13 Best Small Business Checking Accounts 2020

The best small business checking account will give owners an opportunity to avoid a monthly maintenance fee by setting low minimum balance requirements. They also allow hundreds of free monthly transactions and cash deposits. The best business checking account for you may come from an online bank—or one that operates thousands of branches.

Fit Small Business Uses Bank of America

Fit Small Business has used Bank of America for its business checking for six years. New clients will qualify for a cash bonus of $450 when they open a small business checking account, set up bill pay, and use a small business Bank of America credit card.

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Chase Bank: Overall Best Small Business Bank Account

Chase Bank operates nearly 4,900 branches, 16,000 ATMs, an easy-to-use website, and a great mobile app, making it an excellent option whether your small business relies on a physical location or does most of its banking online. It offers a competitive fee structure, unlimited cash deposits, and you can open an account with no minimum deposit. First-time Chase Total Business Checking account holders can receive a $200 bonus for opening a new account.

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13 Best Small Business Checking Accounts January 2020

For more details on how we evaluate small business checking accounts for this list, see our methodology.

Chase Bank: Best Overall Small Business Checking Account

Chase Bank offers one of the largest networks of all business checking accounts, giving you access to 16,000 ATMs and nearly 4,900 branches nationwide. Chase Total Business Checking requires no minimum deposit to open an account, and your fees could be as low as $0 if you have $500 in monthly deposits or a daily balance of at least $1,500.

The requirements to earn free checking are lower with Chase than with any other best bank for small business. This is also our top pick for the best free business checking account.

Who Chase Bank Is Best For

Chase Bank can offer the best checking solution for any business with convenient access to one of its branches or ATMs. Chase offers unlimited cash deposits—free up to $5,000 in deposits each month—which makes it the best option for businesses that make many cash deposits or that need a branch to conduct transactions. Plus, it offers one of the best fee structures overall and checking solutions for businesses of all sizes.

Chase Bank Introductory Offer

First-time account holders can earn a $200 bonus when opening a business bank account with Chase. That’s a slightly smaller bonus than some other banks on our list offer.

To qualify, business owners will need to do the following:

• Deposit $1,000 within 20 business days of account opening
• Maintain a $1,000 average daily balance for 60 days
• Make at least five qualifying transactions from the business checking account within 60 days

Because the monthly fee is waived with a minimum daily balance of $1,500, you should have no problem also receiving the bonus if you’re already able to get the fee waived. Compare these requirements to Bank of America, which requires account holders to make a minimum deposit, use a bank credit card, and pay bills online.

Chase Bank Fees

• Monthly fee: $15; waived if you have a minimum daily balance of $1,500 or you maintain a linked Chase Private Client Checking or Chase Sapphire Checking personal account or $12 if you opt for paperless statements
• Transaction fee: 40 cents per transaction after your first 100 transactions each month made with a teller, incoming wires, and all debits; no charge for electronic deposits and deposited items made via ATM, automated clearing house (ACH), and Chase QuickDeposit
• Cash deposit fees: $2.50 per $1,000 after the first $5,000 in cash deposited each month
• ATM fee: $2.50 per transaction at any non-Chase ATM in addition to ATM operator fees, plus free access to more than 16,000 ATMs nationwide
• Domestic incoming wires: $15 per transfer at a Chase branch or $0 if the transfer was sent by using Chase.com or the mobile app
• Domestic outgoing wires: $35 per transfer at a Chase branch or $25 per transfer via Chase.com or Chase mobile
• International incoming wires: $15 per transfer or $0 if the transfer was sent via a Chase banker or by using Chase.com or the mobile app
• International outgoing wires: $50 if a banker helps you send a wire; $40 if you complete the transfer via Chase.com or the mobile app

Chase Bank offers one of the best fee structures among the best small business checking accounts we’ve researched. This account keeps fees in check for small businesses, helping owners get the solution they need without having to overpay for it.

Bank Network for Chase Bank

The Chase Total Business Checking account offers the best network when you take into account its flexibility. Chase Bank has more than 16,000 ATMs where you can withdraw cash and deposit checks. The bank also has nearly 4,900 branches in 29 states that can help small business owners with any banking need they have.

Chase Bank Additional Features

According to Chase Bank reviews, Chase Total Business Checking account offers excellent integrations with the leading accounting software like QuickBooks. Additionally, Chase Bank offers a mobile finance app that lets business owners deposit checks online, check their account balances, pay bills, and make transfers. In addition to its checking account, business owners can also choose from several Chase business credit cards.

What Chase Bank Is Missing

Chase Bank branches are typically found in major markets, so it may be hard to find a Chase branch in smaller markets. Chase also limits free transactions to 100 per month. Still, Chase offers the best small business checking account with a low monthly fee. It’s easy to meet the requirements to waive that fee.

Bank of America: Best Bank for Small Businesses for Cash Deposits

Bank of America offers a business checking account that is comparable to Chase business checking. It is best for businesses that are near the more than 4,300 physical branches and about 16,000 ATMs nationwide. Its network offers unique advantages like your ability to make deposits directly at every ATM.

