When you’re starting a business, choosing a business bank account is one of the most important steps in learning how to manage your finances.
After all, opening a business bank account allows you to separate your personal and business finances—which prevents you from suffering organizational, bookkeeping, and legal problems in the future.
This being said, whether you’re opening your first business bank account or you’ve been operating for a while and are looking for an alternative bank account, you’ll want to compare a few different options so that you can find the one that will work best for your business.
We’re here to help.
In this guide, we’ll break down the best business bank accounts—discussing their fees, features, and more—as well as discuss how to choose the right account for your small business.
In the chart below, you’ll find a summary of the best bank accounts for small businesses—including both checking and savings accounts.
Generally, if you’re looking for a business bank account for the first time, you’ll want to focus on the business checking accounts—as these accounts allow you to manage your finances on a day-to-day basis. On the other hand, however, if you’re instead looking for a way to store your business capital and earn interest on it, you’ll want to consider the top business savings accounts.
Most often, however, business savings accounts are used to store and earn on your extra capital, as these accounts place limits on the accessibility of your funds.
LendingClub Tailored Checking
LendingClub Tailored Checking includes unlimited transactions and ATM rebates, 1% cash back on debit card purchases, and earns interest—0.10% on balances of $5,000 and up.
Unlimited transactions; $10 to $40 fee to send and receive wires depending on the type
Free deposits with applicable ATMs; free ATM access through MoneyPass and SUM network
on LendingClub Bank's secure websiteRead Full Review
Unlimited transactions; $5 to send domestic wires; $45 to send or receive international wires
Free deposits with applicable ATMs; free ATM access through MoneyPass network
on nbkc's secure websiteRead Full Review
Unlimited transactions; free incoming wires; cannot send outgoing wires
No cash deposits; fee-free ATM network
on Bank Novo's secure websiteRead Full Review
Unlimited electronic deposits; starts at 20 free paper/teller transactions per month; varies based on account, most wires will carry a fee
Starting at $5,000 in free cash deposits per month; free ATM access with Chase ATMs
on Chase's secure websiteRead Full Review
Starts at 200 free transactions per month; all wires will incur a fee; fees will vary
Starting at $7,500 in free cash deposits per month; free ATM access with BoA ATMs
|Read Full Review|
Unlimited transactions; $0 for incoming wires; $15 for outgoing wires
Free deposits with Green Dot locations; free ATM access through MoneyPass network
on BlueVine's secure websiteRead Full Review
Unlimited deposits; only six withdrawals/transfers allowed per month; $5 to send domestic wires; $45 to send or receive international wires
Free deposits with applicable ATMs; free ATM access through MoneyPass network
on nbkc's secure websiteRead Full Review
$3 if balance drops below $300
Six withdrawals per month; Send foreign and international wires, fees range from $10 to $50
Free deposits and ATM access through Capital One network
|Read Full Review|
With this overview in mind, let’s explore the best business checking accounts in a little more detail.
As we mentioned above, business checking accounts are well-suited for managing your finances on a day-to-day basis, as opposed to storing your funds strictly for future use.
This being said, there are many different financial institutions that offer checking accounts for small businesses—including big, national banks, local, regional banks, and online-only banks.
Typically, there will be particular features associated with business bank accounts from each of these types of banks. For example, business bank accounts from online banks are usually known for flexibility and limited fees, whereas those from big, national banks are known for ATM and branch access.
Therefore, you’ll want to keep these characteristics in mind as we compare the best business bank accounts so that you can determine what type of account is right for your business’s needs.
For a business checking account that will allow you to earn interest on your funds and manage invoicing within the same solution, you’ll want to look into the LendingClub Tailored Business Checking account.
With LendingClub Business Checking, you’ll have an FDIC insured interest-bearing account that earns 0.10% APY as long as you maintain a balance of $5,000. If you can maintain this fee, however, you’ll not only earn interest on your account, but you’ll also be able to waive LendingClub’s $10 monthly service fee.
Additionally, the LendingClub Business Checking account includes unlimited, fee-free transactions, mobile check deposits, 24/7 online and mobile banking, as well as free bill pay. You’ll receive a business debit card with your LendingClub account which will allow you to withdraw money at no charge from any ATM in the MoneyPass or SUM network. More notably, for any ATM that you use that does charge you a fee, LendingClub offers unlimited free rebates to cover those costs.
Along these lines, if you maintain an account balance of $5,000 or more, you’ll be able to earn an unlimited 1.0% cash back on all purchases made with your LendingClub business debit card. On top of these features, the LendingClub Business Checking account also includes access to the Autobooks platform, which gives you the ability to create and send invoices, accept online payments, and track your invoice activity.
