Welcome to our comprehensive guide on finding the best business checking accounts. Managing business finances efficiently is crucial for success, and a reliable business checking account forms the foundation of this process.
In this article, we'll delve into the key factors to consider when choosing a business checking account and present you with a handpicked selection of top-tier options.
Whether you're a small startup or an established enterprise, our goal is to help you make informed decisions and secure the perfect checking account for your business needs.
Based on thorough research and analysis, we present our top picks for the best business checking accounts:
Best Business Checking Accounts Reviewed
Earn up to $1,200 bonus – for high-volume businesses
- $1,200 bonus: Deposit $25K+ and maintain for 60 days
- 550 free transactions per month + 250 free cash deposits
- Waive $30 monthly fee with $25K balance
Earn 4.00% APY with automatic tax savings
- Earn 4.00% APY on balances up to $1M
- Automatic tax savings and expense tracking
- No monthly fees, minimums, or hidden charges
Open an account in as little as 5 minutes
- Earn up to 3.30% APY with automated savings
- Unlimited transactions with no monthly fees
- Free ACH transfers and incoming wires
Earn up to $200 cashback with promo code START200
- Earn up to $50 cashback per month for 4 months
- $0 monthly fees with unlimited transactions
- Maintain $3,000 average daily balance to qualify
Automatic quarterly tax estimates and reminders
- Earn 2.00% APY on balances up to $20K
- Automatic quarterly tax estimates and reminders
- No monthly fees or account minimums
Connects with 40+ business tools and platforms
- Integrates with QuickBooks, Stripe, Shopify, and 40+ tools
- Free unlimited transactions and no monthly fees
- Free physical and virtual debit cards included
1. U.S. Bank: Best for traditional banking with branches
U.S. Bank is one of the largest banks in the United States, offering comprehensive business checking accounts with the advantage of over 2,000 physical branch locations nationwide. This makes U.S. Bank ideal for businesses that prefer in-person banking services, need to make regular cash deposits, or want face-to-face support when needed. The combination of a robust digital platform and extensive branch network gives you flexibility in how you manage your finances.
The U.S. Bank Business Checking account often features promotional bonuses for new customers, with offers reaching up to $1,200 when you meet certain deposit and activity requirements. The account includes merchant services, payroll solutions, and integration with QuickBooks and other popular business tools. While there may be monthly fees depending on the account tier, these can often be waived by maintaining minimum balances or meeting transaction requirements.
For businesses that value the security and established reputation of a traditional bank, U.S. Bank provides reliable service with the full spectrum of business banking products, including business credit cards, loans, and treasury management services. Their long history and financial stability make them a trusted choice for growing businesses.
2. Lili: Best for freelancers
Lili is a bank for freelancers that opens its business checking services to anyone who wants to join. Lili offers banking, expense management and other tax-saving tools designed to save you time and money.
There are no monthly fees with a Lili account, minimum balance requirements, or a minimum opening deposit. You can withdraw your money for free with ATM access through the MoneyPass network.
When you’re paid via direct deposit, your money is available in your Lili account up to 2 days earlier than if you were banking with a traditional bank. And they have an app that makes it easy for you to check your balance and transfer funds from anywhere you are.
3. Grasshopper Bank: Best for personalized service
Grasshopper Bank is a digital commercial bank that combines modern technology with exceptional customer service. What sets Grasshopper apart is that every business account comes with a dedicated relationship manager who understands your business and provides personalized support. This white-glove service is rare in the digital banking space and makes Grasshopper ideal for businesses that value direct access to banking professionals.
The bank offers zero monthly maintenance fees with no minimum balance requirements, making it accessible to businesses of all sizes. Grasshopper's digital platform is robust and user-friendly, offering unlimited digital transactions, ACH transfers, and wire transfers. The account integrates seamlessly with popular accounting software and payment processors, streamlining your financial operations.
Grasshopper Bank is FDIC-insured and focuses on serving small to medium-sized businesses with innovative banking solutions. Their commitment to customer service, combined with competitive features and no hidden fees, makes them an excellent choice for business owners who want the efficiency of digital banking without sacrificing personalized attention.
4. Found: Best for integrated tax tools
Found’s business banking is built for the self-employed. It stands out from the crowd thanks to smart tax and bookkeeping features. The Found business debit Mastercard automatically tracks and categorizes your expenses, helping you save on taxes. Found estimates your tax bill in real time—then automatically sets aside money so that you won't be surprised come tax time.
