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Close menu Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others. Manage Money Banking 10 Best Small Business Checking Accounts of November 2022
By Brian Martucci Date November 10, 2022 FEATURED PROMOTION
Business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits. Also, most business bank accounts impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees (also known as monthly service fees). That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash. But the picture isn’t uniformly bleak. Once you know where to look, you’ll find ample small-business checking options to choose from. Best Small-Business Checking Accounts
These are the best small business checking accounts on the market right now. Each does at least one thing really well, whether it’s eliminating most common account fees or providing an unusual array of value-added services at no additional cost. Best Overall Chase Business Complete Checking
Chase Business Complete Checking is the best choice for growing small businesses. Its key selling points include: An excellent bonus opportunity for new account holders: $300 when you open a new account online or in-person (with no minimum deposit required) and complete the required qualifying activities — this offer expires Feb. 16, 2023, and is available online nationwide, except for residents of AK, HI, and PRUnlimited electronic deposits, ACH, and mobile check deposits via Chase QuickDepositATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI No minimum deposit or ongoing balance requirement Moving forward, you can avoid the $15 monthly maintenance fee in multiple ways, including maintaining a minimum daily balance or making qualifying purchases on your Chase Ink Business credit card. Sign Up for Chase Business Complete Checking Best Account Yield Interest Rate Bluevine Business Checking
Bluevine Business Checking has no minimum balance requirements, no monthly fees, and unlimited transaction allowances for all users. It’s also quite rare in the free business checking world for paying interest on balances: 1.5% APY on balances up to and including $100,000 when you meet your monthly activity goals. Just do one of the following: Spend $500 per month with your Bluevine Business Debit Mastercard, ORReceive $2,500 per month in customer payments into your Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider Bluevine Business Checking has plenty of value-added capabilities for small-business users too: Connect your Bluevine account to online accounting platforms like QuickBooks Online, Wave, and FreshbooksAdd up to 5 subaccounts to your existing Bluevine Business Checking accountIntegrate with business revenue and spend tracking tools like PayPal, Stripe, and ExpensifyLeverage a powerful mobile banking interface that offers mobile check deposit, debit card locking and unlocking, biometric security, custom account alerts, and moreDeposit cash at more than 90,000 Green Dot retail locationsPay no fees at more than 38,000 ATM locations nationwide.Avoid NSF, overdraft, and incoming wire fees Sign Up for Bluevine Business Checking Best for No Monthly or Hidden Fees Period Free Novo Business Checking Account
Tired of business banks that nickel-and-dime their customers? Looking for a truly free business checking account with no monthly fees or hidden fees? The Free Novo Business Checking Account is just what you’re in the market for. It’s one of the (very) few business checking accounts that has resisted monthly maintenance fees. And perhaps more notably, Novo does away with the “junk fees” traditional business bank accounts are known for. With Novo, you always know what you’re going to pay to keep your account open and use it regularly: nothing. Additional features: Apply in about 10 minutesFree standard ACH transfers, mailed checks, and incoming wiresLow fees for express outgoing ACH transfersNo minimum balance (recommended opening deposit is $50)No early account closing fee Sign Up for the Free Novo Business Checking Account Best for Freelancers Lili Standard and Lili Pro
The Lili business banking suite offers two great products for freelancers, side hustlers, and solopreneurs — whether or not they want to build their businesses into something more. Lili Standard is a truly free, all-in-one checking solution that makes it easy to manage your business and personal finances in the same account. Benefits include: A subaccount that simplifies tax savingsEarly payday for qualifying account holdersInstant expense categorizationA powerful cache of financial insights and expense management tools to help you spend (and save) smarter.An “emergency bucket” feature that enables savings transfers as small as $1 a dayNo account fees or minimumsA referral program that pays $50 per successful referral to Lili and promises a bonus of $1,000 when you deliver 10 successful referralsCash deposit at more than 90,000 locations around the U.S.Real-time transaction alerts For $4.99/month, Lili Pro adds: A premium Visa business debit card with increased transaction allowances and cash-back rewards at over 14,000 merchantsYields up to 1% on eligible emergency savings balancesFree overdraft up to $200 with no extra feesUnlimited invoicing that allows account holders to send and manage invoices from their Lili Pro accounts and get paid directly into LiliAdvanced expense management, including custom categorization and percentage allocations for work and life expensesAutomatic set-aside savings for taxesAccess to more than 38,000 fee-free ATMs Sign up for Lili Best Integrated Financial Tools Found
