10 Best Small Business Checking Accounts for 2022

To choose the best small business checking account, consider what is essential for your business and whether transactions are done in-person or online. Interest-earning potential, limited monthly fees, limited ATM and cash deposit fees, and other perks are some factors you’ll want to assess as your business grows.

We evaluated dozens of small business checking accounts to come up with the 10 best:

• Chase: Best overall with full-service small business banking tools
• Bluevine*: Best for earning interest on deposits
• Capital One: Best for unlimited everyday transactions
• Bank of America: Best for ongoing rewards & low cash deposit fees
• Grasshopper: Best digital-only bank for cash back on debit card purchases
• Novo*: Best digital-only bank with free ATM usage
• Mercury*: Best digital-only bank for tech companies and startups
• U.S. Bank: Best for businesses with low transaction volumes
• First Internet Bank: Best for full-service online banking
• Relay*: Best for businesses with frequent wire transfers

Best Small Business Checking Accounts At a Glance

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Chase: Best Overall With Full-service Small Business Banking Tools

Chase Business Complete Banking^SM Checking Overview

When To Choose Chase Business Complete Checking^SM

• 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, Chase also offers Performance Business Checking^® and Platinum Business Checking^SM. Both have higher fees but have more features that can help you as your small business grows.

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. We also have individual reviews of the products:

• Chase Business Complete Banking Review
• Chase Performance Business Checking Review
• Chase Platinum Business Checking Review

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.

Bluevine: Best for Earning Interest on Deposits

Bluevine Business Checking Overview

*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank.

When To Use Bluevine Business Checking

• Your company wants to earn interest on its checking account and meets one of the two requirements set aside by Bluevine to earn interest. High-interest earnings help make Bluevine our top checking account for limited liability companies.
• You need a line of credit—Bluevine is also our choice for the best small business line of credit.
• You don’t need a physical location, as Bluevine is a digital-only bank.

Of all the digital banking options available, Bluevine is the best option for your business. The most significant advantage Bluevine has is its interest-bearing account. You can earn 1.5% APY on balances up to $100,000 if you meet one of two qualifying criteria:

• Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank
• 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

Bluevine charges no monthly fees or transaction fees, making it one of the best free business checking accounts. Bluevine also doesn’t have a minimum opening deposit or minimum balance requirement. The lack of fees makes Bluevine an excellent choice for a bank account for self-employed and freelance professionals.

However, if you have to deposit cash or withdraw cash out of network, there are fees. 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.

Capital One: Best for Unlimited Everyday Transactions

Capital One Basic Business Checking Overview

*Capital One currently requires that you visit a branch to complete an application to open a business checking account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.

When To Choose Capital One Business Basic Checking

• 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’s only limited by its geographic availability. Capital One would contend with Chase for best overall if it were available nationwide. However, you must open an account in a branch, and those are limited.

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’ll have to pay $1 for every $1,000 after depositing $5,000 in a month.

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

Bank of America: Best for Ongoing Rewards & Low Cash Deposit Fees

Bank of America Fundamentals^TM Business Checking Overview

When To Choose Bank of America’s Business Checking Account

• 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

There are two varieties of business checking accounts available through Bank of America: Business Advantage Fundamentals^TM and Business Advantage Relationship Banking. As your business needs change, you can change between the two types of accounts.

Business Advantage Fundamentals^TM monthly fees can be waived in one of three ways:

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

Business Advantage Relationship Banking monthly fees can be waived in one of two ways:

• Maintain a $15,000 combined average monthly balance
• Become a member of Preferred Rewards for Business.

The perks involved with Bank of America make it a great choice for small business checking. There are statement credits available and rewards for cash back and travel through the company’s business credit cards. With the company’s preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts.

Depending on how much cash you deposit and how many transactions you have each month, some Bank of America checking accounts compare favorably with Chase. Check out our comparison of Bank of America vs Chase business accounts to see which is right for you.

Grasshopper: Best Digital-only Bank for Cash Back on Debit Card Purchases

Grasshopper Innovator Business Checking Overview

When To Choose Grasshopper’s Innovator Business Checking Account

• You want to earn interest on your business checking account, as Grasshopper offers 0.5% APY on balances less than $10,000 and 1% APY uncapped on balances of $10,000 or greater
• You’re 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, which is provided free

A relative newcomer in the digital banking space, Grasshopper has impressed us with excellent cash back rewards and a solid APY. Its debit card earns 1% cash back on all online and in-store debit card purchases and accounts earn 0.5% APY on balances less than $10,000 and 1% APY uncapped on balances of $10,000 or greater.

