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Prosperity Bank Business Checking Review, Plus Top Alternatives

Meredith Wood

Meredith Wood

Vice President and Founding Editor at Fundera
Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera. She launched the Fundera Ledger in 2014 and has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending. She is a monthly columnist for AllBusiness, and her advice has appeared in the SBA, SCORE, Yahoo, Amex OPEN Forum, Fox Business, American Banker, Small Business Trends, MyCorporation, Small Biz Daily, StartupNation, and more. Email: meredith@fundera.com.
Meredith Wood
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.

Prosperity Bank offers four different business checking accounts, each a little different from the next. The bank keeps it simple, though, not overwhelming with its options. It allows you to choose whether you want to earn interest or not, or choose based on your transaction habits. There are some limits and fees to watch out for, so we’ve detailed them below.

Opening a business bank account with Prosperity Bank might make the most sense if you work or live near a branch. You can find Prosperity Bank in Texas and Oklahoma. That way, you can have easier access to customer support and your money.

Choosing the Best Business Checking for Your Small Business

When you’re shopping for the best business checking account, it’s important to remember that your needs are different from your competitor’s, perhaps. Figure out what you—and your business—need from an account. Maybe your top priority is earning interest on your balance; there are options for that. Or perhaps you need that extra cash management help. Going into your search knowing what you need will help you eliminate some options and land you with the right account.

Fees

Fees are a pesky—but avoidable—way you can lose money from your hard-earned savings. Be sure to look for all the fees a business checking account may charge, from monthly service fees to potential overdraft fees. All Prosperity Bank business checking accounts charge monthly fees, but certain accounts offer ways to waive the fee.

Business checking accounts also tend to charge fees when you exceed the transaction limit. While these fees are typically small, around $0.40, consistently going over those set limits can add up the charges against you pretty quickly.

Transaction Limits

Prosperity Bank’s Small Business Checking accounts impose transaction limits, capping you at 200 items per month. The bank considers items to be deposits, items deposited, and checks and/or debits posted to your account.

The Prosperity Bank Business Analysis Checking accounts don’t limit your items. Still, you’ll be charged a fee for each item, so just be sure to keep an eye on your transaction count each month.

Balance Minimums

Each account also has its own minimum balance and opening deposit requirements. The interest-earning accounts have higher requirements.  

prosperity bank business checking

Prosperity Bank Business Checking Accounts, Reviewed

Prosperity Bank’s four business checking accounts allow you to try and find the one that works best with you and your business. They range a bit in balance requirements and perks. Cash management is available with each account.

Small Business Checking

Monthly fees and limits:

  • $10 service fee, waivable with minimum balance requirement
  • 200 free transactions allowed

Best for:

  • Small to midsize businesses
  • Account balances of $3,500 and over

Despite its name, the Small Business Checking account may work well for medium-size businesses, as well. It allows for 200 free transactions per month. Each additional transaction will cost a $0.40 fee. Free Basic Bill Pay is also offered, which you can use up to 10 times per month.

The account charges a $10 monthly fee, unless you can maintain a $3,500 minimum balance or a $25,000 minimum deposit relationship balance. You need at least $200 to open the account.

Small Business Checking With Interest

Monthly fees and limits:

  • $15 service fee, waivable with minimum deposit requirement
  • 200 free transactions allowed
  • $0.40 fee per additional item

Best for:

  • Larger account balances
  • Business owners who want to earn interest on balances

The Small Business Checking with Interest account helps you earn interest on your balance. If you have a larger balance that can waive the $15 monthly fee. To waive the fee, you’ll need to maintain a $6,000 minimum balance or a $25,000 minimum deposit relationship balance. You’ll also need a larger opening deposit of $500.

Like the non-interest-earning account, this account still allows for 200 transactions per month. Free Basic Bill Pay, up to 10 per month, is also included.

Business Analysis Checking

Monthly fees and limits:

  • Activity fee charged per item
  • $20 service fee

Best for:

  • Larger businesses who need more transaction bandwidth

The Business Analysis Checking account works for larger commercial businesses that can’t really be limited to just a couple hundred transactions each month. There is no real limit to your transactions here. However, a fee will be charged per item. You can offset these charges with earnings credit.

