CDs. Read our full U.S. Bank Silver Business Checking Review. Details U.S. Bank offers a single mobile app through which you can access all your U.S. Bank accounts in one interface. The highly rated app earns 4.8 out of 5 stars on the App Store and 4.7 stars out of 5 on Google Play. Pros & Cons
FEATURED PARTNER OFFER First Internet Bank Do More Business™ CheckingAnnual Percentage Yield0.50% with average daily balance of $10,000 Minimum Deposit RequirementMonthly Maintenance FeeAnnual Percentage Yield0.50% with average daily balance of $10,000 Minimum Deposit RequirementMonthly Maintenance FeeWhy We Picked It First Internet Bank is an Indiana-based digital bank that was founded in 1999. It offers two business checking accounts: Do More Business Checking and Commercial Checking. The Do More Business Checking account, featured on this list, comes with no minimum deposit, no minimum balance and no monthly maintenance fee. First Internet Bank Do More Business Checking also pays an 0.50% APY for accounts with an average daily balance of $10,000. You can conduct an unlimited number of monthly transactions and you will be reimbursed up to $10 per month in ATM fees. Another business checking option is First Internet Bank Commercial Checking, which is designed for businesses that need access to extra banking services like sweep services, remote deposit capture, wire services and more. First Internet Bank also offers several business deposit accounts, including a savings account, money market account and CDs. Read our full First Internet Bank Do More Business Checking Review. Details First Internet Bank offers a separate mobile app for business, in addition to its main banking app. The banking app earns 4.8 out of 5 stars on the App Store and 4.4 out of 5 on Google Play. The business app earns 3.3 out of 5 stars (with only six ratings reported) on the App Store and 3.1 out of 5 on Google Play (with only 26 ratings). Pros & Cons
FEATURED PARTNER OFFER Novo Business Checking AccountAnnual Percentage YieldMinimum Deposit Requirement$0 Though Novo requests $50 Monthly Maintenance FeeAnnual Percentage YieldMinimum Deposit Requirement$0 Though Novo requests $50 Monthly Maintenance FeeWhy We Picked It Novo stands out among the other banks listed here for its sole focus on business banking. Novo is a banking platform, not a bank, whose deposits are insured by partner bank Middlesex Federal Savings, F.A. Designed to serve U.S.-based small business owners, entrepreneurs, and freelancers, Novo offers a single business checking account. The account has no monthly maintenance fee and no minimum balance requirement. Novo does request an opening minimum of $50 to unlock all of the account features. There are very few fees attached to this account at all: Novo Business Checking offers free transfers, mailed checks and incoming wires and it refunds all ATM fees. The account integrates with other small business tools you may be using to manage your business, including Stripe, Shopify and QuickBooks. It also integrates with Zapier and Slack. If you need to send a paper check, you can request online for one to be sent at no charge. When you need to deposit cash, you can purchase a money order and deposit the money order through the mobile check deposit feature. Read our full Novo Business Checking Review. Details Novo’s highly rated business banking app earns 4.8 out of 5 stars on the App Store and 4.4 out of 5 on Google Play. Pros & Cons
FEATURED PARTNER OFFER Bank of America Business Advantage Fundamentals™ BankingAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeWhy We Picked It Bank of America offers two primary business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. The Fundamentals business checking account, featured here, provides essential small business banking features and flexible account tools at a low monthly cost. The account has a monthly fee of $16, which can be waived by maintaining certain account minimums and other activities (see Details). With Business Advantage Fundamentals Banking, your business can enjoy online banking and bill pay, mobile banking (including mobile check deposit), automatic account alerts to help prevent fraudulent activity and business debit cards with Total Security Protection. Bank of America also provides Account Management services, including integration with QuickBooks, for $15 per month. The Fundamentals account includes access to Bank of America’s Cash Flow Monitor and Connected Apps to help track your business’s financial performance. When you need general customer service support, you can call Monday through Friday, 7 a.m. to 11 p.m. ET and Saturday, 8 a.m. to 8 p.m. ET. For specific questions about business banking services like remote deposit or online banking, you can call additional dedicated service lines. Bank of America also offers a wide variety of additional business banking features, including savings accounts and CDs, business management tools and services, credit cards, lending and retirement solutions from Merrill Edge. Read our full Bank of America Business Checking Review. Details The $16 Fundamentals monthly fee can be reduced to $0 if you maintain a $5,000 combined average monthly balance or spend at least $250 in new net qualified debit card purchases each statement cycle. The monthly fee also is waived for Preferred Rewards Business members. Bank of America offers a single highly rated mobile app that can accommodate both business and personal banking. The app earns 4.8 out of 5 stars on the App Store and 4.6 stars out of 5 on Google Play. Pros & Cons
