The best small business checking accounts charge minimal monthly fees or allow owners to avoid charges easily. They also allow for owners to make hundreds of free monthly transactions and cash deposits at no cost. We looked at a range of banks and compared their offerings to identify the 11 best business banking account providers.
Fit Small Business Uses Bank of America
Fit Small Business has used Bank of America for its business checking for five years. New clients will qualify for a cash bonus of $450 when they open a small business checking account, set up bill pay, and use a small business Bank of America credit card.
Chase Bank: Best Overall Small Business Bank Account
Chase Bank has nearly 5,000 branches, 16,000 ATMs, an easy-to-use website, and a great mobile app, making it an excellent option whether your small business relies on a physical location or does most of its banking online. It offers a competitive fee structure, unlimited cash deposits, and you can open an account with no minimum deposit. First-time Chase Total Business Checking account holders can receive a $200 bonus for opening a new account.
Top 11 Small Business Checking Accounts 2019
| Bank | Best For |
|---|---|
| Chase Bank | (Best overall) Free checking with low monthly deposits |
| Bank of America | Brick-and-mortar banking, reasonable fees, and an introductory bonus of up to $450 |
| Capital One | Low-cost checking with unlimited transactions |
| U.S. Bank | Businesses with few transactions that want free checking |
| PNC Bank | Free introductory checking for three months |
| TIAA Bank | Online-only banking with an account that earns interest |
| Wells Fargo | Flexibility when upgrading account services as a company grows |
| BBVA Compass | Sole proprietors operating in the South or Southwestern United States |
| Citizens Bank | East Coast businesses with limited transaction needs |
| TD Bank | Businesses with significant Canadian operations |
| Comerica Bank | Owners who don’t need to make many cash deposits |
What’s Changed With the Best Business Checking Accounts
This article was originally published in September 2016. We update our content regularly because banks and credit unions that offer the best business checking accounts often change their introductory offers and other account features.
The most recent changes to the best small business bank accounts article include adding a new bank to our list. READ MORE
How We Evaluated the Best Small Business Checking Accounts
We examined small business checking accounts by examining introductory offers and incentives like free transactions or monthly cash deposits. The best banks for small business offer accounts with varying charges, including monthly fees, ATM fees, or transaction fees. These are some of the most important things we considered when deciding on the best business checking accounts.
When narrowing down the options to this list, we considered the following things:
- Monthly fees: How much a bank charges for you to hold a small business checking account. Monthly account fees, transaction fees, and ATM fees. Most of the accounts on our list either charge no monthly fee or make it relatively easy to get the fee waived.
- Transaction fees: How much you’ll have to pay to deposit or withdraw money. Many of the accounts on our list offer 150 or more free transactions per month and several thousands of dollars in free cash deposits.
- ATM fees: How much you’ll pay when you use out-of-network ATMs. Some banks offer reimbursements while others have agreements with large ATM networks that will give you free access to tens of thousands of ATMs across the country.
- Size of the bank’s network: The number of bank branches, states where they operate, and ATM accessibility. This list includes both large national banks and regional banks that best serve business owners in select states.
- Introductory and ongoing offers: The sign-up bonuses and ongoing benefits you’ll receive These include cash sign-up bonuses worth up to $450 and interest paid on account balances. Just one account on our list pays ongoing interest.
- Additional services: Other services offered by the provider in addition to business bank accounts. Many of the banks on our list also offer business savings accounts, certificates of deposit (CDs), and small business credit cards.
Many of the banks on our list offer multiple business checking accounts for different size companies. In this article, we’re comparing 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.
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 clients may qualify for a bonus of up to $450.
If your business doesn’t need to visit bank branches regularly and only requires very basic banking, you may be happiest with Azlo. This online-only account has no minimum deposit to open an account or minimum balance requirement to maintain the account. We rank it as one of the best online business checking accounts.
Meanwhile, Chase Bank offers a $200 bonus for new customers and is our pick as the best bank for small business. We chose it as the best small business checking account provider because it has a flexible network and lower fees when compared to the other options on the list.
Chase Bank: Best Overall Small Business Checking Account
Chase Bank offers one of the largest networks of all business checking accounts, giving you access to 16,000 ATMs and nearly 5,000 branches nationwide. Chase Total Business Checking requires no minimum deposit to open an account, and your fees could be as low as $0 if you have $500 in monthly deposits or a daily balance of at least $1,500. The requirements to earn free checking are lower with Chase than with any other best bank for small business.
Who Chase Bank Is Best For
Chase Bank can offer the best checking solution for any business with convenient access to one of its branches or ATMs. Chase offers unlimited cash deposits—free up to $5,000 in deposits each month—which makes it the best option for businesses that make many cash deposits or that need a branch to conduct transactions. Plus, it offers one of the best fee structures overall and checking solutions for businesses of all sizes.
Chase Bank Introductory Offer
First-time account holders can earn a $200 bonus when opening a Chase Total Business Checking account. That’s a slightly smaller bonus than some other banks on our list offer.
