This article is part of a larger series on Business Banking.
For small businesses that want generous free monthly cash deposits, additional checking accounts with no monthly fees, and a Visa business debit card, Webster Bank is an excellent choice. It offers two business checking accounts: Business Value Checking and Complete Business Checking.
For those with a low transaction volume, you can start with Business Value Checking with its 100 free monthly transactions and switch to Complete Business Checking for unlimited free transactions. You can open an account over the phone or by stopping by one of its branches in these four states: Connecticut, New York, Rhode Island, and Massachusetts.
How Webster Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
Business Value Checking
Up to $999 per day free; then $2 for the first $1,000 cash deposited, then 20 cents per $100 per business day
$3 per transaction at non-Webster Bank ATMs, plus ATM operator fees
Business Simple CheckingSM
Up to $5,000 per month free; then 25 cents per $100 per statement cycle
Free at TD ATMs; $3 at non-TD ATMs plus operator fees
Basic Business Checking
Up to $25,000 per statement cycle free, then 18 cents per $100
Free at 40,000-plus KeyBank and Allpoint ATMs nationwide; $3 per transaction at non-KeyBank ATMs
When Webster Bank Is a Good Fit
- You deposit cash daily: Business Value Checking provides free cash deposits up to $999 per day, which is higher than most banks, allowing you to save on cash deposit fees.
- You have a low transaction volume: With Business Value Checking, you get 100 free monthly transactions.
- You have a moderate monthly transaction volume: Opening a Complete Business Checking account allows you unlimited transactions and up to $40,000 in free cash deposits per statement cycle.
- You receive incoming wires frequently: Complete Business Checking offers free incoming domestic and international wires.
- You want additional checking accounts with no monthly fees: Webster Bank offers free additional checking accounts for both its business checking products.
When Webster Bank Is Not a Good Fit
- Your business is located outside Webster Bank’s service areas: While Webster Bank offers in-person banking services, it’s limited to Connecticut, New York, Massachusetts, and Rhode Island. If your business is based outside these states, you can consider Chase, Bank of America, or Wells Fargo for nationwide branch access.
- You need a free primary business checking account: Webster Bank lacks this, so if your business needs can be fulfilled by digital-only banks and financial technology companies (fintechs), you can opt for Bluevine, Novo, or Axos Bank.
- You want a business checking account with a low minimum opening deposit: Webster Bank requires a steep $500 opening deposit. We recommend KeyBank, Citizens Bank, and TD Bank for their low opening deposit requirements.
Find more options in our list of the best small business checking accounts.
Webster Bank Business Checking Overview
Webster Bank Business Checking Requirements
You can apply for a business checking account over the phone or call to make an in-person appointment before going to the nearest banking center. You can fill out this form, and a bank representative will contact you within one business day.
Before opening an account, see our guide on how to open a business bank account. It includes a free downloadable checklist of required documents.
Webster Bank Business Checking Features
Webster Bank’s business checking accounts offer a Visa business debit card, online and mobile banking, and free additional checking accounts.
Free Additional Accounts
With Business Value Checking, you can open an additional business checking and personal checking account at no cost. The bank waives the monthly fee on a Business Value Checking account or a personal Value Checking account.
To maximize the benefits of a Relationship Package, you can open one or two Complete Business Checking accounts in addition to your primary checking account. The advantages include:
- No monthly fee for your Primary Account with minimum balance or by continuing active enrollment in Webster Merchant Services
- Waived monthly fees for secondary accounts
- Free personal WebsterOne® Relationship Checking account
- Stop payment, overdraft protection transfer, official checks, and free standard traveler’s checks
- Exclusive payroll services
Online & Mobile Banking
You can pay bills, view transactions, and manage accounts online. You can also securely deposit checks and transfer funds using the bank’s mobile app, which is available for download via App Store and Google Play.
Webster Bank’s mobile app has a 4 out of 5 rating on Google Play with more than 2,000 reviews and a 4.7 out of 5 rating on App Store with more than 20,000 reviews. Users said that they appreciate the convenience, ease of use, and simple layout. However, some had issues with the mobile deposit function and experienced frequent crashing.
- Merchant services: Small business owners can let their customers pay online, on-site, or on the phone. You can accept credit and debit cards and gain access to Clover’s suite of business applications.
- Cash Flow Pro solutions: Designed for established and growing businesses, Webster Bank provides cash management services and online access for different bank products through Webster WebLink®. With this tool, you can collect funds electronically through ACH, initiate wire transfers, and protect yourself from fraud.
- Payroll services: Webster Bank partnered with Complete Payroll Solutions (CPS) to provide a full range of HR and payroll services.
Specialty Checking Accounts
- Interest on lawyer trust accounts (IOLTA) and interest on lawyer account (IOLA) checking: These are suitable for law firms to support the administration of client funds. The IOLA account is only available in New York.
