Best business bank accounts of 2020

For all accounts, we considered factors like interest rates, monthly fees, opening deposit requirements and other special features. For checking accounts, we also looked at the number of free monthly transactions and ATM accessibility.

• What's changed in 2020?

  We replaced several business accounts on our list for 2020. The Wells Fargo Business Choice Checking account was replaced with the Radius Bank Tailored Checking account, which earns more interest and has lower fees and minimum balance requirements.

  Business savings accounts with high interest rates are hard to come by, so we added the Goldwater Bank Savings Plus Business account for those who can swing the large opening deposit. This account replaced the Bank of America Business Advantage Savings account, which earned a low 0.02% APY.

  Capital One offers great business banking options, but it isn’t currently accepting new business customers online. For this reason, we removed the Capital One Business Advantage Savings account from our list and replaced it with the Axos Bank Business Savings account, which offers similar account perks.

14 best business bank accounts

The best business checking and savings account offer the tools to help your business succeed. Here’s a list of our top 14 picks:

A closer look at the best business bank accounts

Best business checking accounts

Business checking accounts can help you manage expenses, pay bills and budget for the future. We’ve curated a list of some of the best business checking accounts with features that could make your banking experience more convenient.

Best for free ATM access

Radius Bank Tailored Checking

Apply now at Radius Bank's secure site

Up to 0.1%
APY

$10 monthly
Fees

$100
Min. opening deposit

• Info
• Pros & cons
• Details

This checking account from Radius Bank comes with unlimited ATM reimbursements, making it an excellent choice for business owners who need a lot of access to cash. It earns more interest than most traditional savings accounts, but only if you keep a minimum $5,000 daily balance.

• 0.1% APY. You earn 0.1% on your total balance as long as you have at least $5,000 in your account.
• Unlimited free transactions. Unlike other banks that charge you a fee when your transactions exceed a certain limit, Radius Bank lets you make unlimited transactions.
• Supports cannabis-related businesses. Regulations make it tough for cannabis-related businesses to find banking services. But Radius Bank serves this industry.

• Minimum balance required for interest. Your account only earns interest if your balance is at least $5,000.
• $10 monthly fee. If your balance dips below $5,000, you pay a $10 monthly fee and you don't earn any interest.
• $100 opening deposit. You need at least $100 to open a Radius Bank Tailored Checking account.

APY	0.1%
Account fees	$10 monthly
Can the fee be waived?	Yes No monthly maintenance fee with balances of $5,000 and up
ATM transaction fee	$0

Best for small online businesses

Novo

Finder Rating: 4 / 5

★★★★★

Apply now at Novo's secure site

N/A
APY

None
Fees

$50
Min. opening deposit

• Info
• Pros & cons
• Details

This online business checking account is designed for small businesses and entrepreneurs that want to save on fees. It doesn't have branches so you won't be able to deposit cash, but it's available to all types of businesses and can be opened online in minutes.

• No fees. There are no monthly fees or service charges to eat into your balance.
• No deposit requirements. Open this account with as little as $50.
• Integration. Connect your account to Slack, Stripe, Zapier and Xero to make managing your business easier.

• No cash deposits. As an online bank, Novo doesn't have any ATMs or branches that accept cash deposits.
• No payroll providers. Novo doesn't currently integrate with any payroll providers, but it's working on a solution.
• No recurring payments. This account doesn't support recurring monthly payments, so you'll need to do them manually each month.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
Insufficient funds fee	$27
ATM transaction fee	$0
Paper statement fee	$0
Foreign transaction fee	0%
Overdraft fee	$0
Accout closure fee	$0

Best for cash deposits

NorthOne Business Banking

Apply now at NorthOne's secure site

N/A
APY

$10 monthly
Fees

$50
Min. opening deposit

• Info
• Pros & cons
• Details

NorthOne Business Banking is designed to save you time and money with its unlimited transactions, free bookkeeping integrations and on-demand support. Unlike most digital bank accounts, this one actually accepts cash deposits.

• Create subaccounts. Stay on top of your money by creating subaccounts for everything from taxes and payroll to emergencies and rent.
• Deposit cash. Deposit cash or checks at any compatible ATM nationwide.
• No cap on transactions. Gone are the days of paying $0.50 for extra transactions. With NorthOne, make as many deposits, transfers and payments as you'd like for free.

