First Tennessee Bank Business Checking Review, Plus Top Alternatives

Sally Lauckner

Sally Lauckner is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has a decade of experience in digital media and has held various editorial roles at the Huffington Post, AOL.com, and Glamour magazine. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University.
Advertiser Disclosure

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

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 three top alternatives to First Tennessee Bank business checking accounts.

Azlo Business Checking: Best No-Fee Option

The Azlo business checking account is best for business owners who can manage their business accounts just fine online, as there are no branches you can visit. The account doesn’t charge a monthly fee and doesn’t have a minimum deposit requirement. Azlo won’t limit your transactions, either, leaving you free to conduct business as usual.

One downside for business owners who largely work with cash is that Azlo can’t accept cash deposits due to its lack of physical locations. You can still withdraw cash, however, from ATMs within the AllPoint network.

Chase Total Business Checking: Best for Growing Businesses

The Chase Total Business Checking account is for those who fall in between First Tennessee Bizessentials’ Value and Basic levels. The Chase account allows for 100 transactions per month, which isn’t a whole lot, but can be just right for some growing businesses. As for cash deposits, you can deposit up to $5,000 per month.

The Chase Total Business Checking Account charges a $12 monthly fee (boosted to $15 with paper statements), but you can waive either fee with a minimum daily balance of $1,500.

If you’re a new Chase Business customer, there’s also the opportunity to earn a $200 bonus, which is a good way to give yourself a nice savings boost from the start.

Axos Business Interest Checking: Best Interest-Earning Option

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.

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.

Editorial Note: Fundera exists to help you make better business decisions. That’s why we make sure our editorial integrity isn’t influenced by our own business. The opinions, analyses, reviews, or recommendations in this article are those of our editorial team alone. They haven’t been reviewed, approved, or otherwise endorsed by any of the companies mentioned above. Learn more about our editorial process and how we make money here.

Sally Lauckner

Sally Lauckner is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has a decade of experience in digital media and has held various editorial roles at the Huffington Post, AOL.com, and Glamour magazine. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University.

Our Picks