Who Bank of America Is Best For

Bank of America is a good fit for any business that makes significant monthly cash deposits. Pay 30 cents per $100 after the first $7,500 each month. You’ll start paying for cash deposits with Chase after $5,000 in deposits each month. If Bank of America is more convenient for you than Chase, then we recommend going with Bank of America.

Bank of America Introductory Offer

• $100 if you deposit $1,000 within 60 days of opening your small business bank account
• $50 if you pay at least two bills through online bill pay within 60 days
• $300 if you apply for and are approved for a Bank of America small business credit card, and you make $3,000 in purchases within 90 days of account opening

The Bank of America Business Fundamentals account offers a $450 bonus for first-time business checking account users. To qualify, you must meet certain minimum initial deposits, pay bills online, and obtain a Bank of America business card.

Bank of America Fees

• Monthly fee: $14 to $18, depending on the state in which your business is based; waived if you meet certain criteria
• Transaction fee: 45 cents per transaction after the first 200 transactions each month
• Cash deposit fee: 30 cents per $100 after the first $7,500 each month
• ATM fee: $2.50 per transaction on out-of-network ATMs, in addition to operator fees, plus free access to more than 16,000 ATMs nationwide
• Domestic incoming wires: Fees vary; see your banker
• Domestic outgoing wires: Fees vary
• International incoming wires: Fees vary
• International outgoing wires: Fees vary

Bank of America’s fees are comparable to most other large banks offering business checking accounts. It isn’t the most affordable, but its fee structure isn’t a deal-breaker, either. Even though the monthly fee may be higher than Chase, Bank of America gives you plenty of opportunities to get your monthly fee waived. Most businesses will be able to put $250 of their monthly expenses on their debit card, which will make the business checking free.

Ways you can get your Bank of America monthly fee waived include:

• Spend $250 on net purchases with your Bank of America business debit or credit card
• Maintain an average monthly balance of $5,000 or more
• Maintain a minimum daily balance of $3,000 for every day during the month
• Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts

Bank of America Bank Network

The Bank of America Business Fundamentals checking account has a comparable network to Chase. Bank of America has more than 16,000 ATMs across the nation, all of which have full capabilities for deposits and withdrawals. Bank of America also has more than 4,300 branches, slightly fewer than Chase Bank operates.

Bank of America Additional Features

The Bank of America Business Fundamentals account can integrate with accounting companies like FreshBooks. Bank of America also has a mobile app that can be used to deposit checks, watch accounts, make transfers, and pay bills. These features are similar to what Chase offers its small business checking account holders.

What Bank of America Is Missing

Bank of America has a giant branch network but, like the other biggest banks on our list, it doesn’t have a footprint in all states, according to Bank of America reviews. There are 13 states with no Bank of America branch, most of which are in the South and Midwest. Still, Bank of America has the best small business checking account if you deposit up to $7,500 in cash monthly.

Capital One: Best Checking Account for Unlimited Transactions

Capital One offers a low-cost business checking account—a $15 monthly fee—that’s best for owners who make many transactions per month as there is no transaction fee. Although it offers a network of more than 39,000 ATMs nationwide, Capital One has around 750 physical branch locations across eight states—far fewer than other large banks on our list.

Who Capital One Is Best For

Capital One Spark Business Basic Checking is a great fit for businesses that need a low-cost checking account. You’ll pay $15 a month with several options to waive that fee, and there are no transaction fees. Ecommerce or online-based businesses may favor this account since deposits can be made electronically.

Capital One Introductory Offer

You may be targeted for a $100 or higher bonus based on the market in which your business operates, but you must visit a branch to apply. Branches are located in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C.

Capital One Fees

• Monthly fee: $15; waived if you maintain a $2,000 minimum 30- or 90-day average balance or if you have two other Capital One accounts
• Transaction fee: None
• Cash deposit fee: $0 for the first $5,000 in monthly deposits; $1 for every $1,000 deposited after that
• ATM fee: Free access to more than 39,000 Allpoint ATMs nationwide
• Domestic incoming wires: $15
• Domestic outgoing wires: $25
• International incoming wires: $15
• International outgoing wires: $40

Capital One charges no monthly fees if you maintain a balance of $2,000, and it allows for an unlimited number of monthly transactions. Other banks offer a limited number of free transactions. PNC Bank, for example, charges 50 cents per transaction after the first 150 transactions each month.

Capital One Bank Network

The Capital One Spark Basic Business Checking account has the largest overall network, but the fewest physical branch locations. Capital One boasts more than 39,000 in-network ATMs that don’t charge a service fee, but it only has around 2,000 ATMs that accept deposits. Plus, Capital One only has about 750 national branches, which is fewer than other big banks.

Capital One Additional Features

The Capital One Spark Basic Business Checking account can integrate with top accounting software like Xero. Capital One also has a mobile app that a business owner can use to deposit checks, track their accounts, pay bills, and make transfers. What’s more, business owners who want to open a credit card and checking account with the same bank can apply for a Capital One business credit card.