• Monthly fee. You'll pay $10 with NorthOne Business Banking, and unfortunately, there's no way to waive it.
• Mobile-only. The only way to access your account is through the NorthOne mobile app. You can't log in on your computer.
• No ATM reimbursements. NorthOne doesn't reimburse operator fees for non-network ATMs, so you'll want to make sure you're using an in-network machine to avoid a fee.

APY	0%
Account fees	$10 monthly
Can the fee be waived?	No
Insufficient funds fee	$25
ATM transaction fee	$0
Foreign transaction fee	1.1%
Overdraft fee	$5

Best for company-wide access

Chase Business Checking Account

Finder Rating: 2.8 / 5

★★★★★

Apply now at Chase's secure site

N/A
APY

$15 monthly
Fees

None
Min. opening deposit

• Info
• Pros & cons
• Details

This account is designed for small businesses with a range of features that help them manage cash flow and focus on growth. It comes with an access and security manager that allows businesses to delegate permissions to employees without giving up control or security.

• Opening bonus. New Chase customers can get a 300 bonus when opening this account and completing qualifying activities.
• Accepts cash. This account comes with up to $5,000 in free cash deposits a month.
• In-person support. Chase has nearly 4,900 branch locations and 16,000 ATMs, which makes it easy to bank in person.

• Limited online eligibility. This account is only for sole proprietors, so you'll need to keep looking if you have a different business structure.
• Monthly fee. There's a $15 monthly fee, but Chase waives it if you meet certain requirements.

APY	0%
Account fees	$15 monthly
Can the fee be waived?	Yes Meet ONE of the following: • Have a $1,500 minimum daily balance • Or maintain a linked Chase Private Client Checking or Chase Sapphire Checking personal account Monthly service fee reduced to $12 when you’re enrolled in paperless statements
Insufficient funds fee	$34
ATM transaction fee	$0
Paper statement fee	$6
Foreign transaction fee	3%
Overdraft fee	$34

Best for large businesses

TIAA Bank Small Business Checking

Finder Rating: 4.3 / 5

★★★★★

Read review

Up to 0.12%
APY

None
Fees

$1,500
Min. opening deposit

• Info
• Pros & cons
• Details

If you're comfortable banking online, this account allows you to earn interest on your balance while you manage your expenses. While there are only four branches in Jacksonville, Florida, the account is available nationwide and the dedicated business team is there to help.

• Earn interest. You'll earn 0.12% on your total account balance.
• Low fees.There are no monthly, maintenance or overdraft transfer fees. Plus, you're reimbursed for all ATM charges if you have a balance over $5,000 or 15 charges if you don't.
• ATM access. There are over 80,000 free ATMs across the country.

• Cap on transactions. This account comes with 200 free transactions a month. You'll pay $0.25 per item if you go over this limit.
• Few physical branches. If you need to deposit cash often, you'll need to visit one of its four branch locations in the Jacksonville, Florida area.
• No live chat function. TIAA Bank doesn't have a live chat function, which is rare for a mostly-online bank.

APY	0.12%
Account fees	$0 monthly
Can the fee be waived?	Yes
Insufficient funds fee	$30
ATM transaction fee	$0
Overdraft fee	$0

Best for high interest rates

Bluevine Business Checking

Apply now at Bluevine's secure site

Up to 1%
APY

None
Fees

None
Min. opening deposit

• Info
• Pros & cons
• Details

Bluevine lures you in with an attractive 1% APY, but the perks don't stop there. This account has unlimited transactions, no monthly fees and live customer support. Deposit cash at over 90,000 Green Dot locations.

• No hidden fees. Bluevine has no minimum deposit requirements and you'll never pay for non-sufficient funds, monthly maintenance or income wires.
• Earns interest.Earn 1% APY on balances over $1,000 — a rate higher than most savings accounts.
• Large ATM network. Withdraw cash for free at over 38,000 MoneyMass ATMs nationwide.

• No physical branches. Bluevine is fully online, so you won't be able to pop into a branch for extra assistance.
• Fees for cash deposits. Green Dot charges up to $4.95 for cash deposits, which will eat into your profits.

APY	1%
Account fees	$0 monthly
Can the fee be waived?	Yes
Insufficient funds fee	$0
ATM transaction fee	$0
Overdraft fee	$0

Best for freelancers

Wave Money

Read review

N/A
APY

None
Fees

None
Min. opening deposit

• Info
• Pros & cons
• Details

If you already use Wave to send and receive invoices, then you'll love Wave Money. It handles all your accounting and banking in one place, giving you a 360-view of your finances. Plus, it has zero fees and it integrates with Square, Stripe, PayPal and other third-party platforms.

