Best Business Checking Accounts of April 2024
Updated April 9, 2024 at 7:11 am
Choosing a business checking account can help you make the most of your next entrepreneurial endeavor. When looking for a free business checking account, make sure that you get the features and benefits you’re looking for. Consider minimum balances, debit access, online account access, interest earnings and customer service.
Many banks allow you to open a business checking account online, making it easy to get the best deal. Here are some of the best business checking accounts.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks - Best Overall: Bluevine
- Best New Account Bonus: Axos Basic
- Best Linked Savings Account: Lili Smart
- Best for Business Credit Score: Bank of America Advantage Fundamentals
- Best for Integrations: Novo
- Best for Domestic Wires: Capital One Enhanced
- Best for Business Solutions: NBKC Business Checking
- Best for Accepting Credit Card Payments: Chase Business Complete Checking®
- Best for Membership Rewards: American Express Business Checking
- Best for the Self-Employed: Found Business Checking
10 Best Business Checking Accounts of 2024
Best Overall
Bluevine Checking Account
Vault Verified
Why We Chose It
Bluevine offers a fee-free, feature-rich business checking account. You can open an account fast, and your funds are FDIC-insured up to $3 million dollars.
Pros
- Earn 2% interest on up to a $250,000 balance if you meet monthly activity goals
- Get up to 20% cash back on business debit card purchases
- Get two free checkbooks per year if your account is funded
Cons
- No physical locations
- Not compatible with instant money transfer services
- Funds deposited by check may take up to six business days to be available
Best New Account Bonus
Axos Basic Business Checking account
Vault Verified
Why We Chose It
The Axos Basic Business Checking account offers a generous account opening bonus of up to $400 across four equal monthly installments of $100 when you open an account with promo code by June 30, 2024. You must maintain an average daily balance of $50,000 or more and complete at least 10 point-of-sale transactions with your connected business debit card per month to receive the maximum bonus. You must also have bill pay set up and connected to your Basic Business Checking account. Other eligibility criteria apply.
Pros
- Unlimited debits, credits and deposits
- No monthly maintenance fees
- Get your first 50 checks for free
Cons
- No evening or weekend customer support
- No physical locations
- Account only available to U.S.-based businesses
Best Linked Savings Account
Lili Smart Checking Account
Vault Verified
Why We Chose It
In addition to a solid checking account, your Lili Smart plan features an included savings account currently paying a 4.15% annual percentage yield (APY) on balances of up to $100,000.
Pros
- Debit card transactions may earn cash back
- No-fee ATM withdrawals at 38,000 locations
- No minimum balance requirement
Cons
- $20 fee each month
- Lili’s plans are only available in the United States
- Lili is a financial technology (fintech) company—not a bank—and doesn’t provide banking services directly
Best for Business Credit Score
Bank of America Advantage Fundamentals
Vault Verified
Why We Chose It
Your Bank of America Advantage Fundamentals checking account gives you access to your Dun & Bradstreet business credit score, helping you monitor and manage your company’s financial health.
Pros
- Easily move money with Zelle
- Manage your business and personal bank accounts with a single login
- Many branch locations nationwide
Cons
- $16 monthly maintenance fee (waivable with qualifying account activities)
- Monthly transaction and cash deposit limits apply
- $2.50+ fee for non-Bank of America ATM use
Best for Integrations
Novo Checking Account
Vault Verified
Why We Chose It
Many other business apps, such as PayPal, Xero and Gusto, integrate with your Novo checking account. That way, you can review all of your company finances in one place.
Pros
- Unlimited debit card transactions
- No monthly maintenance fee
- No minimum balance requirements
Cons
- Novo is a fintech company and doesn’t provide banking services directly
- No phone support available
- Support is only available Monday to Friday, 9 a.m. to 6 p.m. EST
Best for Domestic Wires
Capital One Enhanced
Vault Verified
Why We Chose It
All incoming domestic wires are free with your Capital One Enhanced business checking account. The first five outgoing domestic wires each month are also included at no extra charge.
Pros
- No-fee digital transactions (mobile deposits, ACH payments or online bill payments)
- Free overdraft protection with a qualifying linked deposit account
- Have up to two Basic checking accounts with no monthly fee
Cons
- $35 monthly maintenance fee (waivable with qualifying average daily balance)
- Account doesn’t earn interest or rewards
- Up to a $5 fee for ATM use outside of Capital One Bank branches
Best for Business Solutions
NBKC Business Checking
Vault Verified
Why We Chose It
NBKC Business Checking offers a range of helpful business tools, including Tap to Pay on iPhone, which allows entrepreneurs an easy way to get paid without extra equipment. There are other business solutions available for a cost, such as invoicing. NBKC also offers free check deposit via the app or in-branch and no fees for incoming domestic wire transfers.
Pros
- Tap to Pay on iPhone
- Free check deposit via app, tablet or in-branch
- Access to a human for customer service
Cons
- Account doesn’t earn interest
- $5 fee for outgoing domestic wire transfers
- No integrations with other business apps
Best for Accepting Credit Card Payments
Chase Business Complete Checking®
Vault Verified
Why We Chose It
Earn a $300 bonus when you open a Chase Business Complete Checking® account and complete the required activities. This business account makes it easy to accept credit cards, allowing you to enter transactions and receive same-day deposit without an additional fee. There are ways to waive the monthly fee, including spending $2,000 on the Chase Ink Business Card or maintaining a $2,000 daily balance.
