Every small business needs a business checking account for handling money and processing financial transactions. While many small business checking accounts are similar, some providers have lower fee structures or introductory offers that are better than others. We looked at a range of options and compared them to identify the 10 best small business checking account providers.
Fit Small Business Uses Bank of America
The company behind Fit Small Business has been banking with Bank of America for five years and plans to continue to use Bank of America for its business checking. New customers may qualify for a bonus of up to $350.
Chase Bank: Best Business Checking Account
Chase Bank has 5,100 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 do most of its banking online. It offers one of the most competitive fees structures, unlimited cash deposits and you can open an account with a minimum of $25. First-time Chase Total Business Checking account holders are being offered up to a $200 bonus.
Best Small Business Checking Account Options
| Bank | |
|---|---|
| Chase Bank | (Best Overall) Low fees & intro bonus of up to $200 |
| Capital One | Low-cost checking account with unlimited transactions |
| Bank of America | Physical locations, reasonable fees & intro bonus of up to $350 |
| US Bank | Small businesses with average monthly balances under $1,500 |
| PNC Bank | Larger businesses with 1,500+ monthly transactions |
| Wells Fargo | Flexibility when upgrading account services as a company grows |
| BBVA Compass | Low-cost traditional banking option with a large network |
| Citizens Bank | Businesses with under 200 transactions per month |
| TD Bank | Businesses with significant Canadian operations |
| Comerica | Free online business banking with no need a physical branch |
How We Evaluated the Best Business Checking Accounts
Many small business checking accounts are very similar. However, many banks have introductory offers or include free transactions or cash deposits each month. They also have different cost structures including monthly fees, ATM fees or transaction fees. These are some of the most important things that we considered when deciding on the best business checking accounts.
When narrowing down the options to this list, we considered the following things:
- Ease of use: The ability to use an account for different purposes or types of businesses
- Size of the bank’s network: The number of bank branches, states where they operate and ATM accessibility
- Fees: Monthly account fees, transaction fees and ATM fees
- Special features: Additional perks or plug-ins that come with a small business checking account
- Additional services: Other services offered by the provider in addition to business checking accounts
- Introductory offers: Sign-up bonuses or introductory benefits for new bank clients
Many of the options on our list have multiple business checking account products for different-size businesses. In this article, we’ve compared the best business checking accounts with the lowest costs. If your needs differ, we encourage you to check out the other business checking options provided by the banks on our list.
The parent company of Fit Small Business has been banking with Bank of America for five years and plans to continue to use Bank of America for its business checking. New customers may qualify for a bonus of up to $350.
Chase Bank, with a $200 bonus for new customers, is our pick as the best small business checking account provider. We chose it as the best business checking account because it has a flexible network and lower fees when compared to the other options on the list. While all banks in this article are good for most businesses, Chase offers a complete solution for small business owners.
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 more than 16,000 ATMs and more than 5,100 branches nationwide. It also offers one of the best complete business checking account solutions, Chase Total Checking, which is flexible based on your needs. You only need a minimum of $25 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. Plus, new customers can receive up to $200 in introductory bonuses.
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, 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
The Chase Total Business Checking account currently offers a $200 bonus for first-time account holders. To qualify, business owners will need to do the following:
- Deposit $1,000 within 10 days of opening the account
- Maintain a $1,000 average daily balance for 60 days
- Make at least five qualifying transactions from the business checking account within 60 days
Since the monthly fee is waived with a minimum daily balance of $1,500, you should have no problem also receiving $200 in bonuses if you’re already able to get the fee waived.
Chase Bank Fees
Some costs for a Chase business checking account include:
- Monthly fee: $12 (waived if you have $500 in monthly deposits or minimum daily balance of $1,500)
- Transaction fee: 40 cents per transaction after your first 100 transactions each month
- 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
- Domestic outgoing wires: $35
- International incoming wires: $15
- International outgoing wires: $40
Chase Bank has one of the best fee structures of all the business checking accounts we’ve researched. It does a good job at keeping fees low for small businesses, helping you get the solution you need without you having to overpay for it.
