Best Business Checking Accounts for June 2024

You’ve probably maintained a personal checking account for a long time. But if you are a business owner looking to open a business checking account, you’ll find noticeable differences—as well as similarities—between the two account types.

For example, while many of the best personal checking accounts don’t have any fees, even the best business checking accounts commonly have a long list of transaction-related fees, in addition to a monthly service fee. And while it is possible to get a high-yield checking account for a business, it’s less likely than will be the case with a personal checking account.

To help you understand how business checking accounts work, we’re providing this guide to the best business checking accounts.

Best business checking accounts compared

Our recommendations

Best for high interest: U.S. Bank Platinum Business Money Market

Why we like it: While not a checking account, the U.S. Bank Platinum Business Money Market is the perfect account for businesses to earn additional income on their deposits. While the account normally pays interest between 0.05% and 1.15% APY, the bank is offering special bonus rates of as much as 4.50%.

Account balances under $25,000, earn 0.05% APY. But beginning with balances of $25,000, the APY increases to 4.50%.

Other account features:

• $100 to open an account.
• $15 monthly maintenance fee, waived with a minimum daily ledger balance of $10,000.
• No deposit fee for first 25 deposits per statement cycle, then $0.25 per deposit
• ATM access.
• Free U.S. Bank internet Banking.
• Can be linked to a U.S. Bank business checking account for overdraft protection.

Best for merchant services: U.S. Bank Platinum Business Checking

Why we like it: U.S. Bank Platinum Business Checking offers a full suite of merchant services, including credit and debit card payment processing, enabling you to accept payments in person, online, or at the point of sale. The bank also offers reduced fees for payment acceptance.

The account comes with enhanced cash management services. These include monitoring your business income and expenses to maintain better control of your cash flow. This is done through a feature called SinglePoint Essentials, which features customized reports and fraud protection, among other benefits. For more complex payment situations, SinglePoint provides online treasury management.

Other account features:

• 50% discount on the first check order (up to $100).
• 500 free transactions per statement cycle.
• $20,000 in free cash deposits or 200 free cash transactions per statement cycle.

Best for international transactions: Revolut Business Account

Why we like it: The Revolut Business Account is the perfect choice if your business regularly engages in international transactions. The platform supports more than 25 currencies and payments in over 100 countries. You can also earn at least 1.5% cash back on all qualifying debit card purchases, payable in cash. Debit cards are available for every member of your business team.

Revolut offers four different plan options, including the free version with no monthly fee, Grow (from $30 per month), Scale (from $119 per month), and the Enterprise custom plan, with a sliding scale for larger businesses. The premium plans come with enhanced cash back, at 1.9%.

Other account features:

• Integrates with Xero and Quickbooks.

Best for domestic wire transfers: Lili Premium Business Banking

Why we like it: Lili Premium Business Banking has free overdraft protection for up to $200. But that’s just the beginning. The account includes a Metal Visa Business Pro debit card that provides cash-back rewards. The card can be used at more than 38,000 in-network ATMs nationwide. You’ll also enjoy the services of a dedicated account specialist, as well as priority customer support.

The account also offers Smart Bookkeeping that enables you to attach expense receipts and organize your finances for tax preparation. You can also get on-demand profit and loss and cash flow statements. In addition, you can accept payments instantly, create and send invoices, and prepare business income taxes.

Other account features:

• $0 minimum deposit, and no minimum balance requirements.
• Transfer excess funds to a savings account and earn 2% APY.

Best for unlimited free transactions: Capital One Enhanced Checking

Why we like it: Unlike many business checking accounts, Capital One Enhanced Checking offers unlimited free transactions. You can also receive free incoming domestic wires (and five free outgoing wires per month) and won’t pay a fee for cash deposits of less than $40,000.

Other account features:

• $35 monthly service fee is waived with prior 30- or 90-day balance average of $25,000 or more.
• $250 minimum deposit to open an account.
• Over 40,000 fee-free in-network ATMs.