To qualify, business owners will need to do the following:
- Deposit $1,000 within 20 business days of account opening
- Maintain a $1,000 average daily balance for 60 days
- Make at least five qualifying transactions from the business checking account within 60 days
Because the monthly fee is waived with a minimum daily balance of $1,500, you should have no problem also receiving in bonuses if you’re already able to get the fee waived. Compare these requirements to Bank of America, which requires account holders to make a minimum deposit, use a bank credit card and pay bills online.
Chase Bank Fees
The Chase Total Business Checking account charges the following:
- Monthly fee: $15; waived if you have a minimum daily balance of $1,500 or you maintain a linked Chase Private Client Checking or Chase Sapphire Checking personal account or $12 if you opt for paperless statements
- Transaction fee: 40 cents per transaction after your first 100 transactions each month made with a teller, incoming wires, and all debits; no charge for electronic deposits and deposited items made via ATM, automated clearing house (ACH), and Chase QuickDeposit
- Cash deposit fees: $2.50 per $1,000 after the first $5,000 in cash deposited each month
- ATM fee: $2.50 per transaction at any non-Chase ATM in addition to ATM operator fees, plus free access to more than 16,000 ATMs nationwide
- Domestic incoming wires: $0
- Domestic outgoing wires: Two most expensive outgoing domestic wire transfers per month included at no charge, then $35 per transfer at a Chase branch or $25 per transfer at Chase.com
- International incoming wires: $0
- International outgoing wires: $50 if a banker helps you send a wire; $40 if you complete the transfer via Chase.com or the mobile app
Chase Bank 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.
Bank Network for Chase Bank
The Chase Total Business Checking account offers the best network when you take into account its flexibility. Chase Bank has more than 16,000 ATMs where you can withdraw cash and deposit checks. The bank also has nearly 5,000 branches in 29 states 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, and make transfers.
What Chase Bank Is Missing
Chase Bank branches are typically found in major markets, so it may be hard to find a Chase branch in smaller markets. You can use its branch locator to see what locations are closest to you. Chase also limits free transactions to 100 per month. Still, Chase offers the best small business checking account with a low monthly fee. It’s fairly easy to meet the requirements to waive that fee.
Chase Bank Reviews
We couldn’t find any online user reviews of the Chase Total Business Checking account, but general reviews of this big bank are pretty mixed. Account holders either love the convenience of branch banking and the customer service or complain about fees or account restrictions acting as a barrier to free checking. Visit our Chase Business Checking reviews page and leave your own review.
How to Open an 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 introductory offer. You can also visit a local branch to work directly with a business banker and apply for an account.
Bank of America: Best Bank for Small Business for Cash Deposits
Bank of America offers a business checking account that is comparable to Chase business checking. It is best for businesses that are near the more than 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 makes significant monthly cash deposits. Pay just 30 cents per $100 after the first $7,500 each month. You’ll start paying for cash deposits with Chase after just $5,000 in deposits each month. If Bank of America is more convenient for you than Chase, then we recommend going with Bank of America.
Bank of America Introductory Offer
Bank of America’s introductory offers include:
- $100 if you deposit $1,000 within 60 days of opening your small business bank account
- $50 if you pay at least two bills through online bill pay within 60 days
- $300 if you apply for and are approved for a Bank of America small business credit card, and you make $3,000 in purchases within 90 days of account opening
The Bank of America Business Fundamentals account offers a $450 bonus for first-time business checking account users. To qualify, you must meet certain minimum initial deposits, pay bills online, and obtain a Bank of America small business credit card.
Bank of America Fees
The Bank of America Business Fundamentals checking account charges the following:
- Monthly fee: $14 to $18 depending on the state in which your business is based; waived if you meet certain criteria
- Transaction fee: 45 cents per transaction after the first 200 transactions each month
- Cash deposit fee: 30 cents per $100 after the first $7,500 each month
- ATM fee: $2.50 per transaction on out-of-network ATMs, in addition to operator fees, plus free access to more than 16,000 ATMs nationwide
- Domestic incoming wires: $15
- Domestic outgoing wires: $30
- International incoming wires: $16
- International outgoing wires: $40 in United States 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 isn’t a deal breaker, 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 purchases with your Bank of America business debit or credit card
- Maintain an average monthly balance of $5,000 or more
- Maintain a minimum daily balance of $3,000 for every day during the month
- Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts
Bank of America Bank Network
The Bank of America Business Fundamentals checking account has a comparable network to Chase. Bank of America has more than 16,000 ATMs across the nation, all of which have full capabilities for deposits and withdrawals. Bank of America also has more than 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, and pay bills. These features are similar to what Chase offers its small business checking account holders.
What Bank of America Is Missing
Bank of America has a giant branch network but, like the other biggest banks on our list, it doesn’t have a footprint in all states. In fact, there are 17 states with no Bank of America branch, most of which are in the South and Midwest. Still, Bank of America has the best small business checking account if you deposit up to $7,500 in cash monthly.
Bank of America Reviews
In Bank of America reviews, users say they have little problem meeting the requirements to avoid a monthly fee. The reaction was mixed regarding the bank’s customer service, with some account holders deeming it excellent while others expressed frustration that business customers weren’t given proper attention. Bank of America received an A+ rating from the Better Business Bureau (BBB).
