Best Small Business Checking Account – Top 15+ Accounts in 2023

Overview

Launched in 2017, NorthOne was created as a mobile-only alternative to traditional online business banking solutions. As one of the best business bank account providers, NorthOne was designed to make banking tasks such as creating invoices and paying bills simple and easy, thus leaving company owners with more time to devote to other aspects of running a business.

Business checking account offer

What makes this NorthOne account appealing is the fact that it provides the capabilities of a traditional checking account in the palm of your hands. For a $10 monthly fee (waived for the first month if you apply via SmallBizGenius), you get fee-free access to more than 1,000,000 in-network ATMs, unlimited fee-free transactions including debit card purchases and check deposits, and a selection of digital tools that’ll help you automate time-consuming tasks.

One of the reasons why NorthOne is considered one of the best small business checking account solutions nowadays is the fact that all of its functionalities are available via a mobile app for both iOS and Android devices, as well as web-banking. Setting up an account takes mere minutes and all banking tasks can be completed anytime and anywhere – there’s no need to ever worry about physically visiting a branch.

Not only does this business bank account provider offer a robust mobile app, but it also understands that being able to access your checking account functionalities from a computer is another advantage users are looking for. As the best bank to open a small business account with, NorthOne also lets you export your financial info into Excel and supports integrations with some of the most popular payment and accounting tools such as Expensify, Quickbooks, Freshbooks, Wave, Xero, PayPal, Shopify, Amazon, and Stripe.

Another great thing about this business checking solution is the availability of envelopes. The banking app allows you to set up an unlimited number of these accounts for the purpose of saving money and create rules that automatically move money to it on a weekly or monthly basis.

Offering one of the best startup business checking account solutions, this provider is completely transparent about its fees. To open a NorthOne business banking account, you’ll need to deposit at least $50. In addition to the $10 monthly fee, you’ll only be charged $15 for domestic incoming and outgoing wires.

Note that NorthOne isn’t an actual bank and its services are provided by the FDIC member The Bancorp. Deposits are insured up to $250,000 by the FDIC.

Bottom line

Business checking account reviews indicate that NorthOne’s solution is a perfect fit for freelancers and small business owners who work with outside contractors and want to stick to digital banking for convenience.

Overview

Lili is another excellent place to start a free online business checking account. In partnership with Choice Financial Group Inc. Member FDIC, this fintech company’s checking account comes with all the features you might need to handle your business finances without breaking the bank.

Business checking account offer

It could be hard to find a better reason to go with Lili than the fact that there are no fees associated with opening and using its account. We dug deep to find some hidden catches in the fine print, but there were none. This online business checking account has no fees whatsoever; it doesn’t have minimum balance, account opening or maintenance fees, and all withdrawals on its extensive network of ATMs are free.

All of its other features also come with no fees associated. With this account, you get an excellent Visa debit card that is accepted worldwide and comes with a great cashback feature. Unfortunately, it’s limited to Lili’s pro account holders only, so if you’d like to earn cashback rewards for your purchases with eligible providers, you might want to consider signing up for a pro account.

Lili also allows you to receive payments in no time. You can connect your Lili free business checking account to payment apps, including PayPal, Venmo, and other cash apps. You can also connect your other online payment platforms and get paid two days sooner, regardless of whether you’re running an eCommerce business or driving for Uber Eats. Furthermore, you can connect other accounts with the Lili app and use it to manage your finances from a single point of view.

In terms of the Lili app, it has excellent money tracking features to help you see in a manner of seconds where your funds are going to and coming from. You can rely on its push notifications to stay informed at all times. If you need to deposit checks into your account, you can do so through the same app, or deposit cash at more than 90,000 retail locations.

Lili is arguably the best bank to open a small business checking account with because it also offers excellent mobile banking tools, which come with exceptional expense categorization features, expense reports, and tax saving tools. When combined, these features make tax season a breeze. Expense categorization allows you to separate personal and business finances with a swipe. You can scan your receipts easily to set up an amount that will automatically be saved toward taxes.

