The best bank for trucking businesses should provide business or personal checking accounts that serve the wide variety of needs of a trucking company. Fleet owners or owner-operators need a business checking provider with a full range of products and services, including strong customer service to support business operations.
Meanwhile, individual truck drivers may need a personal checking account that is accessible nationwide to serve their personal banking needs.
Here are the seven business account providers and three personal account providers that are the best options for those in the trucking industry. Some of these offer both business and personal accounts. Click the link to go directly to the provider’s website.
- Bluevine Provider is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank. : Best overall business checking account for earning interest and lines of credit
- Chase Member FDIC. : Best for full-service banking tools and large branch and ATM networks with personal accounts
- Bank of America Member FDIC. : Best for ongoing rewards and business support with personal accounts
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best digital-only bank for rapid access to funds and faster payments
- Mercury Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust. : Best for startups wanting spend controls and additional FDIC insurance
- Live Oak Bank Member FDIC. : Best for freelancers looking for a high-yield business savings
- North One Provider is a fintech platform backed by and FDIC-insured by a supporting bank partnership with The Bancorp Bank, N.A. : Best for allocating funds using a budgeting tool and accounting software integrations
- TAB Bank Member FDIC. : Best overall personal bank account with dedicated trucker banking product
- Go2Bank Member FDIC. : Best personal account with wide availability and easy access to funds
- SoFi Member FDIC. : Best personal account with interest-earning checking and savings
Best Banks for Trucking Business at a Glance
BUSINESS ACCOUNTS | |||||
|---|---|---|---|---|---|
Monthly Fee | APY | New Account Opening Bonus | Personal Checking Option? | ||
 Bluevine Standard | None | Unlimited | $300 | No | |
 Business Complete Banking | $15; waivable | 20 | N/A | $300 | Yes |
 Business Advantage FundamentalsTM Banking | $16; waivable | 200 | N/A | Up to $200 | Yes |
 Business Checking | None | Unlimited | N/A | None | No |
 Business Checking | None | Unlimited | N/A | Up to $300 | No |
 Business Savings | None | Unlimited | 3.70% | None | Yes |
 North One Standard Account | None | Unlimited | N/A | None | No |
PERSONAL ACCOUNTS | |||||
Monthly Fee | APY | New Account Opening Bonus | Business Checking Option? | ||
 Chrome Checking | $8; waivable | Unlimited | 0.10% | None | Yes |
 Checking | $5; waivable | Unlimited | N/A | None | No |
 Checking | None | Unlimited | None | No | |
Bluevine: Best Overall Business Checking Account for Earning Interest and Lines of Credit
What We Like
- $300 sign-up bonus for new business checking account holders (use referral code: FSM300) How to earn the bonus: To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account, Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers, or Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
- Three checking options with competitive interest
- Excellent line of credit product
- Unlimited 1.5% cash back business Mastercard
Drawbacks
- No savings, money market, and certificate of deposit (CD) accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Reduced standard payment fees for Bluevine Plus and Bluevine Premier checking
- Free debit card (with up to 4 free additional debit cards for authorized users) and two free checkbook orders per year
- Integration with QuickBooks and Xero
- Connection with business payment solutions, including Wise, Venmo, and Expensify
- Live customer support from dedicated professionals available
- Line of credit and credit card product offered
- Automatic transfers with sub-accounts
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $0 Outgoing: $15 |
International Wire Transfer Fees | Incoming: N/A Outgoing: $25 (USD); $25 plus 1.5% (foreign currency) |
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited |
|
APY | 1.5% on qualifying balances up to $250,000 |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When to Choose Bluevine Standard Business Checking
- Truck drivers looking for online-only, interest-earning business checking: Truck drivers are always on the go, so it is preferable to have an online-only banking provider since they may not be near a branch all the time. Thanks to solid interest-bearing business checking accounts, the online-only fintech Bluevine is a great choice for truckers. You can earn 1.5% APY with Bluevine Standard business checking on qualifying deposits.
- You need business credit options for equipment financing: Trucking companies may require additional capital to purchase specialized equipment. Bluevine offers one of the best small business lines of credit on the market and has a business credit card that offers unlimited 1.5% cash back for your business purchases.
