Editor’s note: This is a recurring post with regularly verified account details. Last verified on September 1, 2020.
Small business checking accounts provide a handy and easy way to separate your business and personal finances. As a business owner, you can choose between online and traditional brick-and-mortar banks. Online accounts are suited for businesses that don’t need to visit a physical branch, and traditional accounts are designed for businesses that handle daily cash transactions. It’s crucial to evaluate your business’s needs before choosing.
The best small business checking accounts are:
- Bank of America: Best overall for cash deposits and a big introductory bonus
- Chase Bank: Best for a free checking account with low monthly deposits
- Capital One: Best for low-cost checking with unlimited transactions
- U.S. Bank: Best for making few monthly transactions
- Wells Fargo: Best for flexibility when upgrading account services as a company grows
- First Internet Bank: Best for opening multiple online accounts with the same bank
- Azlo: Best for avoiding all banking fees
- BlueVine: Best for earning an ongoing annual percentage yield (APY) while paying no banking fees
- TIAA Bank: Best for earning a high introductory APY with an online-only bank as a sole proprietor or single-owner limited liability company (LLC)
For more details on how we evaluated small business checking accounts for this list, see our methodology.
Bank of America: Overall Best Small Business Checking Account
For a low-cost checking account, Bank of America’s sign-up bonus of up to $450 jumped out as I reviewed dozens of competitors. Not only that, but you can also receive 200 free transactions and make $7,500 in cash deposits every month. While Chase is a close runner-up, Bank of America is the best choice if you want an account that yields the most lucrative benefits.
Who it’s best for: Any business that makes significant monthly cash deposits and wants to earn a big introductory bonus
Bank of America Introductory Offer
To qualify for this bank account’s $450 bonus, you must meet the following criteria:
- Deposit $1,000 within 60 days of opening your small business bank account to earn $100
- Pay at least two bills through online bill pay within 60 days of opening your account to earn $50
- Apply and be approved for a Bank of America small business credit card, and make $3,000 in purchases within 90 days of account opening to earn $300
Bank of America Fees
- Monthly fee: $14 to $18, depending on the state in which your business is based; fee is waived if you meet one of the following criteria each billing cycle:
- 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 during the month
- Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts
- 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
Bank of America Terms
- Minimum deposit: $100
- Minimum balance requirement: None to maintain the account
Bank of America Additional Features
- Integrates with accounting companies like FreshBooks
- Offers a mobile app that can be used to deposit checks, watch accounts, make transfers, and pay bills
- Includes payroll and human resources (HR) support for your business from ADP
- Offers five small business credit cards
Chase Bank: Best for Low Monthly Deposits
If you don’t quite need the 200 free monthly transactions Bank of America offers, Chase is another brick-and-mortar bank you should consider choosing. It offers 100 free transactions and $5,000 in cash deposits each month. Plus, you can earn a sign-up bonus worth $300. Chase gives you access to 16,000 ATMs and nearly 4,900 branches in 29 states. It’s also one of the best free business checking accounts.
Who it’s best for: Businesses that have low monthly deposits and want an easy-to-waive monthly fee
Chase Bank Introductory Offer
This account allows first-time account holders to earn a $300 bonus when opening a business bank account. 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 of account opening
The monthly fee is waived with a minimum daily balance of $1,500. If you’re able to get the fee waived, then you should have no problem also receiving the bonus.
Chase Bank Fees
- Monthly fee: $15 or $12 if you opt for paperless statements, which is 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
- Transaction fee: 40 cents per transaction after your first 100 transactions made with a teller, incoming wires, and all debits each month; 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
Chase Bank Terms
- Minimum deposit to open an account: None
- Minimum balance requirement: None to maintain the account; $1,500 to waive the monthly fee
Chase Bank Additional Features
- Integrates with leading accounting software like QuickBooks
- Offers a mobile finance app that lets business owners deposit checks online, check their account balances, pay bills, and make transfers
- Provides several Chase business credit cards
Capital One: Best for Unlimited Transactions
Now here’s something most accounts don’t offer: unlimited monthly transactions. That’s right―Capital One easily beats out Chase and Bank of America on this point, both of which charge a transaction fee if you go over the free allowance. Capital One’s business checking account is a handy way to manage your business’s cash flow without hurting your wallet. You’ll also have access to a network of more than 39,000 ATMs nationwide, but only about 750 physical branch locations across eight states, which is far fewer than other large banks on our list.
Who it’s best for: Owners who value a low-cost checking account that provides unlimited transactions
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, which is 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 your first $5,000
- ATM fee: Free ATM access to more than 39,000 Allpoint ATMs nationwide
Capital One Terms
- Minimum deposit: $250
- Minimum balance requirement: None to maintain the account; $2,000 to avoid the monthly fee
Capital One Additional Features
- Integration with top accounting software like Xero
- A mobile app that a business owner can use to pay bills, track their accounts, make transfers, and deposit checks
- Capital One business credit card available for business owners who want to open a credit card and checking account with the same bank
Note: Capital One requires that you apply in person. Online applications are not available.