Lili will also pre-fill your annual 1040 Schedule C form based on your app activity, so that you can easily share it with your accountant or file it with the IRS. Lastly, its amazing quarterly and annual reports can help you get an overview of your company’s finances and find room for growth.

The bottom line

If Lili feels like the best online checking account for you, you should know that it saves you not only fees, but also time spent stressing out about your business finances. This free checking account comes with an exceptional app that can help you monitor your finances, budget wisely, and ensure that you’re ready for the tax season without skipping a beat.

Overview

Trying to find the best bank account for a small business is hard work. However, if you’re looking for a bank to hold all your accounts, Chase might be a great option for you. Chase offers checking accounts, mortgages, loans, and savings, allowing you to keep all your finances in one place.

Business checking account offer

Chase’s Business Complete Banking comes with a $15 monthly fee. That’s not too bad compared to similar banks, and there are also several ways to waive this fee. You can do so by having a daily account balance upwards of $2,000, making $2,000 in purchases with Chase InkⓇ Business Card or through $2,000+ in deposits from Quick AcceptⓇ or other eligible merchant services. The key to finding the best small business checking account is not just choosing an account with no monthly fees. You should also look out for accounts whose fees you can easily waive; these typically offer more monthly transactions and better conditions than free accounts.

Of course, there are downsides to every account. Chase’s biggest pitfall is that it only allows you up to 20 free transactions per month and up to $5,000 in cash deposits. This could be an issue if you run a cash-heavy business that makes many transactions every day. Chase offers a sign-up bonus of $300 for opening a checking account for all new customers who complete the qualifying activities. The bonus takes only a few minutes to claim.

Chase’s network is far-reaching, with over 4,700 branches and 16,000 ATMs in the US. Finding a branch or an ATM nearby should never be a problem. Both the website and the mobile app are neatly designed and easy to use. All of your accounts are integrated into the mobile app, which makes life easier when juggling multiple accounts.

Bottom line

Chase business checking is a great choice if you have a small but growing business that can help you meet the requirements for waiving the monthly fee while not going over the transaction limits.

Overview

Like Azlo, nbkc bank is an online bank that offers an online business checking account with no fees. This relatively new bank operates out of Kansas and has four local branches, but its online services are available nationwide. Even though this is a new bank, it has overwhelmingly positive reviews and a great business checking account offer.

Business checking account offer

The minimum opening deposit is $0 and there are no monthly fees to pay. You can also perform unlimited transactions without paying any fees. The only fees you’ll incur with nbkc are $5 for sending domestic wires and $45 for sending or receiving international ones.

Although it’s essentially an online-only bank, nbkc does have offices in Kansas City in case you need to interact with someone personally. You also get access to over 32,000 MoneyPass ATMs that you can use for free in the US.

Some people have doubts about the reliability of online banks, but there’s no need to worry with nbkc bank, which has overwhelmingly positive reviews and offers great customer service. This bank also has an FDIC membership and is BBB-accredited.

One of the other reasons nbkc offers arguably the best online banking service in the US is that its checking account is one of the few that pays interest. The minimum balance to obtain interest is $0.01, and the interest rates go from 0.05% to 0.30%. While that might not sound like much, as your balance grows this can yield significant amounts of money.

Bottom line

A great online bank that offers a free business checking account, which requires only a $5 minimum deposit and pays interest.

Overview

Small businesses looking for a fee-free online checking account needn’t look further than Bluevine. Its checking account is excellent for budding businesses mindful of every penny, as it doesn’t have any fees, but companies can also rely on its flexible line of credit as a safety net for their growing operations.

Business Checking Account Offer

As mentioned, Bluevine’s business checking account comes with all the features and none of the fees: You get a free checking account without an opening deposit. Plus, you don’t have to worry about minimum deposits or balances, ATM fees (provided you use a MoneyPass® ATM), and overdraft fees.

Its business checking account also allows its holders to earn interest. The 2.0% rate – fifty times the national average – makes it obvious the account was created with small businesses in mind. Account-holders can earn up to $100,000 in interest by either spending $500 per month using the account’s debit card or receiving $2,500 per month from their customers.