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 its online application, you may need to email or fax additional materials, which can take three to five days. Once Bank of America receives your signature card, you’ll be approved to use your business checking account.
Capital One: Best Checking Account for Unlimited Transactions
Capital One offers a low-cost business checking account—a $15 monthly fee—that’s best for owners who make many transactions per month as there is no transaction fee. Although it offers a network of more than 39,000 ATMs nationwide, Capital One has around 750 physical branch locations across eight states—far fewer than other large banks on our list.
Who Capital One Is Best For
Capital One Spark Business Basic Checking is a great fit for businesses that need a low-cost checking account. You’ll pay $15 a month with several options to waive that fee, and there are no transaction fees. Ecommerce or online-based businesses may favor this account since deposits can be made electronically.
Capital One Introductory Offer
You may be targeted for a $100 or higher bonus based on the market in which your business operates, but you must visit a branch to apply. Branches are located in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C.
Capital One Fees
The Capital One Spark Business Basic Checking account charges the following:
- Monthly fee: $15; waived if you maintain a $2,000 minimum 30- or 90-day average balance or if you have two other Capital One accounts
- Transaction fee: None
- Cash deposit fee: $0 for the first $5,000 in monthly deposits; $1 for every $1,000 deposited after that
- ATM fee: Free access to more than 39,000 Allpoint ATMs nationwide
- Domestic incoming wires: $15
- Domestic outgoing wires: $25
- International incoming wires: $15
- International outgoing wires: $40
Capital One charges no monthly fees if you maintain a balance of just $2,000, and it allows for an unlimited number of monthly transactions. Other banks offer a limited number of free transactions. PNC Bank, for example, charges 50 cents per transaction after the first 150 transactions each month.
Capital One Bank Network
The Capital One Spark Basic Business Checking account has the largest overall network, but the fewest physical branch locations. Capital One boasts more than 39,000 in-network ATMs that don’t charge a service fee, but it only has around 2,000 ATMs that accept deposits. Plus, Capital One only has around 750 national branches, which is the lowest number on our list.
Capital One Additional Features
The Capital One Spark Basic Business Checking account can integrate with top accounting software like Xero. Capital One also has a mobile app that a business owner can use to deposit checks, track their accounts, pay bills, and make transfers.
What Capital One Is Missing
If you aren’t comfortable handling most or all of your banking online, Capital One may not be the right provider for you if you’re not located near a physical branch. The bank’s branch network is small—eight states—compared with other big banks. Capital One has the best business bank account for unlimited transactions and offers access to a huge network of ATMs
Capital One Reviews
Users have complained in Capital One reviews the bank has changed the online functionality of the Spark account—and not for the better. Readers also have complained in comments on this story that the “app is glitchy, and they are very slow to process deposits and transfers, which causes real headaches and delays in accessing your money.”
How to Open an Account With Capital One
Capital One currently requires a branch visit to complete an application. Online, it offers handy information for what you’ll need to bring when you apply, including the legal name of your business, your tax ID number, ownership structure, number of employees, percent of ownership, and annual gross revenue.
U.S. Bank: Best Small Business Checking Account for Limited Transactions
U.S. Bank’s free business checking option, its Silver Business Checking package, is best for businesses looking for a free account that make fewer than 150 transactions per month. Few banks on our list offer a fee-free option with no requirements. U.S. Bank offers a large network of more than 3,200 physical branch locations and more than 5,000 ATMs in 25 states.
Who U.S. Bank Is Best For
U.S. Bank is one of the best banks for small business for owners that make fewer than 150 transactions a month as you’ll pay 50 cents per transaction after that. Compare that to Bank of America, which offers 200 free transactions. U.S. Bank also is a good fit if its branches and ATMs are geographically convenient to your business.
U.S. Bank Introductory Offer
U.S. Bank offers a 50% discount on your first check order up to $50, regardless of how long it takes you to order your first checks. It also offers the following introductory offers for business checking account holders:
- 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 U.S. Bank Gold Personal Package checking account
- An undisclosed bonus rate on a U.S. Bank Platinum Business Money Market account
These offers aren’t quite as lucrative as what other banks offer. Bank of America, for example, offers a $450 bonus on its Bank of America Business Fundamentals account for first-time business checking account users.
U.S. Bank Fees
The U.S. Bank Silver Business Checking account charges the following:
- Monthly fee: None
- Transaction fee: 50 cents per transaction after the first 150 transactions each month
- Cash deposit fee: No fee on the first $2,500 in cash deposits each month
- ATM fee: No charge for out-of-network ATMs, although operator fees apply, plus free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs
- Domestic incoming wires: $20
- Domestic outgoing wires: $30
- International incoming wires: $25
- International outgoing wires: $50
U.S. Bank offers a very competitive fee structure for all of its business checking account options, but the free business checking it offers tops all of the banks with branches in multiple states. Chase, for example, doesn’t offer a totally free checking account; you have to meet deposit requirements to earn a waived monthly fee.