What Capital One Is Missing

If you aren’t comfortable handling most or all of your banking online, Capital One reviews indicate this may not be the right provider for you if you’re not located near a physical branch. The bank’s branch network is small—eight states—compared with other big banks. Capital One has the best business bank account for unlimited transactions and offers access to a vast network of ATMs.

Note: Capital One currently requires a branch visit to complete an application.

U.S. Bank: Best Small Business Checking Account for Limited Transactions

U.S. Bank’s free business checking option, the Silver Business Checking package, is best for businesses looking for a free account that make fewer than 150 transactions per month. Few banks on our list offer a fee-free option with no requirements. U.S. Bank offers an extensive network of more than 3,000 physical branch locations and more than 5,000 ATMs in 28 states.

Who U.S. Bank Is Best For

U.S. Bank is one of the best banks for small businesses for owners that make fewer than 150 transactions a month as you’ll pay 50 cents per transaction after that. Compare that to Bank of America, which offers 200 free transactions. U.S. Bank also is a good fit if its branches and ATMs are geographically convenient to your business.

U.S. Bank Introductory Offer

U.S. Bank offers a 50% discount on your first check order up to $50, regardless of how long it takes you to order your first checks. It also offers the following introductory offers for business checking account holders:

• 50% discount for you on a U.S. Bank Gold Personal Package checking account
• An undisclosed bonus rate on a U.S. Bank Platinum Business Money Market account

These offers aren’t nearly as lucrative as what other banks offer. Bank of America, for example, offers a $450 bonus on its Bank of America Business Fundamentals account for first-time business checking account users.

U.S. Bank Fees

• Monthly fee: None
• Transaction fee: 50 cents per transaction after the first 150 transactions each month
• Cash deposit fee: No fee on the first $2,500 in cash deposits each month
• ATM fee: No charge for out-of-network ATMs, although operator fees apply, plus free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs
• Domestic incoming wires: $20
• Domestic outgoing wires: $30
• International incoming wires: $25
• International outgoing wires: $50

U.S. Bank reviews show the bank offers a very competitive fee structure for all of its business checking account options, but the free business checking it offers tops all of the banks with branches in multiple states. Chase, for example, doesn’t offer a totally free checking account as you have to meet deposit requirements to earn a waived monthly fee.

Bank Network for U.S. Bank

U.S. Bank has a large network nationwide, but it’s not as big as Chase or Bank of America. U.S. Bank has 3,000-plus physical branch locations and more than 5,000 ATMs for you to access for either withdrawals or deposits. U.S. Bank also has free access to the MoneyPass ATM network, which gives its business account holders free ATM withdrawal access at 25,000-plus ATMs nationwide.

U.S. Bank Additional Features

• Access to ADP Payroll: Get direct access from your bank account dashboard
• Access to Viewpost: Take advantage of digital invoicing and payment systems, which are integrated into your online dashboard
• Mobile app: Oversee all of your accounts, move money between accounts, and deposit checks online

Like U.S. Bank, Comerica Bank also offers payroll processing. Most banks, including Chase and Bank of America, offer mobile apps that allow for remote check deposits.

What U.S. Bank Is Missing

U.S. Bank limits free accounts to minimal monthly activity, so if you need to make more than 150 transactions per month, look to another account like the Bank of America small business checking. It also doesn’t disclose its fee for additional cash deposits before you go through the application process, so be sure to ask as you go through the application process.

Note: You cannot apply online for a U.S. Bank business checking account. You must contact a U.S. Bank specialist via telephone or online form, or you can walk into any of its nationwide branches.

PNC Bank: Best Business Bank Account for Introductory Savings

PNC Bank’s business checking account is best for small businesses looking for cost savings in the first few months. You can open an account with as little as $100, and PNC will waive your monthly maintenance for the first three months. While it doesn’t have as many physical locations as other banks on this list with more than 2,400 branches in 21 states, its ATM network is 6,000 strong.

Who PNC Bank Is Best For

PNC Bank offers a competitive checking account that is a good fit for small businesses that want an initial price break. You’ll pay nothing for the first three months, and then $10 per month after that, although you can have the fee waived when you meet certain conditions. It has a wide enough network to be competitive with each best bank for small businesses on our list.

PNC Bank Introductory Offer

PNC introductory offers change regularly. The current offer is $200 when you open a PNC Business Checking account. This offer is valid if you apply online or get a coupon to apply at a branch. You must maintain minimum balances and debit card transactions to qualify. That’s less than the $450 offered by Bank of America but matches the $200 bonus that Chase offers.

PNC Bank Fees

• Monthly fee: $10 per month; waived when you meet certain conditions
• Transaction fee: 50 cents per transaction after the first 150 transactions each month
• Cash deposit fee: 25 cents per $100 deposited after $5,000 in monthly deposits
• ATM fee: $3 out-of-network fee
• Domestic incoming wires: $12.50
• Domestic outgoing wires: $78
• International incoming wires: $20
• International outgoing wires: $110

PNC Bank’s fees are very competitive with similar checking accounts from each best bank for small business on our list, and it leads the way with larger businesses through its Business Checking Plus account. The fees disclosed here are for introductory business checking accounts and are comparable with other accounts covered in this article.

