10 Best Small Business Checking Accounts April 2020

The best small business checking accounts help you avoid a monthly maintenance fee by setting low minimum balance requirements and allowing hundreds of free monthly transactions and cash deposits. Both online and traditional brick-and-mortar banks offer excellent accounts, but you’ll want to examine your business’s needs before choosing. If, for example, you make frequent deposits, you may want to avoid online accounts or banks with high deposit fees.

The best small business checking accounts of 2020 are:

Chase Bank: (Best overall) Best for a free checking account with low monthly deposits
Bank of America: Best for reasonable fees and an introductory bonus of up to $450
Capital One: Best for low-cost checking with unlimited transactions
U.S. Bank: Best for making few monthly transactions
PNC Bank: Best for accessing three months of free checking
TIAA Bank: Best for earning a high introductory annual percentage yield (APY) with an online-only bank
Wells Fargo: Best for flexibility when upgrading account services as a company grows
Azlo: Best for avoiding all banking fees
Radius Bank: Best for an online bank with free ATMs and an APY
First Internet Bank: Best for opening more than one account with the same bank

Fit Small Business has used Bank of America for its business checking for six 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.

Visit Bank of America

For more details on how we evaluate small business checking accounts for this list, see our methodology.

Chase Bank: Overall Best Small Business Checking Account

Chase Bank offers one of the largest networks of all business checking accounts, giving access to 16,000 ATMs and nearly 4,900 branches in 29 states. Chase Total Business Checking requires no minimum deposit to open an account, and you could earn free checking if you have $500 in monthly deposits or a daily balance of at least $1,500. This is why we believe it’s the best free business checking account.

Who it’s best 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 several cash deposits or need a branch to make transactions.

Chase Bank Introductory Offer

This Chase business account allows first-time account holders to earn a $300 bonus when opening a business bank account with Chase. 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 the bonus if you’re already able to get the fee waived. Compare these requirements to Bank of America.

Chase Bank Fees

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

Chase Bank offers one of the best fee structures among the best small business bank accounts we’ve researched.

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

Integrations with the 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

Bank of America: Best for Reasonable Fees & Large Introductory Bonus

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 4,300 physical branches and about 16,000 ATMs nationwide. Its network offers unique advantages like your ability to make deposits directly at every ATM.

Who it’s best for: This Bank of America business account is a good fit for any business that makes significant monthly cash deposits. Your first $7,500 in cash deposits each month are free, then pay 30 cents per $100 after that.

Bank of America Introductory Offer

$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

To qualify for the entire $450 bonus, you must meet certain minimum initial deposits, pay bills online, obtain a Bank of America business card, and make $3,000 in purchases within the first 90 days.

Bank of America Fees

Monthly fee: $14 to $18, depending on the state in which your business is based; 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 for every day 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

Compare these Bank of America business account fees to Chase Bank.

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
Get payroll and human resources (HR) support for your business from ADP
Offers five small business credit cards

Capital One: Best Business 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 with around 2,000 ATMs that accept deposits, Capital One has approximately 750 physical branch locations across eight states—far fewer than other large banks on our list.

Who it’s best for: Owners who value 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 because 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

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 your first $5,000
ATM fee: Free ATM access to more than 39,000 Allpoint ATMs nationwide

Compare these account fees to PNC Bank.

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

Integrates with top accounting software like Xero
Offers a mobile app that a business owner can use to pay bills, track each of their accounts, make transfers, and deposit checks
Business owners who want to open a credit card and checking account with the same bank can apply for a Capital One business credit card

Note: Capital One requires that you apply in person. Online applications are not available.

U.S. Bank: Best Business Checking Account for Limited Transactions

U.S. Bank’s free business checking option is a solid pick if you make less than 150 transactions per month and want a free account. You’ll be able to access an extensive network of more than 3,000 physical branch locations and more than 5,000 ATMs in 28 states. U.S. Bank also has 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 as you’ll pay 50 cents per transaction after that.

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:

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

Compare this introductory offer to Bank of America.

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, plus free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs

Compare these account fees with Chase Bank.