- You want fee-free business banking with a large ATM network: Bluevine has no monthly fees, opening deposits, or minimum balance requirements. ATM withdrawals are free at any one of over 40,000 MoneyPass ATMs nationwide. Bluevine charges $2.50 for out-of-network transactions plus third-party operator fees.
When to Choose an Alternative
- You want to make free cash deposits or open a personal account: Bluevine lets you deposit cash either through Green Dot retail locations for $4.95 per deposit or at an Allpoint+ ATM for $1 per deposit plus 0.5% of the deposit amount. In addition, it doesn’t offer personal banking products. Consider Chase for fee-free cash deposits and TAB Bank for online-only personal banking products.
Chase: Best for Full-service Banking Tools & Large Branch and ATM Networks With Personal Accounts
What We Like
- $300 bonus when you open an account
- Multiple ways to waive the monthly fee
- Branch presence in 48 states
Drawbacks
- Limited number of free transactions
- No interest earned
- Fee for cash deposits of more than $5,000 per statement period
Features
- Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app
- Ability to manage debit, deposit, and ATM card settings for individual employees
- Ability to deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integration with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depending on type ordered
- Chase Payment Solutions
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
Automated Clearing House (ACH) Fees | $2.50 per item for first 10 payments & 15 cents for succeeding payments 1% of transaction value for same-day ACH or real-time payments |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | |
International Wire Transfer Fees | $40 to $50 for outgoing in USD |
ATM Fees | $3 at non-Chase ATMs, plus ATM operator fees |
Cash Deposited | $5,000 free per month, then $2.50 per $1,000 |
APY | N/A |
When to Choose Chase Business Complete CheckingSM
- Truckers looking for a traditional banking option with a large branch and ATM network: With more than 4,700 branches in 48 states and over 16,000 ATMs, Chase can be found wherever your trucking journey takes you. The large network is one of the reasons Chase is one of the best small business checking accounts on the market.
- You want a great entry-level business checking account: Chase’s Business Complete Banking allows you 20 free transactions and $5,000 in free cash deposits monthly. The account has a $15 monthly fee, which is easily waivable. Chase also offers additional accounts if you need more transactions or have larger cash deposits monthly. Our review of Chase’s business checking accounts and review of Chase Platinum Business Checking can help you choose the best account for your business.
- You need a wide range of personal checking options: Chase has five different personal checking accounts for truckers looking for a nonbusiness account. Three of those accounts—Total Checking, Secure Banking, and Premier Plus Checking—are considered “Everyday” accounts by Chase. The other two—Sapphire Banking and Private Client Checking—are considered “Premium.” All accounts have waivable monthly fees.
When to Choose an Alternative
- You want a business checking account without a monthly fee: While Chase’s monthly fee can be waived in multiple ways, you may prefer a business checking account with no monthly fee, and we recommend you look into Bluevine for that.
Bank of America: Best for Ongoing Rewards & Business Support Services With Personal Accounts
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
Drawbacks
- No interest earned
- ATM fee reimbursements not offered
- $100 opening deposit required
Features
- Ability to deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Ability to check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Physical checks’ cost varies depending on type ordered
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone or via social media messages
- Merchant services available through Expensify
- Other products include business savings, CDs, lending products, and financial analysis through Merrill Financial Advisor
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Fee varies |
International Wire Transfer Fees | Fee varies |
ATM Fees | None at over 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
When to Choose Bank of America’s Business Advantage FundamentalsTM Banking
- You want business checking with low cash deposit fees and great ongoing rewards: Bank of America and its Business Advantage FundamentalsTM Banking is a great option for a business bank account for the trucking business. You get up to 200 free transactions and $7,500 in cash deposits free each month. You can also earn $500 Up to $200 cash back for opening a new business checking account and $300 statement credits for a Bank of America small business credit card. Qualifying conditions apply for both. in combined cashback rewards and statement credits with its business checking and credit card products.
- You need a traditional bank with a large branch and ATM network: While not quite as available as Chase’s branch and ATM network, Bank of America offers a robust network as well. Truckers on the go can access 4,000 Bank of America branches in 38 states and over 15,000 ATMs. Accounts can be completely handled online through the company’s website or mobile app.