PNC will waive the monthly fee for the first three months of your account being open. After the introductory period expires, the bank will waive the monthly fee if you meet one of three waiver requirements:

• Maintain a linked PNC merchant services account and deposit at least $500 in card payment proceeds into your PNC business banking account
• Make $500 or more in purchases with your linked PNC business credit card
• Maintain a minimum average monthly balance of $500

Bank Network for PNC Bank

PNC has a network of more than 2,400 physical bank locations in 21 states and Washington, D.C., and 6,000-plus ATMs. It’s not as large as some of the other national banks in this article, but it’s a good fit for large businesses that either primarily operate in a single geographic location or online.

PNC Bank Additional Features

PNC Bank offers several additional features that are only available on the Business Checking Plus account at $20 per month like cash flow insight for your receivables and payables. It also offers every business checking account holder the ability to manage its entire banking process online through its mobile banking app, including depositing checks as well as free online bill pay. These features are similar to what you’ll find with Bank of America and Chase.

What PNC Bank Is Missing

PNC Bank reviews agree that PNC offers a good small business checking account option with low fees but has a smaller bank network than many banks on this list. If you need access to physical bank branches and aren’t located in one of the 21 states plus Washington, D.C., where PNC has branches, it may not be right for you. Still, the bank offers a good small business checking account option with low fees.

TIAA Bank: Best Small Business Checking Account for Online Banking

Because it has no branch network, TIAA Bank is best for businesses that are comfortable with online-only banking. Plus, you’ll receive an excellent introductory interest offer. You’ll pay few fees on this bank’s Small Business Checking Account and earn 1.21% annual percentage yield (APY) for the first 12 months on deposits up to $250,000. This is our top pick for the best online business checking account.

Who TIAA Bank Is Best For

TIAA Bank, formerly known as EverBank, is best for businesses that don’t need brick-and-mortar service or to make numerous cash deposits. TIAA Bank operates several branches in Florida but is primarily an online bank. It offers nationwide reimbursements for ATM use if you maintain a minimum balance of at least $5,000.

TIAA Bank is an ideal bank for small business because it offers the same number of free monthly transactions as Bank of America, but you don’t have to maintain account minimums to earn free checking.

TIAA Bank Introductory Offer

TIAA Bank doesn’t offer a standard introductory bonus. Instead, you’ll receive an introductory APY for the first year after account opening. TIAA Bank pays 1.21% APY on balances up to $250,000. After your first year, you’ll earn the following:

• 0.20% APY on balances below $10,000
• 0.36% APY on balances between $10,000 and $24,999.99
• 0.41% APY on balances between $25,000 and $49,999.99
• 0.51% APY on balances between $50,000 and $99,999.99
• 0.61% APY on balances between $100,000 and $10 million

TIAA Bank Fees

• Monthly fee: None
• Transaction fee: 25 cents each after the first 200 transactions in a month
• ATM fee: None, provides reimbursements if you maintain a balance of at least $5,000
• Domestic incoming wires: $0
• Domestic outgoing wires: $25
• International incoming wires: $0
• International outgoing wires: $35

For balances of less than $5,000, TIAA Bank will reimburse up to $15 in ATM fees per month. You can deposit up to 50 checks per month for free. If you need to make more check deposits each month, the bank recommends a monthly remote deposit capture service that costs $35. Because of these limitations, this account is best suited to ecommerce businesses and companies that don’t handle many cash transactions.

TIAA Bank Network

TIAA Bank, which is based in Jacksonville, Florida, operates 14 branches, according to the Federal Deposit Insurance Corporation (FDIC). It is primarily an online bank with no in-network ATMs. Instead, TIAA Bank will reimburse account holders for all ATM fees as long as they maintain an average daily account balance of at least $5,000. If you won’t have a daily balance of $5,000 and need access to free ATMs, Azlo provides 55,000 fee-free ATMs.

TIAA Bank Additional Features

TIAA Bank reviews show the bank also offers money market accounts, certificates of deposit (CDs), investment services online, and remote deposit capture. You also can take advantage of payment processing services. Most of the other banks on our list offer similar accounts and services.

What TIAA Bank Is Missing

TIAA Bank doesn’t offer many branches or in-network ATMs. This can prove difficult for businesses that rely on cash transactions. However, TIAA Bank will reimburse all ATM fees if you maintain an average minimum daily account balance of at least $5,000.

Wells Fargo: Best Business Bank Account for Scalability

Wells Fargo offers a small business bank account that’s best for businesses to grow with because of the bank’s additional services. It has one of the largest networks with more physical branches than each best bank for small business on our list at more than 5,600, and Wells Fargo’s Simple Business Checking account at $10 is less expensive than what Chase offers.

Who Wells Fargo Is Best For

Wells Fargo can likely meet your needs regardless of the size of your business and, because of the numerous additional financing and investment services that Wells Fargo provides, it’s better than most other banks at helping growing businesses. You can upgrade your business checking easily as your needs increase in both monthly transactions and deposits.

