10 Best Bank Accounts for Business


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Is your business finally large enough to need a business bank account? Are you tired of paying “convenience fees” for inferior customer service from your current bank?

Each business has different banking needs. These business bank accounts offer a variety of features and have reasonable fees.  

Top 3 Bank Accounts for Businesses

Bank NameKey Features
BlueVine* No monthly account fees
* Unlimited transactions
* Earn up to 1% interest
Novo* No account fees
* Worldwide ATM fee reimbursements
* Integrates with third-party apps
Chase Bank* Checking and savings accounts
* Local branch access
* Unlimited electronic deposits

Top Business Bank Accounts

Most of these banks offer multiple products with no fees or low fees. Each bank offers a business checking account.

Some may also offer savings accounts and small business loans that can help your business grow. 

1. BlueVine

  • Monthly account fee: $0
  • Minimum initial deposit: $0
  • Minimum average daily balance: $0
  • Key features: Earn up to 1% interest, 38,000+ fee-free ATMs, no fees

A BlueVine Business Checking account can be the best overall option if you can bank online only.

It’s free, and you don’t have to maintain a minimum account balance or pay recurring account fees. 

BlueVine supports cash deposits at GreenDot kiosks but extra fees apply.

Unlike other business bank accounts, you can make unlimited transactions. Also, there are no “excess item fees” that other banks may charge for excess items.

You can make fee-free ATM withdrawals at over 38,000 MoneyPass network ATMs. This account also gets two free checkbooks.

Azlo syncs with accounting software like Quickbooks Online, Xero and Wave to import your business transactions.  You can also send and receive invoices or integrate with Square, Stripe and PayPal.

The first $100,000 in deposits earn 1% APY. Any excess balance doesn’t earn interest.

Pros

  • No account minimums or monthly fees
  • Unlimited number of transactions
  • Integrates with accounting and invoicing software
  • Over 38,000 fee-free ATMs
  • Earn up to 1% interest

Cons

  • Online-only
  • GreenDot cash deposits have additional fees

Trustpilot score: 4.4 out of 5

2. LendingClub Bank (Formerly Radius)

  • Monthly account fee: $0 or $10
  • Minimum initial deposit: $100
  • Minimum average daily balance: $5,000
  • Key features: Worldwide ATM fee rebates, unlimited transactions, online invoices

The LendingClub Bank Tailored Checking is an online business checking account offering unlimited transactions. New accounts need a $100 initial deposit.

You avoid the $10 monthly account fee by maintaining a minimum $5,000 account balance.  

In addition to waiving the monthly account fee, account balances above $5,000 earn interest (0.10% APY as of July 21, 2021).

LendingClub Bank also has business savings accounts you can open after you open your Tailored Checking account.

The debit card pays 1% in cash back when you keep the $5,000 minimum balance requirement.

So, in addition to the interest rewards, cash back on purchases can make your profitable business idea–well–more profitable.

Even if you forego the interest and cash back and pay the $10 monthly account fee, LendingClub makes it easy to avoid other common business bank account fees.

For instance, you won’t pay “per item fees.” In addition, LendingClub provides unlimited domestic and international ATM fee rebates.

The LendingClub Bank mobile app offers free bill pay, mobile check deposit and invoicing software. You can instantly freeze or unfreeze your debit card from the app.

Some less-common transactions incur a fee:

  • Incoming domestic and international wire transfers: $10
  • Outbound domestic business wire transfers: $18
  • Outbound international wire transfers: $40
  • Treasurer’s checks: $8

Pros

  • Unlimited transactions
  • Worldwide ATM fee rebates
  • Account balances above $5,000 earn interest
  • Free Autobooks invoice software

Cons

  • $10 monthly fee for average monthly account balance below $5,000
  • $100 initial deposit
  • Online-only

Trustpilot score: 4.8 out of 5

3. Novo

  • Monthly account fee: $0
  • Minimum initial deposit: $50
  • Minimum average daily balance: $0
  • Key features: Worldwide ATM fee rebates, unlimited transactions, free wire transfers

Novo is another online-only business bank account that might greatly interest you. There are no monthly account fees or required minimum balances.

Plus, you can send free paper checks to pay bills from the Novo app. 

You will need to make a minimum $50 opening deposit, but there isn’t a monthly account fee.