U.S. Bank: Best for Limited Transactions
Most major banks require you to meet a minimum balance requirement to waive the monthly fee; however, U.S. Bank does not. With this free account, you’ll have 150 free monthly transactions. Plus, you’ll be able to access a network of more than 3,000 physical branch locations and more than 5,000 ATMs in 28 states. It also provides free access to the MoneyPass ATM network, which means you’ll have free ATM withdrawal access at 25,000-plus ATMs nationwide.
Who it’s best for: Small businesses that make fewer than 150 transactions a month
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 make it. It also offers the following introductory offers for business checking account holders:
- 50% discount on a U.S. Bank Gold Personal Package checking account
- An undisclosed bonus rate on a U.S. Bank Platinum Business Money Market account
U.S. Bank Fees
- Monthly fee: None
- Transaction fee: 50 cents per transaction after the first 150 transactions each month
- Cash deposit fee: No fees 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
U.S. Bank Terms
- Minimum deposit: None
- Minimum balance requirement: None
- Check order discount: 50% discount on your first check order up to $50
U.S. Bank Additional Features
- Access ADP Payroll from your bank account dashboard
- Take advantage of digital invoicing and payment systems through Viewpost, which are integrated into your online dashboard
- Use a mobile app to oversee all of your accounts, move money between accounts, and deposit checks online
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.
Wells Fargo: Best for Scalability
Growing businesses typically need accounts that can scale with their success, and that’s where Wells Fargo comes in. You can upgrade your business checking easily as your needs increase in both monthly transactions and deposits. With more than 5,600 locations, it has one of the largest networks with more physical branches than every bank on our list. Wells Fargo also has 13,000-plus ATMs nationwide.
Who it’s best for: Growing businesses that want access to Wells Fargo’s numerous additional financing and investment services
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 small business banking sign-up bonus through its website.
Wells Fargo Fees
- Monthly fee: $10 per month; fee 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
Wells Fargo Terms
- Minimum initial deposit: $25
- Minimum balance requirement: None to maintain the account; $500 to avoid a monthly fee
Wells Fargo Additional Features
- Add your business logo and tagline on your debit card
- Manage your entire bank account from your mobile phone
- Receive reimbursements for any unauthorized debit card or ATM transactions if you report them promptly through its zero liability protection plan
- Deposit checks remotely
First Internet Bank: Best for Opening Multiple Online Accounts
Choose First Internet Bank if you want to open a business savings account at the same bank where you have your checking account. Its small business checking account is free and pays 0.70% APY on balances of at least $10,000. If you also happen to open a business savings account, you’ll earn more than 1% APY based on your account balance. Opening two accounts that both pay an APY is an easy way to maximize your dollar.
Who it’s best for: Businesses that don’t need to visit physical branch locations and want to open multiple online accounts
First Internet Bank Introductory Offer
First Internet Bank, much like most online banks, doesn’t offer an introductory bonus like other banks on our list like 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; reimburses up to $10 per month in ATM fees
First Internet Bank Terms
- Minimum initial deposit: $100
- Minimum balance requirement: None to maintain the account; $10,000 to earn the APY
- Ongoing APY: 0.70% on balances of at least $10,000
First Internet Bank Additional Features
- First Internet Bank debit card
- Various business bank accounts available, including savings, money markets, and certificate of deposits (CDs); we rank its savings accounts as one of the best business savings accounts
Azlo: Best for Avoiding Fees
Paying fees is never fun, and that’s why Azlo stands out. It charges no transaction, ATM, or monthly fees. However, you can’t make cash deposits or outgoing wires because the bank has no branches. You’ll need to bank exclusively online, but you’ll have access to about 55,000 ATMs through Allpoint.
Who it’s best for: Cashless businesses that want a fee-free, online-only bank account
Azlo Introductory Offer
Azlo does not offer a cash bonus or other incentive for opening a new small business checking account.
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
Azlo Terms
- Minimum initial deposit: None
- Minimum balance requirement: None
Azlo Additional Features
- Mobile deposits
- Instant transfers
- Ability to send invoices directly from your Azlo account
- Free mobile banking, online banking, and bill pay
- Free Azlo Visa debit card to use for transactions and at ATMs
BlueVine: Best for Earning an Ongoing APY While Paying No Banking Fees
While most owners may know BlueVine for its lending products, it recently launched a fee-free online checking account to serve small business owners better. Not only will you earn an ongoing APY while avoiding common banking fees, but BlueVine also makes a conscious effort to provide a great online experience with the customer support you’d expect in your local branch.
Who it’s best for: Owners who want an online-only account that pays an ongoing APY and charges no fees
BlueVine Introductory Offer
BlueVine does not have an introductory offer; however, you’ll be able to earn 1% APY on balances of at least $1,000.