Bank Network for U.S. Bank
U.S. Bank has a large network nationwide, but it’s not as big as Chase or Bank of America. U.S. Bank has 3,200-plus physical branch locations and more than 5,000 ATMs for you to access for either withdrawals or deposits. U.S. Bank also has free access to the MoneyPass ATM network, which gives its business account holders free ATM withdrawal access at 25,000-plus ATMs nationwide. You can use its online branch locator to find the closest one to you.
U.S. Bank Additional Features
U.S. Bank offers the following features for business checking account holders:
- Access to ADP Payroll: Get direct access from your bank account dashboard
- Access to Viewpost: Take advantage of digital invoicing and payment systems, which are integrated into your online dashboard
- Mobile app: Oversee all of your accounts, move money between accounts and deposit checks online
Like U.S. Bank, Comerica Bank also offers payroll processing. Most banks, including Chase and Bank of America, offer mobile apps that allow for remote check deposits.
What U.S. Bank Is Missing
U.S. Bank limits free accounts to minimal monthly activity, so if you need to make more than 150 transactions per month, look to another account like the Bank of America small business checking. It also doesn’t disclose its fee for additional cash deposits before you go through the application process, so be sure to ask as you go through the application process.
U.S. Bank Reviews
U.S. Bank reviews specific to the Silver Business Checking account offer praise for the lack of monthly fees. Bank users, in general, offer both appreciation and criticism of the bank’s customer service. Some users complain about the usefulness of the bank’s app. U.S. Bank received a B+ rating from the BBB.
How to Open an Account With U.S. Bank
You cannot apply online for a U.S. Bank business checking account. You must contact a U.S. Bank specialist via telephone or online form, or you can walk into any of its nationwide branches.
PNC Bank: Best Business Bank Account for Introductory Savings
PNC Bank’s business checking account is best for small businesses looking for cost savings in the first few months. You can open an account with as little as $100, and PNC will waive your monthly maintenance for the first three months. While it doesn’t have as many physical locations as other banks on this list with only around 2,800 in 19 states, its ATM network is 6,000 strong.
Who PNC Bank Is Best For
PNC Bank offers a competitive checking account that is a good fit for small businesses that want an initial price break. You’ll pay nothing for the first three months, then $10 per month thereafter, although you can have the fee waived when you meet certain conditions. It has a wide enough network to be competitive with each best bank for small business on our list.
PNC Bank Introductory Offer
PNC introductory offers change regularly. The current offer is $200 when you open a PNC Business Checking account. This offer is valid if you apply online or get a coupon to apply at a branch. You must maintain minimum balances and debit card transactions to qualify. That’s less than the $450 offered by Bank of America but matches the $200 bonus that Chase offers.
PNC Bank Fees
The PNC Business Checking account charges the following:
- Monthly fee: $10 per month; waived when you meet certain conditions
- Transaction fee: 50 cents per transaction after the first 150 transactions each month
- Cash deposit fee: 25 cents per $100 deposited after $5,000 in monthly deposits
- ATM fee: $3 out-of-network fee
- Domestic incoming wires: $12.50
- Domestic outgoing wires: $78
- International incoming wires: $20
- International outgoing wires: $110
PNC Bank’s fees are very competitive with similar checking accounts from each best bank for small business on our list, and it leads the way with larger businesses through its Business Checking Plus account. The fees disclosed here are for introductory business checking accounts and are comparable with other accounts covered in this article.
PNC will waive the monthly fee for the first three months of your account being open. No other bank on our list includes an introductory offer like this.
After the introductory period expires, the bank will waive the monthly fee if you meet one of three waiver requirements:
- Maintain a linked PNC merchant services account and deposit at least $500 in card payment proceeds into your PNC business banking account
- Make $500 or more in purchases with your linked PNC business credit card
- Maintain a minimum average monthly balance of $500
Bank Network for PNC Bank
PNC has a network of more than 2,800 physical bank locations in 19 states and Washington, D.C., and 6,000-plus ATMs. It’s not as large as some of the other national banks in this article, but it’s a good fit for large businesses that either primarily operates in a single geographic location or online.
PNC Bank Additional Features
PNC Bank offers several additional features that are only available on the Business Checking Plus account at $20 per month like cash flow insight for your receivables and payables. It also offers every business checking account holder the ability to manage its entire banking process online through its mobile banking app, including depositing checks as well as free online bill pay. These features are similar to what you’ll find with Bank of America and Chase.
What PNC Bank Is Missing
PNC offers a good small business checking account option with low fees but has a smaller bank network than many banks on this list. If you need access to physical bank branches and aren’t located in one of the 19 states plus Washington, D.C., where PNC has branches, it may not be right for you. Still, the bank offers a good small business checking account option with low fees.
PNC Bank Reviews
PNC Bank reviews are mixed. Account holders say customer service is generally very good, but one user complained of being put on hold for 15 minutes. Some users have complained about unexpected charges on their account and a confusing website.
How to Open an 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.
