Best business checking accounts Of June 2024
Updated: June 02, 2024, 11:53am
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Navigating the financial landscape as a new business owner entails making pivotal choices about how you'll manage your company's financial transactions, including the payment of expenses and storage of income.
To simplify this crucial decision, the editorial team at Fortune Recommends™ conducted a thorough evaluation of over 30 business checking accounts from a diverse array of institutions, including major banks, credit unions, and financial technology companies. Our comprehensive analysis resulted in a curated selection of the top 10 options available today.
Our assessment focused on several key factors: the required amount to open an account, monthly maintenance fees, interest rates for accounts that earn annual percentage yields (APY), charges for overdrawing, access to physical branches and ATMs without additional costs, limits on the number of transactions per month, tools and benefits for managing your business finances, and the availability and quality of customer support services.
Best business checking accounts From Our Partners
APY
N/A
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
APY
0.50%
Minimum Deposit Requirement
$1,500
Monthly Maintenance Fee
$0
EverBank, based in Florida, is a global leader in the financial services space with a long history of service to educators and others. EverBank offers robust business checking services, savings deposit accounts and treasury services.
EverBank Small Business Checking is designed specifically for the sole proprietor and single-member limited liability company (LLC). This is an interest-bearing checking account, which pays 0.50% APY on all balances. The minimum deposit to open a Small Business Checking account is $1,500 and there is no monthly maintenance fee.
You have surcharge-free ATM access at any Allpoint or MoneyPass ATMs in the U.S. If you maintain a balance of $5,000 or more in the account, EverBank will reimburse you for all U.S. ATM fees charged by other banks. If the account balance is below $5,000, you will receive up to $15 per month in U.S. ATM fee reimbursements.
For small businesses with moderate transaction volume, the bank also offers the EverBank Business Checking, which provides up to 200 free transactions and 10 free online bill payments per month. EverBank Business Checking does not earn interest and has a monthly maintenance fee that can be waived with a $5,000 balance. EverBank offers several other checking solutions and savings deposit accounts that include business money market accounts and CDs, plus a variety of treasury and merchant services.
APY
Up to 1.50%
1.50% APY on the first $100,000 of any balance
and 0.10% APY on balance portions over 100,000
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$10
$0 with monthly balance of $500
APY
2.00%
on balances up to and including $250,000
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Bluevine, an online banking platform founded in 2013, offers a business checking account that features unlimited transactions and very few fees. Bluevine Business Checking earns a very competitive 2.00% APY on balances up to and including $250,000. (Balances over $250,000 do not earn interest.)
To earn the 2.00% APY, you will need to spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments into your Bluevine Business Checking account via ACH, wire transfer, mobile check deposit or directly from your merchant payment processing provider.
There is no required minimum deposit, no monthly service fee, no minimum balance requirement and there are no ATM fees at 37,000+ MoneyPass ATMs nationwide. Bluevine does not assess non-sufficient funds fees and offers two free books of checks.
Bluevine provides a Mastercard business debit card. Business owners have an unlimited number of transactions with which to pay vendors and bills via ACH transfer, wire or check. It’s easy to transfer money between accounts and to schedule one-time and recurring payments.
The accounts payable feature allows business owners to automate workflows and delegate tasks. Account owners can connect their Bluevine accounts with QuickBooks Online to easily upload, approve and reconcile bills. Users can also establish subaccounts to budget and improve cash flow management as well as adjust permission settings for each team member.
The Bluevine mobile app provides 24/7 access to your banking relationship and, when you need help, there’s an online resource center and customer service that’s reachable by phone or email. Bluevine also offers business lines of credit to qualifying customers.
Small business owners who need to make cash deposits can do so for a fee through Bluevine’s partnership with Green Dot, with over 90,000 U.S. retail locations or over 1,500 Allpoint+ ATMs. Bluevine is a financial technology company, not a bank. Deposits are FDIC insured through a sweep network of program banks for up to $3 million. This coverage is expanded above the standard $250,000 limit per account, which is possible because Bluevine deposits are held with multiple banks.
U.S. Bank Silver Business Checking Account Package
4.4
On U.S. Bank's Website Member FDIC
APY
0%
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$0
U.S. Bank, the fifth largest U.S. bank based on assets, offers five business checking accounts, including specialty accounts for nonprofit organizations and businesses with complex needs.
