When choosing the best bank for the trucking business, you should pick a bank that provides business or personal checking accounts to serve the wide variety of needs of your trucking company. Fleet owners or owner-operators need a business checking provider with wide availability to provide products and services to support business operations.
Meanwhile, individual truck drivers may need a personal checking account that is accessible nationwide and can serve their personal banking needs.
Here are the six 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 on deposits and lines of credit
- TAB Bank Member FDIC. : Best overall personal bank account with dedicated trucker banking product
- Chase Member FDIC. : Best for full-service banking tools, large branch and ATM network with personal account options
- Bank of America Member FDIC. : Best business bank account for ongoing rewards, business support with personal accounts available
- 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 that want spend controls and businesses that need additional FDIC insurance
- Live Oak Bank Member FDIC. : Best for freelancers looking for a high-yield business savings
- SoFi Member FDIC. : Best personal account with interest-earning checking and savings
- Go2Bank Member FDIC. : Best personal account with wide availability and easy access to funds
Earn up to 4.25% with Bluevine Business Checking |
|
Best Banks for Trucking Business At a Glance
BUSINESS ACCOUNTS | |||||
---|---|---|---|---|---|
Account Name | Monthly Fee | Free Monthly Transactions | APY | Personal Checking Option? | |
Standard Business Checking | None | No limit | 2.0% on qualifying balances of $250,000 or less | No | |
Business Complete Banking | $15; waivable | 20 | N/A | Yes | |
Business Advantage Fundamentals Banking | $16; waivable | 200 | N/A | Yes | |
Business Checking | None | No limit | N/A | No | |
Business Checking | None | No limit | N/A | No | |
Business Savings | None | No limit | 4.0% | No | |
PERSONAL ACCOUNTS | |||||
Account Name | Monthly Fee | Free Monthly Transactions | APY | Business Checking Option? | |
Chrome Checking | $8; waivable | No limit | 0.10% | Yes | |
Checking | None | No limit | 0.5% if direct deposit is set up | No | |
Checking | $5; waivable | No limit | N/A | No | |
Bluevine: Best Overall Business Checking Account for Earning Interest on Deposits and Lines of Credit
What We Like
- Three checking options with competitive interest
- Integrates with QuickBooks
- 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
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Wise, Venmo, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit & credit card product
- Automatic transfers with sub-accounts
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
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 | 2.0% 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 an online-only business checking account: Because truck drivers are always on the go, they may prefer an online-only banking provider since they may not be near a branch all the time. Thanks to its interest-bearing business checking, online-only fintech Bluevine is a great choice for truckers. You can earn 2.0% APY with Bluevine’s Standard Business Checking on qualifying deposits.
- You want fee-free business banking with a large ATM network: Bluevine has no monthly fees, opening deposit, 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.
- You need business credit options: Bluevine offers one of the best small business lines of credit on the market and recently introduced a business credit card.
When To Choose an Alternative
- You want to make free cash deposits or open a personal account: Bluevine gives you two options to deposit cash, but both have fees attached. You can 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, Bluevine offers no personal banking products. Consider Chase as a great alternative for cash deposits and TAB Bank for online-only personal banking products.
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
- TAB Bank offers both personal and business checking, savings, money market accounts, and CDs
- Business lending products available include accounts receivable (A/R) financing, asset-based lending, equipment financing, business term loans, factoring, and commercial real estate
- Can 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 | No limit |
Monthly Fee | $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. Initially starting as a bank located in Pilot Flying J Travel Centers, TAB Bank has now expanded to offer excellent personal and business banking services. This 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 and 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.
Chase: Best for Full-service Banking Tools, Large Branch and ATM Network With Personal Account Options
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
- Does not earn interest
- Fee for cash deposits of more than $5,000 per statement period
Features
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile® app
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend 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 |
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 | Incoming: $15 Outgoing: Up to $35 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
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 two higher-tier accounts if you need more transactions or have larger cash deposits each month. Our review of Chase’s business checking accounts will allow you to choose the one best suited for your business.
- You need a wide range of personal checking options: Chase has five different personal checking accounts for truckers looking for a non-business 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 except Secure Banking have monthly fees that can be waived. Secure Banking has a $4.95 monthly fee.
