Compare business banking solutions

Business bank accounts help you stay in control of your company’s finances ⁠— regardless of how small or large it may be. Use this table to compare business bank accounts based on their fees, minimum deposits and other factors.

8 best business checking accounts

Best overall

Bluevine Business Checking

4.6

★★★★★

Finder score

Go to site Read review

With an attractive rate of up to 2% APY and no monthly fee, no opening deposit requirement, unlimited transactions and more than 38,000 ATM locations nationwide, Bluevine's free Standard plan lands as our best overall business checking account. To earn this APY, you'll need to spend $500 or earn $2,500 each month. For an even higher APY, you can opt for one of the paid plans Plus or Premier for a 3% to 4.25% APY with no activity requirements. Plus is $30 per month and Premier is $95 per month, but you can waive the fee by meeting balance or transaction requirements. In addition, Bluevine sports very high FDIC insurance up to $3 million thanks to its partner bank Coastal Community Bank and a network of program banks.

• Pros and cons

  Pros

  • Earn 2% APY on up to $250,000 with Standard plan
  • Few fees
  • Unlimited transactions
  • High 3% to 4.25% APY with paid plans
  • No required minimum opening deposit
  • 8 software integrations

  Cons

  • 2.90% transaction fee when you pay bills with your credit card

• More details

  APY	4.25% on balances of $0 to $3,000,000 3.00% on balances of $0 to $250,000 2.00% on balances of $0 to $250,000
  Fee	From $0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Overdraft fee	$0

APY	Up to 4.25%
Fee	From $0 per month
Minimum deposit to open	$0

Go to site Read review

verified_user FDIC Insured

Best for accountants and bookkeepers

Novo Business

4.4

★★★★★

Finder score

Go to site Read review

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.

• Pros and cons

  Pros

  • Free invoicing with multiple payment options, including ACH and card payments
  • Unlimited ATM reimbursements
  • 15+ integrations with business services like Quickbooks
  • Create up to 10 Reserve savings accounts

  Cons

  • No outgoing wires built into the platform
  • No recurring bill payments
  • Email-only customer support

• More details

  APY	N/A
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Paper statement fee	$0

Partner terms and conditions

Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated.

APY	N/A
Fee	$0 per month
Minimum deposit to open	$0

Go to site Read review

verified_user FDIC Insured

Best for team access

Relay

4.3

★★★★★

Finder score

Go to site Read review

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. This business account also lets you assign up to 50 debit cards to employees, while maintaining control over daily spending and ATM withdrawals. In addition, Relay's business savings account offers 1.00% to 3.00% APY, depending on your balance. But you'll need a balance of $1 million or more to earn up to 3.00% APY.

• Pros and cons

  Pros

  • Lots of team access. Create up to 20 checking accounts and issue up to 50 debit cards.
  • Minimal fees. You will not pay a monthly fee unless you upgrade to the Pro version of Relay. There are also no overdraft, bounced check, or ATM fees.
  • Spending limits. Set spending limits on any ATM cards you distribute to your team.

  Cons

  • No paper checks. Send electronic checks or deposit checks via photo using the Relay app.
  • Tiered rates for savings. To earn the highest APY, you must have a balance of at least $1 million in the savings account.

• More details

  APY	3.00% on balances of $1,000,000+ 2.00% on balances of $250,000 to $999,999 1.50% on balances of $50,000 to $249,999
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Overdraft fee	$0

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.

APY	Up to 3.00%
Fee	$0 per month
Minimum deposit to open	$0

Go to site Read review

verified_user FDIC Insured

Best for one-person businesses

Found

4.5

★★★★★

Finder score

Go to site Read review

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 1.5% APY on balances up to $20,000 and custom expense categories

• Pros and cons

  Pros

  • No required monthly or overdraft fees
  • Automated tools for taxes and write-offs
  • Track expenses and send invoices

  Cons

  • Not available to larger businesses
  • No outgoing wires

• More details

  APY	1.50% on balances of $0 to $20,000 Only for Found Plus members.
  Fee	From $0 per month
  ATM transaction fee	$0
  Overdraft fee	$0

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.

APY	1.50%
Fee	From $0 per month
Minimum deposit to open	$0

Go to site Read review

verified_user FDIC Insured

Best for freelancers

Lili

4.6

★★★★★

Finder score

30 day free trial for Lili Pro, Lili Smart, and Lili Premium

Go to site Read review

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. If you opt for a paid plan — starting at $9 per month — you can automatically set aside money for taxes, and earn up to 4.15% APY on balances up to $100,000. And unlike many digital banks, Lili does support cash deposits at Green Dot locations.