Like a few other banks, you can enjoy free worldwide ATM fee rebates with your Mastercard debit card. Your debit card also works with the Apple Pay and Google Pay digital wallets. 

Incoming and outgoing wire transfers are free. 

You can also use Novo to send money overseas using Wise.

The Novo app may not have as many built-in features as other bank apps. But Novo’s app offers essential services like mobile check deposit and bill pay.

Novo currently integrates with these online apps:

  • Xero
  • Slack
  • Zapier
  • Wise

You’re more likely to use more apps as your business grows. Other app integrations are arriving soon that make business banking with Novo even easier.

Novo partners with brands including Zendesk, Stripe and Salesforce for special discounts. It’s possible to enjoy over $5,000 in savings, according to Novo.

Pros

  • Zero account fees
  • Unlimited transactions
  • Worldwide ATM fee rebates
  • Integrates with third-party business apps
  • No incoming wire fees

Cons

  • Zero physical branches
  • No built-in invoice software like other bank apps

Trustpilot score: 4.2 out of 5

4. First Internet Bank

  • Monthly account fee: $0
  • Minimum initial deposit: $0
  • Minimum average daily balance: $0
  • Key features: Unlimited transactions, $10 in monthly ATM fee rebates

You will find checking, savings and lending options at First Internet Bank (FIB). Despite its questionable name, FIB is legit.

The bank has been in operation since 1999. It’s possible to open small business and commercial accounts. 

Personal bank accounts are available, too, if you want all your bank accounts in one place. 

Small Business Checking

FIB’s Small Business Checking product offers unlimited transactions with no account fees or minimum balance.

Having an average daily balance above $10,000 lets your account balance earn interest. You can earn 0.30% APY as of April 6, 2021. 

Also, you get $10 in ATM fee reimbursements each month. Plus, free online bill pay is available.

Paper checks are available for an additional purchase.

Business Savings Account

A Regular Savings account can earn up to 0.40% interest (April 6, 2021). It’s possible to waive the $2 monthly fee by maintaining a minimum balance of $1,000.

Sole proprietors can get an ATM card to make direct withdrawals. Up to six monthly withdrawals are permitted.

The minimum opening deposit for each account is $100.

Money Market Savings

FIB’s Money Market Savings account earns a higher interest rate than the savings account. The potentially higher interest rate is similar to personal money market accounts.

Your account balance can earn up to 0.40% APY as of April 6, 2021.

Unfortunately, most business money market and savings accounts have a monthly fee. The monthly fee with this account is $5 that you can waive with a $4,000 average daily balance.

Like all high-yield bank accounts, you can only make six monthly withdrawals. Savings accounts with unlimited withdrawals earn a near-zero interest rate.

Bank CDs

You can also build a CD ladder with your business cash reserves. The CD terms vary between three months and sixty months.

The yields can be higher than the other FIB bank accounts. 

Commercial Lending

Small and mid-size businesses in Indiana and Arizona can apply for a FIB business loan. 

Your options include:  

  • Lines of credit
  • Term loans
  • SBA loans
  • Owner-occupied real estate

Pros

  • Free small business checking account
  • No account minimum for small business checking
  • Savings and money market accounts
  • Can order paper checks
  • Free online bill pay

Cons

  • Potential monthly account fees for savings accounts
  • Checking account requires $10,000 balance to earn interest
  • No physical branches

Trustpilot score: 3.1 out of 5

5. US Bank

  • Monthly account fee: $0
  • Minimum initial deposit: $0
  • Minimum average daily balance: $0
  • Key features: Local branch access, 125 free monthly transactions

Some businesses need local branch access to deposit cash and multiple paper checks. US Bank has a national presence with more than 3,000 branches and 4,800 ATMs.

Their business banking checking and savings products have reasonable fees. 

If you don’t need local branch access, an online-only bank can still be a cheaper option. For example, most online banks offer unlimited transactions.   

Silver Business Checking Account

US Bank offers several different business checking products, including one for nonprofits. Silver Business is the entry-level option and doesn’t have a monthly fee. 

Your Silver Business monthly account benefits include:

  • 125 free transactions per statement cycle
  • 25 free cash deposits per statement cycle
  • Remote check deposit

You pay $0.50 per excess transaction in every statement cycle. 

