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Best Small Business Checking Account List for 2021 - Top 16

Julija A. Image
ByJulija A.
June 10,2021

Looking for the best small business checking account? You’ve come to the right place.

Opening a checking account is a crucial step when starting a business. Separating your personal and business finances helps you manage your company’s money, keep track of costs, see how your business is growing, and get on top of your payroll. It’s also a great way to avoid headaches come tax season. 

Luckily, we’re here to help. We’ve reviewed the 16 best small business checking accounts so you know exactly what you’re in for before you sign up.

As you’ll see below, we look at a range of factors when reviewing (and choosing) checking accounts. These include monthly fees, opening deposit requirements, signup bonuses, interest rates, ways to waive the monthly fee, and cash deposit limits. These are all important parameters to consider when choosing where to open a checking account. However, before you get to choosing a bank, you should first decide what you will need in a checking account. 

Make some estimates about your business. How much starting capital do you have, how much money do you think you will keep in the account on average, how many transactions will you make every month, and will you handle a lot of cash? These are all crucial questions to ask yourself when deciding on a checking account. You should also decide if online-only banks suit you, as branchless banks may charge higher ATM fees. With this in mind, take a look at our reviews of the 16 best small business checking accounts for 2021.

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Best for Startups
1. NorthOne Business Checking
NorthOne Business Checking Logo
Bottom line

Operating since 2017, NorthOne offers a robust mobile-only business checking account solutions. As one of the best startup business checking account providers, NorthOne charges a $10 monthly fee and offers unlimited fee-free transactions, access to more than 1,000,000 in-network ATMs, expense management features. SmallBizGenius readers get the first month free! Read Review

  • ⦿In-app live support
  • ⦿Envelopes for budgeting
  • ⦿Invoicing tools
GET 1ST MONTH FREE
On NorthOne Business Checking Website
Monthly fees:
$10
Opening deposit:
$50
Sign-up bonus:
$0
Monthly transaction limit:
Unlimited
Interest rate:
None
US branches/ATMs:
1,000,000 ATMs
Best for Growing Businesses
2. nbkc bank Business Checking
nbkc bank Business Checking Logo
Bottom line

One of the most-respected online banks out there, nbkc bank offers possibly the best free small business checking account. You don’t need to make a deposit to open an nbkc checking account, and with that you get unlimited transactions. What really makes this bank shine, however, is the ultra-low balance requirement needed in order to start getting interest. Take a look at our in-depth review and see for yourself. Read Review

  • ⦿Nationwide online services
  • ⦿Great customer service
  • ⦿No monthly fees
SEE OFFER
On nbkc bank Business Checking Website
Monthly fees:
$0
Opening deposit:
$0
Signup bonus:
$0
Monthly transaction limit:
Unlimited
Interest rate:
0.05%-0.30%
US branches/ATMs:
4/32,000 ATMs
Best for Sign-Up Bonuses
3. Chase Business Complete Banking
Chase Business Complete Banking Logo
Bottom line

Chase is one of the most popular banks in the US. Besides checking accounts, this bank offers a range of other services, including loans, mortgages, and savings accounts. While Chase charges a monthly fee, it balances that out with a hefty sign-up bonus and a wide range of banking options. If you’re looking for the best checking account for small business and you want the security of banking with a big fish, opening a Chase bank checking account is a great call. Read Review

  • ⦿Sign-up bonus
  • ⦿Over 16,000 ATMs
  • ⦿Fees can be waived
SEE OFFEr
On Chase Business Complete Banking Website
Monthly fees:
$15
Opening deposit:
$0
Sign-up bonus:
$300
Monthly transaction limit:
20
Interest rate:
None
US branches/ATMs:
4,700 branches/16,000 ATMs
Bottom line

Axos is another online bank making waves in the industry. On the plus side, it has no monthly fees and offers a significant number of free transactions. However, its opening deposit requirement of $1,000 is much higher than the other top options on our list. Even though it’s an online bank, you can still make cash deposits through its “Reload @ The Register” service. Reload @ The Register allows you to add cash to your prepaid card when you’re at the register of a store that participates in this program. Axos Bank also offers unlimited domestic ATM fee reimbursements, which means the bank pays you back for all ATM fees that you may incur. With those great features, this free online business checking account could be worth your while. Read Review

