A well-picked business checking account can make a positive impact on the financial operations of your business. And since each business has unique needs, it pays to take your time and compare different accounts before deciding on one.
To make your search easier, CNBC Select reviewed dozens of business checking accounts with digital and in-person access. We considered many factors when ranking the best accounts, including invoicing support, payment flexibility, fees and interest rates. (Read more about our methodology below.)
Best business checking accounts
- Best for small businesses: Bluevine Business Checking
- Best for LLCs, sole proprietors and contractors: Novo Business Checking
- Best for branch access: Chase Business Complete Banking®
- Best for medium to large businesses: Capital One Enhanced Checking
- Best for gig workers and freelancers: Found Banking
- Best for ATM access: Axos Basic Business Checking
- Best for welcome bonus: Axos Business Interest Checking
- Best for making cash deposits: Bank of America Business Advantage Relationship Banking
Best for small businesses
Bluevine Business Checking
Special offer
N/A
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
Standard: 2.0% APY on balances up to and including $250,000 if you meet a monthly activity goal* Bluevine Plus: 3.0% APY for Plus customers
Premier: 4.25% APY without minimum qualificationsFree ATM network
No fees at over 38,000 ATM locations nationwide
ATM fee reimbursement
No
Small business perks
Two free checkbooks
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC
Pros
- No monthly fees, monthly or daily balance minimums, ACH payment fees, incoming wire fees or overdraft fees
- Ability to instantly lock and unlock your Bluevine Business Debit Mastercard® for added security
- Connect to business tools like PayPal, Stripe and Expensify
- Unlimited transactions
Cons
- Online only (not great if you prefer in-person banking)
- No ATM refunds for out-of-network transactions
*The requirements to earn interest are either:
- Debit Card Spend: Spend $500 per month with Bluevine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard inc, which can be used everywhere Mastercard® is accepted.
- Incoming Payments: Receive $2,500 per month in customer payments into Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider
Who's this for? Bluevine Business Checking is great if you're a small business owner. It doesn't limit the number of transactions you can make and charges no monthly, minimum daily balances or non-sufficient fund fees. Additionally, it doesn't charge for overdrafts or ACH payments.
Standout benefits: Bluevine provides the opportunity to earn interest. It also offers useful business-centric features like the ability to deposit checks from your phone, sync your account with QuickBooks online and share access with your team by giving your employees dedicated logins.
Best for LLCs, sole proprietors and contractors
Novo Business Checking
Special offers
Perks upon sign up can include $3,000 in Google Cloud credits, $150 toward Google Ads, 40% off the first six months of QuickBooks Online and up to $20,000 in fee-free credit card transactions when you link your account with Stripe
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
None
Free ATM network
No out-of-network ATM fees and reimburses fees charged by other ATM operators, up to $7 per month
ATM fee reimbursement
Yes, up to $7 per month worldwide
Small business perks
Sync your account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and other popular merchant tools. Amazon integration for sales and revenue tracking.
Overdraft fee
If a transaction is made and there are insufficient funds to complete the payment, your Novo account will not be charged an overdraft fee
Mobile check deposit
Yes
Terms apply. Novo Platform Inc. {"Novo") is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A. Member FDIC.
Pros
- Seamless tech integrations make it easy for the solo entrepreneur who does it all
- Money-saving partnerships with popular invoicing, marketing and communications tools
- Syncs easily to Google Pay and Apple Pay
- Unlimited fee-free monthly transactions
- No monthly fees or minimum balance requirements
- ATM reimbursements up to $7 per month
Cons
- Online only (not great if you prefer in-person banking)
- No easy way to deposit cash
Who's this for? Novo Business Checking is worth considering if you want to establish a business presence and separate your personal and business finances.
Standout benefits: Novo allows unlimited transactions and refunds all ATM fees worldwide, up to $7 per month. It provides tools for unlimited invoicing, as well as integration with some common business tools, including Stripe, Shopify, QuickBooks and Xero. You'll also get access to discounts on eligible business services and software.