Need an even more powerful banking and money management app for your small business or freelance operation? Then you need Found, a comprehensive financial suite for self-employed people. With no hidden fees and no monthly maintenance fees, Found arguably offers the best value of any small-business solution on this list. Found’s key features include: Auto-categorize expenses with just a few taps to set upAutomatically set aside the right amount for taxes using customizable controls in the appPay your taxes right in the appGenerate and send custom invoices for freeAutomatically track expenses using Found’s receipt capture and bookkeeping toolsEnjoy FDIC insurance on balances up to $250,000 Best Cash-Back Rewards Nearside Business Checking Account
Nearside is a free business banking platform that packs a tremendous amount of value into a lean, flexible account outfitted with a clutch Mastercard debit card. That card — or rather its rewards program — is the headline here, thanks to a super-generous 2.2% cash-back rate on all eligible purchases. Additional benefits: Discounts on the tools and services you need to run your business, like Yelp, Square, QuickBooks, and ZenefitsFree, flexible ACH transfersSeamless Apple Pay and Google Pay integrationsNo minimum deposit or monthly minimum balance requirementFee-free access to 55,000 ATMs nationwideMastercard Enhanced Debit benefits, including ID theft protection, car rental insurance, and Mastercard Airport ConciergeNo NSF fees, monthly minimum balance fees, ACH fees, or card replacement fees Sign Up for Nearside Best for No Limits NorthOne Business Banking
NorthOne Business Banking is a refreshingly simple business banking platform that prides itself on “radically transparent pricing.” Yes, NorthOne costs $10 per month. But for that, you get truly unlimited banking: Unlimited paymentsUnlimited transfersUnlimited depositsUnlimited debit card transactionsNo fees for overdrafts, NSF transactions, or ACH/PAD returnsNo hidden fees For a limited time, get $20 off when you open and fund a new NorthOne account. And a whole bunch more features: More than 2 million in-network ATMs through the Cirrus networkMobile check deposit Unlimited Envelopes for payroll, taxes, and moreCash deposits at more than 90,000 Green Dot locations Plus, for a limited time, NorthOne is offering an exclusive deal for Money Crashers readers who sign up for a new account: one month of free business banking when you sign up using the link below. Sign Up for NorthOne Best for Deposit Insurance BankProv Small Business Checking
BankProv Small Business Checking is one of the best small-business starter accounts around. With no minimum deposit requirements or ongoing balance requirements and unlimited deposit transactions per month, it’s perfect for entrepreneurs looking to keep overhead low. But BankProv really shines on a point that banking customers — and bank marketers — often overlook: deposit insurance. That’s because it offers 100% DIF insurance coverage that boosts your deposit insurance protection above the standard FDIC coverage limit. (See terms for details.) With a $50 monthly maintenance fee that drops to $25 with a minimum daily balance of $100,000 and $0 with a minimum daily balance of $250,000, BankProv is definitely for better-capitalized small businesses. Once you’re off and running, give it a look. Sign Up for BankProv Small Business Checking Best for No Minimums NBKC Business Checking Account
NBKC’s business checking account is truly free from minimums and limits: No balance requirements, periodNo monthly maintenance fees when you fail to meet certain qualifying activitiesNo transaction fees above an arbitrary monthly cap Additional features: Fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto RicoDeposit checks remotely with the handy Desktop Deposit featureGet up to $12 in monthly refunds for ATM fees charged by any other banks worldwide, plus mobile-friendly features like bill pay. Take advantage of NBKC’s courtesy overdraft sweep option — see account disclosures for details on how this works Sign Up for NBKC Business Checking Best Package Deal U S Bank Business Checking Packages
U.S. Bank offers the most comprehensive business checking lineup of any bank on the market right now. Choose your ideal fit of three business checking packages: Silver Business Checking Package: Designed for businesses with limited transaction activity, this package offers a variety of value-added products and services to help save you time and money. $0 monthly maintenance fee; 125 free transactions per month; $0.50 fee for each additional transaction.Gold Business Checking Package: If your business has moderate transaction activity, this business checking account package offers more ways to save, helping you manage cash flow. $20 monthly maintenance fee, waivable; 300 free transactions per month; $0.45 fee for each additional transaction. 100 free cash deposits per statement cycle. 50% discount on first check order up to $100. Free front check image on your monthly checking account statement.Platinum Business Checking Package: If your business has excess cash on hand, the Platinum Business Checking Package earns interest and offers the best rewards with the convenience of consolidated accounts. No matter which you choose, all offer great benefits like: $100 minimum opening depositBank in-person, online or in-appOne of the largest ATM networks in the USOnline and mobile banking with bill pay: Manage check, wire and ACH accounts all in one place with SinglePoint EssentialsCard payment processing: Accept payments in person, online and on the goCheck fraud prevention: Minimize the risk of fraud with our PCI compliance and check fraud prevention toolsMobile check deposit: Save time by skipping trips to the bank and help improve cash flowEmail and text alertsU.S. Bank Visa Debit Card Plus, through Jan. 9, 2022, you can earn a bonus worth $400 when you open a new, eligible U.S. Bank business checking account online with promo code AF49ZCB and complete qualifying activities1, subject to certain terms and limitations*. *Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for checking account. Member FDIC. Deposit products offered by U.S. Bank National Association. Member FDIC. Sign Up for U.S. Bank Business Checking Methodology How We Select the Best Small Business Checking Accounts
