The Best Business Bank Accounts of 2019

Whether you’re looking to save, spend, or do both, find your best small business bank account here
Editor's 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.

Best Business Bank Accounts: Where to Start Your Search

So, you’re looking for a home for your business’s finances.

Searching for a business bank account is an exciting yet crucial step that every small business owner ought to take—ideally sooner in their business’s timeline rather than later.

Whether you’re a new business that’s just starting up and you need a business debit card, or you’re a well-established business looking for a way to earn for your savings, you’ve got quite a few decisions ahead of you.

Because this is such a vital decision for your business’s finances, it’s crucial to know what you’re doing when you’re sifting through all of your business bank account options.

As such, we’ve compiled a guide to the very best business bank accounts for small business.

Before You Open a Business Bank Account, Make This Initial Decision

First thing’s first, you’ll need to decide which kind of business bank account you want to prioritize in this search. Do you want a business checking account or a business savings account?

Though these two types of business bank accounts are certainly not mutually exclusive—in fact, they work wonderfully together—you’ll need to decide which type of business bank account you want to look for at this very moment.

If you’re looking for a home for your business’s working capital cash flow that allows your money to be easily accessible, then you’re looking for a business checking account.

On the other hand, if you’re looking for a way to store your business’s money away to save and even earn for it, then you’ll want to look into your business savings account options.

Generally speaking, newer businesses that are just starting up will likely be in more need of a business checking account, while businesses who are well-established with a lot of cash on hand will likely be in search of savings accounts.

Plus, a business checking account is a business fundamental, while a business savings account can often be taken care of leisurely.

That said, there are both business savings and checking accounts out there that can serve businesses of all shapes and sizes.

So, now that we’ve covered that initial fork in the road for your business bank account search, let’s dive into the details on all of your top options.


Best Business Bank Accounts for Small Business: Checking Accounts

Now that we’ve addressed that crucial question, let’s look at some of the very best business bank accounts that fall into this category.

Let’s check them out.

Best for No-Fee Banking and Unlimited Transactions: Azlo Business Checking

If you’re looking for a business checking account that you’ll be able to open without visiting a bank branch, then Azlo business banking will be one of your best options.

As long as you’re using in-network ATMs, your Azlo account will be completely fee-free, and you’ll also be able to make unlimited free transactions with your account, as well. It’s the closest you’ll get to a free business checking account.

One notable downside to this business bank account?

By nature of it being an internet-based account, Azlo business checking won’t be able to process cash deposits at all. Additionally, this business bank account won’t be able to send money wires, either. That said, Azlo provides unlimited free electronic payments that pretty much make wires obsolete.

Learn More About Azlo
Azlo Business Bank Account

Azlo Business Bank Account

on Azlo's secure website.
Sign-up Bonus
$0
Minimum First Deposit
$0
Monthly Fee
$0
Balance to Waive Fee
$0
Details

Best for Earning Interest and Integrated Payments: Wise Business Checking

For a business checking account that’s similar to Azlo, but unlike most business bank accounts, will allow you to earn interest on your funds and manage payments within the same solution, you’ll want to look into the Wise Business Checking Account.

Plus, if you sign up for Wise through Fundera, you’ll not only get access to their seamless integrated banking and payments solution, but you’ll also receive an exclusive offer: You’ll be able to accept your first $100,000 in payments with 0% fees (After you reach the $100,000 threshold, Wise will charge 2% per card transaction, with no fees for ACH deposits). Compared to a typical online payments platform like Stripe, which will charge 2.9% + $0.30 per online payment, Wise will allow you to manage your payments, banking, and earn interest, with almost no fees.

To explain in greater detail, with Wise Business Checking, you’ll have an FDIC insured interest-bearing account that earns 2% APY, paid monthly. Additionally, unlike most interest-bearing business bank accounts, Wise requires no minimum balance and charges no monthly or annual fees, account transaction fees, stop payment fees, NSF fees, or returned item fees. You’ll receive a business debit card with your Wise account which will allow you to withdraw money at no charge from any ATM in the BBVA network (over 55,000 ATMs).

Moreover, as we mentioned, the Wise Business Checking account includes a built-in payment integration, allowing you to accept checks, online payments, connect card readers, and receive instant funding. You’ll also have access to integrated invoicing, as well as be able to make payments online via debit, credit, or virtual card, ACH transfers, and pay on demand.