• No fees. Wave Money doesn't charge any fees for monthly maintenance, transactions, ATM withdrawals and overdrafts. These fees are quite common at other banks.
• Built-in bookkeeping. Wave Money is the first bank account to come with built-in accounting software, saving you up to $70 a month.
• Free instant payouts. Get instant access to your money when customers pay you through Wave Payments. Other platforms charge around 1.5% for instant payouts.

• No joint accounts. This account only supports single-owner businesses. But Wave is hoping to change this in the future.
• Not available yet. This account is currently waitlisted, but you can reserve your spot and get early access in Summer 2020.
• No other products. Wave Financial doesn't offer any other banking products, so you can't keep your savings and checking in one place.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
ATM transaction fee	$0
Overdraft fee	$0

Best for unlimited deposits

Azlo

Finder Rating: 4.5 / 5

★★★★★

Read review

N/A
APY

None
Fees

None
Min. opening deposit

• Info
• Pros & cons
• Details

Azlo is a free digital checking account that supports unlimited deposits, withdrawals and transfers. Open online with as little as $0.

• No foreign transaction fees. Use your Azlo card anywhere in the world without worrying about foreign transaction or ATM fees.
• Send invoices. Create and send invoices for free in the Azlo mobile app or desktop platform.
• Third-party integrations. Azlo connects to a host of third-party apps, including Stripe, Square, Transferwise, QuickBooks Online, Wave and PayPal.

• Doesn't support all business types. You can't open an account with Azlo if your business is classified as a limited partnership or limited liability partnership.
• Can't write checks. This account doesn't come with checkwriting privileges, but you can have Azlo send a check on your behalf through its bill pay service.
• No cash deposits. As with most digital banks, you can't deposit cash into Azlo, so it's not ideal for those who accept cash payments.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
ATM transaction fee	$0
Foreign transaction fee	0%
Accout closure fee	$0

Best for low fees

NBKC Business Checking

N/A
APY

None
Fees

$5
Min. opening deposit

• Info
• Pros & cons
• Details

The NBKC Business Checking account doesn't have any of those pesky fees charged by other banks. You won't pay anything for transactions, overdrafts, stop payment requests, incoming wires and more. Plus, you get free access to over 34,000 MoneyPass ATMs in the US and Puerto Rico.

• ATM reimbursements. Use a non-network ATM and get reimbursed for up to $12 in operator fees each month.
• Only two fees. Unlike other banks that charge a laundry list of fees, you'll only pay for two things at NBKC: $5 for outgoing domestic wires and $45 for international wires.
• Free add-ons. NBKC offers additional services for businesses that deposit checks regularly, need to accept card payments, are concerned about their safety and more.

• Limited customer support. Customer service is only available during regular business hours, which means you may have to wait until the next business day to get help.
• Few physical branches. NBKC has a few branches in the Kansas City area. If you live outside of this area, you'll need to be comfortable banking online.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
Overdraft fee	$0

Best business savings accounts

Any money that’s left over from your monthly operations can be stored in a savings account to create a passive income stream. And with the right business savings account, you could get access to extra perks that can benefit your business.

Best for low fees

Axos Bank Business Savings

Finder Rating: 3.7 / 5

★★★★★

Read review

0.5%
APY

$5 monthly
Fees

$1,000
Min. opening deposit

• Info
• Pros & cons
• Details

This account is designed for businesses that don't make a lot of cash deposits. It comes with low fees and a solid APY rate.

• Solid APY. While 0.5% APY isn't the highest we've seen, it's still much better than the current 0.09% national average.
• Avoidable fees. The $5 monthly fee is waived with a $2,500 minimum daily balance.
• 60 remote deposits a month. Use the Axos mobile app to electronically deposit up to 60 checks for free each month.

• High opening deposit. You need at least $1,000 to open this account.
• Inconvenient cash deposits. The only way to deposit cash is to send a wire transfer to your account.

Interest compounding	Daily

Best for high interest rate.

First Internet Bank Money Market Savings

0.7%
APY

$5 monthly
Fees

$100
Min. opening deposit

• Info
• Pros & cons
• Details

While this is technically a money market account, this option pays one of the best interest rates available for business savings accounts. It can easily be opened online and there's an optional ATM card if you're a sole proprietor.