The online banking platform accompanying its no-fee checking accounts is superbly designed. It will allow you to pay your bills online and create multiple sub-accounts for your team. Furthermore, you can also apply for a line of credit through its banking dashboard and access the additional money you need for your business without having to step into a physical branch.

Since it is a fully online fintech company rather than a bank, you might be wondering about how secure Bluevine is. For starters, this online business bank account is FDIC-insured for up to $250,000 via Coastal Community Bank. It also offers two-factor authentication and was built using the newest security practices.

Bottom Line

Bluevine’s checking account is an excellent choice for tech-savvy small businesses looking to avoid overpaying for their checking account. With its easy-to-use online account dashboard, even the most inexperienced entrepreneurs can manage their finances entirely stress-free.

Overview

When considering where to open a checking account, Axos Bank is a good choice if online-only banks suit you. Axos, formerly called Bank of Internet USA, is a branchless bank. Unless you’re in San Diego, where the bank’s HQ is located, you won’t be able to deal with anyone face-to-face.

Business checking account offer

As with most online banks, Axos does not have a monthly fee, nor a transaction limit. It also offers no minimum balance business checking and there is no initial deposit requirement. If you opt-in for Interest Checking, the minimum deposit is $100 and the APY goes up to 0.81%

Axos offers up to 50 free checks and 200 (50 for Interest Checking) free transactions per month, after which you’ll pay $0.50 for each subsequent transaction. Although this is an online-only bank, you still have access to a wide network of ATMs free of charge. Should the ATM owners charge you a fee, both Axos accounts have unlimited monthly reimbursements available.

Axos has 24/7 customer support, a well-made and intuitive mobile app, and is QuickBooks-compatible. This gives you peace of mind that you’ll be able to manage your finances and resolve any issues that may arise.

Bottom line

This online bank offers free business checking but with a fairly high minimum deposit requirement. It has a great mobile app and lets users make cash deposits with a number of retailers.

_{* Business must be incorporated after 6/01/2020 and application must be submitted before 11:59pm on 3/31/2022 to qualify. In the first two months after account opening, the average daily balance of the account must be at least $2,500 in order to qualify for the $200 bonus. Bonus will be deposited into your new account within 5 business days of your statement cycle date. Account must remain open for 180 days or an early closure fee of $50 may apply. Must be new funds to receive bonus credit. Terms and conditions subject to change without notice. Bonus may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year. NOTE: “New Funds” is defined as funds that did not originate from another Axos Bank brand account.}

_{** Application must be submitted before 11:59pm on 3/31/2022 to qualify. In the first two months after account opening, the average daily balance of the account must be at least $2,500 in order to qualify for the $100 bonus. Bonus will be deposited into your new account within 5 business days of your statement cycle date. Account must remain open for 180 days or an early closure fee of $50 may apply. Must be new funds to receive bonus credit. Terms and conditions subject to change without notice. Bonus may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year. NOTE: “New Funds” is defined as funds that did not originate from another Axos Bank brand account.}

Overview

Radius is an FDIC-insured online bank based in Boston, MA. It is currently one of the fastest-growing banks in Massachusetts.

Business checking account offer

Radius Bank definitely has one of the best and cheapest checking accounts out there. The only thing you need to do to open a Rewards Checking account with Radius is make a deposit of at least $100.

After you’ve deposited $100 and opened your account, you don’t have to worry about any other fees whatsoever. There is no minimum account balance to keep, nor are your transactions limited. Even though it’s practically a free business checking account, you still have an excellent incentive to keep it well stocked.  When you reach a balance of $2,500, you’ll earn an APY of 0.10% per year. If you manage to hold $100,000 or more, the interest grows to 0.15% APY.

Aside from offering one of the better interest rates on the market, Radius also allows limitless refunds for out-of-network ATM fees and 1% refunds on online and signature-based debit card purchases.

Radius is an online-only bank but has a huge ATM network, partnered with MoneyPass and SUM. The mobile app for Radius Bank has great reviews, an intuitive interface, and is generally easy to use. You can easily connect your account With Intuit, QuickBooks, or Quicken, too.