There are no transaction fees for you to make payments, either by sending an ACH transfer or using Instant by Wise. When you receive a payment, on the other hand, there’s typically a 2% fee on card-based payments—once again, however, if you sign up for Wise through Fundera, you’ll be able to accept your first $100,000 in credit card payments with a 0% cost.

This being said, you can apply for a Wise Business Checking account online and once you’re set-up, you’ll be able to access your account online or using your smartphone or tablet with the Wise mobile app, available for both iOS and Android. Plus, from your Wise dashboard, you’ll be able to track and manage your spending, cash flow, and payments to employees or vendors.

Overall, for a nearly fee-free, tech-friendly, and interest-earning business checking account that also incorporates payments and invoicing, there is going to be no option quite like Wise.

Wise

Wise

on Wise's secure website.
Regular APY
2%
Monthly Fee
$0
Minimum First Deposit
$0
Sign-up Bonus
$0
Details

Best for Low-Fee Banking and Mobile Account Management: nbkc Business Checking

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:

  • Mobile deposit and bill pay
  • Returned items, overdrafts, non-sufficient funds
  • eStatements and Cashier’s checks
  • Stop payments
  • Incoming domestic wires

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, this almost no-fee business checking 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.

nbkc Business Checking Account

nbkc Business Checking Account

on nbkc's secure website.
Sign-up Bonus
$0
Minimum First Deposit
None
Monthly Fee
None
Balance to Waive Fee
None
Details

Best for Versatility: Chase Business Checking

If you’re looking for a new business checking account from a traditional financial institution, then we highly suggest you look into Chase’s business bank account offerings.

For the time being, let’s take a look at the fundamentals on all three of the Chase business checking accounts, some of the very best business bank accounts on the market.

Chase Total Business Checking

If you’re a new or growing business looking for a business checking account to start things off, then the Chase Total Business Checking account could be your best bet.

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 Total Checking, your account will come with the following features:

  • A monthly service fee of $12 with paperless statements or $15 with paper statements that’s waived once your daily balance is $1,500 or above
  • 100 free transactions per month
  • $5,000 worth of free cash deposits every month
  • The possibility of sending and receiving International and domestic wire, but never for free
Chase Total Business Checking®

Chase Total Business Checking®

on Chase's secure website.
Sign-up Bonus
$200
Minimum First Deposit
$0
Monthly Fee
$15
Balance to Waive Fee
$1500
Details

Chase Performance Business Checking

Next up, the Chase Performance Business Checking account is a great business bank account for mid-sized businesses who are looking for the perfect balance of mid-range fees with higher transaction and deposit monthly allowances.

If you decide to choose Chase Performance Checking as your business’s financial home-base, then you’ll gain access to the following features:

  • A monthly service fee of $30 that’s waived once you maintain business deposit balances of $35,000
  • 250 free transactions per month
  • $20,000 worth of free cash deposits every month
  • 2 outgoing domestic wires for free every month, with a standard wiring fee applying to all wires beyond this
Chase Performance Business Checking®

Chase Performance Business Checking®

on Chase's secure website.
Sign-up Bonus
$200
Minimum First Deposit
$0
Monthly Fee
$30
Balance to Waive Fee
$35000
Details

Chase Platinum Business Checking

Finally, if you’re a well-established, high-traffic business, then you should 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, but those perks will also be accompanied by high service fees and thresholds for waiving that fee.

Let’s see what features this business bank account will entail should you decide to open one:

  • A monthly service fee of $95 that’s waived once you maintain $100,000 in business balance deposits every month
  • 500 free transactions every month
  • $25,000 worth of free cash deposits
  • 4 outgoing wires for free every month
Chase Platinum Business Checking®

Chase Platinum Business Checking®

on Chase's secure website.
Sign-up Bonus
$200
Minimum First Deposit
$0
Monthly Fee
$95
Balance to Waive Fee
$100000
Details

Best for High-Tech Community Banking: Bank Novo

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. Plus, you’ll be able to apply for an account in minutes with your phone or laptop. If you end up accessing a Novo checking account, you’ll be able to digitally deposit checks and sync your account with other financial technologies your business uses.

