Best Small Business Checking Accounts for September 2023

• You are looking for a business checking account with no monthly fees
• Your cash deposits don’t exceed $2,500 per month
• You have fewer than 125 banking transactions per month

With no monthly fees on its entry-level checking, multiple checking options available, and a wide range of business banking products available, U.S. Bank is our choice for the best small business checking account.

While previously geographically limited to 26 states, U.S. Bank’s business checking accounts are now available nationwide.

There is no monthly fee for the company’s basic business checking, known as Silver Business Checking, making it one of the best free business checking accounts on the market. If you don’t exceed 125 business transactions or $2,500 in cash deposits monthly, this account should meet your needs.

If you exceed those thresholds regularly, U.S. Bank offers two higher-tier accounts. There are waivable monthly fees for the Gold and Platinum Business Checking accounts, but both allow more free transactions and other perks.

Additionally, you can earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q3AFL23) and complete qualifying activities, subject to certain terms and limitations—offer valid through January 8, 2024. See our article on the best bank account promos and offers for details on how to qualify.

Check out our U.S. Bank business checking review for details on all the available business checking products offered by the company, including a great nonprofit checking account, which offers up to 1,800 free transactions yearly with no maintenance fees or minimum balance requirements. Because of these factors, U.S. Bank is our best bank for nonprofits.

• You want a bank that offers a full suite of banking services
• Your banking needs include making frequent cash deposits
• You prefer the option of in-person banking

Chase, our best bank for small businesses, provides a full-service business banking experience. While its most basic business checking account terms are listed above, it also offers Performance Business Checking and Platinum Business Checking. Both have higher fees but have more features that can help you as your small business grows.

If you open a Business Complete Banking account, you can qualify for a $300 cashback bonus as long as you meet other qualifying actions.

To waive the $15 monthly fee, you must maintain a linked Chase Private Checking Client checking account, meet Chase’s Military Banking requirements, or perform one of the following qualifying activities:

1. Minimum Daily Ending Balance: Maintain a minimum daily ending balance of at least $2,000 in the Chase Business Complete Checking account each business day during the monthly statement period
2. Chase Payment Solutions Activity: Have at least $2,000 of aggregate eligible deposits into the Chase Business Complete Checking account at least one day before the end of the monthly statement period using Chase QuickAccept, including Chase Smart Terminal, InstaMed Patient Payments, and InstaMed Patient Portal, or other eligible Chase Payment Solutions products
3. Chase Ink Business Card Activity: Spend at least $2,000 on eligible purchases in the most recent monthly Chase Ink Business Card billing cycle

If you want to compare Chase’s business checking offerings, check out our article on all three Chase business checking accounts and choose the one that best meets your business needs. With more than 4,700 branch locations in 48 states and more than 16,000 ATMs, it is one of our top choices for the best banks for trucking businesses.

With three different types of business checking accounts, business savings accounts, credit cards, lines of credit, and point-of-sale (POS) and software solutions, Chase is a bank that can scale with your business.

• Your company wants to earn interest on its checking account and meets one of the two requirements set aside by Bluevine to earn interest.
• You need a line of credit—Bluevine is our choice for the best small business line of credit.
• You need to send international payments, as Bluevine allows you to send payments to 32 countries in 15 currencies.

With a solid interest yield, the best business line of credit product on the market and great international payment support, Bluevine is the best fintech small business checking account provider.

You can earn up to 2.00% APY on balances of $250,000 or less. This is one of the reasons Bluevine is a great choice for a bank account for limited liability companies (LLCs). You must meet one of the two criteria to earn interest:

1. Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank
2. Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider

It charges no monthly fees or transaction fees. It also does not have a minimum opening deposit or minimum balance requirement, and its lack of fees make it an excellent choice for a bank account for self-employed and freelance professionals.

Bluevine has added the ability to send international payments for your business. You can send payments to 32 countries in 15 currencies. It can be sent directly from your Bluevine dashboard. Payments are sent out between 8 a.m. and 5 p.m. Eastern time and can be received in as fast as 24 hours.

