Banking

If you’re a Square seller wanting to put payment processing and banking services in one location, opening a Square Business Checking account may be your best option. It keeps your business funds safe while charging no monthly fees and having no minimum balance requirements. With Square’s business tools and banking integrations, point-of-sale (POS) revenue becomes instantly available and ready for spending. Additional Square banking products include high-yield business savings accounts and flexible business loans. How Square Business Checking Stacks Up With Its Competitors See fullscreen table × *Square charges no ATM fees, but third-party operator fees may apply. **Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Sutton Bank for Square, Green Dot Bank for QuickBooks, and Middlesex Federal Savings for Novo). When Square Business Checking Is a Good Fit Your business uses Square at the POS: Any funds a Square seller receives from Square Payments goes directly to their Square business checking account—and transferred funds are ready for spending automatically. By integrating both tools, sellers no longer need to go through the hassle of transferring funds between platforms. You want fewer fees on banking activity: Square charges no monthly maintenance fees and overdraft fees. It also has no opening deposit nor minimum balance requirements. You want access to flexible loans: Square offers small business loans, with amounts ranging from $300 to $250,000. Instead of making credit checks, Square bases loan eligibility on sales. When Square Business Checking Is Not a Good Fit You make ATM withdrawals frequently: Square isn’t part of any ATM network, and businesses that rely on ATM withdrawals may need to pay third-party operator fees regularly. If you’re looking for a bank that can reimburse out-of-network ATM fees, would be a good choice. You want to earn interest on checking deposits: Balances on Square business checking don’t earn interest. Qualified checking accounts under the online-only bank can earn interest at a rate of 2.0%. You make cash deposits regularly: Square users cannot deposit cash directly into their checking accounts, but  lets account holders deposit up to $5,000 worth of cash fee-free every statement period. If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for more recommendations. Square Business Checking Overview *Square charges no ATM fees, but third-party operator fees may apply. Square Business Checking Requirements The Square Business Checking account is only available for Square sellers. To open a business bank account with Square, applicants must complete the following process on their Square POS app or dashboard: Step 1: Go to the Balance Applet. Step 2: Select “Open Account.” Step 3: Verify your personal and business information. Step 4: Customize your business debit card. Step 5: Input and confirm the shipping address for your business debit card. Square delivers business debit cards within seven to 10 days of account opening. However, applicants can use their debit cards immediately upon account opening as long as the cards are connected to digital payment channels, such as Apple Pay and Google Pay. Square Business Checking Features Square’s business checking features include Square product integrations, a free business debit card, and mobile check deposits. Square Product Integrations Because being a Square seller is a prerequisite for opening a Square Business Checking account, Square’s business tools integrate naturally with Square bank accounts. Integrating banking reduces the need to transfer funds from one platform to another. With the Square POS system, businesses can immediately access and spend their Square sales revenue. Square Debit Card The Square Business Checking account comes with a free business debit card called the Square Debit Card. Although it takes seven to 10 days for the physical card to arrive in the mail, businesses can use their card immediately after account opening by adding it to online payment channels like Apple Pay and Google Pay. It can be used to withdraw money at any ATM. Though Square charges no ATM fees, third-party operator fees will likely apply. The limit for ATM withdrawals is $500 per transaction, $1,000 per day, $1,000 per week, and $2,000 per month. Mobile Check Deposit Square account holders can deposit checks for free by taking snapshots of their physical checks using the Square POS app. Funds from the deposit will then be available within six business days. Other Square Business Banking Products Business Savings Square’s business savings account earns interest at a rate of 1.00%. There’s no minimum balance requirement for earning interest. Additionally, businesses can transfer funds instantly between their savings and checking accounts, fee-free. Square also has an automatic savings transfer feature, which transfers a customizable percentage of an account holder’s Square sales revenue into their savings account. Business Loans Square Business Checking account holders have access to Square loans worth $300 to $250,000, and Square doesn’t charge an ongoing interest rate. Instead, borrowers must repay a simple flat fee and repay their loans automatically. Each day, Square’s automatic repayment system takes a percentage of a business’s Square sales revenue and uses the funds for debt repayment. Through this system, businesses pay according to the strength of their revenue, paying less on slow days and more on higher-profit days. Square Business Checking Pros & Cons Square Business Checking is a great fit for businesses wanting to put payments processing and business banking in one platform. Integrations between Square business tools and Square banking products give users instant access to income from payment processing. Square accounts are also affordable to maintain given the lack of monthly fees and balance requirements. However, cash-intensive businesses may have to look elsewhere. Square Business Checking has no physical bank branches and doesn’t allow cash deposits. Because Square isn’t part of an ATM network, account holders may have to pay third-party operator fees whenever they withdraw cash from ATMs. Alternatives To Square Business Checking Square Business Checking streamlines financial management for existing users of Square’s business solutions. However, for businesses not using the Square POS system, Square Business Checking may not be the best choice. Here are three alternative options to consider: is ideal for cash-intensive branches as it has more than 16,000 ATMs and a monthly cash deposit limit of $5,000. Square Business Checking doesn’t have an ATM network or support for cash deposits. is the best checking account for earning interest since accounts that meet its qualifications can earn interest at an industry-leading rate of 2.0%. Square Business Checking accounts aren’t interest-drawing. is a great checking account for earning cash back on debit card transactions. Its debit card earns 2.2% cash back for every purchase, whereas Square’s doesn’t earn points and cash back rewards for transactions. Bottom Line The software helps small businesses streamline payments, point of sale, and business management. If your business wants to put banking services and Square’s business tools under one platform, opening a Square Business Checking account is a great option. Not only do Square’s banking integrations make Square sales revenue immediately available, but they also give you access to high-yield business savings and flexible business loans.

