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Best business checking accounts of March 2023

The best business bank accounts let you track your business expenses and manage your accounting.

The best business checking accounts offer no monthly fees and free transactions while giving tools to help you keep track of expenses, accounting and tax needs. Over the last few years, digital banks have risen to take the crown when it comes to high interest rates, few fees and additional business features. But if you’re primarily a cash-run business, brick-and-mortar banks still have their place. Peruse through the best business bank accounts to find the right one that gives you a clear view of your business’ cash flow.

11 best business checking accounts

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Best overall

Bluevine Business Checking

Finder Rating: 4.6 / 5 ★★★★★

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on Bluevine's secure site
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With an attractive rate of up to 2% APY, no monthly fee or opening deposit requirement, unlimited transactions and more than 38,000 ATM locations nationwide, Bluevine lands as our best overall business checking account. Bluevine sports the highest interest rate available on a business checking account on balances up to $250,000, which is easily achieved by most small businesses. To earn this APY, you'll need to spend $500 or earn $2,500 each month

Best for team access


Finder Rating: 4.2 / 5 ★★★★★

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on Relay Financial's secure site
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Relay is a flexible business checking account with a baseline of no minimum opening deposit and no monthly, foreign transaction or ATM fees. But the real draw is that businesses can create up to 20 checking accounts and customize them as needed, whether as a way to categorize finances or assign accounts to specific teams for their own needs. This business account also lets you assign up to 50 debit cards to employees, while maintaining control over daily spending and ATM withdrawals.

Best for freelancers


Finder Rating: 4.6 / 5 ★★★★★

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on Lili's secure site
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Lili is a checking account with no monthly fee, no minimum opening deposit, and no overdraft fees. It earns a spot on our list thanks to its freelancer-friendly features. For example, Lili automatically sets aside a portion of your paycheck for taxes and emergencies, and unlike many digital banks, Lili still supports cash deposits at Green Dot locations. While there are other accounts on our list that also cater to freelancers, Lili wins as it's able to set aside a percentage of revenue for taxes without needing to upgrade to a paid plan.

Best for accountants and bookkeepers

Novo Business

Finder Rating: 4 / 5 ★★★★★

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on Novo's secure site
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Novo carries no monthly fees and has no minimum deposit requirement to open. Plus, there's no ATM fees, foreign transaction fees, incoming wire fees, or debit card replacement fees. But what makes it really shine is the number of software integrations supported. You can connect Novo to Slack, Stripe, Zapier, Venmo and more. This makes Novo an ideal choice for accountants, but also for other small businesses like restaurants or hair stylists that want to keep their business finances and information all in one place.

Best for checking and savings combo

Live Oak Bank Small Business Checking Account

Finder Rating: 4.7 / 5★★★★★

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on Live Oak Bank's secure site
Live Oak Bank's Small Business Checking account carries no monthly fees, requires a $100 minimum deposit to open and supports QuickBooks integration. The business checking account is no frills, but it's an ideal choice if you want to keep your savings account and checking account in one place as the Live Oak savings account offers a solid 3.50% APY, much larger than the national average, which is currently at 0.35% APY. Plus, there's currently a sign up bonus: Earn a one-time $150 bonus when you open the account by March 31, deposit at least $2,000 into the account and make 20 eligible transactions within the first 90 days.

Best for signup bonus

Chase Business Complete Checking

Finder Rating: 2.8 / 5 ★★★★★

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on Chase's secure site
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The Chase Business Complete Banking account keeps things simple. It offers free same-day deposits, unlimited transactions, free same-day deposits and an integrated system that allows for banking and payment processing from the same account. It's also one of the few business checking accounts on the market to offer a signup bonus: new customers earn a $300 bonus when they meet certain balance and transaction requirements.

Best for one-person businesses


Finder Rating: 4 / 5 ★★★★★

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on Found's secure site
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Found only services businesses operated by one person like gig workers and freelancers. As a result, Found offers some great specialized features useful for these business owners, including the ability to create invoices, track expenses and income, create basic reports, and calculate and save taxes in Found's savings account. Business owners can choose to subscribe to Found Plus for $14.99 a month to earn additional perks, such as a 1.5% APY on balances up to $20,000 and custom expense categories

Best for cash deposits

Axos Bank Basic Business Checking

Finder Rating: 4.5 / 5★★★★★

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on Axos Bank's secure site
Axos Bank's Basic Business Checking account is largely free: you will pay no monthly maintenance fee and there is no minimum opening deposit. Axos also offers unlimited domestic ATM fee reimbursements, while competitors tend to cap such reimbursements. This, along with hardy access to 91,000 ATMs, is why this Axos business account makes the cut as the best choice for cash deposits.