• Avoidable fees. Avoid the $5 monthly maintenance fee by maintaining a daily balance of at least $4,000.
• Low opening deposit. Start saving with as little as $100.

• ATM card restrictions. Your account only comes with an ATM card if you're a sole proprietor.
• Excessive transaction fee. If you make more than six outgoing transactions a month, you'll pay a $5 fee for each one.

Interest compounding	Daily
Minimum to earn interest	$0
Monthly transaction limit	6
Fee per transaction over limit	$5

Best for online businesses

Live Oak Bank Business Savings account

0.7%
APY

None
Fees

None
Min. opening deposit

• Info
• Pros & cons
• Details

This account is best suited for businesses that don't need to make cash deposits or visit branches for their banking needs. Sign up online and start saving within minutes or explore Live Oak's other products like competitive-rate CDs.

• No monthly fees. With this account, you don't have to worry about maintenance fees eating into your savings.
• No minimum deposit. Open this account with as little as $0.
• 0.7% APY. Earn interest on your savings at a rate higher than the current national average.

• No cash deposits. Although this bank has one location in Wilmington, North Carolina, it doesn't accept cash deposits of any kind.
• $10 excessive transaction fee. Live Oak charges a $10 fee each time you make more than six outgoing transactions a month.

Interest compounding	Daily
Minimum to earn interest	$0
Monthly transaction limit	6
Fee per transaction over limit	$10

Best for small businesses

First Internet Bank Regular Savings

Up to 0.7%
APY

$2 monthly
Fees

$100
Min. opening deposit

• Info
• Pros & cons
• Details

First Internet Bank's Regular Savings account for businesses is online-only and available nationwide. You'll only need $100 to get started and you'll earn 0.7% APY as long as you keep less than $10 million in the account.

• Competitive rate. You'll earn 0.7% APY as long as your daily balance is $10 million or less. You'll earn 0.4% APY if your balance is above this.
• Low monthly fee. You'll pay $2 a month, but you can easily avoid it if you keep an average daily balance of $1,000.
• ATM card. Most savings accounts don't come with an ATM card, but this one does. Plus, First Internet Bank refunds you $10 a month on ATM fees.

• Online-only. First Internet Bank has no branches, so you'll have to do all your banking online.
• Excessive withdrawal fee. Like all savings accounts, you're limited to six monthly transactions. With First Internet Bank, you'll pay $5 for every transaction that you go over that limit.

Interest compounding	Daily
Minimum to earn interest	$0
Monthly transaction limit	6
Fee per transaction over limit	$5

Best for low fees

NBKC Bank Business Money Market

0.8%
APY

None
Fees

None
Min. opening deposit

• Info
• Pros & cons
• Details

The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit. You won't pay any fees for monthly maintenance, and NBKC reimburses up to $12 for third-party ATM fees.

• No minimum deposit. Open this account with as little as $0, unlike other money market accounts that require you to have $1,000 or more.
• Minimal fees. NBKC prides itself on low fees. It doesn't charge for overdrafts, transactions, ATM usage mobile deposits, bill pay or monthly maintenance.
• Competitive interest rates. Stash away your company's excess cash and watch it grow with a competitive 0.8% APY.

• Limited support hours. NBKC customer service is only available during business hours from 8 a.m. to 5 p.m. CT.
• Not 100% fee-free. Expect to pay $10 for excessive withdrawals, paper statements and non-sufficient funds, as well as $25 for overnight delivery.

Interest compounding	Daily
Minimum to earn interest	$0.01
Monthly transaction limit	6
Fee per transaction over limit	$10

How to find the best bank account for your business

While searching for the best checking and savings accounts, keep these factors in mind to help you compare your options:

• APY. Choosing a business savings account or interest-bearing checking account with a higher rate can help you save more sooner, but it’s not always worth sacrificing other factors to get the highest possible APY.
• Fees. Monthly service charges can eat into your balance, so try to find an account with low or easily avoidable fees.
• Bonus/rewards. Rewards programs and opening bonuses can give you a head start on saving, just make sure you meet the eligibility requirements.
• Features. Features like cashflow management, mobile banking and budgeting tools can help you take control of your money and save more for the future.
• Conditions. Make sure you meet any conditions or requirements to earn the advertised bonus or APY. Keep an eye out for temporary APYs that expire after a certain period.
• Access. Pick an account that gives you access when and where you need it, as not all banks have branches or ATMs everywhere. It’s worth noting that online accounts often have lower fees and higher interest rates.