is a traditional bank with more than 500 branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. It offers business owners four checking accounts: Digital Business Checking, Simple Business Checking, Premium Business Checking, and Elite Business Checking. All have waivable monthly fees, access to online and mobile banking, and a free debit card that can be used at more than 40,000 Allpoint and BMO Harris ATMs nationwide. How BMO Harris Bank Stacks Up With Its Competitors See fullscreen table × When BMO Harris Bank Is a Good Fit New businesses with a low transaction volume: The bank’s Simple Business Checking fits small businesses with its 100 free transactions and $2,000 cash deposit per statement cycle. Business owners looking for a bank that offers a welcome bonus: BMO Harris Bank gives out $300 or $500 as a reward to new account holders as long as conditions are met. Businesses receiving wire transfers frequently: When you open a Digital Business Checking or Elite Business Checking account, you can benefit from free incoming wire transfers. When BMO Harris Bank Is Not a Good Fit Businesses that need in-person banking but are based outside the eight states BMO Harris has physical locations: While the bank has over 500 branches, it’s currently limited to eight states: Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. You can consider , , and , which have branches nationwide. Businesses looking for a higher fee-free transaction limit and cash deposit: With the Simple Business Checking, you’re given a low number of fee-free transactions and cash deposits. Other banks offer higher fee-free limits, such as with a 150 transaction limit and up to $5,000 in cash deposits and Bank of America with 200 and up to $7,500, respectively. Businesses that want an interest-bearing checking account: BMO Harris Bank only extends an APY to its highest tier, Elite Business Checking account. A good option is , generating a 1.5% APY if your checking account balance qualifies. Check out our guide to the best small business checking accounts for more recommendations. BMO Harris Bank Business Checking Overview BMO Harris Bank Business Checking Requirements You can visit branches to open a business checking account. S corporations (S-corps), C corporations (C-corps), limited liability corporations (LLCs), and sole proprietors can open some accounts online. Click on your business type to see the requirements: Prior to account opening, read our guide on how to open a business bank account, which includes a free downloadable checklist of required documents. BMO Harris Bank Business Checking Features BMO Harris Bank’s business checking accounts feature a free debit card, remote deposit, cash management services, and fee-free banking at Allpoint and BMO Harris Bank ATMs. BMO Harris Bank Debit Mastercard BusinessCard BMO Harris Bank provides a secure Mastercard debit card that can easily monitor your expenses through a detailed record of transactions on your checking account. Online & Mobile Banking Enrolling in BMO Digital Banking lets you manage all your accounts and cards through any device. You can skip bank trips and view your bank statements, transfer funds, receive money, track spending, and set up automatic payments. Mobile banking is available by downloading BMO Harris Bank’s app on App Store and Google Play. Business Services Payroll processing: BMO Harris Bank helps reduce your business costs by offering a 10% discount on payroll and HR services from Paychex. If you sign up for Business Online Payroll, you’ll receive a two-month service fee waiver. Check these conditions prior to subscribing. Card payments processing: Small businesses can benefit from secure point-of-sale systems provided by Worldpay. You can accept cash, mobile, and debit and credit card payments. You can also gain full website support for ecommerce processing and use wireless or virtual terminals. Cash management: BMO Harris helps you simplify cash management processes through online bill payments, wire transfers, and BMO digital banking. Remote deposit capture: Business owners can save time by depositing checks right at their business location. Single-feed and multi-feed scanners capable of receiving 30 to 100 checks are available at different prices. BMO Harris Bank at Work: BMO Harris Bank extends customized financial planning expertise and financial education services for free. Health savings account (HSA): You can present your employees with a great benefits package, which includes an HSA program to save for tax-free medical expenses. Business Checking Analyzed This checking account is suitable for businesses with greater transaction volumes, balances, and cash management needs. A variable Earnings Credit based on the average collected balance is given. A $20 monthly maintenance fee and balance admin fee will be collected. Nonprofit Small Business Checking This checking account is designed for nonprofit organizations and doesn’t collect a monthly fee. It comes with 200 free transactions and fee-free cash deposits of up to $5,000 per statement period. Other Banking Products BMO Harris Bank has several banking products beneficial for small businesses. Business savings: Business Savings Builder, Business Prime Money Market Credits cards: BMO Harris Business Platinum Rewards Mastercard, BMO Harris Business Platinum Mastercard Lending: Business loans and lines of credit, business real estate loans, Small Business Administration (SBA) loans Specialty financing: Dental practice financing, trucking financing, Black and Latinx businesses, Women in business BMO Harris Bank Business Checking Pros & Cons BMO Harris Bank offers both in-person and online banking, providing convenience to business owners. You can also bank at over 40,000 BMO Harris and Allpoint ATMs nationwide without incurring a fee. In addition, you can get business financing, track your business purchases, and earn interest from a savings account. As for drawbacks, the bank requires a fixed average balance to waive the monthly fees and doesn’t reimburse ATM fees when you use a non-network ATM. Its basic Simple Business Checking account also doesn’t bear interest. Alternatives to BMO Harris Bank Business Checking While BMO Harris Bank has a superb array of business checking accounts, it might not be your best option if you’re looking for a basic checking account with APY and higher fee-free transaction and cash deposit limits. If you also prefer to receive ATM fee refunds when you transact outside the bank’s network, then it’s best to consider the alternatives below. : Best for business owners needing ATM fee reimbursements when they use non-network ATMs. : Best for businesses seeking a higher free transaction and cash deposit limit under a basic checking account. : Best for businesses wanting a free checking account that earns a substantial APY. Bottom Line has outstanding business checking options that combine the accessibility of in-person banking and the convenience of online banking. If your business needs can be satisfied with online services, you can open a Digital Business Checking account. Newer businesses with fewer transactions can opt for the Simple Business Checking and switch to Premium or Elite Business Checking as their business needs change. This variety of checking products and features makes BMO Harris Bank a great choice.