Chase Bank’s monthly account fee will be waived if you make more than $500 in deposits during the month or maintain a minimum balance of at least $1,500. Also, incoming wire charges are waived if you sign up for the Business Premier Platinum Account.
Chase Bank Network
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 for its customers, all of which can withdraw cash and deposit checks. Furthermore, the bank has more than 5,100 branches that can help small business owners with any banking need they have.
Chase Bank Additional Features
The Chase Total Business Checking account offers 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, make transfers and much more.
What’s Missing with Chase Bank
Chase offers the best small business checking account with a low monthly fee and the fee is easy to have waived. However, Chase also limits free transactions to 100 each month. Also, Chase Bank branches are typically found in major markets, so it is hard to find a Chase branch in smaller markets. You can use its branch locator to see what locations are closest to you.
How to Open a Business Account with Chase Bank
You can apply for a business checking account with Chase directly on its website within minutes to take advantage of its $200 introductory offer. You can also visit a local branch to work directly with a business banker and apply for an account.
Capital One: Best Business Checking Account for Unlimited Transactions
Capital One offers one of the best low-cost business checking accounts available today, and it offers a solution that works entirely online. Its fee structure is the best in the market because of its online focus, even though it offers a network of more than 39,000 ATMs nationwide. It only has around 700 physical branch locations, however, which may make it difficult to use for many brick-and-mortar businesses that routinely make cash deposits.
Who Capital One is Best For
Capital One Spark Business Checking is a great fit for those businesses that need a low-cost checking account but don’t need a physical branch location. Many e-commerce or online-based businesses use Capital One’s business checking account since all of their deposits can be made electronically. It’s the best free business checking account provider we’ve researched because its has a large ATM network and no monthly fee.
Capital One Introductory Offer
The Capital One Spark Business Checking account currently has introductory offers including:
- Earn $250 if you maintain an average balance of $25,000 for 6 months
- Earn $1,000 if you maintain an average balance of $100,000 for 6 months
Capital One Fees
Chase Bank Fees include:
- Monthly fee: $15 (waived if you maintain a minimum balance of $2,000 or sign up for two additional eligible business products)
- Transaction fee: None
- Cash deposit fee: 0.2% for every dollar of cash deposited after the first $5,000 each month
- 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 has the best fee structure of all business checking accounts because there are no monthly fees if you maintain a balance of just $2,000, and it allows for an unlimited number of monthly transactions.
Capital One Bank Network
The Capital One Spark 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 around 700 national branches, which is the lowest number on our list.
Capital One Additional Features
The Capital One Spark 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, make transfers and much more.
What’s Missing with Capital One
Capital One has the best business checking account for unlimited transactions and offers access to a huge network of ATMs but has a limited number of physical branches. If you aren’t comfortable handling most or all of your banking online, Capital One may not be the right provider for you.
How to Open a Business Account with Capital One
Capital One’s application process is very easy and also entirely online. If you can make your initial deposit electronically, then you could be signed up within a matter of minutes. Once Capital One approves your account — which could take a day or two — you’ll be ready to use your checking account without restrictions.
Bank of America: Best Small Business Checking Account for Cash Deposits
Bank of America (BoA) offers a business checking account that is comparable to Chase business checking, with a slightly higher fee structure. It has a large network, giving you access to more than 5,000 physical branches and more than 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 has convenient access to one of its physical locations. If it’s more convenient for you than Chase, then we recommend going with Bank of America. It can serve your business as well as Chase, even if you’re forced to pay slightly more in fees.
Bank of America Introductory Offer
Bank of America’s introductory offers include:
- $100 if you deposit $1,000 within 60 days of opening your small business checking account
- $50 if you pay at least two bills through online bill pay
- $200 if you apply for and are approved for a Bank of America small business credit card
The Bank of America Business Fundamentals account also currently offers a $350 bonus for first-time business checking account users. To qualify, you must have meet certain minimum initial deposits, pay bills online and obtain a Bank of America small business credit card.
