You can be your boss, make your own money, and expand your skills by starting a business.
However, there are some less-so-great parts of running a business. You’ll have to tackle many tasks whether you start small or solo.
But don’t worry. We’ll be discussing something simple in business: the best business checking account.
We will discuss why you should have one, what to look for, and a few of the top ones that are available online.
What to look for in a Business Banking Account
Get a grasp of your business goals and needs before you start looking at accounts. Do you do a lot of transactions? Are you looking for a business credit card? Would you rather have a large bank where you can visit a branch at a new location every half-mile?
Other considerations are also important. Are you a bank, credit union, or financial institution that…
- Bank statements are free
- Do you have an app? (a reasonable requirement in 2022).
- Offer online banking and/or bill payment for free?
- Are you able to meet in person?
- Provide comprehensive customer service.
- Integration with other tools like invoice software
- Multiple products are available, including small-business loans and business credit cards. ?
Although there are many banks available for small businesses, you should only choose one that offers the most options. You can also save money and headaches.
We focused our search on the following accounts to help us choose the best business checking account:
- Low minimum initial deposit required (minimum $1000) — Most require $25.
- You can offer a limited number of transactions for free.
- You can choose to pay no monthly fee or waive the fee.
Also, we focused on small and medium-sized businesses that need checking accounts. Many of the traditional institutions listed on this list also offer accounts that can handle higher volumes.
A reminder that banks can be bought and closed down (RIP Azlo). It’s a good idea for you to have the following bank accounts handy in case you suddenly need to move your money.
The Best Banks for Business Checking: A Glance
You can get more money in your account
| Bank | Top Feature | Promotion | |||
|---|---|---|---|---|---|
| Chase | Many branches and ATMs | $300/Business Complete | GET DETAILS | ||
| Wells Fargo | Customized debit card | None | GET DETAILS | ||
| U.S. Bank | No fee/Silver Business | $300 | GET DETAILS | ||
| BlueVine | 1.5% APY | None | GET DETAILS | ||
| Axos Bank | First 50 checks free | $100 or $200 | GET DETAILS | ||
| Lili | Invoicing software and write-off tracker features | None | GET DETAILS |
Am I really required to have a business checking account?
A business checking account serves two purposes: to keep your personal finances separate from your business finances.
Technically speaking, it is not necessary depending on your business’s legal structure.
If you are a freelance writer and you have just started your business, you can use your personal checking account for funding. You’ll need to be very organized in order to keep track of your business finances for tax time. Auditing will not slow down your momentum.
This will depend on the type of business that you run. You might need a business checking bank if your business is transaction-heavy or has a specific legal structure such as a limited liability company.
It’s best to open a business if you are starting any type of business.
If you apply for loans or credit cards for your business, checking accounts can make it easier to keep track of profits, expenses, and deductions.
What is the right business checking account for you?
Bottom line: Your business and your needs will determine the best business checking account.
There are many options online, whether you’re just starting or looking to improve your skills. You’ll be able to thank your CPA and your future self for starting your search early.
How to open a business checking account
You will need these items to open an account:
- Social security number (SSN), or employee identification number, (EIN).
- Valid driver’s license or state ID
- An initial deposit
It will depend on the business you run. The process may feel the same as opening a personal account if you are a sole proprietor. You will likely need to submit additional documentation if you have a different business structure (e.g. your articles of incorporation).
Banks will have different requirements.
The Best Business Checking accounts for August 2022
We selected six institutions and several checking account options.
Chase Business Complete
Best for Accessibility and Customer Service 24 hours a day
The Key Features
- 24/7 customer support
- 4,700 branches
- 16,000 ATMs
Chase is a well-known company with many branches across the country and flexible options for business owners. If you need to quickly locate a branch and speak to someone in person, it’s a great choice. Chase offers 24/7 support so that you can reach them at any hour of the day. Read our Chase Bank review to learn more.
Complete Banking with Chase Business
Bonus amount
$300
Minimum initial deposit
$25
Monthly service fee
$15 waived if your minimum daily balance is $2K
Cash deposits per month
No additional fees up to $5K
Monthly free transactions
100
Chase: More Information
Chase offers credit cards, lending, and business savings accounts. Chase offers several small business credit cards with bonuses for new card members, including $750 cash back and 100,000 bonus points, depending on which card.