U.S. Bank Terms

Minimum deposit: None
Minimum balance requirement: None
Check order discount: 50% discount on your firsts order of checks up to $50

U.S. Bank Additional Features

Access to ADP Payroll from your bank account dashboard
Take advantage of digital invoicing and payment systems through Viewpost, which are integrated into your online dashboard
Offers a mobile app that lets you 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.

PNC Bank: Best Business Bank Account for Introductory Savings

PNC Bank’s is the only account on our list that offers 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 more than 2,400 branches in 21 states, its ATM network is 6,000 strong.

Who it’s best for: Small businesses that want an initial price break.

PNC Bank Introductory Offer

PNC business checking 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.

Compare this welcome offer to Bank of America.

PNC Bank Fees

Monthly fee: $10 per month; waived 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
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

PNC Bank Terms

Minimum deposit: $100
Minimum balance requirement: None to maintain the account; $500 to waive the monthly fee

PNC Bank Additional Features

PNC Bank offers several additional features that are only available on the Business Checking Plus account at $20 per month, including:

Cash flow insight for your receivables and payables
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

TIAA Bank: Best Small Business Bank Account for Online Banking

Because it has no branch network, only choose TIAA Bank if you’re comfortable with online-only banking. Although you’ll pay very few fees for this account, the bank still offers an excellent introductory interest offer. You’ll be able to earn 0.50% 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 it’s best for: Ecommerce businesses and companies that don’t handle many cash transactions.

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 0.50% APY on balances up to $250,000. After your first year, you’ll earn the following:

0.20% APY on balances between $0 and $24,999.99
0.25% APY on balances between $25,000 and $49,999.99
0.30% APY on balances between $50,000 and $99,999.99
0.35% APY on balances between $100,000 and $10 million

Compare this APY offer to Radius Bank.

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 of less than $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.

TIAA Bank Terms

Minimum initial deposit: $1,500
Minimum balance requirement: None to maintain the account; $5,000 for ATM reimbursements
Introductory APY: 0.50% for the first 12 months on deposits up to $250,000
Ongoing APY: 0.20% to 0.35%, based on your account balance

TIAA Bank Additional Features

Remote deposit capture
Payment processing services
The bank also offers money market accounts, certificates of deposit (CDs), and investment services online

Wells Fargo: Best Business Bank Account for Scalability

Use Wells Fargo’s small business bank account if you want your account to scale with your business’s growth. It has one of the largest networks with more physical branches than each best bank for small businesses on our list at more than 5,600. It also has 13,000-plus ATMs nationwide. You’ll only pay $10 per month to have this account.

Who it’s best for: Growing businesses because Wells Fargo provides numerous additional financing and investment services. 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 small business banking sign-up bonus through its website.

If you want an introductory reward, consider Bank of America.

Wells Fargo Fees

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

Compare these fees with Chase Bank.

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

Design your card to have your business logo and tagline on your debit card
Manage your entire bank account from your mobile phone
Wells Fargo reimburses you for any unauthorized debit card or ATM transactions if you report them promptly through its zero liability protection plan
Remote check deposits

Azlo: Best Small Business Checking Account for Avoiding Fees

Azlo is best for small business owners who don’t want to pay checking account fees. It charges no transaction, ATM, or monthly fees. Because the bank has no branches, however, you can’t make cash deposits or outgoing wires. You’ll need to bank exclusively online. However, you’ll have access to about 55,000 ATMs through Allpoint.

Who it’s best for: Primarily cashless businesses. Because you can’t make cash deposits, this isn’t a good account for someone who owns a retail operation that deals with both cash and electronic transactions.

Azlo Introductory Offer

Azlo does not offer a cash bonus or other incentive for opening a new small business checking account. If you want to earn a small business banking welcome offer, consider Chase Bank.

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

This is potentially the cheapest small business checking account on our list. However, if your business is dependent on cash transactions, consider a bank like a Bank of America.