- You seek great business perks and business support products and services: With the company’s free Preferred Rewards for Business program, you can earn 25% to 75% bonus rewards on credit cards and get a savings boost of 5% to 20% on business savings accounts. Bank of America also has excellent software integrations and various business products, which include savings, CDs, lending, and financial analysis through Merrill Financial Advisor.
When to Choose an Alternative
- You want a business bank account without a monthly fee: Just like Chase, Bank of America has waivable monthly fees on its business checking accounts. Bluevine is your best alternative if you are looking for a business bank account without a monthly fee.
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
What We Like
- Monthly refunds up to $7 in ATM fees
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts
- Noninterest drawing account
Features
- Integration with other business tools, such as QuickBooks, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Ability to set aside funds for taxes and other large business expenses with Novo Reserves
- Ability to deposit checks directly through the mobile app
- Unlimited invoicing and bill pay included in online banking
- Novo Boost in coordination with Stripe, allowing you to access funds faster
- Express ACH that lets you accept or receive same-day ACH payments
- Quick financing option, merchant cash advance up to $75,000
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks that can be sent straight from the app
- Live customer support from dedicated professionals
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Automated Clearing House (ACH) Fees | $0 for regular ACH; 1.5% of the transaction amount for Express ACH |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | None to receive, Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | None; refunds third-party ATM surcharges up to $7 monthly |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
When to Choose Novo Business Checking
- Truckers, fleet operators, and owner-operators wanting to send and receive payments faster: Novo Boost allows you to send and receive payments faster than most other providers. If you accept payments from Stripe, Novo Boost lets you receive payments sent from your Stripe account two to four days faster. Users can now connect Stripe, Square, and PayPal and get paid via card, Apple Pay, Google Pay, PayPal, and Venmo.
- You need to send same-day ACH payments: Express ACH enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH allows trucking companies to send and receive payments on the same day.
- You want fee-free banking with $7 in monthly ATM fee reimbursements: Novo’s business checking has no monthly fee, transaction limits, minimum opening deposit, or minimum balance requirement. Another perk of Novo is ATM fee reimbursement—it refunds up to $7 in ATM fees each month.
- You want to send free and unlimited invoices to clients: Novo offers free invoicing software that allows you to create one-time or recurring invoices and send one-click payment reminders. You can also customize your invoice by adding your trucking company logo and offer your customers various invoice payment options—such as credit cards, PayPal, Google Pay, and Apple Pay.
When to Choose an Alternative
- You want to open a personal account with your business account: Novo doesn’t offer personal banking products and has no business or personal lending products. TAB Bank is the one online bank on this list that offers both business and personal accounts, while Chase is a great alternative if you want a bank with physical locations.
Mercury: Best for Startups Wanting Spend Controls & Businesses Needing Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Automatic 1.5% cash back for all credit card spending
- FDIC coverage of up to $5 million Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply.
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Physical checkbooks unavailable
- Limited lending options and no cash deposits
Features
- Ability to earn high interest with Mercury Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. product if you have more than $500,000 in Mercury accounts and request Treasury
- Ability to set customer user permissions for your team members
- Ability to create autotransfer rules for your accounts
- Integration with QuickBooks, Xero, and NetSuite accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Ability to issue employee debit and corporate cards
- Business payment integrations with Shopify, Stripe, Square, Zapier, Amazon, and PayPal
- No overdraft fees
- Mercury bill pay
- Mercury SAFEs (Simple Agreements for Future Equity)
- Advanced accounting automations under paid plans
- Savings account provided when you open checking account
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Mercury is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Choice Financial Group and Evolve Bank & Trust. | |
When to Choose Mercury Business Checking
- You have a startup trucking company looking for extensive spend controls: Fleet owners and owner-operators can issue employee debit and credit cards with custom limits, update user permissions for account access, and create payment approval rules.
- A larger trucking business looking for additional FDIC insurance or interest-earning potential: Mercury has a product called Vault Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. , which uses partner banks and a sweep network to insure business funds up to $5 million. In addition, if you have over $500,000 in your Mercury account, you can request Mercury Treasury, allowing you to earn up to 5.35% on your reserves.
