Opening a business checking account at the same place where you bank personally may not be the best option for your business.
So, what are the best business checking accounts for small businesses? Let’s find out.
Today, we’re going to save you from spending unnecessary time researching the best business checking accounts.
Because we’ve compiled a checking account for literally every type of business here – new business owners, seasoned business owners, those with bad credit, you name it, we’ll be discussing it.
In fact, we’ll be breaking our list into categories so you can find the perfect business checking account for your needs and walk through the pros and cons of each.
Ready to get started? Let’s dive in!
How To Compare Business Checking Accounts
So, before we look at the top checking accounts, let us first tell you what you should look for in a small business checking account.
Some of these will be common and others may not have thought about. The key here is to look out for your specific needs.
Consider the following account characteristics before choosing your business checking or savings account:
- Sign-up Bonuses: Some banks have one-time cash bonuses you can qualify for when you open a business checking or savings account.
- High Transaction Limits: A limit on the number of transactions you can perform
- Excess Transaction Fees: Fee for transactions made above the monthly max
- Transfer Limits: A limit on the number of transfers that can be made out of the account per day or per-transfer
- Wire Limits and Cost: A limit on the number of wire transfers that can be made per day or per wire and the cost to do so.
- Daily Balance Requirements: A minimum balance requirement before fees are charged.
- Online & Mobile Banking: The availability and quality of the bank’s online and mobile platforms.
- ATM Access: The availability of ATMs you can access and the fees (if any to do so).
- Interest: Interest provided for balances within the account
- Nearby Branches: Accessibility to walk-in to a branch if needed
Now, let’s get into the categories.
Best Business Checking Accounts For Startups
Our top picks are NBKC, BlueVine, and Mercury business checking accounts.
Each of these banks has its own pros and cons that we will talk about in a second, but we like these three for new and startup businesses because they:
- are low cost and low maintenance with no monthly fees,
- with no minimum opening deposit,
- with no minimum balance requirements, and
- are online banks.
1. NBKC Business Checking
So, the NBKC business checking account is a checking account that packs a ton of pros for the great price of $0.
As mentioned above, there are no monthly account fees, no minimum balance requirement, and no opening deposit requirement.
Additionally, there are zero incidental fees which mean zero overdraft fees, zero stop payment fees, and zero fees for incoming wires.
But with all the mentioned zeros, they have unlimited transactions.
So, you can make as many transactions as you would like to without incurring a fee and they reimburse you up to $12 per month in ATM fees.
Now the NBKC checking account is great but not perfect, so here are the cons of the NBKC checking account?
They do not have branches outside of Kansas and their international wire transfer fees are pretty high.
But the biggest con in our opinion is that they do not integrate with third-party business tools such as Stripe or QuickBooks.
Even so, NBKC business checking is a great option for those who prioritize low fees over integrations.
2. BlueVine Business Checking
BlueVine business checking is a special and rare case in this category for two reasons.
Yes, they offer no minimum deposit or balance, no monthly service fees, no fees for non-sufficient funds, and unlimited transactions.
But BlueVine shines because they offer %1 interest on account balances up to 100,000.
The ability to earn interest on your balance is a rarity for this type of business checking account.
Do you know what’s also rare for online banks? The ability to deposit cash, which you can do with the BlueVine checking account.
So, where does the BlueVine business checking account lack?
Well, BlueVine is an online-only business checking account.
This means you won’t have access to any physical branches, and while they do offer the ability to deposit cash, there is a $4.95 fee to do so.
The biggest con we see with BlueVine is that there can only be one user on the account and only one debit card can be issued.
Which means if you are in a partnership, this may be an issue for you.
With that said, the BlueVine business checking account is great for those who don’t need multiple cards, might need to deposit cash, and would like to earn interest on their account balance.
At the moment, BlueVine has paused taking applications for their business checking account due to the high demand, but you can sign up for the waitlist on their site.
3. Mercury Business Checking Account
The Mercury checking account is another online-only checking account with:
- no monthly fees,
- no transaction fees, or
- minimum opening deposit, and
- unlimited transaction.