If you have a business that makes a lot of debit card purchases and carries a high balance in your account, Grasshopper’s earning power can rival any other bank on this list.

Grasshopper’s account is fee-free with no minimum balance requirements. You’re required to deposit $100 to open the account.

An additional for businesses looking for payment software is the inclusion of Autobooks for free with each account. The account also integrates with accounting software, such as QuickBooks.

One drawback is cash deposits aren’t permitted with Grasshopper. In addition, its free ATM network is a little smaller than some of its competitors with no ATM fee reimbursement out-of-network.

Novo: Best Digital-only Bank With Free ATM Usage

Novo Business Checking Overview

*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings.

When To Use Novo Business Checking

• 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 want free cash deposits but aren’t concerned about needing a physical location to deposit them and can receive the cash as a money order. Otherwise, you’ll have to purchase the money orders to deposit cash.

Novo is an excellent choice for a small business checking account for businesses that regularly withdraw money from ATMs. It refunds all ATM fees at the end of the month and does allow cash deposits, but it must be done through money orders deposited through the app. It doesn’t charge for this, but you’ll have to purchase money orders from United States Postal Service (USPS) locations for up to $1.95 for up to $1,000 money orders.

The bank also offers up to five reserve accounts, unlimited invoicing, and great software integrations with accounting software and payment software. You cannot order checks, but paper checks can be sent from the app. One drawback is that Novo doesn’t have any lending products.

Mercury: Best Digital-only Bank for Tech Companies & Startups

Mercury Business Checking Overview

*Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.

When To Use Mercury Business Checking

• Business owners that are comfortable with an online-only bank and don’t need their business bank to have a physical location
• Companies that don’t need to deposit cash directly into their business account
• Businesses looking for a fee-free business banking experience

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

Most businesses incorporated in the US are eligible for an account, except sole proprietorships or trusts.

Both physical and virtual debit cards are available with your Mercury account. You can withdraw money from one of 55,000 Allpoint network ATMs for free. Mercury doesn’t charge for out-of-network ATM withdrawals but you’ll have to pay third-party operator fees. In addition, you can get $200 cash when you spend $2,000 on your debit card within 90 days.

Mercury also has great software integration with QuickBooks and Xero and other software integrations with Shopify, Stripe, Zapier, Amazon, and PayPal. They also have a great perks page that allows you to advertise deals for your business through the Mercury homepage.

One major drawback with Mercury is the inability to deposit cash. Also, Mercury’s accounts are noninterest-drawing. Outside of a venture capital term loan program, there are no standard lending products available.

U.S. Bank: Best for Businesses With Low Transaction Volumes

U.S. Bank Silver Business Checking Overview

When To Choose U.S. Bank’s Business Checking Account

• You only need a basic business checking account
• Your cash deposits don’t exceed $2,500 per month
• You have less than 125 banking transactions per month

U.S. Bank is another excellent full-service banking option for your small business needs. We like U.S. Bank because of the multiple checking options available and other business banking products available.

One major drawback is that the accounts aren’t available in all states. You must reside in one of the 26 states listed below to be eligible for a U.S. Bank account.

There’s no monthly fee with the company’s basic business checking, known as Silver Business Checking. There are fees for the Gold and Platinum Business Checking accounts, but both allow more free transactions along with other perks.

Additionally, you can earn a $300 bonus when you open a new, eligible U.S. Bank business checking account (promo code: AF49ZCB) and complete qualifying activities, subject to certain terms and limitations—offer valid through Oct. 3, 2022.

Gold Business Checking has a $20 monthly maintenance fee. You get 300 free transactions per month before U.S. Bank charges 45 cents for each additional transaction. The fee can be waived by meeting one of the following scenarios:

• U.S. Bank Payment Solutions Merchant Banking member
• $10,000 average collected balance
• $20,000 combined average collected business deposit balances
• $50,000 combined average collected business deposits and outstanding credit balances
• $75,000 combined average collected business deposits and outstanding credit balances

Platinum Business Checking has a $30 monthly maintenance fee. You get 500 free transactions per month before U.S. Bank charges 40 cents for each additional transaction. The fee can be waived by meeting one of the following scenarios:

• $25,000 average collected balance
• $75,000 combined average collected business deposits, and outstanding business credit balances

U.S. Bank also has a great banking option for nonprofit businesses, offering up to 1,800 free transactions a year with no maintenance fees or minimum balance requirements. Because of these factors, U.S. Bank is our best bank for nonprofits.