  • ⦿No monthly or transaction fees
  • ⦿No minimum balance required
  • ⦿24/7 customer support
SEE OFFEr
On Axos Bank Basic Business Checking Website
Monthly fees:
$0/10
Opening deposit:
$1,000/100
Sign-up bonus:
$100
Monthly transaction limit:
200/50
Interest rate:
up to 0.81%
US branches/ATMs:
Any ATM, unlimited reimbursements
Best Interest Rates
5. Radius Bank Rewards Checking
Radius Bank Rewards Checking Logo
Bottom line

Radius Bank only released its rewards checking account in September 2019. However, in the months since, it has quickly become a top contender for the title of best business checking account for small business. After putting down a minimum of $100 to open your account, you’ll get unlimited transactions and earn interest if you reach a certain balance. This makes Radius Bank an extremely appealing option for small business owners. Read Review

  • ⦿No minimum account balance or maintenance fees
  • ⦿Great interest rates
  • ⦿FDIC-insured
SEE OFFER
On Radius Bank Rewards Checking Website
Monthly fees:
$0
Opening deposit:
$100
Sign-up bonus:
$0
Monthly transaction limit:
Unlimited
Interest rate:
0.10% on balances over $2,500
US branches/ATMs:
Any ATM, unlimited reimbursements
Bottom line

If you’re looking for the best bank for small business, the checking account BBVA offers is fee-free and lets you make unlimited transactions. You’ll have to deposit a minimum of $100, after which there are no maintenance fees. However, your free cash deposits only go up to $5,000 per month. BBVA is a solid choice for you if your business does not deal in a lot of cash. Read Review

  • ⦿No monthly fees
  • ⦿Access to 53,000+ ATMs
  • ⦿Great online banking
SEE OFFER
On BBVA Bank Business Connect Checking Website
Monthly fees:
$0
Opening deposit:
$100
Sign-up bonus:
$0
Monthly transaction limit:
Unlimited
Interest rate:
None
US branches/ATMs:
1,000 + 43,000 Allpoint ATMs
Bottom line

Novo is a digital bank with checking accounts for tech-savvy users who prefer to do their banking online. There is no minimum deposit and no monthly fees whatsoever. Looking for the best free business checking account for a small business? Novo might just be the one for you. Read Review

  • ⦿No transaction fees or limits
  • ⦿FDIC-insured
  • ⦿Great mobile app
SEE OFFER
On Novo Bank Business Banking Website
Monthly fees:
$0
Opening deposit:
None
Sign-up bonus:
$0
Monthly transaction limit:
Unlimited
Interest rate:
None
US branches/ATMs:
You need to use out-of-network ATMs, but fees are reimbursed
Bottom line

Capital One is famous for its selection of Spark business checking accounts. The first option among these - which we’ve reviewed in greater detail below - is a cheap checking account with unlimited transactions. Capital One has an extensive ATM network, meaning you can make fee-free transactions across the country. While the Spark Basic account does not provide interest, you can easily upgrade to a bigger account and start earning interest. With this in mind, Capital One could be the best bank for a small business checking account - free to open and easy to upgrade. Read Review

  • ⦿Good for fast-growing businesses
  • ⦿No opening deposit requirement
  • ⦿755 branches all over the county
SEE OFFER
On Capital One Business Checking Website
Monthly fees:
$15/35 (waivable under certain conditions)
Opening deposit:
$250
Sign-up bonus:
$0
Monthly transaction limit:
Unlimited
Interest rate:
None
US branches/ATMs:
755/70,000
Bottom line

If you’re looking for an established, reliable, brick-and-mortar bank that offers free business checking accounts, US Bank ticks all those boxes. If you sign up with US Bank, you’ll get an account with no maintenance fees and no minimum balance requirement. You’ll also benefit from free access to one of the most extensive ATM networks in the country. Read Review

  • ⦿No monthly fees
  • ⦿No minimum deposit
  • ⦿QuickBooks integration
SEE OFFER
On US Bank Silver Business Checking Package Website
Monthly fees:
$0
Opening deposit:
$100
Sign-up bonus:
$0
Monthly transaction limit:
125
Interest rate:
None (0.01% with Gold Checking)
US branches/ATMs:
2,000 branches/4,700 + 37,000 MoneyPass ATMs
Bottom line