Best for branch access
Chase Business Complete Banking®
Special offer
Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
Monthly maintenance fee
$15, with options to waive
Minimum deposit to open
None
Minimum balance
None required but maintaining a minimum daily balance of $2,000 in your account as of the beginning of each day of the statement period will waive the monthly maintenance fee
Annual Percentage Yield (APY)
N/A
Free ATM network
More than 16,000 Chase ATMs
ATM fee reimbursement
None
Small business perks
Multiple owners get individual debit cards, PINs and online access to the account; debit cards for employees for which the owner can control daily limits
Overdraft fee
$34 with ways to waive
Mobile check deposit
Yes, using the Chase Mobile® app
Terms apply. Chase Bank is a Member FDIC.
Pros
- Same-day access to cash when your deposit is approved before 8 p.m. (except on Saturdays)
- Easy ways to accept payments virtually with QuickAccept℠
- Unlimited electronic deposits and up to $5,000 fee-free cash deposits per cycle
- Send and receive money without visiting a branch via Chase QuickDeposit℠, wire transfers and Chase Online Bill Pay
- Standard daily spending limit of $10,000 for Chase Business Debit Cards
Cons
- Only 20 free in-person paper check deposits/withdrawals (after $0.40/each)
How to avoid the monthly fee:
Meet one of these conditions during your monthly statement period.
- $2,000 minimum daily balance
- $2,000 in purchases on your Chase Ink® Business Card(s)
- $2,000 in deposits from QuickAccept℠ and/or other eligible Chase Merchant Services transactions
- Link a Chase Private Client Checking℠ account
How overdraft fees are waived:
- If your account balance at the end of the business day is overdrawn by $5 or less
- If the item that caused the overdraft was $5 or less, even if your account balance at the end of the business day is overdrawn
- If you made a debit card transaction and your available balance was sufficient at the time it was authorized
- If a merchant submitted the same check or ACH item submitted multiple times, resulting in a Returned Item Fee and an Insufficient Funds Fee
- Insufficient Funds Fees do not apply to withdrawals made at an ATM
Who's this for? Chase Business Complete Banking® is an excellent choice for many types of businesses because of its generous cash bonus, built-in card acceptance and large network of over 4,700 physical branches.
Standout benefits: When you open a new Chase Business Complete Checking account, you can earn $300 with qualifying activities. Offer ends 7/21/2024. Ongoing benefits include access to QuickAccept and QuickDeposit. QuickAccept allows you to accept card payments with a mobile card reader or through the Chase app. QuickDeposit offers a few options to scan and deposit checks, such as taking a picture of your check in the mobile app or signing up for a multiple-feed scanner to scan as many as 50 checks at once.
Best for medium to large businesses
Capital One Business Enhanced Checking
Special offer
N/A
Monthly maintenance fee
$35, waived if your prior 30- or 90-day account balance averages $25,000 or more
Minimum deposit to open
$250
Minimum balance
N/A
Annual Percentage Yield (APY)
None
Free ATM network
40,000+ fee-free Capital One and Allpoint® ATMs to choose from (including in select Target®, Walgreens® and CVS Pharmacy® locations)
ATM fee reimbursement
No
Small business perks
Account holders have the ability to sign up for Capital One® ProDeposit, a paid service ($50 per month) allowing unlimited mobile check scanning (up to $250,000 per 20 business days) with added security features
Overdraft fee
$35, but free overdraft protection with a linked small business deposit account
Mobile check deposit
Free smartphone mobile deposits
Terms apply. Capital One is a Member FDIC.
Pros
- Unlimited business transactions included each month (good for larger businesses with high transaction volume)
- Next-day funds availability
- All incoming domestic wires are free
- Free business debit cards
- Free cash deposits
Cons
- High minimum account balance requirement to waive monthly fee (designed for businesses with less than $10 million in annual revenue)
How to avoid the monthly fee:
- Maintain an average 30- or 90-day account balance of $25,000 or more
Who's this for? The Capital One Enhanced Checking account is worth considering if your business has higher balance and transaction volumes.
Standout benefits: Incoming domestic wires are free and your first five outgoing wires are free each month. You can deposit checks using a remote scanner service without having to visit a Capital One branch. The account also allows you to get up to two Basic Checking accounts with no monthly service fees.