TIAA Bank: Best Small Business Checking Account for Online Banking
Since it has no branch network, TIAA Bank is best for businesses that are comfortable with online-only banking. Plus, you’ll receive an excellent introductory interest offer. You’ll pay few fees on this bank’s Small Business Checking Account and earn 1.21% APY for the first 12 months on deposits up to $250,000. This is our top pick for the best online business checking account.
Who TIAA Bank Is Best For
TIAA Bank, formerly known as EverBank, is best for businesses that don’t need brick-and-mortar service or to make many cash deposits. TIAA Bank operates several branches in Florida but is primarily an online bank. It offers nationwide reimbursements for ATM use if you maintain a minimum balance of at least $5,000. TIAA Bank is a best bank for small business because it offers the same number of free monthly transactions as Bank of America, but you don’t have to maintain account minimums to earn free checking.
TIAA Bank Introductory Offer
TIAA Bank doesn’t offer a standard introductory bonus. Instead, you’ll receive an introductory APY for the first year after account opening. TIAA Bank pays 1.21% APY on balances up to $250,000. This is the only account on our list that pays interest.
After your first year, you’ll earn the following:
- 0.20% APY on balances below $10,000
- 0.36% APY on balances between $10,000 and $24,999.99
- 0.41% APY on balances between $25,000 and $49,999.99
- 0.51% APY on balances between $50,000 and $99,999.99
- 0.61% APY on balances between $100,000 and $10 million
TIAA Bank Fees
A business bank account with TIAA Bank has the following costs:
- Monthly fee: None
- Transaction fee: 25 cents each after the first 200 transactions in a month
- ATM fee: None, provides reimbursements if you maintain a balance of at least $5,000
- Domestic incoming wires: $0
- Domestic outgoing wires: $25
- International incoming wires: $0
- International outgoing wires: $35
For balances under $5,000, TIAA Bank will reimburse up to $15 in ATM fees per month. You can deposit up to 50 checks per month for free. If you need to make more check deposits each month, the bank recommends a monthly remote deposit capture service that costs $35. Because of these limitations, this account is best suited to ecommerce businesses and companies that don’t handle many cash transactions.
TIAA Bank Network
TIAA Bank, which is based in Jacksonville, Florida, operates 14 branches, according to the Federal Deposit Insurance Corp. It is primarily an online bank with no in-network ATMs. Instead, TIAA Bank will reimburse account holders for all ATM fees as long as they maintain an average daily account balance of at least $5,000. If you won’t have a daily balance of $5,000 and need access to free ATMs, Azlo provides 55,000 fee-free ATMs.
TIAA Bank Additional Features
TIAA Bank also offers money market accounts, CDs, investment services online, and remote deposit capture. You also can take advantage of payment processing services. Most of the other banks on our list offer similar accounts and services.
What TIAA Bank Is Missing
TIAA Bank doesn’t offer many branches or in-network ATMs. This can prove difficult for businesses that rely on cash transactions. However, TIAA Bank will reimburse all ATM fees if you maintain an average minimum daily account balance of at least $5,000.
TIAA Bank Reviews
Users say they enjoy the introductory APY and ongoing APY offered on this small business checking account. However, others complain about TIAA Bank’s customer service since buying out EverBank. Users say they sometimes don’t hear back on their customer service requests.
Still, this is the only account on our list that offers introductory and ongoing APY.
How to Open an Account With TIAA Bank
You can open a TIAA Bank business checking account through its website. All the required forms can also be completed online. Once your account is open, you can begin earning 1.21% APY on deposits up to $250,000.
Wells Fargo: Best Business Bank Account for Scalability
Wells Fargo offers a small business bank account that’s best for businesses to grow with because of the bank’s additional services. It has one of the largest networks with more physical branches than each best bank for small business on our list at more than 5,600, and Wells Fargo’s Simple Business Checking account at $10 is less expensive than what Chase offers.
Who Wells Fargo Is Best For
Wells Fargo can likely meet your needs regardless of the size of your business and, because of the numerous additional financing and investment services that Wells Fargo provides, it’s better than most other banks at helping growing businesses. You can upgrade your business checking easily as your needs increase in both monthly transactions and deposits.
Wells Fargo Introductory Offer
Wells Fargo occasionally offers in-branch bonuses for opening new business checking accounts. See your nearest branch for details. The bank does not currently offer a sign-up bonus through its website. Many of the other banks on our list do, including Bank of America, which offers up to $450 when you open a new account.
Wells Fargo Fees
The Wells Fargo Simple Business Checking account charges the following:
- Monthly fee: $10 per month; waived if you maintain a $500 average daily balance
- Transaction fee: 50 cents per transaction after the first 50 transactions each month
- Cash deposit fee: 30 cents per $100 deposited after $3,000 in monthly deposits
- ATM fee: $2.50 per withdrawal at out-of-network ATMs in addition to ATM operator fees; however, there is no charge for using any of the 13,000-plus ATMs in the Wells Fargo network
- Domestic incoming wires: $15
- Domestic outgoing wires: $30
- International incoming wires: $16
- International outgoing wires: $45
Its fees are not as competitive as others with its introductory business bank account. However, its fee structure improves for larger businesses with upgraded business checking accounts.
