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Best business checking accounts of 2023

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

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By

Cassidy Horton

&

Bethany Hickey

Edited by

Holly Jennings

Reviewed by

Alexa Serrano Cruz

Updated

Fact checked

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.

12 best business checking accounts

Best overall

Bluevine Business Checking

Finder score: 4.6 / 5 ★★★★★

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With an attractive rate of up to 2.00% 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. In addition, it offers high FDIC insurance up to $3 million thanks to its partner bank Coastal Community Bank and a network of program banks.

Best for accountants and bookkeepers

Novo Business

Finder score: 4.4 / 5 ★★★★★

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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, e-commerce and small businesses like restaurants or hair stylists that want to keep their business finances and information all in one place.

Best for team access

Relay

Finder score: 4.3 / 5 ★★★★★

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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. You assign up to 50 debit cards to employees, while maintaining control over daily spending and ATM withdrawals. Relay also offers a savings account with a 1.00% to 3.00% APY, depending on your balance - but the highest balances earn the best rates.

Partner terms and conditions
Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC.The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.

Best for cash deposits

Axos Bank Basic Business Checking

Finder score: 4.5 / 5 ★★★★★

Open a business checking account by Dec. 31 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.
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 free domestic wire transfers

Mercury

Finder score: 4.5 / 5 ★★★★★

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The Mercury Business checking account is designed for startups that are comfortable managing everything online. There's no monthly fee, no fees for overdrafts or sending and receiving ACH transfers, and it comes with free domestic wire transfers and free outgoing international wires in USD. This is quite generous as many business checking accounts at least charge international wire transfers. Mercury also comes with a few other perks, including remote check deposit and an option to open Mercury Treasury, an automated cash management account that automatically invests extra cash into mutual funds. On the downside, the savings account rate is low at 0.001% APY, and as an online bank, you won't be able to make cash deposits.

Best for free business checking

NBKC Business Checking

Finder score: 4.5 / 5 ★★★★★

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NBKC bank states its favorite number is zero, and its business checking account takes the win for best free business checking. There's no monthly fee and you only need $0 to open the account. There are also no fees for returned electronic or paper items, free e-statements, no charges for stop payments and it's free to deposit checks at a branch or online. If you're receiving a wire transfer in the US, that's also free. But there are only physical branches in the Kansas City area, so if you prefer in-person banking, this may not be the bank for you. And if you frequently do wire transfers, there are two fees to watch out for: $5 for domestic and $45 for international wire transfers.

Best for freelancers

Lili

Finder score: 4.6 / 5 ★★★★★

30 day free trial for Lili Pro, Lili Smart, and Lili Premium
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Lili has multiple plans for businesses and freelancers. Its free plan, Lili Basic, 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 free plan option and the ability to get access to your payments up to two days early. While there are other accounts on our list that also have early payment features, many require setup or require integration with other apps, making Lili the best overall. As a bonus, Lili also stands out because you can set aside a percentage of revenue for savings automatically. Also, with the paid plans — starting at $9 per month — you can automatically set aside money for taxes. And unlike many digital banks, Lili supports cash deposits at Green Dot locations.

Best for rewards

Grasshopper Business Checking

Finder score: 4.6 / 5 ★★★★★

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Grasshopper is a free business checking account that offers 1% cash back on eligible purchases and a 2.25% APY on balances between $25,000 and $250,000. Balances under $25,000 earn 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. But to qualify for cash back, you must maintain an average balance of $10,000 and have an account in good standing

Best for signup bonus

Chase Business Complete Banking®

Finder score: 2.8 / 5 ★★★★★

$300 bonus when you open a new account, deposit $2,000+ of new money in the first 30 days, maintain your balance for 60 days and make 5 qualifying transactions in the first 90 days. For new Chase business checking customers.
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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

Found

Finder score: 4 / 5 ★★★★★

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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 $19.99 a month or $149.99 per year to earn additional perks, such as a 1.50% APY on balances up to $20,000 and custom expense categories

Partner terms and conditions
Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard®️ debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. Found’s core features are free. Found also offers a paid product, Found Plus.

Best for Square sellers

Square

Finder score: 4 / 5 ★★★★★

When you use your Square Card at any other Square seller, you get 2.75% off your purchase.
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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 global businesses

Revolut Business

Finder score: 4.7 / 5 ★★★★★

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Revolut Business is best for businesses that operate in the US and globally. A UK-based bank, it accepts a wide variety of business types including freelancers, partnerships and large companies. It stands out for its acceptance of multiple currencies, allowing you to spend in over 150 currencies, and hold, save or send in many currencies as well. You can choose a free or paid plan, with the free options full of features, like up to 200 virtual cards, software integrations, invoice tracking and more. The paid plan options have extra perks, such as monthly allowances for currency exchanges at the real-time exchange rate, and cashback rewards up to 1.9%. However, Revolut doesn't accept checks or cash deposits, and as an online bank, there are no physical branches.

Partner terms and conditions
The Revolut USA Prepaid Mastercard is issued by Metropolitan Commercial Bank pursuant to a license from Mastercard International and may be used everywhere Mastercard is accepted. Banking services are provided by Metropolitan Commercial Bank, Member FDIC, and are subject to the terms of a Cardholder Agreement. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank© 2014. Revolut Technologies Inc. is a technology services provider and administrator of the card program.

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 transfers 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.
  1. “How to Clean Up a ChexSystems Report,” Experian, January 2019

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4 Responses

    Default Gravatar
    cycollum@gmail.comAugust 12, 2019

    Do you offer business lines of credit for non profits?

    Reply
      AvatarFinder
      fayemanuelAugust 13, 2019Finder

      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
    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?

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      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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