A business bank account makes your financial life easier by separating your personal and business finances. Finding the best business checking account for your business will save you time and headaches all year long, especially at tax time.
Checking accounts are the most common business bank accounts. Before you gather the necessary documents and swing into the first bank you see, remember: not all business checking accounts are created equally. You want an account that fits your business needs and maybe checks a few extra boxes as well.
If you're looking for the best business bank accounts, these are the most important features.
No one wants to pay to use their own money, so the goal is to find the bank account with the lowest fees that fit your needs. Be sure to read the fine print, too: many banks charge transaction, wire or ACH, ATM, and monthly maintenance fees if you fail to meet their minimum balance requirements.
Online-only banking is convenient in many ways unless your business requires regular cash transactions. If you routinely deal with cash and need to make frequent withdrawals or deposits, be sure to check the availability of free ATMs with your chosen bank. Some business bank accounts do not accept cash deposits, while others do not have dedicated ATM access but might offer ATM fee reimbursements.
Online business checking accounts often come with fewer fees and faster transactions, but online banking also offers small business owners an easy platform for online money management. The best business checking account will have an online or mobile banking platform that is comprehensive and user-friendly. Look for online banking features like bill pay, mobile check deposits, account alerts, and the ability to make transfers through the site.
A robust mobile app makes it easy for you to manage your business finances on the go—it's essential for a modern business checking account. You should be able to check your account balance any time, confirm your bill pay records, or investigate issues from anywhere.
Look for a competitive interest rate. If you hold a sizable daily balance in your business checking account, your money can make more money. Interest-bearing checking accounts work like savings accounts, offering an annual percentage yield, or APY, on accounts, helping you earn interest without limiting your cash flow.
Many banks offer business checking accounts with a variety of perks, including everything from cash back on debit purchases to members-only discounts on business tools like Hubspot and Salesforce.
The best online business checking accounts have tools that make life simpler for business owners, including financial literacy and transaction tracking training. Some of the best banks even offer a full suite of bookkeeping assistance and tax preparation.
Further Reading:
Your business needs will vary, but if you need help narrowing down the options, here's our list of the best online business checking accounts in 2021. Note: all of the accounts below are insured by the FDIC.
If your small business makes many monthly transactions, you'll need a bank account that doesn't nickel-and-dime you every time you write a check or make a deposit. Many banks offer limited free transactions per month, but Capital One's Spark Business Basic Checking offers truly unlimited transactions every month without any additional transaction fees.
The best things about a Capital One business checking account include:
A few areas of concern with Capital One business bank accounts:
Learn more about Capital One's Spark Business Basic Checking Account.
If you don't touch your checking account that often, you don't need to worry about transaction fees or deposits, and you'd probably just as soon not pay much for your account. U.S. Bank's Silver Business Checking Package offers a simple business checking account with no monthly fees, reasonable ATM access, and business tools to help with payroll.
The top features of U.S. Bank business checking accounts include:
A few things to watch for with U.S. Bank
Learn more about U.S. Bank's Silver Business Checking Package.
Online banks have fewer overhead costs and often pass those savings on to their customers in the form of reduced fees. First Internet Bank's Small Business Checking accounts offer fee-free checking and interest-bearing accounts. However, as an online-only bank, they do not offer access to storefront banking locations or ATMs.
Here are the best features of First Internet Bank's Small Business Checking Account:
Some areas that might not be ideal for your business with First Internet:
Learn more about First Internet Bank's Small Business Checking accounts.
Bank of America's $500 sign-up bonus makes it a very attractive option for business checking accounts, especially when paired with their low fees and other features. Bank of America's Business Advantage Fundamentals Banking package includes a large number of deposits and access to thousands of storefront locations and ATMs nationwide. If you're looking for free money and great accessibility, a Bank of America account might be for you.
The best features of Bank of America's small business checking accounts include:
A few potential downsides for Bank of America checking accounts include:
Learn more about Bank of America's Business Advantage Banking checking accounts.
If you don't make many monthly deposits or other transactions but prefer the security of a large network of ATMs and storefronts, Chase Bank is a good choice for a new business bank account. With Chase Business Complete Banking, you can enjoy a cash sign-up bonus as well as an expansive network that includes more than 4,700 storefront locations across 29 states.
The features of a business checking account through Chase Bank include:
A few things to watch for with a Chase business checking account:
Learn more about Chase Business Complete Banking.
Further reading: How to Open a Business Bank Account
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