If you’re looking for a savings account that can help your business accommodate excess savings transactions, Axos Bank might be a good choice. With 20 fee-free transactions per statement cycle, it has some of the highest transaction limits of any savings account on the market. It offers two savings accounts: Axos Business Savings, which has a lower opening deposit at the cost of having a higher monthly maintenance fee, and Axos Business Premium Savings, which has a steep opening deposit but no monthly maintenance fees and minimum balance requirements. New businesses opening an account with Axos are eligible to receive a $200 welcome bonus. How Axos Bank Stacks Up With Its Competitors See fullscreen table × *Axos doesn’t charge fees for ATM transactions, but third-party operator fees may apply. When Axos Bank Is a Good Fit You prefer online banking: Axos Bank has no brick-and-mortar bank branches, but it compensates by offering excellent digital banking functionality. It’s one of our top-recommended online business banks. Its mobile app, available on iOS and Android, has received good reviews for being intuitive and easy to navigate. You regularly make more than six transactions on savings accounts: In our list of the leading small business savings accounts, we named Axos Bank Business Savings the best for businesses with excess savings. Where most banks limit businesses to six transactions per month, Axos Bank allows users to make 20 transactions monthly, which includes debits, credits, and deposited items. The fee for exceeding the limit is affordable at 30 cents per item. You need a merchant services partner: Customers can access automated clearing house (ACH) and billing solutions, point-of-sale (POS) terminals and equipment, mobile commerce, ecommerce solutions, check acceptance, and other merchant services. When Axos Bank Is Not a Good Fit Your business works with cash regularly: Currently, Axos Bank doesn’t support cash deposits. allows cash deposits and offers a decent cash deposit limit of $5,000. You rely on wire transfers: Although Axos Bank has no fees for incoming wire transfers, its charges for outgoing wire transfers are a steep $15 for domestic and $50 for international. Under the financial technology (fintech) solution , all domestic wire transfers are free. International wire transfers are also free if the transaction goes through Mercury’s structure. You want competitive interest rates: With an APY of 0.20%, Axos Bank savings accounts earn interest at a lower rate than other online-only banks on the market. A good alternative would be , which earns interest at a rate of 1.75%. Check out our guide to the best small business savings accounts for more recommendations. Meanwhile, those looking for accounts with multiple fee-free transactions should consider opening a checking account. Axos Bank Business Savings Account Overview *Axos Bank doesn’t charge ATM fees, but third-party fees may apply. Axos Bank Business Savings Account Requirements Only United States-based entities are allowed to open a business savings account with Axos Bank. The documents required by the bank will depend on your business type. Sole proprietorship: An IRS SS-4 or 147c letter General partnership: A general partnership agreement and all amendments Limited liability company (LLC): An operating agreement, articles of organization, and all amendments Limited partnership (LP) or limited liability partnership (LLP): An LP or LLP agreement and all amendments, plus a certificate of LP or LLP partnership filed with the state Corporation (profit): Articles of incorporation and all amendments Corporation (nonprofit): Articles of incorporation and all amendments, a letter from the IRS of 501-c-3 status, bylaws that state the powers of the officers, and meeting minutes with the list of current active officers Association/homeowner association (HOA): Articles of incorporation and all amendments or articles of organization or association, meeting minutes with a list of current active officers, bylaws that state powers of the officers, a letter from the IRS of 501-c-3 (if applicable), and property management contract agreement (if applicable) Our guide to opening a business bank account includes a downloadable checklist that can help you identify which business documents are usually required for the application process. Axos Bank Business Savings Account Features Axos Bank has two business savings accounts: Business Savings and Business Premium savings. Both offer a 0.20% variable interest rate, a $200 welcome bonus for new businesses, and digital banking options with remote check deposit functionality. Welcome Bonus Axos Bank deposits a welcome bonus worth $200 into the savings accounts of new businesses (those incorporated after June 1, 2020). To access the welcome bonus, businesses must include the promo code NEWBIZ200 in their application. Accounts that aren’t from new businesses can still receive a $100 welcome bonus by including the promo code NEWAXOSBIZ in their application. To qualify, businesses must maintain an average daily balance of $2,500 within the first two months of account opening. Additionally, businesses will only receive the bonus credit if the funds deposited into their account are new funds. “New funds” refers to funds that originate outside of Axos Bank brand accounts. 0.20% Interest Rate Both Business Savings and Business Premium Savings earn interest at a rate of 0.20%. Take note that the APY is variable and subject to change at any given moment. Account holders with balances over $5,000,000 may earn a different APY, but they must contact an Axos Business Banking Relationship Manager at (844) 678-2726 for current rates. Digital Banking Customers can perform banking transactions through the Axos website, iOS app, and Android app. The app lets users check account balances, review transaction history, transfer funds, and pay bills. Its mobile check deposit function lets users deposit funds into their accounts by uploading snapshots of physical checks. Additional features include a 360-degree financial view report―which places all accounts under one platform to show users their total net worth and spending―chatbot and customer service representative contact options, fraud monitoring, and investment options. Other Axos Bank Business Products Business Checking Axos Bank offers two business checking accounts: Basic Business Checking and Business Interest Checking. Basic Business Checking: Axos Bank’s most basic business checking product has no monthly fees, minimum opening deposit requirements, and minimum balance requirements. It has unlimited item processing for debits, credits, and deposited items. Business Interest Checking: This interest-earning checking account can earn an APY of 1.01% on balances worth $0 to $49,999.99. Balances from $50,000 to $249,999.99 earn interest at a rate of 0.20%, while balances of $250,000 to $4,999,999.99 earn interest at a rate of 0.10%. There’s a monthly fee of $10, which account holders can waive by maintaining a minimum balance of $5,000. Per statement cycle, account holders can make 100 fee-free transactions, including debits, credits, and deposited items. Both accounts come with overdraft protection, online banking, and a free Visa debit card. Our Axos Bank Business Checking review discusses the accounts’ features in greater detail. Money Market Accounts It offers money market accounts for businesses and nonprofits. Business Money Market Account: This money market account has an APY of 0.20%. It charges a monthly maintenance fee of $10, which can be waived by maintaining a minimum balance of $5,000. It has a minimum opening deposit requirement of $1,000. Non-Profit Money Market Account: For a monthly fee of $5, which can be waived by maintaining a minimum balance of $2,500, the Non-Profit Money Market account earns interest at a rate of 0.20%. It has a minimum opening deposit requirement of $1,000. CDs Axos Bank also offers business CDs, with APY rates ranging from 0.10% for shorter terms to 0.20% for longer terms. Its shortest term lasts three months while its longest term lasts 60 months. Interest compounds daily. The minimum opening deposit requirement for CDs is $1,000. Merchant Services Axos Bank’s partnership with Celero Merchant Solutions gives businesses access to merchant services that help them accept a wider range of payment methods, including credit cards, debit cards, gift cards, and checks. The services Axos Bank offers include ACH and billing solutions, POS terminals and equipment, security payment card insurance (PCI) compliance, mobile commerce, ecommerce solutions, and check acceptance. Payroll Services Axos Bank helps businesses process payroll by providing access to ADP’s chat-based small business payroll app, Roll by ADP. The app’s features include unlimited payroll and tax filing, built-in compliance and alerts, and streamlined raises and bonuses. Businesses can also give their employees permission to access and manage their payroll information. Small Business Administration Loans Through a partnership with Centerstone SBA Lending, Axos Bank gives businesses access to flexible and competitive SBA 7(a) loans. Axos Bank offers financing options for the following purposes: business acquisition, real estate acquisition, equipment or inventory purchase, business or real estate debt refinance, and permanent working capital. Treasury Management Axos Bank offers small business treasury management solutions that help businesses streamline financial management. The Axos Bank Treasury Management solutions include premium business banking benefits, fraud protection, greater remote deposit flexibility, increased wire transfer capabilities, a comprehensive suite of reporting and reconciliation tools, and faster payments. Axos Bank Business Savings Account Pros & Cons If your business needs all its banking tools under one location, Axos Bank is a good choice. Other than savings accounts, it also offers checking accounts, CDs, money market accounts, lending products, merchant services, and other useful tools. Compared to other savings accounts, Axos Bank’s transaction limits are more flexible, allowing you to make up to 20 fee-free transactions per month. Its mobile app has also been well-received for being easy to use and navigate. However, Axos Bank isn’t a good fit for businesses that rely on cash as it doesn’t have physical bank branches nor provide support for cash deposits. Additionally, its savings account has a low APY compared to other online-only banks on the market. Alternatives to Axos Bank Business Savings Account Although Axos Bank offers enough features to cover most businesses’ banking needs, its middling APY and lack of cash deposit functions leave much to be desired. Here are three alternative options to consider: : Best business savings account for tiered APY. Axos Bank’s interest rates don’t increase even as balances increase, whereas under Prime Alliance Bank, customers earn 1.20%–1.55%. The rate increases from 1.20% to 1.40% once a business’ balance reaches $100,000 and then increases to 1.55% once the balance hits $200,000. : Best business savings account with the highest APY. Axos Bank’s APY of 0.20% pales in comparison to its competitors. Live Oak Bank stands out in the savings account market by offering an industry-leading APY of 1.75%. : Best business savings account for cash-reliant businesses. Axos Bank has no physical branches and doesn’t support cash deposits, while Capital One has 755 branches and accepts cash deposits of up to $5,000 each statement cycle. Bottom Line is a good choice for businesses needing larger limits on savings account transactions. However, in comparison to other online-only banks, its savings account has lower interest-earning potential. Additionally, a lack of physical branches and support for cash deposits makes Axos a poor fit for cash-intensive businesses.