Wells Fargo Introductory Offer

Wells Fargo occasionally offers in-branch bonuses for opening new business checking accounts. See your nearest branch for details. The bank does not currently offer a sign-up bonus through its website. Many of the other banks on our list do, including Bank of America, which offers up to $450 when you open a new account.

Wells Fargo Fees

• Monthly fee: $10 per month; waived if you maintain a $500 average daily balance
• Transaction fee: 50 cents per transaction after the first 50 transactions each month
• Cash deposit fee: 30 cents per $100 deposited after $3,000 in monthly deposits
• ATM fee: $2.50 per withdrawal at out-of-network ATMs in addition to ATM operator fees; however, there is no charge for using any of the 13,000-plus ATMs in the Wells Fargo network
• Domestic incoming wires: $15
• Domestic outgoing wires: $30
• International incoming wires: $16
• International outgoing wires: $45

Its fees are not as competitive as others with its introductory business bank account. However, its fee structure improves for larger businesses with upgraded business checking accounts.

Wells Fargo Bank Network

The Wells Fargo banking network is competitive with both Chase and Bank of America with more than 5,600 physical branch locations and 13,000-plus ATMs nationwide. It has physical locations in 42 states and offers banking solutions to any business nationwide.

Wells Fargo Additional Features

• Card Design Studio: Puts your business logo and tagline on your debit card
• Wells Fargo mobile: You can manage your entire bank account from your mobile phone
• Zero liability protection: Wells Fargo reimburses you for any unauthorized debit card or ATM transactions if you report them promptly

Like other banks on our list, Wells Fargo offers a robust mobile experience that includes remote check deposits. No other bank on our list allows the debit card personalization that Wells Fargo offers.

What Wells Fargo Is Missing

Wells Fargo reviews agree the Simple Business Checking account is fine for new businesses that don’t need to make frequent transactions, but the account could become costly for businesses that make more than $3,000 in cash deposits each month. The bank’s other choices are Business Choice Checking, which allows $7,500 in free deposits with a $14 monthly fee and Platinum Business Checking, which allows $20,000 in deposits at a $40 fee.

Azlo: Best Small Business Checking Account for Avoiding Fees

Azlo is best for small business owners who hate paying checking account fees. It charges no transaction, ATM, or monthly fees. Because the bank has no branches, however, you can’t make cash deposits or outgoing wires.

Who Azlo Is Best For

Azlo is ideal for small business owners that operate a primarily cashless business. Because you can’t make cash deposits, this isn’t a good account for someone who owns a retail operation that deals with both cash and electronic transactions.

Azlo Introductory Offer

Azlo does not offer a cash bonus or other incentive for opening a new small business checking account. Many of the other banks on our list offer sign-up bonuses, including Chase, which offers new business checking account customers a $200 cash bonus.

Azlo Fees

• Monthly fee: None
• Transaction fee: None
• Cash deposit fee: Cash deposits aren’t accepted
• ATM fee: None at 55,000 BBVA Compass or Allpoint ATMs
• Domestic incoming wires: None
• Domestic outgoing wires: Outgoing wires not available
• International incoming wires: None
• International outgoing wires: Outgoing wires not available

This is potentially the cheapest small business checking account on our list. But it loses some points because its level of service is less than other banks on our list. Most other banks offer outgoing wires and accept cash deposits. If your business is dependent on cash transactions, this isn’t the right bank account for you. Consider a bank like Bank of America, which allows up to $7,500 in cash deposits for free each month.

Azlo Bank Network

Azlo is an online-only subsidiary of BBVA, which has a very large digital bank network but relatively few bank branches. Azlo customers bank exclusively online but do have access to about 55,000 ATMs through Allpoint.

Azlo Additional Features

Azlo offers mobile deposits, free mobile banking, online banking, and bill pay. Account holders get a free Azlo Visa debit card to use for transactions and at ATMs. Other banks on our list offer similar benefits to business checking account holders.

What Azlo Is Missing

Azlo offers access to a huge number of ATMs but no real branches. Even its parent company, BBVA, only has about 670 branches spread across seven states, including Texas. Azlo reviews indicate customers are also expected to handle banking electronically, so conducting cash transactions can be difficult. Even though it’s affiliated with BBVA, you cannot use those branches for service. Most other banks on our list have at least a small branch network.

First Internet Bank: Best for Opening Multiple Online Accounts

First Internet Bank is best for business owners who want to open a business savings account at the same bank where they have their checking account. Its small business checking account is free and pays 0.70% APY on balances of at least $10,000. What’s more, the bank’s business savings account pays up to 1.36% APY based on your account balance. However, it’s an online-only bank so that you won’t have access to physical branch locations.

Who First Internet Bank Is Best For

First Internet Bank is best for businesses that don’t need to visit physical branch locations and want to open multiple accounts. This online-only bank offers a business checking account that pays 0.70% APY on balances of at least $10,000 and a business savings account that pays up to 1.36% APY. Additionally, through its small business checking account, you can make unlimited transactions while paying no monthly account fee.