But, it has additional benefits as well.
Mercury provides both a checking and savings account in one which allows you to send and receive online payments, create virtual debit cards, and customize your banking.
They also offer third party integrations and multiple debit cards unlike the previously mentioned options.
So, what are the cons of the Mercury business checking account?
Well, sole proprietors are not eligible for the account and there is no ability to deposit cash.
If you are not a sole proprietor and likely don’t need to deposit cash, the Mercury business checking account is a standout checking account for you.
Best Business Checking Accounts For Bad Credit
Our top picks are RTBC, BBVA, and Woodforest National Bank.
If you have bad credit, you may have found that getting a business checking account can be difficult.
While it may be difficult, we’re here to tell you that it is not impossible. Especially with the options that we’re going to share with you today.
For those with bad credit, your best bet at a business checking account is to look for what are called “second chance banks.”
Second chance banks typically don’t use ChexSystems which is a reporting agency used to track checking and savings account usage in the United States.
If you’ve ever opened a bank account in the US, you have a ChexSystems report.
Nonetheless, let’s get into the best banks you can try that without a ChexSystems report!
1. Radius Tailored Business Checking
The Raduis Tailored Business Checking account is an online account that offers:
- unlimited monthly transactions,
- unlimited free cash deposits, and
- unlimited fee reimbursement at ATMs.
In addition, you can also earn unlimited 1% cashback on debit card purchases and unlimited 1.5% cashback on categories that change every so often.
This is a pretty great offering, though the Radius Tailored business checking does have its own shortcomings.
There is a monthly fee of $10 for accounts under an average monthly balance of $5,000, fees for wiring money, and there is a $25 incidental fee for things such as:
- stop payments, and
- non-sufficient funds.
2. BBVA Compass ClearConnect for Business Checking
The BBVA Compass ClearConnect for business checking offers free online banking that has:
- no monthly fee if you opt-in for electronic statements,
- unlimited free-free digital transactions, and
- no fees to use the ATM at participating 7-Elevens.
Note that with this account, there is a minimum opening deposit for this account of $100.
Additionally, an in-branch withdrawal limit of 5 before it is $1 per transaction, and a cash deposit limit of $5,000 per month.
Also, only sole proprietors can apply online. All other business types will have to go to a branch to open an account.
If none of the above work for you, you can also try credit unions near you or the following second chance bank offerings:
- Woodforest National Bank’s Second Chance Business Checking
- NorthOne’s Business Banking
If you want to know how to get business credit quick, then be sure to read this post next.
Best Business Checking Accounts For Established Businesses
Our top pick for established businesses – the Chase Bank.
Larger, more established businesses tend to need a few more options such as:
- additional accounts,
- higher limits on wires and cash deposits when it comes to their business checking needs, and
- typically have the cash on hand to waive any monthly fees that come with those extra perks.
1. Chase Business Complete Banking Account
The Chase business complete banking account boasts:
- same day deposits,
- integrated credit card processing,
- unlimited electronic deposits,
- no minimum opening deposits,
- a $300 sign-up bonus with qualifying transactions, and
- over 4,700 branches ot choose from.
There is a $15 monthly service fee with several ways to waive it such as a:
- $2,000 minimum daily balance,
- $5,000 limit on cash deposits per month, and
- a monthly limit of 20 on physical transactions is allowed per month.
Overall, this account is best for growing businesses who do not need to make large and frequent monthly teller deposits.
Now those are our top picks for business checking accounts.
How to Open a Business Checking Account
Whether you decide to apply online or in-person, here are the most common items needed to open an account:
- Business legal name as it appears on your business license
- Business Employee Identification Number (EIN)
- Business address, business phone number, and business email.
- Government-issued ID for all owners, such as a driver’s license or passport
- Ownership Documents such as Partnership Agreement (Partnerships), Articles of Organization (for LLCs), or Articles of Incorporation (for corporations)
Well, there you have it, the best business checking accounts!
If you’re interested in applying for the best business credit cards too, then here’s our post for that.
We can also help you evaluate your financial situation and make the most of your finances with our financial advisory services. Go ahead and check it out today!