Best Business Bank Account for Small Business
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The right bank account can make or break your business. Narrow down your options and find the best business bank account with this guide.
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Here are the best places for opening a small business account:
- Chase for best national bank
- Bluevine for online business banking
- Found for self-employed
- Lili for one-person small businesses
- Novo for small online startups
- Relay for growing businesses
- Axos Bank for business checking with interest
- Wells Fargo for SBA loans
- Bank of America for low minimum requirements
- U.S. Bank for free checking with a national bank
- Capital One for high volume businesses
- Digital Federal Credit Union for best credit union
Silver Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Free Checking Account for Sole Proprietors and Single-Member LLC
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at 38,000+ locations
- Auto save for taxes
- Track write-offs with a swipe
- Prefilled annual Schedule C
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- Unlimited ATM fee rebates
Your business bank is not just a place to keep your hard-earned cash safe. The right bank can also be a partner in success and reaching those big goals.
But not every bank is a match for every business. A cash-heavy restaurant might need a physical branch, while a tech startup could thrive with a cutting-edge digital bank.
No worries, we've got your back! Check out our list of the best banks to open a business checking account and find your new financial ally.
Looking for business checking promotions? Jump down to find current deals and coupons by state.
10 Best Banks for Business Accounts in 2023
Here are the top picks for small business banking. We'll go over the pros and cons of each one.
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Chase: Best Brick-and-Mortar Bank
Chase is the best bank for business owners looking for a brick-and-mortar bank. Compared to other traditional banks, it really shines with its standout business checking account and credit cards.
Plus, it often offers bonuses for new customers.
Chase Business Complete Banking℠ - Up to $500 Bonus
- Earn up to $500 when you open a new Chase Business Complete Checking℠ account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive service fees and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
- Monthly Fee: $15 with ways to waive
Chase has a unique business checking account with credit card processing built in. This means no need to open a separate merchant account. You can bank and process payments with the same app.
When you swipe cards with Chase QuickAccept, you get same-day deposits into your business checking account. This keeps the cash flow moving so you can reinvest it back into your business sooner.
This option is perfect for small retailers, restaurants, and local services that get paid by card. If you take cash too, there are thousands of Chase ATMs and branches across the US for easy deposits.
Plus, Chase has some of the best business credit cards on the market. They come with great cashback and travel rewards, so you get more for your purchases.
Pros:
- Over 4,700 branches and 16,000 ATMs
- All-in-one checking + payment processing
- Excellent small business credit cards
- Highly-rated mobile app
- 24/7 customer service with real reps
Cons:
- Minimum requirements to waive the monthly fees
- Many other banking fees like overdrafts and wires
If you don't need credit card processing, an online bank will probably fit your needs.
Bluevine: Best Online Business Checking Account
Bluevine is the best online business checking account because of the high interest rate. And there's no monthly fees, no overdraft fees, and unlimited transactions. So you can grow your money without being nickel and dimed.
Business Checking - Up to 2.0% APY
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 2.0% on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000
- ATMs: 37,000+ MoneyPass ATMs
- Perks: 2 free checkbooks per year; No non-sufficient funds fee
To earn the high APY, just do one of the following:
- Spend $500 per month with your Bluevine business debit card, OR
- Receive $2,500 per month in customer payments
That's it! These targets are totally doable for a small business.
Bluevine has no business savings account, but you can open 5 free subaccounts instead. This is even better, because you can dedicate accounts for specific purposes. And the subaccounts can earn interest too (up to $250k combined across all the accounts).
Though it's online-only, it's still got some good classic features. You get 2 free checkbooks per year, and you can deposit cash at over 90,000 GreenDot retailers. So even small physical business can use Bluevine.
Need some extra funds to ride out a slow season or grow your business? Bluevine also offers flexible business line of credit up to $250,000.[1] Decisions take as little as 5 minutes, so you can keep moving forward.
Pros:
- Potential to earn a high APY
- Total of 6 free business checking accounts
- 2 free checkbooks per year
- No fees for overdrafts or incoming wires
- Cash deposit available
- Multiple users and different access levels
Cons:
- $4.95 for cash deposits
- Limited integrations
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
Bluevine is designed for growing small businesses. The next app may be better if you've just started freelancing or self-employment.