First Internet Bank: Best for Full-service Online Banking

First Internet Bank Business Checking Overview

When To Choose First Internet Bank’s Business Checking Account

• You want to earn interest on your business checking account and your average daily balance exceeds $10,000
• You want to build a business banking relationship that extends beyond a checking account, but don’t require in-person services
• You want to have your personal and business accounts in one place

If you’re looking for the convenience of a digital banking experience with the full-service nature of traditional brick-and-mortar banks, First Internet Bank is an excellent choice.

The biggest perk of First Internet Bank’s checking account is that you earn 0.50% on balances greater than $10,000. With no maximum like other interest-bearing accounts on this list, your interest earnings can grow with your account.

Like many of the traditional banks listed here, First Internet Bank offers great business savings accounts, which is one of our choices for the best business savings account. First Internet Bank also offers business CDs, a variety of business lending products, and personal lending and banking products. The variety of products available makes it a great choice for one of the best banks for real estate investors.

One drawback is the required minimum deposit of $100, but there are no minimum balance requirements after opening the account. The company also reimburses up to $10 in ATM fees each month.

Relay: Best for Businesses With Frequent Wire Transfers

Relay Standard Business Checking Overview

*Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.

When To Use Relay

• Your business sends frequent wire transfers, as they cost as little as $10 with Relay Standard checking (and free with Relay Pro)
• You don’t need a bank with a physical location as Relay is digital-only
• You’re looking for a fee-free banking experience, as Relay doesn’t charge monthly fees or transaction fees

Relay is an excellent choice if your small business sends wire transfers frequently. With Relay’s basic business checking level, Relay Standard, the most you’ll pay for wire transfers is $10. If you upgrade to Relay Pro, they’re entirely free.

Neither checking product has monthly fees or minimum balance requirements. You can even open up to 20 checking accounts and issue up to 50 Mastercard debit cards for your team.

Relay Pro costs $30 per month, which isn’t waivable. However, it comes with Accounts Payable support, including auto-imports from QuickBooks Online and Xero. It also includes multi-step approval rules for bill payments, batch payments for bills, one-click reconciliation of bills, same-day ACH delivery, and free wire transfers.

There are some drawbacks to Relay. It’s digital-only, so there are no physical locations to visit. It also doesn’t accept cash deposits and currently doesn’t offer lending products. The fee for Relay Pro isn’t waivable, similar to many of the premium accounts from other providers.

How We Evaluated the Best Small Business Checking Accounts

To find the 10 best small business checking accounts for you, we considered dozens of providers and looked at fees charged, interest earned, potential rewards, minimum deposit and balance requirements, ATM fees and network size, online and mobile banking features, and other financial products offered by each provider.

Reasons To Consider a Business Checking Account

• It keeps your business and personal finances separated: To maintain the accuracy of your business’s financial records, it’s important to keep your business and personal finances separate.
• It helps you build your business’s credit: When you open a business bank account, credit bureaus begin tracking credit history for your business.
• It helps you assess your business’s performance more easily: With your income and expenses running through a dedicated account, it becomes easier to analyze your business’s performance.
• It lends credibility to your business: Customers will see your business as more trustworthy when payments come from a business account.
• It helps simplify tax season: Using a business checking account helps maintain a record of income and expenses, simplifying your tax preparation at the end of the year.
• It helps you build a banking relationship: Building a banking relationship can be beneficial if you need business financing in the future.

What You Need To Open a Small Business Checking Account

Though each provider on this list may require different documents to open a business bank account, here’s a general list of what you’ll need:

• Employer identification number (EIN) or Social Security number if you’re a sole proprietor
• Fictitious business name certificate or doing-business-as (DBA) certificate
• Business formation documents
• Organization documents, including your ownership agreements
• Business licenses
• Government-issued photo ID, such as a passport or driver’s license

Bottom Line

When choosing a provider to open a business checking account with, you should find an account that works best for how you’ll use it. How big your balances will be, whether you need to make cash deposits or frequent ATM withdrawals, or what other business services you might need can determine which account is best for you. If all other things are equal, choose the account that will earn you the most money while costing you the least in fees based on how you’ll use the account.