is a great choice if you’re looking for a bank that has a variety of checking options, as it offers five business checking accounts: Small Business Checking, Business Checking, Business Interest Checking, Business Analysis Checking, and a Non-Profit Checking account. All come with a free Visa debit card, a competitive yield―except for Business Checking―online and mobile banking, overdraft protection, and ATM fee reimbursements. It is considered mostly an online bank since its branches are chiefly located in Florida. The Small Business Checking product is geared toward sole proprietors and single-owner limited liability companies (LLCs) while Non-Profit Checking is suitable for nonprofits and faith-based organizations. Its Business Checking, Business Interest Checking, and Business Analysis Checking are tailored for mid-sized and larger companies. How TIAA Bank Stacks Up With Its Competitors See fullscreen table × *refunds out-of-network ATM fees up to $15 per month; unlimited reimbursement with $5,000 ADB **Bluevine is a financial technology (fintech) platform backed and Federal Deposit Insurance Corp. (FDIC)-insured by a supporting bank partnership Coastal Community Bank. When TIAA Bank Is a Good Fit Business owners that need flexible checking account options: TIAA Bank offers a variety of checking accounts that allow you to switch to higher-tier products as your business grows. Businesses that can meet an ADB of $5,000: To waive monthly fees and earn unlimited ATM fee reimbursements, you should have at least $5,000 in your account. Businesses that want interest-earning checking accounts: While other banks require you to meet a qualifying balance to earn interest, TIAA Bank provides APY regardless of the balance in your checking account, except for its noninterest-drawing Business Checking product. This is also among the reasons why TIAA Bank made it to our list of best banks for nonprofits. Sole proprietors and single-owner LLCs looking for no monthly fees and interest-bearing checking accounts: TIAA Bank created the Small Business Checking account exclusively for sole proprietors and single-owner LLCs wanting more savings and growth for their funds. When TIAA Bank Is Not a Good Fit Businesses that prefer no minimum account opening: TIAA Bank requires a steep $1,500 as a minimum opening deposit. You can consider other digital banks such as , , , , and if you want a checking account with no minimum opening deposit. Businesses based outside Florida seeking a traditional bank: Since TIAA Bank has branches solely located in Florida and offers mostly online banking, you may opt for banks with a strong branch presence nationwide, like , , and . Businesses that need small business loans: TIAA Bank offers lending only to commercial clients. You can choose for small business financing options. See more options in our guide to the best small business checking accounts. TIAA Bank Business Checking Overview TIAA Bank Business Checking Requirements To open a business checking account, you can visit the website and fill out an online application form or call a bank specialist to assist you. You’ll need to provide your name, residential address, email address, mobile phone number, Social Security number, date of birth, government-issued ID information, and business information. You can fax the required documents or send them through the mail. Before opening an account, see our guide on how to open a business bank account. It has a free downloadable checklist of required documents. TIAA Bank Business Checking Features TIAA Bank’s business checking accounts offer APY, except for its Business Checking product, ATM fee reimbursements, a Visa debit card, and mobile and online banking. Small Business Checking Designed for sole-proprietors and single-owner LLCs, Small Business Checking yields APY at 0.10% currently for all balances. There are no monthly fees associated with it, but a deposit of $1,500 is required to open this account. If your monthly ADB reaches $5,000, TIAA Bank refunds all ATM fees charged by other banks. If your ADB balance is below $5,000, you’ll still get reimbursed up to $15 in ATM fees each month. Business Checking For businesses wanting additional free transactions, Business Checking entitles you to 200 free transactions and 10 free online bill payments every month. Beyond the transaction limit, a 25-cent fee applies per item. For each additional bill payment, 50 cents is also collected. A deposit of $1,500 is still required to open this account. You also need to pay a $14.95 monthly fee for this account, but this is waivable when you maintain a $5,000 ADB. This checking account doesn’t bear interest. Non-Profit Checking For nonprofits and faith-based organizations, Non-Profit Checking is suitable. It provides a competitive APY of 0.25% for all balances. To open this account, you need to deposit $1,500. Like Business Checking, a $14.95 monthly fee applies, but if you maintain a $5,000 ADB, it can be waived. Every month, you have 10 free online bill payments, and beyond that, 50 cents is charged per item. Analysis Checking Solutions Under Analysis Checking, there are two types of accounts: Business Interest Checking and Business Analysis Checking. Both require $1,500 as a minimum opening deposit. Business Interest Checking features a $0.25% APY, and the $14.95 monthly fee can be waived as long as you meet the $5,000 ADB. For Business Analysis Checking, a 0.20% earnings credit rate is given on 90% of account balances, and you can offset fees through the earnings credit rate. A monthly fee of $18 applies to this account. Online & Mobile Banking TIAA Bank offers 24/7 access to all your bank accounts through its Business Online Banking platform and mobile app. Access is secure with fraud detection tools. You can view comprehensive reports, schedule one-time and recurring payments, transfer funds, and perform mobile check deposits and domestic and international wire transfers. Download TIAA Bank’s mobile banking app at App Store and Google Play. Fee-free ATM Usage In TIAA Bank Network With a network of more than 80,000 ATMs nationwide, you can enjoy fee-free transactions. For out-of-network ATM fees, TIAA Bank automatically reimburses you up to $15 every month. If your ADB reaches $5,000, you can benefit from unlimited ATM fee refunds. You can also use your debit card for free at Allpoint and MoneyPass ATMs. Merchant Services TIAA Bank’s payment processing provider is the top-rated Elavon, Inc. It offers dial-up, wireless, and internet point-of-sale (POS) terminals, including electronic check services, mobile and credit card payment processing, electronic gift cards, and electronic benefits transfers. Other Banking Products TIAA Bank offers money market accounts, high-yield certificates of deposit (CDs), Business IntraFi® CD for savings, and a WorldCurrency® Access Deposit Account and WorldCurrency® CDs for global financial products. Business money market accounts: For a minimum deposit of $1,500, you can earn as high as 0.45% APY. The $14.95 monthly fee can be waived by maintaining a $5,000 ADB. Business certificates of deposit: For a minimum deposit of $1,500, you can earn high APY at flexible terms of three months to five years. No monthly fee is charged. Business IntraFi® CD: A minimum deposit of $10,000 is required with no setup charges and no account fees. This account offers extra protection by providing access to FDIC insurance coverage on millions of deposits. APY is dependent on the term and funding limit. WorldCurrency® Access Deposit Account: A minimum deposit of $2,500 is required to earn money from your foreign currency. This is beneficial for companies with business overseas. Monthly fees may apply, and APY