First Tennessee Bank Business Checking Review, Plus Top Alternatives

The right business checking account can help you and your business thrive. It can help you not only store and spend your money, which is important, but some business bank accounts can grow your balance by earning interest. Others may offer payroll management services to take some of that work off your plate. The right account will also allow you just the right amount of transactions per month, without stifling your business flow or charging you too much for services you don’t need.

First Tennessee Bank offers business owners several options when it comes to business checking accounts. Although there are only two accounts, the Bizessentials account offers the choice between four different levels, to further customize your account. The bank also has a Business Learning Center with helpful business management and banking resources. You can find First Tennessee Bank branches in Florida, North Carolina, South Carolina, Tennessee, Texas, and Virginia.

Choosing the Best Business Checking Account

When you’re looking for the best business checking account, it’s helpful to first determine what you need from an account. Do you need hundreds of transactions per month? Or are you more interested in a no-fee experience? Answering questions like that will help you narrow down your search.

Fees

Fees are an easy and tricky way to sabotage your savings. There are fees you can prepare for, but some can pop up without any warning. It’s important you spend and manage your money responsibly, which can usually help you avoid any surprise fees on items like overdrafts or account inactivity.

First Tennessee Bank business checking accounts charge monthly fees, although some offer ways you can waive the fee. Typically, you’ll find higher fees on accounts with higher transaction limits or perks.

Transaction Limits and Balance Minimums

Business checking accounts are often differentiated by their transaction limits. Smaller businesses may do better to find accounts with low transaction limits (and therefore lower monthly fees), while bigger businesses will need the flexibility of a higher transaction limit for hundreds of transactions per month.

At First Tennessee Bank, transactions include checks paid and deposited, deposit slips, mobile deposits, online bill payments, and electronic debits and credits. Every $100 of cash deposits you make counts as one transaction. Through the Bizessentials Business Checking account, detailed below, you can find a range of transaction limitations to find the best fit for you.

First Tennessee Bank Business Checking Accounts

First Tennessee Bank’s two business checking accounts include a Visa Business debit card. Having this Visa card also enrolls you in First Tennessee Cash Rewards. Through this program, you can earn cash back when you shop at certain businesses with your Visa card. The accounts and your funds can be easily accessed online, over the phone or on mobile.

Bizessentials Business Checking

As its name might suggest, the First Tennessee Bank Bizessentials Business Checking account offers business owners checking account essentials. Plus, since every business owner’s needs are different, the account comes in four different levels, so you can customize your checking account.

The Value level allows 75 transactions per month and charges a small $5 monthly fee. The Basic level boosts your transaction limit to 250 per month. There is a $15 monthly fee, but you can waive that with a minimum balance of $5,000. At the Standard level, you’ll need a minimum daily balance of $10,000, or $25,000 in combined account balances. This level allows a sky-high 600 transactions per month. The final level, aptly named Interest, also limits you to 600 transactions per month, charges a $25 unwaivable fee and earns interest.

Monthly fees and limits:

  •      $5-$25 monthly fee, depending on account level
  •      75-600 transactions allowed per month
  •      $0.50 fee per excessive transaction

Best for:

  •      A range of business owners who don’t need account bells and whistles

Business Interest Checking

Right off the bat, the Business Interest Checking account sets itself apart from the Bizessentials options by earning interest and having no minimum balance requirements. It also provides some overdraft protection which you can set up through a separate line of credit.

Monthly fees and limits:

  •      No minimum balance requirement

Best for:

  •      Business owners who want to earn interest on their balance

Top Alternatives to First Tennessee Bank Business Checking Accounts

Perhaps First Tennessee Bank business checking accounts don’t have quite what you were looking for. Or perhaps you simply want to research other options. Here are some top alternatives to First Tennessee Bank business checking accounts.