This PNC business checking account requires a $100 opening deposit and has a $10 monthly fee. However, that monthly fee is pretty easy to waive by having at least $500 in your account at all times. Furthermore, PNC has sign-up cash bonus offers throughout the year. Currently, the bank offers a hefty $200 bonus for anyone that opens a checking account with them and fulfills the balance/transaction requirements by September of 2021. Since you shouldn’t have problems waiving the monthly fee, you should definitely consider opening a small business bank account with PNC (if you live in one of the 37 states the bank does business in). Read Review

  • ⦿150 free transactions per month
  • ⦿Frequent sign-up bonuses
  • ⦿Good for startups
SEE OFFER
On PNC Bank Business Checking Website
Monthly fees:
$10 (first three statement cycles free)
Opening deposit:
$100
Sign-up bonus:
$200
Monthly transaction limit:
150
Interest rate:
None
US branches/ATMs:
2,300 branches/18,000 ATMs
Bottom line

TD Bank is a US subsidiary of Canada’s Toronto-Dominion Bank and its branches are located on the east coast. Perhaps the first thing you’ll notice is that TD Bank’s Business Convenience Checking Plus account has a high monthly fee of $25, and you’ll need an account balance of $1,500 to waive it. In addition, this TD Bank business account offers a large number of free transactions. Most importantly, though, you get free ATM withdrawals using TD Bank’s ATMs both in the US and in Canada. You can open a business checking account online on the website. Read Review

  • ⦿Flexible checking account
  • ⦿Great for freelancers and entrepreneurs
  • ⦿No minimum balance requirement
SEE OFFER
On TD Bank Business Convenience Checking Plus Website
Monthly fees:
$25
Opening deposit:
$100
Sign-up bonus:
$0
Monthly transaction limit:
500
Interest rate:
None
US branches/ATMs:
2,300 branches/4,000 ATMs
Bottom line

As you’d expect from one of the longest-serving US banks, First Citizens Bank has a more-than-decent offer in the checking accounts sphere. If you opt out of paper statements, you won’t have to pay any monthly fees, while benefiting from transaction and cash deposit limits that are on par with other banks that charge monthly fees. First Citizen Bank’s no fee business checking account is surely worth taking a look at. Read Review

  • ⦿Good for firms with clients from Canada
  • ⦿500 free monthly transactions
  • ⦿Good for businesses which handle a lot of cash
SEE OFFER
On First Citizens Bank Basic Business Checking Website
Monthly fees:
$0 (with paperless statements)
Opening deposit:
$100
Sign-up bonus:
$0
Monthly transaction limit:
175
Interest rate:
None
US branches/ATMs:
549 branches/900+ ATMs
Bottom line

TIAA Bank is an online bank with some distinct advantages. For starters, you get a 0.05% APY on your balances. Besides the interest rate, TIAA also offers free banking advice to improve your finances. With no-balance-requirement interest rates TIAA Business Checking might be the best online small business checking account for those looking to store large sums of money. Take a look at the details of this checking account below. Read Review

  • ⦿10 free monthly bill payments
  • ⦿Pays interest
  • ⦿Good for businesses with large capital
SEE OFFER
On TIAA Bank Business Checking Website
Monthly fees:
$14.95 (waivable with a daily balance over $5,000)
Opening deposit:
$1,500
Sign-up bonus:
$0
Monthly transaction limit:
200
Interest rate:
0.05%
US branches/ATMs:
80,000 ATMs
Bottom line

M&T Bank has fairly low fees, but also places fairly strict monthly transaction limits on its basic checking account option. For those looking for a cheap checking account and don’t expect to conduct many transactions per month, an M&T Bank checking account could be exactly what you need. Read Review

  • ⦿Free banking advice
  • ⦿Low monthly fees
  • ⦿No ATM fees
SEE OFFER
On M&T Bank Simple Checking for Business Website
Monthly fees:
$10
Opening deposit:
$0
Sign-up bonus:
$0
Transaction limit:
100
Interest rate:
None
US branches/ATMs:
780 branches/1,700 ATMs
Bottom line

One of the largest banks, both in the US and worldwide, the Bank of America has great options for checking accounts. Business Fundamentals Checking, the bank’s basic checking option, has a high monthly fee of $16 but offers many ways to waive it. On top of that, this checking account has higher transaction and cash deposit limits than most. Take a look at how these monthly fees can be waived; if you believe you can meet those criteria, the Bank of America could be the best bank for business checking.

