Updated May 9, 2023

Best Business Bank Account for Small Business

By Samantha Tatro
Read more about Business
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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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.

Which bank is best suited for small businesses?
Here are the best places for opening a small business account:

  1. Chase for best national bank
  2. Bluevine for online business banking
  3. Found for self-employed
  4. Lili for one-person small businesses
  5. Novo for small online startups
  6. Relay for growing businesses
  7. Axos Bank for business checking with interest
  8. Wells Fargo for SBA loans
  9. Bank of America for low minimum requirements
  10. U.S. Bank for free checking with a national bank
  11. Capital One for high volume businesses
  12. Digital Federal Credit Union for best credit union

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.

What type of business do you have?

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.

For more small business topics, also read:

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 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

Chase often has bonus offers to new customers for opening new business bank accounts. Make sure you check out the current promotions so you don't miss out.

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.

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

Bluevine started as an online lender providing fast and easy small business financing. If you think you may need a loan in the future, it could help to have a positive banking relationship with Bluevine.

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.

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

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.

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.

Lili also offers a Lili Pro account for $9.00/mo. This premium account gives you 2.0% APY on emergency savings, cashback rewards, invoicing, and fee-free overdraft up to $200.

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

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.

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.

Do banks check your credit when opening a business checking account?
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.

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.

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

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.

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

Axos also has a Basic Business Checking Account with $0 minimum opening deposit, $0 monthly fees, and unlimited transactions. But it has no interest.

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.

What are SBA loans? SBA loans are backed by the Small Business Administration. The SBA guarantees a portion of the loan and sets a maximum interest rate (though you can negotiate with your lender on a lower rate). This helps small businesses that may not qualify for a traditional bank loan.

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.

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

While digital solutions are important to the convenience of today's bank customers, there is still need for the human touch. The best organizations can balance between digital and human-to-human interactions to create the strongest customer relationships.

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.

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

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.

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

Are credit unions better for business banking?
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

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.

Huntington business banking is only available to those with a local branch. You must be present at a branch to open an account. Huntington Bank is most prominent in Ohio and Michigan, with other locations in IL, IN, KY, PA, WV, CO, FL, WI, and MN.

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.

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.

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.

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

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.

What kind of bank do you want to use for your small business?
27% National bank
31% Local bank
42% Online bank
Source: CreditDonkey poll, June 5, 2023

How to Choose the Right Bank for Your Business

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

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:

  1. Easier to calculate business expenses during tax time and leave a clear trail for the IRS.
  2. Present a more professional image to clients and vendors.
  3. Be able to apply for small business loans.
  4. Accept credit card payments from customers.
  5. Get debit cards and access to team members.

Are small banks better for small businesses?
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.

But juggling accounts at different banks might be a headache. Check out Bluevine Business Checking. It gives you a total of 6 business checking accounts, so you can manage funds just how you like. And plus, all accounts are eligible to earn interest.

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

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.

One of the best ways to build a banking relationship is a referral from a successful small business owner. If another business owner can connect you to their banker, that gives you an instant edge.

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

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

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.

Business Account vs. Merchant Account: A business bank account is not the same as a merchant bank account. A merchant account is a special type of account that lets you take credit card payments.

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

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

Business Checking Promotions for Alabama

  • PNC Bank: Business Checking Account - $200 Bonus
  • BankPlus: Business Checking Account - $100 Bonus

    • Business Checking Promotions for Arizona

  • Silver Business Checking Package - Up to $750 Bonus
  • BMO Harris Bank: Business Checking Account - $300 Bonus
  • PNC Bank: Business Checking Account - $200 Bonus
  • American Airlines Credit Union: Business Checking Account - $25 Bonus

    • Business Checking Promotions for Arkansas

  • Silver Business Checking Package - Up to $750 Bonus

    • Business Checking Promotions for California

  • Silver Business Checking Package - Up to $750 Bonus
  • Citibank Business Checking - Up to $2,000 Bonus
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  • Huntington: Business Checking Account - $1,000 Bonus
  • PNC Bank: Business Checking Account - $200 Bonus
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  • Silver Business Checking Package - Up to $750 Bonus
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  • PNC Bank: Business Checking Account - $200 Bonus
  • American Airlines Credit Union: Business Checking Account - $25 Bonus

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  • PNC Bank: Business Checking Account - $200 Bonus
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  • TBK Bank: Business Checking Account - Up to $150 Bonus

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  • PNC Bank: Business Checking Account - $200 Bonus
  • M&T Tailored Business Checking Account - $500 Bonus

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  • Huntington: Business Checking Account - $1,000 Bonus
  • PNC Bank: Business Checking Account - $200 Bonus
  • M&T Tailored Business Checking Account - $500 Bonus

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  • Huntington: Business Checking Account - $1,000 Bonus
  • PNC Bank: Business Checking Account - $200 Bonus
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  • Silver Business Checking Package - Up to $750 Bonus

    • Additional Resources

    References

    1. ^ Bluevine. Line of Credit, Retrieved 4/11/2022
    2. ^ Novo, Does Novo charge overdraft fees?, Retrieved 2/5/2022
    3. ^ Axos Bank, Business Interest Checking, Retrieved 2/5/2022

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    Chase
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    Chase Total Checking® - $200 Bonus

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