rates can vary. WorldCurrency® CDs: Single-currency CDs and CD Baskets are available with fixed APYs under three-month terms. TIAA Bank Business Checking Pros & Cons TIAA Bank offers great business checking accounts for different businesses. Sole proprietors and single-owner LLCs can save and enjoy no monthly fees with the basic Small Business Checking account. If you prioritize a high APY rate, you can open a Business Interest Checking account and earn 0.25%. If you prefer to offset transaction fees, then the Business Analysis Checking account is more suitable with its 0.20% credit rate on 90% of your balance. All TIAA Bank business checking account holders can access merchant services and benefit from overdraft protection. For drawbacks, TIAA Bank has physical branches only in Florida. If you’re based outside the state, you don’t have the option of in-person banking. A $1,500 minimum account opening deposit is also required, which is quite high compared to other banks. You also need to maintain up to a $5,000 average daily balance to waive the monthly fees and benefit from unlimited reimbursements when you use out-of-network ATMs. Alternatives to TIAA Bank Business Checking TIAA Bank provides outstanding business checking account options, but if you need a bank with no minimum opening deposit, more physical branches, and more choices for business credit cards, you can consider these three alternatives: is best for business owners wanting a wide selection of business credit cards. It offers six types of credit cards with a range of rewards. is ideal for businesses that prefer in-person banking. It has branches in 48 states. is great for businesses needing a free business checking account. It offers full digital banking with no minimum deposit, no monthly fee, and a high APY. Bottom Line offers flexible checking account options. For sole proprietors and single-owner LLCs with low business volume, they can open a Small Business Checking account and take advantage of the zero monthly fees while earning interest at the same time. For businesses with greater transaction volumes and wanting more banking services, a Business Checking, Business Interest Checking, or Business Analysis Checking account will be more convenient. As long as you’re comfortable with online banking, TIAA Bank is an excellent choice.

The internet-only banking solutions Bluevine and Axos Bank have designed innovative business checking solutions that help small businesses get ahead. Their interest-earning checking accounts, Bluevine Business Checking and Axos Business Interest Checking, both offer some of the highest interest rates in the market. Although Bluevine’s annual percentage yield (APY) of 2.0% gives it the edge when it comes to interest-earning capacity, Axos Bank also has its merits, including reimbursement for domestic ATM fees and unlimited fee-free cash deposits. If you’re opening a business bank account, it’s best to study all options until you can find a provider that best suits your needs. To help you choose between Bluevine Business Checking and Axos Business Interest Checking, we’ve compared their features, costs, strengths, and weaknesses. Here’s a summary of what each provider is best for: *: Best for businesses looking for a fee-free, digital-only checking account that earns interest at competitive rates : Best for businesses wanting an affordable, digital-only checking account with fee-free cash deposits and unlimited ATM fee reimbursements *Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank. Bluevine vs Axos Quick Comparison *Relationship managers are also available on Mondays to Fridays, 6 a.m. to 6 p.m. When To Use Each When To Use an Alternative You rely on in-person banking: Neither Bluevine nor Axos Bank has brick-and-mortar locations. A better choice would be , which has 4,700 branches across the United States. You want to earn competitive interests on balances worth more than $100,000: Bluevine only earns its APY of 2.0% on balances up to $100,000. Axos’ highest interest rate is only available for accounts with balances under $50,000, and its APY tapers down to 0.20% for balances worth $50,000 to $249,999.99 and 0.10% for balances more than $250,000. earns a 1.00% APY on all balances above $10,000. Bluevine vs Axos Business Checking Account Bluevine and Axos Bank are digital-only banking solutions that offer checking accounts that earn interest. Bluevine’s interest-earning account, Bluevine Business Checking, has no monthly maintenance fee, opening deposit requirement, or minimum balance requirements. Meanwhile, Axos Bank’s interest-earning account, Business Interest Checking, has a minimum opening deposit requirement of $100 and a monthly maintenance fee of $10, which account holders can waive by maintaining an average daily balance of $5,000. Unlike most digital banks, both support cash deposits. Bluevine account holders can deposit cash at Green Dot retail locations for a fee of $4.95 per transaction, whereas Axos Bank lets customers deposit cash at Allpoint and MoneyPass ATMs free of charge. Bluevine vs Axos Account Overview Bluevine Business Checking and Axos Business Interest Checking are both interest-earning accounts. Of the two, Bluevine has the higher APY and earns interest at a rate of 2.0% on balances up to $100,000. However, to qualify for this rate, accounts must meet one of the following qualifications: Spend a monthly total of $500 or more with your account’s debit card. Receive $2,500 per month in payments into the account via automated clearing house (ACH), wire transfer, mobile check deposit, or directly from your merchant payment processing provider. Axos Bank offers a lower APY of 1.01% on all balances lower than $50,000. The APY lowers to 0.20% for balances of $50,000 to $249,999.99, then 0.10% for balances worth $250,000 to $4,999,999.99. Accounts with balances of $5 million and above must contact an Axos Bank Relationship Manager at (844) 678-2726 to determine their rates. Bluevine customers can make fee-free ATM transactions at any MoneyPass machine, and out-of-network transactions cost $2.50. Meanwhile, Axos Bank reimburses all fees for domestic ATM transactions. Under Bluevine, users can create up to five subaccounts to separate funds for different financial goals, such as taxes, profit, payroll, and other expenses. Axos Bank doesn’t let users create subaccounts. Bluevine vs Axos Account Costs Bluevine has no monthly maintenance fees and transaction limits, whereas Axos Bank charges a monthly maintenance fee of $10, which accounts can waive easily by maintaining an average daily balance of $5,000. It also has a transaction limit of 100, and customers pay 50 cents for every subsequent transaction after the limit. Customers of Bluevine can make cash deposits through Green Dot Retail locations for a fee of $4.95 per transaction. Meanwhile, Axos Bank users can deposit cash fee-free at any MoneyPass or Allpoint ATM. Bluevine vs Axos Account Sample Scenario The biggest advantage Bluevine has over Axos Bank is its interest rate. If your balance is worth $100,000 or lower, Bluevine’s APY of 2.0% will earn you more money. Although Bluevine stops earning interest on balances over $100,000, most balances still earn more than Axos Bank. This is because Axos Bank cuts its APY down from 1.01% to 0.20% on balances over $50,000. For Axos accounts to generate more interest than Bluevine, they need to hold balances worth $1,561,160 or more. Bottom Line Bluevine is a great fit for banks wanting to earn competitive interest rates on their checking balances. However, Axos Bank is a better choice for businesses looking to gain access to more business banking products and save money on ATM fees and cash deposits.