Best for gig workers and freelancers
Found Banking
Special offer
N/A
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
None using the free version; 1.5% APY on balances up to $20K for Found Plus
Free ATM network
Standard ATM fees will apply
ATM fee reimbursement
None
Small business perks
Access to built-in bookkeeping and tax tools; integrations with Stripe and Quickbooks; unlimited customizable invoices; offers Found Plus, which is an optional premium service that provides access to more advanced business tools for $19.99 per month
Overdraft fee
$0
Mobile check deposit
Yes
Found is a financial technology company, not a bank. Business banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted. Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed
Pros
- Create pockets to organize your cash flow
- No required monthly fees or balance minimums
- Easy to sign up for in just a few minutes
- Built-in accounting and tax tools
- FDIC-insured for up to $250,000
- Mobile check deposits
- Physical and virtual debit card available
- Can receive direct deposits up to two days early
Cons
- Found won't charge you ATM fees but standard ATM fees will apply
- ATM withdrawal limit of $550
- Doesn't offer an APY using free version
- Weekly check deposit limit of $3,000/week and weekly cash deposit limit of $2,000/week; monthly cash deposit limit of $4,000
Who's this for? The Found business checking account can be an excellent choice if you're a freelancer or independent contractor. The account requires no monthly fees or minimum balance — and it's free to sign up.
Standout benefits: Users get access to built-in tax and accounting tools, including bookkeeping, invoicing and the ability to create categories ("pockets") to organize their cash flow. Additionally, you can link your account to payment and business apps such as Cash App, PayPal and Venmo, as well as Stripe and Quickbooks.
Best for ATM access
Axos Basic Business Checking
Special offer
N/A
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
None
Free ATM network
Not disclosed
ATM fee reimbursement
Unlimited domestic ATM fee reimbursements
Small business perks
Integrates with payroll services and merchant services
Overdraft fee
Not disclosed
Mobile check deposit
Yes
Pros
- No required monthly balance
- No minimum deposit to open
- No monthly maintenance fee
- Allows for mobile check deposits
- Integrates with business management tools
- Unlimited domestic ATM fee reimbursements
- Offers Visa debit card
- Overdraft protection available
Cons
- Doesn't offer an APY
Who's this for? The Axos Basic Business Checking account is a good fit if you want ATM access. It offers unlimited domestic ATM fee reimbursements, so you don't need to worry about whether an ATM is in-network.
Standout benefits: This account doesn't have a monthly maintenance fee, minimum monthly balance requirement or minimum deposit to open the account. It offers free domestic and international incoming wire transfers, as well as two reimbursed outgoing wires each month.
Best for welcome bonus
Axos Business Interest Checking
Special offer
Earn up to $400 in bonus cash when you open business checking account by 6/30/24 with the code NEW400 on your application
Monthly maintenance fee
$10 (waived with $5,000 minimum average daily balance)
Minimum deposit to open
$100
Minimum balance
$0 (must keep a $5,000 minimum average daily balance to waive the maintenance fee)
Annual Percentage Yield (APY)
Up to 1.01% APY
Free ATM network
Standard ATM fees may apply
ATM fee reimbursement
Unlimited ATM fee reimbursements (domestic only)
Small business perks
Access to merchant services through Celero Merchant Solution, payroll services through Roll by ADP and small business lending with Centerstone Small Business Administration Lending
Overdraft fee
$25 per item ($75 maximum per day) for non-sufficient/uncollected funds on paid or returned items
Mobile check deposit
Yes
Pros
- Generous welcome bonus
- Offers an APY
- FDIC-insured for up to $250,000
- ATM fee reimbursement
- Offers a mobile app
Cons
- $100 minimum deposit to open the account
- Charges a $10 monthly maintenance fee that is only waived if you keep an average daily balance of at least $5,000
Who's this for? The Axos Business Interest Checking is ideal if you're on the market for a welcome bonus.
Standout benefits: If you open a new Business Interest Checking account by June 30, 2024 and use the promo code NEW400, you can earn a welcome bonus of up to $400. The average daily balance in your account must be between $25,000 and $49,999.99 for a $300 bonus or greater than $50,000 for a $400 bonus, and you must have bill pay set up and at least ten point-of-sale transactions per month. This account also lets you earn up to 1.01% APY on your balance.
