Best Business Bank Accounts

Choosing the best business bank account is essential for improving your business’s financial operations. A well-chosen account can simplify transactions, reduce fees, and offer valuable features that align with your business’s needs. With many options, it’s essential to compare different accounts to ensure you find the one that best suits your requirements and aids in effective financial management.

What Is a Business Bank Account?

A business bank account is designed for business finances, whether you’re self-employed or running a large corporation. To open one, you must provide personal and business details like your business name, Employee Identification Number (EIN), licenses, and registration documents. These accounts help separate business and personal expenses, simplify bookkeeping and taxes, and allow businesses to accept credit and debit card payments, enhancing your business’s professional appearance.

Types of Business Bank Accounts 

1. Business Checking Accounts: These accounts handle everyday transactions such as deposits and payments, much like personal checking accounts.
2. Business Savings Accounts: Earn interest on deposited funds, similar to personal savings accounts. Look for accounts with a reasonable interest rate (APY).
3. Business Certificates of Deposit (CDs): These earn a fixed interest rate on a set amount of money for a fixed period. Withdrawing early may result in penalties.
4. Business Money Market Accounts: Earn interest on balances and allow limited check-writing, combining features of savings and checking accounts.
5. Merchant Accounts: Enable businesses to accept electronic card payments from customers.
6. Cash Management Accounts (CMAs): Combine features of checking, savings, and investment accounts, offering flexibility in managing business finances.
7. Commercial Accounts: These are used by corporations and businesses for various financial needs, often including checking accounts.

These accounts cater to different aspects of business financial management, from daily transactions and savings to investment and electronic payment processing.

Best Business Checking Account

Here are some outstanding bank checking accounts for small businesses based on their standout features. Keep reading to discover which type of business account suits your needs and learn how to select the best option for your business.

Chase Business Complete Checking®

Chase Bank provides a variety of business accounts made to different business sizes, often accompanied by incentives for new customers. Opening a business checking account can earn new customers a bonus, contingent upon meeting specific requirements. Chase also offers rewards-earning credit cards and boasts an extensive branch network.

Advantages:

• Eligible for generous new account bonuses
• Offers significant bank features, including rewards-earning credit cards and an extensive branch network
• Benefits from linking personal accounts

Disadvantages:

• Requires meeting balance requirements within 30 days to qualify for bonuses
• Risk of losing bonus if account balance falls below the minimum for 60 days
• Low transaction limits before fees apply
• Requires completion of 5 qualifying transactions within 90 days

Chase Bank, a division of J.P. Morgan Chase headquartered in New York City, promotes assets exceeding $2.6 trillion and a global footprint. With 15,000 ATMs and over 4,700 branches across North America, Chase offers convenient in-person banking services.

Its size benefits small business owners with profitable rewards programs, account bonuses, and access to personalized assistance through physical branches. Chase also provides personalized financial products such as loans, credit cards, savings accounts, and checking services.

Consider opening a new business account with Chase to take advantage of their frequent special promotional incentives. Check current account bonuses to maximize benefits before deciding.

Wells Fargo Navigate Business Checking

The Wells Fargo Navigate Business Checking account is excellent for businesses that handle cash deposits. It includes the first 250 transactions and up to $20,000 in monthly cash deposits at no extra charge. The bank has many branches and ATMs, and its vital online and mobile apps make banking flexible and secure without fees for most business services.

Advantages:

• Allows a lot of monthly transactions
• It has many branches for in-person help
• No fees for stop payments, cashier’s checks, and more

Disadvantages:

• High monthly fee unless you keep a high balance
• Charges $0.50 per item and $0.30 per $100 over transaction limits

Wells Fargo, founded in 1852, is the third-largest bank in the U.S., with over $1.7 trillion in assets. It has about 4,900 locations and more than 12,000 ATMs nationwide.

The Navigate Business Checking account is suitable for small businesses that want fee-free or low-fee banking with plenty of transaction options. Wells Fargo offers specialized accounts, such as the Optimized Business Checking for larger firms and the Initiate Business Checking for startups, each designed to meet specific business needs.

Check for current promotional offers on new Wells Fargo accounts to see what you can earn before deciding which business banking option is best.