• Pros and cons

  Pros

  • Minimal fees
  • Early access to payments
  • Auto savings for taxes and emergencies, depending on the plan
  • Optional paid pro account for more features

  Cons

  • Can't write checks
  • Low transfer limit of $1,000 a day
  • Limited customer support

• More details

  APY	4.15% On Savings. Must have $0.01 in savings to earn interest. Available to Lili Pro, Lili Smart, and Lili Premium account holders only.
  Intro or bonus offer	30 day free trial for Lili Pro, Lili Smart, and Lili Premium
  Fee	From $0 per month
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Overdraft fee	$0

APY	4.15%
Fee	From $0 per month
Minimum deposit to open	$0

Go to site Read review

verified_user FDIC Insured

Best for signup bonus

Chase Business Complete Banking®

2.8

★★★★★

Finder score

Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.

Go to site Read review

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.

• Pros and cons

  Pros

  • Unlimited transactions
  • Free same-day deposits

  Cons

  • $15 waivable monthly fee
  • $2.50 per $1,000 fee on deposits made after the first $5,000 deposited each month
  • Card readers sold separately for $49.95 fee

• More details

  APY	N/A
  Intro or bonus offer	Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
  Fee	$15 per month
  To waive the fee	Or meet any one of these requirements each month: - $2,000 minimum daily balance - $2,000 in purchases on your Chase Ink Business Card - $2,000 in deposits from QuickAccept or other eligible transactions - Link a Chase Private Client Checking account
  ATM transaction fee	$0

Fee	$15 per month
Minimum deposit to open	$0

Go to site Read review

verified_user FDIC Insured

Best for Square sellers

Square

3.8

★★★★★

Finder score

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

Go to site Read review

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.

• Pros and cons

  Pros

  • No need for bank transfers. The Square debit card is linked to your point of sale, allowing instant access to your balance.
  • No fees. You will not pay a minimum balance requirement, service fees, overdraft fees, or ATM fees.
  • Discounts for Square sellers. Get 2.75% off your purchase when you use your Square card at any other Square seller.

  Cons

  • ATM limitations. Withdraw up to $250 from an ATM per transaction. The daily/weekly withdrawal limit is $1,000 and you cannot withdraw more than $2,000 in a month.
  • Spending limits. You cannot spend more than $10,000 in a single transaction or more than $25,000 per day. You cannot spend more than $50,000 a week and the monthly limit is $150,000 spent.
  • No ATM network. You will likely need to pay a fee when accessing your cash from an ATM.

• More details

  APY	N/A
  Intro or bonus offer	When you use your Square Card at any other Square seller, you get 2.75% off your purchase.
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Overdraft fee	$0

Fee	$0 per month
Minimum deposit to open	$0

Go to site Read review

verified_user FDIC Insured

Best for cash deposits

Axos Bank Basic Business Checking

4.5

★★★★★

Finder score

Open a business checking account by June 30 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.

• Pros and cons

  Pros

  • No monthly fees or opening requirements. This account is free to open and has no monthly maintenance fees.
  • ATM reimbursements. Get unlimited domestic ATM fee reimbursements for all out-of-network fees you incur.
  • Cash deposits. Fund your account by depositing cash at thousands of deposit-taking MoneyPass and AllPoint ATMs.
  • Integrates with Quickbooks. Sync up your checking account to Quickbooks for seamless budgeting and cash flow management.

  Cons

  • Limited in-person support. Customer service is primarily limited to phone or email.

• More details

  APY	N/A
  Intro or bonus offer	Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.
  Fee	$0 per month
  Nonsufficient funds fee	$25
  ATM transaction fee	$0

APY	N/A
Fee	$0 per month
Minimum deposit to open	$0

verified_user FDIC Insured

What is business banking?

Business banking refers to business-specific products and services offered by financial institutions, which are designed to help business owners better manage their money. It can encompass many different services, including checking and savings accounts, as well as business loans, lines of credit and merchant services.

Every business owner — regardless of the company’s size — needs a business bank account to keep their personal and professional finances separate. A business bank account can be used to pay bills, purchase new assets, set aside money for a rainy day and receive payments from customers. In addition, a business bank account can be used to track cash flow for legal and tax purposes.

3 types of business bank accounts

The most common types of business bank accounts include:

In addition to business bank accounts, business credit cards give entrepreneurs an easy way to pay for expenses. Many cards offer cashback rewards or points you can trade for travel. Compare today’s business credit cards to find out which one is be best for you.

5 common features of business bank accounts

Most business bank accounts have these features to help you manage your cash flow:

1. Software integrations. Most business bank accounts offer integrations for accounting, payroll and taxes. For example, Bluevine syncs with popular business tools like QuickBooks Online, Wave, Freshbooks, Stripe, and PayPal.
2. Online account management. In today’s digital age, it’s expected to be able to manage your account from your computer or smartphone, instantly freeze and unfreeze your debit card from your account and pay bills online.
3. Payment processing services. Whether it’s included or offered for an additional charge, most business bank accounts offer merchant services to help you accept and process payments.
4. Fraud protection. 24/7 fraud protection and account monitoring helps you spot any suspicious account activity so you can report them to your bank before you’re held liable.
5. Accessible lines of credit. At some point, you may want to take out a line of credit to help grow your business. When that time comes, your bank may be more willing to lend to you as you already have an established business bank account with them.

