If you’re looking to open a new business checking account, choose an account that meets your needs AND offers perks that help take your business to the next level.
Choosing a checking account for your business is not always an easy task. Finding the banks with the best accounts and best offers can take some time.
With many banks claiming to be offering the best checking account for your business, each business is different with different requirements and financial needs. This makes it difficult to pick the best business checking account that’s right for everyone.
This is why we will be looking at several different business checking accounts in this article and what they offer to help you determine which account is the best fit for you.
10 Best Business Checking Accounts
Here are the top business checking accounts you can open today:
- 🏆 Live Oak Bank: Small Business Checking
- U.S. Bank: Silver Business Checking
- Bluevine: Business Checking
- Chase: Business Complete Checking
- Bank of America: Bank of America Business Advantage Fundamentals™ Banking
- Citibank: CitiBusiness Streamlined Checking
- Navy Federal Credit Union: Business Plus Checking
- NBKC Bank: Business Checking
- PNC: Business Checking
- Truist: Simple Business Checking
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1. Live Oak Bank
At the forefront of online-only banking, Live Oak Bank offers banking solutions geared toward small business owners and entrepreneurs.
With no monthly fees, free Allpoint ATM access, and top-notch financing options, Live Oak is our top pick for business owners, particularly those with a small staff who have only been in business a few years but may be looking to expand in the future.
Small Business Checking
Live Oak Bank is a digital, cloud-based banking institution founded in 2008 with the mission of helping entrepreneurs achieve their business dreams. FDIC-insured and available nationwide, Live Oak Bank is the top Small Business Administration 7(a) lender by dollar volume. The company also has an A rating with the BBB. It’s important to note that as a digital bank, Live Oak does not have a physical branch.
Live Oak doesn’t charge any opening or monthly maintenance fees on its small business checking accounts. You can open an account with just a $100 deposit and you’ll get access to more than 55,000 Allpoint ATMs — which don’t charge any withdrawal fees — across the U.S.
You can set up your account within minutes through Live Oak Bank’s website or by downloading its app, which you can also use to manage your account and make deposits. The company also offers personalized support with real customer representatives rather than automated service. New customers can get a $150 bonus for signing up for a checking account and another $150 for opening a business savings account.
One downside to Live Oak Bank is that there is no annual percentage yield on its business checking account. However, the company offers a high APY — 4% — on its business savings account, which provides daily compounded interest and comes with no minimum balance requirements.
2. U.S. Bank
U.S. Bank is a bank operated by U.S. Bancorp – the 5th largest financial institution in the U.S.
They offer a comprehensive portfolio of business bank accounts, including checking accounts and money market accounts, among others.
Silver Business Checking
U.S. Bank’s Silver Business Checking package is a basic checking account best suited for new or small businesses with limited activity when it comes to transactions. The account has no monthly maintenance fee, but there is a minimum opening deposit requirement of $100.
You get up to 25 cash deposits and 125 transactions per month free of charge and free mobile check deposits. One notable feature of this account is overdraft protection.
Here you can get an unsecured line of credit of up to $5,000. This can help you avoid NSF fees by automatically advancing available funds whenever the balance falls below zero.
Gold Business Checking
If the Silver Package does not offer you all of the features you need, there is always U.S. Bank’s Gold Business Checking account. This is better suited for growing businesses with higher transaction activity. There is a monthly fee of $20.00, but this can be waived in several ways.
The account has a minimum balance requirement of $100 and includes 100 free cash deposits and 300 free transactions per month. You also get the same overdraft protection and shared access facilities as available with the silver package.
If you’re the only owner of your business, you can fill in the account application online by visiting U.S. Bank’s website. If the business has more than one owner, you will need to visit one of the bank’s branches.
Read our full U.S. Bank review
While Bluevine is a relatively new entrant, what they are offering is quite unique.
By leveraging technology and security, they aim to offer a banking experience that matches that of more established banks without the hefty price tag, making this one of the best options we have come across.
Bluevine offers an excellent small business checking account. This online bank has only been in operation since 2013 but still boasts impressive credentials, including an A+ rating from the BBB and FDIC insured accounts.
The business checking account has no monthly service fees and no minimum balance or initial deposit requirements. There are no NSF (non-sufficient funds) fees, and you also get two checkbooks for free.
Bluevine’s business checking account is technically called a high-yield checking account, offering 1.0% interest on the first $250,000 in your account. This is one of the highest interest rates around and can help you get a nice cash boost. The account also comes with several other perks, including unlimited transactions and the ability to schedule payments.
