Revenue makes your business tick, yet many business owners skip the most vital step to pro-level cash flow management—opening a business bank account.
It may feel like a daunting task but it’s something you can’t afford to skip.
And the truth is… you need one whether you’re a freelancer bringing in several hundred dollars a month as a side hustle, a startup with a handful of employees, or a large company managing millions of dollars.
However, there are thousands of different business checking accounts to choose from. How do you know which one is best for your business?
Furthermore, deciding between a large national bank, local chain, or online-only bank can feel like a daunting task without any guidance.
To make things easier, our team researched dozens of the best business checking accounts and narrowed it down to the top seven solutions on the market.
Chase Total Business Checking
Best Overall Business Checking Account
Access to 4,900 branches and 16,000 ATMs. Chase offers unlimited electronic deposits, digital banking, and 24/7 customer service.
The Best Business Checking Accounts to Consider:
- Chase Total Business – Best overall business checking account
- US Bank Silver Business – Best for small businesses
- Azlo Business – Best online business checking account
- Novo Business – Best business checking account for freelancers
- Radius Tailored – Best for high-volume transactions
- BBVA Business Connect – Best free business checking account
- TIAA Bank Business Analysis – Best high interest-bearing account
#1 – Chase Total Business Checking Review — The Best Overall Business Checking Account
Chase Total Business Checking
Best Overall Business Checking Account
Access to 4,900 branches and 16,000 ATMs. Chase offers unlimited electronic deposits, digital banking, and 24/7 customer service.
Chase Total Business Checking is our top pick for most companies. It’s a great choice for small businesses and even growing organizations with complex banking needs.
New Chase business customers are eligible for a $300 bonus for completing a qualifying activity after opening the account. An example of a qualifying activity includes maintaining a $1,000 balance for 60 days—so the bonus is fairly easy to get.
Chase offers some of the best digital banking features that you’ll find in the industry. They have an exceptional mobile app and other online banking tools that you can access from anywhere. You’ll also have access to 4,900 branches and 16,000 ATMs for all in-person banking needs.
Other top benefits of Chase Total Business Checking include:
- Unlimited electronic deposits
- 100 free transactions per month
- $5,000 free cash deposits per statement cycle
- Wire transfers
- Mobile check deposit
- 24/7 customer service
Chase also has a wide range of other business solutions, like business lines of credit, business credit cards, merchant services, and more.
The account does have a $15 monthly service fee, but you can easily waive that charge by maintaining a $1,500 minimum daily balance or link a Chase personal checking account.
#2 – US Bank Silver Business Checking Review — The Best Checking Account For Small Businesses
We recommend US Bank Silver Business Checking for new companies and small businesses. You can open an account with just $100.
If your business has a low monthly banking transaction volume, this account will definitely be sufficient enough to accommodate your needs. It’s easy to get started; businesses with a single owner can apply online without visiting a branch.
The best part of US Bank Silver Business Checking? It’s free. That’s right—no monthly maintenance fees associated with this account.
You’ll also benefit from:
- 25 free cash deposits per month
- 125 free transactions per month
- 50% discount on first order of checks
- Free mobile check deposit
- Overdraft protection
US Bank charges $5 for paper statements. However, you can easily eliminate that fee by going paperless and accessing your statements online. There’s a $0.50 fee per transaction over the monthly limit (125). However, most small and new businesses probably won’t be anywhere near that number.
Large businesses with high banking transaction volumes and complex needs will find this account a bit limiting. But it’s a great choice for small businesses that want a free business checking account.
#3 – Azlo Review — The Best Online Business Checking Account
Azlo
Best Online Business Checking Account
100% online banking. No maintenance fees, no overdraft fees, or minimum balance requirements. Unlimited transactions and free incoming wires.
If you don’t need to visit a physical branch for cash deposits or other in-person needs, you might want to consider an online-only business checking account. For those of you who fall into this category, check out Azlo.
Azlo makes it easy for business owners to manage their accounts from anywhere, anytime, for free.
Azlo is flexible enough to accommodate the needs of established businesses and new sole proprietors alike. They don’t charge any maintenance fees or require minimum balance requirements. In fact, they don’t even charge you for overdrafts.
