First-time business owners and seasoned entrepreneurs alike can benefit from comparing multiple business bank account options to find the one that best fits their needs.
If you’re looking for your first business bank account, focus your search on business checking accounts to help manage your company’s day-to-day finances. If you’re an established business that needs a way to store business capital and earn interest, look into the top business savings accounts.
There are many types of financial institutions to consider, including national banks, community banks, and online-only banks. Each type has its own unique features and benefits. Online banks, for example, are usually known for flexibility and limited fees, while big, national banks are known for ATM and branch access.
In this guide, we’ll break down the best business bank accounts—discussing their fees, features, and more—and walk through how to choose the right account for your small business.
LendingClub Tailored Checking
LendingClub Tailored Checking includes unlimited transactions and ATM rebates, 1% cash back on debit card purchases, and earns interest—1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that
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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 1.5% interest on balances up to and including $100,000 (terms apply), has no monthly fee, no minimum opening balance requirement, and includes unlimited transactions.
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. You can deposit checks using the mobile app, schedule one-time and recurring payments, transfer funds between your accounts, and use a Bluevine Business Debit Mastercard.
You also have access to fee-free ATM withdrawals at over 37,000 MoneyPass ATMs across the country, and can deposit cash at any Green Dot location (90,000+ in the U.S.) —a feature not always found with an online-based checking account.
With a LendingClub Tailored Business Checking account, you can earn interest on your funds and manage invoicing, all within the same solution.
With LendingClub Business Checking, you’ll have an FDIC insured interest-bearing account that earns 1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that. The account’s $10 monthly service fee is also waived if you maintain a minimum balance of $500.
The account also includes unlimited, fee-free transactions, mobile check deposits, 24/7 online and mobile banking, and free bill pay.
Account holders can use their LendingClub business debit card to deposit and withdraw money free of 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.
An added bonus: You can earn unlimited 1.0% cash back on all purchases made with your LendingClub business debit card, provided you maintain that $500 minimum balance.
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—a $100 minimum opening deposit is required.
NBKC offers a business 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:
The only time you’ll incur fees is for sending a domestic wire ($5) or sending or receiving an international wire ($45).
When you open an NBKC business checking account you get a free Business Debit MasterCard, which can be used at over 37,000 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.
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.
Novo’s online business checking account offers a rare hybrid of high-tech and community small business banking (Novo partners with Middlesex Federal, a community bank). The account is totally free and 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 (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.
You can apply for a Novo business account from your phone or laptop in just a few minutes. Once set up, you can digitally deposit checks and sync your account with other financial technologies your business uses.
Fundera readers can get $25 when you sign up for an account with Novo using the link below. All you’ll need to do is make that initial deposit of $50 into your new account to get your signup bonus.
Chase’s business checking accounts offer top-notch digital banking tools, plus in-person banking at more than 4,700 branch locations. And with three account options, your bank account can grow in tandem with your business.
Chase Business Complete Banking has a $15 monthly service fee, but multiple ways to waive it, including maintaining a $2,000 minimum daily balance.
The account includes the following features:
The Chase Performance Business Checking account is a great business bank account for mid-sized businesses that need higher transaction and deposit monthly allowances. The account has a $30 monthly service fee, which is waived if you maintain a minimum daily balance of $35,000.
With Chase Performance Checking, you’ll gain access to the following features:
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 comes with ample free monthly transactions, deposits, and wires—however, these perks will also be accompanied by higher monthly service fees ($95) and a higher threshold to waive those fees ($100,000 minimum daily balance).
With the Chase Platinum Business Checking account, you’ll see the following features:
Bank of America’s business checking accounts offer in-person banking with generous monthly transaction and cash deposit allowances. While the bank’s two accounts both have monthly service fees, they also offer three ways for you to waive these fees.
The first option, Business Advantage Fundamentals Banking, includes 200 free transactions per month and $7,500 in fee-free cash deposits per month. That comes with a monthly service fee of $16, which is waived if you do one of the following:
The second option, Business Advantage Relationship Banking, includes 500 free monthly transactions and up to $20,000 in free cash deposits every month. The Relationship Banking account has a service fee of $29.95, which is waived if you maintain a combined average monthly balance of $15,000 or more in your linked accounts or you become a member of Bank of America’s Preferred Rewards for Business.
A high-yield business savings account gives business owners the opportunity to build on their working capital by accruing interest on their balance. While all business savings accounts limit withdrawals per month, they can be a great complement to your business checking account.
Here are two of the best banks for business savings 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.
The NBKC Business Money Market Account earns 1.01% APY and, like the NBKC business checking account, you can apply for this savings account quickly and easily online—with no minimum deposit required to open your account.
The NBKC Business Money Market Account has no monthly account fees or transaction fees, and does not charge for check deposits, eStatements, stop payments, or incoming wires. Plus, you can manage the whole of your account online or using the NBKC bank mobile app.
The Capital One Business Advantage Savings account earns a promotional APY of 0.20% on balances up to $5 million for the first 12 months. After that, you earn a standard variable rate.
The Business Advantage Savings account requires a $250 minimum opening deposit and carries a monthly fee ($3), which is waived if you keep a minimum balance of $300.
The first step in opening a business bank account is determining what you need. If you’re looking for an account to manage your finances on a day-to-day basis, opt for a business checking account. If you want to build interest on excess funds—and don’t need to make regular withdrawals—consider business savings accounts.
From there, 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. So make a list of the characteristics you need in your ideal solution—considering any or all of the criteria we noted above—then 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.