Best Business Checking Accounts in November 2022 - MagnifyMoney
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Best Business Checking Accounts in November 2022

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In order to operate a business, you’ll need a bank account. The best business checking account will allow your company to complete basic financial transactions, such as depositing money from customer purchases and paying employees their wages. The best business checking accounts also tend to offer interest, low fees and unlimited transactions.

Why trust us: MagnifyMoney is an independent outlet covering deposit accounts and other banking topics. Our team of experts has dozens of years of combined experience covering the financial space, and our work has been featured in prominent publications nationwide. Review our methodology for choosing the best business checking account for different categories.

Best business checking accounts in November 2022

BlueVine Business Checking

Best business checking account for earning interest

BlueVine Business Checking - qualifying
  • Minimum opening deposit: $0
  • Monthly fees: $0
  • Annual percentage yield (APY): 2.00% on balances of $100,000 or less with required account activity
  • ATM access: 37,000+ MoneyPass locations
  • Transaction limits: Unlimited

BlueVine launched in 2013 as a fintech company that provides a flagship checking account and financing for businesses. Deposits through the company are insured by the Federal Deposit Insurance Corporation (FDIC) through Coastal Community Bank.

BlueVine Business Checking is built for small businesses. You can’t earn interest on balances over $100,000, but you can earn 2.00% APY for balances under that amount as long as you either spend at least $500 with your BlueVine Business Debit Mastercard or receive at least $2,500 in customer payments each month. Beyond that, BlueVine limits fees and has no transaction limits. There are no locations for in-person banking.

Bottom line: BlueVine’s Business Checking account has the best available rate for deposits under $100,000. If your balance is much higher, American Express Business Checking has a similar rate that extends to balances above $100,000.

SEE DETAILS

on BlueVine’s secure website

Chase Business checking accounts

Best business checking accounts for scaling your business

Chase offers three different accounts for different sizes of companies: Business Complete Banking, Performance Business Checking and Platinum Business Checking.

Chase Business Complete Banking

Chase Business Complete Banking
  • Minimum opening deposit: N/A online
  • Monthly fees: $15 — can be waived
  • APY: Not interest-bearing
  • ATM access: 16,000+ ATMs in the Chase network
  • Transaction limits: 20 free transactions per month

Chase is offering a $300 bonus for opening an account, depositing at least $2,000 in new money within 30 days, maintaining a balance of at least $2,000 for 60 days and completing five qualifying transactions within 90 days. Offer is valid through February 16, 2023.

In order to waive the monthly maintenance fee, you must complete any of the following: a $2,000 minimum daily balance, $2,000 in purchases on your Chase Business card, $2,000 in deposits from Chase QuickAccept or other eligible Chase Merchant Services or a link to a Chase Private Client Checking account. You can also have the monthly fee waived with a valid military ID or proof of military service.

Chase does charge fees on transactions and cash deposits beyond the monthly limits of 20 teller and paper transactions and $5,000 of deposits — a drawback for the Business Complete Banking account. There are unlimited mobile deposits.

Chase Performance Business Checking

Performance Business Checking offers higher limits on transactions and cash deposits, but also comes with a higher monthly fee (that can likewise be waived with a higher account balance). Unlike the Business Complete Banking account, the Performance Business Checking account waives fees for transactions at non-Chase ATMs.

Chase Platinum Business Checking

The Platinum Business Checking account offers many of the same features as the other accounts, but it has higher limits on no-fee banking services. Ultimately, it’s the best choice for larger businesses that keep significant deposits and process large amounts of transactions.

Bottom line: Some small businesses eventually grow into bigger companies and need more comprehensive banking solutions. Chase is a solid choice for businesses that are expected to scale up their operations because of the depth of their services.