FEATURED PARTNER OFFER Chase Business Complete Banking℠Annual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeWhy We Picked It Chase Business Complete Banking pairs a business checking account with Chase QuickAccept. With Chase QuickAccept, your business can accept card payments as an integrated feature of your small business bank account. For a small fee, you can process card payments and you also receive same-day deposits into your business checking account. The monthly service fee, $15, is waived if you meet specific monthly account requirements (see Details). There is no fee for the first 20 deposits and withdrawals made either at the teller or by paper check. Each additional paper check or teller transaction incurs a 40-cent fee. The Chase Business Complete Checking debit card has a daily purchase limit of $10,000. You can withdraw up to $3,000 cash per day at Chase in-branch ATMs. Chase charges for using out-of-network ATMs in the U.S. and internationally. You can send and receive money using Chase QuickDeposit, wire transfer and Chase Online Bill Pay. Enrollment in Chase QuickDeposit is subject to approval and requires a two-year agreement and a monthly maintenance fee for the check scanner. As your business grows, Chase also offers Performance Business Checking and Platinum Business Checking, which have additional fees and features. Chase also offers business savings accounts and CDs, small business financing—including loans and lines of credit—and business credit cards. Read our full Chase Business Complete Banking Review. Details The $15 monthly service fee can be waived if, during each monthly statement period, you maintain a $2,000 minimum daily balance, make $2,000 in purchases with a Chase Ink Business credit card, receive $2,000 in deposits through QuickAccept or other eligible Chase Merchant Services transactions, link a Chase Private Client account or provide proof of military service as a veteran or active duty member. At this time, online applications are accepted only from privately held businesses that are structured as sole proprietorships, corporations and limited liability companies (LLCs) managed by a single member or manager. Owners of other business types need to make an in-person branch visit. Chase offers a single mobile app that can accommodate both business and personal banking. The app earns 4.8 out of 5 stars on the App Store and 4.4 stars out of 5 on Google Play. Pros & Cons
FEATURED PARTNER OFFER Axos Bank Basic Business CheckingAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeAnnual Percentage YieldMinimum Deposit RequirementMonthly Maintenance FeeWhy We Picked It A full-service online bank since 2000, Axos Bank offers two business checking accounts: Basic Business Checking and Business Interest Checking. Axos Basic Business Checking, featured here, has no opening deposit requirement, no monthly maintenance fee and no minimum balance requirement. If you want to use paper checks, your first set of 50 checks is complimentary. The account provides a Visa debit card, with unlimited reimbursement of domestic ATM fees. Dedicated banking relationship managers are available Monday through Friday. There is no limit to the number of transactions—debits, credits or deposited items—that can be processed each month. You also get two reimbursed domestic wires per month. Axos Bank also offers Business Interest Checking, which pays up to 1.01% APY on balances below $50,000. This account requires only a $100 minimum opening deposit. The $10 monthly maintenance fee can be waived with a $5,000 minimum average daily balance. Business Interest Checking also features unlimited domestic ATM fee reimbursement. The first 100 transactions are free each month, with a 50-cent fee for each additional transaction. Axos Bank also offers two business savings accounts, a business money market account, a nonprofit money market account and business CDs. Merchant services are provided through a partnership with Celero Merchant Solutions. Read our full Axos Bank Business Checking Review. Details The Axos Bank main banking mobile app is much more highly rated than the Axos Bank business banking mobile app. The main banking app receives 4.7 out of 5 stars on the App Store and 4.6 stars out of 5 on Google Play. The business banking app receives 1.6 out of 5 stars on the App Store (with only 56 ratings) and 2.4 out of 5 on Google Play (with only 75 ratings). Pros & Cons
Summary: Best Business Checking AccountsMethodologyTo create this list, Forbes Advisor analyzed 50 business checking accounts at 20 financial institutions, including a mix of traditional brick-and-mortar banks and online banks. We ranked each account on data points within the categories of fees, minimum requirements, customer experience, digital experience, limits, features, APY and access. Here’s the weighting assigned to each category:
The specific characteristics taken into consideration within each category included monthly fees, overdraft fees, ATM fees, minimum deposit requirements, minimum balance requirements, integration with accounting and payroll, merchant services, cash deposit and transaction limits, APY, customer service ratings, mobile and online access, ATM network and the national availability of the account. Business checking accounts offering no or very low fees scored higher, as did those offering low minimum requirements, high customer service and digital experience scores, and reasonable transaction and cash deposit limits. To appear on this list, the business checking account must be nationally available. What Is a Business Checking Account?A business checking account is a lot like a personal checking account. With both types of accounts, you’re typically able to make deposits and withdrawals, process ACH payments, write checks and use a debit card to make purchases and use ATMs. The big difference, of course, is that a business checking account holds money for your business, while a personal checking account holds money for personal expenses like mortgage payments, car payments and utility bills. Another key difference: Business bank accounts tend to charge more fees than personal checking accounts do. How Do Business Checking Accounts Work?Business checking accounts are designed for all types of businesses. Limited liability companies (LLCs), sole proprietors, corporations and partnerships can all open business checking accounts. A business as small as a one-person consulting firm or as large as a 10,000-employee software company can set up a business checking account. Why Do I Need a Business Checking Account?If you own a business, a business checking account lets you separate your business’s money from your personal money. Among the advantages of a business checking account are that it can lend