The Best Business Checking Accounts in December 2021

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Updated on Wednesday, December 1, 2021

In order to operate a business, you’ll need a bank account. A business checking account allows companies to complete basic financial transactions, including depositing money from customer purchases and paying employees their wages. The best business checking accounts 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.

Summary of best business bank accounts in December 2021

Best for earning interest: BlueVine Business Checking

Minimum opening depositMonthly feesAnnual percentage yield (APY)ATM accessTransaction limits
NoneNone0.60% on balances up to $100,00037,000 MoneyPass locationsUnlimited

BlueVine Business Checking BlueVine is an online-only financial services company that offers a business checking account through Coastal Community Bank. BlueVine is built to serve the needs of small businesses, and it specializes in business checking accounts as part of its limited suite of services.

There are low fees, no minimum deposit or balance requirements and BlueVine provides access to the MoneyPass ATM network. Most importantly, the account offers a relatively high interest rate for deposits — 0.60% APY on balances up to $100,000. There is no APY earned on balances over $100,000. Mobile banking is easy with BlueVine, which allows mobile check deposits.

Bottom line: Overall, BlueVine is a strong choice for business banking due to its low fees, and the 0.60%APY paid on the account (which could total up to $600 a year, depending on the account balance) is a nice bonus.

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on BlueVine’s secure website

Best for scaling your business: Chase Business checking accounts

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

Chase Business Complete Banking

Minimum opening depositMonthly feesAPYATM accessTransaction limits
N/A online$15 — can be waivedNot interest-bearing16,000+ ATMs in the Chase network20 free transactions per month

Chase Business Complete Banking Chase is currently offering a $300 bonus that can be earned by 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 of coupon enrollment.

In order to waive the monthly 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 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 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 beyond business checking accounts.

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on Chase Bank’s secure website

Member FDIC

Best for ATM use: LendingClub Tailored Checking

Minimum opening depositMonthly feesAPYATM accessTransaction limits
$100$10 with balances less than $5,0000.10% on balances of at least $5,000Refunds all ATM feesUnlimited

Tailored Checking (Business) 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 $5,000: if you do, you avoid the monthly service fee and earn a little bit of interest on your deposits. There’s also cash back for certain kinds of debit 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, and LendingClub pays any 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.

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on LendingClub’s secure website

Member FDIC

Best for low fees: nbkc Business Checking

Minimum opening depositMonthly feesAPYATM accessTransaction limits
NoneNoneNot interest-bearing37,000 MoneyPass locationsUnlimited

Business Account 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, as well as other standard no-fee services like mobile banking, mobile check deposits, eStatements and a debit card. 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, no interest is borne on the account balance.

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

SEE DETAILS Secured

on nbkc bank’s secure website

Member FDIC

Best for online merchants: Novo Business Checking

Minimum opening depositMonthly feesAPYATM accessTransaction limits
NoneNoneNot interest-bearingRefunds all ATM feesSome daily thresholds for certain transactions (but can request higher limits)

Novo Business Checking Novo is an online banking platform that offers account services through Middlesex Federal Savings. Its business checking account has no minimum opening deposit or monthly fees, and includes free ACH transfers, checks and incoming wires.

Novo specializes in business banking services and offers integrations with other platforms, most notably payment processing programs Shopify and Stripe. Novo also integrates with Zapier, so business owners have the capability to build more complicated custom integrations with numerous online services.

Beyond the capacity for integrating with various platforms, Novo offers customers quite a few perks when working with partner vendors, including Salesforce, Google Ads, 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.

Best for nonprofits: U.S. Bank Nonprofit Checking Account

Minimum opening depositMonthly feesAPYATM accessTransaction limits
$100None0.01% APY on all balancesU.S. Bank ATM network125 free transactions per month

Non-Profit Checking 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 bank with branches in several states, so most nonprofits can use in-person banking services in addition to the solid account features available online.

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on US Bank’s secure website

Member FDIC

Best for credit union banking: Bethpage Federal Credit Union Free Business Checking

Minimum opening depositMonthly feesAPYATM accessTransaction limits
$5None0.20% APY on all balances30,000 CO-OP ATMsUnlimited

Business Free Checking with Interest 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 utilize Bethpage’s suite of business 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), 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.

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on Bethpage Federal Credit Union’s secure website

NCUA Insured

Methodology for choosing the best business checking accounts

MagnifyMoney reviewed several business 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 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 business checking aspects for small businesses.

How to open a business checking account

Opening a business bank account is very much like opening a personal bank account, although financial institutions tend to ask for more documentation when you apply for a business checking account. 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 business 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 operational 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.

Key factors in choosing an account

You should consider several factors when you’re choosing a business checking account. Some of those may be more particular to your business, while others — like monthly maintenance fees — are more universal. Here are some of the most important differentiators between accounts:

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.

Business checking accounts: FAQs

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.

Business checking accounts 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.