Bottom line

With no fees, low deposit requirements, decent interest rates, and other quality-of-life features, Radius is one of the standouts when it comes to finding the best online bank for a small business. Add in the full FDIC insurance up to $250,000 for all Radius business checking accounts, and you have a winner. The only downside is that this is a branchless bank, which might not suit some users.

Overview

Yet another addition to the online banking choice on our list, BBVA Bank is an excellent option for those looking for online, free checking accounts.

Business checking account offer

There are no requirements for opening and maintaining a BBVA checking account apart from the $100 opening deposit. Once you’ve done that, you won’t have to deal with any monthly fees. There are, however, limits to your monthly transactions; you’re allowed five processed checks or in-branch withdrawals and two cash deposits each month, while all of your online transactions are unlimited. You’re also limited to $5,000 in cash processing per month – keep an eye out for this if you deal in a lot of cash. There is a $38 overdraft and insufficient funds fee, which can be avoided once per year on higher-tier accounts but not for the basic ConnectChecking account.

As with the best online banking solution, while BBVA has branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas, you can only open your account online. We also suggest that you opt-out of paper statements to save $3 per month (and to help the environment!).

BBVA doesn’t pay any interest on account balances, but it makes up for that with its enormous ATM network. With BBVA, you’ll have access to over 53,000 ATMs (All-Point, BBVA, and 7-Eleven) across the country.

Bottom line

If you’re looking for a low-cost and simple online checking account, BBVA could be a smart choice for you.

Overview

No good small business bank account comparison can be made without mentioning Bank Novo. A relatively new no-fee digital platform, it falls under the category of challenger banks. These are new, smaller, usually digital retail banks that aim to compete with the more established names in the business. Bank Novo offers a nearly-free small business checking account aimed at small business owners and startups. Novo’s checking account is designed specifically for US-based startups and businesses that have physical offices in America.

Business checking account offer

Novo’s checking account is almost free; there are no monthly fees or required monthly balances. You’ll need to deposit $50 when opening a new account, but this falls into the lower spectrum of opening deposit costs, even among online-only banks.

Bank Novo doesn’t impose any transaction limits, international transaction fees, or limits on mobile check deposits. If you need to deposit a physical check, the bank handles both the mailing and processing procedures.

One reason why many believe Novo offers the best online banking for small business owners is that your deposits are insured up to $250,000 through Novo’s FDIC-insured partner bank.

Novo has a very well designed mobile app, too. Quality mobile apps are crucial for online banks, as there are few-to-no branches, and you need to have the ability to handle your account on the fly. Bank Novo accounts can be integrated with Xero, TransferWise, GooglePay, and ApplePay.

Bottom line

Who should consider opening a Novo checking account? Tech-savvy US-based entrepreneurs and small business owners who prefer banking on the move.

Overview

Capital One is the ideal bank for growing businesses that need to handle an increasing amount of transactions and cash deposits. Capital One is a household name in the checking account sphere and it could be the best place to open a small business checking account. The bank offers two checking accounts: Spark Business Basic Checking and Spark Business Unlimited Checking.

Business checking account offer

If you open a Spark Business Basic Checking account, you’ll have to pay a $15 monthly fee, but there’s no opening deposit requirement. This monthly fee can be waived when having a 30 or 90 day average of $2,000 or more on your account. This account doesn’t put any limits on the number of transactions you can make, so you don’t have to worry about incurring any extra fees.

You can deposit up to $5,000 in cash per month without charges. After that, you will pay $1 for each $1,000 you deposit in cash. The account also charges wire fees: $15 per incoming domestic wire and $25 per outgoing domestic wire. On the plus side, free overdraft protection is included. This, combined with the lack of opening deposit requirement and easy-to-waive monthly fees are the reasons this account is on our list of best banks for small business.

If you think the limits of of the Basic account are too constraining or your business is outgrowing it, you should consider upgrading to Spark Business Unlimited Checking. This account has no fee for cash deposits and your first five domestic wires are free each month. In addition, you get access to two more Basic checking accounts at no extra cost.

