Compare business checking accounts

10 best business checking accounts

The best business bank account offers no monthly fees, unlimited transactions and helps you keep track of expenses. And contrary to popular belief, every self-employed person needs a separate business bank account. It makes filing taxes easier, gives you a clearer view of your business’s cash flow and may even protect your personal assets if you get sued.

We investigated over 20 business checking accounts to identify the top ten contenders. We compared monthly fees, opening deposit requirements, free monthly transactions, ATM accessibility and special features that could help give your business a leg up.

Best for cash deposits

NorthOne Business Banking

Finder Rating: 3.7 / 5

★★★★★

Apply nowat 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 or Green Dot location 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.
• 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	$0
ATM transaction fee	$0
Foreign transaction fee	0%
Overdraft fee	$0

Best for free business checking

First Internet Bank Small Business Checking

Apply nowat First Internet Bank's secure site

Up to 0.3%
APY

None
Fees

None
Min. opening deposit

• Info
• Pros & cons
• Details

First Internet Bank Small Business Checking has no monthly service fee or minimum balance requirement. You'll also get reimbursements for ATM fees and unlimited deposits. But you'll need an average daily balance of $10,000 to earn interest.

• No monthly service fees. There are recurring monthly maintenance costs to worry about.
• ATM fee reimbursements. First Internet Bank doesn't charge anything to use an ATM. It'll also cover up to $10 worth of ATM fees you may incur from other ATM owners every month.
• Unlimited deposits. While some business checking accounts that cap you on your monthly deposits, this account has no limit.

• High balance to earn interest. You'll need a balance of $10,000 or higher to earn its 0.3% APY.
• No physical branches. Customer support is through live chat and email only.
• Requires deposit slips and envelopes. If you prefer to mail your checks, you'll need First Internet Bank deposit slips and envelopes.

APY	0.3%
Account fees	$0 monthly
Can the fee be waived?	Yes
ATM transaction fee	$0
Paper statement fee	$3
Foreign transaction fee	2%

Best for free ATM access

LendingClub Tailored Checking

Finder Rating: 3.3 / 5

★★★★★

Apply nowat LendingClub's secure site

Up to 0.1%
APY

$10 monthly
Fees

$100
Min. opening deposit

• Info
• Pros & cons
• Details

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

• 0.1% APY. You earn 0.1% on your total balance as long as you have at least $5,000 in your account.
• Accepts cash deposits. Unlike other online banks that don't support cash deposits, LendingClub lets you load cash into your account at qualifying MoneyPass and NYCE ATMs.
• Unlimited ATM rebates. LendingClub will reimburse any domestic or international ATM fees charged by ATM owners.

• 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 LendingClub 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 nowat 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 small businesses

Axos Bank Basic Business Checking

Finder Rating: 4.5 / 5

★★★★★

Apply nowat Axos Bank's secure site

N/A
APY

None
Fees

$1,000
Min. opening deposit

• Info
• Pros & cons
• Details

Axos Bank Basic Business Checking gives you a free way to manage your small business finances, but you'll need at least $1,000 to open an account.

• Sign up bonus. Receive a $100 bonus when you open a new Axos Bank Basic Business Checking account and maintain a minimum $2,500 balance for the first two months.
• ATM reimbursements. Axos Bank offers unlimited domestic ATM fee reimbursements for all non-network fees you incur.
• Integrates with Quickbooks. Sync up your checking account to Quickbooks for seamless budgeting and cash flow management.

• High opening deposit. You'll need at least $1,000 to open this account, which is higher than most business checking accounts.
• Inconvenient cash deposits. Axos has few branches and you can't deposit cash at an ATM, which means you'll need to send a wire transfer to deposit cash.

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

Best for new freelancers

Lili

Finder Rating: 4.7 / 5

★★★★★

Apply nowat Lili's secure site

Up to 1%
APY

None
Fees

None
Min. opening deposit

• Info
• Pros & cons
• Details

Lili is a business checking account ideal for freelancers who want a way to automatically set aside money for taxes. You can also get paid up to two days early and run expense reports to stay on top of your business's finances. The standard version of Lili is free, but there's a Pro tier you can upgrade to for $4.99 per month.

• No hidden fees. You can open a Lili account with as little as $0. There are no hidden fees for monthly maintenance, overdrafts, card replacements, stopped payments and more. But there is a Pro tier that costs $4.99 per month.
• Tax and emergency buckets. With Lili, you can automatically have a portion of every paycheck set aside for taxes and emergencies.
• Supports cash deposits. Unlike most digital banks, Lili lets you deposit cash at 90,000 Green Dot locations nationwide.

