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Compare business checking accounts

Find the best business bank account for your spending needs.

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Cassidy Horton
Updated . What changed?
Fact checked

Free business checking

Live Oak Bank Small Business Checking Account

★★★★★

Finder rating 4.7 / 5

  • No account opening or monthly maintenance fees.
  • Deposit checks, pay bills & initiate transfers online.
  • Real-time transaction history
Go to site
on Live Oak Bank's secure site

Best for high APY

BlueVine Business Checking

★★★★★

Finder rating 4.5 / 5

  • Up to 1.5% APY
  • Easily schedule one-time and recurring payments
  • Unlimited transactions, no minimum balance required
Go to site
on Bluevine's secure site

Best for cash deposits

Lili

★★★★★

Finder rating 4.6 / 5

  • Direct deposit up to 2 days early
  • Buckets for taxes and emergencies
  • Supports cash deposits
  • Built-in expense tracking
  • Cashback rewards with Pro plan
Go to site
on Lili's secure site

Compare business checking accounts

The right business checking account helps you keep track of expenses and is easily accessible. But the right account for your business depends on your finances and everyday banking needs. Use the table to compare business checking accounts by features such as monthly fee, interest rates and ATMs.

1 - 5 of 7
Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
Live Oak Bank Small Business Checking Account
Finder Rating: 4.7 / 5: ★★★★★
$0
Access over 55,000 free in-network ATMs
No account opening or monthly maintenance fees. Deposit checks, pay bills & initiate transfers online.
Go to site
View details
Lili
Finder Rating: 4.6 / 5: ★★★★★
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Small business owners and freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital banking account.
Go to site
View details
BlueVine Business Checking
Finder Rating: 4.5 / 5: ★★★★★
1.50%
$0
38,000+ MoneyPass® locations nationally
$0
A digital account that earns 1.5% APY, offers unlimited transactions and no monthly fees.
Go to site
View details
First Internet Bank Small Business Checking
0.50%
$0
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
$0
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
Go to site
View details
Novo
Finder Rating: 4 / 5: ★★★★★
N/A
$50
Novo doesn't charge ATM fees and will reimburse any non-network fees you incur
$0
A low-fee online checking account designed for small businesses and startups.
Go to site
View details
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Articles

This article was reviewed by Doug Noll, a member of the Finder Editorial Review Board and award-winning lawyer, mediator and author with over 40 years of experience in the legal field.

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 3.4 / 5 ★★★★★

Go to site
on NorthOne's secure site
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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.

Best for free business checking

First Internet Bank Small Business Checking

Go to site
on First Internet Bank's secure site
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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.

Best for new freelancers

Lili

Finder rating 4.6 / 5 ★★★★★

Go to site
on Lili's secure site
Read review
Lili is a business digital banking 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.

Best for small online businesses

Novo

Finder rating 4 / 5 ★★★★★

Go to site
on Novo's secure site
Read review
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.

Best for small businesses

Axos Bank Basic Business Checking

Finder rating 4.5 / 5 ★★★★★

Go to site
on Axos Bank's secure site
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Axos Bank Basic Business Checking gives you a free way to manage your small business finances

Best for high interest rates

BlueVine Business Checking

Finder rating 4.5 / 5 ★★★★★

Go to site
on Bluevine's secure site
Read review
Bluevine lures you in with an attractive 1.5% 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.

Best for free ATM access

LendingClub Tailored Checking

Finder rating 3.5 / 5 ★★★★★

Read Review
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.

Best for large businesses

TIAA Bank Small Business Checking

Finder rating 4.3 / 5 ★★★★★

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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.

Best for established freelancers

Wave Money

Finder rating 4.7 / 5 ★★★★★

Read Review
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.

Best for low fees

NBKC Business Checking

Finder rating 4.5 / 5 ★★★★★

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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.

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.

Summary of the best business bank accounts

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:

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.
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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.

Read more on this topic

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4 Responses

  1. Default Gravatar
    cycollum@gmail.comAugust 12, 2019

    Do you offer business lines of credit for non profits?

    Reply
    • Avatarfinder Customer Care
      fayemanuelAugust 13, 2019Staff

      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

      Reply
  2. 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?

    Reply
    • 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.

      Cheers,
      Joel

      Reply
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