Best for Square sellers


Finder Rating: 4 / 5 ★★★★★

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on Square's secure site
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Square's popular point of sale software naturally works well with the optional Square checking account and debit card. Using the checking account eliminates the need for bank transfers for your business and there are no service fees, overdraft fees or ATM fees charged by overdrafts associated with the account or debit card. If you prefer using Square with your business and want a frictionless banking experience, Square checking is your best bet.

Best for rewards

Grasshopper Business Checking

Grasshopper is a free business checking account that offers 1% cash back on eligible purchases and a 1.51% APY. Most competitors lack both of these features altogether, and Grasshopper continues to add value with no monthly fees or overdraft charges and built-in bookkeeping software. While its main competitor, Oxygen, has a higher cash back rate, Grasshopper has a much higher APY.

Best for few fees

NBKC Business Checking

Finder Rating: 4.5 / 5 ★★★★★

There is no minimum opening deposit requirement to open this account and you will not pay a monthly fee to maintain the account. Among the business checking accounts we compare NBKC has the fewest fees by far. You'll only pay for two fees: $5 for outgoing domestic wires and $45 for international wires. NBKC also offers up to $12 in reimbursements on out-of-network ATMs each month.

Methodology: How we choose the best accounts

Finder’s banking experts research and analyze over 41 business checking accounts to find the best ones that offer perks and features helpful to businesses, such as software integrations, tax tools, interest, transaction limits and ATM access. We weigh these features against the account’s fees and opening deposit requirements.

We also consider the following factors when choosing the best list:

  • Up to $15 monthly fees as long as there’s an easy way to avoid the fee such as
    • Balance requirements of no more than $2,000
  • Up to $100 minimum opening deposits
  • For interest-bearing business checking accounts, the APY must occur on high balances and at least $2,500 a month in deposit requirements

How to choose a business checking account for your needs

Keep these factors in mind when shopping around for a business checking account:

  • Monthly fee. Most business checking accounts have monthly maintenance fees that are only waived if you meet certain deposit or transaction requirements each month.
  • Opening deposit. Some small business checking accounts require significant initial deposits, while others don’t require any deposit at all.
  • Interest. While rare, some business accounts offer interest on your funds. This is a great incentive for your funds, though checking APYs still can’t match up to what you’ll earn with a savings account.
  • Account integrations. If you have employees, choose an account that works seamlessly with your payroll system. And if you plan to make itemized deductions on your taxes, your account’s system for reporting transactions can have a big impact on how easy that is.
  • Transaction limits. Some accounts let you make an unlimited amount of deposits, withdrawals and transfers. While others limit how many business transactions you can do in a month and charge you a fee if you go over. Look for an account that supports the number of transactions you typically make.
  • Employee access. Banks typically limit the total number of employee cards or employee access they’ll grant per account. But if you only need a business account for yourself, consider a dedicated self-employed checking account.
  • Cash deposits. Most online banks don’t allow for cash deposits. If this is a concern to your business, you’ll want to look at accounts offered by brick-and-mortar banks.
  • Signup bonus. Though rare, some business checking accounts come with signup bonuses. But make sure the account itself is solid as well, as you’ll be stuck with it after the signup bonus is completed.

Do I need a business checking account?

Any business owner, whether large, small, or independently owned, should have a business checking account. With a dedicated business account, you’ll benefit from these perks:

  • Send ACH and wire transfers
  • Process debit card payments
  • Business transactions
  • Access payroll or accounting software integrations

Can I use my personal checking account for my business?

Yes, but you shouldn’t. It’s best to separate your personal expenses from your business expenses for tax purposes. This protects you from personal liability for costs and debts if your business closes.

3 most common business checking account fees

There are a few fees that are common across most business checking accounts. The most common include:

FeeWhat it isHow to avoid it
Monthly maintenance feeCharged by the bank each month for maintaining your account.Look for a business account with no monthly fees or fees that are easily avoidable when you meet certain deposit or transaction requirements.
Cash handlingYou have a set amount of cash you can deposit for free each month. Go over this limit, and your bank may charge you a fee of around 30 cents for every $100 you deposit.Calculate how much cash you bring in each month and find an account that matches this limit.
Excess transactionThere’s a limit to how many paid checks, ATM deposits and electronic transfers you can make each month. Go over this limit, and you’ll pay a fee of around 40 cents for each additional transaction.Choose an account that matches the number of transactions you typically make. Or, look for an account with unlimited transactions.

