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The best business checking accounts make it easier for you to pay the bills and deposit your revenue. Your ideal option may be a brick-and-mortar bank if you make cash deposits or paper checks. Online-only businesses might find more value in an online-only bank.
Best Business Checking Accounts
As you choose the best bank, pay attention to the various fees you may need to pay. For instance, the number of free monthly transactions, ATM fees, and minimum account balance requirements. All of these checking accounts can be a good fit if you hire a bookkeeper.
As a side note, all of these business checking accounts are FDIC-insured.
The information for Azlo has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Azlo is an online-only business checking account owned by BBVA USA. You don’t have local branch access but it’s one of the easiest ways to avoid bank fees. Membership is open to the entire United States.
Key benefits include:
- No fees (monthly account fees, overdraft, incoming wires, or bank transfers)
- No minimum monthly balance
- Unlimited transactions (deposits, withdrawals, and debits)
- Integrates with Stripe, Square, and other vendor pay platforms
- Send digital invoices to clients
One of the fees you may pay is ATM withdrawals outside of the Allpoint network. Also, Azlo doesn’t provide checkbooks or on-demand printed checks. Only digital payments and transfers are supported.
The information for Radius Bank has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Another online-only checking account is Radius Bank Tailored Checking. This option offers more flexibility than Azlo. But, you will need to maintain a $5,000 minimum balance to avoid the $10 monthly fee. You only need to make a $100 deposit to open an account.
- Unlimited transactions
- Free ATMs worldwide
- Free online bill pay
- Standard business checks (available to order)
- Autobooks online accounting software
- Balances above $5,000 earn interest
If you have a Chase business credit card and live near a Chase branch, you may like their business checking options. However, you don’t need to own a Chase-issued business credit card to open an account.
Chase currently offers 3 different business checking options. The entry-level account is Chase Total Business Checking®. You get 100 free monthly transactions plus unlimited electronic deposits. You also get up to $5,000 in monthly cash deposits for free.
The $15 monthly fee ($12 with paperless statements) is waivable by maintaining a $1,500 daily account balance or by linking a Chase Private Client or Chase Sapphire℠ Checking account. New members can get $300 as a new Chase business checking customer when they open a Chase Total Business Checking® account with qualifying activities. Offer expires 10/09/2020.
Learn more: Best Chase Checking Accounts
Bank of America
The information for Bank of America has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
The Bank of America is another nationwide bank with a branch in most large or mid-size cities. There are two different business checking accounts you can choose.
Their Business Fundamentals Checking account is good for smaller businesses. You get 200 free monthly transactions (then $0.45 each) and up to $7,500 in cash deposits. It can also be very easy to waive the $15 monthly fee by making at least $250 in monthly purchases on your BofA debit or credit card. Or, you can maintain minimum balance as well.
If you have regular incoming or outgoing wire transfers, the Business Advantage Checking option waives wire transfer fees. You can also waive your $29.95 monthly service fee by making at least $2,500 in Bank of America business credit card purchases.
Learn more: Best Bank of America Credit Cards
Capital One Spark
The information for Capital One has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
You will need to live near a Capital One branch to open a Spark business checking account. There isn’t a monthly account fee or minimum account balance.
Your account also comes with unlimited monthly transactions. This is impressive for a brick-and-mortar bank. You also get free ATM access at the 39,000 nationwide spots in the Allpoint network.
If you don’t live in one of the handful of states that Capital One serves, you may still consider getting their flat-rate Spark business credit cards.
Learn more: Capital One Spark Business Credit Cards Review
The information for Wells Fargo has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Wells Fargo has several different business checking options. They can be a good option if you only make a few monthly transactions. Their higher-level accounts require higher account balances or multiple debit card purchases to waive the monthly fee. Other banks can offer similar accounts with less hassle.
You should first consider the Wells Fargo Simple Business Checking. Benefits include:
- 50 free monthly transactions
- $3,000 in cash deposits per month
- Free online and mobile banking access
The minimum opening deposit is $25. You can waive the $10 monthly service fee by keeping a minimum $500 average balance.