Pros
- Easy to accept and manage credit card transactions
- Link the Chase Ink Business card to earn rewards
- It’s possible to waive the monthly maintenance fee
Cons
- Bank account doesn’t earn interest
- Fee-free cash deposits limited to $5,000 per statement cycle
- Pay a monthly fee if you don’t meet the waiver requirements
Best for Membership Rewards
American Express Business Checking
Vault Verified
Why We Chose It
American Express is known for its Membership Rewards program, and you can access that with a business checking account. You can earn an APY on balances of up to $500,000 while also receiving one Membership rewards point for each eligible purchase made with your Business Debit Card. Points can be redeemed for cash or transferred to partners for travel rewards.
Pros
- Earn 30,000 Membership Rewards when meeting the requirements for a new account
- Earn ongoing rewards when using the Business Debit Card
- No minimum deposit or monthly fees
Cons
- Can’t deposit cash
- $25 fee for domestic wire transfers
- Must set up a separate international payments account for overseas payments
Best for the Self-Employed
Found Business Checking
Vault Verified
Why We Chose It
Self-employed business owners often just need a simple solution for their one-person endeavor. Found provides a no-fee checking account that allows you to see cash flow insights and tax estimates as you go, as well as helping you create virtual card numbers to keep your information safer when you transact business online.
Pros
- Unlimited transactions and free incoming domestic wire transfers
- Various features and business planning tools
- No minimum deposit or monthly fees
Cons
- Weekly limits for deposits
- Can’t send outgoing wire transfers from a Found account
- No check-writing capability
Who Should Get a Business Checking Account?
It may sound obvious, but you should have a business checking account if you own a business. For our purposes, a business is any endeavor earning an income outside of traditional W2 employment. That means side hustling, freelancing and independent contracting count.
A business checking account keeps your company and personal funds separate, making budgeting, tracking expenses and filing your taxes much more simple. Plus, the financial institution where you open your small-business checking account may make it easy for you to open a company credit card or line of credit in-house.
In addition, if you own or co-own a partnership, limited liability company or corporation, having a business checking account helps to prove the legal distinction between you and your company. Maintaining that distinction can help negate or limit your personal liability if your business gets sued.
What Is the Best Checking Account for My Business?
The best checking account for your business depends on your needs and preferences. Here are some of the factors you should consider when comparing your options:
Transaction Limit
Some business checking accounts impose a transaction limit, meaning only a predetermined number of monthly transactions are included in the base cost of your account. You’ll get charged a fee for each transaction above the limit. If you have a lot of account activity each month, you may want to choose an option that includes unlimited transactions.
Fees
Many business checking accounts charge fees for:
- Monthly maintenance
- Going over the transaction limit
- Going over the cash deposit limit
- ATM use
- Foreign transactions
- Banking services, such as sending or receiving wire transfers
You should think carefully about how you’ll use your business checking account. Then, calculate an approximate monthly cost for each option you’re considering. That way, if multiple accounts appear comparable other than price, you can rule out the most expensive ones.
Interest
Some small-business bank accounts pay interest on your balance. If you tend to keep a significant sum in your account, you may earn enough interest to offset bank fees or cover other company expenses.
Rewards
If you plan to use your business debit card a lot, you should give bonus points to business checking accounts that offer rewards. Similar to a rewards credit card, you may be able to earn a sizable amount of cash back for using your debit card to make purchases in select spending categories.
Special Features
At first glance, many business checking accounts may look the same. However, if you look a little deeper, you may find a special feature or two that sets each of them apart. For instance, your account may give you access to your business credit score, easily integrate with your accounting software and other applications or reimburse you for ATM fees you incur.
How To Get a Business Checking Account
If you’ve opened a personal checking account before, getting a business checking account will feel familiar. However, while the process is similar, there are a few notable differences. Here’s what you need to do, step-by-step:
- Officially form your business: If you want a legal business entity other than a sole proprietorship, you should form your company with your state before doing anything else. Your bank may require documentation of your business registration when you open your checking account.
- Obtain an employee identification number (EIN): You use an EIN to file federal business taxes. Your bank will need this number to open your checking account. You can obtain an EIN from the Internal Revenue Service (IRS) website for free.
- Research and compare business checking account options: Seek and review information about the business checking accounts available to you. Reading this article is a great way to jumpstart your research.
- Gather the necessary documents: Once you’ve selected the best small-business checking account for your needs, make sure you have all the information the bank will need to open your account. Depending on the bank and your business structure, you’ll need things like your EIN, proof of business formation and a business license.
- Open and fund your new account: Go to a local bank branch (or the financial institution’s website) and complete the required paperwork. Then, make your initial deposit with cash, an electronic funds transfer from another bank account or via another bank-approved means.
Frequently Asked Questions
What’s the Easiest Business Bank Account To Open?
Most business bank accounts are relatively easy to open—especially if you can do the entire process online. You can further streamline your experience by reviewing the bank’s account opening requirements in advance and having all of the necessary documentation on hand.
Is There a Free Business Bank Account?
There are some free business bank accounts that don’t charge monthly maintenance fees. However, it’s a good idea to read the fine print because some account services, like wire transfers, may still cost money.
How Quickly Can I Get a Business Bank Account?
You may be able to get a business bank account with a few clicks online. If you visit a financial institution in person, you can likely complete the process in one brief visit.
Newsweek writer Miranda Marquit contributed to this post.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
