7 Best Small Business Checking Accounts for 2021

The best small business checking accounts aren’t only for daily transactions and keeping track of business expenditures—they should also help you avoid unnecessary fees and penalties. Some can even provide you with rewards and benefits that give your business an additional boost. So, while you’re looking around for a business checking account, explore how each bank can help you keep more of your earnings and support you as your business grows.

Here we’ve selected the seven best small business checking accounts:

• Chase: Best overall for small business checking
• Capital One: Best for unlimited everyday transactions
• Bank of America: Best for ongoing rewards and low cash deposit fees
• U.S. Bank: Best for freelancers or low transaction volume
• Wells Fargo: Best for both branch and online access
• First Internet Bank: Best for earning interest
• Novo: Best for digital banking and third-party integrations

Chase Bank: Best Overall for Small Business Checking

As one of the oldest banks in the nation, Chase maintains a reputation for prioritizing its customers’ needs. While it offers three different checking accounts, we selected the Business Complete Checking℠ account as the best fit for small businesses. It offers unlimited electronic deposits and transfers, 20 free transactions per month, and a $15 monthly maintenance fee that can be waived in a few different ways―see below under Fees & Terms. Also, get a $300 bonus if you open a new account online or in person and complete qualifying activities.

Who it’s best for: Business owners who want to take advantage of Chase’s full line of business products and services and earn an introductory bonus

Fees & Terms

• Monthly fee: $15—waived if you meet one of the following criteria:
  • Maintain a minimum daily balance of $2,000
  • Spend at least $2,000 in purchases―minus returns or refunds―using your Chase Ink® Business Cards
  • Deposit $2,000 into your Chase checking account from your QuickAccept℠ and/or other eligible Chase Merchant Services transactions at least one business day before the last day of your bank account statement period
  • Maintain a linked Chase Private Client Checking℠ account
• Transaction fee: First 20 free, then 40 cents per transaction
• Cash deposit fee: $2.50 per $1,000 after you deposit $5,000 in a billing cycle
• ATM fee: $2.50 per transaction at any non-Chase ATM, plus ATM operator fees
• Minimum deposit: None
• Minimum balance: None

Why We Like It

You can expand your financial relationship easily with Chase to help fulfill your financial goals. It offers a wide selection of business products—business savings accounts, credit cards, lines of credit, and point-of-sale (POS) and software solutions. Thanks to thousands of branch locations, you can conveniently meet with a Chase representative to discuss opportunities to grow your business. Chase is our number one choice for the best bank for small businesses.

Capital One: Best for Unlimited Everyday Transactions

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

Capital One’s Spark Business Basic Checking is one of the few checking accounts in the nation with no fees for everyday banking transactions. You get unlimited deposits, withdrawals, and transfers—not including international wires, cashier’s checks, and other services—with no restrictions. If you make a lot of cash deposits, keep in mind you’ll be charged $1 for every $1,000 after depositing $5,000 in a single month. This account offers an easy-to-waive monthly fee and no minimum balance to maintain it.

Who it’s best for: Business owners who want to avoid everyday transaction fees and who live near a Capital One branch

Fees & Terms

• Monthly service fee: $15—waived if you maintain a $2,000 minimum 30- or 90-day average balance or have two other Capital One accounts
• Transaction fee: Unlimited free transactions
• Cash deposit fee: Up to $5,000 per month free—$1 for every $1,000 after that
• ATM fee: None at more than 39,000 Allpoint ATMs nationwide
• Minimum deposit: $250
• Minimum balance: None to maintain the account

Why We Like It

If one of your financial goals is to save funds by not paying unnecessary fees, Capital One’s Spark Business Basic Checking is a great choice. You’ll need to meet the requirements to waive the monthly service fee and live in one of six states—Virginia, Texas, New York, New Jersey, Maryland, and Louisiana—as well as Washington, D.C., which have Capital One branches. It’s so easy to save on fees with this straightforward account, named one of the best business checking accounts for limited liability companies (LLCs).

Bank of America: Best for Ongoing Rewards and Low Cash Deposit Fees

Bank of America’s business checking account has two settings: Business Advantage Fundamentals^SM Banking and Business Advantage Relationship Banking. As your banking needs change, you can switch from one to the other. The Fundamentals^SM setting includes Cash Flow Monitor®, Erica®—Bank of America’s artificial intelligence (AI)-driven virtual financial assistant—and Zelle®. The Relationship setting gives you all the same tools, plus QuickBooks integration, additional checking and savings accounts, no fees for incoming wires, and more.

Both settings are eligible for Preferred Rewards for Business—significant rewards and discounts with no fee. Business Advantage Fundamentals^SM Banking is one of the best bank accounts for self-employed professionals.