Learn more: Best Wells Fargo Credit Cards
The information for Axos Bank has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Axos Bank (previously Bank of the Internet) is an online-only bank. Their best account option is the Basic Business Checking option. This account can be good for freelancers and online-based businesses.
Key perks include:
- No monthly account fee
- Up to 200 free items per month (debits, credits, and deposited items)
- Nationwide free ATMs
- First set of 50 checks is free
There is a $1,000 minimum opening deposit requirement. This can be higher than most local banks but less than other online business checking accounts.
After your first 200 free monthly items, you pay 30 cents per excess transaction item. This fee is lower than most brick-and-mortars which tend to charge 50 cents per excess item.
The information for BBVA Compass has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
BBVA Compass only has a handful of local branches compared to other national banks. But, it can still be better than most regional banks in your area.
The Business Connect Checking boasts these perks:
- No monthly service fee
- 2 in-branch deposits and 5 processed checks are free each month
- Up to $5,000 cash deposits per month
- Unlimited debit card transactions and in-network ATM usage
- No BBVA USA fee for non-network ATMs (other surcharges may still apply)
You will need to choose their mid-tier or upper-tier product to get up to 500 in free monthly transactions and $25,000 in cash processing.
The information for nbkc has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
nbkc (National Bank of Kansas City) bills itself as an online-only bank. While membership is open nationwide, the only local branches are in the Kansas City metro area.
Your nbkc business checking account provides the following free benefits:
- Unlimited transactions
- Basic bill pay
- Overdrafts or non-sufficient funds
- Returned electronic or paper items
- Deposit checks
- Cashier’s checks
- Stop payments (online or in-person)
- Incoming domestic wires
While you will need to get a business credit card from another source, you get a free nbkc debit card.
Learn more: Best Small Business Credit Cards
The information for Novo has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Another online business checking account option for businesses on the go is Novo.
Banking features include:
- No monthly fee
- No minimum balance requirement
- Unlimited electronic transactions
- Mobile deposit
- Xero integration
- Slack integration
- Transferwise integration
Like the Brex for Startups Credit Card, you can get special discounts with select business partners. In your first year, you can save up to $5,000 in business services. Examples include $3,000 in Google Cloud credits, $500 cash savings at Stripe, and $540 cash savings per seat at ZenDesk.
Online-only business checking accounts make it the easiest to avoid fees like monthly service fees or per-item transaction fees. But if you need local branch access, handle cash, or write paper checks, a brick-and-mortar bank might be your only option. If so, choosing a bank that makes it easy to waive the monthly fees can be best.
What banks offer free business checking?
Only a few banks offer truly free business checking that doesn’t require you to complete certain monthly actions to waive the recurring fee. The following banks are some of the largest to offer a free account:
- Axos Bank Basic Business Checking
- BBVA Compass Business Connect Checkin
- US Bank
- TIAA Bank
Your local bank or credit union may also offer a free account option. However, you may only get a limited number of free monthly transactions and cash deposits.
Do I need a business checking account?
You may not need a business checking account if you’re a sole proprietor and earn freelance income. For example, you’re a rideshare driver or have another small side hustle. Having a business checking account can make filing your self-employment taxes easier. You can quickly track all personal transactions. And, you don’t risk accidentally including personal transactions as a tax deduction or credit.
But, having a business checking account can be necessary if you have a business license (even as a sole proprietor) or are incorporated business like an LLC or S-Corp.
Can business checking accounts earn interest?
Some business checking accounts earn interest. However, these accounts usually require a minimum account balance of $5,000 or higher. If you’re already going to use one of these accounts for the higher monthly transaction or cash deposit amounts, the interest is a nice add-on benefit.
You may earn a higher yield by depositing your extra cash into a business savings account. Like any business decision, compare the potential rewards to the likely account fees. Then, you can determine which account earns the most interest on your deposits while charging the fewest fees.
Chase Sapphire Preferred® Card
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.