Found: Best for Self-Employed
Doing taxes and managing finances can be stressful for self-employed newbies. That's where Found comes in. It makes taxes and bookkeeping a breeze with automated tools.
Free Business Banking for the Self-Employed
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: Any ATM that accepts Mastercard; No ATMs fees from Found, but the owner may have fees
Found tracks your business expenses, so you don't miss any tax write-offs. And the cool thing is - whenever you have a business transaction, it estimates your new tax bill. You'll always know how much you owe, so no more tax bill surprises.
The money for taxes is automatically set aside in a Tax Savings Account. So when it's tax time, you're already good to go.
If you sign up for Found Plus, it even files your taxes for you. Just fill out a tax profile and Found will send your quarterly tax payments directly to the IRS - correctly and on time. It's like having a personal CPA .
And finally, you can send custom invoices right from the app. Found will even send reminders to your clients for you.
Pros:
- Automatically track tax write-offs
- Always see your estimated taxes in real-time
- Save and pay for taxes straight from the app
- Free unlimited invoicing
- No credit check
Cons:
- No cash deposits or check deposits
- No physical checks
- No savings accounts aside from Tax Savings Account
- No network of free ATMs
- Only one physical debit card per account
Free Business Banking for the Self-Employed
- $0 monthly service fees or minimums
- Automatically find tax write-offs and track expenses
- Auto-save for taxes
- Free unlimited custom invoices
- Easy sign up; no credit check
Though Found has great tax tools, as you can see, it has lots of limitations too. If you need more, the next app has more features.
Lili: Best for One-Person Small Businesses
Lili is similar to Found at first glance. It also has tax tools to help you prepare for taxes. While the basic account doesn't include invoicing, it does have other features that Found lacks.
One of the main differences is that Lili lets you keep one account for both your business and personal finances. You can categorize expenses as "personal" or "business" and keep things organized for taxes.
This might be better if you have a very simple business and don't want to deal with the hassle of managing separate accounts.
Free Checking Account for Sole Proprietors and Single-Member LLC
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 38,000+ MoneyPass ATMs
- Perks: Get direct deposits up to 2 days earlier
Lili also automatically saves money for you for taxes. It'll help you calculate how much you should save and put it aside for you in Tax Bucket.
To make taxes easier, it generates quarterly and yearly business expense reports for you. It'll even pre-fill your annual 1040 Schedule C, so you can file directly with the IRS.
If you do get paid sometimes in cash or check, Lili supports these kinds of deposits. And you can withdraw funds at over 38,000 fee-free ATMs.
Pros:
- Manage personal and business finances in one account
- Automatically track tax write-offs
- Integrates with Etsy, Shopify, Quickbooks, and more
- Get direct deposits up to 2 days early
- No credit check
Cons:
- No joint accounts
- No physical checks
- APY only for Lili Pro members
- $4.95 to deposit cash
Free Checking Account for Sole Proprietors and Single-Member LLC
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at 38,000+ locations
- Auto save for taxes
- Track write-offs with a swipe
- Prefilled annual Schedule C
Novo: Best for Small Online Startups
Novo is high-tech online business banking platform ideal for online startups and eCommerce shops. There are no monthly fees.
Free Business Checking
- Minimum Deposit to Open: $50
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: Unlimited ATM fee rebates each month worldwide
- Perks: Thousands of dollars in exclusive perks from popular business services
What makes Novo so cutting-edge? It integrates with thousands of popular business tools like Shopify, QuickBooks, HubSpot, Google Ads, Slack, and more.
That means you can manage your entire business world from your banking platform. You save time by not bouncing between different apps and having to do manual data entry. Your whole workflow is synced with your banking.
All accounts get 10 Reserves. This helps with cash management because you can organize budgets for things like taxes or big business expenses.
And good news - Novo does not do a credit check. Your credit score will not be affected by having a Novo account.
Pros:
- Create up to 10 Reserves
- Thousands of integrations
- Free unlimited invoicing
- Send paper checks for free through the Novo app
Cons:
- No overdraft protection. Each overdraft costs $27.[2]
- No cash deposits
- Cannot send wires. You can only send international money transfers through the Wise integration.
