If you’re starting a new LLC, corporation, or other business entity, you’ll need to also open a business bank account. This enables you to easily keep your personal and business assets separated, which is a crucial component of maintaining your company’s corporate veil.
Without the corporate veil, you’ll lose your company’s limited liability, meaning your personal assets would be at risk if your business is sued or defaults on a debt.
There are dozens upon dozens of reputable business banks out there, which can make it quite difficult to discern which one has your company’s best interests in mind. With this in mind, we examined the details of many different banks offering business accounts to find the best options for our readers.
As for the results, we ended up splitting them into two categories: the best traditional accounts and the best online accounts. This is because some entrepreneurs still have cash transactions, for which a brick-and-mortar bank account is still strongly preferred. Meanwhile, business owners who only deal with checks and cards often have no need for physical bank branches.
Let’s take a look at our top picks for each category and find the best business bank account for your company’s specific needs and circumstances.
Chase has a fantastic sign-up bonus for its Business Complete Banking account. Before we describe it, we’ll let you know that these offers can be discontinued at any time, and there’s no guarantee it will still be available as you read this. That said, as of this writing, Chase is currently offering a $300 bonus if you complete all of the following tasks:
Aside from the welcome offer, Chase Business Complete Banking includes a $15 monthly fee. However, there are several ways to get this fee waived each month, including maintaining a $2,000 minimum daily balance, making $2,000 in purchases or deposits, or linking your account to a Chase Private Client account.
This account also allows you to take credit card payments at the rate of 2.6% + $0.10 for purchases with a card reader and 3.5% + $0.10 for manual purchases through the Chase mobile app. When you add in the same-day deposits, Fraud Protection Services, and access to Chase’s 16,000+ ATMs, Business Complete Banking really is a “complete” bank account for any small business owner.
The Business Advantage Fundamentals account has a $16 monthly fee which is very easy to get waived each month. After all, you only need to make $250 in net qualified purchases! Other options to get this fee waived include maintaining a $5,000 average daily balance or joining BoA’s Preferred Rewards for Business program.
In addition, this account provides access to Bank of America’s dedicated small business specialists, and it also offers fraud protection and free usage of 17,000 ATMs. The Bank of America Business Advantage Fundamentals Banking account may not have a generous welcome offer like the one we discussed for Chase, but it’s very easy to waive the monthly fee and it’s a well-rounded account.
This account from Wells Fargo includes a $10 monthly fee with very low balance requirements for waivers, as you can bypass the monthly fee with just a $500 minimum daily balance or $1,000 average ledger balance. The Initiate Business Checking Account includes some vital consumer protections, including fraud monitoring and zero-liability debit card coverage.
One aspect of this account that we really enjoy is Wells Fargo’s offering of custom debit cards and checks with your company’s name and logo on them. Finally, the Wells Fargo Initiate Business Checking Account provides access to more than 12,000 ATMs from coast to coast.
While all of the business bank accounts we’ve discussed in this section offer ways to get their monthly fees waived, we also wanted to mention one account that doesn’t have a monthly fee to begin with. The U.S. Bank Silver Business Checking Package doesn’t have many perks or features, but it does have no monthly fee!
The only other features worth mentioning with the Silver Business Checking Package are fraud prevention and access to nearly 5,000 ATMs. However, for small businesses that don’t want to have to jump through hoops to get monthly account fees waived, it’s an excellent option.
Our top pick in the online-only category also has a great sign-up bonus that’s currently available. Of course, we will add the disclaimer once again that this deal may not be available as you’re reading this, so make sure to check before you sign up. With Axos Bank Basic Business Checking, you’ll receive a $100 bonus for maintaining an average daily balance of at least $2,500 for 60 days and also keep the account open for 180 days. All you have to do is use the promo code EARN100 when signing up for your account.
Like most online bank accounts, the Basic Business Checking account has no monthly fees. In addition, Axos Bank provides its customers with unlimited domestic ATM fee reimbursements, which helps make up for the fact that this company has no physical bank branches.
Looking for an online business bank account that allows you to earn interest on your balance? Look no further than BlueVine Business Checking! This company offers a no-monthly fee account that also provides a 0.6% interest rate on your account balance.
Like Axos, BlueVine has no physical branches, but it makes up for it by providing access to 37,000 fee-free ATMs through the MoneyPass network. In addition, you’ll enjoy unlimited free transactions. BlueVine may not have many other perks, but it has one of the highest APR offers we’ve seen for a business checking account, and that’s enough to make them the right choice for some of our readers.
LendingClub is the only company in this section that has a monthly fee on its accounts, as it has a $10 fee. However, you can waive this fee for each month in which you maintain an average account balance of at least $5,000. In addition, LendingClub Tailored Checking offers some perks we’ve never seen from any business bank account.
Namely, LendingClub’s offer of 1% cash back on debit card purchases is amazing, as this is a feature typically only found with credit cards. LendingClub Tailored Checking also includes 0.1% interest on balances exceeding $5,000, along with unlimited ATM fee rebates. You can also accept payments with LendingClub through cards and ACH payments. This company offers no physical branches.
First Internet Bank is another intriguing option with its Small Business Checking account. With no monthly fee and a 0.3% interest rate on balances of at least $10,000, First Internet Bank includes a welcome pair of features. You’ll also receive $10 per month in ATM reimbursements, somewhat compensating for the lack of physical branches.
Finally, Novo Business Banking is our final recommendation for online-only business bank accounts. This company charges no monthly fees and provides unlimited ATM fee rebates. Other than its handy mobile app, Novo doesn’t provide any other noteworthy perks or features, but if you’re seeking a fee-free card with unlimited free ATM fees, Novo Business Banking is a solid choice.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
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