Send custom invoices, save receipts, run reports, even pay your taxes right in the app**—all for free*. Link Found to your payment apps or other bank accounts for seamless money movement. Found’s features eliminate the need to toggle between platforms or pay for clunky financial tools. In all, Found offers reliable business banking and robust features, with no required monthly fees or minimums—saving you time and money.
5. Novo: Best for integrations
Novo is the powerfully simple small business checking platform that's resetting expectations of small business finances. Instead of the standard business account offered by the big banks, Novo’s accounts are customized to their user’s needs.
With integrations to tools small business owners are already using like Stripe, Shopify, Square, and Quickbooks Online and powerful features like Invoices and Reserves, Novo users can save time. There are no hidden fees or minimums which also saves Novo users money. It's one of the best free business checking accounts available.
6. Axos Basic Business Banking: Best for simplified banking
Axos Bank has a Basic Business Checking account designed for small businesses and freelancers with moderate account activity. The Axos Basic Business Banking account has no monthly maintenance fees and a low minimum deposit requirement of $1,000 to open an account.
If you want to have interest checking you can upgrade to Business Interest Checking (0.81%). Small business owners can also benefit from small business savings accounts with APY’s starting at 0.20%. Axos has one of the best business bank accounts overall. For a limited time, get a $200 bonus through this link.
Understanding the Importance of a Business Checking Account
A business checking account is essential for several reasons. It helps keep personal and business finances separate, simplifies accounting, and enhances financial visibility.
Moreover, it allows businesses to accept payments, manage expenses, and build credibility with clients and partners. Choosing the right business checking account is not a one-size-fits-all endeavor; it depends on various factors unique to your business.
Key Features to Look for in a Business Checking Account
When searching for the best business checking account, consider the following features:
1. Low Fees and Minimum Balance Requirements: Opt for an account that offers low or no monthly fees, as well as a reasonable minimum balance requirement. This ensures that you don't incur unnecessary charges while still enjoying essential services.
2. Transaction Limits and Charges: Check the transaction limits and any additional charges associated with exceeding them. Find an account that aligns with your business's transaction volume to avoid unexpected fees.
3. Online and Mobile Banking: In the digital age, seamless online and mobile banking capabilities are a must. Look for an account that provides a user-friendly digital platform, enabling you to manage your finances on the go.
4. ATM Access and Fee Reimbursement: Having widespread ATM access without incurring fees can save your business money. Some accounts even offer fee reimbursements for using out-of-network ATMs.
5. Interest Rates and Overdraft Protection: Although business checking accounts typically offer lower interest rates than savings accounts, consider an account with competitive rates. Additionally, inquire about overdraft protection options to avoid costly penalties.
Why Should I Open a Business Account?
There are many benefits to having a specific account just for your small business. Here are a small handful of those:
- Having all your withdrawals together can make it tough to determine whether all bills have been paid in either circumstance.
- Whether you are the sole member on staff or have employees, it can be difficult to determine exactly how much money you have available for business expenses when the two are mixed.
- There are tax advantages for small businesses you can take advantage of with a business account.
- You will not be able to get a small business loan without one.
- If nothing else, a dedicated small business bank account will lend your business an air of professionalism.
Perhaps you have not started your own account because you are not sure what to look for in a business bank account. It can certainly be intimidating, but not to worry – we will help you narrow down your options by looking at account features you can find in the best small business banks.
Primarily, there are two major account options when determining what to look for when opening a business bank account: checkings and savings.
You’re probably asking yourself, “What bank account should I have?” In short, your first option should be a small business checking account because you will be using that account to keep track of your small business transactions.
A checking account will allow you to pay your business expenses and deposit your company profits, which makes it easier to keep your books accurate and is invaluable for making sure your business is profitable. It will also make it easier to file your business taxes!
That being said, having a business savings account is also a great idea, and you can set one up at the same time as your checking account. There are plenty of benefits to having one as well, since you can earn interest on your money and it can actually help you boost your company’s credit.
Conclusion
Remember that in this situation, you are the customer and they are the business – a bank that does not seem interested in your business is a red flag. Your business bank should want to work with you and should make it feel as easy as possible to become a member of their institution.
Remember that finding the best small business bank means finding one that meets your needs and being confident that it will be able to handle and support your growing business. And don’t be afraid to call the bank and hear them out in regards to pitching you their services.
Once you have a dedicated bank account for your small business, you will enjoy how much easier it is to handle your business without having to wade through your personal finances at the same time.
Found is a financial technology company, not a bank. Business banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution. *Found’s core features are free. Found also offers an optional paid product, Found Plus for $19.99/month or $149.99/year. **Filing business taxes through Found is applicable for Schedule C filers (and is included for free as part of the Found Plus annual subscription only.)
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