Banks may run a soft inquiry on your credit. That won't affect your credit score. But most banks do run your banking history through the ChexSystem. If you have had overdrafts or other bad marks, that may go against you.
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- Unlimited ATM fee rebates
Relay: For Growing Businesses
Is your business growing and your current banking setup just isn't cutting it? Relay Financial might fit your needs.
Relay is specifically designed for large teams and larger financial needs, so you can level up your business without any roadblocks.
No-Fee Business Checking
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 55,000+ Allpoint ATMs
- Perks: Up to 20 accounts, 50 debit cards, and free checks
Relay lets you open up to 20 individual business checking accounts and issue up to 50 debit cards at no extra cost. This lets you precisely customize how you manage your money.
You can assign each account and debit card to a specific purpose (like marketing, business trip, software subscriptions, etc). This level of control really helps you stay on top of your budget.
Plus, you can give team members access to help with banking tasks. You can set user permission settings to make sure everyone has the right level of access.
And that's not all. Relay streamlines your bookkeeping by directly integrating with accounting tools such as Quickbooks, Gusto, Expensify, Xero, and more.
Pros:
- Up to 20 checking accounts and 50 debit cards
- Different user permissions
- Bookkeeping and payroll integrations
- Higher transaction limits than other banks
- Free cash deposits and withdrawals at Allpoint ATMs
Cons:
- No paper checks
- No interest
- Doesn't support Zelle as of now
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Issue up to 50 Visa® debit cards to your team
Axos Bank: Business Checking with Interest
Axos Bank offers business checking and savings accounts with competitive interest rates.
Axo's Business Interest Checking account offers a decent interest rate. Unlike Bluevine, there are no deposit or activity requirements to earn the APY. You get a high interest rate on all balances below $50,000.
You can use any ATM you want. Axos will give you unlimited domestic ATM fee rebates. And you can deposit cash for free via MoneyPass and AllPoint ATMs.
But the business interest checking account requires an average balance of $5,000 to waive the monthly fee.[3] Another downside is that it only gives you 50 free transactions per month. So it's only ideal for small businesses with less banking activity.
Basic Business Checking - $100 Bonus
- Business owners get up to $100 welcome bonus!*
- Choose smarter business banking by June 30 and enjoy up to $100.* Just use promo code SBIZ100 on your application.
- Zero opening deposit and cash deposits accepted
- Zero minimum monthly balance requirements
- Two domestic wire reimbursements monthly
- Unlimited domestic ATM fee reimbursements
- Enhanced Visa benefits and first 50 checks free
- Dedicated relationship manager and more
Business Interest Checking - 1.01% APY
- Business owners get up to $100 welcome bonus!*
- Choose smarter business banking by June 30 and enjoy up to $100.* Just use promo code SBIZ100 on your application.
- Up to 1.01% APY*
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 50 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
- Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
Pros:
- Offers higher interest rate than most other banks
- Unlimited domestic ATM fee rebates
- First set of 50 checks free
Cons:
- The business interest checking account requires a higher minimum to waive the monthly fee
- Only integrates with Quickbooks
Wells Fargo: Best for SBA Loans
Wells Fargo has the largest national footprint. It has a wide range of services and convenient locations. It's a good choice if you want everything in one place.
It's also one of the top SBA 7(a) lenders. If you need startup capital or plan on expanding your business, it's smart to go with a bank known for approving these loans.
Initiate Business Checking
- 100 free transactions each fee period
- $5,000 in cash deposits processed free each fee period
- $25 minimum opening deposit
- Waive the $10 monthly service fee by maintaining a $500 minimum daily balance or a $1,000 average ledger balance
- Balance Requirement: $500 minimum daily balance to waive $10 fee
- Monthly Fee: $10 (can be waived)
- ATMs: 12,000+ nationwide
The Initiate Business Checking Account is ideal for growing small businesses. It's pretty easy to waive the monthly fee. But you only get 100 free transactions per month.
Wells Fargo doesn't have the most mind-blowing business checking accounts, but they offer full-service business banking. If you need more services down the road, they've got you covered with options like business loans, payroll, tax programs, merchant services, and insurance.
Pros:
- Over 4,900 branches in 37 states.
