Compare fees, APY and features to help compare your options.
The right account for you will depend on your business’ financial needs, so it’s important to compare a number of accounts to track down the best one.
Best business accounts
Best business checking accounts
How we picked the best accounts
Just like personal banking accounts, there are hundreds, if not thousands, of business bank accounts out there. With so many options available, we used strict criteria to find the best business bank accounts. We considered factors like opening deposit requirements, monthly fees and waiver conditions, interest rates, account features, and branch or ATM access.
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.
Chase Total Business Checking account
Best for: Businesses that want company-wide access without giving up control
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, plus:
- Waived fees. Get 100 free transactions, up to $5,000 in free cash deposits and unlimited free electronic deposits per month.
- Hands-on support. Get help when you need it with over 5,000 branches and 24/7 customer service.
- Opening bonus. New Chase customers can get a $300 bonus when opening this account and completing qualifying activities.
TIAA Small Business Checking account
Best for: Businesses that want to earn interest as they go
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. New customers earn 1.21% APY on balances up to $250,000 for the first year, then between 0.2% and 0.61% afterwards.
- Low fees. There are no monthly, maintenance or overdraft transfer fees. Plus, you’ll be reimbursed for all ATM charges if you have a balance over $5,000 or 15 charges if not.
- ATM access. There are over 80,000 fee-free ATMs across the country.
Novo Business Checking account
Best for: Small businesses that don’t need to deposit cash
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 $0.
- Integration. The account can be connected to Slack, Stripe, Zapier and Xero to make managing your business easier.
Axos Basic Business Checking account
Best for: Small businesses that want low fees and easy signup
Designed for businesses with modest checking needs, this account has no monthly fees and low initial deposit requirements. Plus, it allows you to access your money anywhere with a fee-free nationwide ATM network.
- No fees. There’s no monthly fee to keep this account open.
- Low deposit requirement. Open this account with as little as $1,000.
- Head start. Your first 200 transactions per month are free and $0.30 per additional item.
Wells Fargo Business Choice Checking
Best for: Businesses that want flexibility as they grow
Wells Fargo offers a suite of business banking products and resources that help businesses thrive. This account is ideal for businesses that may want to take advantage of Wells Fargo’s other options as they grow, with dedicated representatives that cater to your needs.
- Flexibility. Wells Fargo offers a suite of small business resources and other business bank accounts that could come in handy as your business grows.
- Access. Access your money anytime, anywhere with over 5,000 branches and 13,000 ATMs.
- Easy to waive fees. There’s a $14 monthly fee that is easily waived by making 10 or more transactions per month.
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.
First Internet Bank Money Market Savings account
Best for: Businesses that want the highest possible interest rate
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.
- High APY. Earn 2.02% APY on your balance, no matter how much is in the account.
- Avoidable fees. There’s a $5 monthly maintenance fee that can be avoided by maintaining a daily balance of at least $4,000.
- Low opening deposit. Start saving with as little as $100.
US Bank Platinum Business Money Market Account
Best for: Businesses that also need a checking account
Best suited for established businesses that have dependable income, this account pays a high APY if you open it with a checking account. Plus, you’ll get access to a number of other perks just for opening the package.
- Convenience. Keep all of your banking in one place by opening a package and you’ll get 500 free transactions per cycle, discounts on check orders and more.
- High APY. When you open this account with the Business Checking Package, you’ll earn up to 2.25% APY on your balance for the first year.
- Avoidable monthly fee. There’s a $15 monthly fee that can be avoided by maintaining a daily average balance of at least $15,000.
Capital One Business Advantage Savings account
Best for: Small businesses that want low fees and a high interest rate
Ideal for smaller businesses, this account has a low initial deposit requirement of $250 and a monthly fee that can be waived by maintaining a balance of at least $300. Plus, it offers a competitive APY that can help you get more out of the funds you’re not using.
- High APY. Earn a guaranteed 2.00% APY for the first 12 months.
- Low fees. There’s a $3 monthly fee that can be avoided by holding a balance of at least $300.
- Other products. Capital One has a range of other popular business banking products that could help you reduce fees and make it easier to manage your money.
Live Oak Bank Online Savings account
Best for: Business who prefer to bank online
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.
- Solid APY. Earn 1.10% APY on any balance kept in this account.
- No monthly fees. You won’t pay any service charges or maintenance fees to keep this account open.
- No balance requirements. Open this account with as little as $0, just watch out for the dormant account fee that applies after 24 consecutive months with no activity and a balance below $10.
Bank of America Business Advantage Savings account
Best for: Businesses that prefer brick and mortar banking
For businesses that prefer a more traditional approach, this account can help your business manage cash flow and grow. The bank also offers a suite of other small business banking products, plus tools like remote deposit, merchant services and more.
- Easy access. With over 4,400 branches and 16,000, your money is always within reach.
- Rewards. Join the Preferred Rewards program to get better rates, discounts and more.
- Avoidable fees. The $15 monthly fee can be avoided by holding a daily balance of $5,000+, opening a BoA business checking account or enrolling in Preferred Rewards for Business.
How to compare business bank accounts
While searching for the best business bank accounts, there are few factors that can help you compare your options:
- APY. 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.
Compare other business accounts
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.