Compare The Best Business Checking Accounts

Opinions expressed here are the author’s alone, not those of any bank, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Want to jump straight to the answer? The best business checking account for most people is Bluevine or Novo. 

Whether you’re running a large company or a side hustle, you’ll need to separate your business transactions from your personal finances.

Get an account set up in minutes with one of our top recommended business checking providers.

Top 9 Best Business Checking Accounts For 2022

• Bluevine — Best business checking for small businesses and startups
• Novo — Best online-only business checking account for freelancers and entrepreneurs
• Lili — Best free business checking for sole-proprietors
• Axos Business Interest Checking — Online-exclusive bank with competitive
• Chase Business Complete Banking^SM – Best checking account for small businesses
• Mercury — Best business checking account for tech startups
• LendingClub Bank Tailored Checking — Best online business checking for unlimited cash back and transactions
• TD Business Convenience Checking — Up to 500 free transactions each month
• Huntington Unlimited Business Checking — Unlimited transactions best for larger businesses with high cash flow

The majority of these are free business checking accounts. Some do have a monthly fee, but it’s fairly easy to get those waived by meeting reasonable requirements.

I’ll give you an in-depth review of the top business checking accounts below. We’ll cover the top features, benefits, prices, and any potential drawbacks that should be taken into consideration.

The Best Business Checking Account Reviews

Bluevine – Best Business Checking for Small Businesses & Startups

Bluevine Business Checking offers great accounts tailored to entrepreneurs.

Seriously, just take a look at some of the highlights:

• No monthly maintenance fees
• No minimum deposits or minimum balance to open an account
• No “insufficient funds” fees
• Unlimited free transactions
• 1.5% APY (50 times the national average!)

These features should be music to any entrepreneur’s ears.

Easily set up one-time or recurring payments through their dashboard. Also, you’ll be able to easily pay vendors via ACH, wire, or check. And if you get paid via wire transfer, there are no incoming wire fees.

Other Bluevine features include an intuitive mobile app and mobile check deposits, easily lock and unlock your business debit card for added security, a business debit MasterCard with contactless payment, and integrations with accounting tools like QuickBooks and Freshbooks, plus business tools like PayPal and Stripe.

As for downsides, there aren’t many. They have a 38,000 fee-free ATM network through a partnership with MoneyPass—though it might be difficult to find an ATM within the network depending on your location.

Bluevine does provide live support available Monday through Friday 8 am – 8 pm Eastern.

Novo – Best Online-Only Business Checking Account for Freelancers and Entrepreneurs

Novo is an online-exclusive business checking account intended for freelancers and entrepreneurs.

They have transparent pricing and no hidden fees. You can apply for a Novo account in less than ten minutes online.

Some of the notable highlights for Novo business checking include:

• No minimum balance requirements
• No monthly maintenance fees
• Free ACH transfers
• Free incoming wires
• Free mailed checks

Novo lets you open a new business checking account with just $50.

Novo is a modern simple small business banking platform sponsored by Middlesex Federal Savings, F.A. You can integrate your account with Zapier, Xero, Slack, and other tools that your small business is currently using.

Since it’s online, you can’t walk into a physical branch. So if your business has in-person financial needs, then Novo isn’t for you.

However, Novo will reimburse you for ATM fees imposed by other banks. So you’ll still be able to access cash from anywhere without paying an extra fee.

Lili – Best Free Business Checking for Sole-Proprietors

Lili offers flexible online banking services for single-owner LLCs. It’s everything you need, nothing you don’t, at a price tag that’s nearly impossible to beat.

It takes about three minutes to sign up for the free version of Lili. You’ll get an online checking account with no minimum deposit, a Visa debit card, and tools to plan for taxes.

It’s really a great all-in-one solution that helps you move money quickly, account for taxes, track expenses, and stay on top of your business.

Lili is focused on serving sole-proprietors, freelancers, and so on. This focus allows them to provide a trim suite of services in a simple platform that’s easy to master. A few of the key highlights of a free Lili Basic checking account:

• Modern banking app
• No monthly fee or minimum balance
• Tax and expense tracking 
• Visa Business debit card
• Modern mobile banking app
• ATM fees waived at 38,000 locations

The tradeoff with Lili, of course, is that you’re probably not going to be able to stick with it if you start hiring full-time employees and building a bigger organization.

But for the folks who are running their own show and want to keep it that way, Lili presents a phenomenal opportunity to take care of all your financial needs.

You have the option to upgrade your free Lili Basic account to a Lili Pro account for $4.99 per month. With Lili Pro, you’ll be able to send invoices, get advanced tools for taxes, overdraft protection, and cashback rewards for your debit card.

To see how simple and stress-free online banking can be, get started with a free Lili account today.

Axos Business Interest Checking – Best Online-Exclusive Bank with Competitive Returns

Axos Business Interest Checking offers an excellent online-only checking service with no annual fees.