- 3 business checking accounts for different needs
- A large range of business services
- Active SBA lender
Cons:
- Many other banking fees like overdrafts, stop payments, and wires
Bank of America: Low Minimum Requirements
Bank of America is one of the largest brick-and-mortar banks in the United States. It's a good option if you're looking for lots of physical branch locations.
It offers a flexible Business Advantage Banking checking account with great built-in digital tools.
Business Advantage Fundamentals™ Banking
- No fee for first 200 transactions per statement cycle
- No fee for first $7,500 in cash deposited per statement cycle
- Waive the $16 monthly fee in a variety of ways
- Minimum Deposit to Open: $100
- Balance Requirement: None
- Monthly Fee: $16 (can be waived by maintaining a $5,000 combined average monthly balance or using your Bank of America business debit card to make at least $250 in new net qualified purchases each month)
- APY: N/A
A new business can start with the basic tier, which lets you waive the monthly fee with only $250 in debit card purchases each month, or maintaining a $5,000 combined average monthly balance. When you outgrow it, just level up to the higher tier account.
In fact, you can switch between the 2 tiers as your business needs change. You're never stuck. It's good to have the flexibility if you have a seasonal business or if unexpected things happen.
What really sets Bank of America apart, though, are the cash management tools. The cash flow projections is a super valuable feature. This help you plan for future expenses and catch potential issues before they become a problem.
Plus, your account syncs with business apps, like Quickbooks and tons more. Your business metrics are all in one place, so you get a clear view of how you're doing.
Pros:
- Thousands of ATMs and financial centers
- Switch between the two business checking accounts
- Many app integrations
- Access to Small Business Specialists
- Highly rates mobile app for customer satisfaction
Cons:
- Many other banking fees like overdrafts, stop payments, and wires
- Less active SBA loans lender
Shep Hyken, customer service/experience expert, keynote speaker and New York Times bestselling author
U.S. Bank: National Bank with Free Checking
It's hard to find a free small business checking account at a big financial institution. U.S. Bank is one of the few large physical banks with a no-fee business checking option.
The Silver Business Checking Package has no monthly service charges or account minimum balance. It's ideal for new small businesses and startups looking to save money on bank fees.
US Bank has over 2,000 branches. But even if you don't live near a branch, you can also use 37,000+ MoneyPass ATMs with no fees.
And you can easily do your business banking on their highly-rated mobile app, with features like bill pay and mobile check deposit.
Silver Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
- Monthly Fee: $0 monthly maintenance fee
Pros:
- Free basic business checking account
- Nonprofit and premium checking options
- One of the more active SBA lenders among big banks
Cons:
- Many other banking fees like overdrafts and wires
- Checking accounts have less features than other big banks
Silver Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Gold Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Platinum Business Checking Package - Up to $750 Bonus
Earn up to $750 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through June 30, 2023. Member FDIC. Complete these steps to earn the offer:
Earn your $500.
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Earn your $750.
- Make a deposit of at least $15,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
- Enroll in U.S. Bank business online banking or the U.S. Bank Mobile App within 60 days of account opening.
Capital One: Best for High Volume Businesses
For businesses with a lot of monthly transactions, Capital One is worth looking into. The Basic Business Checking account gives you unlimited free digital transactions.
Another thing Capital One is known for is their business credit cards. It has a strong lineup of cards offering cashback or travel rewards. Plus, all Capital One credit cards have no foreign transaction fees.
Basic Business Checking
- Unlimited free transactions each month
- $5,000 in free cash deposits each month
- Waive the $15 monthly service fee by maintaining a prior 30- or 90-day average balance of $2,000 or more
- Minimum Deposit to Open: $250
- Balance Requirement: $2,000 average balance to waive $15 fee
- Monthly Fee: $15 (can be waived)
- ATMs: 70,000+ Capital One, MoneyPass and Allpoint ATMs
Pros:
- Unlimited fee-free transactions
- Free ATM access to Allpoint and Moneypass ATMs
- Excellent small business credit cards
Cons:
- Business checking accounts require higher minimum balance
- Only have branches in a few states
- You may need to apply in person
Digital Federal Credit Union: Best Credit Union
Consider a credit union if you don't like the idea of a big bank. Credit unions are often more affordable and offer more personalized service.