- You want a credit card option for truck-related expenses: Trucking owners-operators often spend on operational costs, such as fuel and truck maintenance and repairs. With the Mercury IO Mastercard, you can track your expenses easily and earn an unlimited 1.5% cash back bonus on every purchase. Read our review of Mercury IO Mastercard to learn more about the product.
- You want fast bill payments: Mercury offers bill pay and allows you to set up approval rules and approve bill payments instantly through Slack and Mercury’s mobile app. You get five free bills per month, but if you need more, you can always upgrade to Mercury’s paid plans Under the Plus plan, you pay $35 monthly and get 20 free bills per month, while under the Pro plan, you pay $350 monthly and get 250 free bills per month. . These paid plans also offer advanced accounting automation.
When to Choose an Alternative
- You need to make cash deposits: Mercury does not support cash deposits, but Bluevine does, and it will let you deposit cash through Green Dot retail locations or Allpoint+ ATMs for a fee.
Note: Deposits in Mercury checking and savings accounts are held by its partner banks, Choice Financial Group and Evolve Bank & Trust, Members FDIC. Through sweep networks, these funds become eligible for up to $5M in FDIC Insurance. Visit Mercury’s website for more information.
Live Oak Bank: Best for Freelancers Looking for a High-yield Business Savings
What We Like
- No minimum balance requirements
- No monthly maintenance fees
- High-yield return on both savings and short-term CDs
Drawbacks
- No physical locations
- No cash deposits
- No free outgoing wires
Features
- High-yield CDs
- Small Business Administration (SBA) and other loans available
- Free online and mobile banking
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | 1 cent to earn interest |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | $10 for incoming; $19 for outgoing |
International Wire Transfer Fees | $10 for incoming; $40 for outgoing |
ATM Fees | No debit card for savings product; must transfer cash to Live Oak business checking and then withdraw from ATM |
Cash Deposited | Bank doesn’t accept cash deposits |
APY | 3.70% |
Customer Service | By phone or fax during weekdays from 8 a.m. to 8 p.m. Eastern time or through its support page |
Other Products | SBA loans, United States Department of Agriculture (USDA) loans, Live Oak Express loans, and commercial lending |
When to Choose Live Oak Bank Business Savings
- Self-employed truck drivers looking for a business savings account: Live Oak Bank’s business savings is an excellent choice, with no account opening and monthly maintenance fees. For truckers looking to earn interest on reserve funds, Live Oak’s business savings account tops our list of the best business savings accounts on the market, with 3.70% APY earned on all balances.
- You seek business checking, personal savings, or CD accounts: Live Oak Bank has brought back its business checking offering, with three options to choose from. In addition, it offers personal savings and CD accounts.
- You require a small business loan: The provider offers many small business loans, including SBA, USDA, commercial loans, and Live Oak Express loans. It was the top SBA 7(a) lender by dollar amount in 2023, lending more than $1.8 billion.
When to Choose an Alternative
- You need to withdraw or deposit cash: Now that Live Oak Bank has brought back its business checking, you cannot get a debit card with your business savings. To withdraw cash, you will need to transfer it to your Live Oak business checking account first. Live Oak Bank also doesn’t allow you to deposit cash. Choose Bluevine as an alternative if you need to deposit cash into your online account.
North One: Best for Allocating Funds Using a Budgeting Tool and Accounting Software Integrations
What We Like
- Sales, payments, spending, and budgeting connected in one place
- Individual debit cards and login access provided to co-owners
- Envelopes offered to separate funds into different categories for easy budgeting
Drawbacks
- No physical locations
- Cash deposit fees
- No APY
Features
- Physical and virtual cards for each owner
- Desktop and mobile app banking
- Ability to receive unlimited ACH and domestic wire deposits
- Free bill pay
- Integration with QuickBooks, Wave, Patriot Accounting, and Zoho
- Compatible with Stripe, PayPal, Square, Shopify, Amazon, and eBay
- Ability to send paper checks from your North One account
- North One perks include discounts and free trials of business software and productivity tools
- Local customer support available through phone, email, and live chat
- Other products include lines of credit and term loans
| |
|---|---|
Required Opening Deposit | $50 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | $20 for outgoing and $0 for incoming |
Same-day ACH Fees | 1.5% fee (minimum of $1 and maximum of $15) |
ATM Fees | Cash withdrawals through Mastercard®, Maestro®, or Cirrus® ATM network |
Cash Deposited | Up to $4.95 per transaction at Green Dot retail locations
North One is now refunding third party fees for cash deposits refunding one deposit fee per month for Standard customers and up to three deposit fees per month for Plus customers.