Best for making cash deposits
Bank of America Business Advantage Relationship Banking
Special offer
N/A
Monthly maintenance fee
$29.95/month, with options to waive
Minimum deposit to open
$100
Minimum balance
$15,000 to waive the monthly fee (or $5,000 for the lower-tier Bank of America Business Fundamentals account)
Annual Percentage Yield (APY)
None
Free ATM network
16,900 Bank of America ATMs
ATM fee reimbursement
No
Small business perks
Easy QuickBooks® integration
Overdraft fee
$10 per item (up to two fees per day). Accounts can be set to decline transactions when there are insufficient funds.
Mobile check deposit
Yes
Terms apply. Bank of America is a Member FDIC.
Pros
- Cash deposits up to $20,000 per statement cycle are free (then 30 cents per $100)
- Unlimited free ACH, debit card, electronic debits and check deposits through Remote Deposit Online
Cons
- Maximum of 500 check deposits/other debits per statement cycle, then 45 cents per item
How to avoid the monthly fee:
Meet one of the following requirements each statement cycle.
- Maintain a $15,000 combined average monthly balance across your linked Bank of America accounts
- Qualify for and enroll in the Preferred Rewards for Business program (first four checking accounts per enrolled business)
Who's this for? Bank of America Business Advantage Relationship Banking can be a good option if you're handling up to $20,000 in monthly cash deposits.
Standout benefits: This account allows you to make cash deposits of up to $20,000 per month for free. Other perks include access to digital tools like Zelle, Cash Flow Monitor and Business Advantage 360. Cash Flow Monitor provides tracking of credits and debits, cash flow projections and support from small-business specialists. Business Advantage 360 lets you pay bills, view and manage statements and transactions and download activity to QuickBooks. You can also connect your account to third-party apps like TurboTax and Expensify.
Compare offers to find the best checking account
More on our picks for best business checking accounts
Bluevine Business Checking
Bluevine Business Checking is a digital account so you won't have the option to visit a branch, but you'll have free access to over 37,000 MoneyPass ATMs nationwide, as well as the ability to deposit cash and order checkbooks.
Premier customers get 4.25% APY without minimum qualifications, Bluevine Plus customers can earn 3% APY, and Standard customers get 2% APY on their balance up to $250,000 if they meet the monthly debit transaction or deposit requirement.
Minimum deposit to open
$0
Minimum balance
$0
APY
2.00% APY to 4.25%, depending on your account tier
Novo Business Checking
Novo Business Checking is an online business checking account with no monthly maintenance fee and no minimum deposit upon opening. While you won't be able to make any cash deposits, you can use Novo's mobile app to deposit checks and money orders.
Minimum deposit to open
$0
Minimum balance
$0
APY
None
Chase Business Complete Banking
Chase Business Complete Banking is a fairly no-frills account, ideal for those who want access to physical branches. It has a $15 monthly service fee but you can avoid it by meeting one of the following requirements:
- Keeping a $2,000 minimum daily balance
- Having $2,000 in eligible deposits from Chase QuickAccept® (includes other eligible Chase Payment Solutions transactions)
- Making $2,000 in eligible purchases from your Chase Ink Business Card
- Maintaining a linked Chase account (includes Chase Private Client Checking℠, JPMorgan Classic Checking and Private Client Checking Plus account)
- Meet the requirements for Chase Military Banking
Minimum deposit to open
$0
Minimum balance
$0 (maintaining a minimum daily balance of $2,000 in your account as of the beginning of each day of the statement period will waive the monthly maintenance fee)
APY
None
Capital One Enhanced Checking
Capital One is a household name in banking with brick-and-mortar locations, as well as access to over 70,000 in-network Capital One, MoneyPass® and Allpoint® ATMs. The Enhanced Checking account is designed for businesses with cash deposit needs under $40,000 per month. It has a $35 monthly service fee but you can get it waived if your prior 30- or 90-day balance averages $25,000 or more. It offers various useful features, such as an online bill pay feature that makes it easy to send payments to vendors for free.
Minimum deposit to open
$250
Minimum balance
$0
APY
None
Found Banking
Found offers a free account geared toward self-employed individuals. It allows for a few basic integrations but you can access more advanced business tools if you upgrade to the Found Plus account, which costs $19.99 per month or $149.99 per year. Plus, you'll be able to earn 1.5% APY on account balances of up to $20,000.