Digital Federal Credit Union lets anyone join by becoming a member of one of their participating organizations. The membership fee starts from just $10. Or you can join if you or a family member works for one of the many participating employers.
It offers a Free Business Checking account with no monthly maintenance fees or minimum balance requirements. It's ideal for new businesses with low activity.
Pros:
- Free access to 80,000+ DCU, Allpoint, SUM or CO-OP ATMs
- Up to 4 debit cards per account (upon approval)
- Several business savings accounts, including IRA options for your employees
Cons:
- Limited services compared to the big banks
- Less small business loans
- Physical branches only in MA and NH
A local credit union may have less fees and more personalized service. However, their services may be more limited than the big banks. Think about what you need (not only now but also down the road) to find what's best for you.
Best Regional Banks for Small Business
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If you have a local business, a regional or community bank may fit your needs. It gives you the chance to build a personal relationship with your banker. They also have more interest in helping small businesses succeed.
Here are some of the best business checking accounts from regional banks:
Huntington Bank
Huntington Bank offers three business checking accounts depending on the size of your business. It even has a free account with no minimum balance. All accounts come with digital tools to help you manage income and expenses. This bank has a large presence in the Midwest.
Business Checking Account - $1,000 Bonus
Open a new Huntington Unlimited Plus Business Checking, Business Analyzed Checking, or Non-Profit Analyzed Checking account using offer code. Make a minimum cumulative new money deposit into the new checking account of at least $20,000 within 60 days of account opening. Account must maintain an open status for at least 90 days to be eligible.
This offer is only available to applicants residing in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin. This offer is only available to new business checking customers. All current Huntington business checking customers, including those with business checking accounts closed within the last six months, are not eligible. $1,000 bonus will be deposited to your new checking account within 14 days after completing requirements.
Business Checking Account - $100 Bonus
Open a new Huntington Business Checking 100, Huntington Unlimited Business, Huntington Unlimited Plus, Business Analyzed, Non Profit Analyzed, or Non Profit Interest Checking account. Make a minimum cumulative new money deposit into the new checking account of at least $2,000 within 60 days of account opening. Account must maintain an open status for at least 90 days.
This offer is only available to applicants residing in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin. This offer is only available to new business checking customers. All current Huntington business checking customers, including those with business checking accounts closed within the last six months, are not eligible. $100 bonus will be deposited to your new checking account within 14 days after completing requirements.
Business Checking Account - $400 Bonus
Open a new Huntington Unlimited Business Checking, Unlimited Plus Business Checking, Business Analyzed Checking, Non-Profit Analyzed Checking, or Non-Profit Interest Checking account. Make a minimum cumulative new money deposit into the new checking account of at least $5,000 within 60 days of account opening. Account must maintain an open status for at least 90 days to be eligible.
This offer is only available to applicants residing in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin. This offer is only available to new business checking customers. All current Huntington business checking customers, including those with business checking accounts closed within the last six months, are not eligible. $400 bonus will be deposited to your new checking account within 14 days after completing requirements.
PNC Bank
The basic Business Checking lets you waive the $10 monthly maintenance fee by maintaining a $500 average monthly balance. The opening deposit is just $100.
PNC Bank: Business Checking Account - $200 Bonus
Open a new PNC Business Checking or PNC Business Checking Plus account. Maintain an average cycle balance of $5,000 in your new checking account for each of the first three statement cycles. Make at least 20 qualifying PNC Bank Visa Debit card transactions within the first three statement cycles.
This offer is only available to businesses with an annual revenue of less than $5 million. All existing business checking customers, including those who have closed an account in the past 90 days or has been paid a promotional premium in the past 12 months are not eligible for this offer. $200 bonus will be credited to your new business checking account within 90 days after all conditions have been met.
PNC Bank: Business Checking Account - $500 Bonus
Open a new PNC Treasury Enterprise Plan or Analysis Business Checking account. Maintain an average cycle balance of $30,000 in your new checking account for each of the first three statement cycles.
This offer is only available to businesses with an annual revenue of less than $5 million. All existing business checking customers, including those who have closed an account in the past 90 days or has been paid a promotional premium in the past 12 months are not eligible for this offer. $500 bonus will be credited to your new business checking account within 90 days after all conditions have been met.