credibility to your business, improve accounting and simplify the filing of tax returns. Business checking accounts also allow you to shield your personal assets from business-related legal actions or debt collection, and they may offer access to a business credit card or a line of credit. How to Choose a Business Checking AccountA business checking account provides the foundation of your business banking relationship. One of its most important functions is to separate your business banking from your personal banking. Before choosing an account based on the APY or fees alone, consider what this business checking account needs to do for you and your business. Does your business rely heavily on the processing of transactions? Will you frequently be handling cash? Knowing your specific needs—both as your business is starting out and as you intend for it to grow—is critical. Here are several things to consider as you’re choosing the right business checking account:
There’s no one-size-fits-all answer here. Choosing the best business checking account for your small business is a personal decision, based on your business’s needs and your own habits and wants. How to Open a Business Checking AccountOnce you’ve decided which business checking account to open, you can visit the financial institution’s website, go to a local branch or call customer support to set up the account. Keep in mind that online-only banks usually will steer you toward opening a business checking account through their websites. Aside from your business’s IRS-issued employer identification number (EIN)—or your Social Security number if you’re a sole proprietor—you’ll probably need to supply the following (although requirements differ depending on the type of business):
Bottom LineA business checking account can provide a solid foundation for building a business. Among other things, it can keep your business affairs separate from your personal affairs, streamline accounting and tax-filing responsibilities and protect your personal assets when your business is sued or is targeted by debt collectors. Frequently Asked Questions (FAQs)Who has the best business checking account?There’s no one checking account that’s best for every business. But accounts that offer low or no fees, debit cards and lending products—plus easy access to branches and ATMs—are smart picks for most small to midsize businesses. Who needs a business checking account?Whether you are a sole proprietor or a business owner with employees, your business needs a business checking account. For tax purposes, it’s important to separate your personal finances from your business finances right from the start. Even if you’re simply working a side hustle, having a business checking account speaks to your credibility and professionalism. What banks offer free business checking accounts?A number of financial institutions offer free business checking accounts, meaning there are no monthly fees. Many of the financial institutions that offer free business checking are online-only banks that aren’t household names in banking. Some online-only banks that offer free business checking accounts include Axos, BlueVine, Grasshopper, Lili and Novo. How to close a business checking accountWhile you may be able to close a business checking account online, you might need to visit a branch or call the financial institution to close your account. Before shutting down an account and transferring your money elsewhere, make sure all pending transactions have cleared and make other arrangements for scheduled payments and deposits. Also ask for written confirmation that the account has been closed. How are business and personal checking accounts different?Since you will be managing both your personal and your business checking accounts, it’s important to know their similarities and differences. While the accounts are similar, they may operate under different rules, fees and assumptions. With a business checking account, you likely will be handling a wider variety of transactions and the quality of your record-keeping matters more. What are the most important features of business checking accounts?As is the case with any financial decision, the most important features of a business checking account will be specific to your business, your needs and your personal banking habits. Business-specific features you may want to consider include integration with other accounting tools, e-commerce and payment capabilities, debit card security features and ATM fee rebates. Next Up In BankingInformation provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Which bank is best suited for small businesses?Which bank is best for opening a small business account?. Capital One. Best if: You plan to make a lot of business purchases. ... . Wells Fargo. Best if: If you do business all across the country. ... . Chase. ... . Citbank. ... . Axos Bank. ... . First Citizens Bank. ... . Bank of the West. ... . Digital Federal Credit Union.. Are small banks better for small businesses?Community banks offer many advantages for small businesses: Local Decision Making: Community banks and credit unions use their intimate knowledge of the area to make loan decisions. Their insight into local market conditions can lead to approval of small business loans that a national bank may not value.
What is the safest bank to do business with?Safest Banks in the U.S.. PNC Bank. ... . Citibank. ... . Capital One. ... . M&T Bank Corporation. ... . AgriBank. ... . CoBank. ... . AgFirst. ... . Farm Credit Bank of Texas. Farm Credit Bank of Texas is the fourth member of the U.S. Farm Credit System, providing wholesale lending and business services in states like Texas, Alabama, and New Mexico.. Which Canadian bank is best for small business?The 15 Best Business Bank Accounts in Canada for 2022. Wealthsimple Save For Business Account.. RBC Digital Choice Business Account.. RBC Flex Choice Business Account.. National Bank of Canada Package 20.. TD Basic Business Plan.. ICICI Business Chequing Premium.. BMO Business Builder 1.. Scotiabank Basic Business Account.. |
Best bank to use for a small business
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