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Best Business Checking Accounts in October 2024

Laura Gariepy
By
Laura Gariepy
Laura Gariepy

Laura Gariepy

Contributor

Laura has been a freelance writer since 2018 and is excited to join Newsweek’s personal finance team as a freelance contributor. Her work primarily focuses on managing your money, navigating your career, and running a successful business. She’s also passionate about helping others explore freelancing and write more compelling content.

Read Laura Gariepy's full bio
Claire Dickey
Reviewed By
Claire Dickey
Claire Dickey

Claire Dickey

Senior Editor

Claire is a senior editor at Newsweek focused on credit cards, loans and banking. Her top priority is providing unbiased, in-depth personal finance content to ensure readers are well-equipped with knowledge when making financial decisions. 

Prior to Newsweek, Claire spent five years at Bankrate as a lead credit cards editor. You can find her jogging through Austin, TX, or playing tourist in her free time.

Read Claire Dickey's full bio

If you’re starting a small business, you’ll want to open a business checking account to help separate your personal finances from your business finances. The best business checking accounts come with features to help your business grow, like the ability to accept credit card transactions or integrate with accounting software.

To save you time, we’ve curated the best business checking accounts for LLCs and other small organizations. Choosing one of these accounts can help you get your business’s finances on the right track.

Methodology Icon 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 icon, Summary Our Picks
  • Best Overall: Bluevine
  • Best New Account Bonus: Axos Bank Basic Business Checking
  • Best for Accepting Credit Card Payments: Chase Business Complete Checking®
  • 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 Membership Rewards: American Express Business Checking
  • Best for the Self-Employed: Found Business Checking
  • Best for Cash Deposits: Wells Fargo Initiate Business Checking Account


Compare the Best Business Checking Accounts

Bluevine Logo

Bluevine Checking Account

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APY
2%, on balances up to and including $250,000
Min Opening Deposit
$0
Monthly Maintenance Fee
$0

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
axos logo

Axos Bank Basic Business Checking

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APY
N/A
Min Opening Deposit
$0
Monthly Maintenance Fee
$0

Why We Chose It

The Axos Bank Basic Business Checking account offers a generous account welcome bonus of up to $400 across four equal monthly installments of $100 when you open an account with promo code on your application (NEW400) by October 31, 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 amount of the 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 deposited items
  • No monthly maintenance fees
  • Integration with QuickBooks

Cons

  • No evening or weekend customer support
  • No physical locations
  • Account only available to U.S.-based businesses
Chase for Business Logo

Chase Business Complete Checking®

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APY
N/A
Min Opening Deposit
$0
Monthly Maintenance Fee
$15, waivable

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 deposits 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
Lili

Lili Smart Checking Account

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APY
4.15%, only for Savings accounts up to $100,000
Min Opening Deposit
$0
Monthly Maintenance Fee
$35

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

  • Monthly fee for Lili Smart
  • 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
Bank Of America BoFA Logo Transparent Background

Bank of America Advantage Fundamentals

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APY
N/A
Min Opening Deposit
$100
Monthly Maintenance Fee
$16, waivable

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
Novo Logo

Novo Checking Account

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APY
N/A
Min Opening Deposit
$0
Monthly Maintenance Fee
$0

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
capital one bank image logo

Capital One Enhanced

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APY
N/A
Min Opening Deposit
$250
Monthly Maintenance Fee
$35, waivable

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 $2 fee for ATM use outside of Capital One Bank branches
nbkc bank logo

NBKC Business Checking

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APY
N/A
Min Opening Deposit
$0
Monthly Maintenance Fee
$0

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
American Express Logo

American Express Business Checking

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APY
1.3% on up to $500,000
Min Opening Deposit
$0
Monthly Maintenance Fee
$0

Why We Chose It

American Express is known for its Membership Rewards program, and you can access it 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 outgoing domestic wire transfers
  • Must set up a separate international payments account for overseas payments
Found Logo Against Transparent Background

Found Business Checking

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APY
N/A
Min Opening Deposit
$0
Monthly Maintenance Fee
$0

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. It also creates 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
Wells Fargo Bank Logo

Wells Fargo Initiate Business Checking Account

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APY
N/A
Min Opening Deposit
$25
Monthly Service Fee
$10, waivable

Why We Chose It

Wells Fargo offers the convenience of a large national brick-and-mortar presence combined with a full suite of online banking tools. It’s an ideal business checking account for people who rely more on cash deposits and require fewer transactions per month since the first $5,000 per month in cash deposits are fee-free (after which it’s $0.30 per $100 deposited), and the first 100 transactions are also fee-free and then $0.50 per transaction.