TD Bank
TD Bank has a large footprint on the East Coast with 1,300 locations. It's known for extended banking hours and 24/7 live customer service.
TB Business Convenience Checking Plus
- Minimum Deposit to Open: $100
- Monthly Fee: $25 (waived by maintaining a $1,500 combined minimum daily balance with one TD personal checking account)
- APY: N/A
- ATMs: 1,300 TD ATMs
First Horizon Bank
First Horizon Bank offers a BizEssentials Checking account with no minimums or monthly service fee. This bank has a large presence across 10 southern states.
BizEssentials Checking
- $0 monthly fee
- No fee on first 250 transactions each month
- No fee on first $5,000 deposited in coin and currency each month
- Balance Requirement: $0
- Monthly Fee: $0
- ATMs: Fee-free access at 43,000+ First Horizons and Allpoint ATMs
KeyBank
KeyBank has 3 business checking account options for businesses in different stages. The Basic Business Checking lets you waive the monthly fee with only $1,000 average daily balance. All accounts let you deposit up to $25,000 each month for free, so it's great for small businesses that take cash.
Best Type of Bank to Open a Business Account
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The first step is to decide what kind of bank you want to use for your small business. There are three main types:
- National bank: These are the big banks with a lot of branches and ATMs across the nation. They're convenient and usually offer more services and products. This could be a good choice for more established businesses.
- Local bank: Micro businesses may benefit more from a local bank or credit union. A smaller bank is more likely to take a greater interest in helping local businesses grow.
- Online bank: This option is good for online businesses or freelancers who don't need cash deposits. Online banks have less fees and requirements. As a bonus, they often offer higher interest rates.
How to Choose the Right Bank for Your Business
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When choosing the best business bank account for your needs, think about what perks or features you'd like. Consider these things:
- Fees and account balance requirements
We have free accounts on our list. But many banks have a minimum balance requirement to waive the monthly service fee. Can your business comfortably meet that requirement? - Transaction limits
How many monthly transactions do you expect? Some accounts give you a certain number of free transactions per month. Beyond that, they charge a fee for each one.Transaction items include debits, credits, ACH bank transfer, and deposit checks. - Cash deposit
If your business takes in a lot of cash, look for an account with a higher amount of fee-free cash deposits. Also note that some online accounts don't allow for cash deposits. - Size of bank
Large national banks are more convenient. On the other hand, local banks or credit unions offer more personalized service. They may be able to get you a better deal on a loan or provide more aid if something happens.One of the best resources for entrepreneurs is the Small Business Development Center. This nonprofit organization can help you with marketing, business loans and more. - Accessibility
If you make a lot of deposits and withdrawals, a brick-and-mortar bank may be better for you. Check that your bank have branches and ATMs near you.If you're okay with purely online and mobile banking, then an online bank can help you save. You can bank from anywhere on your smartphone.
- Cash management
Does the account have features to help manage your cash? For example, Bank of America has built-in tools. Novo has Reserves for you to set aside funds for business savings goals.Read more about cash management solutions. - Software integration
See if the business checking account integrates with accounting software like QuickBooks, Freshbooks, or Xero. This matters because it could make your life easier. - Small business loans
Even if you don't need a loan now, you may later. Having a personal relationship with your bank may help you obtain these resources or get a better interest rate.You may want to see if the bank provides SBA loans. These loans give financing opportunities to businesses that can't get a traditional bank loan. - Customer support
It's important to get help from a real person when you need it. Read other customers' bank reviews to get an idea of how responsive they are.
Why Have a Business Bank Account
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If you're running an LLC or corporation, you must have a separate business bank account. You're considered a separate legal entity, so you also must separate your finances. This will protect you from personal liability in case of lawsuits or debts.
If you're a freelancer or sole proprietor, you don't legally need a business checking account. But having one will make your life easier. Here are some good reasons why all businesses should have a business bank account:
- Easier to calculate business expenses during tax time and leave a clear trail for the IRS.
- Present a more professional image to clients and vendors.
- Be able to apply for small business loans.
- Accept credit card payments from customers.
- Get debit cards and access to team members.