BlueVine Business Checking: Best No-Fee, Interest-Earning Option

BlueVine Business BankingGreat for: Earning 1% interest and accessing best-in-class online banking features
Open Account
On BlueVine's Website
Read Full Review
  • Minimum to Open
    $0
  • Monthly Fee
    None
  • No Fee Balance
    None
  • Regular APY
    Regular APY

For a business bank account that can be opened very quickly and easily online, BlueVine business checking is a top option. Not only that, but BlueVine business checking offers unlimited transactions, two free checkbooks, a free business debit card, mobile and online banking—and all without monthly service fees.

In addition, this account has no NSF fees, no minimum opening deposit requirement, no minimum balance requirement, no ACH fees, and no incoming wire fees. The only fees you’ll pay are for outgoing wires—$15. That said, the BlueVine business checking account also gives you the opportunity to earn interest on your account—1% on any balance over $1,000.

So, even if you don’t have a $1,000 balance to start, you can start earning interest the minute your balance reaches that threshold, and there is no penalty or fee for having an account balance under $1,000. Moreover, this bank account gives you access to over 38,000 fee-free ATMs around the U.S., as well as over 90,000 Green Dot locations—where you can deposit cash—something that’s not always an option for online-based business checking accounts.

Finally, you can manage your entire account online—pay vendors and bills, make transfers to and from other accounts, schedule one-time and recurring payments, and more.

Open a BlueVine Business Checking Account

Chase Business Complete Checking: Best for Growing Businesses

Chase Business Complete Banking℠Great for: New businesses looking to open an account with a traditional bank
Open Account
On Chase's Website
Read Full Review
  • Sign-up Bonus
    $300
  • Minimum to Open
    $0
  • Monthly Fee
    $15
  • No Fee Balance
    $2000

The Chase Business Complete Checking account is for those who fall in between First Tennessee Bizessentials’ Value and Basic levels. This Chase account allows comes with a low monthly fee that can be waived multiple ways—including by maintaining the minimum daily balance. It also offers unlimited electronic deposits, as well as $5,000 in monthly cash deposits at no cost.

Open a Chase Business Complete Account

Axos Business Interest Checking: Best Interest-Earning Option

Axos Bank Business Interest CheckingGreat for: Interest earning online checking
Open Account
On Axos' Website
Read Full Review
  • Sign-up Bonus
    $0
  • Minimum to Open
    $100
  • Monthly Fee
    $10
  • No Fee Balance
    $5000

The Axos Business Interest Checking account earns interest on your hard-earned money, and unlike First Tennessee Bank, is upfront about its rates and fees. All balances will earn at a solid business checking rate.

You’ll need at least $100 to open an account and at least $5,000 in the account daily to waive the $10 monthly fee. The account includes a limit of 50 free items per month and 60 Remote Deposit Anywhere items. A pretty solid perk to banking with Axos, which is completely online, is its unlimited domestic ATM fee reimbursements, so you can use ATMs almost anywhere without worrying about racking up fees.

Open an Axos Account

Who Are First Tennessee Bank Business Checking Accounts Right For?

First Tennessee Bank Business Checking accounts are best for business owners who value the ability to visit a bank branch for account management. Although you can access your accounts online and on mobile, some account information still needs a quick call or visit to a branch.

The accounts themselves offer a range of choices for business owners. Transaction limits range from 75 to 600, allowing both small and large business owners to find an account that allows them to make the right number of transactions per month without much constraint. There are also a couple interest-earning options to help any business owner boost their savings just a little bit more.

Editor-in-Chief at Fundera

Sally Lauckner

Sally Lauckner is the editor-in-chief of the Fundera Ledger and the editorial director at Fundera.

Sally has over a decade of experience in print and online journalism. Previously she was the senior editor at SmartAsset—a Y Combinator-backed fintech startup that provides personal finance advice. There she edited articles and data reports on topics including taxes, mortgages, banking, credit cards, investing, insurance, and retirement planning. She has also held various editorial roles at AOL.com, Huffington Post, and Glamour magazine. Her work has also appeared in Marie Claire, Teen Vogue, and Cosmopolitan magazines. 

Read Full Author Bio