Axos Bank Basic Business Checking

Axos Bank started as a digital bank in 2000 and is now a publicly traded company with over $18.4 billion in assets. Their Basic Business Checking account is for busy business owners with modest checking needs. There are no monthly charges, and it provides unlimited refunds for domestic ATM fees.

Advantages:

• No monthly fees
• Unlimited reimbursement for domestic ATM fees
• The first set of 50 checks is free

Disadvantages:

• There are no physical branches for face-to-face banking.
• Some account types, like interest-bearing checking, have fees
• Additional checks beyond the first 50 come with a cost

Axos Bank, based in California with offices in other states, is known for its strong online presence. Their mobile app is highly rated, with 4.4 stars on Android and 4.7 stars on iOS. It lets you deposit checks, pay bills, manage accounts, and transfer funds directly from your phone. Plus, all domestic they reimburse all domestic ATM fees, making it convenient for customers on the go.

LendingClub Tailored Checking

The LendingClub Tailored Checking account offers a 1.50% interest rate on balances up to $100,000. Customers enjoy unlimited transactions without fees, including free ATM withdrawals, refunded surcharges, and free bill pay.

Advantages:

• Unlimited ATM surcharge refunds
• Earns interest (1.50% on balances up to $100,000)
• Unlimited transactions with no fees

Disadvantages:

• No physical branches
• No interest on balances under $500
• A high minimum balance is needed to avoid monthly fee

LendingClub, based in San Francisco, California, with over $8 billion in assets, provides FDIC insurance similar to traditional banks. Their Tailored Checking account is designed for small businesses, offering interest-earning benefits and a mobile money management system for convenient business operations.

U.S. Bank Silver Business Checking

U.S. Bank focuses on small businesses. Their Silver Business Checking Package has no monthly fees and allows up to 125 transactions, which is suitable for many small businesses.

Advantages:

• No monthly fees
• No minimum balance required
• Up to 125 transactions are allowed each month

Disadvantages:

• $0.50 fee per transaction over 125
• Not available in every state
• No accounts that earn interest

Established in 1863 and headquartered in Minnesota, U.S. Bank is the fifth-largest bank in the U.S., with $587 billion in assets and nearly 77,000 employees. It operates over 2,000 branches across 26 states.

U.S. Bank offers different business account options, such as gold, platinum, and premium accounts, with higher transaction limits as businesses grow. They often have promotions for opening new accounts, so check for current bonuses if you’re considering a new business account.

Best Business Bank Account

Wells Fargo

Wells Fargo is top-rated for small business banking and is one of the most active lenders for SBA loans in the U.S. They offer various financing options, such as lines of credit, secured and unsecured loans, and commercial property loans.

They provide three main business checking accounts: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. These accounts suit different business needs, with monthly fees ranging from $10 to $75, waived by maintaining specific daily balances.

Alongside banking services, Wells Fargo offers comprehensive business solutions, including point-of-sale systems, merchant services, payroll management, HR support, and help with business taxes.

Overall, Wells Fargo is renowned for its wide range of financial offerings and services designed to aid businesses, providing flexibility and comprehensive support in managing finances and operations.

Chase Bank

Chase Bank is well-regarded for small business banking because it’s one of the top SBA lenders in the U.S. and has a strong presence nationwide. Even if there’s no Chase branch in your state, you can manage your account online from your phone or computer.

Chase offers different checking accounts, with the Chase Business Complete Banking account being excellent for small businesses. It has a $15 monthly fee, but you can avoid it by keeping a low $2,000 daily balance or meeting other requirements like using the Chase Ink® Business Card for purchases or receiving deposits through Chase Merchant Services.

In addition to checking accounts, Chase provides business credit cards like the Ink Business Preferred Credit Card, which is known for its benefits on SmartAsset’s list of top small business credit cards. Chase also offers fraud protection and merchant services to help businesses run smoothly.

Bank of America

Bank of America offers banking options for small businesses, including checking accounts, credit cards, and specialized financial education resources. It also provides financing customized to industries like healthcare and agriculture.

They have two main business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. The Fundamentals account is for smaller businesses, while the Advantage account is for larger ones.

