10 Best Small Business Checking Accounts for March 2023

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

Thanks to its ongoing rewards and low cash deposit fees, Bank of America is our best small business checking account.

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

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

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

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

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

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

It gets the edge over Chase because it offers more free transactions and cash deposits on its basic business checking product. To see how Bank of America matches up with Chase, check out our Bank of America vs Chase business accounts comparison to see which is right for you. Visit Bank of America for more information.

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

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

Regardless of which account you open, you can qualify for a $300 cash back bonus as long as you meet other qualifying actions. It’s one of the best account-opening promotions on the market.

Chase has changed its terms on how to waive the $15 monthly fee for its Business Complete Checking as of October 1. To waive the fee, you must maintain a linked Chase Private Checking Client checking account, meet Chase’s Military Banking requirements, or perform one of the following qualifying activities:

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

When comparing base-level checking accounts, Bank of America gets a slight edge due to more free monthly transactions and a higher amount of free cash deposits.

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. Visit the Chase website for more information.

• 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 LLCs.
• You need a line of credit—Bluevine is our choice for the best small business line of credit.
• You don’t need a physical location as Bluevine is a digital-only bank.

The most significant advantage Bluevine has compared to other digital-only banks is its interest-bearing business checking account. You can earn 2.0% APY on balances up to and including $250,000 if you meet one of two qualifying criteria:

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

It charges no monthly fees or transaction fees, and it’s one of our top picks for the best free business checking accounts. It also doesn’t have a minimum opening deposit or minimum balance requirement, and its lack of fees make it an excellent choice for a bank account for self-employed and freelance professionals.

In October 2022, Bluevine launched subaccounts to help customers manage their funds. Bluevine offers five subaccounts, which would give you up to six total accounts. Funds held across all accounts are eligible to earn interest if criteria are met.

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

• 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

With multiple checking options available and a wide range of business banking products available, U.S. Bank is an excellent choice for a business checking account. However, like Capital One, it is somewhat geographically limited—its major drawback is that the accounts are unavailable in all states. You must reside in one of the 26 states listed above to be eligible for a U.S. Bank account.

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

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

Additionally, you can earn a $500 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q1AFL23) and complete qualifying activities, subject to certain terms and limitations—offer valid through March 31, 2023.

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

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

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

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

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

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

Novo allows cash deposits, but those deposits must be made through money orders deposited through the app. It doesn’t charge for this, but you will have to purchase money orders from US Postal Service (USPS) locations for up to $1.95 for up to $1,000 money orders.

It even provides up to 10 reserve accounts, unlimited invoicing, and great software integrations with accounting and payment software. You cannot order checks, but paper checks can be sent from the app. One drawback is that Novo lacks lending products.

Novo now allows you to apply even if you don’t have an employee identification number (EIN) or limited liability company (LLC). For more information on Novo, visit the company’s website.

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

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

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

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

For businesses with higher balances, Capital One offers Unlimited Business Checking. It also has lending products and business credit cards. Visit Capital One’s website for more information.

• You want to earn interest on your business checking account, as Grasshopper offers 1.5% APY uncapped on all balances with no minimums
• You are looking for cash back rewards on online and in-store debit card purchases
• You want a digital-only banking experience that includes great integrations with QuickBooks and need payment software, such as Autobooks (provided free)

With the inclusion of Autobooks for free with each account, Grasshopper is a great choice for businesses looking for integrated invoice and payment software with its online-only business checking, which is a solid account thanks to excellent cashback rewards and a great APY. Its debit card earns 1% cash back on all online and in-store debit card purchases, and accounts earn 1.51% APY on all balances with no minimum and no cap.

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

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

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

• Business owners who are comfortable with an online-only bank and don’t need their business bank to have a physical location
• Companies with reserve funds of more than $250,000 and wanting to earn interest on those funds
• 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. Its checking and savings accounts are free, with no minimum deposit or balance requirements. Most businesses incorporated in the US are eligible for an account, except sole proprietorships and trusts.

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

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

This bank even has a Treasury account, which you can request once you have $250,000 in your Mercury accounts. Money in the Treasury account can earn up to 4.44% APY, with rates changing weekly.

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

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

• Freelancers looking for detailed expense tracking, as Found has integrated bookkeeping to help you categorize expenses, capture receipts and set custom rules.
• Business owners looking for tax preparation assistance since Found allows you to track tax write-offs, view your tax estimate update in real time, pay taxes, and send your Schedule C directly from the app
• Self-employed business owners sending frequent invoices, as Found has unlimited free invoicing, which can be sent directly from the app and customized for your company

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

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

The provider doesn’t charge for any ATM withdrawals, although out-of-network ATM withdrawals would be subject to third-party fees. However, Found doesn’t list its ATM network on its website. Additionally, it does not allow you to make cash deposits and deposit checks in the app.

If you need to deposit a check, you can use the Ingo Money app. Checks deposited through that app can be accessed in your account immediately for a fee or in 10 days for free. The major drawback is that the check must be made out in your name, and not your business name, for Ingo Money to accept it.

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

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

• Freelancers and creatives who would like to have their personal and business finances with the same provider, as it is one of the few fintechs to offer both personal and business banking
• Businesses with frequent debit card purchases, as it offers 5% cash back rewards on debit card purchases
• Businesses that might want to transition to an LLC, as it allows you to do that through its app

With 5% cash back rewards on all debit card purchases, Oxygen is a great choice for small businesses that make regular debit card purchases. It is a digital-only bank geared toward freelancers and creatives, among other small businesses. It is one of the few fintechs that provides personal and business banking options.

In addition, it targets business owners who may be looking to incorporate their businesses. It offers nationwide LLC creation in the Oxygen app powered by CorpNet, Inc. There are fees involved, which is one of the few services with a fee.

It also has a business bank account with no monthly fees, minimum balance requirements, and transaction limits. Deposits can be made through Green Dot locations for $4.95 per transaction and by in-app mobile check capture, via ACH or Plaid, from an outside account. Oxygen was awarded the 2021 Best Overall FinTech Mobile App by the FinTech Breakthrough Awards.

You can also open a business savings account, which earns 1% APY on balances up to $20,000. However, it has no outgoing and international wire transfers, and you cannot set up multiple users in the app. It is only open to a single sign-on per account, which puts it behind many other fintechs in this guide. For more information, visit the Oxygen website.