Review of Chase Bank 2022 by The Penny Hoarder
Chase Performance Business
Best for generous monthly transactions
The Key Features
- 24/7 customer support
- 4,700 branches
- 250 monthly transactions free
Chase is a well-known company with many branches across the country and flexible options for business owners. If you need to quickly locate a branch and speak to someone in person, it’s a great choice. Chase offers 24/7 support so that you can reach them by phone or email any time of the day.
Chase Performance Business Checking
Bonus amount
None
Minimum initial deposit
$25
Monthly service fee
$30 waived if your minimum daily balance is $35K or higher in one of the qualifying accounts
Cash deposits per month
No additional fees up to $20,000
Monthly free transactions
250
Wells Fargo Initiate Company
For small business owners starting out
The Key Features
- 24/7 customer support
- 7,200 branches
- Low minimum opening deposit
Wells Fargo is another solid choice for business checking accounts. You can reach them at any time, and there are many branches. The website is easy to use and allows you to find the answers to your questions without having to click on many links.
Wells Fargo Initiate Company Checking
Bonus amount
None
Minimum initial deposit
$25
Monthly service fee
$10 Offered if you maintain a minimum daily account of $500 or $1,000.
Cash deposits per month
Free up to $5,000
Monthly free transactions
100
More information about Wells Fargo
Additional benefits include a custom business debit card, 24/7 fraud monitoring, and mobile deposit. Wells Fargo also offers credit card and small-business lending options. In addition, the banking giant announced that it would reduce certain fees and offer other services to qualifying customers through 2022.
Review of Wells Fargo bank in 2022 by The Penny Hoarder
Wells Fargo Navigate Business
Ideal for larger monthly cash deposits
The Key Features
- 24/7 customer support
- Mobile Deposit
- Customized debit card
Wells Fargo is another solid choice for business checking accounts. You can reach them at any time, and there are many branches. The website is easy to use and allows you to find the answers to your questions without having to click on many links.
Wells Fargo Navigate Business Checking
Bonus amount
None
Minimum initial deposit
$25
Monthly service fee
$25 waived with minimum $25; waived with min.
Cash deposits per month
Free up to $20,000
Monthly free transactions
250
U.S. Bank Business Checking
Best for simple, fee-free banking
The Key Features
- Locations primarily located in the Midwest
- 3,106 branches
- Coaching for accounts
U.S. Bank has many locations, mostly in the Midwest. This is great news for small-business owners looking for a simple checking bank. U.S. Bank offers Premium, Silver, Gold, Platinum, and Premium business checking accounts — there are no monthly service charges for the Silver account.
U.S. Bank, Silver Business Checking
Bonus amount
None
Minimum initial deposit
$100
Monthly service fee
$0
Cash deposits per month
25 free
Monthly free transactions
25 cents per statement cycle, 50cs for each excess transaction
U.S. Bank Gold Business Checking
Best for frequent deposits
The Key Features
- No cost business check
- Paper statements subject to a fee
- Most locations in the Midwest
U.S. Bank has many locations, mostly in the Midwest. This is great news for small-business owners looking for a simple checking bank. U.S. Bank offers Premium, Silver, Gold, Platinum, and Premium business checking accounts — there are no monthly service charges for the Silver account. To determine which account is best for you, visit U.S. Bank’s site and complete a quick quiz.
U.S. Bank Gold Business Checking
Bonus amount
$300
Minimum initial deposit
$100
Monthly service fee
20
Cash deposits per month
100 free
Monthly free transactions
300 for each statement cycle, 45 cents for any excess transaction
Additional Information about U.S. Bank
U.S. Bank charges $5 for paper statements. If you want to save money and the environment, stick with online statements. Online and mobile banking are also available. You can check-order discounts and get a Visa credit card for small businesses.
Small businesses can look for a free business checking accounts with Silver or Gold, provided they do not exceed the limit. An LLC can be set up at Chase, Wells Fargo, and U.S Bank.
BlueVine
Best for Online Banking with No Fees
The Key Features
- Only online
- High-interest rates
- Free withdrawals at 38,000+ MoneyPass ATMs
BlueVine has no hidden fees and allows unlimited transactions. BlueVine members can schedule one-time or recurring payments and pay vendors. Members also earn 1.5% on their checking accounts up to $100,000. However, this rate is subject to a minimum of one monthly eligibility requirement as of May 20,22. Coastal Community Bank offers FDIC insurance for deposits up to $250,000
BlueVine
Bonus amount
None
Minimum initial deposit
$0
Monthly service fee
$0
Cash deposits per month
Unlimited. Through a partnership with Green Dot, you can deposit cash at around 100,000 retailers. $4.95 per deposit.
