The Best Business Checking Accounts

Why We Picked It:

nbkc bank, established in 1999, is an excellent online banking platform, particularly for those businesses wary of any hidden costs. It has its roots in Kansas, and only has 4 physical branches. That being said, their Business Checking Account is a winner. With an unparalleled commitment to transparency, the account has almost no fees, making it appealing for those businesses who want to keep costs low and have an efficient banking process.

Pros

• No monthly maintenance fees.
• No minimum deposit.
• Up to $12 monthly ATM fee refunds.
• Access to 37,000 MoneyPass ATMs surcharge-free.

Cons

• No physical branches outside of Kansas and Missouri.
• Fees for certain wire transfers

Customer Support/Unique Features:

Despite no physical branches outside of Kansas and Missouri, nbkc compensates with extensive online and mobile banking solutions. Their complimentary debit Mastercard grants users surcharge-free access to a massive network of MoneyPass ATMs across the U.S. and Puerto Rico. If you run into out-of-network ATM fees, nbkc also refunds up to $12 per statement period.

Any Additional Details:

nbkc has a comprehensive suite of financial services for businesses beyond just a checking account. They also have business savings deposit accounts, credit card options, business loans, and many other business solutions like cash management and fraud prevention. Their mobile app also simplifies the banking experience, catering to both business and personal banking needs in one platform.

Why We Picked It:

TIAA Bank started in Florida, and is a division of the globally recognized TIAA, FSB, known for its stellar service for educators and financial professionals. The offering is tailored for sole proprietors and single-member LLCs, as the TIAA Bank Small Business Checking is an interest-yielding account with 0.50% APY on all balances.

There is a $1,500 minimum deposit with no monthly fees, and this account provides value-added perks like surcharge-free access to Allpoint and MoneyPass ATMs. If you maintain $5,000 or above, all U.S. ATM fees by other banks are reimbursed, with partial reimbursements for lower balances maintained. Their broader offerings include an array of business-centric offerings catering to many transaction volumes and needs.

Pros

• Interest-bearing Small Business Checking.
• Multiple checking options are available.
• Waivable monthly maintenance fees.
• Access to vast ATM networks: Allpoint & MoneyPass.

Cons

• Limited physical branches only in Florida.
• Higher minimum deposit requirement.
• Fees for domestic and international wire transfers.

Customer Support/Unique Features:

TIAA Bank is an online banking business that maintains a physical presence in Florida. They offer a comprehensive online banking platform, with features like fund transfers and ACH uploads, and also have QuickBooks integration. Their business mobile app has mixed reviews, but ensures on-the-go account access. Personalized support is just a call or email away.

Any Additional Details:

TIAA also provides multiple checking accounts tailored for businesses of varying sizes and needs, from nonprofits to more extensive transactional businesses. Apart from checking accounts, TIAA Bank offers Business Money Market accounts and CDs. They also have CDARS service, ensuring FDIC insurance for multimillion-dollar deposits by distributing them among their partner banks.

Why We Picked It:

Lendingclub’s acquisition of Radius in 2020 brought in the LendingClub Tailored Checking account. The unique business checking option earns interest and also awards cash back for spending.

They have a blend of competitive interest rates, cash back on debit transactions, global ATM fee rebates, and no transaction limits, making it an enticing option for many businesses. They also have a cash back feature on online and signature-based debit card transactions, uncommon in the industry.

Pros

• Account earns interest and cash back, provided requirements are met.
• Unlimited transactions and ATM fee rebates.
• Access to digital invoicing and point-of-sale solutions.
• Phone and live chat support are available seven days a week.

Cons

• There are no physical bank branch locations.
• Charges for both incoming and outgoing wire transfers.
• Monthly maintenance fee on balances under $500.

Customer Support/Unique Features:

LendingClub’s Autobooks feature offers an integrated digital invoicing solution enabling businesses to send invoices directly to clients via email, monitor payments, and ensure payments are directly deposited into their checking accounts. Their collaboration with Clover also provides Point-of-Sale (POS) solutions that aid businesses in processing payment types like Apple Pay, Google Pay, and Samsung Pay.

This offers businesses digital accessibility, with the convenience of seamlessly managing their accounts online or via the mobile application anytime. With customer support at LendingClub reachable by phone or on their live chat support, there are plenty of ways to get help when needed.

Any Additional Details:

LendingClub’s Tailored Checking account requires an opening deposit of at least $100. After there are no mandates for maintaining an ongoing balance. However, if you have $500 or more, there is a waiver of the monthly maintenance fee of $10. Beyond that, the company offers many other business banking products, including money market accounts, savings accounts, CDs, and specailized lending products like SBA loans, business expansion loans, and equipment financing.