BlueVine Fees
- Monthly fee: None
- Transaction fee: None; offers unlimited transactions
- ATM fee: No fees at more than 38,000 ATM locations nationwide
BlueVine Terms
- Minimum initial deposit: None
- Minimum balance requirement: None to maintain the account; $1,000 to earn the APY
- Ongoing APY: 1% on balances of at least $1,000
BlueVine Additional Features
- BlueVine Business Checking debit card
- Live customer support from dedicated professionals
- Various business lending products available, including business lines of credit and other business loans
TIAA Bank: Best for Earning an Introductory APY as a Sole Proprietor or Single-owner LLC
Only choose TIAA Bank if you’re a single-owner LLC or sole proprietor who is comfortable with online-only banking as this bank has no physical branch network. You’ll pay very few fees for this account, and TIAA Bank offers an excellent introductory interest offer. You can also earn 0.40% APY for the first 12 months on deposits up to $250,000. This is one of our top picks for the best online business checking account.
Who it’s best for: Sole proprietors or single-member LLCs that don’t handle cash transactions
TIAA Bank Introductory Offer
This LLC bank account doesn’t offer a standard introductory bonus. Instead, you’ll receive an introductory APY for the first year after opening an account. TIAA Bank pays 0.40% APY on balances up to $250,000. After your first year, you’ll earn the following:
- 0.15% APY on balances between $0 and $24,999.99
- 0.20% APY on balances between $25,000 and $49,999.99
- 0.25% APY on balances between $50,000 and $10 million
TIAA Bank Fees
- Monthly fee: None
- Transaction fee: 25 cents per transaction after the first 200 transactions in a month
- ATM fee: None; provides reimbursements if you maintain a balance of at least $5,000; for balances less than $5,000, TIAA Bank reimburses 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.
TIAA Bank Terms
- Minimum initial deposit: $1,500
- Minimum balance requirement: None to maintain the account; $5,000 for ATM reimbursements
- Introductory APY: 0.40% for the first 12 months on deposits up to $250,000
- Ongoing APY: 0.15% to 0.25%, based on your account balance
TIAA Bank Additional Features
- Remote deposit capture
- Payment processing services
- Money market accounts, CDs, and online investment services available
How We Evaluated the Best Business Checking Accounts
The best banks offer free business checking accounts or easy ways to avoid monthly service charges. When evaluating these accounts, we prioritized monthly, transaction, and ATM fees, along with opportunities to earn an introductory offer. We also considered the size of each bank’s network and additional services, including other business accounts or unique checking account features.
Bottom Line
Opening a checking account is essential for managing the money of a small business. Additionally, it can help separate your business and personal finances. Whether you’re looking for low fees or high transaction limits, the best business checking account should offer the features you value the most.
Ocean ATM
This is a very interesting and informative post. Thanks for sharing.
Jordan Tarver
Hi there,
I’m glad you found value in this article! Thank you for reading.
Bests,
Jordan
Graham Campbell
Yet another article that assumes everyone lives in the USA. There are 300m people who live in the USA and 7.2billion who do not. Not one bank outside USA mentioned.
Laura Handrick
Hi Graham,
Yes, you are correct. As a startup business ourselves, our focus at Fit Small Business has been on evaluating the best software and providing the answers to small business questions in the US and Canada. However, that won’t always be so. We’re are growing and evaluating our business strategy annually to determine what’s next on the horizon. When I write articles, I personally try to find a global vendor as an option for our non-US readership. It sounds like we need to do more of that. Thanks for helping us keep our global readers in mind, and stay tuned in the coming year as we continue to expand our reach.
Best!
Laura, Staff Writer
Marc Santoro
Capital One is currently not accepting any new business checking accounts on-line. You can only open one if you go to a branch, which are only located in a few select States. This has been the case since December 2017. They claim they are working on a new site in order to open business accounts on-line in the future, but do not have a timeline for it’s completion.
Michael Cetera
Marc,
Thank you for your comment. We have noticed this restriction, as well, which makes the account potentially far less attractive for many business owners. We’ve made note in this article that Capital One is not accepting online applications.
Jennifer Arnow
Note that Bank of America may have a ton of branches, but they have been rolling out a new platform discouraging people to use them other than for loans or the ATM. They are closing all drive thrus and, per the couple of branches that I interact with, will cease to have regularly staffed tellers. They will have “personal bankers” for loans, opening accounts, etc. If you have to go in to the branch and conduct a manual banking transaction (deposit, cashing a check), you will be at the mercy of the personal banker’s spare time. The direct statement about it that I received was that you would basically get in line behind any other customers there (who may be applying for a loan or another lengthy transaction). Obviously, this is to encourage electronic banking, but I think it’s a huge misstep in customer service, especially as Wells Fargo is currently working to be better at face time & personal service (and is doing a great job at it, in my experience). There are people like me that transaction business on behalf of clients (therefore I do not have ATM cards) or people that aren’t comfortable with the machines (typically the elderly) who will be thoroughly put out by this new feature at a bank that wasn’t particularly friendly to begin with.
Richard James
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.
Dock David Treece
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