Best for high free cash deposit limit: Bank of America Business Advantage Fundamentals Banking

Why we like it: Bank of America Business Advantage Fundamentals Banking doesn’t charge a fee for the first $7,500 in cash deposited into your account. The account includes business and employee debit cards. The Cash Flow Monitor feature enables you to get cash flow projections, monitor transactions, and see account balances. You’ll also have access to dedicated small business specialists.

The $16 monthly service fee can be avoided by maintaining a $5,000 combined average monthly balance or spending at least $250 in new qualified debit card purchases.

Other account features:

• $100 minimum opening deposit is required.

Best for sole proprietors and independent contractors: Novo Business Checking

Why we like it: Novo Business Checking is designed with sole proprietors and independent contractors in mind. That starts with no minimum opening deposit requirement and no monthly service fee. Novo also offers unlimited ATM fee refunds, as well as free ACH transfers, and mailed checks. And if that isn’t enough, there is no fee for incoming domestic and foreign wires.

The account features the Novo Virtual Card, which offers a higher level of security than plastic debit cards. You can also take advantage of up to $4,000 in savings on various business services, including LegalZoom, Stripe, and Gusto.

Other account features:

• No monthly service fee.
• No minimum opening deposit requirement, though $50 is recommended.

Best for QuickBooks compatibility: Axos Bank Business Interest Checking

Why we like it: Axos Bank Business Interest Checking integrates the banking platform with QuickBooks, enabling small business owners to automate their finances with one of the most popular bookkeeping software programs. You’ll get the benefit of mobile banking and access to relationship managers to help you navigate the system. The bank also offers payroll, merchant services, treasury management, and Small Business Administration (SBA) loans.

An APY of 1.01% is paid on balances up to $49,999.99, then 0.20% up to $249,999.99, and 0.10% on higher balances. The $10 monthly service fee can be waived with a $5,000 minimum average daily balance. What’s more, Axos is currently offering an up to $400 sign-up bonus for new accounts.

Other account features:

• $100 minimum opening deposit.
• Unlimited domestic ATM fee reimbursements.
• The first set of 50 checks is free.

Best for businesses owned by veterans: Navy Federal Credit Union Business Checking

Why we like it: Navy Federal Credit Union is the largest credit union in America, offering its services only to active-duty members of the U.S. military, veterans, and their families. And unlike most credit unions, they provide business services to their members, including Navy Federal Credit Union Business Checking.

The account is offered in three tiers: Business Checking, Business Plus Checking, and Business Premium Checking. Each is designed for a different type and size of business.

For example, Business Checking is designed for new businesses and businesses with limited cash flow activity. There is no monthly service fee or transaction fee for electronic transactions. The first 30 non-electronic transactions are free, then there is a charge of $0.25 for additional transactions. The account can accommodate the business owner and one additional signer. It comes with the GO BIZ Debit Card.

Other account features:

• No minimum initial deposit is required.
• No charge for incoming bank wire transfers.
• 1% foreign transaction fee on the GO BIZ Debit Card, which is much less than the 3% normally charged by credit and debit cards.

Best for branch access: Chase Business Complete Banking

Why we like it: If you are a business owner who likes face-to-face banking, Chase Business Complete Banking might be the right checking account for you. Chase has more than 4,700 branches in 49 states and the District of Columbia. As an extra incentive, Chase is currently offering a $300 sign-up bonus for new accounts.

The $10 monthly service fee can be waived with any one of five different criteria. You can accept payments anywhere in the U.S. with Chase QuickAccept, which even allows you to issue refunds and track disputes.

Other account features:

• No minimum initial deposit is required.
• Up to $5,000 in no-fee cash deposits per statement cycle.
• Unlimited debit card purchases and Chase ATM transactions.
• Associate debit cards and employee deposit cards are available with the account.

Our methodology

In our evaluation of the best business checking accounts for December 2023 we considered the following criteria:

• Interest paid on the account, if any.
• The monthly service fee and the ability to waive it.
• Special offers, including enhanced interest rates or sign-up bonuses.
• What each account is best for, and the business niche it serves.
• Minimum opening deposit, as well as minimum balance requirements.
• Per-transaction fees (for both deposits and payments).
• Integration with third-party business services.
• Debit card availability and features.
• Availability of business financing, including small business credit cards.