Some great features of the Business Interest checking account:

• Earn up to 1.01% APY
• $100 minimum opening deposit
• Pay no monthly maintenance fee with an average daily balance of at least $5,000
• Up to 100 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
• Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
• Unlimited domestic ATM fee reimbursements
• No annual fees
• Cash deposits via MoneyPass and AllPoint networks

The online and mobile banking solutions from Axos are exceptional, as you would expect from an online-exclusive bank. You can also deposit a check from anywhere using your mobile device.

Any newly incorporated business can earn a $200 bonus just for opening a business checking account with the promo code NEWBIZ200. And don’t worry – if you’re not a business owner and you open a new account, you can still get a $100 bonus with the code NEWAXOSBIZ.

Overall, Axos Business Interest Checking is suitable for small business owners with modest banking needs.

Chase Business Complete Banking^SM – Best Checking Account For Small Businesses

Chase Business Complete Banking^SM is a great solution for small businesses that need a traditional range of checking services.

With Chase, you get the modern online business checking experience you expect from one of the world’s leading banks–24/7 access, mobile apps, and support when you need it.

But you’ll also have the ability to walk into more than 4,700 local Chase branches to handle affairs in person.

Deposit up to $5,000 cash per statement cycle without any fees. Accept payments in person and over the phone with Chase Quick Accept^SM card reader.

You really do get complete banking from Chase.

The online-only banks are very cheap, but they are not great for people who need a variety of account types, in-person services, or to handle cash deposits.

Chase, on the other hand, excels in meeting the needs of small business owners, no matter how they need to bank.

Top benefits and highlights of Chase Business Complete Banking^SM include:

• Convenient access to 16,000 ATMs
• Qualifying new cusomters will earn $300 when they open a new Chase Business Complete Checking account.
• Unlimited electronic deposits, ACH, and Chase Quick Deposit^SM.
• Same-day deposits with QuickAccept^SM.
• Alerts to help you stay on top of your account activity.
• Easy account management through Chase Business online and the Chase Mobile® app.

With all the services and support offered by Chase, it’s no surprise there is a monthly maintenance fee, which you may not have with online-only banks.

That said, there are multiple ways to waive the monthly fee, such as maintaining a $2,000 minimum daily balance or providing proof of military status. Meeting these or other simple criteria will drop your fee from $15 per month to $0.

Chase also offers 24/7 customer service for customers. This is fantastic for any issues, big or small, that might come up.

They offer the tools you need to manage your growing business, including some of the best business credit cards on the market today. Overall we find that Chase Business Complete Banking^SM is one of the best checking accounts for small businesses.

Mercury – Best business checking account for tech startups

Mercury is an online financial service and technology company providing business checking and savings accounts aimed directly at tech startups. With no fees for domestic and international wires, no minimum balances, and automatic cash management tools, Mercury is a great option for tech-focused small businesses and startups.

Mercury works with FDIC-insured banks to store all deposits, and all accounts are insured for up to $250,000. To make your online business bank account as useful as possible, Mercury has integrations with QuickBooks, Xero, Gisto, Shopify, Stripe, PayPal, and more. 

One significant perk is that if you hold a balance of $250,000, you get invited to the Mercury Tea Room, which gives you exclusive perks like discounts on other online tools and services, credits for free ads, discounts on developer tools, a tea now and then, and more. You’ll also get access to Mercury Treasury, an automatic cash management account that puts money into securities and money market funds.

And startups can grow with Mercury, whether you’re supercharging fundraising with minimally dilutive loans from Mercury Venture Debt, meeting investors, mentors, and other founders through Mercury Raise DTC, or getting matched with the right financing options for your business with Mercury Capital.

An important note is that Mercury is not currently available to sole proprietors, and is marketed to startups and growing companies. Despite this and the lack of cash deposits, Mercury has a broad knowledge base and tools well-suited to tech startups. Apply for an account now.

LendingClub Bank Tailored Checking – Best Online Business Checking For Unlimited Cash Back and Transactions

LendingClub Bank Tailored Checking offers a very lucrative online business checking account that offers unlimited cash back.

You’ll also be able to immediately start earning 1%+ cash back on “signature-based” credit transactions that you make using their debit card. It takes just minutes to open an account too and you can get started as soon as you do.

Couple that with their unlimited transactions along with their ATM fee reimbursement, and this makes LendingClub Bank’s Tailored Checking a very good option for bootstrap businesses and entrepreneurs.

Here’s a more comprehensive list of their standout features:

• 0.10% APY
• Unlimited ATM transactions with fee rebates
• No monthly fee for balances more than $5,000
• No minimum balance required
• Intuitive mobile app
• 1% cash back on certain credit purchases
• Unlimited transactions
• Integrations with Mint, Quickbooks, and Quicken

Overall, LendingClub Bank offers a very solid digital business checking account. Get started in less than 10 minutes today.

TD Business Convenience Checking Plus – Best Checking Account With up to 500 Free Transactions a Month

You can open a TD Business Convenience Checking Plus account with just $100. However, you’ll need to maintain a $1,500 daily balance to waive the $25 monthly maintenance fee.

If you link a personal checking account to your Business Checking Plus account, TD Bank counts your combined balance between the two accounts toward the daily minimum. So this is a great choice for business owners who already have an account at TD Bank.