The mobile app is very intuitive and allows you to complete all of your banking tasks directly from your phone.
Signing up is easy and takes less than one minute. Bluevine also offers many other business banking services, including a line of credit and invoice factoring, amongst others.
Read our full Bluevine Bank review
While Chase offers three different business checking accounts, the Business Complete Banking package can be a great starting point.
It offers an affordable way to get started while having the option to upgrade should your business require it.
The bank also offers many other financial services and products, including business loans, credit cards, and merchant services.
Chase Business Complete Banking
Chase’s Business Complete Banking checking account offers quite many features, including the ability to accept card payments. This can be done using the Chase QuickAccept feature in the accompanying mobile app.
The account has a monthly maintenance fee of $15.00, but this can be waived by meeting one of the following criteria:
- Keep a minimum daily account balance of at least $2,000 and maintain that balance for 60 days from offer enrollment.
- Make $2,000 in purchases using your Chase Ink Business Card.
- Make $2,000 in deposits or eligible transactions.
- Link a qualifying Chase Private Checking account.
The Chase Business Complete Banking account offers a good number of transactions for free (up to 20) and unlimited electronic deposits.
Switching banks is easy, and you’ll even find a checklist of information you need on Chase’s website.
The account also includes a QuickDeposit feature with a check scanner that will set you back $25 per month. You also get same-day deposits six days a week, helping you better manage your cash flow by cutting down on processing time.
Read our full Chase Bank review
5. Bank of America
Bank of America offers two business checking accounts, both of which have made it to the list.
This means that you can start with the basic package then upgrade once your business’ requirements grow, helping you develop a relationship with the bank for years to come.
Bank of America Business Advantage Fundamentals™ Banking
Bank of America Business Advantage Fundamentals™ checking account offers many if not all of the essential features that a business might need when it comes to checking accounts. There is a maintenance fee of $16, but this can be avoided by meeting any of the following:
- Make at least $250 in new net qualified purchases on your Bank of America business debit card.
- Keep a monthly combined balance of at least $5,000 on average across linked Bank of America accounts
- Enroll yourself in the Preferred Rewards for Business Program (must qualify).
The account features many digital tools to help you get cash flow projections, view categorized balances, and key transactions monitoring. You also get access to Bank of America’s mobile banking app and customizable account alerts, among other features.
Bank of America Business Advantage Relationship Banking
If the Business Advantage Fundamentals™ checking account is not feature-rich enough for your business, then the Bank of America Business Advantage Relationship checking account might be the one for you. The monthly maintenance fee is set at $29.95, which can be avoided if you meet one of the following criteria:
- Keep a monthly balance of at least $15,000 on average.
- Enroll yourself in the Preferred Rewards for Business Program (must qualify).
The account comes with no fees for several business services, including stop payments, check image services, and incoming wire transfers. Besides all of this, you also get several digital tools to help you with business finance, account management features, and a second account.
Read our full Bank of America review
Citibank offers quite a few different checking accounts with their Streamlined and Flexible accounts, making it the best business checking accounts list.
With over 200 years of experience in the sector, Citibank has a presence all around the world.
CitiBusiness Streamlined Checking
The CitiBusiness Streamlined Checking account is a basic business checking account geared towards small business owners and small firms. The monthly maintenance fee is set at $15.00 per month, but this is waived when keeping a monthly average balance of $5,000 or more.
You’ll get 250 basic monthly transactions included in the account along with numerous other features, including:
- Online banking
- Debit cards
- Bill Pay
- Security and Fraud protection
- Mobile banking
To open an account, you will need to visit a Citibank branch. To make the process as smooth as possible, the bank’s website includes all of the required information that you’ll need to open the account. Make sure you double-check that you have all of this info to avoid having to go back and forth.
CitiBusiness Flexible Checking
If your business processes many transactions each month, then the CitiBusiness Flexible Checking account might be a better fit for you. There are 500 basic transactions per month included in the package, with the monthly maintenance fee set at $22.00
To avoid paying the monthly checking fee, you’ll need to maintain an Average Collected Balance of at least $10,000 or more in linked eligible accounts. The account is also insured by the FDIC for up to $250,000 and provides access to more than 60,000 ATMs with no surcharge fee.
Online and mobile banking are included as standard, and Bill Pay allows you to manage all of your bills from one central location. Other features include account alerts, debit cards, as well as security protection, and protection from fraud.
7. Navy Federal Credit Union
Navy Federal Credit Union offers several financial products and services, including business solutions.