|
APY | N/A |
Customer Service | By phone, email, or live chat during weekdays from 9 a.m. to 6 p.m. Eastern time |
Other Products | North One Plus account, business line of credit, and business term loan |
North One is a business fintech platform backed by FDIC-insured The Bancorp Bank N.A. | |
When to Choose North One Standard Account
- You need to create reserve funds for fuel costs and trucking repairs: The fintech provides a budgeting tool called Envelopes, which allows you to allocate specific funds for different business expenses.
- Truck businesses wanting to connect bank accounts with accounting software: North One’s Standard account is compatible with QuickBooks Online, Wave Accounting, Zoho Books, and Patriot Accounting among other accounting software. You can attach transaction memos, bills, and invoices and access images of deposited checks for easy cash flow monitoring and expense tracking.
- You need additional business financing: Business lines of credit and term loans for up to $250,000 are available. Same-day funding is possible, and applying will not affect your credit score. To qualify, your FICO score must be at least 620, your business operating for over 12 months, and your business cash balance should be more than $2,000.
When to Choose an Alternative
- You need in-person banking services: North One offers online-only banking services through The Bancorp Bank, N.A. If your business is cash-reliant and you need to perform in-person banking, consider opening at a traditional bank like Chase, which has nationwide branches.
TAB Bank: Best Overall Personal Bank Account with Dedicated Trucker Banking Product
What We Like
- Dedicated trucker bank account
- Full-service online bank
- Interest-earning personal checking
Drawbacks
- No physical branches
- No ATM network; bank charges $2 per transaction plus third-party fees
- No cash deposits
Features
- Personal and business checking, savings, money market accounts, and CDs offered
- Business lending products available; include accounts receivable (A/R) financing, asset-based lending, equipment financing, business term loans, lines of credit, factoring, and commercial real estate
- Ability to deposit Comcheks, T-Cheks, and Electronic Funds Source (EFS) checks by phone or online banking
- Mobile check deposits available for other check deposit types
- Extended customer service hours
| |
|---|---|
Required Opening Deposit | $25 |
Required Balance Minimum | $1 to earn interest |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | $8; waivable |
Domestic Wire Transfer Fees | $15 for incoming wire; $30 for outgoing |
International Wire Transfer Fees | Unspecified |
ATM Fees | $2 per transaction plus third-party fees |
Cash Deposited | None; bank doesn’t accept cash deposits |
APY | 0.10% on all balances over $1 |
When to Choose TAB Bank Chrome Checking
- You want a dedicated personal checking account for truckers: TAB Bank, which started as Transportation Alliance Bank in 1998, is the lone provider on this list that offers a dedicated personal checking account for truckers. It provides excellent personal and business banking accounts and services, which includes Chrome Checking, the company’s dedicated personal checking for truckers. With it, you can earn 0.10% APY on qualifying deposits.
- You need truck-specific alternative check cashing: In addition to regular mobile deposit for standard checks, TAB Bank allows you to deposit, via phone or online banking, EFS Checks, T-Cheks, A check offered through Electronic Funds Source LLC. A truck driver or fleet operator gets an issue number and a transaction number, and then EFS provides an authorization number. That authorization number is tied to a specific dollar amount. and Comcheks. Offered by Comdata, it is a way to pay motor carriers used by brokers, shippers, and factor companies. They can also be used for transportation-related expenses, like fuel, maintenance, and lumpers (someone who unloads cargo from a truck at a warehouse).
- You require trucking-friendly lending products: TAB Bank also has three lending products that work well with the trucking industry: asset-based lending, equipment finance loans, and invoice factoring for trucking businesses. These three reasons are why TAB Bank is one of the best banks for trucking companies.
When to Choose an Alternative
- You need to make cash deposits: TAB Bank doesn’t accept cash deposits. Both SoFi and Go2Bank offer cash deposits through Green Dot retail locations.