Wells Fargo Bank Network
The Wells Fargo banking network is competitive with both Chase and Bank of America with more than 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 Simple Business 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
- Zero liability protection: Wells Fargo reimburses you for any unauthorized debit card or ATM transactions if you report them promptly
Like other banks on our list, Wells Fargo offers a robust mobile experience that includes remote check deposits. No other bank on our list allows the debit card personalization that Wells Fargo offers.
What Wells Fargo Is Missing
The Simple Business Checking account is fine for new businesses that don’t need to make frequent transactions, but the account could become costly for businesses that make more than $3,000 in cash deposits each month. The bank’s other choices are Business Choice Checking, which allows $7,500 in free deposits with a $14 monthly fee and Platinum Business Checking, which allows $20,000 in deposits at a $40 fee.
Wells Fargo Reviews
This bank has been plagued by scandal in recent years, and that’s reflected in its generally negative Wells Fargo reviews. Account holders complain about long waits while attempting to connect with customer service via phone, but some praise in-branch service as being quite good.
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 at 800-416-8658 to apply.
BBVA Compass: Best Checking Account for Sole Proprietors
BBVA Compass is best for sole proprietors because it offers one of the best free small business checking accounts with no monthly fee and no minimum monthly balance. BBVA Compass also offers free access to more than 39,000 ATMs nationwide, but only has about 650 branches in seven states, which is a much smaller footprint compared to other banks on our list.
Who BBVA Compass Is Best For
The BBVA Compass ClearConnect for Business Checking is the best business checking account if you’re a sole proprietor and want a low-cost account with limited transactions. BBVA Compass is also ideal if you live near one of its branches or don’t require access to a physical branch for business banking.
BBVA Compass Introductory Offer
BBVA Compass does not currently have any introductory offers. Most of the other banks on our list do. Chase offers new account holders a $200 cash bonus after meeting minimum deposit requirements.
BBVA Compass Fees
The BBVA Compass ClearConnect for Business account charges the following:
- Monthly fee: None
- Transaction fee: Limits the number of in-branch deposits per month to two, after which there’s a fee of $4 per in-branch deposit; in-branch withdrawals are limited to five per month, after which there’s a fee of $1 per in-branch withdrawal
- Cash deposit fee: 0.003 cents per dollar of cash deposited after the first $5,000 in cash deposited in a month
- ATM fee: Doesn’t charge a fee for out-of-network ATMs and offers free access to more than 43,000 Allpoint ATMs nationwide
- Domestic incoming wires: $15
- Domestic outgoing wires: $30
- International incoming wires: $15.75
- International outgoing wires: $50
BBVA Compass’ fees are very competitive for those business owners who qualify for an account. BBVA Compass does not charge monthly maintenance fees, no ATM fees, and has no minimum account balance. Citizens Bank offers a similar fee-free account.
BBVA Compass Bank Network
BBVA Compass has one of the smallest networks of physical branches on this list with just 650 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. However, clients have free access to BBVA Compass ATMs and more than 43,000 Allpoint ATMs nationwide.
BBVA Compass Additional Features
BBVA Compass free business checking features include:
- Free digital banking
- No monthly fees or minimum balance
- No BBVA fees at any ATMs
- Remote deposit available
BBVA Compass is most similar to Citizens Bank, which also charges no monthly fees, nor does it require a minimum balance.
What’s BBVA Compass Is Missing
BBVA Compass has very few branches, which are in only seven states and severely limits free in-branch transactions each month. Still, this is one of the best business bank accounts for no monthly fee and few additional costs. Only sole proprietors may apply for the BBVA Compass ClearConnect for Business account online.
BBVA Compass Reviews
We were unable to find any online user reviews for the BBVA Compass ClearConnect for Business account but, overall, BBVA Compass reviews are mediocre. Customers frequently complaining about fees, access to funds, and in-branch customer service.
How to Open an Account With BBVA Compass
Sole proprietors can apply for the BBVA Compass ClearConnect for Business account through the bank’s website. Others must apply in branch. You can also learn more about its offerings and branch locations. If you decide to apply, the entire process can be completed online.
TD Bank: Best for Businesses With Canadian Operations
TD Bank offers low-cost small business checking accounts at $10 per month that are best for companies with Canadian operations. The bank has branches along the East Coast and in every Canadian province. TD offers low-cost small business checking accounts that have no minimum balance and easy access to ATMs across the 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 U.S. and Canada because the bank offers branches in 15 U.S. states and every Canadian province. TD is also ideal for companies who have additional needs outside small business checking including investment services.
TD Bank Introductory Offer
Like Citizens Bank and BBVA Compass, the TD Business Simple Checking account does not come with an introductory bonus. Other banks on our list do, including Chase, which offers a $200 cash bonus to new business checking account customers.