Who it’s best for: Cash-heavy small businesses and business owners looking for ongoing rewards

Fees & Terms

• Monthly fee:
  • Fundamentals^SM account setting: $16—waived if you meet one of the following criteria during each checking statement cycle:
    • Spend $250 on new net purchases with your Bank of America business debit, credit card, or charge card
    • Maintain a $5,000 combined average monthly balance
    • Become a member of Preferred Rewards for Business—first four checking accounts per enrolled business)
  • Relationship setting: $29.95—waived if you maintain a $15,000 combined average monthly balance
• Transaction fee:
  • No fee for the first $200, then 45 cents per item
  • No excess transaction fee for automated clearing house (ACH), debit card transactions, online bill pay, electronic debits, and checks deposited through remote deposit online
• Cash deposit fee:
  • Fundamentals^SM account setting—deposit up to $7,500 with no cash deposit processing fee, then 30 cents per $100 per statement cycle
  • Relationship account setting—deposit the first $20,000 with no cash deposit processing fee, then 30 cents per $100 per statement cycle
• ATM fee: Free access to more than 16,000 ATMs nationwide—$2.50 per transaction on out-of-network ATMs
• Minimum deposit: $100
• Minimum balance: None

Why We Like It

Few business checking accounts offer generous rewards. With Preferred Rewards for Business, you gain access to a 25% to 75% bonus on credit cards, a 5% to 20% interest rate boost on savings accounts, interest rate discounts on lines of credit and other loans, no fees on select banking services, cash back on payroll service fees, plus more. To qualify for this ongoing no-fee rewards program, you’ll need an active, eligible Bank of America Advantage Banking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.

In addition, Bank of America‘s cash deposit dollar limits before fees are some of the highest among the big banks, which helps you keep more of that cash for your business.

U.S. Bank: Best for Freelancers or Side Businesses

You can avoid fees easily with U.S. Bank’s Silver or Gold business checking accounts. If your business does less than 125 transactions per month and less than 25 cash deposits per month, you can conduct business almost entirely fee-free. The Silver and Gold accounts are a good choice for freelancers or individuals with side jobs who have limited transaction activity and no need to make large cash deposits.

U.S. Bank also offers a Platinum account for more mature businesses with a high number of transactions and cash deposits and a Premium account for those with more complex banking needs. There’s also a specialty account designed for nonprofits that have no monthly maintenance or balance fees. We’ve named U.S Bank the best overall bank for nonprofit organizations.

Who it’s best for: Freelancers who anticipate less than 125 transactions per billing cycle

Fees & Terms

U.S Bank’s Silver account:

• Monthly fee: None
• Transaction fee: 50 cents per transaction after the first 125 transactions in a month
• Cash deposit fee: None on the first $2,500 in cash deposits each month
• ATM fee: No charge for out-of-network ATMs, although operator fees apply—free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs
• Minimum deposit: None
• Minimum balance: None

U.S Bank’s Gold account:

• Monthly fee: $20—waivable if you meet minimum requirements
• Transaction fee: 45 cents per transaction after the first 300 transactions in a month
• Cash deposit fee: None on the first $10,000 in cash deposits each month
• ATM fee: No charge for out-of-network ATMs, although operator fees apply—free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs
• Minimum deposit: None
• Minimum balance: None

Why We Like It

Both the Silver and Gold accounts are easy to manage and straightforward. Choose Silver when your business has low transaction volume and you only need a basic business checking account, which includes online and mobile banking, bill pay, and card payment processing. Choose Gold if you need to make a higher number of transactions and larger cash deposits. And to support you as your business grows, we recommend looking at its credit card selection. U.S. Bank provides some of the most competitive business credit cards, with rich rewards, attractive introductory rates, and a $0 annual fee.

Wells Fargo: Best for Both Branch and Online Access

Wells Fargo provides numerous opportunities for business owners to save funds. With the Initiate Business Checking^SM account, the monthly maintenance fee can be waived easily with the lowest required average daily balance among the big banks—just $500. Plus there’s no fee for the first $5,000 in cash deposits each fee period. In addition, if you invest in real estate, you can save big on closing costs—which is why we named Wells Fargo one of the best banks for real estate investors.

Who it’s best for: Business owners who need both convenient branch access and digital access

Fees & Terms

• Monthly fee: $10 per month—fee waived if you maintain a $500 minimum daily balance
• Transaction fee: 50 cents per transaction after the first 100 transactions each month
• Cash deposit fee: 30 cents per $100 deposited after $5,000 in monthly deposits
• ATM fee: $2.50 per withdrawal at out-of-network ATMs in addition to ATM operator fees—however, there’s no charge for using any of the 13,000-plus ATMs in the Wells Fargo network
• Minimum initial deposit: $25
• Minimum balance requirement: None

Why We Like It

When you’re a small business owner, you don’t have time to waste. There’s always a way to access your Wells Fargo account 24/7. With one of the largest number of branches (4,900) and ATMs (more than 12,000) in the nation, a highly rated mobile app, and dedicated small business customer service phone center with extended hours on weekdays and weekends, you’ll always have a way to make transactions or get support.