- Interest on real estate brokers trust account (IOREBTA) checking: This checking account is created for real estate brokers to administer escrow funds. It’s only available in Connecticut.
- Sole proprietors: Sole proprietors can view their business and personal account information jointly, receive check images each month, and enjoy a $50 discount on their first check orders.
Other Checking Accounts
Commercial Checking for Small Business is fit for companies with high-volume cash flow, and its fees can be offset through earnings credit. A $500 minimum opening deposit is required, and it has a $32 monthly fee.
Other Banking Products
- Business savings: For a $5 opening deposit, you can open a Webster Business Value Savings account and earn 0.01% interest, compounded monthly. If you maintain a $500 minimum account balance or have a Webster business checking account, the monthly fee can be waived. Rates and fees may vary by state and region.
- Business money market: With a $5 opening deposit and no monthly charge, you can earn tiered interest rates, starting at 0.02% with the bank’s Premier Business Money Market account. Rates and fees may vary by state and region.
- Business certificates of deposit (CDs): For higher yields at fixed rates, you can open a CD with terms ranging from one month to five years.
- Health savings accounts (HSA): Business owners can provide their employees with an HSA account that’s tax-advantaged and comes with health and financial long-term wellness benefits.
- Credit cards: With a Webster Visa Business Real Rewards Card, you can earn 1.5x points for every dollar you spend on eligible purchases. For more business rewards, the Webster Visa Business Cash Preferred Card provides 3% cash back on eligible purchases and 1% unlimited cash back on all other eligible purchases. You can also apply for a Webster Visa Smart Business Rewards Card, which gives 2x points per $1 spent in the top two spend categories every month.
- Small business term loans: For additional capital, you can apply for a business loan ranging from $10,000 to $6 million with fixed rates. Preferred rates are given if you have a Webster business checking account and have set up automatic payment deductions.
- Small business lines of credit: You can access a line of credit from $10,000 to $2 million for easy financing. Similar to small business term loans, preferred rates are given if you have a Webster business checking account and have set up automatic payment deductions.
- Fast-track business loan: For an easy and quick business loan application, you can apply up to $250,000 financing for equipment purchase, business expansion, or additional inventory.
- Small Business Administration (SBA) loans: You can benefit from lower down payments and longer terms. Specialty programs are available for veterans and women-and-minority-owned businesses. If you have a Webster business checking account and set up automatic payment deductions, you’re given preferred rates.
- Insurance services: Webster Bank partnered with USI Insurance Services to provide more business protection through cyber-insurance, credit and export insurance, property and casualty, liability and executive protection, workers’ compensation, and surety bonds.
Other Banking Services
- Industry solutions: Webster Bank has industry experts who offer solutions to accountants, attorneys, and not-for-profits. It also provides association financial services, commercial real estate (CRE) financing, and tailored money management for healthcare and medical services.
- Commercial solutions: Commercial businesses are offered lending, treasury solutions, and foreign exchange risk management services.
- Wealth management services: Webster Bank has a wealth advisory team providing customized financial solutions for personal and institutional clients.
- Webster investments: For financial planning, the bank extends retirement savings planning, investment services, and life and long-term care insurance.
Webster Bank Business Checking Pros & Cons
|Additional business checking account with no monthly charge||No free primary business checking account|
|Rebates from non-Webster bank ATM fees under Webster Complete Business Checking||No welcome bonus|
|Unlimited incoming wires for Complete Business Checking||Only two small business checking account options|
Webster Bank offers two great business checking accounts, providing a lot of advantages, especially to Complete Business Checking account holders. You can benefit from free incoming wires and ATM fee rebates when using a non-Webster Bank ATM. You can also add business checking accounts with no monthly fees for both its Complete Business Checking and Business Value Checking accounts.
However, Webster Bank doesn’t offer a free primary business checking account and a welcome bonus. It also has just two business checking accounts geared for low- and moderate-volume businesses, compared to other banks, which have two or more midtier business checking options.
Alternatives To Webster Bank Business Checking
Even if Webster Bank offers great business checking accounts, you may want to check out alternatives if you prefer in-person banking with more service areas, want to earn a high APY, or favor a variety of business checking options that match your specific needs.
Here are three options to consider:
- Chase is best for business owners looking for more brick-and-mortar branches in nationwide service areas. It has a physical presence in 48 states.
- TD Bank is best for businesses needing more business checking account products as it has four accounts to choose from.
- Bluevine is best for businesses wanting to generate a high 1.5% APY for qualified deposits in a business checking account.
Webster Bank provides business checking accounts with high free monthly cash deposits and a fair free transaction limit for its Business Value Checking. If your business transactions go beyond the limit, you can apply for a Complete Business Checking as it has free unlimited transactions. For additional convenience, Webster Bank also has a plethora of lending options for your business financing needs. If your business is located in Connecticut, Massachusetts, New York, or Rhode Island, then Webster Bank is a sound choice.