We use several important factors to evaluate small business bank accounts and choose the very best for our readers. As you narrow down your list of suitable accounts, consider each in turn and how it relates to your business needs. Account Fees
Some bank accounts have more fees than others. Rather than let the perfect be the enemy of the good, we look for small business accounts that keep fees to a minimum. We’re especially sensitive to account maintenance fees — our ideal business account doesn’t charge those. Account Minimums
Many small business owners, and certainly many microbusiness owners and sole proprietors, can’t afford to keep thousands of dollars in their accounts at all times. All else being equal, we prefer accounts that don’t require large opening deposits or ongoing minimum balances. Account Limits
Transaction limits are the bane of small business owners’ existence. At least, they used to be. The best small business accounts waive transaction limits altogether, reckoning that an arbitrary cap on inflows and outflows is bad for, well, business. Account Yield
We don’t hold the lack of interest (yield) on business checking accounts against their backers. But we do give extra weight to banks that find a way to pay interest on eligible deposits, especially when prevailing interest rates remain low by historical standards. Account Bonuses and Incentives
It’s not uncommon to find small business bank accounts offering generous account opening bonuses with relatively few strings attached. Some upstart banks offer referral bonuses and other financial incentives, such as cash-back rewards, as well. We say: the more, the merrier. Other Features and Capabilities
Increasingly, great business bank accounts are hubs for actually getting business done, not simply collecting payments and settling bills. We’re big fans of banks that offer a range of features and capabilities, especially third-party integrations with accounting, payroll, and other software platforms. Bonus points for discounts on these services. Other Account Types Available
These small-business checking accounts aren’t always the stars of the show at their respective online banking institutions. Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot. So even if you come for the low-cost small-business checking, you could find yourself staying for more. All else being equal, we prefer banks that give you this option. Business Checking FAQs
You have questions about small business banking. We have answers. Can You Use a Business Bank Account for Personal Expenses
Technically, yes, but it’s not a good idea. You should keep your business finances separate from your personal finances for two reasons: It makes business and personal budgeting much easier.It keeps your business activities distinct from your personal activities for both tax and legal purposes, reducing your personal financial liability for lawsuits or other claims against your business. The best way to keep business expenses separate from personal expenses is to maintain separate accounts for each. That’s an easy lift with any of the providers on this list. Does a Business Bank Account Build Credit for Your Business
Usually, no. At least, not directly. Banks don’t report deposit account information to credit bureaus on a regular basis. However, if you have a business loan or line of credit with your bank, including a business credit card, you can and will build credit for your business. It’s important to use these products responsibly by making timely payments and keeping credit line utilization low. Otherwise, your business credit score could suffer. What Are Some Common Restrictions on Small Business Bank Accounts
Most business bank accounts impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees (also known as monthly service fees). That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash. Fortunately, friendlier business bank accounts are out there. You’ll find many on this list. How Many Bank Accounts Can Your Small Business Have
There’s no hard upper limit to the number of bank accounts your business can have. That said, you shouldn’t open an account just for the sake of opening an account. As your bank accounts multiple, managing them gets more complicated and time-consuming. With many business bank accounts charging maintenance fees and imposing transaction limits, the costs can add up quickly too. So if your business is relatively simple, it probably needs no more than two or three accounts. How to Choose the Best Small Business Checking Account
If you’ve read this far, you’ve probably noticed that the best small-business checking accounts have certain things in common: Low minimum balance requirements, if anyNo monthly service fees or easy ways to waive those feesHigh transaction limits or none at allSeamless mobile banking experiencesPlenty of fringe benefits for growing businessesRewards, account yields, or other incentives for useFDIC insurance up to the statutory maximum The ideal business checking account for your needs should cover as many of these bases as possible. If you’re not sure where to turn, know that any of the accounts on this would be a fine addition to your enterprise’s financial portfolio. Banking Manage Money Small Business TwitterFacebookPinterestLinkedInEmail Brian Martucci
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci. FEATURED PROMOTION
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