Why We Picked It:

Bluevine has a digital-first business checking account with minimal fees and a competitive 2.00% APY on balances up to $250,000. The account has no initial deposit, monthly fees, or minimum balance. Users can also access 37,000+ MoneyPass ATMs without charges. Its partnership with Green Dot also allows cash deposits at numerous U.S. locations, making it versatile for varied transaction preferences.

Pros

• Competitive 2.00% APY.
• Minimal fees.
• No deposit or balance minimum.
• Two complimentary checkbooks.
• Access to vast ATM network.

Cons

• No savings accounts.
• No physical branches.
• Fees for cash deposits.

Customer Support/Unique Features:

Bluevine’s digital bank offers 24/7 access via its mobile app. Customer support is comprehensive and available through email, phone, and an online resource center. The account offers unlimited transactions and comes with a business debit Mastercard. Bluevine also provides lines of credit for qualifying customers, extending its financial service offerings. Cash deposits are facilitated through a partnership with Green Dot.

Any Additional Details:

While Bluevine is a fintech entity, its deposits are FDIC-insured by Coastal Community Bank. This digital-first approach caters to businesses comfortable with online banking. However, those keen on physical banking might want to look elsewhere. The absence of savings deposit accounts means businesses looking for holistic banking solutions may also need to consider additional options.

Why We Picked It:

U.S. Bank, a leading U.S. financial institution, offers the Silver Business Checking Package tailored for new or small businesses. It stands out for its simplicity and fee-less structure. With a modest initial deposit of $100, businesses can use 125 free transactions per statement cycle. The package caters to enterprises seeking straightforward banking without the hassle of monthly fees.

Pros

• No monthly maintenance fee.
• Online account setup.
• Highly rated mobile banking application.
• Access to U.S. Bank branches and ATMs.

Cons

• Limited to basic features.
• Fees after monthly transaction limit.
• The account doesn’t accrue interest.

Customer Support/Unique Features:

U.S. Bank provides a holistic banking experience by combining digital tools with physical presence. The account offers a 50% discount on the first check order (up to $50). Including a debit card, and online and mobile banking with check deposit functionalities adds convenience. U.S. Bank enhances its offering by granting access to multiple business services, payment solutions, and business savings deposit avenues like savings accounts and CDs.

Any Additional Details:

While the Silver Package is structured for uncomplicated banking needs, U.S. Bank’s five business checking accounts ensure scalability should your needs change. Businesses with varied requirements, from nonprofits to those with intricate banking demands, have options. However, businesses seeking higher interest accumulation might need to look elsewhere.

Why We Picked It:

First Internet Bank, a pioneering digital bank since 1999, offers the Do More Business Checking account with zero monthly fees, no minimum deposit or balance requirements. Highlighted for its 0.50% APY on balances averaging $10,000 daily, this account also stands out for its unrestricted monthly transactions and monthly ATM fee reimbursements up to $10.

Pros

• Competitive 0.50% APY on checking.
• ATM fee reimbursement up to $10 monthly.
• No monthly maintenance fee.
• Diverse deposit account options are available.

Cons

• No physical bank locations.
• No dedicated ATM network.

Customer Support/Unique Features:

Operating as a digital bank, First Internet Bank has streamlined online operations. The Do More Business Checking offers unlimited monthly transactions. The ATM fee reimbursement is an additional benefit, covering up to $10 monthly. The Commercial Checking option is available for businesses needing more advanced banking solutions, with features like sweep services, remote deposit capture, and wire services, among others.

Any Additional Details:

First Internet Bank’s strength lies in its tailored banking solutions, from the fee-free Do More Business Checking to the feature-rich Commercial Checking. Additionally, many business deposit accounts, including savings, money market accounts, and CDs, ensure businesses have comprehensive financial options. However, the absence of physical branches and an ATM network might not work for some businesses.

Why We Picked It:

Novo, specializing exclusively in business banking, presents a standout platform for U.S. small business owners, freelancers, and entrepreneurs. Not a traditional bank, its deposits are safeguarded by Middlesex Federal Savings, F.A. The Novo Business Checking account comes with no monthly fees and no minimum balance and seamlessly integrates with major business management tools for comprehensive financial operations.

Pros

• No monthly maintenance fee.
• Seamlessly integrates with popular business tools.
• All ATM fees are refunded.

Cons

• Doesn’t earn interest.
• No cash deposit option.