Bottom line

Checking and savings accounts are often a core component of managing the cash flow of your business. Whether your requirements are cut and dry or you need an account to fit into a complex management system, there’s probably an account that fits. Dig deeper into one of these best business bank accounts or learn more about the other options that might be at your disposal.

Compare other business bank accounts

This table has two tabs: one for checking and one for savings. Click on whichever tab you’re interested in, then sort the table by minimum deposits, fees and more. If you want to compare multiple accounts at once, click the “Compare” box next to your top picks for an alternative view.

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Data indicated here is updated regularly

We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.

Learn how we maintain accuracy on our site.

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Name	Product	Fee	Minimum deposit to open	ATMs
NorthOne Business Banking		$10 per month	$50	More than 300,000 ATMs across America.	A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.	Go to site More Info	Compare	loading Fetching your data...
Novo		$0	$50	Novo doesn't charge ATM fees and will reimburse any non-network fees you incur	A low-fee online checking account designed for small businesses and startups, but you won’t be able to deposit cash.	Go to site More Info	Compare	loading Fetching your data...
Bluevine Business Checking		$0	$0	38,000+ MoneyPass® locations nationally	A digital account that earns 1% APY, offers unlimited transactions and no monthly fees.	Go to site More Info	Compare	loading Fetching your data...
Chase Business Checking Account		Varies by account	$0	16,000 Chase ATMs and nearly 4,900 branches	Get $300 as a new Chase business checking customer, when you open a new eligible Chase business checking account with qualifying activities.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Business Interest Checking		$10 per month (can be waived)	$100	ATM fees reimbursed at any ATM nationwide	Earn up to 0.50% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Basic Business Checking		$0	$1,000	ATM fees reimbursed at any ATM nationwide	No monthly maintenance fees, a low minimum deposit requirement, unlimited domestic ATM fee reimbursements and $100 welcome bonus	Go to site More Info	Compare	loading Fetching your data...
Radius Bank Tailored Checking		$10 per month (can be waived)	$100	More than 20,000 ATMs + unlimited ATM surcharge rebates	with Tailored Checking get free ATMs worldwide and unlimited penalty-free transactions.	Go to site More Info	Compare	loading Fetching your data...

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Initial Deposit

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Monthly Deposit

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Period

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Name	Product	Interest rates (APY)	Fee	Minimum deposit to open	Interest earned
NBKC Bank Business Money Market		0.80%	$0	$0		The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit.		Compare	loading Fetching your data...
Live Oak Bank Business Savings account		0.70%	$0	$0		No monthly maintenance fees. No minimum balance requirements. Interest compounded daily		Compare	loading Fetching your data...
First Internet Bank Regular Savings		0.70% on $0 to $10,000,000 0.40% on $10,000,000+	$2 per month (can be waived)	$100		First Internet Bank's Regular Savings account for businesses is online-only and available nationwide.		Compare	loading Fetching your data...
Axos Bank Business Savings		0.50%	$5 per month (can be waived)	$1,000		A business savings account with a low minimum deposit.	More Info	Compare	loading Fetching your data...
Axos Bank Business Money Market		0.50%	$10 per month (can be waived)	$1,000		This money market savings account comes with the added benefit of check writing privileges.	More Info	Compare	loading Fetching your data...
Axos Bank Business Premium Savings		0.50%	$0	$25,000		This digital savings account includes no monthly maintenance or average daily balance fee.	More Info	Compare	loading Fetching your data...
Goldwater Bank Savings Plus Business		0.50%		$25,000		Goldwater Business Savings offers to segregate business funds on deposit for different purposes and provides a convenient way to manage money based on your specific business needs		Compare	loading Fetching your data...
TIAA Bank Business Money Market		0.45% on $1,000,000+ 0.40% on $100,000 to $999,999.99 0.35% on $10,000 to $99,999.99	$14.95 per month (can be waived)	$1,500		This business money market account allows you to add several authorized users to your account.	More Info	Compare	loading Fetching your data...
U.S. Bank Platinum Business Money Market		0.05% on $100,000+ 0.10% on $24,999 to $99,999	$15 per month (can be waived)	$100		Earn higher rates of interest on higher balances, plus pay no monthly maintenance fee as long as you maintain a minimum balance of $10,000.		Compare	loading Fetching your data...

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