Payments sent in USD (United States dollars) cost $25 per payment while payments sent in other currencies cost $25 plus 1.5% of the payment amount. See the full list of countries available for international payments on Bluevine’s website.

However, there are fees if you have to deposit cash or withdraw cash out of network. Deposits must be completed at a Green Dot retail location for $4.95 per deposit, and Bluevine charges $2.50 for out-of-network ATM withdrawals in addition to third-party fees.

• Your business deposits large amounts of cash monthly
• You do a lot of your business banking in person
• You want to use the same bank for both your personal and business accounts

Thanks to its ongoing rewards and low cash deposit fees, Bank of America is a solid choice for a small business checking account.

Its ongoing rewards include up to $500 in combined cashback rewards and statement credits with its business checking and credit card products. Also, with the company’s preferred rewards for business, you can earn 25%–75% bonus rewards on credit cards and get a 5%–20% higher interest rate on Business Advantage savings accounts.

In addition, you can check your Dun & Bradstreet business credit score for free within the Bank of America app. This is one of the reasons why Bank of America was our choice as the best bank for small business loans and the best bank for real estate investors.

There are excellent software integrations and a wide range of additional business products, including savings, certificates of deposit (CDs), lending products, and financial analysis through Merrill financial advisor.

There are two varieties of business checking accounts available through Bank of America: Business Advantage Fundamentals^TM and Business Advantage Relationship Banking. You can change between the two types as your business needs change. Compare their differences in our Bank of America business checking review.

The $16 monthly fee with Business Advantage Fundamentals^TM can be waived one of three ways:

1. Maintain a $5,000 combined average monthly balance
2. Spend at least $250 in new net purchases on a business debit card
3. Become a member of Preferred Rewards for Business.

• Your business frequently withdraws cash from ATMs
• You aren’t interested in an interest-bearing checking account or getting lending products from your business checking account provider
• You use Stripe, Square, or PayPal and want faster access to your funds, as Novo Boost allows you to receive payments faster than other providers

Thanks to its Novo Boost and Express ACH offerings, Novo is an outstanding choice for ecommerce businesses looking for faster access to funds and same-day ACH payments. If you accept payments from Stripe, Novo Boost lets you receive payments sent from your Stripe account faster than other providers.

To further expedite the payment process, users can now connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.

In addition, Novo offers Express ACH, which enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH gives you access to your money faster than other digital-only providers.

If your business makes frequent ATM withdrawals, Novo benefits you as well. It refunds all ATM fees at the end of the month with no limits. It also has no monthly fee, transaction limits, minimum opening deposit, or minimum balance requirement.

Novo allows cash deposits, but those deposits must be made through money orders deposited through the app. It doesn’t charge for this, but you will have to purchase money orders from US Postal Service (USPS) locations for up to $2.40 for up to $1,000 money orders.

It even provides up to 10 reserve accounts, unlimited invoicing, and great software integrations with accounting and payment software. You cannot order checks, but paper checks can be sent from the app.

While Novo previously didn’t offer lending products, it has introduced a working capital product available to banking customers who qualify.

Novo now allows you to apply even if you don’t have an employee identification number (EIN) or limited liability company (LLC).

• Your business is located near a Capital One branch
• Your business does a large number of transactions
• You require the ability to make large cash deposits

Capital One offers an excellent banking product that is only limited by its geographic availability. It would contend for best overall if it were available nationwide. However, you must open an account in a branch, and those are limited to just six states and the District of Columbia.

One advantage Capital One has over other brick-and-mortar banks on this list is it doesn’t charge fees for everyday account transactions. You get unlimited deposits, withdrawals, and transfers, not including international wires, cashier’s checks, and other services. If your business makes a lot of cash deposits, you will have to pay $1 for every $1,000 after depositing $5,000 in a month.

The monthly fee of $15 is easily waivable. You need a 30- or 90-day balance average of $2,000 to waive the fee.

For businesses with higher balances, Capital One offers Unlimited Business Checking. It also has lending products and business credit cards.