This business bank account is totally free, and it just requires a minimum initial deposit of $50 to open an account. You’ll also be able to use any ATM worldwide without incurring fees from Novo. The only major fee you’ll face with this business bank account is their $27 insufficient funds fee, which is par-for-the-course with any option.

Bank Novo

Bank Novo

on Bank Novo's secure website.
Sign-up Bonus
$0
Minimum First Deposit
$50
Monthly Fee
None
Balance to Waive Fee
None
Details

Best for No-Fee Checking: Axos Basic Business Checking

Axos Bank is another online bank offering a great no-fee banking option for small business owners.

The Basic Business Checking account from Axos comes with no monthly service fee, and no minimum bank balance required to maintain your free status.

You’ll have up to 200 free items processed (debits, credits, and deposits), with each costing $0.30 thereafter.

You’ll also have unlimited ATM fee reimbursements, meaning you can use your Axos debit card anywhere to access cash. There aren’t any restrictions on your withdrawals or transfers, you can deposit up to 60 items for free, and you’ll have access to 50 free checks.

For a truly no-fee bank account with a fair amount of transactions allowed for free, Axos Basic Business Checking is a top business checking account for small to medium-sized businesses.

Axos Bank Basic Business Checking

Axos Bank Basic Business Checking

on Axos Bank's secure website.
Sign-up Bonus
$0
Minimum First Deposit
$1000
Monthly Fee
$0
Balance to Waive Fee
$0
Details

Best for Interest Earning: Axos Business Interest Checking

If you run a very small business and want to get started with a business checking account that will reward you for the money you deposit, then the Axos Business Interest account might be right for you.

The Business Interest Checking account is an interest earning account. You could earn up to 0.80% APY on your balance with this account.

This account allows for very minimal free activity, however. You’ll only be allowed 50 free items processed (debits, credits, and deposits), with each item costing $0.50 after that. It also comes with a $10 monthly service fee, waived if you maintain a minimum average daily bank balance of $5,000. While there are other business bank accounts with no-fee benefits, not many business checking accounts allow you to earn on your balance—it’s a tradeoff you’ll have to make.

Axos will also offer ATM fee reimbursements, 60 free remote deposits, and unlimited withdrawals and transfers with this account.

Axos Bank Business Interest Checking

Axos Bank Business Interest Checking

on Axos Bank's secure website.
Sign-up Bonus
$0
Minimum First Deposit
$100
Monthly Fee
$10
Balance to Waive Fee
$5000
Details

Best for No Fee Transactions: Capital One Business Checking

Capital One offers two Spark business checking accounts: the Spark Business Basic Checking and the Spark Business Unlimited Checking.

The Capital One Spark Business Basic Checking comes with unlimited transactions for no fee. This feature is pretty rare for a business checking account geared towards new and small businesses. They’ll also have a fairly affordable service fee, coming in at $15 a month.

The Capital One Spark Business Unlimited Checking also offers unlimited no fee transactions. You’ll have a monthly service fee of $35, but will have more wire options than the Basic business checking account Capital One offers.

Best for Easy-to-Waive Fees: Bank of America Business Checking

When comparing the best business bank accounts of 2019, we think Azlo and Chase have the best options for small business owners.

However, Bank of America business checking accounts stand out by being remarkable easy to waive their fees.

For their Fundamentals business checking account, their service fee is $18 a month. However, if you spend $250 in net new purchases on a Bank of America business credit card or debit card, you’ll waive that fee. There are a number of other ways to waive the fee, but a Bank of America business checking account is a great pair to your Bank of America business card if you already have one.

Bank of America has two levels of business checking accounts, both of which you can waive the fee (you’ll just have to spend a little more on the more premium business bank account, the Business Advantage Checking).

What to Look for in a Business Checking Account

If you’ve decided that you want your business’s money to be easily accessible from your business bank account, then your next step is to read up on all of the logistics that a business checking account will entail.

When you’re shopping your business checking account options, you’re going to want to keep an eye out for some key features. Plus, although you don’t want to make a decision solely on a business checking account promotion, it’s worth considering that some banks will offer cash back bonuses when you open an account and meet the specified requirements.

This being said, however, when you decide on which business checking account you’ll ultimately open, these four details ought to be your deciding factors.

Let’s take a look.

Paper sheet
Service Fee

How much will it cost to open this business checking account?