Bank of America Fees
Bank of America fees include:
- Monthly fee: $15 (waived if you meet certain criteria)
- Transaction fee: 45 cents per transaction after the first 200 transactions each month
- Cash deposit fee: 0.3% for every dollar deposited 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: $15
- Domestic outgoing wires: $30
- International incoming wires: $16
- International outgoing wires: $40 in U.S. dollars, $35 in foreign currency
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 shouldn’t break your bank either.
Even though the monthly fee is 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 for you.
Ways you can get your Bank of America monthly fee waived include:
- Spend $250 on net new purchases with your BoA 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 BoA 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 5,000 branches, which is similar to Chase Bank. You can see its locations using its branch locator.
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, pay bills, and more.
What’s Missing with Bank of America
Bank of America has the best small business checking account if you deposit up to $7,500 in cash each month. However, like Chase, Bank of America has few bank branches in smaller markets.
How to Open a Business Account with Bank of America
You can apply for a Bank of America business checking account online through its website. Once you fill out their online application, you may need to email or fax additional materials, which can take three to five days. Once BoA receives your signature card you’ll be fully approved to use your business checking account.
US Bank: Best Free Small Business Checking Account for Balances Under $1,500
US Bank offers a free business checking option referred to as its silver business package. This is meant for small businesses with few monthly transactions and cash deposits. US Bank offers a large network of more than 3,200-plus physical branch locations and 5,000-plus ATMs nationwide.
Who US Bank is Best For
US Bank is a good fit for small businesses that want both a free checking account and a physical branch when they need it. It’s also big enough to be accessible throughout the country if your business travels or has multiple locations. It’s also a good match if its branches and ATMs are geographically convenient to your business.
US Bank Introductory Offer
US Bank offers a 50 percent 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:
- An in-branch only offer of a discounted mobile card reader for $49 or a full terminal for $399 when you sign up for its clear and simple pricing program
- 50% discount for you on a US Bank Gold Personal Package checking account
- An undisclosed bonus rate on a US Bank Platinum Business Money Market account
US Bank Fees
US Bank fees include:
- Monthly fee: No monthly maintenance fee for US Bank silver business checking
- 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 (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
US Bank offers a very competitive fee structure for all of its business checking account options, but its free business checking tops all of the banks with nationwide branches.
US Bank Bank Network
US Bank has a large network nationwide, but it’s not as big as Chase or Bank of America. US Bank has 3,200-plus physical branch locations and more than 5,000 ATMs for you to access for either withdrawals or deposits. US 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. You can use its online branch locator to find the closest one to you.
US Bank Additional Features
With a US Bank business checking account you get access to ADP Payroll, which you can access directly from your bank dashboard. You also can take advantage of digital invoicing and payment systems through Viewpost, which is also integrated into your online dashboard. It also integrates with many leading accounting software platforms.
US Bank also offers a mobile banking app that can be used to oversee all of your accounts, move money between accounts and deposit checks online.
What’s Missing with US Bank
US Bank provides the best small business checking account with no monthly fee, but it limits free accounts to minimal monthly activity. 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.
How to Open a Business Account with US Bank
You cannot apply online for a US Bank business checking account. You must contact a US Bank specialist via telephone or online form, or you can walk into any of its nationwide branches.
PNC Bank: Another Small Business Checking Account Option
PNC Bank offers a business checking account you can open with as little as $100, and it will waive your monthly maintenance fee of $12 for the first three months after you open your account. While it doesn’t have as many physical locations as other banks on this list (only around 2,800), its ATM network is 6,000 strong and it waives all ATM fees for any ATM if you carry a balance of $2,000 or more.
Who PNC Bank is Best For
PNC Bank offers a competitive checking account that is a good fit for small businesses that are convenient to its location and process many transactions every month. It offers a low fee structure and a wide enough network to be competitive with other banks, and it becomes even more competitive the more transactions you process.
Additionally, if you don’t know whether or not you’ll meet the requirements to waive monthly fees for the first 90 days, then this might be your best fit.