They’ve been open since 1933 when they started with just seven members.
Today, the credit union boasts more than 9 million members, helping military personnel and their families with their finances.
Business Plus Checking
Navy Federal Credit Union’s Business Plus Checking account is aimed at growing businesses with more than one owner and a steady stream of banking activity.
This mid-tier account includes 50 non-electronic transactions, with the following transactions setting you back $0.25 after that.
The monthly service fee is set at $8.00 and an APY of 0.01%. Like all other accounts, the Business Plus Checking account earns dividends from the credit union. It also includes a debit card, starter checks, and access to online banking.
Read our full Navy Federal Credit Union review
8. NBKC Bank
NBKC Bank is a Kansas bank offering many business and personal financial products and services.
They have an easy online application process that takes just minutes to help you get up and running in no time at all.
NBKC Bank’s Business Checking account offers an easy way to get a business bank account with little fees. In fact, the bank does not charge any fees for most things, including:
- No minimum balance
- No overdraft fees
- No NSF fees
- No stop payment fees
- No fees for incoming wires (domestic)
Furthermore, the bank does not charge any feed for analysis or mobile deposits.
You can use the accompanying app to carry out most of your business’s banking tasks, including depositing checks, paying vendors, transferring money, and originating wires.
The account also provides access to over 34,000 fee-free ATMs with $12 worth of reimbursements available every month for out-of-network ATM transaction fees.
The account is also FDIC-insured. To keep things secure, 245-bit encryption and multi-factor authentication also come as standard with the account.
Read our full NBKC Bank review
PNC is a growing bank, thanks to its recent acquisition of BBVA USA. This pushes PNC to become one of the top 5 banks in the USA, with franchises available from coast to coast.
They offer many business financial products and services designed for different kinds of business.
PNC’s Business Checking account offers basic checking features, making it ideal for startups and small businesses.
There is a minimum opening balance requirement of $100 and a monthly maintenance fee of $12.00.
The maintenance fee is waived for the first three cycles, but you’ll need to meet one of the following requirements each month to have the fee waived before the introductory period:
- Keep an average monthly collected balance of $500 or more.
- Make $500 in eligible purchases from a linked PNC credit card.
- Process a minimum of $500 in PNC Merchant Services deposits.
PNC is also offering a new customer promotion that can see you get $200 in free cash. You will need to meet the offer’s requirements to get the money, including maintaining a balance of $5,000 and making 20 qualifying debit card transactions in the first three months.
Business Checking Plus
PNC’s Business Checking Plus account is one step up from Business Checking, offering higher limits for both transactions and deposits without incurring any additional charges.
The monthly maintenance fee is set at $22, but it’s only payable from the fourth statement cycle onward. Even so, you can continue avoiding to pay it by meeting any of the following requirements:
- Keep an average monthly collected balance of $5,000 or more.
- Keep an average combined collected balance of $20,000 in linked eligible accounts.
- Make $5,000 in eligible purchases from a linked PNC credit card.
- Process a minimum of $5,000 in qualifying PNC Merchant Services deposits.
The bank’s website lists all of the documents required for each business type, making it easier to collect all of the required information.
If you’re unsure of which PNC business checking account you should get, they also offer a handy selector tool that allows you to compare the different types of accounts.
SunTrust joined forces with BB&T to become Truist, becoming the 6th largest bank in the U.S., and focusing on better access and enhanced digital innovation.
Simple Business Checking
Truist’s Simple Business Checking account promises a simple solution to meet the checking requirements of small businesses. There is no monthly maintenance fee, which makes it perfect for businesses just starting out.
The account includes 50 transactions per month and up to $2,000 worth of cash processing at no charge.
Read our full Truist Bank review
Other Business Checking Accounts To Consider
Many other banks are offering great business checking accounts that you might want to consider.
Below we list some more business checking accounts that offer great perks and very low fees.
Wells Fargo promises bank accounts for every stage of your business, helping you grow through the different stages without having to look for a new bank once you outgrow your account.
Aside from the checking accounts, you’ll also find several other products and services, including business savings accounts and merchant services, to name but a few.
Initiate Business Checking
The Wells Fargo Initiate Business Checking account is designed to fulfill businesses’ most common banking requirements. It is best for business owners looking to build their business with low requirements and fees.
The monthly fee is set at $10.00, but this can be avoided by maintaining a daily balance of at least $500 or an average ledger balance of $1,000. The minimum deposit that you’ll need to make to open this account is $25.00.
