There are more than 4,000 FDIC-insured commercial banks in the United States, which can make it difficult to determine which checking account is the right fit for your business. It’s even more difficult when you consider that, for the most part, many of these banks offer highly similar accounts.
Because there isn’t nearly as much difference between most business checking accounts as there is between business credit cards — which have varying levels of rewards, interest rates, cashback, etc. — it’s not always obvious when you’re looking at a truly great offer compared to just an acceptable one.
With this in mind, we believe that all of our readers should be able to find a good fit with one of the following business checking accounts. First, we’ll highlight our top overall pick. Then, we’ll dive into some other good options in two different categories: traditional and online-only business bank accounts.
Here at ZenBusiness, we have an outstanding FDIC-insured business banking offer that’s tough to top. With ZenBusiness Banking, you don’t have to worry about minimum opening deposits, minimum balances, or monthly account activities.
Instead, for the low rate of just $5 per month, you’ll get a fully featured business bank account that includes checking, physical and virtual debit cards, expense tracking, deduction tagging, and tax tools. We don’t even have fees for same-day ACH transfers.
If you used us as your LLC formation service (or you plan to), signing up for ZenBusiness Banking is incredibly simple. Since we already have your business and personal info on file, it just takes a few clicks to set up your account. Overall, you’d be hard-pressed to find a better selection of features for less money with a competing business checking account.
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 is a “complete” bank account for any small business owner.
The Business Advantage Fundamentals account has a $16 monthly fee which is relatively easy to get waived each month. You only need to make $250 in net qualified purchases to drop the monthly fee to $0. 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 has an easily waived monthly fee and it’s a well-rounded account.
This account from Wells Fargo includes a $10 monthly fee with 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 appreciate 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 some 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 option. That said, there are some limitations, such as a maximum of 125 free transactions per billing cycle.
PNC Business Checking is a solid choice for entrepreneurs who don’t need a high-volume business banking solution. Plus, while these offers are constantly varying, PNC tends to have more generous sign-up bonuses than many traditional business banks, and they usually have a $100 or $200 welcome bonus available with reasonable terms.
PNC only requires a minimum of $100 to open a new account, and their $12 monthly fee is reasonable as well. You can get your monthly fee waived easily too, as you only have to maintain a $500 average monthly balance to get that fee down to $0. PNC Business Checking customers also get 150 free transactions and $5,000 in no-fee cash deposits per month.
However, PNC Bank isn’t a truly national bank with widespread reach. They do have around 2,500 branches and 9,500 ATMs though, so if you operate a business in a location where PNC operates, they could be worth a look for your business checking account.
With Axos Bank Basic Business Checking accounts, you might have the opportunity for a sign-up bonus. While bonus offers fluctuate frequently in this industry, Axos usually has an offer for $100 or $200 if you meet its stipulations (at the time of this writing, this includes maintaining a minimum average daily balance of $10,000 and using a special sign-up code when you apply for your account).
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. There’s also no initial deposit requirement or minimum balance requirements to worry about.
Looking for an online business bank account that allows you to earn interest on your balance? BlueVine Business Checking could be an option for you. This company offers a no-monthly-fee account that also provides interest on your account balance. Obviously, interest rates fluctuate frequently, but all you have to do to earn interest on your BlueVine account is either spend $500 per month on your BlueVine Business Debit Mastercard or deposit $2,500 of client payments into your account each month.
Like ZenBusiness and 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 a pretty good interest rate for a business checking account, and that’s enough to make them an option for some of our readers.
LendingClub has a $10 fee on its Tailored Checking business bank accounts. However, you can waive this fee for each month in which you maintain an average account balance of at least $500. In addition, LendingClub Tailored Checking offers some perks you won’t find with every business bank account.
Namely, LendingClub’s offer of 1% cash back on debit card purchases is inviting, as this is a feature typically only found with credit cards (you’ll need at least a $500 average balance for this feature as well). LendingClub Tailored Checking also includes interest on balances (with rates that frequently vary), along with unlimited ATM fee rebates. You can also accept payments with LendingClub through cards and ACH payments. This company offers no physical branches.
TIAA is primarily an insurance company, although it also offers business banking solutions. Interestingly, TIAA has a special account just for sole proprietors and single-member LLCs: the TIAA Small Business Checking Account.
The selling point for this account is the fact that TIAA provides interest. This rate is set at 0.5% at the time of this writing, but keep in mind that rates tend to vary quite a bit on these accounts. The TIAA Small Business Checking account has a $1,500 minimum opening deposit, but it has zero monthly maintenance fees of any kind. They also offer ATM fee reimbursement.
First Internet Bank is another intriguing option with its Small Business Checking account. With no monthly fee and a decent 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.
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.
ZenBusiness is a financial technology company and is not a bank. Banking services provided by Thread Bank; Member FDIC. The ZenBusiness 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. Your funds are FDIC insured up to $250,000 through Thread Bank; Member FDIC.
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