Customer Support/Unique Features:

Novo goes beyond traditional business checking with deep integrations into tools like Stripe, Shopify, QuickBooks, Zapier, and Slack. This allows smoother business operations for its users. Notably, ATM fees are universally refunded. Also, while cash deposits aren’t directly available, users can purchase a money order and utilize the mobile check deposit feature. Plus, paper checks can be requested online for free.

Any Additional Details:

Novo stands apart with its dedication to business banking, catering specifically to the unique needs of modern businesses. It minimizes fees across the board, enhancing profitability for its users. However, some might consider the lack of interest earnings and direct cash deposit capabilities drawbacks.

Why We Picked It:

Bank of America’s Business Advantage Fundamentals Banking offers foundational small business banking tools at an affordable rate. While it comes with a $16 monthly fee, it’s waivable through certain requirements. This account provides online and mobile banking, strong security measures, and integration capabilities, reflecting BoA’s commitment to equipping small businesses with the essential financial tools they need.

Pros

• The monthly fee can be waived with certain conditions.
• Access to Cash Flow Monitor and Connected Apps.
• Broad availability with 17,000 BoA ATMs and branches.

Cons

• Additional fee for account management services.
• Fees at non-Bank of America ATMs.
• No round-the-clock live customer service.

Customer Support/Unique Features:

Bank of America incorporates unique features such as the Cash Flow Monitor and Connected Apps, with real-time tracking of business financial health. Their Account Management services even enable QuickBooks integration for a monthly fee. While general customer support is available on weekdays and Saturdays, BoA also offers dedicated lines for specific banking queries.

Any Additional Details:

Bank of America’s extensive network ensures businesses access to 17,000 ATMs and numerous branches. Beyond the checking account, BoA presents an extensive suite of business banking solutions like savings accounts, CDs, business management tools, credit cards, and even retirement options through Merrill Edge. However, some might find the additional fees and non-24/7 customer service a drawback.

Why We Picked It:

Chase Business Complete Banking® enhances businesses by pairing a checking account with Chase QuickAccept, allowing seamless card payment integration. This unique feature means businesses can process payments for a nominal fee and receive immediate deposits. The account’s monthly fee, $15, is waivable based on certain criteria, emphasizing Chase’s commitment to affordability and functionality for small businesses.

Pros

• No initial deposit is needed.
• Multiple access points: online, mobile, ATMs.
• Efficient business cash flow management tools.

Cons

• The monthly fee, though, can be waived.
• Potential branch visit to open an account.
• Charges after 20 checks or teller services monthly.

Customer Support/Unique Features:

Chase stands out for its unique Chase QuickAccept feature, letting businesses easily handle card payments. This integration shows Chase’s forward-thinking approach to modern banking needs. Additionally, the Chase Business Complete Checking debit card has generous daily limits. Services like Chase QuickDeposit and Chase Online Bill Pay further add to its benefits. Businesses also have a variety of other banking solutions and products available through Chase.

Any Additional Details:

Chase provides a comprehensive banking experience, including Performance Business Checking and Platinum Business Checking for growing enterprises. With the option of business savings accounts, CDs, and diverse financing solutions like loans and credit cards, Chase ensures businesses have the tools they need. However, businesses should be cautious of the fees associated with out-of-network ATMs and additional transactions.

Why We Picked It:

Axos Bank, a pioneer in online banking since 2000, presents its Axos Basic Business Checking. This digital-friendly account stands out due to zero deposit or monthly maintenance fees and no minimum balance mandate. Axos caters to modern businesses by offering unlimited monthly transactions, a free initial set of checks, and an emphasis on efficient and fee-friendly services.

Pros

• No monthly maintenance fee.
• The first set of checks is free.
• Unlimited domestic ATM fee reimbursements.

Cons

• Business Interest Checking has a monthly fee (waivable).
• Absence of physical branches.
• QuickBooks compatibility only.

Customer Support/Unique Features:

Axos Bank emphasizes customer relationships by offering dedicated banking managers for personalized support on weekdays. The bank’s seamless banking experience shines with unlimited transactions, including debits, credits, and deposits. Additionally, businesses can enjoy two complimentary domestic wires monthly. The account’s Visa debit card offers further flexibility, with unlimited reimbursements for any domestic ATM fees.

Any Additional Details:

For more extensive banking requirements, Axos also provides the Business Interest Checking, business savings options, money market accounts, and CDs. However, users should note the Axos Basic Business Checking doesn’t earn interest and incurs fees for paper services and outgoing wires. Merchant services come via a collaboration with Celero Merchant Solutions, expanding the bank’s reach in business solutions.