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Compare business checking accounts

Find the right small business checking account for your spending needs.

Finder's pick: NorthOne Business Banking

NorthOne Business Banking logo

30 days

Free trial

  • Live-chat support
  • Company debit cards
  • Mobile check deposits
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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.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
NorthOne Business Banking
Finder Rating: 3.7 / 5: ★★★★★
NorthOne Business Banking
N/A
$50
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

$0
A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
First Internet Bank Small Business Checking
First Internet Bank Small Business Checking
0.30%
$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
Chase Business Complete Banking
Finder Rating: 3 / 5: ★★★★★
Chase Business Complete Banking
N/A
$0
over 16,000 in-network ATMs
$2.50
This Chase business checking account has built-in card acceptance using a smartphone card reader. $300 bonus offer
Brex Cash account
Finder Rating: 3.4 / 5: ★★★★★
Brex Cash account
0.01%
$0
Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account
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Compare up to 4 providers

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.

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.

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.

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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

        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

      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.

        Cheers,
        Joel

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