If you decide to keep your business’s money in a business checking account, you’ll likely have to pay what banks call “service fees.”

This is essentially a catch-all fee for the services that the bank provides through the checking account. Service fees will typically be monthly fees that a bank will waive if your checking account balance reaches a certain threshold.

This threshold will vary widely between your business checking account choices, so be sure to note not only the service fee amount but also the account balance threshold for your fee to be waived on each of your business checking account choices.

Paper sheet
Transactions

Additionally, while you’re shopping your business checking account options, you’ll want to be sure of each of your options’ monthly free transaction allowances.

Most business checking accounts will put a cap on how many non-electronic transactions you can make with your business checking account each month. After this cap, you’ll have to pay a small transaction fee for each transaction you make beyond it.

If you’re a big business running lots of transactions per month, then you’re going to want to look for a business checking account with a higher free monthly transaction cap.

Paper sheet
Cash Deposits

Even more, most business checking accounts will put a cap on the amount you can make in cash deposits you can make every month for free with your business checking account.

Be sure to check in on the fine print—your business checking account of choice might put a low cap on how much cash you can deposit for free every month. And if you’re a business that deals with a lot of revenues in cash, then the cash deposit fee that applies after this cap can really start to add up.

Paper sheet
Wires

Finally, you’ll need to check in about any of your potential business checking accounts’ policy towards wiring.

While some business checking accounts might allow for a certain number of inbound or outbound wires for free every month, other might not even allow international or domestic wires at all.

Especially if your business’s finances rely heavily on sending and receiving wires, it’s crucial to ensure that your business checking account allows for wiring accordingly.


Best Business Bank Accounts for Small Business: Savings Accounts

With all of the fundamentals on business savings accounts covered, it’s time to get practical.

What are the very best business savings accounts, and what do these crucial features look like in these savings accounts?

Let’s dive right into the details on your best options for business savings accounts.

Best for Account Accessibility: nbkc Business Money Market Savings Account

For a business savings account that’s easy to apply for and doesn’t require a deposit to get started, you might take a look at the nbkc Business Money Market Savings 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 Savings account, you’ll earn an impressive 1.66% 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.

Therefore, even if you don’t have a ton of funds to invest in your business savings account, you can still start planning for the future with the nbkc Business Money Market Savings account.

nbkc Business Money Market Savings

nbkc Business Money Market Savings

on nbkc's secure website.
Regular APY
1.66%
Monthly Fee
$0
Minimum First Deposit
$0
Sign-up Bonus
$0
Details

Best for No-Fee Savings: Axos Business Premium Savings Account

If you want a business savings account that won’t charge you each month, then Axos Business Premium Savings is your best bet. You’ll have no monthly service fee with no average balance required to maintain that free status.

You’ll also earn a strong rate of 1.05 – 1.06% APY with this account.

As for activity allowance, you’ll have 20 free items processed, with each costing $0.30 thereafter. You’ll also be allowed 60 free deposits every month. You’ll be limited to six withdrawals and transfers from this account per month, however.

One notable downside on the Business Premium Savings is the minimum initial deposit required, $25,000. If you don’t want to deposit this upfront, then the Capital One Spark Savings might be a better bet.

Axos Bank Business Premium Savings

Axos Bank Business Premium Savings

on Axos Bank's secure website.
Regular APY
1.06%
Monthly Fee
$0
Minimum First Deposit
$25000
Sign-up Bonus
$0
Details

Best for Low Deposits: Axos Business Savings Account

A second Axos business savings account allows you to deposit less up front, but start earning a strong APY at 0.80%. You’ll only need to deposit $1,000 with the Axos Business Savings account, making it a good option for smaller businesses just starting out with a business savings account.

This account does come with a monthly fee of $5, but is pretty easily waived by maintaining an average daily balance of $2,500.

After that, the Business Savings account has the same transaction limits of Axos’ Business Premium Savings—20 free items processed, with each costing $0.30 thereafter, 60 free deposits, and six withdrawals and transfers allowed per month.

Axos Bank Business Savings

Axos Bank Business Savings

on Axos Bank's secure website.
Regular APY
0.8%
Monthly Fee
$5
Minimum First Deposit
$1000
Sign-up Bonus
$0
Details

Best for High-Rate Savings: Capital One Business Savings

When it comes to business bank accounts, Capital One shines yet again with their business savings accounts options.