If you’re looking for an online bank with a competitive savings account for your business, then First Internet Bank is an excellent choice. Through this institution, you can earn interest at a rate of 0.85% for a waivable monthly maintenance fee of $2. It also gives you access to several great banking products, including money market accounts, certificates of deposit (CDs), checking accounts, and loans. However, it only offers ATM cards to sole proprietors. How First Internet Bank Stacks Up With Its Competitors See fullscreen table × *Interest rates are variable and subject to change without prior notice. **First Internet Bank doesn’t charge fees for ATM transactions, but third-party operator fees will likely apply. ATM cards are only available for sole proprietors. When First Internet Bank Is a Good Fit You prefer online banking: First Internet Bank is a full-service digital bank that tops our list of the best online business banks. It allows customers to do banking activities through its website and mobile apps for iOS and Android. You want competitive interest rates: Its business savings accounts earn interest at a rate of 0.85%. Rates for its other savings tools are even higher, with money market accounts earning interest at 1.10% and CDs earning 0.60% to 3.30%. Its competitive rates are one reason it made our list of leading business savings accounts for small businesses. You want access to a complete range of banking services: First Internet Bank offers checking accounts, Small Business Administration (SBA) loans, commercial loans, commercial real estate loans, and public financing. When First Internet Bank Is Not a Good Fit You prefer in-person banking: First Internet Bank has no physical branch locations.  has 755 brick-and-mortar locations across the country. Your business needs ATM access but isn’t a sole proprietorship: Only sole proprietors are issued ATM cards by First Internet Banking. Meanwhile,  gives all entity types access to Allpoint ATM Networks. You rely on wire transfers: Incoming wire transfers under First Internet Bank cost $15. Domestic outgoing wire transfers cost $20 while international outgoing wire transfers cost $50. A cheaper alternative would be , which charges no fees for domestic wire transfers and qualified international wire transfers. If your small business meets one or more of these scenarios, check out our guide to the best small business savings accounts for additional recommendations. First Internet Bank Business Savings Overview *Interest rates are variable and subject to change without prior notice. **First Internet Bank has no fees for ATM transactions, but third-party operator fees will likely apply. ATM Cards are only available for sole proprietors. ***Cash deposits can be done through ATMs. First Internet Bank Business Savings Requirements To open a business savings account with First Internet Bank, applicants must meet the following criteria: Be a legal United States resident Be at least 18 years old Be a signer who is authorized to open accounts on behalf of the business Be a US-based business First Internet Bank will then collect the following pieces of information: Name(s) of all authorized signers and beneficial owners Government-Issued ID for each signer Applicant’s email address Applicant’s mobile number For a checklist of documents that banks usually require, see our guide to opening a business bank account. First Internet Bank Business Savings Features First Internet Bank’s basic features include an APY rate of 0.85% and digital banking functionality. Competitive APY First Internet Bank business savings accounts earn interest at a rate of 0.85%, and customers are required to make a minimum opening deposit of $100 to open an account. Take note that rates are subject to change without prior notice. Digital Banking Customers can access their accounts through the First Internet Bank website and mobile app, which is available on both iOS and Android. Through digital banking, account holders can view balances, deposit checks, transfer funds, pay bills, and review transaction histories. The app uses “eyeprint” biometric technology to keep logins secure. Other First Internet Bank Business Products Money Market Accounts For businesses with larger balances, First Internet Bank’s money market accounts offer a more profitable way of growing savings, as it earns interest at a rate of 1.10%. However, the account has higher monthly maintenance fees and minimum balance requirements than First Internet Bank’s savings account. The monthly maintenance fee costs $5, which can be waived by meeting an average daily balance of $1,000. CDs First Internet Bank also offers CDs, with terms ranging from six months at the shortest and 60 months at the longest. A three-month CD will earn interest at a rate of 0.60% while a 60-month CD will earn interest at a rate of 3.20%. Checking First Internet Bank made our list of best small business checking accounts for having a full range of online banking services. It offers two business checking accounts: Small Business Checking, an interest-earning account designed for small businesses, and Commercial Checking, an account designed for businesses with complex needs: Small Business Checking: This earns interest at a rate of 0.30%. It allows unlimited transactions and has no minimum balance requirements or monthly fees. Account holders are reimbursed for up to $10 of ATM fees. Our First Internet Bank business checking review covers its features in greater depth. Commercial Checking: This comes with a number of useful banking solutions, including remote deposit capture, sweep services, ACH, check positive pay, zero balance accounts, and wire services. Lending Products First Internet Bank has an extensive list of lending products. These include: SBA lending: This bank offers SBA 7(A) loans, SBA Express loans, and SBA 504 loans. Because First Internet Bank is a Preferred SBA Lender, it reduces the time and paperwork necessary to secure an SBA loan. Commercial lending: It offers lines of credit, term loans, and owner-occupied real estate loans. Commercial real estate lending: This helps businesses that need property financing by offering single tenant net lease financing, residential development or construction financing, and commercial construction or multitenant financing. Public financing: It provides financing solutions for government entities, municipal utilities, schools, nonprofits, and energy products. First Internet Bank Business Savings Pros & Cons First Internet Bank’s competitive interest rates help businesses earn interest at an affordable cost. The bank also offers additional business banking products, such as checking, loans, CDs, and money market accounts, allowing businesses to keep all their banking activity under one establishment. Reviewers praise the First Internet Bank mobile app for being easy to use and secure. Where First Internet Bank falls short is its support for cash-intensive businesses. It has no physical bank branches and only offers ATM cards to sole proprietors. Additionally, it charges high fees for wire transfers; incoming wire transfers cost $15, while outgoing transfers cost $20 for domestic and $50 for international. Alternatives to First Internet Bank Business Savings First Internet Bank’s savings account may not meet your needs if your business relies on cash or makes excess transactions on savings accounts. Additionally, other banks in the market offer more competitive interest rates for the same cost. Here are three alternative options to consider: is best for cash-reliant businesses. It has 755 physical locations, 70,000 ATMs, and a $5,000 cash deposit limit. First Internet Bank lacks physical branches and restricts ATM usage to sole proprietors. is ideal for businesses with excess savings transactions. Its savings account lets businesses make 20 fee-free transactions per statement cycle. Like many savings accounts, First Internet Bank limits transactions to six per month. is optimal for tiered APY. This institution raises interest rates for larger balances. Under First Internet Bank, interest rates remain no matter how high an account’s balance is. Bottom Line made our list of the best online business banks because it provides access to a full range of banking products—one of which is a competitive business savings account that earns interest at a rate of 0.85%. Given its high-quality digital banking options, its business savings account is a great choice for businesses that prefer to bank online. However, given that it lacks physical bank branches and has restrictions on ATM card ownership, cash-intensive businesses may have to look elsewhere.