• No EINs or joint accounts. You can't open this account with a business partner and you'll have to use your Social Security account when you set it up.
• Automatic tip withholds. If you dine at a restaurant, Lili adds an extra 20% from the total bill to cover future tips. It then adjusts the total once the payment hits your account.
• Low transfer limit. You can only transfer up to $1,000 a day to a linked account, which is lower than other banks and may be too low depending on how much you pay yourself.

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

Best for high interest rates

BlueVine Business Checking

Finder Rating: 4.5 / 5

★★★★★

Read review

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 up to $100,000 &mdash
• 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 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 established freelancers

Wave Money

Finder Rating: 4.7 / 5

★★★★★

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 low fees

NBKC Business Checking

Finder Rating: 4.5 / 5

★★★★★

Read review

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

What’s changed in 2021?
We removed Azlo because it was discontinued on March 31, 2021. We added Axos Bank Basic Business Checking to our list because it’s free and integrates with Quickbooks. We added Lili because it’s a good choice for freelancers who need help setting aside money for taxes and we added First Internet Bank Small Business Checking for its competitive interest rate, unlimited deposits and ATM rebates.

We replaced Radius Tailored Checking with LendingClub Tailored Checking following LendingClub’s acquisition of Radius Bank.

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. But there are a few free business checking accounts out there.
• Opening deposit. Some small business checking accounts require significant initial deposits, while others don’t require any deposit at all. Be sure you can meet the opening deposit requirement before applying for an account.
• Accessibility. Does the bank allow you to move your money around via its website or mobile app? Or does it require you to visit a brick-and-mortar branch to transfer funds? The more accessible your money is, the more freedom you’ll have to focus on building your business.
• Cash deposits. Not all business checking accounts make it easy to deposit cash. This is especially true about online-only banks, which are becoming more and more popular. If your business accepts cash as a form of payment, make sure it’s easy to deposit that cash in the bank you choose.
• 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.
• Account integrations. If you have employees, you’ll want to choose a bank that works seamlessly with your payroll system. And if plan to make itemized deductions on your taxes, your banks system for reporting transactions can have a big impact on how easy that is.

What are the pros and cons of business checking accounts?

Keep these pros and cons in mind when shopping around for large to small business checking accounts:

Pros

• Keeps business finances separate. Having a business account makes it easier to file taxes and protects your personal assets in the event of a lawsuit.
• Has features designed for business owners. Many banks offer perks such as payroll integrations, personal access to a business banker and business lines of credit.
• Supports multiple users. Many small business checking accounts allow you to give employees access to the account if needed, and some even let you control how much access they have.

Cons

• High fees. Business checking accounts are notorious for having high monthly fees. But thankfully most banks waive these fees when you keep a certain amount of money in your account each month.
• Transaction limits. There are a few business checking accounts with unlimited transactions. But most put a cap on how many transactions you can make and how much cash you can deposit in a month. If you go over this limit, you typically pay a fee each time you make an additional deposit.

3 most common business checking account fees

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

How to open a business checking account

Once you’ve found a bank or credit union that seems like a perfect match for your company’s needs, follow these general steps to open a business checking account.

1. Visit the bank or credit union’s website, and choose the account that’s best suited to your business.
2. Select Apply now, Get started or Open an account.
3. Provide your personal information, including your name, address, phone number etc.
4. Enter details about your business and its income.
5. Create a username and password to access your account.
6. Link a funding source if necessary to make your first deposit.

Required documents

Depending on the type of business you operate, different financial institutions may require different documents when opening your checking account. In general, you should have these documents on hand whether you’re opening an account online or at a physical branch.

• Driver’s license
• Social Security card
• Business license
• Operating agreements
• Partnership information
• Articles of incorporation
• IRS forms
• All amendments

Can you open a business checking account with bad credit?

If you have poor credit, opening a business checking account may be more challenging but not impossible. Banks will check the ChexSystems report to determine what your past banking history looks like. Your credit will matter more if you open a business account as a sole proprietor. 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, but they usually come with fees and may not offer features like overdraft protection.

Should I keep my personal and business checking accounts separate?

It’s always recommended to keep business and personal expenses separate for tax purposes. It can also help protect you from personal liability if something happens with your business.

4 additional business products to consider

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.These credit cards are linked to an account that is intended primarily for business expenses and can be valuable instruments 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. Niche accounts. Some banks will offer tailored accounts for certain industries like agriculture or online sales.
4. 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.

Alternatives to business bank accounts

Business banks accounts can help you manage your company’s finances, but there are other options. For instance, some cash management accounts (CMAs), such as Brex Cash, have higher APYs with fewer fees. The downside is that CMAs can be less convenient than business bank accounts, and they’re not always FDIC insured.

Bottom line

A business checking account helps your small business keep track of finances and simplify tax season. To find the option that’s right for you, compare bank accounts from different institutions.