Azlo Terms

Minimum initial deposit: None
Minimum balance requirement: None

Azlo Additional Features

Mobile deposits
Free mobile banking, online banking, and bill pay
Account holders get a free Azlo Visa debit card to use for transactions and at ATMs

Radius Bank: Best Business Bank Account for Accessing Free ATMs and Earning an Ongoing APY

Radius Bank is an excellent small business checking account to pick if you want to earn 0.10% interest on balances of at least $5,000. It charges $10 per month. However, the bank will waive this fee if you have a balance of $5,000 or more. You’ll also receive unlimited ATM reimbursements worldwide, a free business debit card, and unlimited transactions.

Who it’s best for: Businesses that want an online-only bank that pays a high ongoing APY.

Radius Bank Introductory Offer

Radius Bank does not currently have any small business banking introductory offers. Most of the other banks on our list do. However, it does pay an ongoing APY. Accounts with balances of at least $5,000 will earn 0.10% APY.

Radius Bank Fees

Monthly fee: $10, waived if you maintain a minimum balance of $5,000
ATM fee: None; unlimited automatic ATM fee reimbursements
Transaction fee: None

Compare these fees to First Internet Bank.

Radius Bank Terms

Minimum initial deposit: $100
Minimum balance requirement: None to maintain the account; $5,000 to waive the monthly fee an earn the ongoing APY
Ongoing APY: 0.10% on balances of $5,000 or more
Free business debit card

Radius Bank Additional Features

Free business debit card
Radius Bank also offers Small Business Administration (SBA) loans and other lending services

First Internet Bank: Best for Opening Multiple Online Accounts

Choose First Internet Bank if you’re an owner who wants 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.

Who it’s best for: Businesses that don’t need to visit physical branch locations and want to open multiple accounts.

First Internet Bank Introductory Offer

First Internet Bank doesn’t offer an introductory bonus like other banks on our list, including 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, get reimbursed up to $10 per month in ATM fees

Compare these fees to TIAA Bank.

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
Offers various business bank accounts, which include savings, money markets, and CDs; we rank its savings accounts as one of the best business savings accounts

How We Evaluated the Best Business Checking Accounts

The best banks for small businesses offer free business checking accounts or easy ways to avoid monthly service charges. They also offer 100 or more free transactions and thousands of dollars of cash deposits per month. Opening a small business checking account and business credit card is an excellent way to separate your personal and business finances. Use the factors in this list when considering which account to open. See methodology in detail.

We considered the following criteria when choosing the best business checking account:

Monthly fees: How much a small business checking account costs in monthly account fees, transaction fees, and ATM fees.
Transaction fees: How much you’ll have to pay to deposit or withdraw money.
ATM fees: How much you’ll pay when you use out-of-network ATMs.
Size of the bank’s network: The number of bank branches, states where they operate, and ATM accessibility.
Introductory and ongoing offers: The sign-up bonuses and ongoing benefits you’ll receive.
Additional services: Other services are available in addition to business bank accounts.

The best business checking account for you should offer the features you value the most, whether that be low fees or high transaction limits. Review business checking accounts to find the right one for you.

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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.

7 Best Free Business Checking Accounts

Chase Total Business Checking: (Best overall) Best for average daily balances of $1,500
TIAA Bank: Best for earning interest on checking account deposits
Capital One Spark Business Basic: Best for unlimited transactions
Bank of America Business Fundamentals Checking: Best for earning an introductory bonus
Azlo: Best for online-only banking
U.S. Bank Silver Business Checking: Best for free checking with no strings attached
First Citizens Bank: Best for earning free checking by opting for paperless statements

See the accounts in detail.

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 $300 sign-up bonus.

TIAA Bank Small Business Checking Account

The TIAA Bank Small Business Checking Account charges no monthly fee and reimburses all ATM fees if you maintain a balance of at least $5,000. You’ll also earn 1.01% APY for the first 12 months on deposits up to $250,000. After that, you’ll earn an ongoing APY of 0.20% to 0.55% based on your balance.

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.

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.

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.

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.

First Citizens Basic Business Checking

First Citizens Bank offers a checking account that charges no monthly fee if you sign up for paperless statements. The Basic Business Checking account offers 175 free monthly transactions and $5,000 in free cash deposits. First Citizens has a small branch network with 500 branches in about 20 states.