  • ⦿Cash deposit limit of $7,500
  • ⦿Good for businesses who make a lot of transactions
  • ⦿Easy to avoid monthly fees
SEE OFFER
On Bank of America Business Fundamentals Checking Website
Monthly fees:
$16
Opening deposit:
$0
Sign-up bonus:
$0
Transaction limit:
200
Interest rate:
None
US branches/ATMs:
4,300 branches/17,000 ATMs
Bottom line

With more than a century of experience and some effective small business-friendly strategies, NorthWest still finds itself among the best banks for business accounts. Companies that want to keep it simple can make use of the bank’s basic plan, which has no extra services you’re required to use. In other cases, there are Plus, Analysis, and Interest accounts that come with things like interest rates and some decent perks. The website is pretty transparent about its fees and conditions, but you can always turn to customer support with specific questions. Read Review

  • ⦿Great deal for startup businesses
  • ⦿Selection of highly flexible checking accounts
  • ⦿No ATM fees
SEE OFFER
On NorthWest Business Checking Website
Monthly fees:
$10
Opening deposit:
$100
Sign-up bonus:
$0
Transaction limit:
100
Interest:
Only with Tiered Interest account
US branches/ATMs:
220 branches/55,000 ATMs

What we looked at in our reviews

Monthly and Transaction Fees

The first thing to look out for when opening a business checking account are monthly fees. Monthly fees refer to the amount of money you pay for account maintenance each month. These usually range from $0 to $25 for smaller business accounts, while more advanced accounts can have much higher fees. Of course, everyone would love to open their business bank account for free or pick the bank with the lowest fees possible, but that won’t necessarily save you money in the long run. 

Usually, when banks have no monthly fees, they generate revenue by limiting the number of transactions you have and charging you for each transaction over the limit. During our research, one of the things we looked at is how much banks charge per month and what transaction limits they impose. Based on this data, we compared how much each of the reviewed banks end up costing you in total fees depending on the size of your business.

Opening Deposit Requirements

If you’re looking for the best bank to open a business account while your business is still in its early stages, then the minimum deposit requirement might be a concern for you. The minimum amount of money you need to deposit when opening a checking account might be too high if you’re just starting your business and don’t have much capital behind you. Since the purpose of our review is to provide users with the best checking account options for small business owners, we’ve included banks with lower minimum deposits. As you’d expect, most banks that have lower minimum deposit requirements also have limited transactions and charge higher fees. Taking all this into account, we’ve compiled a list of banks with the best conditions across the board.

Account Balance

One of the easiest ways to waive the monthly fee with most banks is by keeping to a certain daily or monthly average account balance. Most banks waive their monthly fees if you keep a certain amount of money in your account on average. 

There are a few different types of account balance that could apply here. First, there’s the average daily balance of your account. This is calculated by looking at the average of your daily closing balances over a single month. Some banks also look at your total monthly balances or the average balance between all your accounts at that specific bank. 

You should keep an eye out on what your bank takes into account when deciding whether to waive fees and compare it to your estimate of how much money will go through your business account. In our reviews, we list the average account balance requirements for each bank. We also explain which of these figures each bank looks at for its fee waivers. This is one way to help you distinguish between the best banks for small business checking.

Branch and ATM Availability

Whether you should choose an online-only bank or one with physical branches depends on what type of business you have. For example, if you’re running a retail business and deal in cash regularly, an online bank would be a bad choice, because it would be difficult or impossible to make cash deposits. On the other hand, if most of your transactions are digital, an online-only bank could be ideal for you. In case you opt for a bank with brick-and-mortar branches, you should make sure the bank operates in your state and has a branch near you.

Another crucial thing to take into consideration when opening a corporate checking account is the bank’s ATM network. Where they’re located, how many of them are there and what are the fees for using out-of-network ATMs. We’ve looked at each bank’s branch and ATM network to bring you the best possible options for a best small business checking account. 

Mobile App Quality and Compatibility With Popular Accounting Software

When running a business, being time-efficient and flexible is key. The ability to manage your business checking account from your mobile phone can make things so much easier. We kept this in mind when conducting research for these reviews so as to provide information on the quality of each bank’s mobile application.

Of course, the ability to sync your accounting software with your checking account is an important factor to consider when choosing the best online business bank account. Bank services that are compatible with popular accounting software like FreshBooks or QuickBooks can save you time and make running a business much easier. Since we know how important all this can be, especially for new business owners, we’ve also included these two parameters in our reviews.

