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.

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 high interest rate

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 is ideal for business owners who keep at least $5,000 in checking. 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 penalty-free transactions. Unlike other banks that charge you a fee when your transactions exceed a certain limit, Radius Bank lets you make unlimited transactions.
• Free ATMs worldwide. Use your business debit card for free at any ATM worldwide.

• 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 low fees and easy signup

Axos Bank Basic Business Checking

Finder Rating: 4.5 / 5

★★★★★

Apply now at Axos Bank's secure site

N/A
APY

None
Fees

$1,000
Min. opening deposit

• Info
• Pros & cons
• Details

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.
• Unlimited ATM reimbursements. Use any ATM nationwide and Axos will reimburse you for any and all fees.
• Quickbooks integration. Manage your money with ease when you link Quickbooks up with your Axos Basic Business Checking account.

• High opening deposit. You need at least $1,000 to open this account.
• Limited free transactions. Your first 200 transactions a month are free. But you pay $0.30 for each additional item.
• No interest. This checking account doesn't earn any interest, unlike others on our list.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
Insufficient funds fee	$25
ATM transaction fee	$0

Best for company-wide access

Chase Total Business Checking

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 ATM network

TIAA Bank Small Business Checking

Finder Rating: 4.3 / 5

★★★★★

Read review

Up to 0.55%
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. New customers earn 1.21% APY on balances up to $250,000 for the first year, then between 0.4% and 0.55% afterward.
• 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.

• Best rates expire after one year. After the promotional period ends, your APY drops from 1.21% to anywhere from 0.4% to 0.55%. But this rate is still higher than the national average.
• 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	0.55%
Account fees	$0 monthly
Can the fee be waived?	Yes
Insufficient funds fee	$30
ATM transaction fee	$0
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 high interest rate.

First Internet Bank Money Market Savings

1.21%
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 low fees

Axos Bank Business Savings

Finder Rating: 3.7 / 5

★★★★★

Read review

0.8%
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 0.8% 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 online businesses

Live Oak Bank Business Savings account

0.8%
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.
• 0.8% 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 online businesses

U.S. Bank Platinum Business Money Market

Up to 0.12%
APY

$15 monthly
Fees

$100
Min. opening deposit

• Info
• Pros & cons
• Details

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.
• Low opening deposit. $100 is all you need to open this account.
• In-person support. US Bank has over 3,000 branches in 25 states and over 4,600 ATMs making it easy to access your money almost anywhere.

• Low APY. When you open this account with the Business Checking Package, you'll earn 0.1% the first 3 months on balances up to $249,999 and 0.15% from $500,000 to $999,999.
• $15 monthly fee. There's a $15 monthly fee, but it's waived when you maintain a daily average balance of at least $10,000.

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

Best for low fees

Goldwater Bank Savings Plus Business

0.5%
APY

monthly
Fees

$25,000
Min. opening deposit

• Info
• Pros & cons
• Details

This savings account is designed for large businesses. It comes with a strong APY and interest that's compounded daily.

• High APY. You earn 0.5% APY on your total account balance if you can swing the $25,000 opening deposit.
• Daily compound interest. Interest is compounded daily and paid quarterly.

• $25,000 opening deposit. This account has the highest minimum deposit requirement of any other savings account on our list.
• Must call to open. If you're interested in opening the account, you'll have to call to start the process.
• Two free transactions a month.Unlike other savings accounts that come with six free outgoing transactions a month, this account is restricted to two a month.

Interest compounding	Daily
Minimum to earn interest	$0.01
Monthly transaction limit	2
Fee per transaction over limit

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.

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Name	Product	Monthly fee	Minimum deposit to open	ATMs
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. Get $25 when you sign up. Conditions apply.	Go to site More Info	Compare	loading Fetching your data...
Chase Total Business Checking		$15 per month	$0	16,000 Chase ATMs and nearly 4,900 branches	If you’re new to Chase Total Business Checking®, get $300 when you open this account and complete qualifying activities. It boasts convenient features to help small and growing businesses reach their goals.	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 and unlimited domestic ATM fee reimbursements.	Go to site More Info	Compare	loading Fetching your data...
Radius Bank Tailored Checking		$10 per month	$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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Monthly Deposit

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Name	Product	Interest rates (APY)	Fee	Minimum deposit to open	Interest earned	More info
Axos Bank Business Premium Savings		1.06%	$0	$25,000		Read review View details	This digital savings account includes no monthly maintenance or average daily balance fee.	Compare	loading Fetching your data...
TIAA Bank Business Money Market		1.01% on balances of $1,000,000+ 0.70% on balances of $100,000 to $999,999.99 0.50% on balances of $10,000 to $99,999.99	$14.95 per month (can be waived)	$1,500		Read review View details	This business money market account allows you to add several authorized users to your account.	Compare	loading Fetching your data...
Axos Bank Business Savings		0.80%	$5 per month (can be waived)	$1,000		Read review View details	A business savings account with a low minimum deposit.	Compare	loading Fetching your data...
Live Oak Bank Business Savings account		0.80%	$0	$0		Read review View details	No monthly maintenance fees. No minimum balance requirements. Interest compounded daily	Compare	loading Fetching your data...
Axos Bank Business Money Market		0.80%	$10 per month (can be waived)	$1,000		Read review View details	This money market savings account comes with the added benefit of check writing privileges.	Compare	loading Fetching your data...
Goldwater Bank Savings Plus Business		0.50%	per month (can be waived)	$25,000		Read review View details	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...
U.S. Bank Platinum Business Money Market		0.12% on balances of $3,000,000+ 0.10% on balances of $250,000 to $999,999 0.05% on balances of $0 to $249,999	$15 per month (can be waived)	$100		Read review View details	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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