When To Choose an Alternative
- You want a business checking account without a monthly fee: While Chase’s monthly fee is very waivable, you may prefer a business checking account with no monthly fee. Bluevine is a great option for business checking without a monthly fee.
Bank of America: Best Business Bank Account for Ongoing Rewards & Other Business Support Services With Personal Accounts Available
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
Drawbacks
- Doesn't earn interest
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- 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
- 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 | Incoming: $15 Outgoing: $30 |
International Wire Transfer Fees | Incoming: $15 Outgoing: $45 |
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 Fundamentals Banking
- You want business checking with low cash deposit fees and great ongoing rewards: Bank of America and its Business Advantage Fundamentals 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 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. For truckers on the go, Bank of America offers nearly 4,000 branches in 37 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 preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on Business Advantage savings accounts. It also has excellent software integrations and a wide range of additional business products. These include savings, CDs, lending products, 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
- Integrates with other business tools, such as QuickBooks, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH 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 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 |
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 | Up to $7 refunded each month |
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 who want 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 faster than other providers. 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.
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 That Want Spend Controls & Businesses That Need Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $500,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Physical checkbooks unavailable
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury product if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checkbooks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital and venture debt, and credit card
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 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. In addition, you can pay vendors and employees through ACH, wires, checks, and foreign exchange and can withdraw money from one of over 55,000 Allpoint network ATMs for free.
- A larger trucking business looking for additional FDIC insurance or interest earning potential: Mercury’s offers a product called Vault, 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 5.43% on your reserves.
- You are looking for venture debt or credit card options: Mercury offers a venture capital debt program, which has raised $1.7 billion in funding, supporting over 630 startups in 32 countries. Mercury also offers the Mercury IO Mastercard, which can help you earn a bonus with a new account. Read our review of Mercury IO Mastercard to learn more about the product.
When To Choose an Alternative
- You need to make cash deposits or need personal accounts: Mercury does not support cash deposits and does not offer any personal banking products or services. Bluevine is an online fintech that allows cash deposits, while TAB Bank offers both business and personal accounts.
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
- Checking product no longer available
- 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 | No limit |
Monthly Fee | None |
Domestic Wire Transfer Fees | None for incoming; $19 for outgoing |
International Wire Transfer Fees | Unspecified |
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 | 4.0% |
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, 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 4.0% 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, and commercial 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.
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 up to $2 million
Drawbacks
- No free cash deposits
- No physical locations
- APY only applies if you have direct deposit
Features
- Get your paycheck up to two days earlier when you set up direct deposit
- No-fee overdraft coverage
- Get up to 15% cash back at local establishments when you pay with your SoFi debit card
- Deposits insured up to $2 million in FDIC insurance
- Fee-free ATM access at more than 55,000 Allpoint ATMs
Required Opening Deposit | None |
Required Balance Minimum | No minimum |
Transaction Limit Before Fees | No limit |
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. There is no-fee overdraft coverage up to $50. SoFi also uses partner banks to extend your FDIC insurance up to $2 million. In addition, you can earn up to 15% cashback when shopping at local retailers. Once you open an account, you’ll become a SoFi member. This can earn you additional rewards, which include financial and estate planning.
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.
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 is limited to $5,000
- Can’t transfer money out of your account to external accounts
- Fee cannot be waived 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
- 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 | No limit |
Monthly Fee | $5; waivable |
Domestic Wire Transfer Fees | N/A |
International Wire Transfer Fees | N/A |
ATM Fees | None at more than 55,000 Allpoint ATMs; $3 per transaction out-of-network plus third-party fees |
Cash Deposited | $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.
When to Choose an Alternative
- You are trying to avoid fees for many transactions: Fees are the biggest drawback of Go2Bank. Many transactions will cost you, including 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 also 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 open. There is a $5 monthly fee for the account, which is waived if you set up direct deposit. Again, SoFi is a better option here with its limited fees.
How We Evaluated the Best Bank for Trucking Business
When we evaluated the best bank for trucking business, we considered
- 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 business. Before selecting an account, consider whether the provider
- 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. Therefore, 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 semi-truck 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
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.