If your business is a sole proprietorship or a single-member limited liability company (LLC), you can open a business bank account without an employee identification number (EIN). However, if your business is organized any other way or you plan on hiring employees, you must obtain an EIN from the IRS before filing business taxes. While you might be able to obtain a business bank account without an EIN, there's no reason not to get one. Getting an EIN from the IRS is free, and it can be applied for online, by fax, or by mail. Even if you're a sole proprietor or a single-member LLC, you can get an EIN. If your plan is for your business to grow, you'll need one eventually. If you're looking for a business checking account that can be opened by a single-member LLC or sole proprietor without an EIN, is an excellent choice. You can earn 2.0% APY on balances up to $100,000. Visit Bluevine for more information. What an EIN Is & How To Obtain One An EIN is a nine-digit number assigned by the IRS to identify your business for filing taxes, opening bank accounts, getting business financing, and performing other business activities. The easiest and fastest way to apply for an EIN is through the IRS website. You'll answer a series of questions and receive your EIN online after completing the questionnaire. The process takes about 10 minutes, and you’ll be able to file taxes on that new EIN about two weeks later. You can also choose to fax or mail in IRS form SS-4 to apply for an EIN. Pros & Cons of Opening a Business Bank Account Without an EIN You might not be able to open an account at your local bank without an EIN. Even if you can get a business checking account, you might not get business loans without one. Also, separating your business and personal finances is harder when both accounts are opened under your Social Security number. This can make tax time very difficult and open you up to audits by the IRS. Another way you could get in trouble with the IRS is to find out that you should have filed for an EIN but never applied for one. There can be tax penalties involved with incorrect filing. Moreover, because your business is being conducted under your Social Security number, your credit is on the line. Your personal credit could be damaged if something goes wrong with the business. Having an EIN will give your business credibility with banks and vendors. It'll help speed up obtaining a business loan and allow you to build your business credit. In addition, you can hire employees, which will help your business grow. Who Is Required to Have an EIN The IRS requires businesses to obtain an EIN unless they're organized as a sole proprietor or a single-member LLC. You must also obtain an EIN to file taxes if any of the following apply to you or your business: You have employees You operate your business as a corporation or partnership You file any of the following tax returns: employment; excise; or alcohol, tobacco. and firearms You withhold taxes on income, other than wages, paid to a nonresident alien You have a Keogh plan You're subject to a bankruptcy proceeding You purchase or inherit an existing business that you operate as a sole proprietorship In addition, you must obtain an EIN if you're involved in any of the following organizations: Trusts, except certain grantor-owned revocable trusts, individual retirement accounts (IRAs), and Exempt Organization Business Income Tax Returns Estates Real estate mortgage investment conduits Nonprofit organizations Farmers' cooperatives Plan administrators How To Open a Small Business Bank Account Without an EIN If you are a sole proprietor or own a single-member LLC, you may be able to open a business bank account at your local bank. While we recommend obtaining an EIN before opening an account, here's how to open a small business bank account without an EIN. Step 1: Gather Required Documents You'll need to provide your bank with certain documents to open an account. They may include: Social Security number Fictitious business name certificate or doing-business-as (DBA) certificate Business formation documents Organization documents, including your ownership agreements Business licenses Government-issued photo ID, such as a passport or driver’s license Contact information for you Business revenue and tax information, if available Step 2: Select a Business Bank Account Type There are many choices when it comes to the best banks for small businesses. You'll need to find a bank that will allow you to apply for an account without an EIN. Once you find one, there are several types of bank accounts you can choose from: Free business bank account: Many banks will waive fees or provide fee-free accounts Traditional business checking account: Provided by traditional banks like Chase and Bank of America, these are checking accounts that offer a wide variety of business services Online business checking account: Many financial technology (fintech) companies provide online business checking accounts, many of which come with limited fees and unique features Business savings accounts: Many business banks offer savings accounts that draw interest, allowing your reserve funds to grow Step 3: Compare Potential Costs While the most obvious cost with any business bank account is the monthly fee, some accounts charge other fees. Some even limit the amount of free monthly transactions and free cash deposits each month. It’s important to understand what type of transactions you’ll have each month and calculate the actual costs of the bank account. Step 4: Open Your Account Online or In Person Once you pick a bank and a bank account, you can open your account. Most institutions will allow you to open accounts entirely online without ever stepping inside a branch. Others require you to visit a branch, so make sure your business is located near there. Step 5: Deposit Funds When you open the account, you'll want to deposit funds into your new account. Some business bank accounts require a minimum deposit when opening the account. Bottom Line Technically, it's possible to open a business bank account without an EIN, but it isn't recommended. Sole proprietors and single-member LLCs can use Social Security numbers instead of EINs to open accounts, but it can open your business up to many problems. Obtaining an EIN is free and can be done in 10 minutes on the IRS website. If you plan to see your small business grow, get your EIN before opening any business bank accounts.