Small banks generally have less fees than the big banks. They may also be able to offer better loan terms. Plus, a small local bank is more likely to support local businesses. However, the trade-off is that they may not provide as many services.
What Kind of Bank Account Should I Open for a Small Business?
Small business owners definitely need a business checking account for your day-to-day business activities, like receiving deposits, making purchases, paying vendors, and more.
Once you've got extra funds, it's smart to have a business savings account too. It's good for stashing your business emergency fund and savings for future business projects. They can even earn interest to help your money grow.
You can open as many business bank accounts as you want. Having multiple can help you organize your finances. For example, you can have separate accounts for operation, payroll, taxes.
Methodology
We compared dozens of both traditional and online banks to curate this list of the best banks for small businesses. To start, we looked at the different kinds of businesses out there.
We looked for unique bank accounts that tackle the challenges faced by various businesses. For example, a freelancer may struggle with taxes, while a retailer would need credit card processing. You're sure to find a bank that fits your needs.
We also made sure these banks are available to everyone nationwide. And of course, we don't believe in paying to bank. So these banks have easy ways to waive the monthly fees. Many banks on our list are even free.
And finally, all the banks have excellent security and are FDIC insured. So you can trust that your business funds are safe.
Small Business Banking FAQ
Do I need a business bank account as a sole proprietor?
Sole proprietors aren't required to have a separate bank account. But it's still smart not to mix personal and business finances. Or else it'll be a big pain during tax time.
Do I need a business bank account as an LLC?
LLCs are legally required to have a separate bank account, because the owners and the LLC are separate entities. You're protected from personal liability if your business gets sued. So you need to maintain the separation with a dedicated business bank account.
What is the minimum amount to open a business account?
Each bank has their own requirements. But you can open a business checking account with $0. Some banks, like Bank of America, only requires $100 to open.
Can I open a business checking account with bad credit?
Yes you can. Some companies like Novo have no credit check. Or you can try to open an account with your local bank or credit union, as they may have more lax requirements.
Other Small Business Banking Topics You May Like
Here are some other small business topics you may find helpful:
Best Bank for Your LLC
LLCs may have different banking requirements than freelancers and sole proprietors. Here are some things to consider when choosing the best bank for your LLC.
- Location
Some traditional banks may require the owner(s) of LLCs to open a business checking account in person. Be sure to know your bank's requirements.A digital bank, like Novo, lets LLCs open an account online.
- A bank that can grow with you
You may outgrow an entry-level checking account. Does the bank offer higher tier business accounts with more transactions, features, or rewards? It can be a hassle to switch business accounts later. So keep the future in mind when choosing an account now. - Other services
As your LLC keeps growing, you'll probably need more services. Common things business owners need are loans, merchant services, and employee programs. If you'll need them, look for a bank that offers these business solutions. - Employee access and banking
Do you need to share access with an employee or accountant? Look for an account that allows for that. Or maybe you want the option of offering banking accounts to employees. Some banks, like Axos Workplace Banking, lets your employees open free checking accounts.
How to Build a Business Banking Relationship
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Building a strong banking relationship can go a long way in helping your business grow. A good relationship can help you obtain a line of credit, loan, or other services when you need it.
Here are some tips to building a good relationship.
- Get to know your banker, so they can see you as more than just an account number. This way, your banker is more likely to take more of an interest in your business's success. A banker is more likely to approve a loan to someone they trust.
- Share your business plan and your goals. The more your banker knows about your business, the more they can recommend products and services right for you.
- Be honest about your current situation. This includes both the good and bad. If you're facing some challenges, tell your banker. They can help you figure out options.
Unfortunately, online banks cannot provide the same type of personal relationship as a local branch. This is an important factor to consider if you're deciding between a traditional or online bank.
Managing Cash Flow for Small Businesses
Cash flow can really make or break a business. It's important to manage how much money is coming in and out. A big expense, delayed payments, or a slow season can all put you in the red.
All businesses experience up and down cash cycles. You should be able to turn to your bank for help if you find yourself struggling.
Here are some solutions to fix cash flow problems.
- Business credit card: This can be used as a quick fix when you just need some purchasing power. You can put some purchases on a credit card and pay it back next month. Just try to pay back the balance as soon as possible.