Bill pay is available, but only with cash management services.

The account requires at least $200 to open. It charges a $20 monthly fee that you cannot waive.

prosperity bank business checking

Business Analysis Checking With Interest

Monthly fees and limits:

  • $20 service fee
  • Activity fee charged per item

Best for:

  • Business owners with higher balances who want to earn interest

The Business Analysis Checking with Interest comes with most of the same features as its non-interest-earning counterpart like bill pay with cash management and the $20 monthly fee. Of course, however, it has the added bonus of earning interest on your balances. Another difference is that you cannot offset activity fees charged per item with earnings credit.

You’ll need a much higher opening deposit here, too, at $5,000.

Top Alternatives to Prosperity Bank Business Checking Accounts

Even with four business checking accounts, Prosperity Bank doesn’t offer much by way of variety. Check out these alternative accounts for a wider selection.

Azlo Business Checking: Best No-Fee Option

The Azlo Business Checking account operates entirely online, forgoing traditional branch and ATM access for low fees and convenient perks. For one, you can make unlimited transactions per month without having to pay extra for excessive items. The account doesn’t charge a monthly service fee, either, nor require minimum balances.

Of course without branches, Azlo lacks the ability for cash deposits and the in-person service that some business owners may value. Still, Azlo partners with the Allpoint ATM network, so you can make surcharge-free cash withdrawals. The account also doesn’t allow for outgoing wires, but you can still send electronic transfers just as easily, if not more so.

Axos Business Interest Checking: Best Interest-Earning Option

Axos Bank’s Business Interest Checking account earns interest on all balances, which is a handy feature to help you grow some savings on your hard-earned money. Just watch out for the $10 monthly fee, although you can avoid it with a $5,000 minimum average daily balance.

The account allows for 50 free items per month and 60 free items through Remote Deposit Anywhere.

Novo: Best for Mobile Users

Like Azlo, Novo is entirely digital, although it takes it a step further and currently only operates on iOS apps. You can apply for the Novo business checking account online, but you cannot access an existing account on the web yet.

On the whole, Novo is pretty fee-free. It doesn’t charge for monthly service, check deposits, ACH payments, and transfers. There aren’t any ongoing balance requirements, either; you just need at least $50 to open the account.

Of course, without physical locations, Novo cannot accept cash deposits. Novo also doesn’t partner with an ATM network, so while it won’t charge you to use an ATM for withdrawals, that ATM’s owner may still charge its own fee.

Chase Total Business Checking: Best for Nationwide Access

If you do want physical access to your accounts, consider Chase’s Total Business Checking account. With branches and ATMs worldwide, you can more easily deposit up to $5,000 per statement cycle into your account. Just keep an eye on your transactions, as you’re limited to 100 per month.

As is custom with larger, brick-and-mortar banks, Chase does have a number of fees including a monthly service charge and an incoming wire fee.

The Chase Total Business Checking can give your savings a quick boost, though, with a limited-time bonus offer. When you open a new account and meet a few requirements, you’ll earn an extra $200 in cash.

Who Are Prosperity Bank Business Checking Accounts Right For?

Prosperity Bank’s business checking accounts may serve only a handful of business owners, rather than a wide range of interests. The Small Business Checking account works best for small to midsize businesses that have balances large enough to waive the monthly fee. It’s also best for those businesses that won’t go above 200 transactions per month. The same is true for the Small Business Checking with Interest, although this requires a higher balance to waive the monthly fee.

The Business Analysis Checking is right for larger, more established businesses. Without set transaction limits, you need to know your own limits, especially since you’ll be charged per item. That way, you won’t go over your budget just for running your business. Keep this in mind too with the Business Analysis Checking with Interest account. Again, this account works best for those who have a balance high enough to open the account and then earn interest.

Meredith Wood

Meredith Wood

Vice President and Founding Editor at Fundera
Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera. She launched the Fundera Ledger in 2014 and has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending. She is a monthly columnist for AllBusiness, and her advice has appeared in the SBA, SCORE, Yahoo, Amex OPEN Forum, Fox Business, American Banker, Small Business Trends, MyCorporation, Small Biz Daily, StartupNation, and more. Email: meredith@fundera.com.
Meredith Wood

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