Unlimited Checking does have a significantly higher monthly fee than Basic – $35 compared to $15. Still, considering the fees and limits it removes it might actually end up cheaper, depending on the number of transactions you perform every month. This monthly fee can also be waived by having an average of at least $25,000 over a 30- or 90-day period. Capital One offers another way to waive monthly fees for both Basic and Unlimited accounts. By having an active account with two or more Spark products (like SparkPay or a Spark card), your monthly fee will be waived.

Bottom line

Capital One has 755 branches and a network of more than 70,000 ATMs. Whether you have a smaller business with a lot of transactions or a growing capital and cash flow, Capital One has accounts that can fulfil your needs. The only potential stumbling block impairment is the monthly fee account fee, but it’s not that difficult to waive.

Overview

US Bank is one of the oldest and best-known banks in America. If you’re looking for one of the best free business checking accounts with a sprawling network of branches and ATMs and you don’t deal in a lot of cash, US Bank’s Silver Business Checking Package is a great choice.

Business checking account offer

This US Bank checking account has no monthly fees and there is no minimum deposit needed to open the account. So far, so good. Unfortunately, there are transaction limits and fees; you’re given only 125 free transactions per month with this account. These include deposits, debit card purchases, and online payments. Any transactions over this limit will cost you $0.50 per transaction.

US Bank also has a limit of 25 free cash deposits each month. After the first 25, each cash deposit will cost you between $0.15-0.20 for every $100 you deposit. Wire fees are as follows: incoming domestic/international wires are $20/25 and outgoing domestic/international wires cost $30/50.

While US Bank doesn’t offer any sign-up cash bonuses, it does give discounts. With the Silver Business Checking package, you receive a check order discount of 50% on the first order up to $50.

US Bank has more than 2,200 branches and nearly 42.000 ATMs, making it one of the biggest bank networks in America. Even more impressive is that US Bank doesn’t charge out-of-network ATM fees, allowing you to access your money practically anywhere.

You can easily connect your account with QuickBooks for all your accounting needs. US Bank also has a mobile app that helps you manage your finances and keep track of expenses and savings.

Bottom line

This is one of the best free checking accounts for small business owners looking to get one at a bank that has brick-and-mortar branches, too.

Overview

PNC Bank is a US-based bank that has 2,200 branches in 37 states plus the District of Columbia. It also has a network of more than 18,000 ATMs. Of PNC Bank’s several checking accounts, the one we’ve chosen to review here – PNC Business Checking – is the most suitable for small business owners. In case you need more options or own a larger business, you should take a look at one of the bank’s other checking accounts.

Business checking account offer

PNC Business Checking is PNC’s entry-level checking option. It requires $100 for an opening deposit and will cost you $10 per month in maintenance fees. There’s an easy way to get this fee waived: have a minimum balance of $500.

You get 150 free transactions per month, after which each transaction costs $0.50. The free monthly cash deposit is capped at $5,000, with every subsequent $100 you deposit incurring a fee of $0.25, which is pretty standard compared to similar checking accounts. However, the bank often sweetens the deal with limited-time sign-up bonuses. It’s worth keeping an eye out for these offers when choosing the best checking account for a small business.

Bottom line

With a low monthly fee that’s easy to waive and a great sign-up bonus, PNC’s Business Checking account is appealing. If you live in the states covered by the bank’s network and you have a small business with relatively few monthly transactions, this account could be a great fit for you.

Overview

TD Bank is an east coast-based subsidiary of the Canadian Toronto-Dominion Bank. There are around 1,300 branches and 1,900 ATMs across TD Bank’s US network. One of this bank’s main advantages is that it offers free ATM withdrawals in both Canada and the US. If you conduct business in Canada or regularly cooperate with Canadian clients, TD Bank could help cut your costs. If you can avoid the monthly fee, TD bank has one of the best checking account offers out there.

Business checking account offer

The TD business account we’ve reviewed here is Business Convenience Checking Plus. While it has a significantly higher monthly fee than other banks – $25 – the fee is pretty easy to waive. You only need to have a minimum of $1,500 in combined daily balance between your business and personal TD accounts.