TD Bank Fees
The TD Business Simple Checking account charges the following:
- Monthly fee: $10; no way to waive fee
- Transaction fee: 75 cents per transaction after the first 200 transactions each month
- Cash deposit fee: 20 cents per $100 deposited after the first $5,000 deposited each month
- ATM fee: $3 per transaction or balance inquiry for any out-of-network ATM, plus operator fees, and free access to more than 2,500 ATMs across the 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.
Bank Network for TD Bank
TD Bank has one of the smaller bank networks on this list, with more than 1,250 branches and 2,500 ATMs across 15 East Coast states, Washington, D.C., and in every Canadian province. It has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia.
TD Bank Additional Features
A small business checking account with TD Bank has features, including:
- Online banking
- Free mobile banking
- Most branches are open seven days per week
- Branches and ATMs in the U.S. and Canada
- Mobile deposit
Branch access is greater with TD Bank than with other banks on our list like Chase because it keeps its branches open seven days per week. TD Bank also has more Canadian branches than any other bank on our list.
What TD Bank Is Missing
TD Bank doesn’t have as many branches or ATMs as many of the banks on this list. It also charges a monthly fee for basic business checking that can’t be waived. Still, it has one of the best small business checking accounts for businesses that do a lot of business in Canada or would like access to additional investment services.
TD Bank Reviews
TD Bank reviews are generally positive. Customers say the bank excels at customer service and offers an easy application process. Account holders have said they have had to wait 30 minutes or longer when calling customer service.
How to Open an Account With TD Bank
To learn more about TD Bank and its small business bank account options, 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 Bank: Best Business Bank Account for Limited Cash Deposits
Comerica Bank is best for businesses that can conduct their banking business online because of its restrictions on free transactions and cash deposits. There is no monthly fee, but you’ll pay for transactions above 75 each month. While Comerica Bank is a smaller bank, it offers very cost-effective small business checking accounts as well as payroll processing and other features.
Who Comerica Bank Is Best For
Comerica Bank’s Basic Business Checking is ideal if you can do much of your banking online and you don’t have many transactions. You’ll pay 55 cents for each transaction after the first 75 transactions each month, and Comerica Bank also limits the number of free cash deposits to $2,500, so it’s a good provider if you don’t handle much cash.
Comerica Bank Introductory Offer
Comerica Bank is currently offering 12 months of free Comerica Web Bill Pay at no charge. After the first 12 months, Comerica Bank charges $6.95 for this service. None of the other banks on our list charges for their online bill payment services.
Comerica Bank Fees
The Basic Business Checking account charges the following:
- Monthly fee: None
- Transaction fee: 55 cents for each transaction after the first 75 transactions each month
- Cash deposit fee: 18 cents per $100 deposited after the first $2,500 deposited each month
- ATM fee: $2 per transaction or balance inquiry at any out-of-network ATM, in addition to operator fees, plus free access to more than 440 ATMs
- Domestic incoming wires: $14
- Domestic outgoing wires: $29
- International incoming wires: $17
- International outgoing wires: $50
Bank of America offers 200 free transactions per month while Chase offers $5,000 in free cash deposits.
Bank Network for Comerica Bank
Comerica Bank has a relatively small bank network compared to other banks on this list, with just 440 branches in five states: Arizona, California, Florida, Michigan, and Texas. In addition to online and mobile banking, Comerica Bank also has banking centers in Mexico and Canada.
Comerica Bank Additional Features
A Comerica Bank small business bank account has additional features, including:
- Upgrade to other Comerica Bank accounts without changing account numbers or ordering new checks
- Credit card processing
- Payroll processing
- Mobile deposit
Like Bank of America, Comerica Bank allows payroll processing. As with all of the banks on this list, you can deposit checks remotely through Comerica Bank’s app.
What Comerica Bank Is Missing
Comerica Bank has one of the smallest bank networks on this list. If you aren’t located near a Comerica Bank branch, it probably isn’t a good provider for your small business. Still, it offers one of the best business checking accounts for no monthly fee.
Comerica Bank Reviews
Comerica Bank reviews are fairly positive, with checking account holders applauding the customer service. Hours of operation appear to be a downside for some users as branches tend to close by 4 p.m. in many locations. Compare that with Chase branches, many of which remain open until 6 p.m.
How to Open a Business Account With Comerica Bank
Visit the Comerica Bank website to learn more about the accounts and other services it offers. If you want to open a small business checking account with Comerica Bank, 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 Bank branch to complete the process.
How to Find the Best Checking Accounts for Small Business
Find the best small business checking accounts for small business by looking for banks with branch networks near you. The best accounts charge no monthly fee or offer ways to avoid a fee. The top banks also offer opportunities to make at least some cash deposits and transactions for free.
When weighing your decision on where to open a small business checking account, consider the following:
- Minimum balance: Some providers require that you maintain a minimum balance to waive monthly fees
- Transaction fees: Many free business checking accounts limit business owners to a certain number of free transactions each month, after which transaction fees apply
- Cash deposit fees: Businesses also are typically limited to a certain amount of free cash deposits each month, with fees charged after you exceed the limit
- ATM fees: Many banks charge ATM fees for accessing your account through out-of-network ATMs
- Bank network: Some of the best free business checking accounts are online-only products, so if you need access to physical bank branches, your options may be more expensive
The best small business checking account for you should offer the features you value the most, whether that be low fees or high transaction limits.