First Internet Bank Introductory Offer

First Internet Bank doesn’t offer an introductory bonus like other banks on our list, including Chase Bank and Bank of America. However, it does pay 0.70% APY on balances of at least $10,000 from the second you open your account.

First Internet Bank Fees

• Monthly fee: None
• Transaction Fee: None, allows for unlimited transactions
• ATM fee: None
• Outgoing wire transfer fee (domestic): $20
• Outgoing wire transfer fee (international): $50
• Incoming transfers: $15
• Stop payment fee: $30

When you open an account with First Internet Bank, you’ll pay no monthly fee. There is also no minimum balance requirement to maintain the account. Unlike most banks on our list, First Internet Bank offers unlimited transactions every month.

Bank Network for First Internet Bank

First Internet Bank is an online-only bank. This means it doesn’t offer physical branch locations, which doesn’t make it a good choice for businesses that handle a lot of cash on hand. Additionally, it doesn’t provide any in-network ATMs for its account holders. You can use any ATM with your First Internet Bank debit card, but the bank only provides reimbursements up to $10 per month.

First Internet Bank Additional Features

Along with First Internet Bank’s small business checking account, you may also want to open other accounts with the bank. For example, First Internet Bank also offers various business bank accounts, which include savings, money markets, and CDs. We rank its savings accounts as one of the best business savings accounts because it pays up to 1.36% APY, depending on your account balance.

What First Internet Bank Is Missing

First Internet Bank reviews show that its small business checking account offers an APY, but you’ll need to maintain a balance of at least $10,000 to earn it. If you can’t meet those requirements but want to earn interest, consider another bank like TIAA Bank. That account pays 0.21% to 0.60% APY, depending on your account balance.

BBVA Compass: Best Checking Account for Sole Proprietors

BBVA Compass is best for sole proprietors because it offers one of the best free small business checking accounts with no monthly fee and no minimum monthly balance. BBVA Compass also offers free access to more than 39,000 ATMs nationwide, but only has about 650 branches in seven states, which is a much smaller footprint compared to other banks on our list.

Who BBVA Compass Is Best For

The BBVA Compass Business Connect Checking is the best business checking account if you’re a sole proprietor and want a low-cost account with limited transactions. BBVA Compass is also ideal if you live near one of its branches or don’t require access to a physical branch for business banking.

BBVA Compass Introductory Offer

BBVA Compass does not currently have any introductory offers. Most of the other banks on our list do. Chase offers new account holders a $200 cash bonus after meeting minimum deposit requirements.

BBVA Compass Fees

• Monthly fee: None
• Transaction fee: Limits the number of in-branch deposits per month to two, after which there’s a fee of $4 per in-branch deposit; in-branch withdrawals are limited to five per month, after which there’s a fee of $1 per in-branch withdrawal
• Cash deposit fee: 0.003 of a cent per dollar of cash deposited after the first $5,000 in cash deposited in a month
• ATM fee: Doesn’t charge a fee for out-of-network ATMs and offers free access to more than 43,000 Allpoint ATMs nationwide
• Domestic incoming wires: $15
• Domestic outgoing wires: $30
• International incoming wires: $15.75
• International outgoing wires: $50

BBVA Compass’ fees are very competitive for those business owners who qualify for an account. BBVA Compass does not charge monthly maintenance fees, no ATM fees, and has no minimum account balance. Citizens Bank offers a similar fee-free account.

BBVA Compass Bank Network

BBVA Compass has one of the smallest networks of physical branches on this list with 650 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. However, clients have free access to BBVA Compass ATMs and more than 43,000 Allpoint ATMs nationwide.

BBVA Compass Additional Features

• Free digital banking
• No monthly fees or minimum balance
• No BBVA fees at any ATMs
• Remote deposit available

BBVA Compass is most similar to Citizens Bank, which also charges no monthly fees, nor does it require a minimum balance.

What’s BBVA Compass Is Missing

BBVA Compass reviews indicate the bank has very few branches, which are in only seven states and severely limits free in-branch transactions each month. Still, this is one of the best business bank accounts for no monthly fee and few additional costs. Only sole proprietors may apply for the BBVA Compass Business Connect Checking account online.

Citizens Bank: Best Account for 200 Monthly Transactions

Citizens Bank is best for small businesses that need to make 200 transactions or fewer each month. Its Clearly Better Business Checking account charges no monthly fee, has no minimum balance requirement, and offers 200 free transactions each month. Headquartered in Rhode Island, Citizens Bank operates in eight states but provides banking services to more than 5 million customers nationwide.

Who Citizens Bank Is Best For

Citizens Bank is ideal if you’re located near one of its branches and want a low-cost account for handling up to 200 transactions per month. Citizens Bank also has one of the best small business checking accounts if you aren’t sure whether you’ll maintain a minimum balance required by other banks on this list.

Citizens Bank Introductory Offer

Much like PNC Bank and BBVA Compass, Citizens Bank doesn’t currently have an introductory offer. Other banks on our list do, including Bank of America, which offers up to $450 when you open a new small business checking account.