US Bank offers a 50% discount on paper check orders of at least $50. Also, you can save 50% on the monthly fee of a Gold personal checking account

There are more deluxe business banking accounts that are available as well. These accounts provide more items but have a wavetable monthly service fee.

Savings Accounts

US Bank offers savings accounts and money market accounts to stash your long-term reserves. However, your deposits only earn 0.01% APY for most accounts. 

Also, you will need to look out for monthly fees. For instance, the Preferred Business Money Market requires a $1,000 minimum balance to waive the $10 monthly fee.

Pros

  • Local branch access
  • No monthly fee for the Silver Business checking account
  • Savings and lending options available 
  • Discounts on other US Bank products 
  • Paper checks are available

Cons

  • A limited number of free monthly transactions
  • May need to live near a local branch to qualify
  • Savings accounts have low interest rates

Trustpilot score: 1.3 out of 5 (due to poor customer service ratings for personal accounts)

6. Chase Bank

  • Monthly account fee: $0 or $15
  • Minimum initial deposit: $0
  • Minimum average daily balance: $2,000
  • Key features: Local branch access, 100 free transactions, unlimited electronic deposits

Another well-respected option for personal or business banking is Chase Bank. There are over 4,900 nationwide branches and 16,000 in-network ATMs.

Chase Business Complete Checking

The entry-level Chase Business Complete Checking account can be the best checking option for many. One reason why is that it’s easy to waive the monthly service fee.

You can waive the Total Business Checking $15 monthly service fee with a minimum of $2,000 daily balance.

Linking a Chase Private Client or Sapphire Banking account also qualifies. 

The mid-tier Performance Business account requires a $35,000 account minimum to waive the $30 monthly service fee.  

Chase Business Complete Checking account benefits include:

  • 20 free monthly transactions (then $0.40 per excess item)
  • Unlimited electronic deposits
  • Up to $5,000 in cash deposits per statement cycle
  • Access up to seven years of electronic statements

There are relatively few free monthly transactions, but the unlimited electronic deposits are nice. Also, you can send money to others by using Zelle. 

Chase Business Total Savings

There are three different business savings account options. The entry-level Chase Business Total Savings option can best if you also open a Total Business Checking account.

You can waive the $10 monthly service fee by linking this account to your Total Business Checking account. Or you can maintain a minimum $1,000 average daily balance.

Your account Total Business Savings benefits include:

  • 15 free monthly deposits
  • Up to $5,000 in monthly cash deposits
  • All deposits earn interest

While all deposits earn interest, the rate is only 0.01% APY. 

Small Business Lending

Chase Bank offers business loans starting at $5,000 and lines of credit with a minimum $10,000 balance. Many online-only banks don’t provide these financing tools. 

Pros

  • Unlimited electronic deposits
  • Easy ways to waive monthly account fees
  • Up to seven years of electronic statement access
  • Local branch access

Cons

  • Only 20 free monthly transactions for Business Complete Checking account
  • May have to pay a monthly account fee
  • No ATM fee reimbursements for non-network ATM withdrawals

Trustpilot score: 1.3 out of 5 (due to poor customer service)

7. Truist (formerly BB&T)

  • Monthly account fee: $0 or $12
  • Minimum initial deposit: $0
  • Minimum average daily balance: $1,500
  • Key features: 200 free monthly transactions, Up to $10,000 in cash deposits

Truist (formerly BB&T) is one of the better mid-size banks for business checking accounts. Savings accounts are not available, but you can apply for business loans and lines of credit.

This bank has three different “Business Value” checking accounts but doesn’t offer business savings accounts. You can either get 50, 200 or 500 free monthly checking transactions.

Business Value 200

The best BB&T bank account option for most can be Business Value 200. You can waive the $12 monthly service fee with a $1,500 average daily account balance.

It’s also possible to waive the fee by having a combined $6,000 balance between your personal and business accounts.

Business Value 200 account benefits include:  

  • 200 free checking transactions (then $0.50 per extra item)
  • Up to $10,000 in cash processing
  • Up to $50 discount on first order of paper checks
  • Collect receipts in the BB&T mobile app
  • Send or receive money with Zelle

BB&T also waives the monthly account fee on a linked personal checking account. Being able to collect and store your various receipts in the BB&T mobile app is also handy.