Go2Bank: Best Personal Account with Wide Availability and Easy Access to Funds
What We Like
- High interest-earning yield on savings account
- Widely available retail locations and fee-free ATMs
- No fees and minimum balance required to open an account online
Drawbacks
- Interest-earning on savings account limited to $5,000
- Unable to transfer money out of your account to external accounts
- Nonwaivable fees unless you receive direct deposits into account
Features
- Digital checking account that can be opened online or by purchasing a Go2Bank card at one of 90,000 retail locations, including 7-Eleven, CVS, Dollar General, Dollar Tree, Family Dollar, Rite Aid, Walgreens, and Walmart
- Ability to get your paycheck up to two days early
- Overdraft protection available
- Free to open the account online with no minimum deposit required
- Secured credit card product available
| |
|---|---|
Required Opening Deposit | None if done online; $20 to $500 required if opened at a retail store, plus $2.95 card purchase |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | $5; waivable |
Domestic Wire Transfer Fees | N/A |
International Wire Transfer Fees | N/A |
ATM Fees | None at over 55,000 Allpoint ATMs; $3 per transaction out-of-network plus third-party fees |
Cash Deposited | Up to $4.95 fee per transaction, available through Green Dot retail locations |
APY | N/A |
When to Choose Go2Bank Checking
- Truckers looking for a digital personal bank account that can be accessed nationwide: Go2Bank Checking is free to open online with no minimum opening deposit. If you don’t want to open an account online, you can open an account by purchasing a Go2Bank card at one of over 90,000 retail locations—including 7-Eleven, CVS, Dollar General, Dollar Tree, Family Dollar, Rite Aid, Walgreens, and Walmart. You can then deposit money into your new account at that location.
- You need an extensive ATM network for cash withdrawals: You can withdraw cash from any one of more than 55,000 Allpoint ATMs for free. However, out-of-network transactions will cost you $3 each plus third-party fees.
- You need business overdraft protection: Go2Bank covers up to $200 purchase transactions, but you need to opt-in first for overdraft protection and qualify by receiving eligible direct deposits. In case you overspend, you can rely on a backup balance.
When to Choose an Alternative
- You are trying to avoid fees for many transactions: Fees are the biggest drawback of Go2Bank, which include cash deposits, check deposits where funds are immediately available, and money transfers from a linked external debit card. Checks deposited with immediate access cost between 1% and 5% of the check amount, with a minimum fee of $5 per check. You can deposit checks for free, but funds are unavailable for 10 days. SoFi offers personal checking with almost no fees.
- You want to open an account for free in person: If you open a checking account with the Go2Bank card, you must pay a one-time purchase price of $2.95 and are required to deposit anywhere from $20 to $500 at account opening. There is a $5 monthly fee that can be waived if you set up direct deposit. Again, SoFi is a better option here with its limited fees.
SoFi: Best Personal Account with Interest-earning Checking and Savings
What We Like
- Interest-bearing checking and high-yield savings if direct deposit is set up
- No monthly and minimum balance fees
- Increased FDIC Insurance of up to $2 million
Drawbacks
- No free cash deposits
- No physical locations
- APY only applicable if you have direct deposit
Features
- Paycheck given up to two days earlier when you set up direct deposit
- No-fee overdraft coverage
- Deposits insured up to $2 million in FDIC insurance through SoFi Insured Deposit Program
- Fee-free ATM access at more than 55,000 Allpoint ATMs
- Up to $2 million in small business financing available
- Up to $300 cash bonus for qualified direct deposits (promo ends on December 31, 2024)
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fee | None |
Domestic Wire Transfer Fees | N/A |
International Wire Transfer Fees | N/A |
ATM Fees | None at more than 55,000 Allpoint ATMs; Third-party fees apply at out-of-network ATMs |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 0.5%, as long as direct deposit is set up |
When to Choose SoFi Checking
- Truckers looking for a personal account that comes with high-yield savings: When you open a SoFi personal checking account, you automatically get a savings account. If you set up direct deposit, you earn 0.5% APY on the checking balances and up to 4.6% APY on savings.
- You want fee-free personal checking: There are no account fees with SoFi, meaning no monthly or minimum balance fees and ATM fees at one of over 55,000 Allpoint ATMs. Also, there is no opening deposit requirement.