SEE DETAILS

on Chase Bank’s secure website

Member FDIC

LendingClub Tailored Checking

Best business checking account for ATM use

Tailored Checking (Business)
  • Minimum opening deposit: $100
  • Monthly fees: $10 with balances less than $500
  • APY: 1.50% on balances less than $100,000
  • ATM access: Refunds all ATM fees
  • Transaction limits: Unlimited

LendingClub is a bank with a mostly online presence, and their Tailored Checking account is designed for small businesses. With the Tailored Checking account, it’s important to maintain a balance of at least $500: if you do, you avoid the monthly service fee. There is a blended APY for balances over $100,000. There’s also cash back for certain kinds of credit transactions.

The LendingClub Tailored Checking account aims to keep fees low. There are no penalties or fees on debit card transactions, checks or ATM deposits. Plus, ATM withdrawals are fee-free: LendingClub pays the fees associated with ATM withdrawals worldwide.

Like many banks oriented around online services, LendingClub has strong online and mobile banking platforms, but customers who want access to a physical branch might be better off with another bank.

Bottom line: LendingClub offers an especially strong business checking account, and Tailored Checking is best for those who make frequent transactions at different ATMs.

SEE DETAILS

on LendingClub’s secure website

Member FDIC

nbkc Business Checking

Best business checking account for low fees

Business Account
  • Minimum opening deposit: None
  • Monthly fees: None
  • APY: Not interest-bearing
  • ATM access: 37,000 MoneyPass locations
  • Transaction limits: Unlimited

Headquartered in the Kansas City area, nbkc offers online banking throughout the country. Their Business Checking account keeps fees low: there are no minimum balance requirements to open or maintain an account, and mobile banking, mobile check deposits, eStatements and a debit card are included. Unlike with most banks, there are also no overdraft fees or stop payment orders with nbkc.

Otherwise, nbkc offers fairly standard banking services with their Business Checking account. Notably, there’s no interest on the account balance.

Bottom line: If you’re looking to keep your fees low, nbkc offers a decent suite of services — the lack of a minimum balance requirement in particular is a nice feature.

Novo Business Checking

Best business checking account for online merchants

Novo Business Checking
  • Minimum opening deposit: None
  • Monthly fees: None
  • APY: Not interest-bearing
  • ATM access: Refunds all ATM fees
  • Transaction limits: Some daily thresholds for certain transactions (but can request higher limits)

Novo is an online banking platform that offers account services through Middlesex Federal Savings. Novo’s online business checking account includes free ACH transfers, checks and incoming wire transfers, and has no minimum opening deposit or monthly fee.

Novo specializes in business banking services and integrates with other platforms, like Stripe and Zapier.

Beyond the capacity for integrating with various platforms, Novo offers customers quite a few perks when working with partner vendors, including Snapchat, HubSpot and QuickBooks.

Bottom line: Novo offers the best integrative capabilities of any business checking account, and there are virtually endless possibilities for savvier business owners through Zapier.

U.S. Bank Nonprofit Checking Account

Best business checking account for nonprofits

Non-Profit Checking
    • Minimum opening deposit: $100
    • Monthly fees: None
    • APY: 0.01%

on all balances

  • ATM access: U.S. Bank ATM network
  • Transaction limits: 1,800 free transactions annually

The Nonprofit Checking Account offered by U.S. Bank has a few notable features: there are up to 1,800 free transactions annually and 300 free cash deposits annually. Like many accounts, there’s also online and mobile banking, as well as mobile check deposits.

U.S. Bank also offers other types of business bank accounts: the Silver, Gold and Platinum Business Checking Account Packages and the Premium Business Checking Account. The Business Checking Account Packages are tiered for different levels of business activity and have monthly fees that can be waived. The Premium account is designed for more complex banking needs.

Bottom line: U.S. Bank is a large brick and mortar bank in several states, so most nonprofits can use in-person banking services in addition to the solid account features available online.