PNC Introductory Offer
At the time of writing this article, you can earn up to $300 when you open a qualifying PNC business checking account. This offer is only valid in qualifying branch locations, and you must maintain minimum balances to qualify.
PNC Fees
PNC costs include:
- Monthly fee: $12 per month
- Transaction fee: $0.50 per transaction after the first 150 transactions each month
- Cash deposit fee: Free monthly deposits up to $5,000, after which fees apply. PNC also charges $3 per deposit bag for night deposit processing
- ATM fee: No out-of-network ATM fees plus unlimited access to more than 6,000 PNC Bank ATMs nationwide. PNC will also reimburse out-of-network ATM operator fees if you carry a $2,000+ daily balance
- Domestic incoming wires: $15
- Domestic outgoing wires: $30
- International incoming wires: $15
- International outgoing wires: $45
Its fee structures are very competitive with similar checking accounts from other banks, and it leads the way with larger businesses through its preferred business checking account. The fees disclosed here are for introductory business checking accounts, to be comparable with other accounts covered in this article.
PNC will also waive the monthly fee for the first three months of your account being open and it’ll waive it each month if you meet one of three potential monthly waiver requirements:
- Deposit PNC merchant services card payment proceeds into your PNC business checking account
- Make $1,000 or more in purchases with your linked PNC business credit card
- Maintain a minimum average monthly balance of $1,500
PNC Bank Network
Its network is 2,800-plus physical bank locations nationwide 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 operates in a single geographic location or online.
PNC Additional Features
PNC Bank offers several additional features that are only available for $10 to $40 per month with the upgraded business checking accounts 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 as well as free online bill pay.
What’s Missing with PNC Bank
PNC is a good small business checking account option with low cost 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 19 states (plus Washington D.C.) where PNC has branches, it may not be right for you.
How to Open a Business Account with PNC Bank
Applying for a PNC business checking account is a three-step process. First, you’ll fill out an online form about you and your business. Second, a PNC Bank business banker will call you directly. Third, you’ll physically go into a PNC Bank location to finish the process. You can also bypass the first two steps by taking care of them inside a physical branch location.
Wells Fargo: Another Business Checking Account Option for Small Businesses
Wells Fargo is an ideal bank for business owners who have a branch nearby and want a long-term partner to use as they grow. It has one of the largest networks with more physical branches than any other bank in the U.S. at more than 6,300, and its checking account is competitive to Chase and the other providers on this list.
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 and can help you upgrade your business checking easily as your needs increase in both monthly transactions and deposits.
Wells Fargo Introductory Offer
At the time of writing, it doesn’t have any special introductory offers for new business checking accounts.
Wells Fargo Fees
Wells Fargo account fees include:
- Monthly fee: $14 per month
- Transaction fee: 50 cents for each transaction after the first 200 transactions each month
- Cash deposit fee: 30 cents per $100 in cash deposited after the first $7,500 of cash deposits each month
- ATM fee: $2.50 per withdrawal and $2 per balance inquiry 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: $35
Its fees are not as competitive as others with its introductory business checking account. However, its fee structure improves for larger businesses with upgraded business checking accounts.
Wells Fargo will waive its $14 monthly maintenance fee if you meet any of the following conditions each month:
- $7,500+ average monthly balance
- $10,000+ in combined balances
- 10 or more posted business debit card purchases or payments
- A linked Direct Pay service
- Qualifying transactions from a linked Wells Fargo Merchant Services account
- Qualifying transactions from a linked Wells Fargo Business Payroll Services account
Wells Fargo Bank Network
Wells Fargo banking network is competitive with both Chase and Bank of America with more than 6,300 physical branch locations and 13,000-plus ATMs nationwide. It has physical locations in 39 states and offers banking solutions to any business nationwide.