If you’re looking for a traditional bank with a wide array of business checking products, is a great choice. It offers four options: Business Simple Checking, Business Interest Checking Plus, Business Convenience Checking Plus, and Business Premier Checking. These come with a free debit card, waivable fees, online and mobile banking, and the TD Online Accounting system. You can start with the basic Business Simple Checking with a low monthly fee of $10 and up to 200 free monthly transactions. As your business needs shift, you can switch to TD’s higher-tier accounts to earn an APY and gain more fee-free transactions. How TD Bank Stacks Up With Its Competitors See fullscreen table × When TD Bank Is a Good Fit Your business has a low transaction volume and minimal monthly cash deposit: With Business Simple Checking, you get up to 200 free transactions and up to $5,000 in free cash deposits each month. You want the option of in-person banking and are located near a TD Bank branch: It has brick-and-mortar branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, or Washington D.C. You prefer an interest-only payment option for financing: TD Bank earned a spot in our list of the best small business lines of credit since you can pay just the interest of a credit line, which is useful for covering business operating expenses. When TD Bank Is Not a Good Fit You need in-person banking but your business is based outside TD’s service areas: Although the bank has more than 1,100 locations, it’s still limited to 16 states. You can consider banks that have a national presence, like , , and . You want a higher free cash deposit limit: TD Bank’s Business Simple Checking, Business Interest Checking Plus, and Business Convenience Checking Plus all offer the same $5,000 fee-free cash deposit limit per month. Better alternatives are Bank of America and , which offer $7,500 and $10,000, respectively, for basic and mid-tier checking products. You’re looking for a good interest return on your checking account: TD Business Interest Checking Plus only gives out 0.01% APY. , , and are great alternatives for better interest rates, provided conditions are met. See more alternatives in our roundup of the best small business checking accounts. TD Bank Business Checking Overview TD Bank Business Checking Requirements You can visit the website or open a business checking account in person. Businesses with up to four signers can open a checking account online. You’ll be asked to provide basic information, which includes your legal business name and address and your Tax ID Number (TIN). Other business owners may provide their Social Security number. A valid driver’s license, state-issued ID, or passport will be required to validate your identity. For additional authorized signers, beneficial owners, and/or individuals with control, each of their names, physical addresses, phone numbers, dates of birth, Social Security numbers, and valid IDs will be required. A job title is needed for an individual with control as applicable. Beneficial owners are those who own, directly or indirectly, 25% or more of the equity interests of the business. An individual with control is someone with significant responsibility for managing the business. Click on the text below for the additional requirements for account opening: Before opening an account, see our guide on how to open a business bank account. It includes a free downloadable checklist of required documents. TD Bank Business Checking Features TD Bank’s business checking accounts offer a Visa debit card, online and mobile banking, merchant solutions, and TD Online Accounting. Business Debit Card This provides convenience, security, and control over your finances. You can keep track of your purchases easily and reduce the need for petty cash. Issuing debit cards to your employees is free, with the option of setting the cash withdrawal and purchase limits per card. Visit a TD Bank branch to get your free debit card. Online & Mobile Banking Small business owners can manage their business banking accounts and control user permissions online. You can transfer funds, view current balances, and integrate accounting software like Quicken and QuickBooks. You can also handle business payments through automated clearing house (ACH) services, BillPay, and wire transfers. TD Bank offers mobile banking as well, allowing you to deposit checks, move funds, and pay your bills through your mobile device. Download TD Bank’s mobile banking app from App Store and Google Play. Business Services Merchant solutions: Small business owners can take advantage of TD Bank’s varied payment solutions. You can accept payments in-person, online, or through eCommerce point-of-sale (POS) systems. Different Clover devices are also available for brick-and-mortar businesses and pop-up shops. TD Online Accounting: This is a useful tool for small business owners. It allows you to send invoices, accept credit card payments, and streamline your accounting. You only need a Small Business Checking account and Online Banking to maximize the benefits of TD Online Accounting. Payroll and human resources (HR) Solutions: Paycor provides payroll and HR services suitable to the number of employees you have. You’ll get a dedicated payroll specialist, preferred pricing, tax management support, and more as your business scales. Free Additional Accounts With the TD Business Premier Checking account, you can open up to two additional TD Simple Checking accounts without paying a monthly fee; and a fee-free TD Small Business Premium Money Market account. Customer Service TD Bank’s branches open as early at 8:30 a.m. and close as late as 6 p.m., but the hours may vary by branch location. This also applies on weekends and most holidays. Its live customer service is available 24/7, making it convenient for its clients to do their banking. Other Banking Products TD Bank offers several banking products and services for small businesses. Savings: For a minimum opening deposit of $25, you can open a TD Business Savings account and earn a competitive interest rate of 0.02%. Rates may vary depending on your location. Monthly fees are waived if you maintain a $500 minimum daily balance. Money market: For a minimum opening deposit of $25, you can open a TD Small Business Premium Money Market account and earn interest on your funds. Monthly fees are waived if you maintain a $2,500 minimum daily balance. Certificates of deposit (CDs): Different types of CDs provide competitive rates and flexible terms. The product, rate, and fee may differ depending on your state. Credit cards: With a TD Business Solutions credit card, you earn an unlimited 1% cash back on purchases. Lending: For a line of credit and small business loan under $100,000, you can apply online, while an amount above $100,000 requires in-person banking. Healthcare practice financing: Health professionals—such as dentists and veterinarians, eye care professionals, and physicians—are offered customized lending solutions and funding options for each stage of their practice. TD Bank Business Checking Pros & Cons TD Bank Business Checking accounts provide excellent benefits with waivable fees. You’ll also enjoy 24/7 live customer service and access to more than 1,100 bank locations with long operating hours, including weekends. You can open the basic Business Simple Checking account for a minimum deposit of $25. For Business Premier Checking account holders, no ATM fees are charged even when using a non-TD bank ATM. On the other hand, TD Bank doesn’t reward a welcome bonus to new account holders, nor does it offer free wire transfers. Its interest of 0.01% under its TD Business Interest Checking Plus account is also negligible. Alternatives to TD Bank Business Checking TD Bank presents great business checking products but if you’re looking for a higher APY, free wires, and higher fee-free cash deposit limits, you can consider these alternatives: is best for businesses seeking traditional banks with wider service areas. It has brick-and-mortar branches in 48 states. is ideal for businesses favoring traditional banks with higher free cash deposit limits. Its basic checking account allows higher fee-free cash deposits than other banks. is great for businesses looking to earn a high APY (2.0% when conditions are met) from a free business checking account. Bottom Line is a top choice, as it provides flexibility and convenience by providing specific checking accounts that correspond to changing business needs. For low transaction volume, a Business Simple Checking is sufficient. As your business grows, you can earn interest by switching to Business Interest Checking Plus. If you want higher free cash deposits and transaction limits, you can open the Business Convenience Checking Plus. If you need multiple business checking accounts with more features, the Business Premier Checking is more suitable.