Note that Found has certain deposit and withdrawal limits that might present a challenge if you have a larger cash flow. Specifically, you can deposit up to $3,000 in checks and $2,000 in cash per week. There's also a monthly limit of $4,000 for cash deposits. Further, you can transfer up to $5,000 to a linked bank account per day. Card purchases and transfers to payment apps have a daily limit of $4,000.
Minimum deposit to open
$0
Minimum balance
$0
APY
None for the free version; 1.5% APY for Found Plus
Axos Basic Business Checking
Axos Bank is an online bank offering a range of financial products for both consumers and businesses.
Axos Basic Business Checking is a straightforward account with no monthly maintenance fees, no initial deposit or minimum balance requirements, free domestic incoming wires and unlimited transactions. It also offers unlimited domestic ATM fee reimbursements.
Minimum deposit to open
$0
Minimum balance
$0
APY
None
Axos Business Interest Checking
The Axos Business Interest Checking account stands out for earning interest, which is less common among checking accounts, but the APY you earn varies based on your balance. It has a low $100 minimum opening deposit, offers unlimited domestic ATM fee reimbursements and allows up to 60 items per month for remote deposit. It has a $10 monthly maintenance fee, but it can be waived with a $5,000 minimum average daily balance.
Minimum deposit to open
$100
Minimum balance
$0 (must keep a $5,000 minimum average daily balance to waive the maintenance fee)
APY
Up to 1.01% APY
Bank of America Business Advantage Relationship Banking
Bank of America is another well-known name in the banking world with thousands of physical branches. The Business Advantage Relationship Banking account offers fee-free electronic transactions, such as ACH transactions, debit card transactions, electronic debits and online or ATM deposits.
Minimum deposit to open
$100
Minimum balance
$0 (maintaining an average monthly balance of $15,000 will waive the monthly maintenance fee)
APY
None
Online vs. brick-and-mortar business checking accounts
When deciding whether to open an online business checking account or go with a brick-and-mortar bank, consider how you manage your business day-to-day.
Many businesses are now mostly digital, meaning invoicing, payments, accounting and payroll happen electronically. On the other hand, some businesses still primarily use cash often enough that they need to bank with a local branch where they can drop off money at the end of every business day.
Online business checking accounts are undoubtedly convenient and come with helpful invoicing features, but it might be worth trading the convenience of these options for the ability to easily withdraw and/or deposit physical cash in large quantities. However, online-only banks have lower fees and usually have lower minimum balance requirements (some as low as $0), so if banking in person is not part of your daily workflow, it might be time to consider a new alternative.
Find the best savings account for you: Help your money grow by finding the savings account that offers the best rates and features for you.
FAQs
What kind of bank account should I open for my business?
You can open a checking account, savings account or merchant services account for your business — but since a checking account allows you to manage your regular cash flow, it may be the best place to start.
Do you need an EIN to open a business bank account?
You need an Employer Identification Number (EIN) to open a business bank account. However, if your business is a sole proprietorship or a single-member LLC, you can use your Social Security Number (SSN).
Is it okay to use a personal checking account for business?
You can use a personal bank account for your business if it's a sole proprietorship, but even in this case, it can cause issues with record-keeping and tax preparation.
What is the minimum amount to open a business checking account?
The minimum deposit to open a business checking account depends on the account: some require none, while others may require upwards of $1,000.
Who should get a business checking account?
Nearly anyone with a side hustle or small business can qualify for a business checking account — not just large corporations. Opening a business checking account is a simple way to separate your personal finances from your business finances, whether you're a sole proprietor conducting business under your social security number or you have an LLC with its own tax ID.
Anyone who has a business, small or large, can benefit from a business checking account. It helps you track your revenue and expenses so that you can understand the business's financial performance before transferring the money to your personal account for spending.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best business checking accounts.
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Our methodology
To determine which business checking accounts offer the most convenience, CNBC Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.
We compared each checking account on a range of features, including:
- Fees
- Minimum balance requirement
- Mobile banking ease
- Small business tools and support
- Large ATM network
- Account accessibility
- Customer reviews, when available
All accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.
Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
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Read more
Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated.