Featured Snippet Image

Best Small Business Checking Account

  1. NorthONe
  2. Nbkc Bank
  3. Chase Bank
  4. Axos Bank
  5. Radius Bank
  6. BBVA Bank
  7. Novo Bank
  8. Capital One
  9. US Bank
  10. PNC Bank

Best Business Accounts for Small Businesses Reviews

NorthOne Business Checking
NorthOne Business Checking Logo VISIT WEBSITE
Fees

GOOD

Online banking

EXCELLENT

Customer support

EXCELLENT

Interest rate

NONE

Additional services/features

GOOD

  • ⦿ Easily integrates with popular software and tools
  • ⦿ Opening an account takes as little as three minutes
  • ⦿ No overdraft or NSF fees

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.

+ Show more
Nbkc bank Business Checking
Nbkc bank Business Checking Logo VISIT WEBSITE
Fees

EXCELLENT

Online banking

EXCELLENT

Customer support

EXCELLENT

Interest rate

GOOD

Additional services/features

GOOD

  • ⦿ Nationwide online services
  • ⦿ Great customer service
  • ⦿ No monthly fees

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.

+ Show more
Chase Business Complete Banking
Chase Business Complete Banking Logo VISIT WEBSITE
Fees

EXCELLENT

Online banking

EXCELLENT

Customer support

EXCELLENT

Interest rate

NONE

Additional services/features

EXCELLENT

  • ⦿ Sign-up bonus
  • ⦿ Over 16,000 ATMs
  • ⦿ Fees can be waived

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. 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. 

+ Show more
Axos Bank Basic Business Checking
Axos Bank Basic Business Checking Logo VISIT WEBSITE
Fees

EXCELLENT

Online banking

EXCELLENT

Customer support

EXCELLENT

Interest rate

EXCELLENT

Additional services/features

GOOD

  • ⦿ No monthly or transaction fees
  • ⦿ No minimum balance required
  • ⦿ 24/7 customer support

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. Axos does have a minimum opening deposit of $1,000, which isn’t too much for established businesses but might be a problem if your business doesn’t have much starting capital. 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.

+ Show more
Radius Bank Rewards Checking
Radius Bank Rewards Checking Logo VISIT WEBSITE
Fees

EXCELLENT

Online banking

EXCELLENT

Customer support

GOOD

Interest rate

GOOD

Additional services/features

GOOD

  • ⦿ No minimum account balance
  • ⦿ Great interest rates
  • ⦿ FDIC-insured

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.

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BBVA Bank Business Connect Checking
BBVA Bank Business Connect Checking Logo VISIT WEBSITE
Fees

EXCELLENT

Online banking

EXCELLENT

Customer support

FAIR

Interest rate

POOR

Additional services/features

POOR

  • ⦿ No monthly fees
  • ⦿ Free access to an extensive network of ATMs
  • ⦿ Great online banking features

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.

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Bank Novo Business Banking
Bank Novo Business Banking Logo VISIT WEBSITE
Fees

EXCELLENT

Online banking

EXCELLENT

Customer support

FAIR

Interest rate

NONE

Additional services/features

GOOD

  • ⦿ No transaction fees or limits
  • ⦿ FDIC-insured
  • ⦿ Great mobile app

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. 

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Capital One Spark Business Basic Checking
Capital One Spark Business Basic Checking Logo VISIT WEBSITE
Fees

GOOD

Online banking

GOOD

Customer support

EXCELLENT

Interest rate

NONE

Additional services/features

POOR

  • ⦿ Good for fast-growing businesses
  • ⦿ No opening deposit requirement
  • ⦿ 755 branches all over the county

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. 

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US Bank Silver Business Checking Package
US Bank Silver Business Checking Package  Logo VISIT WEBSITE
Fees

GOOD

Online banking

GOOD

Customer support

EXCELLENT

Interest rate

POOR

Additional services/features

GOOD

  • ⦿ No monthly fees
  • ⦿ No minimum deposit
  • ⦿ QuickBooks integration

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.

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PNC Bank Business Checking
PNC Bank Business Checking Logo VISIT WEBSITE
Fees

GOOD

Online banking

GOOD

Customer support

FAIR

Interest rate

NONE

Additional services/features

GOOD

  • ⦿ 150 free transactions per month
  • ⦿ Frequent sign-up bonuses
  • ⦿ Good for startups

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.