For new and small businesses with basic banking needs, the U.S. Bank Silver Business Checking Package provides a straightforward business checking account, with no monthly maintenance fee. A $100 minimum deposit is required to open a Silver Business Checking account.
You can perform 125 free transactions per statement cycle; these transactions include teller deposits, ATM deposits and check and debit card purchases. Transactions are $0.50 each above the 125 limit.
You can make up to 25 free cash deposits per statement cycle. If you need to write paper checks, you can receive a 50% discount on the first check order up to $50.
All five U.S. Bank business checking accounts include a debit card and surcharge-free transactions at U.S. Bank ATMs, online and mobile banking with mobile check deposit and access to a variety of business services and payment solutions. U.S. Bank also offers business savings deposit options, including saving accounts, money market accounts and CDs.
APY
0%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Novo stands out among the other banks listed here for its sole focus on business banking. Novo is a banking platform, not a bank, whose deposits are insured by partner bank Middlesex Federal Savings, F.A. Designed to serve U.S.-based small business owners, entrepreneurs, and freelancers, Novo offers a single business checking account.
The account has no monthly maintenance fee and no minimum balance requirement. Novo does request an opening minimum of $0 to unlock all of the account features. There are very few fees attached to this account at all: Novo Business Checking offers free transfers, mailed checks and incoming wires and it refunds all ATM fees.
The account integrates with other small business tools you may be using to manage your business, including Stripe, Shopify and QuickBooks. It also integrates with Zapier and Slack. If you need to send a paper check, you can request online for one to be sent at no charge. When you need to deposit cash, you can purchase a money order and deposit the money order through the mobile check deposit feature.
First Internet Bank Do More Business™ Checking
4.0
On First Internet Bank's Website Member FDIC
APY
0.50%
with average daily balance of $10,000
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$0
Bank of America Business Advantage Fundamentals™ Banking
3.5
On Bank of America's Website
APY
0%
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$16
Waivable
Bank of America offers two primary business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. The Fundamentals business checking account, featured here, provides essential small business banking features and flexible account tools at a low monthly cost. The account has a monthly fee of $16, which can be waived by maintaining certain account minimums and other activities (see Details).
With Business Advantage Fundamentals Banking, your business can enjoy online banking and bill pay, mobile banking (including mobile check deposit), automatic account alerts to help prevent fraudulent activity and business debit cards with Total Security Protection.
Bank of America also provides Account Management services, including integration with QuickBooks, for $15 per month. The Fundamentals account includes access to Bank of America’s Cash Flow Monitor and Connected Apps to help track your business’s financial performance.
When you need general customer service support, you can call Monday through Friday, 7 a.m. to 11 p.m. ET and Saturday, 8 a.m. to 8 p.m. ET. For specific questions about business banking services like remote deposit or online banking, you can call additional dedicated service lines.
Bank of America also offers a wide variety of additional business banking features, including savings accounts and CDs, business management tools and services, credit cards, lending and retirement solutions from Merrill Edge.
APY
0%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$15
Waivable
Chase Business Complete Banking pairs a business checking account with Chase QuickAccept. With Chase QuickAccept, your business can accept card payments as an integrated feature of your small business bank account. For a small fee, you can process card payments, and you also receive same-day deposits into your business checking account.
The monthly service fee, $15, is waived if you meet specific monthly account requirements (see Details). There is no fee for the first 20 deposits and withdrawals made either at the teller or by paper check. Each additional paper check or teller transaction incurs a 40-cent fee.
The Chase Business Complete Checking debit card has a daily purchase limit of $10,000. You can withdraw up to $3,000 cash per day at Chase in-branch ATMs. Chase charges for using out-of-network ATMs in the U.S. and internationally.
You can send and receive money using Chase QuickDeposit, wire transfer and Chase Online Bill Pay. Enrollment in Chase QuickDeposit is subject to approval and requires a two-year agreement and a monthly maintenance fee for the check scanner.
As your business grows, Chase also offers Performance Business Checking and Platinum Business Checking, which have additional fees and features. Chase also offers business savings accounts and CDs, small business financing—including loans and lines of credit—and business credit cards.
APY
N/A
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
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