Monthly free transactions
Unlimitable
BlueVine: More Information
Customers receive a BlueVine Business Debit Mastercard and access to a line of credit for their business. They also get two free checkbooks and telephone and email support. Members must spend $500 each month with the BlueVine Business Debit Mastercard to earn 1.5% interest and $2,500 monthly in customer payments.
Axos Basic Business Checking
Best for ATM Free Use
The Key Features
- Only online
- There are no physical branches
- Get reimbursed if you use any U.S. ATM
Another online bank is Axos Bank. Customers can also take advantage of surcharge-free ATMs throughout the United States. Axos Bank offers basic business checks, business interest checks, and analyzed business checks.
Axos Basic Business Checking
Bonus amount
For qualifying members, $100 or $200
Minimum initial deposit
$1,000
Monthly service fee
$0
Cash deposits per month
Remote deposit up to 60 items
Monthly free transactions
After that, it’s 30 cents each
Axos Business Interest Testing
Best for collecting interest
The Key Features
- 1.01% APY
- Unlimited ATM reimbursements
- First 50 checks free
Axos Bank offers both savings accounts and Business CDs. However, no credit cards are available. Customers can also pay their bills through the app for no additional charge and receive 50 checks free of charge. Customers can also take advantage of free ATMs in the United States that are surcharge-free, and business checking accounts earn interest.
Axos Business Interest Testing
Sign up bonus
$100 or $200
Minimum initial deposit
$100
Monthly service fee
$10; waived if the average daily balance is $5,000
Cash deposits per month
Remote deposit up to 60
Monthly free transactions
50c each; 50c afterward
More information about Axos
Axos Bank offers both savings accounts and Business CDs. However, no credit cards are available. Customers can also use the app to pay their bills and receive 50 checks for free.
The bonus is now available to new business owners who were established after June 1, 2020. Not a new biz owner? There’s no need to worry: $100 can still be earned if you open an Axos account, and abide by certain conditions.
Review of Axos Bank 2022 by The Penny Hoarder
The Key Features
- 1.00% APY
- Free Visa business debit card
- Overdrafts up to $200 are free of charge
Are you looking for a single-stop solution to manage your bank account? Lili offers accounting and tax support, as well as checking and saving capabilities. Users can open a Lili account in less than 3 minutes and access features like invoice software and a tracker for write-offs. A Lili account is open to sole proprietors or single-member LLCs.
Lili
Bonus amount
None
Minimum initial deposit
$0
Monthly service fee
$0
Cash deposits per month
$9,000 worth
Monthly free transactions
Unlimitable
More Information about Lili
Choice Financial Group ensures Lili up to $250,000. There are two types of bank accounts available to Lili: Basic and Pro. Each account has different limits and capabilities. Basic users can deposit $2,500 per night via mobile check, while Pro users can deposit up $5K. It has high ratings on Google (4.5) and the App Store (4.7), making it an excellent choice for small-business owners who prefer to bank via their smart devices.
Regional Business Checking Account Options
Here are three regional options for checking accounts for small businesses. You can search for credit unions or banks in your region if you are not listed.
America First Credit Union
The institution has branches throughout Nevada and Utah. America First offers four types of business checking accounts: Basic to Premier, High Yield, High-Yield, and Non-Profit.
Basic Business Checking provides 250 monthly transactions for free, online bill payment, access to money markets savings, credit lines, and a Business Visa credit card.
First Horizon
The bank has branches throughout Tennessee, Florida, and Texas. First Horizon offers BizEssentials checking, plus checking and interest checking accounts.
There are no minimum balance requirements for the Business Interest Checking account. However, you can waive the monthly maintenance fees if you keep at least $10K in it. You’ll also earn interest and have access to a Visa Business Debit card.
Truist
If you are new to Truist Bank, you will likely be familiar with the names of the banks that merged to create it: SunTrust Bank and BB&T. Truist offer three types of business checking accounts: simple business check, dynamic business check, and community bank check.
Simple Business Checking does not have a monthly fee. You’ll receive 50 transactions each month and can deposit up to $2,000 cash deposits free of charge.