You can apply for the LendingClub Tailored Checking account quickly and easily online—with only a $100 minimum opening deposit required.
Overall, for a tech-friendly and interest-earning business checking account that also incorporates payments and invoicing, LendingClub is a great option.
Similar to some of the other business checking accounts on this list, NBKC offers a bank account that has very few fees, is easy to set up, and can be managed entirely online via your computer or mobile device.
There is no minimum deposit required to open an NBKC Business Account—and according to their website, you can open your business checking account online in only five minutes. Additionally, this business bank account has a $0 minimum balance, no transaction fees or limits, and no fees for:
Moreover, when you open an NBKC business checking account you get a free Business Debit MasterCard which can be used at over 32,000 MoneyPass ATMs around the U.S. Plus, you’ll have up to $12 in monthly refunds for ATM fees any other banks charge you when using this card.
With this account, then, the only time you’ll incur fees is for sending a domestic wire ($5) or sending or receiving an international wire ($45). You’ll also be able to not only manage your account from your computer, but from the NBKC mobile app as well—which will allow you to deposit multiple checks, pay vendors and bills, transfer money between accounts, and originate wires.
Finally, NBKC allows you to talk to one of their bankers on the phone, via email, or in-person for no charge—as well as add extra account options for a small monthly fee, including ACH debits and credits and desktop deposit.
All in all, the almost no-fee NBKC business bank account is a great option for businesses just starting out—especially if they want the benefits of an on-the-go friendly online-based bank.
Another business bank account that operates online is Bank Novo.
This checking account option offers a rare hybrid of high-tech and community small business banking. Novo’s partner bank is a community bank called Middlesex Federal. With Novo, you’ll be able to apply for an account in minutes with your phone or laptop. If you end up accessing a Novo business bank account, you’ll be able to digitally deposit checks and sync your account with other financial technologies your business uses.
In addition, this business bank account is totally free, and it just requires a minimum initial deposit of $50 to open an account.
As part of a special offer for Fundera readers, you can get $25 when you sign up for an account with Novo. All you’ll need to do is make that initial deposit of $50 into your new account to get your signup bonus.
You’ll also be able to use any ATM worldwide without incurring fees from Novo (although the owner of the ATM may charge fees). The only major fee you’ll face with a Novo business bank account is their $27 insufficient funds fee.
Therefore, if you’re looking for a digital-first, mobile-friendly business checking account, Novo might be the right option for you.
So far, all of the business bank accounts we’ve reviewed have been online-based—therefore, if you’re looking for an account from a traditional financial institution, you might consider one of Chase’s business checking accounts.
Not only will one of these accounts give you access to Chase ATMs, Chase branches, and additional Chase business products, but you’ll also receive scalability—in that Chase provides three account options so that your bank account can grow in tandem with your business.
If you’re a new or growing business looking for a business checking account to get started, then the Chase Business Complete Banking account could be a great option.
This business bank account comes with the low fees and thresholds that new businesses ought to look for in a business checking account.
With Chase Business Complete Banking, your account will come with the following features:
Next, the Chase Performance Business Checking account is a great business bank account for mid-sized businesses that are looking for the perfect balance of mid-range fees with higher transaction and deposit monthly allowances.
With Chase Performance Checking, you’ll gain access to the following features:
Finally, if you’re a well-established, high-traffic business, then you might consider Chase Platinum Business Checking as your go-to business bank account.
This business checking account will come with ample free monthly transactions, deposits, and wires—however, these perks will also be accompanied by higher service fees—and a higher threshold to reach to waive those fees.
With the Chase Platinum Business Checking account, you’ll see the following features:
Finally, if you’re looking for a business bank account from a brick-and-mortar institution, but are hoping to access a greater number of monthly transactions and cash deposits, you might consider either of Bank of America’s business checking accounts.
Plus, although Bank of America charges monthly service fees for both of their accounts, they also offer five different ways for you to waive these fees—more than any other brick-and-mortar bank on the market.
With the first Bank of America account, Fundamentals, you’ll receive 200 free transactions per month, $7,500 in cash deposits per month, and access to BoA ATMs, branches, and other online and mobile banking tools.
For this account, the service fee will default at $18 per month (this may vary based on your location). As we mentioned, however, you’ll be able to waive this fee by:
All of this being said, with the second BoA account option, Advantage Checking, you’ll receive 500 free monthly transactions and up to $20,000 in free cash deposits every month. The Advantage Business Checking account will have a service fee of $29.95—but you’ll also have five different ways to waive this fee.
Overall, the Bank of America business bank accounts are worthwhile for businesses who want the personalized accessibility of a traditional small business bank, but also want a greater amount of included features—for an affordable (or waivable) fee.