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TD Bank Business Convenience Checking Plus
TD Bank Business Convenience Checking Plus Logo VISIT WEBSITE
Fees

GOOD

Online banking

GOOD

Customer support

FAIR

Interest rate

NONE

Additional services/features

GOOD

  • ⦿ Flexible checking account
  • ⦿ Great for freelancers and entrepreneurs
  • ⦿ No minimum balance requirement

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.

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First Citizens Bank Basic Business Checking
First Citizens Bank Basic Business Checking Logo VISIT WEBSITE
Fees

GOOD

Online banking

GOOD

Customer support

FAIR

Interest rate

NONE

Additional services/features

POOR

  • ⦿ Good for firms with clients from Canada
  • ⦿ 500 free monthly transactions
  • ⦿ Good for businesses which handle a lot of cash

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.

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TIAA Bank Business Checking
TIAA Bank Business Checking Logo VISIT WEBSITE
Fees

GOOD

Online banking

GOOD

Customer support

FAIR

Interest rate

POOR

Additional services/features

GOOD

  • ⦿ 10 free monthly bill payments
  • ⦿ Great interest rates
  • ⦿ Good for businesses with large capital

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.

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M&T Bank Simple Checking for Business
M&T Bank Simple Checking for Business Logo VISIT WEBSITE
Fees

EXCELLENT

Online banking

FAIR

Customer support

GOOD

Interest rate

NONE

Additional services/features

POOR

  • ⦿ Free banking advice
  • ⦿ Low monthly fees and easily waivable maintenance fee
  • ⦿ No ATM fees

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.

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Bank of America Business Fundamentals Checking
Bank of America Business Fundamentals Checking Logo VISIT WEBSITE
Fees

GOOD

Online banking

FAIR

Customer support

GOOD

Interest rate

NONE

Additional services/features

GOOD

  • ⦿ Cash deposit limit of $7,500
  • ⦿ Good for businesses who make a lot of transactions
  • ⦿ Easy to avoid monthly fees

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.

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NorthWest Business Checking
NorthWest Business Checking Logo VISIT WEBSITE
Fees

EXCELLENT

Online banking

GOOD

Customer support

FAIR

Interest rate

GOOD

Additional services/features

GOOD

  • ⦿ Great deal for startup businesses
  • ⦿ No transaction limits
  • ⦿ No ATM fees

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.

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Frequently Asked Questions
Which bank is best for small businesses?

For small business owners who don’t mind using online-only banks, Azlo Bank and nbkc are the best possible choices - both offer unlimited transactions with no fees. If you’re looking to earn interest, the best bank for small business among online banks would be Radius Bank.

On the other hand, if you prefer banks with physical offices, you should consider Chase, Bank of America, and Capital One. These brick-and-mortar banks have the best offers, especially if you can get their monthly fees waived.

What should a small business look for in a bank account?

The most important things to look for when opening a small business checking account are monthly fees, opening balance, transaction and cash deposit limits, interest rates, and ATM availability.

What banks offer free business checking?

Several banks on our list offer a free business checking account, but they might have transaction limits or other fees. The only completely free bank on the list is Azlo, which is an online bank.

Which bank is best for startup business?

Chase is probably the best option for startup businesses. It has a low, easy-to-waive monthly fee, offers a $200 sign-up bonus, and has a widespread network of branches and ATMs.

Are there any free business checking accounts?

There are several business checking accounts that have no monthly fees or minimum opening deposits. However, they may have limited transactions or cash deposits that incur fees if you overstep your allowance. There might also be other costs, such as ATM fees and wire transfer fees. Finding the best checking account requires taking all of these parameters into account.

Can I use a personal checking account for my small business?

Depending on the legal structure of your business (for example, if you’re the sole proprietor), you may not be legally bound to have a separate business account. Still, we recommend you have one in order to manage your business more efficiently and to handle taxes.

What banks don't charge monthly fees?

Here are the banks from our list that don’t charge monthly fees: Azlo, nbkc, Axos, Radius, BBVA, Bank Novo, US Bank, and First Citizens Bank.

What is the minimum amount to open a business checking account?

The minimum opening deposit depends on the bank in question. It can range from $0 to $1,500, at least among banks we reviewed. The trick when choosing the best small business checking account is to find the delicate balance between the lowest fees and highest transaction/cash deposit limits.