Wells Fargo Additional Features
The business choice checking account also includes these 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
- Account Access Manager: Helps you give access to your account to your employees or business partners like an accountant
- Zero Liability Protection: Wells Fargo reimburses you for any unauthorized debit card or ATM transactions if you report them promptly
What’s Missing with Wells Fargo
Wells Fargo is another of the best business checking account options for low overall cost, but it does charge a monthly fee for a business checking account. The fee can be waived in several ways, but it’s harder to get Wells Fargo’s monthly fees waived than other banks on this list.
How to Open a Business Account with Wells Fargo
You can apply for a small business checking account with Wells Fargo directly on its website. You’ll also need to provide certain documents through the mail and make an opening deposit. If you live in a state without a Wells Fargo branch, then you’ll have to call its toll-free number ay 800-416-8658 to apply.
BBVA Compass: Best Business Checking Account for Sole Proprietors
BBVA Compass has 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 nationwide. You also have to be a sole proprietorship to qualify for its free business checking.
Who BBVA Compass is Best For
BBVA Compass has 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.
BBVA Compass Fees
BBVA Compass fees include:
- Monthly fee: Does not charge a monthly fee and has no minimum monthly balance
- 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 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. However, it does limit free monthly transactions and cash deposits.
BBVA Compass Bank Network
BBVA Compass has one of the smallest networks of physical branches on this list with just 650 branches. However, clients have free access to BBVA ATMs and more than 43,000 Allpoint ATMs nationwide.
BBVA Compass Additional Features
BBVA Compass free business checking features include:
- Free digital banking
- No monthly fees or minimum balance
- No BBVA fees at any ATMs
What’s Missing with BBVA Compass
BBVA Compass is one of the best business checking accounts for no monthly fee and few additional costs. However, the bank has very few branches, which are in only six states, severely limits free in-branch transactions each month and is only available for sole proprietors.
How to Open a Business Account with BBVA Compass
Sole proprietors can apply for a small business checking account with BBVA Compass directly through its website. You can also learn more about its offerings and branch locations. If you decide to apply, the entire process can be completed online.
Citizens Bank: Another Business Checking Account Option for Small Businesses
Citizens Bank is the 12th largest retail bank by assets. Headquartered in Rhode Island, Citizens Bank isn’t in every state but provides banking services to more than 5 million customers nationwide. It offers a free basic business checking account that has no minimum deposit, no minimum balance and 200 free transactions each month.
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
Citizens Bank doesn’t currently have an introductory offer.
Citizens Bank Fees
Citizens Bank fees include:
- 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) plus free access to more than 3,300 ATMs
- Domestic incoming wires: $10
- Domestic outgoing wires: $20
- International incoming wires: $15; $10 in foreign currency
- International outgoing wires:$35; $30 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.
Citizens Bank Network
Citizens Bank is only present in 11 states across the Northeast, Mid-Atlantic and Midwest regions. Citizens Bank has one of the smaller bank networks on this list with about 1,150 branches at 3,300 ATMs. While customers can also access Citizens Bank accounts using out-of-network ATMs, there are fees for doing so.
Citizens Bank Additional Features
A small business checking account with Citizens Bank has features including:
- Funds post same-day for after-hours deposits until 10 p.m.
- Free notary public service
What’s Missing with Citizens Bank
While Citizens is one of the best business checking account providers for no monthly fee and no minimum balance, it 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.
How to Open a Business Account with Citizens Bank
You can learn more about a free small business checking account with Citizens Bank by visiting the bank’s website. You can also find out whether it has a branch or ATM near you. If you decide to open a small business checking account with Citizens, you can begin the process directly on its website.
TD Bank: Best Business Checking Account Option for Businesses with Canadian Operations
With more than $380 billion in assets, TD Bank is the eighth largest bank in the United States. The parent company of TD Bank also offers securities brokerage and investment advisory services. TD offers low-cost small business checking accounts that have no minimum balance and easy access to ATMs across the U.S. 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 United States and Canada. TD is also ideal for companies who have additional needs outside small business checking including investment services.
TD Bank Introductory Offer
TD Bank is currently waiving monthly fees for upgraded small business checking accounts if you take out a small business loan.