With an Azlo account, you’ll benefit from a wide range of features and tools like:
- Unlimited transactions
- Mobile check deposit
- Digital invoicing
- Free incoming wires
- Integrations with QuickBooks, Xero, Stripe, Square, and more
As an online-only bank, Azlo does not accept cash deposits. So if your business accepts cash, you’ll need to look elsewhere. While Azlo doesn’t have any physical branches, you’ll still have access to 55,000+ ATMs in their partner network. So you can withdraw cash for free.
You can open an account online for free in minutes with no minimum deposit amount.
#4 – Novo Review — Best Business Checking For Freelancers
Novo
Best For Freelancers
Online banking with no monthly fees and no minimum balance requirements. Free ACH transfers, free incoming wires, and free mailed checks. Refunds for all ATM fees.
Novo is another online-only bank. It’s designed for freelancers, entrepreneurs, and small business owners.
The online application process for a new account takes less than ten minutes. You only need to deposit $50 to get started.
I like Novo because they really took the complexity out of business banking. The account is extremely simple and has transparent fees. In fact, you’ll only be charged a fee for insufficient funds or an uncollected funds return—everything else is free.
- No monthly fees
- No minimum balance requirements
- Free ACH transfers
- Free mailed checks
- Refunds at all ATMs
- Free incoming wires
- Simple and user-friendly mobile app
Novo integrates with the business tools and services you’re already using, like QuickBooks, Zapier, Xero, Slack, Stripe, and more.
You’ll also benefit from human-powered customer service. So if you have any questions or concerns, you’ll be able to speak to a real person.
#5 – Radius Tailored Checking Review — Best For High Volume Transactions
Radius
Radius Tailored Checking
Unlimited transactions and free ATM reimbursements worldwide. Earn 1% cash back on purchases with your Radius Bank business debit card.
Radius Bank has online-only online banking solutions for personal use and business needs. The Tailored Checking account is perfect for businesses that don’t want to be restricted with monthly transaction limits.
You’ll benefit from unlimited transactions for free—no penalties or upcharges.
Radius Bank gives you 24/7 access to your account from anywhere, online or through the robust mobile app. You’ll be able to manage digital invoices, pay bills, deposit checks, receive wires, send ACH payments, and more—all from the palm of your hand.
You’ll also earn unlimited 1% cash-back on signature-based credit transactions using your Radius Bank debit card.
Withdraw cash from any ATM worldwide, and Radius Bank will reimburse you for those fees.
Radius Bank has friendly customer service via phone or live chat, 7 days per week. Apply online today; it takes less than ten mines.
#6 – BBVA Business Connect Checking Review — The Best Free Business Checking Account
BBVA Business Connect Checking
Best Free Business Checking
No monthly service charges or minimum balance requirements. Unlimited digital transactions and access to 43,000+ free ATMs.
If you want exceptional online banking with the ability to visit a branch for in-person needs, BBVA Business Connect Checking will be a top choice for you to consider.
You just need to deposit $100 to open an account. Best of all, the account is 100% free—no monthly service charges or minimum balance requirements.
The free digital banking services include bill pay, mobile deposits, account alerts, and so much more. You’ll also get unlimited digital transactions at no additional charge.
Here’s a quick overview summarizing BBVA Business Connect Checking:
- $5,000 free cash transactions per month
- Five in-branch withdrawals and/or checks processed per month
- Two in-branch deposits per month
- Free online statements
BBVA gives you access to free ATM withdrawals at 43,000+ locations within their partner network (Allpoint).
For those of you with limited in-person banking needs that don’t want to pay a monthly fee, this will be a great option for you to consider. Sole proprietors can apply online, but other business types need to visit a branch to open an account.
#7 – TIAA Bank Business Analysis Checking Review — The Best High Interest Bearing Business Checking Account
TIAA Bank Business Analysis Checking
Best High Interest Bearing Account
Earn interest on high checking balances. Choose from a traditional interest bearing account or get a better rate with ECR.