• You want to earn interest on your business checking account, as Grasshopper offers up to 2.25% APY uncapped
• You are looking for cash back rewards on online and in-store debit card purchases
• You want a digital-only banking experience that includes great integrations with QuickBooks and need payment software such as Autobooks (provided free)

With the inclusion of Autobooks for free with each account, Grasshopper is a great choice for businesses looking for integrated invoice and payment software with its online-only business checking, which is a solid account thanks to excellent cashback rewards and a great APY. Its debit card earns 1% cash back on all online and in-store debit card purchases

Grasshopper has tiered interest earnings on its business checking, with accounts earning as much as 2.25% APY. Here is the tier structure for interest earnings:

• Balances up to $24,999.99: 1.51% APY
• $25,000 to $249,999.99: 2.25% APY
• $250,000 or greater: 1.51% APY

While there is no minimum or cap on balances that earn APY, customers must maintain a minimum average balance of $10,000 with no nonsufficient funds (NSF) items during the preceding 12 calendar months.

If you have a business that makes a lot of debit card purchases and carries a high balance in the account, Grasshopper’s earning power can rival any other bank in this guide. Its account is fee-free with no minimum balance requirements, though you are required to deposit $100 to open the account.

One drawback is that cash deposits are not permitted. In addition, its free ATM network is a little smaller than some of its competitors, with no ATM fee reimbursement out-of-network.

• Business owners who are comfortable with an online-only bank and don’t need their business bank to have a physical location
• Companies with reserve funds of more than $500,000 and wanting to earn interest on those funds
• Businesses looking for additional FDIC Insurance, as Mercury Vault allows you to insure up to $5 million

Mercury is a great choice for a tech or startup company looking for an online business checking account. Its checking and savings accounts are free, with no minimum deposit or balance requirements.

It landed a spot in our list of the leading banks for startups and scored high in our evaluation for the best business savings accounts because of its high interest rate for businesses with a balance of higher than $500,000. Most businesses incorporated in the US are eligible for an account, except sole proprietorships and trusts.

The biggest perk of Mercury is its new Vault product. Mercury will use partner banks and a sweep network to insure business funds of up to $5 million.

You can also get a $300 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury recently added a credit card product that offers 1.5% cash back and unlimited virtual cards.

Both physical and virtual debit cards are available with your Mercury account. You can withdraw money from one of the 55,000 Allpoint network ATMs for free. Mercury doesn’t charge for out-of-network ATM withdrawals, but you will have to pay third-party operator fees.

This bank even has a Treasury account, which you can request once you have $500,000 in your Mercury accounts. Money in the Treasury account can earn up to 5.43% APY, with rates changing weekly.

One major drawback is its inability to deposit cash. Outside of its credit card product and venture capital term loan program, no standard lending products are available.

• Freelancers looking for detailed expense tracking, as Found has integrated bookkeeping
• Business owners looking for tax preparation assistance
• Self-employed business owners sending frequent invoices

Found is an excellent choice for freelance and self-employed small business owners. It is a great all-in-one product that allows you to use bookkeeping integrated into the app to manage your finances.

You can categorize expenses, capture receipts, and set custom rules with its app. Found also provides unlimited free invoicing. Those invoices can be customized with your company’s logo and colors. You can accept payment for those invoices through payment apps like Cash App, PayPal, Square, Venmo, and eBay.

Found’s app also comes with contractor management, which allows you to request and manage W-9s, 1099 payment reports, contractor tax forms 1099-NECs, and more.

The provider doesn’t charge for any ATM withdrawals, although out-of-network ATM withdrawals would be subject to third-party fees. However, Found doesn’t list its ATM network on its website. You can make cash deposits at more than 79,000 retail locations listed in the Found App, likely for a fee, and you can deposit checks once your account is approved.

Found offers fee-free business checking options without transaction limits, has robust tax tracking and preparation software, allows you to complete and send your Schedule C directly from the app, and lets you pay your tax bill directly. One drawback is only incoming domestic wires are available.

Some of Found’s features are only included in Found Plus, which is $19.99 per month or $149.99 a year. You get interest-bearing checking with Found Plus, earning 1.5% APY on balances up to $20,000.

Overall, the provider is a good option for a self-employed bank account. If detailed expense tracking and out-of-network ATM withdrawals are essential, and you don’t need to deposit cash or checks, then it is probably the right choice.

Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC.

• You need the ability to use subaccounts to manage business funds, as Relay provides up to 20 checking subaccounts
• You have large teams that require debit card access, as Relay provides up to 50 Visa debit cards
• You send wire transfers frequently, as the maximum fee for wire transfers with Relay Standard is $10 and is free with Relay Pro

For businesses with complex business finances and large teams, Relay is a great choice for a business checking account. It provides users with up to 20 checking accounts, allowing you to separate reserves for different types of expenses.

If you have large teams needing access to debit cards for purchases or withdrawals, Relay works well by providing your team with up to 50 Visa debit cards.

Relay recently added the ability to deposit cash at any of 55,000 Allpoint ATMs nationwide. You are limited to $1,000 per transaction, but this fee-free option to deposit cash gives Relay a considerable advantage over other fintechs on this list.

Relay is a great option if you send wire transfers regularly. With its basic business checking level, Relay Standard, the most you will pay for wire transfers is $10. If you upgrade to Relay Pro, they are entirely free. Neither checking product has transaction limits or minimum balance requirements.

While Relay Standard is free, Relay Pro costs $30 per month. One drawback to Relay Pro is that the monthly fee is not waivable. However, the premium tier comes with a wide variety of business tools, including:

• Accounts payable support (including auto-imports from QuickBooks Online and Xero)
• Multistep approval rules for bill payments
• Batch payments for bills
• One-click reconciliation of bills
• Same-day ACH delivery
• Free wire transfers

Drawbacks to Relay include being digital-only, so there are no branches to visit. In addition, it currently lacks lending products.

The first thing to consider when choosing the best business checking account is whether your business is eligible for an account with that provider. Only one bank on our list is geographically limited: Capital One. Capital One requires you to visit a branch bank to open an account.

In addition, some accounts are limited to certain business organization types. Check with the financial provider to see if your business organization type allows you to open an account.

Some providers listed in this guide are fee-free, while others offer waivable monthly fees and limited free transactions each month. There are three factors you should consider before signing up for an account with waivable fees or limited free transactions:

• Are you able to meet the criteria to get the monthly fee waived?
• Does the account offer enough free cash deposits or transactions to meet your business needs?
• If you know you will end up paying certain monthly fees, is it worth it because of other features the bank provides that competitors do not? If that bank offers features that fee-free accounts don’t, it might be worth a small monthly fee.

You may decide that you need to visit a physical location for your business needs. This is especially true if your business handles cash regularly. If your business needs require you to visit a branch bank regularly, be sure to choose a provider located near where your business operates.

Some providers in this guide allow you to open an account entirely online. Others may require you to visit a physical branch to open an account. You may also be required to visit a branch bank depending on how your business is organized. When you visit the provider’s website, you should be informed whether you can open the account online or if you must visit a branch location.

While customer reviews might not tell the whole story about the best small business checking account, it is a good idea to see what other business customers have said about a provider. Each individual bank review includes a customer review section. Remember that customer reviews often include both business and personal accounts, so some might not apply to your potential business account.

For more information, see our guide on how to choose a bank for your small business.

Thanks to no monthly fees, U.S. Bank has the best entry-level business checking account. You get up to 125 free monthly transactions and can deposit up to $2,500 for free each month.

The best free business checking accounts should have either no or easily waivable monthly fees. Banks that don’t charge monthly fees include Bluevine, U.S. Bank, Novo, Mercury, Grasshopper, Found, and Relay. Banks with easily waivable monthly fees are Bank of America, Chase, and Capital One.

If you own and operate a business, you need to have a business checking account. Here are the benefits of having a business checking account:

• It keeps your business and personal finances separate
• It helps you build your business credit
• It lets you assess your business performance more easily
• It lends credibility to your business
• It simplifies tax season
• It helps you build a banking relationship
• It allows you to accept credit card payments

To open a business checking account, follow these six steps, as listed in our guide on how to open a business bank account:

• Step 1: Gather the required documents
• Step 2: Select the right bank account
• Step 3: Find the best bank
• Step 4: Learn the account’s possible costs
• Step 5: Open the account online or in person
• Step 6: Deposit funds