Are there free business checking accounts?

Yes. Most of the business checking accounts on our best list are free to open and use, with some such as NBKC offering even fewer fees than average, like on foreign transaction and overdraft fees. Most free business checking accounts come from online banks.

What you need to open a business checking account

Depending on the type of business you operate, different financial institutions may require different documents when opening your checking account. However, most will require the following:

  • Name and address of business
  • Business tax ID number
  • Date business was established
  • Country and state of legal formation
  • Country and state of business operation
  • Personal information, such as SSN or date of birth for everyone on the application

How to open open a business checking account with bad credit

Unless you’re opening a line of credit or loan, you shouldn’t have issues opening up a business checking account. This is because banks ultimately check your ChexSystems report to look at past banking history and determine if you’re eligible to open a checking account. Banks use this report to make sure you don’t have a negative banking history that reflects habits like involuntary account closures, past overdrafts and bounced checks. Your credit is taken into account, but it matters more for other types of accounts and riskier businesses such as sole proprietors.

What to do if you’re denied

If you’re denied a business checking account, you can look at second-chance business accounts that have less strict criteria for opening a business bank account. Bear in mind they usually come with fees and may not offer features like overdraft protection.

Where should I open my business checking account?

There are three options to choose from: Online banks, brick-and-mortar banks or credit unions. Here’s how they compare:

Type of bankWho it’s best forMajor features
Digital bankBusinesses that prefer higher APYs, fewer fees and prefer managing their account online
  • Highest potential APY among banks
  • Few fees
  • Integration tools
  • Payment app/processor support
Brick-and-mortar bankBusinesses that prefer in-person customer support, depositing cash regularly, or prefer an established major bank
  • Easy cash deposits
  • Physical locations
Credit unionBusinesses that want lower fees and better interest rates than brick-and-mortar banks, but don’t want a digital bank
  • Lower interest rates and fewer fees than brick-an- mortar banks
  • Good customer service
  • Physical locations

4 additional accounts to support your business needs

Business banks accounts can help you manage your company’s finances, but there are other options. Aside from a bank account, your business may also benefit from:

  1. Business savings accounts. Opening a savings account for your business helps you build up cash reserves so you have money for unexpected expenses, a rainy day or a cash infusion when you’re ready to expand your offerings.
  2. Business credit cards. Opening a strong business credit card that’s linked to an account that is intended primarily for business expenses can be valuable instrument in managing your cash flow. If used strategically, these cards can be good tools to earn interest by putting your money in a savings or cash management account during the interest-free period of your credit card. It’s also good to note that these cards can earn points.
  3. Business loans. If your business plans to expand in the future, you may be able to get a better deal by using a bank you already have a business account with. Keep in mind that many financial institutions won’t lend to business owners who don’t have a dedicated business account. If you don’t plan to use the same bank, check out these top business loans.
  4. Cash management accounts. Similar to checking accounts, some cash management accounts (CMAs), such as Brex Cash, have higher APYs with fewer fees. The downside is that CMAs are less convenient than business bank accounts, and they’re not always FDIC insured.

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4 Responses

    Default Gravatar
    cycollum@gmail.comAugust 12, 2019

    Do you offer business lines of credit for non profits?

      Avatarfinder Customer Care
      fayemanuelAugust 13, 2019Staff


      Thanks for contacting Finder.

      As we are a comparison website, we do not offer any loans. However, you can use our comparison page to see and compare your options on loans for nonprofit organizations to help you find a lender that might work for you.

      Before applying, please ensure that you meet all the eligibility criteria and read through the Product Disclosure Statements/Terms and Conditions before making a decision on whether it is right for you.

      I hope this helps.

      Kind Regards,

    Default Gravatar
    KellyApril 8, 2018

    for a credit card application suggested by finder, is it applicable to all citizens? like me who are in indonesia?

      Default Gravatar
      joelmarceloApril 8, 2018

      Hi Kelly,

      Thanks for leaving a question on finder.

      As of now, we only cater to customers in the US, UK, Australia, New Zealand and Canada. You can check out your local credit card companies in Indonesia to apply. I’m sorry I wasn’t of help.


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