When it comes to cash deposits, the first $5,000 is free of charge every fee period. Once you pass this threshold, you can expect to pay $0.30 for every $100.00 deposited. You also get 100 free transactions per fee period, with transactions over and above this amount costing $0.50 each.
Navigate Business Checking
One step up from the Initiate Business Checking account is the Wells Fargo Navigate Business Checking account. This account is better suited for businesses that are experiencing an increased amount of financial activity and are looking to build a strong financial relationship with the bank.
There is a monthly fee of $25.00. This can be avoided by either keeping a daily balance of at least $10,000 or by having an average of $15,000 in combined business deposit balances.
There are no fees for the first $20,000 cash deposits and the first 250 transactions per fee period. Once you go over these thresholds, fees will apply.
There are no fees charged for many services, including:
- Stop payments
- Cashier’s checks
- Money orders
- Incoming domestic U.S. and foreign currency wire transfers
- Incoming international U.S. and foreign currency wire transfers
Read our full Wells Fargo Bank review
Axos Basic Business Checking
Axos’ Basic Business Checking is a free business checking account with no monthly fees. You get Quickbooks integration capabilities, unlimited ATM fees reimbursements (domestic), and bill pay.
Among other things, your free account comes with 50 free checks and 200 free transactions per month (combined). Do be aware that there is a minimum opening deposit of $1,000, which can be considered relatively high. New customers can get a $200 welcome bonus by using the current promo code on the site.
Read our full Axos Bank review
Novo is an online-only bank with a focus on business banking services. It’s an ideal banking solution for freelancers and entrepreneurs, their checking account has no maintenance fees and no hidden fees. Novo is one of the best banks for small businesses.
The account also offers easy ACH transfers and integration with several platforms, including Shopify, Strips, and Xero, to name a few. To open the account, you’ll need to meet the minimum opening deposit requirement of $50 – with the process taking just a few minutes and can be done directly from your phone.
Read our full Novo Bank review
Citizens Bank Clearly Better Business Checking
Citizens Bank is a regional bank with branches in the Midwest, Mid-Atlantic, and New England.
Citizen Bank’s Clearly Better Business Checking account has no maintenance fees and no balance requirements, making it ideal for small businesses that are just starting out.
You’ll need to apply in person by visiting one of their branches, limiting who can apply for this account. The bank also offers 24/7 support through its contact center.
Read our full Citizens Bank review
Overall Best Business Checking Account Winner
Choosing an overall winner is not an easy task as all of these accounts have something to look forward to.
Furthermore, because each business’s financial needs are somewhat unique, what might be the best account for one business might not be the best for all businesses.
Live Oak Bank is our top choice for best business checking accounts. The company was created specifically to support small businesses and entrepreneurs, and its products and customer support speak to that founding mission.
While Live Oak business checking accounts don’t have an APY, they also don’t come with any monthly maintenance fees and you can set one up with just $100. Live Oak’s cloud-based format makes moving payments from apps like Venmo and PayPal easy for online businesses and access to Allpoint ATMs means avoiding unnecessary withdrawal fees.
The company also offers personalized customer service and financing solutions for members to help their businesses grow. An extra perk is that new customers can get up to $300 in bonus cash for opening a checking and/or savings account.
Ultimately, whether you’re looking to open a new account for your personal finances or your business finances, the same steps apply.
Think about what you need, then choose a bank provider that meets those needs (and offers perks that help take your small business to the next level).
Make sure you keep an eye out for sign-up offers – wouldn’t it be great to get a bonus just for signing up and meeting a few requirements.
The BankBonus team has analyzed dozens of banks in order to provide our readers with thoroughly informed and accurate reviews.
To determine the best bank accounts for LLCs, we evaluated digital financial platforms, online banks, regional banks, and national banks across several metrics.
Our assessment factored in these considerations:
- Product lineup: We reviewed the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
- Fees and pricing: We also considered each company’s fees, including monthly maintenance fees and other service charges.
- Account features: To compare banks, we took a close look at the features, limits, and capabilities each one has to offer.
- Interest: Along with these features, we considered whether or not the bank offers interest-bearing accounts and compared their rates to industry averages.
- Technology integration: We also reviewed banks based on their ability to integrate with tax, payroll, payment processing, and other technologies.
- Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC insurance.
- User Experience: Additionally, we considered the ease of use and availability of resources on each bank’s website and factored in reviews of the mobile app from the Apple App Store and Google Play Store.
- Branch and ATM access: To gauge convenience, we also looked at each bank’s branch and ATM availability and considered their ATM reimbursement