Pros

  • 200 free monthly transactions
  • Up to $10,000 in free monthly cash deposits
  • Several ways to waive the $12 monthly service fee 
  • Can waive the monthly account fee for a personal BB&T checking account
  • Paper checks for order

Cons

  • No unlimited electronic deposits
  • May have to pay a monthly service fee
  • Must live near a BB&T branch

Trustpilot score: 2.1 out of 5

8. Flourish

  • Monthly account fee: $0
  • Minimum initial deposit: $1
  • Minimum average daily balance: $0
  • Key features: No account fees, Unlimited transfers

Flourish is a good alternative to parking your extra cash in a traditional checking or savings account. There are no account fees or balance minimums.

You have up to $1.5 million in FDIC insurance instead of the standard $250,000 coverage.

To clarify, Flourish keeps your cash with several banks who can each insure up to $250,000 of your account.

The first $750,000 earns up to 0.30% APY and the remaining balance earns 0.14% APY. This yield is higher than most local banks but can be lower than other online banks

The good news is that you can make unlimited monthly transfers as most other banks must abide by the federal six-monthly withdrawal limit.

One downside is that sole proprietors cannot join Flourish at this time. 

Pros

  • No account fees
  • Unlimited transfers
  • No minimum balance requirement
  • FDIC-insured up to $1.5 million

Cons

  • Not available to sole proprietors
  • Other banks savings accounts earn more interest

Trustpilot score: N/A

9. NBKC

  • Monthly account fee: $0
  • Minimum initial deposit: $0
  • Minimum average daily balance: $0
  • Key features: No account fees, unlimited transactions, 32,000+ free ATMs

NBKC (National Bank of Kansas City) is open to businesses in all 50 states.

Local branch access is available in the Kansas City area. But you can enjoy most features with an online account too. 

Business Checking

Your business checking account is free and has no minimum account balance requirement.

Other NBKC business account perks include:

  • Unlimited transactions
  • 34,000+ fee-free MoneyPass ATMs
  • Up to $12 in monthly refunds for non-network ATMs
  • Free incoming domestic wire transfers

Outgoing domestic wires cost $5 each, although you pay $45 per international wire.

Other add-on services you can purchase include desktop banking and ACH credits and debits. These tools assist with payroll services and fee collections.  

Business Money Market

The NBKC Business Money Market is worth considering as well. Your minimum opening deposit is $0, and the entire balance can earn up to 0.10% APY (as of April 6, 2021).

Pros

  • Unlimited transactions
  • No account fees or minimums
  • Over 32,000 fee-free MoneyPass ATMs in the U.S. and Puerto Rico
  • Interest-bearing money market account

Cons

  • Only local branches are in the Kansas City area
  • Must pay fees for less-common services
  • No paper checks

Trustpilot score: 2.5 out of 5 (due to lengthy application process)

10. Axos Bank

  • Monthly account fee: $0
  • Minimum initial deposit: $0
  • Minimum average daily balance: $0
  • Key features: No account fees, 200 free monthly items, domestic ATM fee reimbursements

Axos Bank is an online-only bank with business checking and savings accounts. It’s possible to open accounts without a monthly account fee.

Plus, all Axos accounts are Quickbooks compatible.

Basic Business Checking

Account benefits include:

  • No monthly account fee
  • 200 free monthly items (then $0.30 per item)
  • First 50 paper checks are fee
  • Unlimited domestic ATM reimbursements

Axos Bank gives you free online bill pay, and your first set of 50 paper checks are free. Plus, you get unlimited domestic ATM reimbursements as well. 

This account doesn’t require a minimum initial deposit. It also provides more free items than than the Business Interest account.

Business Savings

Of the three Axos Bank savings account options, Business Savings is the best overall for most. 

The initial deposit is $1,000, and you must maintain a $2,500 average daily balance to waive the $5 monthly account fee.

Your Business Savings balance earns 0.50% APY.

Pros

  • Basic Business Checking account has no monthly service fees
  • First set of 50 physical checks is free
  • Online bill pay

Trustpilot score: 1.8 out of 5

Cons

  • Minimum initial $1,000 deposit for most accounts
  • Limited number of free monthly items

Summary

These online and local banks can make it easier to deposit payments and pay bills. Switching banks is also an easy way to save money and boost your bottom line.

Some banks even offer personal accounts so you can keep all your wealth under one roof.