Citizens Bank Fees

• Monthly fee: None
• Transaction fee: 50 cents per transaction after the first 200 transactions each month
• Cash deposit fee: $2.50 per $1,000 deposited or withdrawn after the first $5,000 each month
• ATM fee: $3 for all non-Citizens Bank ATMs, plus operator fees, and free access to more than 3,100 ATMs
• Domestic incoming wires: $10
• Domestic outgoing wires: $20
• International incoming wires: $12; $10 in foreign currency
• International outgoing wires: $35; $10 in foreign currency

Although its banking products aren’t available everywhere, Citizens Bank’s fees are extremely competitive compared with other banks on this list. In addition to no monthly fee, Citizens Bank has no minimum initial deposit and no required minimum balance.

Bank Network for Citizens Bank

Citizens Bank is only present in eight states: Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. Citizens Bank has one of the smaller bank networks on this list with about 1,100 branches at 3,100 ATMs. While customers can also access Citizens Bank accounts using out-of-network ATMs, there are fees for doing so.

Citizens Bank Additional Features

• Funds post same-day for after-hours deposits until 10 p.m.
• Free notary public service
• Mobile deposit

Like the bigger banks such as Chase and Bank of America, Citizens Bank offer mobile check deposit services. It does not offer the same level of accounting software integration as Bank of America does.

What Citizens Bank Is Missing

Citizens Bank reviews show the bank has one of the smaller bank networks on this list. It also limits businesses to 200 free transactions per month, compared to Capital One, which has unlimited free transactions. This is one of the best business checking account providers for no monthly fee and no minimum balance.

TD Bank: Best for Businesses With Canadian Operations

TD Bank offers low-cost small business checking accounts at $10 per month that are best for companies with Canadian operations. The bank has branches along the East Coast and in every Canadian province. TD offers low-cost small business checking accounts that have no minimum balance and easy access to ATMs across the United States and Canada.

Who TD Bank Is Best For

TD Bank is great for small companies that want a low-cost checking account and easy account access in both the US and Canada because the bank offers branches in 15 US states and every Canadian province. TD is also ideal for companies that have additional needs outside small business checking, including investment services.

TD Bank Introductory Offer

Like Citizens Bank and BBVA Compass, the TD Business Simple Checking account does not come with an introductory bonus. Other banks on our list do, including Chase, which offers a $200 cash bonus to new business checking account customers.

TD Bank Fees

• Monthly fee: $10; no way to waive the fee
• Transaction fee: 75 cents per transaction after the first 200 transactions each month
• Cash deposit fee: 20 cents per $100 deposited after the first $5,000 deposited each month
• ATM fee: $3 per transaction or balance inquiry for any out-of-network ATM, plus operator fees, and free access to more than 2,500 ATMs across the US and Canada
• Domestic incoming wires: $15
• Domestic outgoing wires: $25
• International incoming wires: $15
• International outgoing wires: $40

While TD Bank has a lower monthly fee than many banks on this list, there is no way to have this fee waived. However, TD Bank is currently offering to waive monthly fees for a premier checking account if you take out a business loan.

Bank Network for TD Bank

TD Bank has one of the smaller bank networks on this list, with about 1,250 branches and 2,500 ATMs across 15 East Coast states, Washington, D.C., and in every Canadian province. It has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia.

TD Bank Additional Features

• Online banking
• Free mobile banking
• Most branches are open seven days per week
• Branches and ATMs in the US and Canada
• Mobile deposit

Branch access is greater with TD Bank than with other banks on our list because it keeps its branches open seven days per week. TD Bank also has more Canadian branches than any other bank on our list.

What TD Bank Is Missing

TD Bank reviews show the bank doesn’t have as many branches or ATMs as many of the banks on this list. It also charges a monthly fee for basic business checking that can’t be waived. Still, it has one of the best small business checking accounts for businesses that do a lot of business in Canada or would like access to additional investment services.

Comerica Bank: Best Business Bank Account for Limited Cash Deposits

Comerica Bank is best for businesses that can conduct their banking business online because of its restrictions on free transactions and cash deposits. There is no monthly fee, but you’ll pay for transactions above 75 each month. While Comerica Bank is a smaller bank, it offers very cost-effective small business checking accounts as well as payroll processing and other features.

Who Comerica Bank Is Best For

Comerica Bank’s Basic Business Checking is ideal if you can do much of your banking online, and you don’t have many transactions. You’ll pay 55 cents for each transaction after the first 75 transactions each month, and Comerica Bank also limits the number of free cash deposits to $2,500, so it’s a good provider if you don’t handle much cash.

Comerica Bank Introductory Offer

Comerica Bank is currently offering 12 months of free Comerica Web Bill Pay at no charge. After the first 12 months, Comerica Bank charges $6.95 for this service. None of the other banks on our list charges for their online bill payment services.

