Bluevine Business Checking
Finder score: 4.6 / 5 ★★★★★
APY | 2.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
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.
Bluevine Business Checking
Finder score: 4.6 / 5 ★★★★★
APY | 2.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
Novo Business
Finder score: 4.4 / 5 ★★★★★
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
Relay
Finder score: 4.3 / 5 ★★★★★
APY | Up to 3.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
Axos Bank Basic Business Checking
Finder score: 4.5 / 5 ★★★★★
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
Mercury
Finder score: 4.5 / 5 ★★★★★
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
NBKC Business Checking
Finder score: 4.5 / 5 ★★★★★
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
Lili
Finder score: 4.6 / 5 ★★★★★
APY | 4.15% |
---|---|
Fee | From $0 per month |
Minimum deposit to open | $0 |
Grasshopper Business Checking
Finder score: 4.6 / 5 ★★★★★
APY | Up to 2.25% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $100 |
Chase Business Complete Banking®
Finder score: 2.8 / 5 ★★★★★
Fee | $15 per month |
---|---|
Minimum deposit to open | $0 |
Found
Finder score: 4 / 5 ★★★★★
APY | 1.50% |
---|---|
Fee | From $0 per month |
Minimum deposit to open | $0 |
Square
Finder score: 4 / 5 ★★★★★
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
Revolut Business
Finder score: 4.7 / 5 ★★★★★
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
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:
Keep these factors in mind when shopping around for 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:
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.
There are a few fees that are common across most business checking accounts. The most common include:
Fee | What it is | How to avoid it |
---|---|---|
Monthly maintenance fee | Charged 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 handling | You 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 transaction | There’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. |
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.
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:
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.
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.
There are three options to choose from: Online banks, brick-and-mortar banks or credit unions. Here’s how they compare:
Type of bank | Who it’s best for | Major features |
---|---|---|
Digital bank | Businesses that prefer higher APYs, fewer fees and prefer managing their account online |
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Brick-and-mortar bank | Businesses that prefer in-person customer support, depositing cash regularly, or prefer an established major bank |
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Credit union | Businesses that want lower fees and better interest rates than brick-and-mortar banks, but don’t want a digital bank |
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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:
The Revolut business account offers multiple plans, including a free option, making it well-suited for international businesses.
Data related to the number of business applications lodged in the US each year, along with how many of those may turn into fully fledged businesses.
Mercury offers a modern banking solution with fine-tuned user controls and scalable digital tools.
Find the best business bank accounts for LLCs with low fees, software integrations and extra perks like ATM reimbursements.
Oxygen’s cashback business account is free to open, but that’s about where the perks end.
Small business owners can earn 2% APY with this digital checking account that accepts cash deposits.
This small business checking account comes with features like early access to payments, automatic savings for taxes and emergencies and pre-filled tax forms.
Compare the best business checking accounts available: NBKC, Lili, Found, Novo, Bluevine, Relay, Axos and Mercury.
Novo comes with a suite of app integrations for smooth workflow, free invoicing and payment processing.
Do you offer business lines of credit for non profits?
Hi,
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,
Faye
for a credit card application suggested by finder, is it applicable to all citizens? like me who are in indonesia?
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.
Cheers,
Joel