Pros

  • Extensive ATM network and numerous branches for in-person transactions
  • Low opening deposit requirement
  • Lower thresholds for monthly fee waiver

Cons

  • Charges per transaction once cash deposit limit is reached
  • Only allows for 100 free transactions per month
  • Deposit limits with mobile deposit option

What Is Different About a Business Checking Compared to Traditional Checking?

Because business checking accounts are meant to be used by businesses with more cash flow than individuals, they often have larger deposit and transaction limits. For example, a traditional checking account may only allow you to deposit $5,000 in cash a month, whereas a business checking account might not have such a limit.

Business checking accounts also typically have integrations with tools that allow you to process card payments and payroll. They may even link up to accounting and bookkeeping tools so you can manage and track your assets. Personal checking accounts typically don’t have any of these features, as they’re only meant for paying bills or making purchases with your debit card.

Finally, business checking accounts often have the option to get multiple debit cards. These allow you to hand them out to employees who need to make purchases. A traditional checking account only allows you to have one debit card.

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.

Pros and Cons of a Business Checking Account

While business checking accounts are a great resource for most businesses, they aren’t without their flaws. Here’s a look at the pros and cons of these accounts.

plus sign

Pros

  • Separates business and personal finances. With this account, you won’t be mixing up personal and business assets, which should make tax time much easier.
  • Adds liability protection. Having an account solely for business income can offer financial protection you if your business is sued by a customer.
  • Builds business credit. Business credit is entirely separate from your personal credit score. Building your business credit can help you qualify for loans and lines of credit down the road.
  • Simplifies your financial transactions. The best business checking accounts can help you consolidate payments, bookkeeping and payroll all in one account.
x sign logo

Cons

  • Has higher fees compared to personal accounts. This isn’t always the case, especially with the best business checking accounts we’ve curated here. But some accounts may have higher fees than you’re used to.
  • Can be harder to open. With a personal checking account, all you usually need is your Social Security number to get started. A business bank account may require an employer identification number (EIN), official business formation documents and revenue statements.

How To Choose 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 Do I 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 employer 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.

Additional Bank Accounts to Consider For Your Business

While you have plenty of options to choose from as a business owner looking for a business checking account, this account type isn’t your only available option. Depending on the size of your business deposits, the number of transactions per month and the number of expenses you have to track, your business may be better served by an alternative.

Business Savings Account

Like a business checking account, a business savings account keeps personal expenses separate from business ones, except it does so with a savings option. It’s a safe place for storing cash, and most earn interest on qualifying deposits. You can track expenses and save towards a business savings goal, such as paying taxes or employee benefits, but many business savings accounts only allow for a low number of withdrawals each month.

Personal Checking Account

Technically, if your business is operating as a sole proprietorship, then you’re not required to have a business account (although it’s still recommended for keeping business transactions separate from personal ones). You can use a personal account, which can offer added convenience when you’re first starting out. As your business grows or if you transition to a Limited Liability Company (LLC), then you can select a business banking option for separation.

Business Money Market Account

A business money market account offers similar benefits as a savings account, where you earn interest (typically at a higher rate) on daily balances. However, a money market account also includes a debit card or checks, so you can withdraw funds as you need it. Many offer access to ATM networks too, making it an ideal option for people who typically make numerous withdrawals each month.

Business Certificate of Deposit (CD)

If your business doesn’t rely on monthly withdrawals and you only want a savings component where you can earn interest on a lump sum of earnings, then a business CD may be your preference. Like a personal CD, you have a certain amount of money you deposit and earn a fixed interest rate for a specific period of time. You typically can’t withdraw funds from a CD until it matures without facing steep withdrawal fees.

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 writers Miranda Marquit and Sarah Coleman contributed to this post.

Editorial Disclosure: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved or endorsed by any of these entities.

Laura Gariepy

Laura Gariepy

Contributor

Laura has been a freelance writer since 2018 and is excited to join Newsweek’s personal finance team as a freelance contributor. Her work primarily focuses on managing your money, navigating your career, and running a successful business. She’s also passionate about helping others explore freelancing and write more compelling content.

Read more articles by Laura Gariepy