The best 7 checking accounts to grow your business

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Having a separate business checking account simplifies your business accounting, streamlines your taxes, and protects your personal funds from business risks. When you open a dedicated business bank account, you can track income and expenses more effectively.

These accounts “[simplify] bookkeeping and accounting, ensure your funds are safe from any business-related legal claims, and help [enhance] your credibility and professionalism,” Michelle Delker, CFO at the William Stanley Group, says.

We did the research to find the best business checking accounts so you don’t have to. Here’s an overview of each one, along with what you should consider before opening an account for your business.

Best checking accounts for businesses

• Best for earning cash back on purchases: LendingClub Tailored Checking
• Best for no fees: Axos Bank Basic Business Checking
• Best for domestic wire transfers: Capital One Enhanced Checking 
• Best for branch access: Wells Fargo Initiate Business Checking 
• Best for digital tools: Bank of America Business Advantage Fundamentals Banking
• Best for new account bonus: Chase Business Complete Banking
• Best for earning interest: Bluevine Business Checking

Best for earning cash back on purchases: LendingClub Tailored Checking

• APY: Earn 1.50% APY on balances up to $100,000 and 0.10% APY for any balance over $100,000.
• Minimum initial deposit: $0 
• Monthly fee: $10 (waived with $500 balance)
• Perks: Earn unlimited 1% cash back on qualified purchases made with your debit card after meeting eligibility requirements
• ATM reimbursement: Unlimited 
• Mobile check deposit: Yes 

There’s a lot to love about LendingClub Tailored Checking. Unlike most checking accounts, you can earn interest on your funds. 

What sets this account apart is that you can earn unlimited 1% cash back on select purchases made with your Tailored Checking debit card.

A key benefit of this account is how easy it is to withdraw or deposit cash — without fees. You’ll get unlimited ATM fee rebates each month. LendingClub is also part of a larger ATM network, MoneyPass, allowing you to deposit funds at more than 40,000 ATMs nationwide. You can also deposit checks anytime using the mobile app.

The app also makes it easy to keep tabs on your company’s finances while on the go. You'll also get added features like business bill pay, ACH origination, and more.

Best for no fees: Axos Bank Basic Business Checking

• APY: None 
• Minimum initial deposit: $0 
• Monthly fee: $0
• ATM reimbursement: Unlimited 
• Mobile check deposit: Yes
• Perks:  Two outgoing domestic wire fee reimbursements each month, overdraft protection with a linked Axos Bank business account 

Axos’ Basic Business Checking account is a fee-free banking solution with no opening deposit or minimum balance requirements. There are no monthly maintenance or transaction fees, and you’ll be reimbursed for any domestic ATM surcharges incurred when withdrawing funds. If that wasn’t enough, there are no fees on domestic incoming wire transfers.

Axos Bank also offers a cash bonus to new account holders that meet select requirements. Phone support is available 24/7, or you can chat with the Evo Virtual Financial Assistant if you need help with your account.

Best for domestic wire transfers: Capital One Enhanced Checking

• APY: None
• Minimum initial deposit: $0 
• Monthly fee: $35 (waved 30-day balance averages $25,000). 
• Perks: Free income domestic wire transfers, free first dive outgoing wire transfers
• ATM reimbursement:  None
• Mobile check deposit: Yes 

The Capital One Enhanced Checking may be worth considering if you regularly do business overseas. It does come with a $35 monthly service fee if your balance is below $25,000. Still, the cost could be well worth it, considering you’ll get up to five free outgoing wires monthly. There’s no limit on fee-free incoming wires.

You also won’t pay any fees on digital transactions like mobile deposits, ACH payments, and online bill pay.

Overdraft coverage and online bill pay are also available with this account. Plus, account holders can open up to two additional Basic Checking accounts with no monthly service fees.

Best for branch access: Wells Fargo Initiate Business Checking

• APY: None
• Minimum initial deposit: $0 
• Monthly fee: $10 (waived with a $500 minimum daily balance (or $1,000 average ledger balance)
• ATM reimbursement: None
• Mobile check deposit: Yes 

If you want in-person assistance with your business banking, Wells Fargo may be a good option. The bank has physical branches and ATMs in 36 states and Washington, D.C.

There are some fees to remember with the Initiate Business Checking account. This account comes with a monthly fee of $10 that can be waived by maintaining a $500 minimum daily balance (or $1,000 average ledger balance). You’ll need at least $25 to open an account. You’ll also pay a transaction fee of $0.50 once you reach 100 transactions. Cash deposits over $5,000 are subject to a fee of $0.30 for every $100 deposited.

That said, this account could be ideal if you prefer in-person banking support.

You can withdraw or deposit money for free at one of Wells Fargo’s 11,000 ATMs nationwide, at a branch, or via the mobile app. You’ll also get basic features like bill pay.