Comerica Bank Fees

• Monthly fee: None
• Transaction fee: 55 cents for each transaction after the first 75 transactions each month
• Cash deposit fee: 18 cents per $100 deposited after the first $2,500 deposited each month
• ATM fee: $2 per transaction or balance inquiry at any out-of-network ATM, in addition to operator fees, plus free access to more than 440 ATMs
• Domestic incoming wires: $14
• Domestic outgoing wires: $29
• International incoming wires: $17
• International outgoing wires: $50

Bank of America offers 200 free transactions per month while Chase offers $5,000 in free cash deposits.

Bank Network for Comerica Bank

Comerica Bank has a relatively small bank network compared to other banks on this list, with 440 branches in five states: Arizona, California, Florida, Michigan, and Texas. In addition to online and mobile banking, Comerica Bank also has banking centers in Mexico and Canada.

Comerica Bank Additional Features

• Upgrade to other Comerica Bank accounts without changing account numbers or ordering new checks
• Credit card processing
• Payroll processing
• Mobile deposit

Like Bank of America, Comerica Bank allows payroll processing. As with all of the banks on this list, you can deposit checks remotely through Comerica Bank’s app.

What Comerica Bank Is Missing

Comerica Bank reviews indicate the bank has one of the smallest bank networks on this list. If you aren’t located near a Comerica Bank branch, it probably isn’t a good provider for your small business. Still, it offers one of the best business checking accounts for no monthly fee.

Note: While you can start the application process online, it’s likely necessary to visit a local Comerica Bank branch to complete the application process.

How We Evaluated the Best Small Business Checking Accounts

The best banks for small businesses offer free business checking accounts or easy ways to avoid monthly service charges. They also offer 100 or more free transactions and thousands of dollars of cash deposits per month. Opening a small business checking account and business credit card is an excellent way to separate your personal and business finances. SEE METHODOLOGY IN DETAIL.

How to Find the Best Checking Accounts for Small Business

Find the best small business checking accounts for small business by looking for banks with branch networks near you. The best accounts charge no monthly fee or offer ways to avoid a fee. The top banks also offer opportunities to make at least some cash deposits and transactions for free.

When deciding where to open a small business checking account, consider the following:

• Minimum balance: Some providers require that you maintain a minimum balance to waive monthly fees.
• Transaction fees: Many free business checking accounts limit business owners to a certain number of free transactions each month, after which transaction fees apply.
• Cash deposit fees: Businesses also are typically limited to a certain amount of free cash deposits each month, with fees charged after you exceed the limit.
• ATM fees: Many banks charge ATM fees for accessing your account through out-of-network ATMs.
• Bank network: Some of the best free business checking accounts are online-only products, so if you need access to physical bank branches, your options may be more expensive.

The best small business checking account for you should offer the features you value the most, whether that be low fees or high transaction limits. Review business checking accounts to find the right one for you.

Best Free Small Business Checking Accounts

Some business owners specifically want a free business checking account. Although many banks offer free business checking under certain conditions, most of these accounts still have fees. If you want a free business checking account, be sure to consider some of these account providers.

7 Best Free Business Checking Accounts

Chase Total Business Checking

Chase offers free checking for businesses that maintain a monthly balance of at least $1,500. Chase Total Business Checking provides businesses with up to 100 free transactions per month and unlimited electronic deposits. Accounts can be opened with no minimum deposit, and it currently offers a $200 sign-up bonus.

TIAA Bank Small Business Checking Account

The TIAA Bank Small Business Checking Account charges no monthly fee and reimburses all ATM fees if you maintain a balance of at least $5,000. You’ll also earn 1.21% APY for the first 12 months on deposits up to $250,000. After that, you’ll earn an ongoing APY of 0.20% to 0.61% based on your balance.

Capital One Spark Business Basic Checking

Capital One’s free business bank account features unlimited transactions and is a good option for small businesses that don’t need a physical branch. While free cash deposits are limited to $5,000 per month, a free business account with Capital One can be ideal for ecommerce businesses and many service-based companies.

Bank of America Business Fundamentals Checking

Bank of America’s business account is free so long as you maintain a $3,000 minimum daily balance or spend $250 or more a month on your Bank of America debit or credit card. Bank of America isn’t ideal for businesses making several cash deposits. New customers may qualify for up to $450 in bonus cash.

Azlo

Azlo offers a free business checking account online with no deposit. However, the bank is online-only, which can make it difficult to handle cash transactions and get help on complex account administration issues. Still, the account gives clients access to more than 55,000 ATMs, has no monthly fee, and requires no minimum account balance.

U.S. Bank Silver Business Checking

U.S. Bank offers a free business checking account and is a great option for businesses that will make fewer than 150 total transactions and $2,500 in cash deposits per billing cycle. New businesses that will have a slow ramp-up time or those who typically don’t have many transactions will find a good deal at U.S. Bank.

First Citizens Basic Business Checking

First Citizens Bank offers a checking account that charges no monthly fee if you sign up for paperless statements. The Basic Business Checking account offers 175 free monthly transactions and $5,000 in free cash deposits. First Citizens has a small branch network with 500 branches in about 20 states.

Bottom Line

Opening a small business checking account is essential for managing the money of a small business. When comparing checking accounts, we’ve narrowed down the list to those with the best accessibility, features, and cost. These are the best business bank accounts for small businesses.