Let’s review some of the account benefits:

• 500 free transactions per month
• Up to $5,000 in cash deposits per cycle
• Overdraft protection
• Online statements and mobile deposit
• Up to four signers

While TD Business Convenience Checking Plus does have a high maintenance fee, you’ll benefit from more free monthly transactions. For comparison purposes, Chase Total Business Checking has a $15 fee for just 100 free transactions each month.

Plus, it’s easy to waive TD’s $25 fee by maintaining a low combined balance between two accounts.

Even though you’re limited to $5,000 free cash deposits each month, you’re only charged $0.25 per $100 thereafter. So an additional $5,000 cash deposited in a cycle ($10,000 total) would cost you $12.50. That’s just 0.13% of your deposits, which is next to nothing.

TD Bank gives you access to other services, like merchant solutions, business loans, and business lines of credit.

Huntington Unlimited Business Checking – Best Business Checking For Large Businesses With High Cash Flow

Huntington Unlimited Business Checking is a top option for larger organizations. If you have a higher monthly transaction volume, some of the other accounts on our list won’t fit your needs.

The top features and benefits of Unlimited Business Checking from Huntington include:

• Unlimited transactions
• Overdraft protection
• Online and mobile banking
• Free text and email alerts
• Up to $10,000 free cash deposits each month

Huntington does charge a $20 monthly maintenance fee for this account. But it’s waived with a $10,000 combined balance between all of your eligible Huntington Bank accounts.

With an Unlimited Business Checking account, Huntington Bank allows you to choose one of the following bonus services as well:

• Fraud tool
• Huntington deposit scan (up to 50 per month)
• 10% off payroll services
• Two free incoming domestic wires per month
• Returned deposited items (up to 25 per month)

This bank also has a tool called “The Hub” for business checking accounts. It comes with several digital tools for things like cash positioning and cash flow forecasting. The Hub is a great resource for managing your revenue and expenses.

How to Find the Best Business Checking Account For You

All business checking accounts are not created equally. The best choice for one business might not be ideal for yours.

This is the methodology that you should use when you’re evaluating business checking accounts. I’ll explain each feature in greater detail below.

Fees

Service fees and monthly maintenance fees are common for business checking accounts. In most cases, these fees fall somewhere in the $10 to $50 range.

But there are still plenty of free business banking solutions. In fact, seven of the eleven accounts on our list don’t have monthly fees.

While the remaining four contain fees, you can easily waive them by maintaining a minimum account balance. There’s no reason to pay these fees if you can avoid them.

Balance Requirements

Some banks require a minimum opening deposit. So choose a bank with a reasonable opening deposit minimum based on your situation.

If you’re launching a startup and don’t have a ton of cash on hand, you can open some accounts with as little as $50 or $100. Some banks don’t require a minimum opening deposit at all.

In addition to the opening deposit requirement, some accounts will charge for you falling below a certain minimum daily balance. Make sure that your cash flow is enough to maintain your minimum requirements without getting penalized.

Transaction Limits

Personal checking accounts will rarely, if ever, cap the number of transactions you can make in a billing cycle. But that’s not the case for most business checking accounts.

Depending on the bank, activities like deposits, withdrawals, and transfers count toward a monthly limit. Some banks will restrict the number of in-person transactions you can make while offering free unlimited electronic transactions.

For the most part, free monthly transaction limits start at 100. TD Business Convenience Checking allows for 500 free transactions per month. Other banks give you unlimited transactions, with a few contingencies.

You’ll pay a small fee for each transaction over your monthly limit. This is usually somewhere in the $0.25 to $0.50 range.

Mobile Banking and Online Accessibility

Every bank offers some way to access your account online or through a mobile app. But with that said, some of these digital solutions are definitely better than others.

Choose a business checking account that lets you deposit checks remotely, set up account alerts, and pay invoices automatically.

I do nearly all of my business banking from a mobile app, and I’m sure you’ll want that convenience as well.

Branch Locations

Some banks are region-specific, while others are large national chains. It’s important to choose a bank near your business location if you need to access a branch for anything.

However, there are several business checking accounts that are online-exclusive. These banks don’t have any physical locations, and can be a huge advantage if your transactions are exclusively digital.

Online-only banking is very popular for freelancers and entrepreneurs working remotely.

But those solutions aren’t for everyone. For example, if your business accepts cash, you’ll definitely need access to a physical branch for in-person deposits.

Additional Banking Services

This may not be important to you immediately, but it’s nice to have a bank that will provide you with additional services as your business grows.

Whether it’s merchant services for credit card processing, additional accounts, or a business loan or line of credit, it’s easier to get these from a bank where you have an existing relationship.

Always look at what else a bank has to offer beyond your immediate checking account needs today.

The Top Business Checking Accounts in Summary

Every business owner needs a business checking account. But everyone has different banking needs, which is why finding the best business checking solution can be difficult.

For the most part, a business checking account functions like a personal checking account. However, business checking accounts typically have extra fees, minimum balance requirements, and monthly transaction limits.

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