Best for digital tools: Bank of America Business Advantage Fundamentals Banking

• APY: None
• Minimum initial deposit: None
• Monthly fee: $16 (waived if you maintain a $5,000 balance or make $250 in qualified debit card purchases) 
• Perks: Quickbooks integration, access to digital tools like Cash Flow Monitor, Zelle, Mobile Cash Deposit, and Erica
• ATM reimbursement: No
• Mobile check deposit: Yes

Bank of America Business Advantage Fundamentals Banking is another option to keep in mind if you would rather bank at a physical location. But unlike standard business checking accounts, it goes a step further to offer a suite of digital tools that make it easier to run your business.

This checking account integrates with other platforms, including Zelle and QuickBooks. You’ll also be able to view your business credit scores, get cash flow projections, and access a digital debit card through your account.

Plus, account holders can take advantage of bonus rewards and interest rate discounts on eligible business credit cards and loans. The account has a $16 monthly fee unless you maintain a $5,000 balance or make $250 in qualified debit card purchases.

Best for new account bonus: Chase Business Complete Banking

• APY: None
• Minimum initial deposit: None
• Monthly fee: $15 (waived if conditions are met) 
• Perks: Unlimited electronic deposits, access to 4,700 branches and 15,000 in-network ATMs
• ATM reimbursement: No
• Mobile check deposit: Yes

Chase Business Complete Banking offers one of the best checking account sign-up bonuses. You can earn $300 when you open a new account, deposit the minimum required balance within 30 days, and maintain that balance for 60 additional days. You must also make at least five eligible transactions within 90 days.

Plus, if you get an Ink Business Unlimited® Credit Card alongside your account, you could earn a cash back bonus after spending a certain amount on your card.

You’ll pay a monthly service fee of $15 unless your minimum daily balance is at least $2,000 or you meet the other spending requirements. Fees also apply if you exceed $5,000 in cash deposits in a statement cycle.

Best for earning interest: Bluevine Business Checking

• APY: 2.0% APY on balances up to and including $250,000 if you meet a monthly activity goal
• Minimum initial deposit: None
• Monthly fee: $0
• Perks: Free checkbooks
• ATM reimbursement: No
• Mobile check deposit: Yes

You generally won’t find many business checking accounts offering an attractive APY. But Bluevine Business Checking pays you 2% in interest on balances up to $250,000. This way, you can earn up to $5,000 with little effort.

Plus, there are no monthly maintenance fees, ACH transfer fees, or minimum opening deposit requirements. And you can enjoy unlimited transactions to help you save even more money. Incoming wires are also free, but a $15 fee applies for each outgoing wire.

You’ll get a Bluevine Business Debit Mastercard when you open an online account. You’ll get access to services like mobile check deposits, automated accounts payable, and sub-accounts.

What to look for in a business checking account 

When choosing a business checking account, there are several key factors to consider to ensure you find the best fit for your company's needs. 

“Certain features tend to be universally beneficial,” Delker says. “These include online and mobile banking options, higher transaction limits, a strong network of ATMs, and excellent customer service. If your business deals with many cash transactions, consider a bank with convenient physical locations for easy deposits.”

And don’t forget about the other products and services that could help your business grow.

“Special programs or offerings for small businesses like lending services, merchant services, or discounts on business software can also be beneficial,” Delker says.

Here are some of the most important things to look for.

Low or no monthly fees 

Many business checking accounts charge monthly maintenance fees, which can add up over time. Look for an account that either waives these fees entirely or offers easy ways to avoid them, such as maintaining a minimum balance or making a certain number of transactions each month.

Minimum balance requirements 

Some business checking accounts require you to maintain a minimum balance in order to avoid fees or earn interest. Consider your company's budget to determine whether you can comfortably meet these requirements.

Transaction limits

Business checking accounts often come with limits on the number of transactions you can make each month, such as checks written, deposits made, or ACH transfers. Make sure the account you choose offers transaction limits that align with your business's activity.

Online and mobile banking 

In today's digital age, having access to robust online and mobile banking tools is essential for managing your business finances. Look for an account that offers features like online bill pay, mobile check deposit, and account alerts.

Integration with accounting software 

If you use accounting software like QuickBooks to manage your business finances, choosing a checking account that integrates seamlessly with these tools can save you time and hassle. Many banks offer direct integration or the ability to easily import and categorize transactions.

Introductory offers and bonuses 

Some business checking accounts offer cash bonuses or other incentives for new customers who meet certain requirements, such as maintaining a minimum balance or making a certain number of transactions. While these offers shouldn't be the only factor in your decision, they can provide a nice boost to your business's bottom line.

How to open a business checking account

Once you've chosen the best business checking account for your needs, opening an account is a relatively straightforward process. Here are four steps to get you started. 

