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The Best Business Bank Accounts of 2020

Use our guide to compare the best business bank accounts and find the right solution for you.
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.

Business Bank Accounts: 8 Top Options

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.

The Best Business Bank Accounts in 2020

Business Bank Accounts Overview

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.

8 of the Best Business Bank Accounts

Business Bank AccountMinimum Opening DepositMonthly FeeTransaction AllowanceCash Deposits and ATM AccessWiring AllowancesBest for
Azlo Business Bank Account$0$0UnlimitedNo cash deposits; free ATM access through AllPoint networkCan only receive wires, no cost for domestic or international incoming wiresNo-fee banking and unlimited transactions
Wise Business Checking$0$0UnlimitedNo cash deposits; free ATM access through AllPoint networkFree incoming wires; cannot send wiresEarning interest and integrated payments platform
NBKC Business Checking$0$0UnlimitedFree deposits with applicable ATMs; free ATM access through MoneyPass network$5 to send domestic wires; $45 to send or receive international wiresLimited-fee banking and mobile account management
Novo Business Bank Account$50$0UnlimitedNo cash deposits; no fee-free ATM networkFree incoming wires; cannot send wiresNo-fee, mobile-friendly banking
Chase Business Checking Accounts$0Starts at $15Starts at 100 free transactions per monthStarting at $5,000 in free cash deposits per month; free ATM access with Chase ATMsVaries based on account, most wires will carry a feeBranch access, scalability, access to additional products from one bank
Bank of America Business Checking AccountsVaries based on locationStarts at $18Starts at 200 free transactions per monthStarting at $7,500 in free cash deposits per month; free ATM access with BoA ATMsAll wires will incur a fee; fees will varyBranch access, options for waiving service fees, cash deposits
NBKC Business Money Market Account$0$0Unlimited deposits; only six withdrawals/transfers allowed per monthFree deposits with applicable ATMs; free ATM access through MoneyPass network$5 to send domestic wires; $45 to send or receive international wiresHigh-yield savings account with no minimum deposit or monthly fee; connection to NBKC business checking
Capital One Business Advantage Savings$250$3 if balance drops below $300Six withdrawals per monthFree deposits and ATM access through Capital One networkSend foreign and international wires, fees range from $10 to $50Savings account from a brick-and-mortar bank with promotional APY

Best Business Checking Accounts

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.

Azlo Business Checking

If you’re looking for a business bank account that you’ll be able to open without visiting a bank branch, then Azlo business checking 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.

Additionally, Azlo has no minimum opening deposit, no minimum balance requirements, and integrates with Square and Stripe, as well as popular accounting software like Wave, Xero, and QuickBooks Online.

On the other hand, however, since Azlo is an online-based account, you won’t be able to process cash deposits. You also won’t be able to send wires. Instead, though, you’ll be able to send unlimited, free electronic payments—lessening your need for wire-based payments.

Along these lines, Azlo also doesn’t offer paper checks or checkbooks and as an online-bank, doesn’t offer any branch access.

With all of this in mind, if you want one of the best places to open a business bank account online—with a checking account that is affordable, flexible, and tech-friendly, Azlo will certainly be an option to consider.

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

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.

With Wise Business Checking, you’ll have an FDIC insured interest-bearing account that earns 1.0% 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).

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 a 3% fee on card-based payments.

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.

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, 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.

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

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. 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.

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

Chase Business Checking Accounts

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.

Chase Total Business Checking

If you’re a new or growing business looking for a business checking account to get started, then the Chase Total Business Checking 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 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 can be waived if you maintain a daily balance of $1,500 or above
  • 100 free transactions per month
  • $5,000 worth of free cash deposits every month
  • The possibility of sending and receiving both international and domestic wires—with associated fees
Chase Total Business Checking®

Chase Total Business Checking®

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

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:

  • A monthly service fee of $30 that can be waived if you maintain a daily balance of $35,000 or above
  • 250 free transactions per month
  • $20,000 worth of free cash deposits every month
  • Free incoming wires and two outgoing domestic wires for free every month
Chase Performance Business Checking®

Chase Performance Business Checking®

on Chase's secure website.
Sign-up Bonus
$0
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 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:

  • A monthly service fee of $95 that can be waived if you maintain a daily balance of $100,000 or above
  • 500 free transactions every month
  • $25,000 worth of free cash deposits
  • Free incoming wires and four most expensive outgoing wires at no charge per month
Chase Platinum Business Checking®

Chase Platinum Business Checking®

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

Bank of America Business Checking Accounts

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:

  • Spending $250 in net new purchases on a business debit or credit card
  • Maintaining an average monthly balance of at least $5,000
  • Maintaining a minimum daily balance of $3,000
  • Maintaining a combined average monthly balance of $15,000 or more in your linked Bank of America accounts
  • Qualifying for and enrolling in the Preferred Rewards for Business program

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.


Best Business Savings Accounts

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.

With this in mind, let’s break down these two business bank account options:

NBKC Business Money Market Account

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 1.01% 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 Account.

nbkc Business Money Market Account

nbkc Business Money Market Account

on nbkc's secure website.
Regular APY
1.01%
Monthly Fee
$0
Minimum First Deposit
$0
Sign-up Bonus
$0
Details

Capital One Business Advantage Savings Account

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.


How to Choose the Best Business Bank Account

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:

 

  • Monthly service fee
  • Minimum opening deposit
  • Minimum daily or monthly balance requirements
  • Included monthly transactions
  • Cash deposit limits and accessibility
  • Wiring capabilities
  • ATM access and fees
  • Branch access
  • Type of bank (online, national, or regional)
  • APY (if you’re looking for an interest-earning checking account or a savings account)
  • Additional included features such as online and mobile banking, mobile check deposit, invoicing, online payments, accounting software integrations, and more

The Bottom Line

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.

 

Compare the Best Business Checking Account Promotions Here