How to compare business bank accounts

There are hundreds if not thousands of different business accounts out there. When choosing an account, factor in:

• Fees. Is the account a free business checking account or does it have monthly fees? If so, can they be waived by meeting achievable requirements? Also, look into ATM, transaction and overdraft fees.
• Interest. Choose an account that has a competitive interest rate.
• Features. Common features online banking, integrations with accounting software, overnight deposit boxes and lines of credit to maintain cash flow.
• Supported transactions. Some accounts don’t support cash deposits, while others put a limit on how much you can deposit each month. Choose an account that aligns with your cash flow.
• Accessibility. Check if you can access your account online or through a mobile app and if there are branches near you. If there’s no in-person support, is customer service available at convenient hours? Also consider if you’re able to easily transfer money between your checking and savings accounts.
• Introductory offers. If a bank gives an enticing bonus or introductory APY for signing up, check the fine print to see what happens once it expires. The account may not be worth the offer if it has high fees or low APYs.
• FDIC insured. Is your money safe with the bank? As a rule of thumb, never deposit your funds in an account that isn’t back by the Federal Deposit Insurance Corporation, which protects balances up to $250,000.

Pros and cons of a business bank account

Business bank accounts have quite a few benefits, but there are also some drawbacks to be aware of.

Pros

• Creates a central place for funds. A business bank account can keep all of your funds in one central place so they’re easy to track and manage.
• Separates your personal and business funds. Separating your business and personal expenses helps keep you from getting into trouble for making the wrong deductions come tax time and can help protect you from facing personal liability if your business gets into trouble.
• Looks professional. A business bank account can help establish the business’ credibility with customers and creditors.
• Helps with accountability. Regular statements from your business accounts help keep you accountable for your finances and are useful at tax time. You can also easily report earnings to your board or shareholders.

Cons

• Fees. Banks can charge monthly fees, plus fees for not maintaining a minimum balance and for exceeding a certain number of transactions.
• May not be able to open online. Although more and more banks are starting to support online applications, many business accounts still need to be opened in-person at a local branch.

Is it safe to open a business bank account?

Yes, most business bank accounts are perfectly safe. But before you move your company’s money to a new financial institution, check that they have these three factors:

• FDIC insured. If the bank or credit union is backed by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), your funds are safe if the bank fails.
• Clear terms and conditions. Are the bank’s terms and conditions up-to-date and easy to understand? Read all the fine print and ask questions about anything that seems suspicious or unclear.
• Secure website. Check that the bank’s website is encrypted and if it requires two-factor authentication to log in to your account. If you don’t see an “https” at the beginning of its website address and you can log in with a simple username and password, you might want to think twice before making a significant deposit.

Can I use a personal bank account for business banking purposes?

Depending on your business structure, you may be required to open a business bank account. But even if it’s not a requirement, it’s considered best practice to do it anyway. Here are three reasons why:

• Saves you time during tax season. Keeping your work and personal finances separate ensures you don’t spend countless hours sorting through transactions come tax time and makes it easier to spot what tax deductions and credits you qualify for.
• Protects your liability. If you keep your money in a personal account, the courts could come after your personal assets during a lawsuit — even if you’re established as an LLC or corporation. That’s why it’s recommended to open a business account as soon as possible, even if you’re not legally required to have one.
• Gives you a clearer picture of your performance. If you use a personal account, it’s difficult to separate your income from your spouse’s income, your personal bills from your business bills and so on. But with a business account, you automatically know if your company is on the right track financially.

How to apply for a business bank account

Applying for a business account is a lot like applying for a personal account, but there are a few extra steps you need to take:

1. Choose a bank. Research financial institutions and choose one that supports your business entity and transaction types and has the features you’re looking for.
2. Apply for your account. Once you gather all the required information, apply for your business bank account online, by phone or in-person at a local branch. If you’re opening up an account with a business partner, make sure they’re present when you open the business bank account. The bank will need their information too.
3. Start using it. Once your account is approved, activate any debit or ATM cards and get ready to start accepting payments from clients and customers.

Can you get denied a business bank account?

Yes. A bank can refuse to open a business bank account for numerous reasons. Financial institutions evaluate your business, your credit profile and your previous banking history depending on the financial product you’re applying for. Banks and credit unions generally look to make sure that your business is in good standing and you have all your paperwork in order. You might also be denied a business bank account if your company is considered high-risk, such as operating in the gambling or cannabis industry.

When opening an account, banks will also consider your ChexSystems Report, which is a record of previous banking history. Your report includes any previous problems you may have had with checking and savings accounts, including unpaid negative balances, bounced checks and overdrafts and involuntary account closures.

They may also take a peek at your personal credit score, especially if your business is a single-member LLC and you’re opening up a business credit card, loan, etc. Having poor credit or red flags like outstanding collections may cause banks to categorize you as a risky customer and refuse to do business with you.