U.S. Bank Business Checking
Business checking with great bonuses
- Options with no monthly maintenance fee
- Online and mobile banking
- Nationwide eligibility
Chase Business Complete Checking®
Big bank with lots to offer
- Wide variety of business services
- Large network of branches and atms
- Apply Online
Found Business Checking
Solid banking tool for freelancers and sole proprietors
- Fintech Business Banking
- Loaded with tools for small businesses
- Built-in bookkeeping and invoicing
Bluevine Business Checking
Business checking with high APY
- No monthly fees
- High Interest on up to $250,000
- FDIC Insured up to $3M
How to Choose the Best Business Checking Account
Now that you’re familiar with some of the best business checking accounts on the market, here are some tips to help you choose the right one.
1. Consider Your Transaction Volume
Does your business carry out a lot of transactions? Some accounts are designed for low-volume transactions and either limit the transactions you can make altogether or impose fees for excessive deposits and withdrawals.
Before you choose an account, look at your business’s transaction volume to estimate the number of monthly transactions, including deposits, withdrawals, and electronic transfers you make, and pick an account with adequate transaction limits.
2. Factor in Fees
Fees are another major consideration when you’re choosing a business checking account. Before you lock into an account, review its fee schedule and take note of charges for account maintenance, transactions, cash deposits, and other services.
Some accounts are free, and others waive the monthly fee if you meet the minimum balance and other requirements.
3. Look Into Integrated Services
Some banks make it easy to integrate your checking account with other business tools like merchant services, payroll processing, accounting, and online banking tools.
To streamline your operations and be as efficient as possible, look for a business checking account that can seamlessly integrate with your other business platforms.
4. Prioritize Customer Support
As a business owner, you might encounter some complicated financial situations or need help navigating some of your account’s features. Look for a financial institution that’s highly rated for customer service, with accessible customer support you can reach through multiple channels.
Talk to other business owners in your circle, check out online reviews, and look to sources like the Better Business Bureau for insights. You might even want to look for a financial institution that has dedicated customer support for business accounts.
5. Account for Interest
It may not be a dealbreaker, but you should also factor interest into your decision. While they don’t typically pay as much as high-yield savings accounts or personal online checking accounts, some business accounts offer competitive APY on your account balance.
If you maintain higher balances and want to earn interest on your working capital, look for an account with APY. Just make sure the potential interest you stand to make outweighs any account fees or balance requirements.
6. Explore Online and Mobile Banking Capabilities
Having a checking account with intuitive mobile banking can make managing your business finances a lot simpler. Look for accounts that offer user-friendly platforms, secure online bill pay, mobile deposit, and real-time account monitoring.
These features can streamline your financial operations and provide you with convenient access to your accounts from anywhere. To get an idea of a banking app’s actual user experience, take a look at its App Store and Google Play Store ratings and reviews.
7. Choose the Right Type of Bank
Plenty of banks and credit unions offer business checking accounts. The key is to find the right one for your preferences. For example, you need to decide whether you prefer an online or brick-and-mortar bank. If you lean toward a traditional bank, you’ll have to pick between a local bank or a national one.
Local banks provide personalized service and might have a better understanding of your community’s business landscape. Meanwhile, a national bank will likely offer a more extensive branch network, better digital platforms, and a wider range of products and services.
Frequently Asked Questions
What kind of bank account should you open as an LLC?
We recommend business checking accounts for most LLC owners. These accounts are tailored to small businesses and provide most of the essential banking tools you need to carry out transactions for your business.
A lot of banks also offer business savings accounts with low fees, competitive APY, and little to no minimum deposit requirement.
Why should you open a business checking account?
Keeping your personal and business finances separate makes filing your taxes a lot easier. Having a business checking account can also improve your chances of getting approved for business loans.
Additionally, these accounts are tailored to businesses and offer features like payroll assistance or bookkeeping services. Lastly, a business account can reduce your personal liability and allow you to delegate some tasks to your employees without giving them access to your personal bank account.
What credit score do you need to open a business checking account?
Most banks don’t have a minimum credit score requirement, or even check your credit, when you apply for a business checking account. Instead, the bank or credit union will likely look at your ChexSystems report to assess your banking history.
That being said, if you plan to apply for a business line of credit, loan, or business credit card, you can expect a credit inquiry.