First Internet Bank: Best for Earning Interest

First Internet Bank operates as a full-service online bank. It offers many ways to save through its Small Business Checking account with no minimum balance, no monthly service fee, and unlimited transactions. Its interest-earning account yields 0.30% annual percentage yield (APY) if you maintain an average daily balance of $10,000. Both online banking and the mobile app are robust and highly rated.

Who it’s best for: Small business owners looking for an interest-earning account and traditional full-service features from an online bank

Fees & Terms

• Monthly fee: None
• Transaction Fee: None—offers unlimited transactions
• ATM fee: None—reimburses up to $10 per month in ATM fees
• Minimum deposit: $100
• Minimum balance: None
• Ongoing APY: 0.30% on balances of $10,000 or more

Why We Like It

Not only can you earn interest on this award-winning checking account with no monthly service fee, but First Internet Bank also offers competitive rates on business savings accounts, business CDs, and a variety of loans. If you want to keep all your finances in one place, it also provides personal accounts like checking, savings, money market, credit cards, CDs, and mortgages.

Novo: Best for Digital Banking and Easy Third-party Integrations

If you’re a tech-savvy business owner who doesn’t require branch access to do your banking, Novo might be a good fit for you. Novo is a financial technology (fintech)  company that partners with Middlesex Federal Savings to provide online-only banking services. Its highly rated online and mobile banking platforms are specifically designed for business owners, so you can create invoices in addition to viewing your account balance, depositing checks, paying bills, and transferring funds internally or to another bank. Although it doesn’t have an ATM network, you’ll be reimbursed for all ATM fees at the end of each month.

Who it’s best for: Business owners who have low or no cash deposits and need a strong digital banking solution and integration with third-party business tools

Fees & Terms

• Monthly fee: None
• Transaction fee: None
• Cash deposit fee: None—cash is deposited through money orders
• ATM fee: Refunds all ATM fees
• ACH fee: None
• Minimum deposit: None
• Minimum balance: None

Why We Like It

If your business uses third-party apps for accounting and ecommerce payments, such as Wise, Slack, Xero, Stripe, QuickBooks, and Shopify, Novo sets you up for easy integration. You can save with significant discounts on licenses and packages for business services, including Gusto, Zendesk, HubSpot, and Salesforce. Novo has a strong reputation for innovation and is one of the best banks for startups.

Honorable Mention: Bluevine

BlueVine is a fintech company partnering with Coastal Community Bank to provide an online-only business banking platform. One of its most compelling features is its checking account that offers 1.00% APY on balances of $1,000 or more. This is one of the highest yields in the nation, with no monthly fees, penalties, or minimum balance to maintain. Through MoneyPass, you can withdraw cash for free from 38,000 in-network ATMs, and deposit checks via the mobile app or at more than 90,000 Green Dot retail locations with up to a $4.95 fee.

Who it’s best for: BlueVine is best for business owners who don’t need physical branch locations, have little to no cash deposits, and are willing to wait for BlueVine’s application process to resume

Fees & Terms

• Monthly fee: None
• Transaction fee: None—offers unlimited transactions
• ATM fee: No fees at more than 38,000 ATM locations nationwide
• Minimum initial deposit: None
• Minimum balance requirement: None
• Ongoing APY: 1.00% on balances up $100,000 (no interest earned on balances over $100,000)

Why We Like It

BlueVine’s interest-bearing checking account with unlimited transactions makes it a highly desirable choice for any business owner who wants an easy-to-use, straightforward account. Its ease of use means more time to focus on your business. Without any branch locations or weekend customer support, it’s best for owners who are comfortable using an online-only platform.

How We Evaluated the Best Small Business Checking Accounts

To determine the best selection, we considered dozens of checking accounts that help you keep more of your earnings, provide strong support, and offer many features important to small business owners. We examined competitive rates, low fees, a low minimum balance to open and maintain, an extensive branch and ATM network, innovative online and mobile banking, a variety of merchant services such as point-of-sale hardware and software, easy integrations with third-party service providers, and availability of other business products and services, including credit cards, loans, and lines of credit.

Reasons to Consider a Business Checking Account

• Separates your business and personal finances: When you open a business bank account, credit bureaus start tracking credit history for your business, so it’s good practice to keep your business and personal finances separate
• Helps you assess your business’s performance: Track your performance accurately
• Lends credibility to your business: Customers will see your business as more trustworthy when payments come from a business account
• Creates a simpler tax season: Using a business checking account helps maintain a record of income and expenses, simplifying your tax preparation at the end of the year
• Builds a banking relationship: Building a banking relationship can be beneficial if you need business financing in the future

What You Need to Open an Account

Many banks require the following items. Be sure to confirm if the account can be opened online or if you need to visit a branch to fill out the application:

• Employer identification number (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

Bottom Line

Select an account that works as hard as you do to grow your earnings by avoiding fees and other costs. Determine which account features are important to you and how the bank can support your goals. If you need help deciding what type of account to open, check out our article on opening a business bank account.