Both accounts allow you to avoid monthly fees by maintaining a minimum balance or meeting spending requirements. The Advantage account includes features like QuickBooks integration.

Bank of America has branches nationwide and offers online and mobile banking. It also provides additional tax preparation and point-of-sale (POS) services.

PNC Bank

PNC Bank serves businesses mainly in the eastern and central U.S. with robust online and mobile banking options. They offer four business checking accounts for small, medium, and large companies, each with fees that can be avoided by meeting certain conditions.

Businesses can also get small business loans, business credit cards, merchant services, and earn interest on business savings accounts. PNC provides various financial services tailored to business needs, from daily banking to specialized real estate and equipment financing.

Truist Bank

Truist Bank, created from the merger of BB&T and SunTrust in 2019, offers several options for small businesses. They have three small business checking accounts: Simple Business Checking, Dynamic Business Checking, and Community Checking, each requiring a $100 minimum deposit to open.

Simple Business Checking has no monthly fees and suits businesses with fewer than 50 transactions and less than $2,000 in monthly cash deposits. Community Checking is fee-free and ideal for non-profits and civic groups, allowing up to 225 transactions monthly at no cost.

Dynamic Business Checking accommodates more active businesses with up to 500 transactions and $25,000 in monthly cash processing without fees. It has a $20 monthly fee, waived with a $5,000 average combined balance across Truist accounts.

Truist Bank also offers SBA loans, insurance, merchant services, and employee retirement plans, such as SIMPLE IRA and SEP IRA. It also has rewards programs for business checking accounts based on total deposit amounts.

Capital One

Capital One offers business banking through Spark Business Banking, providing personalized guidance and various financial products.

You can waive the fees on Basic and Business Unlimited Checking accounts with unlimited transactions. They also offer Business Advantage Savings and business credit cards, including options that earn valuable rewards.

Capital One aims to support businesses of all sizes with straightforward banking solutions and rewards opportunities through its credit card offerings.

U.S. Bank

U.S. Bank is a top pick for small business loans, particularly their “quick loans” customized for startups. Your business typically needs at least two years of operation. These loans are available for equipment, expansion, and vehicles, ranging from $5,000 to $250,000. They offer flexible repayment plans up to 84 months, and vehicle loans don’t need a down payment, making finances easier.

Their Silver Business Package is also beneficial for startups. It offers no monthly fees, 25 free cash deposits, and 125 free monthly transactions. Account holders get a debit card, remote check deposit, and online and mobile banking access, fulfilling most business needs.

Live Oak Bank

Live Oak Bank may not be widely known, but it’s one of the country’s busiest lenders for SBA loans. As of mid-2022, it processed the highest dollar amount of approved loans nationwide. Live Oak offers SBA, USDA, and commercial loans tailored to businesses’ needs, earning a solid reputation for helping companies to succeed.

Their Business Savings Account is noteworthy, offering a competitive APY of 4.00% without needing a minimum deposit or charging monthly fees. It’s easy to manage through desktop or mobile.

Live Oak Bank offers a Small Business Checking Account for everyday transactions. After an initial $100 deposit, there are no monthly fees or minimum balance requirements. This account supports easy transactions with platforms like PayPal, Venmo, Square, or Stripe.

However, Live Oak Bank is regional, serving mainly Wilmington, North Carolina, with no branches elsewhere. Despite this, it’s a solid choice for businesses looking for personalized loan solutions and savings options to support growth.

TAB Bank

TAB Bank may not be a top choice for SBA loans, but it’s a solid option for businesses seeking supportive banking services. They offer features like accounts receivable financing, asset-based lending, equipment financing, and factoring.

This bank provides two types of business checking accounts. The TAB Business Checking Account gives you 100 free monthly debit transactions, extended customer service hours, and no annual or monthly fees. With the Analyzed Business Checking account, you get a dedicated relationship manager and no debit transaction limits, but there’s a $25 monthly fee unless you meet specific requirements to waive it.

TAB Bank offers CDs, money market accounts, and business savings accounts for growing your money. You can manage your banking conveniently with TAB’s desktop platform and highly-rated mobile apps.