TD Bank Fees
TD Bank charges fees that are somewhat higher than other banks on this list including:
- Monthly fee: $10 (no way to waive); $14 monthly maintenance fee that can be waived
- 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) plus free access to more than 2,500 ATMs across the U.S. 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.
TD Bank Bank Network
TD Bank has one of the smaller bank networks on this list, with more than 1,250 branches and 2,500 ATMs across the U.S. and Canada. TD customers can also access accounts using out-of-network ATMs for an additional fee.
TD Bank Additional Features
TD Business Simple Checking includes additional features including:
- Online banking
- Free mobile banking
- Most branches are open seven days per week
- Branches and ATMs in the U.S. and Canada
What’s Missing with TD Bank
TD Bank 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. However, it 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.
How to Open a Business Account with TD Bank
To learn more about TD Bank and its small business checking account options, be sure to visit its website. You can learn more about its fees and other account options. If you decide to open a business checking account with TD Bank, you can start the process online but may need to visit a local branch to finish opening an account.
Comerica: Best Business Checking Account for North America Bank Network
Comerica is a relatively small bank with branches in about six states plus Canada and Mexico. While Comerica is a smaller bank, it offers very cost-effective small business checking accounts as well as payroll processing and other features.
Who Comerica is Best For
Comerica is ideal if you have a branch nearby and have only minimal transactions each month. Comerica 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 Introductory Offer
Comerica is currently offering 12 months of free Comerica Web Bill Pay at no charge. After the first 12 months, Comerica charges $6.95 for this service.
Comerica Fees
Comerica’s fees are competitive with other banks and include:
- 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
Comerica Bank Network
Comerica has a relatively small bank network compared to other banks on this list, with just 440 branches nationwide. In addition to online and mobile banking, Comerica has banking centers in about six states plus Mexico and Canada.
Comerica Additional Features
A Comerica small business checking account has additional features including:
- Upgrade to other Comerica accounts without changing account numbers or ordering new checks
- Credit card processing
- Payroll processing
What’s Missing with Comerica
Comerica offers one of the best business checking accounts for no monthly fee, but it also has one of the smallest bank networks on this list. If you aren’t located near a Comerica branch, it probably isn’t a good provider for your small business.
How to Open a Business Account with Comerica
Visit the Comerica website to learn more about the accounts and other services it offers. If you want to open a small business checking account with Comerica, you can start the process online by downloading its Business and Personal Deposit Account Contract. However, you will likely need to visit a local Comerica branch to complete the process.
How to Find the Best Checking Accounts for Small Business
If you’re looking for a small business checking account, there are many potential providers in addition to those included here. Whether you’re evaluating national banks or small local providers, there are many factors to consider when deciding on the best business checking account for your small business.
Some factors to consider when deciding on the best small business checking account include:
- 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 are also 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
For those businesses looking to earn interest off their deposits while also staying as liquid as possible, check our guide on the best free business checking accounts.
Best Free Small Business Checking Accounts
Some business owners specifically want a free business checking account. Although many banks offer free business checking, most of these accounts still have fees. If you want a free business checking account, be sure to consider some of these free business checking account providers.
The 5 best free business checking accounts are:
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 a deposit of as little as $25 and they currently offer up to $200 in sign-up bonuses.
Capital One Spark Business Basic Checking
Capital One’s free business checking features unlimited transactions and is a good options 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 a minimum balance of at least $3,000 is maintained or $250+ is spent on their debit or credit card. Like Capital One, Bank of America isn’t ideal for businesses making many cash deposits. New Customers may qualify for up to $350 in bonus cash.
US Bank Silver Business Package
US Bank offers a free business checking account and is a great option for businesses that will do under 150 total transactions and 25 cash deposits per billing cycle. New businesses that will have a slow ramp-up time or those who just won’t have many transactions will find a good deal at US Bank.
BBVA ClearConnect for Business
BBVA’s business checking accounts offers free online banking with unlimited digital transactions to sole proprietors. A BBVA ClearConnect for Business account can be opened with a deposit of at least $100 and is an ideal checking account options for new businesses that are structured as sole proprietorships.