With Checking Plus, you receive 500 free monthly transactions and up to $5,000 in cash deposits. For those businesses that expect to have a lot of transactions or handle a lot of cash, TD Bank stands out above the rest. And in case you exceed the monthly cash deposit limit, the fee is only $0.25 per extra $100 deposited.

With Business Convenience Checking Plus, you also receive up to three additional accounts without monthly fees: a TD Small Business Money Market Plus account and up to two TD Business Simple Checking accounts.

Bottom line

TD Bank represents a great choice for anyone doing business on the East Coast and/or in Canada. The easy-to-waive fee and high limits on transactions and cash deposits make for an attractive offer.

Overview

First Citizens Bank is one of the oldest US banks, founded back in 1898. It offers a free and slightly more flexible package than other small business checking accounts (especially for brick-and-mortar banks). We’ve reviewed its basic checking account, which is best suited to small business owners, freelancers, and entrepreneurs.

Business checking account offer

First Citizens Bank is one of those great banks with free checking and no minimum balance. For starters, this account has no monthly fees or minimum balance requirement, although it does require a $100 opening deposit. Once your account is opened, you get up to 175 free transactions per month, which is a little bit more than the typical 150. Once you go over 175 transactions, you’ll pay a fee of $0.50 per transaction.

The cash limit is $5,000 per month; anything beyond that incurs a fee of $0.20 per $100 you deposit. Wire transfers with First Citizens Bank are a bit cheaper than the competition. All wires – outgoing and incoming, international and domestic – cost $15 apiece. We also recommend opting for e-statements only, as paper statements incur extra charges.

There are no limits on ATM transactions, but First Citizens Bank’s ATM network is smaller than most, with only around 500 ATMs across the country. Of course, if these locations are convenient for you then it should not pose a problem.

First Citizens Bank’s mobile app is a powerful and helpful tool. It keeps all your accounts in one place, allows mobile check deposits, keeps track of your spending, and can be accessed from all your devices.

Bottom line

While this account might not turn any heads, it does offer a bit more leeway than most free business accounts.

Overview

TIAA primarily offers an online business bank account, but it does have a few physical branches in Florida. As is the case with most online banks, opening an account at TIAA is fast and easy. However, unlike most of the banks we’ve reviewed so far, TIAA’s Business Checking account has quite a high opening deposit requirement.

Business checking account offer

You’ll need to put down $1,500 in order to open this TIAA checking account, which also has a monthly fee of $14.95. The fee is waived if you maintain a monthly balance of at least $5,000. TIAA offers 200 free transactions each month and 10 free monthly bill payments. Each additional transaction costs $0.25. There are no overdraft fees, but there is a $30 insufficient funds fee.

You might wonder what justifies these relatively high fees and requirements, since the transaction limits are average. Well, there are two significant upsides to TIAA’s offer that make this one of the best business bank accounts. The first benefit is that TIAA pays you an interest rate of 0.05% APY, no matter what your balance is. This is really a solid rate compared to what competitors offer, especially if your business handles larger capital.

Besides the appealing interest rate, TIAA also provides you with professional day-to-day banking advice. This can help further boost your finances and your business. You should not worry about finding an ATM with TIAA; you can use more than 80,000 ATMs for free across the country.

Bottom line

TIAA Bank’s Business Checking account has an above-average deposit requirement and fees. However, if you expect to handle larger sums of money but without a high number of transactions, TIAA’s excellent interest rate and useful banking advice could go a long way for your business.

Overview

M&T Bank operates well over 700 branches across nine states. In case you live or conduct business in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington D.C., or Connecticut you should consider looking into M&T’s checking account offers.

Business checking account review

The checking account we’ve chosen to review here is M&T Simple Checking for Business.
The monthly fee for this account is $10, which falls on the cheaper side as far as monthly fees go. In order to avoid this fee, you should maintain an average monthly balance of $2,500, or conduct at least five transaction items on your account per month (deposit tickets checks paid and deposited, ACH credits and debits received; ATM transactions do not count).Opting out of paper statements (which we almost always recommend) will, naturally, remove the $2 paper statement fee.