Do you keep a high balance in your business checking account? Want to be rewarded for maintaining such a high balance? An interest-bearing checking account might be for you.
Some banks will pay you interest on your balance, but it’s usually just pennies. But the TIAA Bank Business Analysis Checking solutions offer significantly higher rates.
There are actually two options for you to choose from. You can get a traditional interest-bearing account that pays 0.35% APY on balances from $100k to $1 million. Or you can get an earnings credit rate of 0.50% on 90% of your account balance.
Both accounts require a $1,500 opening deposit. Maintenance fees on the interest-bearing account are waived if you maintain a $5,000 balance.
TIAA offers features like remote deposits, domestic and foreign wires, tax payments, bill pay solutions, and more. They also provide merchant services for payment acceptance.
For larger companies that want to get the most out of a high balance, sign up for TIAA Bank Business Analysis Checking.
When Does It Make Sense to Open a Business Checking Account?
Every business needs a business checking account.
This holds true for startups, small businesses, international enterprises, and everything in between. Even freelancers, independent contractors, and entrepreneurs with a small side hustle should have a business checking account.
In fact, opening a new checking account is one of the first things you should do when you’re starting a new business. It’s essential that you keep all of your personal and business expenses separate. Having a dedicated business checking solution will be the best way to organize your finances.
Most banks will require an employer identification number (EIN) to open a business checking account. With that said, some banks will let you apply for an account as a sole proprietor using your SSN.
Methodology For Choosing The Best Business Checking Account
With so many options to choose from, finding the best business checking account for your business might feel like an uphill battle. Fortunately for you, we’ve simplified the process.
Keep these considerations in mind as you’re evaluating the options that were recommended above. This methodology will make your life much easier when it comes to finalizing a decision.
In-Person vs. Online Banking
In today’s day and age, all of the best business checking accounts offer some form of online banking, including mobile access. With that said, some options are undoubtedly better than others.
If you don’t need to visit a branch for anything, consider using an online-only bank. These are great options for businesses that accept digital payments and don’t accept cash.
However, any business that accepts cash will need a bank with physical branches. There’s no way to deposit cash to an online-only checking account.
Transaction Volume
Many banks will limit the number of banking transactions you can make during a billing cycle. You’ll have to pay extra for any transactions that exceed your monthly limit.
For example, we’ve seen banks that give you 100 free transactions per month, and charge $0.50 for all additional transactions.
If you don’t make a ton of transactions, then you’ll never come close to this limit. However, high-transaction users should consider an account with unlimited transactions. Otherwise, the extra fees can add up quickly.
Account Fees
Speaking of fees, there are lots of ways that banks can charge you for business checking. The most obvious one is the monthly service charge.
Usually, you can get that fee waived by maintaining a certain balance or making qualifying deposits, but I personally prefer accounts with no monthly fees—there are plenty to consider.
Keep an eye on other charges, like statement fees, overdraft fees, ACH transfer fees, incoming wire fees, and more. The best business checking accounts will have a transparent fee list, and won’t nickel and dime you for normal banking activity.
Account Balances
How much money do you currently keep or plan to keep in your business checking account?
If you typically keep a lower amount, make sure you won’t be charged if your balance dips below a certain number. Alternatively, businesses with high checking balances should consider an account that rewards them with interest payments or an earnings credit rate.
Service and Support
If you’re having a problem or need a question answered, you want to make sure that your bank is there to resolve any issues. This is especially true for online banks that don’t even have the option for an in-person branch visit.
You should also consider additional banking services, such as business loans and merchant services. If you can get everything you need under one roof, it will make your life easier in the long run.
Chase Total Business Checking
Best Overall Business Checking Account
Access to 4,900 branches and 16,000 ATMs. Chase offers unlimited electronic deposits, digital banking, and 24/7 customer service.
Summary
What’s the best business checking account? We recommend Chase Total Business Checking.
But that’s not the only option to consider. Use the recommendations, reviews, and methodology explained in this guide to find the best banking solution for your business.
This article was written by today’s Daily Eggspert.
Source: https://www.crazyegg.com/blog/best-business-checking-accounts/