Read our buyers guide on the best free business checking accounts to learn more.
Top 20 Best Business Checking Account Options
| Bank | Best For |
|---|---|
| Chase Bank | (Best Overall) Most businesses will find Chase to be a good overall fit with a nice mix of a large network and low fee structure |
| Capital One | Businesses that want a simple, low-cost checking account with unlimited transactions |
| Bank of America | Businesses with convenient access to Bank of America locations looking for a large network and reasonable fees |
| US Bank | Small businesses looking for a free checking account with many physical branch locations |
| PNC Bank | Larger businesses looking for a solution that will handle up to 1,500 monthly transactions |
| Wells Fargo | Businesses near a Wells Fargo branch that want the flexibility to upgrade their checking as they grow |
| BBVA Compass | Businesses that want a low-cost traditional bank option with a large network |
| Citizens Bank | Businesses that want a free traditional bank option and that process less than 200 transactions per month |
| TD Bank | Businesses close to a TD Bank branch that need to deposit up to $30,000 in cash per month |
| Comerica | Small businesses that want a free option that don’t need a physical branch |
| Citibank | New businesses looking for a checking option that can grow with them as they scale quickly |
| First National Bank | Businesses near an FNB branch that need a free business checking option |
| Everbank | Established businesses planning to have a $5,000+ monthly balance and don’t need physical branch locations |
| Popular Community Bank | Businesses not needing physical branch locations that need a checking account to upgrade quickly as the business grows |
| ANB Bank | Nonprofit businesses looking for a free checking account |
| Bank of the Ozarks | Small businesses that process few (less than 50) monthly transactions |
| Iberia Bank | Businesses looking to grow quickly that want to stay with the same bank for the long term |
| BofI Federal Bank | Small businesses that process few transactions (less than 50 per month) that don’t need a physical branch |
| Consumers Credit Union | New or young businesses that want a payroll option with their checking account |
| CBC National Bank | Small businesses with less than 500 monthly transactions |
To find smaller, local banks to work with, check out our small business checking account directory.
The Bottom Line
Opening a small business checking account is essential for managing the money of a small business. When comparing business checking account options, we’ve narrowed down the list to those with the best accessibility, features and cost. These are the best business checking accounts currently available for small businesses.
Based on our criteria, the very best bank to open a business account with is Chase. Its Total Business Checking has a flexible network and comparatively low fees. Visit its website today to get more information or to speak to a representative about setting up a small business checking account.
The information in this article is contradictory. For Chase, under “Who Chase Bank is Best For”, you state “Chase offers unlimited cash deposits”, yet under “Chase Bank Fees”, you state “Cash deposit fees: $2.50 per $1,000 after the first $5,000 in cash deposited each month”. Maybe I misunderstand and they do not limit cash deposits although they will charge fees for those beyond $5000. If so, the other banks listed show have explicit limits stated.
For Capital One, under “Who Capital One is Best For”, you state “It’s the best free business checking account provider we’ve researched”, yet under Capital One Fees, you state “Monthly fee: $15 (waived if you maintain a minimum balance of $2,000 or sign up for two additional eligible business products)”. That’s not free.
Hi Richard,
Thanks for your comment. Your point about Chase’s cash deposit fees is well-taken. We update these articles regularly, so we’ll make sure we update the fees and clear up that language in our next update.
On your 2nd comment, Capital One has a great offering for business checking. We make reference to the account being free because the minimum balance is low enough that most small businesses can easily meet it. As you’re probably aware, it’s pretty difficult to find free business checking accounts that have no minimum balance. Some accounts have fees that can’t be waived even if you maintain a minimum balance of thousands of dollars.
For that reason, we identify Capital One is one of the best free business checking accounts. It also has one of the lowest fee structures we’ve been able to identify among national providers.
Hope this helps. Thanks again for reading!
