Business owners need a checking account that gives them convenient access to online and in-person banking and charges few fees. Most leading business checking accounts have no limits on the number of transactions you can perform or minimum balance requirements. And of course, it never hurts to have free checks, a user-friendly mobile banking app, and cash rewards you can receive immediately.
Money.com’s list of the best business checking accounts is a secure and easy way for businesses to bank. Besides their ease of access, the options below charge minimal fees that would otherwise detract from your revenue. Make sure you compare each option, so you know which one is the best-suited to meet your business needs.
To understand how to pick the best business checking account, you must first consider how you will utilize it. After that, you should weigh factors like:
- ATM availability: Banks with large ATM networks reduce your chance of paying extra fees. If a bank has a small network, look if they offer monthly refunds.
- Minimum account balance: Business is volatile, especially now. If you pick a bank with a high minimum account balance, you may pay more than you want to in penalties.
- Local versus national: Sometimes, local banks offer more personalized support. And if you’re a local business, it never hurts to support your local economy.
Best Business Checking Account With Minimal Fees
nbkc Bank is popular for its predominately complementary business checking accounts, which have no monthly fees, transaction charges, or limits. Business checking account holders are also eligible for fee-free mobile deposits and online bill pay.
nbckc’s business check account has no minimum account balance to worry about, so you can get peace of mind knowing you won’t be penalized if your balance drops below a certain amount.
nbkc has more than 32,000 MoneyPass ATMs across the US and won’t charge any withdrawal fees when you use your linked debit card. If you use an out-of-network ATM, nbkc Bank will reimburse you up to $12 each month for the extra fees.
Best Business Checking Account For Zero Account Minimum
Novo Bank helps business owners bank smarter with helpful features such as zero account minimums, upfront pricing, and no hidden charges. After you open an account, you can download Novo’s mobile app and start monitoring deposits, track your spending, and much more. When you sign up, you’ll receive a debit card associated with your business checking account as well as access to online account management and customer support.
You must pay a $50 deposit to open a new Novo business checking account, but beyond that, there is no minimum account balance. Additionally, Novo provides complimentary ACH transfers — including incoming domestic and international wire transfers — to help you save even more if you’re already paying for individual transfers with your financial institution.
Chase For Business
Best Business Checking Account From A National Bank
Consumers love Chase Bank for its convenience, features, and benefits. Besides offering top-tier business credit cards, it also has versatile financial products for businesses and one of the best online services on the market.
Chase business check accounts offer new account holders a $300 welcome bonus after you deposit a minimum of $2,000 within 20 days of account opening. Before Chase releases the funds, you must hold the money on deposit for 60 days or more and perform five eligible transactions within the same time frame.
Although Chase charges $15 per month for its business checking accounts, there are several ways you can avoid this charge. When you open a business account, Chase will issue a complimentary debit card, unlimited mobile and online deposits, domestic and foreign wire transfers, account notifications, and more than 16,000 ATMs and 2,700 bank locations around the US.
Best Business Bank Account With Free Checks
Axos business banking accounts require a minimum deposit of $1,000 to open and have several account restrictions business owners should understand. For instance, you can only make 60 deposits and 200 transactions each month before Axos charges a fee. There is also a $5,000 minimum deposit requirement if you want to avoid the $10 monthly service fee.
Axos offers free checks for your first set of 50, which is useful if your company still necessitates the use of paper checks periodically. Besides that, Axos Bank also has no limits on refunds for domestic ATM withdrawals for most business checking accounts.
- “Best Business Checking Accounts of 2021.” Money, Intuit QuickBooks, 3 Jan. 2020, money.com/best-business-checking-accounts/.