SEE DETAILS

on US Bank’s secure website

Member FDIC

Bethpage Federal Credit Union Free Business Checking

Best business checking account for credit union banking

Business Free Checking with Interest
  • Minimum opening deposit: $5
  • Monthly fees: None
  • APY: 0.20% on all balances
  • ATM access: 30,000 CO-OP ATMs
  • Transaction limits: Unlimited

Bethpage Federal Credit Union is headquartered in New York and offers banking services nationwide to those who complete a $5 deposit to attain membership. Those broad eligibility requirements allow many business owners to use Bethpage’s suite of banking services for small businesses.

Bethpage offers a Cash Rewards Business Card (that has a 3% rebate on all purchases for the first three months and 1.5% afterwards), Merchant Services and a Free Business Checking account, which has no deposit fees or balance requirements. There are also no transaction limits.

Bottom line: Few credit unions can offer a business checking account that bears interest and has no monthly fees or transaction limits — plus Bethpage is widely available.

SEE DETAILS

on Bethpage Federal Credit Union’s secure website

NCUA Insured

How to open a business checking account

Opening a business checking account is very much like opening a personal bank account, although financial institutions tend to ask for more documentation. Some banks have geographic restrictions or don’t allow certain types of businesses to bank with them, so the first step toward opening an account is determining if your company is eligible for one.

If you’re eligible, you’ll need to provide certain documentation over the phone, in person or online to open your account.

Documents needed to open a business checking account

These requirements vary by the bank, but there are a few common documents you’ll probably need in order to open your business checking account.

  • Business documentation: For limited liability companies (LLCs), banks will often require articles of organization; for corporations, they’ll often require Articles of Incorporation. You may also need to provide the “doing business as” (DBA) name, any business licenses you may have and your employer identification number (EIN).
  • Personal ID: You’ll need to provide types of identification like a driver’s license, Social Security card, passport or other government ID to be able to open an account. Some banks require more than one form of ID. You may need to separately provide your Social Security number (SSN).

Why are business bank accounts different?

There are significant differences between personal and business checking accounts, particularly because they’re designed for different reasons: personal checking accounts are built for everyday household banking transactions, while business accounts are equipped to handle the various financial aspects of running a company.

Businesses tend to process transactions much more frequently than individuals, so business checking accounts often allow high limits (or no limits) on transactions. Merchant services and payroll processing are two key functions that are better accomplished with a business account, for example. Frequently depositing and withdrawing cash is also a key aspect of the services provided with business checking accounts.

Plus there’s the added benefit, at least for small businesses, of separating an owner’s business and personal finances for tax and bookkeeping purposes. Even for sole proprietor LLCs, a business checking account is prudent for keeping your finances in order.

A good companion to a business checking account is a business savings account. Review our list of the best business savings account rates.

Key factors in choosing a business checking account

You should consider several factors when you’re choosing a business checking account. Here are some of the biggest differences between accounts:

  • Cash deposit fees
  • Debit transaction fees
  • Debit cards and checkbooks
  • Minimum opening deposits
  • Minimum balance requirements
  • ATM access and fees
  • Bonuses for opening an account
  • Interest on the account balance
  • Mobile app and online banking availability
  • Customer service

Some of those may not be relevant to your business, but you should know what your financial institution offers across those categories before opening an account.

Methodology: How we chose the best business checking accounts

MagnifyMoney reviewed several accounts to determine which accounts best suited the specific needs of small businesses. While some of the selections feature accounts designed for bigger companies that handle a significant number of transactions, most accounts are built to keep costs low for business owners with more modest needs.

Some of the criteria for selection included monthly maintenance fees and how easily they’re waived, whether the account bears interest, how accessible ATMs are and whether there are fees related to specific kinds of transactions and their limits. Categories were chosen on the basis of key checking aspects for small businesses.

Frequently asked questions

It depends on what you’re looking for. Credit unions tend to offer lower fees and higher interest rates, but interest paid on business checking accounts is typically low at any institution. Banks may have fees associated with their accounts, but they tend to offer more comprehensive services.

They sometimes have a monthly service fee that can be waived with certain minimum balance requirements. Some financial institutions also levy fees on transactions over monthly limits. The costs to maintain a business bank account are generally low.