- You seek additional checking perks: Additional perks include getting your paycheck deposited into your account up to two days early and no-fee overdraft coverage up to $50. SoFi also uses partner banks to extend your FDIC insurance for up to $2 million. In addition, you can earn a cash bonus of up to $300 based on your total direct deposit amount during the direct deposit promo period. The promo ends on December 31, 2024.
When to Choose an Alternative
- You want to deposit cash for free: The only fees you’ll encounter with SoFi are with cash deposits, which can be done through Green Dot retail locations at $4.95 per transaction. This is standard with a lot of online-only banks. You will likely need to choose a traditional bank like Chase or Bank of America for fee-free cash deposits.
How We Evaluated the Best Bank for Trucking Business
When we evaluated the best bank for trucking business, we considered the following:
- Accounts that were available nationwide
- Accounts that allow for easy access to funds at branches and ATMs
- Accounts that offered both outstanding business and personal accounts
- Which accounts had no monthly fees or easily waivable monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
Other Considerations when Choosing the Best Bank Account for Small Trucking Business
There are things to consider when choosing the best bank account for small trucking businesses. Before selecting an account, consider whether the provider does the following:
- Helps you stay on budget: Banks that help you with spending controls or budgeting applications are necessary when you’re constantly on the road. And if you can find an account that earns you interest to supplement your budget, that’s a bonus.
- Has many branches or ATMs: You need to be able to access your money no matter where you go, so choose a provider that offers you either the most branch locations or the most ATMs.
- Offers excellent online or phone customer service: While you’d like to pop into a branch if something goes wrong, that’s not always possible on the road. As such, pick a provider with excellent customer service and one with help available late in the evening.
Other Products to Consider for Your Commercial Trucking Business
While you may need a business or personal checking account, there are other providers you should consider as you build or grow your trucking business. Here is a list of our buyer’s guides for products and services that can help your trucking business.
- Insurance: If you need insurance for your trucking business, check out our guide to the best semitruck insurance providers
- Employees: If you are looking for additional truck drivers, see our roundup of the leading truck driver job boards.
- Accounting: If you need software to handle the accounting for your trucking business, see our top-recommended trucking accounting software. Also, you may be interested in our key trucking company bookkeeping tips and best practices.
- Loans: If you’re looking for financing for your trucking business, check out our list of the top trucking business loans.
- Payroll: If you need payroll software for your trucking business, see our evaluation of the best payroll software for trucking companies.
- Fuel Credit Card: If you want a fuel card that has the most fueling sites available and the best rewards, see our top-recommended fuel cards for small businesses.
What You Need to Open a Bank Account
Each provider on this list may require different documentation to open an account. The documentation will differ depending on whether you are opening a business or personal account. To open a business account, you will likely need most of the following:
- EIN or Social Security number if you’re a sole proprietor
- 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
For a downloadable checklist of documents banks typically require, see our guide on how to open a business bank account.
To open a personal bank account, you will likely need most of the following:
- Name
- Address
- Date of birth
- Citizenship status
- Social security number
- Phone number
- Email address
- Driver’s License or other government identification
Frequently Asked Questions (FAQs)
If truckers are looking for a bank with business and personal accounts, Bank of America is an outstanding choice. If they want an online-only bank with business accounts, Bluevine is a great option. For an online-only personal bank account, TAB Bank works well for truckers.
Yes. Any bank that offers business loans would be an excellent choice for a trucking company. For truckers looking for business loans, choose an SBA lender. While it takes longer to close an SBA loan, you can usually qualify for larger amounts and lower interest rates than with non-SBA lenders.
To open a business bank account as a trucking company, you must choose a business account provider that works best for where your business is located or where you will be traveling. You will need identification (either an EIN or social security number), financial documents, business formation documents, and any business licenses you need. Many of these accounts can be opened completely online in minutes if you have all your paperwork ready.
Bottom Line
When considering the best bank for trucking companies, you need to decide whether you need a business or personal account. Fleet owners or owner-operators will need a business account to separate company finances from personal funds. This will prevent potential tax problems. Business banks will also have products and services to support your company.
If you are an employee, a personal account can help you access your finances no matter where your truck takes you. Many providers on this list will also help you earn interest on your savings and support you with other financial products and services.