We intentionally covered a broad spectrum of features to help you decide which account is right for your business.

Who should get a business checking account?

A business checking account is recommended for anyone with a business. Even if you are a freelancer, independent contractor, or if your business is merely a side hustle, a business checking account is a better and more efficient way to manage the revenue and expenses of your venture.

A business checking account establishes your business as a legitimate entity, provides specific business services that you may need in the future (even if you don’t need them now), and offers a way to separate business expenses from personal ones.

How to select your business checking account

In selecting your business checking account, you should consider all the criteria listed under ur methodology above. In doing so, be sure the features offered by any checking account will be a good fit for your business.

For example, if your business collects a large amount of cash, you should favor an account offering the highest level of free cash deposits. If you issue a lot of payments, you’ll want to select an account that either does not charge a per-transaction fee or sets the limit high enough to accommodate your business activity.

How to compare small business checking accounts

When choosing a small business checking account, you should consider the following:

• The various fees the bank charges, particularly flat fees and per-transaction fees. Most banks will allow free transactions up to a certain number. That limit should be able to accommodate your needs.
• Branch locations if you prefer face-to-face contact with your bank.
• Customer service. Does the bank provide access to personnel who have experience in business or?
• The capabilities of the bank’s online and mobile banking platforms.
• The availability of ATM cards, any benefits they offer (like cash rewards), and the ability to deposit cash without the need to pay a fee.

Alternatives to business checking accounts

While a dedicated business checking account will be the best choice for most small businesses, there are alternatives.

Personal checking accounts. If you have a very small business, titled in your own name, and with very limited financial activity, a personal checking account may work.

PayPal. This can be an excellent option if you mostly do business online. PayPal is a top payment service, widely used for online transactions. That includes international transactions. It does charge high fees for receiving payments—approximately 3.5% for domestic deposits and 5% for international deposits. A business account comes with a debit card that can be used just like any bank card.

Wise Business. This is another payment service that can be used to receive payments from both domestic and international sources. Like PayPal, Wise also offers debit cards connected to your account.

While each of the above alternatives can work for your business, they will also be more limited than business checking accounts in the services they provide.

Frequently asked questions (FAQs)

How do I open a business checking account?

You can open a business checking account at a bank branch or online. If you go to a branch, be sure to either check online or call the bank and get a list of the documentation that will be required.

Typical information and documentation required for a business checking account will include the following:

• Your full name, physical address, and Social Security number, as well as the same information for any other individuals who will be on the account.
• Documentation establishing your business, such as a partnership agreement, articles of incorporation, or LLC confirmation.
• Any required business license for the type of business you are or will be operating.
• An employer identification number (EIN), which can be obtained from the IRS.
• Though not always required immediately, you may need to be prepared to make the required minimum upfront deposit.

Once your account has been opened, you should be able to start using it immediately.

How many business checking accounts should I have?

As a small business, one checking account should be all you need. Additional accounts could add to both confusion and fees.

One notable exception is if you run multiple businesses. In that case, you’ll want to have a dedicated business checking account for each business.

Which bank is best for small businesses?

There’s no one bank that will be the best choice for all businesses. You should make a list of specific services you need from a business checking account, then match it as closely as possible with one of the available accounts.

You may not find an absolutely perfect fit, but you should get as close to that as possible. You can always change accounts later as your business grows and your needs change.

Do I need an LLC to open a business checking account?

Not generally. Most banks will provide a business checking account for a business in any type of format. That includes sole proprietorships, partnerships, corporations (both “C” and “S” Corporations), and limited liability companies (LLCs).

Can I use a personal checking account for business?

You can, but it’s not recommended. There are four reasons why you should get a business checking account, even if your business is a side venture:

• You’ll want to separate business and personal expenses for easier tax preparation.
• A dedicated business checking account says that you are a serious business and not a hobby.
• A business checking account can grow with your business in a way that a personal account cannot.
• Business checking accounts offer specific business services, like credit and debit card processing, which may be essential to your business.

You should also be aware that if a bank notices significant business activity in your personal account, it may require you to convert it to a business account.