Regions Bank

Regions Bank in Alabama offers different business banking services, including five checking account options: Simple Checking, Advantage Business Checking, Business Interest Checking, and Not-for-Profit Checking. You can waive the monthly fee for most accounts with minimal requirements, and each account requires a $100 minimum deposit to open.

They also provide four business savings accounts, from Business Savings to Business Premium Money Market accounts and different business CDs, offering better interest rates than checking accounts.

Beyond banking, Regions offers extensive business services such as credit cards, loans, lines of credit, equipment financing, cash management tools, merchant services, and payroll and benefits services—this range of offerings positions Regions as a strong choice for small businesses. As of mid-2022, Regions Bank ranked among the top 50 largest SBA loan lenders in the U.S.

KeyBank

KeyBank offers business checking accounts with high fee-free deposit caps of up to $25,000 monthly across all account types. They provide different levels of free monthly transactions and charge reasonable maintenance fees, typically requiring a $7,500 average monthly balance to avoid.

KeyBank also offers a debit card with rewards through their Relationship Rewards® program, allowing users to earn points for activities such as using online bill pay and making deposits, which they can redeem for cash back, travel credits, and gift cards.

How To Open a Business Bank Account

Starting a business bank account is similar to opening a personal one but requires more paperwork.

1. Gather Documents: Get your business formation papers and Employer Identification Number (EIN). You can apply for an EIN online. For sole proprietors, some banks accept your Social Security number.
2. Choose Account Type: A checking, savings, or money market account. Each has its benefits, and you can open more than one.
3. Compare Banks: Compare different banks to see their minimum deposit requirements, monthly fees, transaction limits, and extra services. Choose an account that offers more tools with fewer requirements.
4. Apply: Go to the bank’s website or branch to fill out an application. You must provide details about your business and the people authorized to use the account. Submit your EIN, formation documents, and business license.
5. Minimum Deposit: Banks have different minimum deposit amounts. Make sure you know how much you need to start your account.

How To Open a Business Bank Account With Poor Credit

Most banks don’t check your credit when you apply for a business bank account, so having poor personal credit won’t usually stop you from opening one.

However, many banks use ChexSystems to review business checking account applications. ChexSystems tracks how you’ve managed checking and savings accounts in the past.

If your ChexSystems report shows issues like unpaid fees, bounced checks, or overdrafts, your application could be affected. Here’s how to handle banks that use ChexSystems for business checking accounts:

1. Ask the bank directly if they use ChexSystems before applying.
2. Get a copy of your ChexSystems report to check for any problems.
3. Look for banks that don’t use ChexSystems or consider second-chance bank accounts for those rebuilding their banking history.

Conclusion

Choosing the correct business bank account is essential for managing your finances effectively. Whether you go for a checking, savings, or specialized account like CDs or money market accounts, each offers specific benefits that suit different business needs. You can find an account that best supports your financial goals by comparing banks based on fees, transaction limits, and additional services. Understanding what’s required to open a business bank account, including necessary documents and potential considerations like ChexSystems, helps ensure a direct decision-making process.

FAQs

Can I open multiple business bank accounts?

Yes, you can open multiple accounts to meet different financial needs. For example, you have a checking account for daily transactions and a savings account for storing funds and earning interest.

What should I consider when comparing different banks?

When comparing banks, consider factors such as the availability of branches and ATMs, customer service reviews, the functionality of their online and mobile banking features, fee structures, and requirements for fee waivers. Also, assess whether the bank provides specific services that meet business needs, such as loans, credit cards, or payroll services. These aspects can significantly influence how well the bank supports your business’s financial operations and overall convenience.

What documents do I need to open a business bank account?

Typically, you’ll need your business formation documents (like articles of incorporation), Employer Identification Number (EIN), personal identification (such as a driver’s license), and possibly proof of address.

Do I need good credit to open a business bank account?

No, most banks do not check your credit score when opening a business bank account. However, some banks may use ChexSystems to review your banking history.

What additional services should I consider for my business account?

Depending on your business’s needs, consider services like business credit cards, loans, payroll processing, merchant services for accepting payments, and online banking features for convenient management.