Fulton Bank Business Checking Review, Plus Top Alternatives

Ready to commit to a business bank account? You might be feeling slightly overwhelmed by the number of choices on the market. Fortunately for you, we can walk you through the three business checking options from Fulton Bank. We’ll cover the features of each account and describe some comparable accounts from other banks, too. Let’s dive in.

The Fulton Bank Business Checking Accounts, Reviewed

Fulton Bank Small Business Checking

Fulton Bank business checking accounts come in three different flavors, but the most basic account is simply called Small Business Checking. As you might expect from an entry-level account, Fulton Bank Small Business Checking doesn’t have a minimum balance requirement. There is no monthly fee if you keep to the 200-transaction limit each month. This limit applies to checks paid, deposit activity, and ACH debit and credit transfers.

If you go over the limit, a $15 monthly account maintenance fee kicks in, and you’ll pay $0.50 per transaction. But if you can stick to the transaction limit, you’ll enjoy the perks of a business checking account, including online and mobile banking, online bill pay, and a no-annual-fee debit card, all without paying a monthly fee or worrying about a minimum balance requirement.

Monthly fees and limits:

  • $0 minimum balance requirement
  • 200 free transactions per month
  • Transactions over 200 cost $0.50 each, plus a $15 monthly account maintenance fee
  • Online and mobile banking with online bill pay

Best for:

  • Small businesses without a high transaction volume
  • Businesses without a lot of cash on hand

Small Business Premium Checking

The next step up from Fulton Bank Small Business Checking is Fulton Bank Small Business Premium Checking. For business owners looking for a higher transaction limit and who are able to maintain a minimum balance of several thousand dollars, the Small Business Premium Checking account could be a compelling choice. The account comes with a monthly transaction allowance of 400 items. As with the starter checking account from Fulton Bank, this limit applies to checks paid, deposit activity, and ACH debits and credits. Transactions in excess of the 400 free transactions per month will be subject to a charge of $0.50 each.

If you maintain a $5,000 minimum ledger balance in the account, or a $10,000 average monthly collected balance, you won’t pay a monthly fee. Can’t meet the minimum balance requirement? A $15 monthly account maintenance fee will apply.

Monthly fees and limits:

  • $5,000 minimum ledger balance or $10,000 average monthly collected balance required
  • $15 monthly account maintenance fee if minimum balance requirement is not met
  • 400 free transactions per month
  • Transactions over 400 cost $0.50 each
  • Online and mobile banking with online bill pay

Best for:

  • Business owners looking for a higher transaction limit
  • Businesses with that can meet the minimum balance requirement

Small Business Interest Checking

Don’t like to think of several thousand dollars sitting in an account without earning interest? We’re guessing you’re in the market for an interest checking account. Fulton Bank has an offering for you, aptly named Small Business Interest Checking. Fulton Bank’s Small Business Interest Checking account is what’s called a “tiered account.” That means that the percent of interest paid on your deposits will depend on the amount you have in the account. The more you keep in the account, the higher the APY Fulton Bank will pay.

Although the account has no minimum balance requirement, you’ll need to keep at least $5,000 in the account if you want to earn any interest. That’s because the “minimum investable balance” on the account is $5,000. If your balance is under $5,000 you’re just getting a regular checking account like Fulton Bank’s Small Business Checking account, but with a $20 monthly maintenance fee. If you’re going to opt for the Fulton Bank Small Business Interest Checking Account, it’s a good idea to make sure your balance is high enough that you’ll earn some interest in return for your monthly fee.  

Monthly fees and limits:

  • $0 minimum balance requirement
  • APY varies based on account balance (tiered account)
  • $20 account maintenance fee
  • $5,000 minimum investable balance to earn interest
  • Online and mobile banking plus online bill pay

Best for:

  • Business owners who want their deposits to earn them some money

fulton bank business checking

Top Alternatives to Fulton Bank Business Checking

When it comes to business checking accounts, Fulton Bank isn’t the only game in town. Let us walk you through some alternatives that offer similar features. That way, when it comes time for you to make your choice you’ll have plenty of information at your fingertips.

Azlo Business Checking

Azlo Business Checking shows up on a lot of business checking account round-ups because it’s a competitively priced basic checking account for business owners who don’t want to have to worry about fees. The Azlo Business Checking account is an online checking account you can open from the comfort of your own home, rather than having to go into a branch. There’s no minimum initial deposit, no monthly fee, and no minimum balance requirement.

The good news doesn’t stop there. With the Azlo Business Checking account, you won’t have to worry about transaction limits. There’s no cap on the number of transactions you can make for free each month. The downside, though, is that because the account doesn’t give you access to any physical locations, you won’t be able to deposit cash. If you get paid in cash, this isn’t the account for you. If, on the other hand, your business is as internet-savvy as you are, you’ll be pleased to know that the Azlo Business Checking account integrates seamlessly with software such as Square and Stripe.

Chase Total

Another alternative worth your notice is Chase Total checking. Chase Total is a popular account geared toward the needs of new businesses. There is a minimum balance requirement of $1,500, though. If you don’t meet that requirement you’ll owe a monthly maintenance fee of $15. The first 100 transactions on the account are free. After you hit 100 transactions you’ll owe $0.40 per transaction. If your business has a high transaction volume, this probably isn’t the account for you. Do you occasionally deal in cash? If so, you’ll be glad to hear that you can deposit up to $5,000 per month for free.

Axos Business Interest

Last up on our list of alternatives to the Fulton Bank business checking accounts is Axos Business Interest. As you can tell from the name, it’s an account that allows you to earn interest on your deposits. The account has a minimum initial deposit requirement of $100. You’ll need to maintain a minimum balance of $5,000 to waive the $10 monthly fee. The transaction limit is 50 per month, after which you’ll pay $0.50 per transaction. Like Fulton Bank’s Small Business Interest Checking, Axos Business Interest is a tiered account. You’ll have to contact an account manager for the latest rates, but if you’re prepared to deposit a hefty amount you’ll likely find that the APY you earn will be higher.

The Takeaway

Choosing a business checking account probably won’t be the toughest decision you make as a small business owner. Still, it’s a good idea to do your research so you’re getting an account that meets your needs. That means thinking about how much you’re likely to keep in the account, which account features are most important to you, and what if any “red lines” you have that would stop you from opening an account. With all the other demands on your time and attention, you don’t want to have to worry about a business checking account that’s not the right fit.

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