- Business line of credit: A line of credit usually has higher credit limits and lower interest rates. It's ideal for short-term operational needs, like purchasing inventory or paying staff. It can also be used during slow seasons to keep the business going.
It's smart to open a line of credit before you even need it. It'll be readily available when you do need funds. And if you don't use it, then you don't pay anything.
- Business loan/financing: A loan will provide you with a lump-sum of cash. There are different types of loans, such as long-term, short-term, equipment, or commercial mortgage loan. It's smart to finance large purchases so you free up working capital.
- Emergency fund: It's important to keep a financial cushion in a business savings account with interest. This cash reserve can help keep you afloat when times are bad.
How much cash reserves should a business have?
It is recommended for a business to keep 3-6 months of operating expenses on hand. Your expenses should include overhead, inventory costs, marketing, and employee wages.
The best thing you can do is prepare in advance. Use accounting software to stay on top of your finances and forecast your cash flow.
Using Business Credit Cards
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All small business owners should also consider getting a business credit card. If used smartly, they can be a great way to grow your business.
Here are some benefits of using a business credit card.
- Keep your business expenses separate from personal
- Increase your business purchasing power
- Easier to get a revolving line of credit than a loan
- Build business credit, which will be needed if you're applying for financing
- Earn rewards, like cash back or travel points
You don't have to get a business credit card from the same bank as your business checking. But it could make the approval easier. It could be more convenient to have banking and credit accounts under one roof.
Credit Card Processing
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Being able to accept credit cards is essential for all businesses. It allows you to cater to more customers. It's important to think about how you will be processing credit cards.
You have these options:
- Through your bank. Lots of banks offer merchant services. You may consider this option if you want to have everything under one roof. But the pricing is not always transparent. You'd have to go through an approval process, which may not be ideal for very small new businesses.
Chase Business Complete Banking offers a convenient solution. It's banking plus built-in processing with good rates.
- Sign up with a merchant account provider. There are lots of other merchant account providers, such as Payline Data and Payment Depot. The pricing is more competitive and transparent. But there's also an approval process, so it's better for more established businesses.
- Use a payment services provider. Third-party processors, such as Square and Stripe, don't require underwriting. You can sign up and start accepting card payments right now. This is the easiest and most affordable option for new and small businesses.
You don't have to get merchant services through your bank. It's important to compare pricing and features across all your options. See our list of the cheapest credit card processing companies.
What Experts Say
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As part of our series on small businesses, CreditDonkey assembled a team of industry experts to answer readers' most pressing questions. Here's what they said.
Bottom Line
Picking the best bank for your small business needs is important to your success and growth. You'll need it to manage your business finances. Plus, it'll help when applying for a business loan or other services.
The right bank can open more opportunities and help take your business to the next level.
Consider all your options to see what makes most sense for your small business banking needs. Pay attention to the fine print before signing up. If you're unhappy with your choice or your business needs change, you can switch to another bank, but it'll be a hassle.
Additional Resources
Business Checking Account Promotions
Chase Business Complete Banking℠ - Up to $500 Bonus
- Earn up to $500 when you open a new Chase Business Complete Checking℠ account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive service fees and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
Basic Business Checking - $100 Bonus
- Business owners get up to $100 welcome bonus!*
- Choose smarter business banking by June 30 and enjoy up to $100.* Just use promo code SBIZ100 on your application.
- Zero opening deposit and cash deposits accepted
- Zero minimum monthly balance requirements
- Two domestic wire reimbursements monthly
- Unlimited domestic ATM fee reimbursements
- Enhanced Visa benefits and first 50 checks free
- Dedicated relationship manager and more
Business Interest Checking - 1.01% APY
- Business owners get up to $100 welcome bonus!*
- Choose smarter business banking by June 30 and enjoy up to $100.* Just use promo code SBIZ100 on your application.
- Up to 1.01% APY*
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 50 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
- Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
Business Checking Promotions for Alabama
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Additional Resources
References
- ^ Bluevine. Line of Credit, Retrieved 4/11/2022
- ^ Novo, Does Novo charge overdraft fees?, Retrieved 2/5/2022
- ^ Axos Bank, Business Interest Checking, Retrieved 2/5/2022
Write to Samantha Tatro at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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