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Renasant Bank Business Checking Review, Plus Top Alternatives

Georgia McIntyre

Georgia McIntyre

Director of Content Marketing at Fundera
Georgia McIntyre is the director of content marketing at Fundera. She has written extensively about small business finance, specializing in business lending, credit cards, and accounting solutions. Georgia has a bachelor's degree in economics from Colgate University. Email: georgia@fundera.com.
Georgia McIntyre
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.

In the market for a business bank account? It can be tough to know where to start. There are so many options out there, and you probably don’t have a ton of time to devote to searching for the right account. We’ve got you covered with our review of the Renasant Bank business checking accounts. We’ll walk you through the accounts the bank offers and describe some alternative accounts worth your notice.

The 4 Renasant Bank Business Checking Accounts, Reviewed

Renasant Bank Business Checking

Monthly fees and limits:

  • $50 minimum initial deposit
  • $0 minimum balance requirement
  • No monthly service charge
  • 400 free items (checks paid and deposited) per month
  • Online banking with online bill pay

Best for:

  • Business owners who don’t want to deal with  minimum deposit requirements
  • Business owners who deposit and pay a lot of checks each month

First up is the aptly named Renasant Bank Business Checking account. It’s an account with no minimum balance requirement and no monthly service charge, making it a solid option for a business owner who is just starting out or is short on funds. You’ll get 400 “items” (the bank’s term for checks deposited and checks paid) per month. If you want to take advantage of what this account is offering, you’ll need at least $50 to satisfy the account’s minimum initial deposit requirement.

Renasant Bank Business Interest Checking

Monthly fees and limits:

  • $50 minimum initial deposit requirement
  • Competitive interest on deposits
  • $1,500 minimum balance requirement
  • $9 monthly maintenance fee applies if minimum balance is not met
  • 500 free items (checks paid and deposited) per month
  • Online banking with online bill pay

Best for:

  • Small businesses that can meet the $1,500 minimum balance requirement
  • Business owners who want to earn interest on their deposits

Next on our list is Renasant Bank Business Interest Checking. As you might guess based on the name, it’s an account that lets you earn some interest on your deposits. The bank advertises “competitive” interest. Plus, there’s no minimum balance you need to hit to start earning interest. Some accounts only pay interest on deposits once you hit, say, a $1,000 balance. The Renasant Bank Business Interest Checking account puts your money to work for you right away.

The account comes with a minimum initial deposit requirement of $50, and if you can’t maintain a balance of at least $1,500 you’ll owe the $9 monthly maintenance fee. As an account-holder, you’ll get 500 free items per month, which is great news for frequent transactors.

Renasant Bank Commercial Analysis Checking

Monthly fees and limits:

  • $50 minimum initial deposit requirement
  • Commercial analysis services available on a pay-per-service basis
  • Earnings credit allowance
  • $20 monthly service charge (can be covered by earnings credit)
  • High transaction volume
  • Online banking with online bill pay

Best for:

  • Business owners who don’t mind the uncertainty of the earnings credit allowance system and want access to business services

Renasant Bank Commercial Analysis Checking is the third account on our list. It, too, has a $50 minimum initial deposit requirement. Once you have an account, you’ll get an earnings credit allowance that you can use to defray the cost of business analysis services and fees such as the $20 account’s monthly service charge. The earnings credit is paid out at a variable rate.

Renasant Bank says the account is designed to provide optimum rates for businesses with a high transaction volume. If your monthly fees (the $20 monthly charge plus the fees for any services you’ve used) exceed your earnings credit, you’ll owe the difference. It’s not an account for those who hate uncertainty, but it could be useful for businesses that need account services.

Renasant Bank Business Edge Account

Monthly fees and limits:

  • Merchant services, account system compatibility, and account alerts available
  • $20 monthly service charge unless your average collected account balance is $50,000 or more, you have at least 5 online bill pay transactions, and you elect to receive your statements electronically
  • 500 paper items free per month
  • 10 online bill pay transactions free per month

Best for:

  • Business owners looking for an account that comes with more services
  • Business owners who have an average collected account balance of at least $50,000

The Renasant Bank Business Edge Account is for business owners who want a more high-touch relationship with the bank that holds their business checking account. The account comes with merchant services, accounting system compatibility, and account alerts. You’ll get up to 500 paper items free per month, and 10 online bill pay transactions free, too.

To avoid the $20 monthly maintenance charge, you’ll need to maintain an average collected account balance of $50,000 or more across all your business transaction accounts with the bank, have at least five online bill pay transactions in a given month, and receive your account statement electronically.

Whether this account is right for you will depend on the kind of services you need from an account. If you’re just looking for an account that will let you keep your money safe and make some transactions, you probably don’t need this account. If, on the other hand, you want more assistance from your bank, the Renasant Bank Business Edge Account could be worth considering.

Renasant Bank Business Checking Review, Plus Top Alternatives

Top Alternatives to Renasant Bank Business Checking

Azlo Business Checking

Azlo Business Checking is an online-only account that makes a great starter account. It’s a free account you can set up from home or from your office. There is no monthly transaction limit on the account, so you won’t have to worry about racking up transaction fees. You also won’t have to worry about monthly fees or minimum deposit requirements. And if you use business software such as Square or Stripe you’ll be able to integrate your accounts with your Azlo Business Checking account. But if you deal in cash you’ll need to look elsewhere for a low-cost business checking account option because you can’t deposit cash with the Azlo Business Checking account. It’s  an account for the cashless, internet-savvy businesses out there.

Axos Business Interest

Axos Business Interest pays you interest on the deposits in your business checking account. There is a  minimum initial deposit requirement of $100, but if you can maintain an average balance of $5,000 the bank will waive the $10 monthly maintenance fee. Unlike the Azlo Business Checking account, the Axos Business Interest account has a transaction limit, and it’s just 50 free transactions per month. If you make more than 50 transactions in a month, you’ll owe $0.50 per transaction. While the Axos Business Interest checking account isn’t one for businesses with a high transaction volume, it’s a low-cost option for business owners looking for a checking account that pays interest on their money.

Chase Total

Another inexpensive option to consider is the Chase Total business checking account. It even comes with a $200 welcome bonus, a relative rarity in the world of business checking. Although the account does not have a minimum initial deposit requirement, there is a $1,500 minimum balance requirement. If you can’t meet the minimum balance requirement you’ll owe the $15 monthly maintenance charge.

The transaction limit on the Chase Total account falls between the transaction limit of the Azlo Business Checking account and the Axos Business Interest checking account, at 100 free transactions per month. After you hit the limit, you’ll pay $0.40 per transaction. Again, it’s not a great account for a business with a very high transaction volume, but it offers a competitive price and a welcome bonus for business owners who don’t make more than 100 transactions per month.

Bottom Line on Renasant Bank Business Checking Accounts

We hope this rundown of the Renasant Bank business checking accounts (and some top alternative accounts) has been helpful. Although choosing the right business checking account is just one element of business success, it’s important enough to merit some research. Before you take the plunge and open an account, it’s a good idea to figure out what you need from a business checking account, how much money you plan to keep in the account, and what you’re willing to pay. That way, you’ll have the information you need to make the best possible decision.

Georgia McIntyre

Georgia McIntyre

Director of Content Marketing at Fundera
Georgia McIntyre is the director of content marketing at Fundera. She has written extensively about small business finance, specializing in business lending, credit cards, and accounting solutions. Georgia has a bachelor's degree in economics from Colgate University. Email: georgia@fundera.com.
Georgia McIntyre

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