Best Free Small Business Checking Accounts
Some business owners specifically want a free business checking account. Although many banks offer free business checking under certain conditions, most of these accounts still have fees. If you want a free business checking account, be sure to consider some of these account providers, and check out our guide on the best free business checking accounts.
Top 7 Free Business Checking Accounts
| Bank | Best For |
|---|---|
| Chase Total Business Checking | (Best overall) Businesses that can maintain a $1,500 balance |
| Bank of America Business Fundamentals Checking | Businesses seeking an introductory bonus |
| Capital One Spark Business Basic Capital One Spark Business Basic | Businesses that conduct many transactions |
| Azlo | Small businesses with online banking needs only |
| Novo | Businesses that don’t want to make a minimum deposit |
| U.S. Bank Silver Business Checking | Businesses seeking free checking with no strings attached |
| BBVA Compass ClearConnect for Business | Sole proprietors |
Chase Total Business Checking
Chase offers free checking for businesses that maintain a monthly balance of at least $1,500. Chase Total Business Checking provides businesses with up to 100 free transactions per month and unlimited electronic deposits. Accounts can be opened with no minimum deposit, and it currently offers a $200 sign-up bonus.
Bank of America Business Fundamentals Checking
Bank of America’s business account is free so long as you maintain a $3,000 minimum daily balance or spend $250 or more a month on your Bank of America debit or credit card. Bank of America isn’t ideal for businesses making several cash deposits. New customers may qualify for up to $450 in bonus cash.
Capital One Spark Business Basic Checking
Capital One’s free business bank account features unlimited transactions and is a good option for small businesses that don’t need a physical branch. While free cash deposits are limited to $5,000 per month, a free business account with Capital One can be ideal for ecommerce businesses and many service-based companies.
Azlo
Azlo offers a free business checking account online with no deposit. However, the bank is online only, which can make it difficult to handle cash transactions and get help on complex account administration issues. Still, the account gives clients access to more than 55,000 ATMs, has no monthly fee, and requires no minimum account balance.
Novo
Novo is a startup bank partnered with Federal Deposit Insurance Corporation-insured Middlesex Federal Savings, located outside of Boston. Novo offers a free business checking account with limited services, making it possible to open a free business checking account online with no deposit minimum. Novo has no physical branches but allows you to send checks directly through its mobile app—all other transactions are completed via ACH.
U.S. Bank Silver Business Checking
U.S. Bank offers a free business checking account and is a great option for businesses that will make fewer than 150 total transactions and $2,500 in cash deposits per billing cycle. New businesses that will have a slow ramp-up time or those who typically don’t have many transactions will find a good deal at U.S. Bank.
BBVA ClearConnect for Business
BBVA’s business checking accounts offer 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.
Top 20 Best Business Checking Account Options
| Bank | Best For |
|---|---|
| Chase Bank | (Best overall) Businesses looking for a large network and low fees |
| Bank of America | Businesses with convenient access to Bank of America locations |
| Capital One | Businesses that want a low-cost checking account with unlimited transactions |
| U.S. Bank | Firms looking for a free checking account and many physical branch locations |
| PNC Bank | Larger businesses that make up to 1,500 monthly transactions |
| TIAA Bank | Online-only banking that earns interest |
| Wells Fargo | Businesses near a Wells Fargo branch that want the flexibility to upgrade their checking |
| BBVA Compass | Businesses that want a low-cost traditional bank option with a large network |
| Citizens Bank | Businesses that process fewer than 200 transactions per month |
| TD Bank | Businesses close to a TD Bank branch |
| 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 |
| First National Bank | Businesses near an FNB branch that need a free business checking option |
| Popular Community Bank | Businesses that need a checking account to upgrade quickly as the business grows |
| ANB Bank | Nonprofit businesses looking for a free checking account |
| Bank OZK | Small businesses that process few―less than 50―monthly transactions |
| Novo | Businesses that want free checking with no minimum deposit |
| Axos Bank | Small businesses that process few transactions that don’t need a physical branch |
| SunTrust Bank | Businesses looking for low requirement for monthly fee waiver |
| 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.
Bottom Line
Opening a small business checking account is essential for managing the money of a small business. When comparing checking accounts, we’ve narrowed down the list to those with the best accessibility, features, and cost. These are the best business bank accounts for small businesses.
Based on our criteria, the best bank for small business to open an account 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.
Graham Campbell
June 13, 2019 at 7:33 amYet 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
June 13, 2019 at 2:25 pmHi 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
April 23, 2019 at 2:11 pmCapital 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
April 24, 2019 at 3:24 pmMarc,
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
January 31, 2019 at 5:43 pmNote 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
September 19, 2018 at 9:23 pmThe 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
September 20, 2018 at 2:00 amHi 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
Lauretta (Laurie) (Ongaro) Zerga
August 31, 2018 at 2:33 pmPlease 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
Dock David Treece
September 5, 2018 at 3:26 pmHi 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