The new business bank account from BlueVine allows you to earn interest on your funds, but without paying a monthly fee.
The BlueVine business bank account earns a significant 0.6% interest on balances up to $100,000, has no monthly fee, no minimum opening balance requirement, and includes unlimited transactions.
Additionally, this account allows you to receive wires with no fee, has no NSF fees, and no ACH payment fees. The BlueVine business bank account can be opened quickly and easily online—and you can manage your account 24/7 with online and mobile banking.
This business bank account gives you the ability to deposit checks using the mobile app, schedule one-time and recurring payments, transfer funds between your accounts, and use a BlueVine Business Debit Mastercard.
Moreover, you have access to fee-free ATM withdrawals at over 38,000 MoneyPass ATMs across the country. Plus, if you’re looking to deposit cash, you can do so through any Green Dot location (90,000+) across the U.S.—which is something you don’t always get with an online-based checking account.
Overall, if you’re looking for a no-fee business bank account with impressive flexibility and the ability to earn interest on your funds, BlueVine will certainly be an option worth considering.
If you find that you’re searching for a high-yield business savings account—instead of a business checking account, you’ll want to consider the options below as your best business bank account options.
As we mentioned briefly above, business savings accounts have much less flexibility than business checking accounts. These accounts will limit the number of withdrawals you can make per month and are less likely to offer many of the financial tools that are included with checking accounts.
This being said, however, these accounts will also accrue interest—which is not something you see too often with business checking accounts.
For a business savings account that’s easy to apply for and doesn’t require a deposit to get started, you might look into the NBKC Business Money Market Account.
Like the NBKC business checking account, you’ll be able to apply for this savings account quickly and easily online—with no minimum deposit required to open your account. With the NBKC Business Money Market Account, you’ll earn an impressive .80% APY and you’ll have almost no account fees.
Additionally, as with their business checking account, NBKC doesn’t charge monthly account fees, transaction fees, fees for check deposits, eStatements, stop payments, incoming wires, or fees for mobile and online banking with this savings account. Once again, you’ll only pay fees for outgoing domestic wires and incoming and outgoing international wires. Outgoing domestic wires will incur a $5 fee and international wires will incur a $45 fee.
This being said, however, your NBKC business savings account will be limited to six account withdrawals per month.
With this in mind though, a great benefit of the NBKC business savings account is that you’ll be able to manage the whole of your account online or using the NBKC bank mobile app.
Whereas the NBKC Business Money Market account is great for business owners who prefer online-based banking, the Capital One Business Advantage Savings account is a worthwhile option for those who are looking for banking from a brick-and-mortar bank.
With this account, you’ll pay a $250 minimum opening deposit—and you’ll only have to pay a monthly fee (of $3) if your balance drops below $300. Additionally, this savings account gives you free access to Capital One ATMs and branches, as well as allows you to link your account with your business checking account to reduce fees and protect your earnings.
Like any business savings account, however, you’re limited to six withdrawals per month.
This being said, the Capital One Advantage account earns a promotional APY of 1.25% for 12 months after you open your account. After these 12 months are up, Capital One will apply a standard business savings account rate to your balance.
All in all, if you’re looking for a solid business bank account to earn interest on your extra funds, this Capital One account is certainly worth considering. It is important to note, though, that this account is only available in certain locations throughout the U.S.—so you’ll want to double-check to ensure it’s an option in your area.
Now that we’ve explored eight of the best business bank accounts on the market, you might be wondering: “How do I choose a business bank account?”
First and foremost, as we’ve mentioned, you’ll want to decide whether you want a business checking account or a business savings account. As a reminder, if you’re looking for an account to manage your finances on a day-to-day basis, you’ll want to opt for a checking account. On the other hand, if you’re trying to put aside extra funds to accumulate interest over time—and don’t need frequent access to those funds—you’ll likely want to consider business savings accounts.
Even after you’ve made this initial decision, however, you’ll still have a multitude of options to sort through, as we’ve seen. Therefore, you’ll want to consider the following criteria when choosing your business bank account:
At the end of the day, only you can decide which business bank account is right for your small business.
This being said, however, if you’re looking for some of the top options on the market, this list is a worthwhile place to start.
Ultimately, in order to streamline your bank account search, you might first and foremost make a list of all of the characteristics you’re looking for in your ideal solution—considering any or all of the criteria we discussed above. Once you have this list, you can compare any business bank account against your eligibility requirements and find the option that best meets your needs.
Randa Kriss is a senior staff writer at Fundera.
At Fundera, Randa specializes in reviewing small business products, software, and services. Randa has written hundreds of reviews across a wide swath of business topics including ecommerce, merchant services, accounting, credit cards, bank accounts, loan products, and payroll and human resources solutions.