The transaction limit with this M&T account is on the low side; you’ll get just 100 free transactions per month. Anything over these first 100 will cost you $1 per transaction, which is more expensive than average. Cash deposits are limited to the usual $5,000 per month, after which the standard fees apply. Wire transfers are also a bit higher with M&T than with the competition; all incoming wires cost $16, outgoing domestic wires are $32 and outgoing international wires cost a whopping $75.

M&T has more than 1,700 ATMs in its network. While there are no fees when using M&T ATMs, using out-of-network ATMs will cost you $3. That cost rises to $5 per transaction if the ATM is outside of the US. However, like TIAA, M&T provides its users with professional banking advice and M&T online banking to help you manage your finances and grow your business.

Bottom line

The free banking advice M&T offers could prove invaluable. If you can manage your finances to avoid the fees, M&T Bank might just be the right fit for you.

Overview

No matter where you live, you’ve almost certainly heard of the Bank of America, the eighth-largest bank in the world. This massive bank offers all kinds of services: checking accounts, savings, mortgages, loans – you name it. Let’s go over what’s on offer in the checking account department.

Business checking account offer

The Bank of America’s basic checking account option is Business Fundamentals Checking. For this account, the Bank of America monthly maintenance fee is fairly high – $16. While this is one of the highest monthly fees on the market, it’s also just about the easiest to avoid. You can do so in two ways:

Maintain an average monthly balance of $5,000
Spend at least $250 per month in purchases on a credit card or a business debit card

The Bank of America’s Business Fundamental Checking account also offers above-average transaction and cash deposit limits. With this account, you get up to 200 free transactions each month, compared to the usual 150 or 170 that other brick-and-mortar banks usually offer. Once you reach the threshold, each transaction costs $0.45.

The cash deposit limit here is $7,500, compared to the industry standard of $5,000. For every additional $100 deposited, you will need to pay $0.35. If you expect a lot of transactions and cash deposits for your business, the Bank of America might be the best bank for a small business checking account for your business. Wire transfer fees for this account are on par with other banks.

Domestic outgoing/incoming wire: $30/$15
International outgoing/incoming wire: $35/$16 ($45 if the outgoing international wire is in US dollars)

Most users seem to be happy with the Bank of America’s mobile app, but its customer service gets mixed reviews online. This bank has more than 17,000 ATMs in the US, making it one of America’s largest independent ATM networks.

Bottom line

The Bank of America offers outstanding checking options with a high monthly fee. However, with four ways to avoid this fee, the Business Fundamentals Checking account makes our list.

Overview

The main reason why NorthWest is one of the best banks for small business accounts today lies in its vast experience. The bank has been around since the end of the 19th century and has managed to uphold its small business-friendly reputation throughout all that time. Its offer includes everything from checking and savings accounts to loans, credit cards, and investments.

Business checking account offer

The bank gives you four options: Business Checking, Business Checking Plus, Business Analysis Checking, and Business Tiered Interest Checking. All of the plans require a minimum of $100 to open, while the main difference lies in interest rates and extra perks.

The basic plan has a $10 monthly fee and requires a $5,000 average daily balance to waive. The use of NorthWest’s ATMs comes free of charge, while third-party machines cost an additional $2 per transaction. The low requirements of the bank’s best small business bank account are perfect for companies with smaller turnovers. If you want to earn good interest and access special perks, you should switch to a different plan.

The Plus plan has no monthly fee nor a minimum balance requirement. It also boosts the transaction limit from 100 to 300. However, it does require you to use the bank’s debit card and Basic Online Banking services

The Tiered Interest Checking plan is among the best business bank accounts for LLC ventures with the highest possible interest and money market rates. The minimum is the same once again – a $5,000 daily balance if you want to avoid the monthly fee of $10. It’s worth mentioning that, while you earn APY, you’re required to use the NorthWest debit card and Online Banking services

Bottom line

If you want a great selection of different checking plans or you’re just in need of a simple, straightforward checking account for your business, NorthWest has got you covered. The bank’s shining reputation really speaks for itself.