8 Best Small Business Checking Accounts July 2020

8 Best Small Business Checking Accounts July 20208 Best Small Business Checking Accounts July 2020.

By Jordan Tarver on June 1, 2020.

Jordan is a financial analyst with over two years of experience in the mortgage industry. He brings his expertise to Fit Small Business’s credit card and bank account content.

This article is part of a larger series on Business Checking Accounts.

Editor’s note: This is a recurring post with regularly verified account details. Last verified on July 1, 2020.

Small business checking accounts provide a handy and easy way to separate your business and personal finances. The best 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.

The best small business checking accounts are:

Bank of America : (Best overall) Best for cash deposits and a big introductory bonus Chase Bank : Best for a free checking account with low monthly deposits Capital One : Best for low-cost checking with unlimited transactions U.S. Bank : Best for making few monthly transactions Wells Fargo : Best for flexibility when upgrading account services as a company grows First Internet Bank : Best for opening multiple online accounts with the same bank TIAA Bank : Best for earning a high introductory annual percentage yield (APY) with an online-only bank Azlo : Best for avoiding all banking fees.

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

Bank of America: Overall Best Small Business Checking Account.

Bank of America offers a low-cost checking account that offers a bonus worth up to $450 and 200 free monthly transactions. It’s best for businesses located near the more than 4,300 physical branches and about 16,000 ATMs nationwide. Bank of America’s network offers unique advantages like your ability to make deposits directly at every ATM. Plus, your first $7,500 in cash deposits each month are free. Bank of America tops Chase because it offers an online application, which Chase does not offer at this time.

Who it’s best for: Any business that makes significant monthly cash deposits and wants to earn a big introductory bonus.

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 of opening your account $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 this limited liability company (LLC) bank account’s $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.

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.

Chase Bank: Best for Low Monthly Deposits.

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 one of the best free business checking accounts. However, you must apply in person at a branch location.

Who it’s best for: Businesses that have low monthly deposits and want an easy-to-waive monthly fee.

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 in person. 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 of account opening.

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.

Chase Bank Fees.

Monthly fee: $15 or $12 if you opt for paperless statements; 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 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 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 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.

Capital One: Best for Unlimited Transactions.

Capital One offers a low-cost business checking account—for a $15 monthly fee—that’s best for owners who want unlimited transactions with no 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 that provides unlimited transactions.

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.

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 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 check. 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.

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.

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.

Wells Fargo: Best for Scalability.

Wells Fargo offers the best business bank accounts if you want your account to scale with your company’s growth. You can upgrade your business checking easily as your needs increase in both monthly transactions and deposits. 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. Wells Fargo also has 13,000-plus ATMs nationwide. You’ll only pay $10 per month to own this account.

Who it’s best for: Growing businesses that want access to Wells Fargo’s numerous additional financing and investment services.

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.

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.

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.

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 0.65% 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 online 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 0.65% 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, reimburses up to $10 per month in ATM fees.

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 certificate of deposits (CDs); we rank its savings accounts as one of the best business savings accounts.

TIAA Bank: Best for Earning an Introductory APY.

Only choose TIAA Bank if you’re comfortable with online-only banking as it has no physical branch network. You’ll pay very few fees for this account and the bank offers an excellent introductory interest offer. You can also earn 0.40% APY for the first 12 months on deposits up to $250,000. This is one of our top picks for the best online business checking account.

Who it’s best for: Sole proprietors or single-member limited liability companies (LLCs) 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:

0.15% APY on balances between $0 and $24,999.99 0.20% APY on balances between $25,000 and $49,999.99 0.25% APY on balances between $50,000 and $99,999.99 0.30% APY on balances between $100,000 and $10 million.

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: 0.40% for the first 12 months on deposits up to $250,000 Ongoing APY: 0.15% to 0.30%, based on your account balance.

TIAA Bank Additional Features.

Remote deposit capture Payment processing services The bank also offers money market accounts, CDs, and investment services online.

Azlo: Best 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. However, you can’t make cash deposits or outgoing wires because the bank has no branches. You’ll need to bank exclusively online, but you’ll have access to about 55,000 ATMs through Allpoint.

Who it’s best for: Primarily cashless businesses that want a fee-free, online-only bank account.

Azlo Introductory Offer.

Azlo does not offer a cash bonus or other incentive for opening a new small business checking account.

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.

Azlo Terms.

Minimum initial deposit: None Minimum balance requirement: None.

Azlo Additional Features.

Mobile deposits Instant transfers Ability to send invoices directly from your Azlo account Free mobile banking, online banking, and bill pay Account holders get a free Azlo Visa debit card to use for transactions and at ATMs.

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. When evaluating these accounts, we prioritized monthly, transaction, and ATM fees along with any opportunities to earn an introductory offer. We also considered the size of each bank’s network and additional services, including other business accounts or unique checking account features.

Bottom Line.

Opening a small business checking account is essential for managing the money of a small business. Additionally, it can help separate your business and personal finances. Whether you’re looking for low fees or high transaction limits, the best business checking account for you should offer the features you value the most.

About the Author.

Jordan Tarver.

Jordan Tarver is a financial analyst, writer, and editor at Fit Small Business focusing on credit cards and bank accounts. Jordan brings over two years of experience in account management and price analysis in the mortgage industry to Fit Small Business. He is also an accomplished self-published author.

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