1. Gather required documents

You'll typically need to provide the following documents to open a business checking account: 

• Employer Identification Number (EIN) or Social Security Number (SSN) for sole proprietorships 
• Business formation documents, such as articles of incorporation or partnership agreement 
• Business license or permit 
• Government-issued photo ID for all account signers

2. Choose an account type 

Banks often offer several different types of business checking accounts with varying features and requirements. Choose the account type that best fits your business's needs in terms of transaction limits, minimum balance requirements, and other factors.

3. Complete the application

You can typically apply for a business checking account online, in person at a bank branch, or over the phone. Be prepared to provide information about your business, including its name, address, and type of entity, as well as personal information for all account holders. 

4. Fund your account 

Once your application is approved, you'll need to make an initial deposit to fund your account. This can usually be done by check, wire transfer, or electronic transfer from another account.

Tips to manage your business checking account 

Once you've opened a business checking account, it's important to manage it effectively to avoid fees and make the most of it. Here are some tips. 

Keep track of your balance 

Regularly monitor your account balance to avoid overdrafts or falling below minimum balance requirements. Many banks offer account alerts that can notify you when your balance falls below a certain threshold.

Review your account regularly 

Make sure to review your account statements on a monthly basis to catch any errors or discrepancies. This can help you avoid costly mistakes and keep your financial records accurate.

Use online and mobile tools

Take advantage of your bank's online and mobile banking tools to save time and streamline your financial management. Features like mobile check deposit, online bill pay, and account transfers can help you manage your finances more efficiently.

Avoid unnecessary fees

Be mindful of your account's fee structure and take steps to avoid incurring unnecessary charges. This may involve maintaining a minimum balance, limiting certain types of transactions, or using in-network ATMs.

Alternatives to traditional business bank accounts 

While traditional business checking accounts are the most common choice for many companies, there are some alternative options to consider.

Online business checking accounts 

Some online banks offer business checking accounts with low fees, high interest rates, and user-friendly digital tools. These accounts can be a good fit for businesses that don't need access to physical branches and prioritize online banking features.

Credit unions 

Credit unions are member-owned financial institutions that often offer competitive rates and personalized services for businesses. Some credit unions have specific eligibility requirements, such as living in a certain area or working in a particular industry.

Cash management accounts 

Some investment firms and brokerages offer cash management accounts that combine features of checking, savings, and investment accounts. These accounts can offer high interest rates, ATM access, and integration with investment tools, but may have higher minimum balance requirements.

How we rated the best business checking accounts 

To determine the best business checking accounts, we carefully evaluated a wide range of factors, including interest rates, fees, minimum deposit and balance requirements, and product mix.

Our team analyzed numerous bank offers and selected the top contenders based on these key criteria. The options on this list represent the best value benefits available.

Here are some of the key factors we considered:

• Interest rate: The interest rate is the primary reason someone would choose a savings, CD, or money market account over another, so this is our most heavily weighted factor. 
• Fees: Low fees can help minimize the cost of managing your money and accessing essential financial services, allowing you to keep more of your hard-earned cash.
• Minimum deposit & balance requirements: High minimum deposits can be a barrier, and high balance requirements to avoid fees or earn the best rate limit the account's usefulness.
• Product mix: A diverse product mix allows customers to find the right financial solutions for their unique needs and goals. 
• Customer service: Reliable customer service is essential for a positive banking experience. 
  Digital experience: With more banking done online, the quality of an account's digital offerings is increasingly important.
• ATM & branch access: Access to ATMs and branches gives bank customers the flexibility to handle their banking needs in person when necessary while also providing easy access to cash when they need it.

Frequently asked questions 

What do I need to open a business checking account?

To open a business checking account, you'll typically need to provide your business's EIN or SSN, formation documents, business license or permit, and government-issued photo ID for all account holders. 

Can I use a personal checking account for my business?

While it's possible to use a personal checking account for business purposes, it's generally not recommended. Keeping your business and personal finances separate can help you stay organized, simplify tax preparation, and build business credit. Many banks also offer specific benefits and features for business accounts that you won't get with a personal account.

What fees do business checking accounts typically charge?

Common fees that come with business checking accounts include monthly maintenance fees, transaction fees, overdraft fees, and wire transfer fees. Some accounts may also charge fees for using out-of-network ATMs, falling below a minimum balance requirement, or receiving paper statements.

How do I choose the best business checking account for my needs?

To choose the best business checking account, consider factors like monthly fees, minimum balance requirements, transaction limits, online and mobile banking features, and integration with accounting software. Think about your business's specific needs and spending habits to determine which features are most important to you.

Can I earn interest on a business checking account?

Some business checking accounts offer interest, but these accounts may have higher minimum balance requirements or monthly fees. Generally, business checking accounts tend to offer lower interest rates than savings accounts or CDs.

The bottom line

It’s easy to get overwhelmed when exploring business bank accounts. There are so many to choose from, and each could offer attractive features. But you can streamline the process by starting with our top picks, considering the above-mentioned factors, and comparing your top picks to find the right option for your business.

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.