With Capital One Spark Business Savings, you’ll be able to house your business’s hard-earned capital in a perfect middle ground between having it accessible and earning for it all the while.

 

Spark Business Savings

As far as business bank accounts go, the Capital One Spark Business Savings strikes the perfect balance between being lucrative and keeping your funds accessible.

Let’s take a look at the fine print of what this business bank account can offer:

  • No minimum account opening deposit
  • No monthly service fee
  • Free ATM withdrawals from Capital One ATMs
  • A promotional APY of 2.00% for your first year with the account
  • A standard APY applied to your savings after your first year with the account

Be sure to note, though—Capital One isn’t accepting new Spark Business Savings accounts at the time. If you need a business savings account right now, other great business bank accounts to consider are the Chase business savings accounts—both the Total savings account and the Premier savings account.

Capital One Spark® Business Savings

Capital One Spark® Business Savings

Regular APY
2.00%
Monthly Fee
$0
Minimum First Deposit
$0
Sign-up Bonus
$0
Details

What to Look for in a Business Savings Account

You might be looking to stow away some of your money and earn for your savings all the while. If this is the case, you’re probably not too worried about being able to access your business’s savings at the drop of a dime.

If this sounds like your situation, then you’re probably looking for a business savings account rather than a business checking account.

What’s the difference between these two types of business bank accounts?

Well, though there are a few differences to take into account, most of them will boil down to two features:

  1. Money housed in savings accounts will accumulate interest over time
  2. You will likely have more limited access to your money in a savings account than your money in a checking account

Generally speaking, your business savings account will typically come after you establish your business checking account. That said, it never hurts to establish both types of business bank accounts from the get-go.

Paper sheet
Minimum Account Opening Deposit

Many business savings accounts will require that you open your account with a certain amount of money. This minimum deposit will certainly vary from savings account to savings account, but almost every option has a minimum account opening deposit, no matter how large or small that minimum is.

Paper sheet
Annual Percentage Yield

The great thing about this type of business bank account?

Well, savings accounts will allow your money to accumulate worth. That’s right—in this case, interest rates are your friends.

That’s why you’ll need to pay close attention to the APY—or annual percentage yield—of all of your business savings account options.

This rate will determine how much interest your business savings will accumulate in any given account.

Paper sheet
Withdrawals

One thing that’s not-so-great about this type of business bank account?

Your business’s money won’t be particularly accessible. That’s because savings account are meant for storing money, while checking accounts are really meant for spending money.

This means that you’ll have a limit to how many withdrawals you’ll be able to make for free from your business savings account.

Be sure to take note of how many withdrawals you’ll be able to make with your business savings account, because withdrawal fees can really add up if you’re not paying close attention.

Paper sheet
Service Fee

Just like most business checking accounts, most business savings accounts will come with a service fee. In most cases, this service fee will be a monthly one, but it can certainly vary from account to account.

With business savings accounts, it will also generally be pretty easy to get this service fee waived by reaching a certain balance threshold on your account. But, again, this will depend on which account you end up opting for.

Paper sheet
ATM Usage

You’ll likely be able to withdraw from your savings account through any ATM, but whether or not you’ll be charged extra for withdrawing through an ATM is completely up in the air.

In most cases, you’ll be able to withdraw for free if it’s through an ATM of the bank where your business savings account is housed. That said, free ATM withdrawal isn’t always a given, so be sure to read up on the fine print before you choose a savings account to open.

Paper sheet
Wires

Finally, just like with business checking accounts, with business savings accounts, you’ll need to check in on how wiring works with your business bank account.

While some business savings account will allow a certain number of wires for free every month, others might not allow wires at all.

As such, be sure to keep an eye out for any potential business bank accounts’ wiring policies, especially if your business relies heavily on sending and receiving wires.


Choosing the Best Business Bank Account for You

So there you have it—all of your best business bank account options laid out before you.

Whether you want an easy-to-access home-base for your business’s working capital, or you want a nice, tucked-away home for your business’s nest-egg, you’ve got a few great business bank options to choose from.

Do one of these business bank accounts sound like your business’s best financial friend?

What’s to stop you from making the move towards better business banking? Start banking now.

Learn More Details on These Business Savings Accounts