Dock
Please update Capone review: I could use some help. I’ve used Capital One for years and added Spark business about 18 months ago. They have taken much of the functionality I needed away. Banking with them has gone from dream to nightmare. I need to find a bank that;
1) low fees / free fees
2) electronic transfers- ach, epay, – I can’t transfer money from 1 capital one account to another anymore – or to another external bank account. opened a credit union account with redwood credit and same issue after they said I could when I opened account
2a) some banks offer epay option on bill pay, but payee has to give me routing and bank account- others only mail a check, functions like Zelle only available on personal bank accounts
3) mobile banking- check deposit – cap One took app down I can’t deposit checks anymore without mailing them in since no branches near me
4) no international transaction. fees – still true Capone if I can move money to and from account.
4a) good international currency exchange rate
5) I do business travel (international and us domestic) for 3-4 weeks at a time need to do everything running my business remotely- how do I find a bank that has functionality spark used to offer. The bank reps don’t know or they tell me functionality is there and then I try to use it and it doesn’t work-customer service just says sorry use bill pay we will mail Check instead.
I would Love some advice please
Hi Laurie,
Thanks for your question. We’re sorry to hear that you’ve been having trouble with Capital One. They’ve been updating their Spark checking product lately so hopefully, they’ll work out any underlying problems.
If you’re specifically looking for low-cost checking, you may want to check out our free article on some of the best free business checking accounts here: https://fitsmallbusiness.com/best-free-business-checking/
As far as international travel and currency exchange goes, some of these needs may be better served by the right credit card rather than a checking account. Lucky for you, we’ve compiled our list of the best credit cards for travel, which includes several cards that are great for traveling internationally. You can read that list here: https://fitsmallbusiness.com/best-business-credit-cards-for-travel/
Hope this helps. Best of luck.
Dock
Sorin Lungo
You say:
“How to Open a Business Account with Capital One
Capital One’s application process is very easy and also entirely online. If you can make your initial deposit electronically, then you could be signed up within a matter of minutes. Once Capital One approves your account — which could take a day or two — you’ll be ready to use your checking account without restrictions.”
However they say:
“Ready to Open an Account?
It’s a cinch. Just visit a Capital One location and talk to a banking professional about your business. To save you time, we’ve created a list of documents to bring with you.
SEE WHAT YOU NEED TO BRING ”
So, there is no online application.
…and this makes your infor
Hello Sorin,
Thank you for your feedback on Capital One’s offering. We’ve found that Capital One has recently been making some product updates and a few of their offerings (including Spark Business checking) are not always available online. Some products are temporarily restricted, including for certain zip codes. However, Capital One also offers some other basic business checking products that are still cost-effective, share many of the same features, and are still available online. If the product you want isn’t available online in your area, you can certainly work through their closest branch. Alternatively, you can try setting up another type of free business checking account online or check out some of our other providers.
Hope this helps. Thanks again for reading.
Dock
Chandra
You have listed Chase as number 1 choice. I tried opening a business account with chase,but their customer representation for small business is way below the par in terms of excellence. Their own bankers do not know of the rules and regulations on different accounts and have dealt our application unprofessionally. We went with Wells Fargo and right from handling our application to opening our account was extremely fast, professional and very courteous to our needs. I can rate their customer service and knowledge of their professionals extremely high and very much satisfied with their service. Chase is the worst performing of all from my experience.
Hi Chandra,
Thanks for reading our article and for the feedback. We’ve ranked Chase as the best because they have great sign-up bonuses, low account costs, and a huge bank network where customers can handle banking needs. We’re sorry that you had a poor experience with Chase but glad that you found a provider that works for your small business.
Best wishes for continued success,
Dock
Max E.
Have you dealt with Chase, incompetent. All calls go overseas. At the branches nothing but broken promises, no follow-up no accountability.
Max,
Sorry to hear of your bad experience with Chase.
Here are some providers of free checking accounts.
https://fitsmallbusiness.com/best-free-business-checking/
Free free to leave a review! https://fitsmallbusiness.com/chase-ink-review/