7 Best Small Business Checking Accounts March 2021

Cody Cromwell
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Bank of America: Overall Best Small Business Checking Account

Bank of America

The joy of Bank of America is its availability all over the country, giving you a large number of branch locations in your region. This makes it very convenient to day-to-day expenses and transfers to other financial apps, including business expenses and taxes. Bank of America Business checking account offers you the opportunity to manage multiple businesses and balances within one business account.

The interest rate on this account is as high as 1.82% interest per year and you can easily adhere to a high minimum balance requirement. The account can also be opened online and make use of other apps. You will need very little formality when opening the account. All you need is the statement address, your business information and a signature.

The account is also deposit-friendly and offers 5x the amount of ATM withdrawals to all JPMorgan Chase, Bank of America and Citi ATMs. This makes it viable for depositing checks and collecting your personal and business checks. Also, you receive rewards like a 10% business cash rewards.

The account also comes with check image functionality and now uses Instant Deposits. With an account you can deposit checks by taking a snap of the check with your mobile phones camera.

Bank of America is also reasonable with international transactions and payments so making trips abroad is easy.

What We Like

No ATM fees, no monthly expenses, a big selection of banks.

What's Missing

From Business Checking Accounts?

Essentially, business checking accounts are a stripped version of traditional banking products. As such, they purposely limit the features their customers can access. While these limitations provide for a much easier onboarding experience, it can also make it more difficult to manage and reconcile expenses.

On the plus side, you shouldn't have any trouble finding a small business checking account to fit your needs. Depending on the business, you may not even have to do much research. However, certain features may not yet be available, so make sure to ask your banker about what’s out of the box.

Additional Features

While some banks have been making it harder for businesses to qualify for the best small business checking accounts, some banks have been working harder to ensure businesses have all the options and services they need to get through the day.

Once you have your business started, it’s important you match your bank account with your business’s needs. If you want to understand more about small business checking accounts from a bank perspective, you can read about the different types of small business checking accounts.

With a business checking account, you can have a balance, pay your bills and manage your organization’s finances.

A business checking account is just as flexible as any personal account. However, the balance you can pay your bills with is usually limited to the daily balance in the account.

If you’re trying to determine which business checking account will best serve your needs, there are major aspects to take into consideration. They include:

Benefits of a Business Checking Account

A business checking account should have a lot of benefits that set it apart from the other types of accounts you can find. Some include:

Easy to manage your finances with the most advanced tools and features.

Access to the features you need to operate your business.

Keep your confidential information secure with the use of extra layers of security.

Fees & Terms

Chase Bank: Best for Low Monthly Deposits

Chase Bank

What We Like

No ATM fees, no monthly expenses, a big selection of banks.

What's Missing

From Business Checking Accounts?

Essentially, business checking accounts are a stripped version of traditional banking products. As such, they purposely limit the features their customers can access. While these limitations provide for a much easier onboarding experience, it can also make it more difficult to manage and reconcile expenses.

On the plus side, you shouldn't have any trouble finding a small business checking account to fit your needs. Depending on the business, you may not even have to do much research. However, certain features may not yet be available, so make sure to ask your banker about what’s out of the box.

Additional Features

While some banks have been making it harder for businesses to qualify for the best small business checking accounts, some banks have been working harder to ensure businesses have all the options and services they need to get through the day.

Once you have your business started, it’s important you match your bank account with your business’s needs. If you want to understand more about small business checking accounts from a bank perspective, you can read about the different types of small business checking accounts.

With a business checking account, you can have a balance, pay your bills and manage your organization’s finances.

A business checking account is just as flexible as any personal account. However, the balance you can pay your bills with is usually limited to the daily balance in the account.

If you’re trying to determine which business checking account will best serve your needs, there are major aspects to take into consideration. They include:

Benefits of a Business Checking Account

A business checking account should have a lot of benefits that set it apart from the other types of accounts you can find. Some include:

Easy to manage your finances with the most advanced tools and features.

Access to the features you need to operate your business.

Keep your confidential information secure with the use of extra layers of security.

Fees & Terms

Capital One: Best for Unlimited Transactions

We’ve picked Capital One as our favorite for small-businesses because there’s no monthly minimum and unlimited transactions. With Capital One Spark BusinessSM, businesses can cash checks and make deposits with their mobile phone. Thanks to this business checking account, you can now deposit paychecks, pay bills, pay with your mobile phone, and at any point, you can have your check and photo copy deposited. You can even create a custom business debit card or apply for a merchant account with just a few simple steps. There’s no minimum signup or monthly service fees, and you only pay the cost of your checks when you’re cashed. You can even transfer your money online with the Visa Checkout from your personal account.

Capital One

One of the best things about most standard checking accounts is that they come with unlimited services, whether it’s checking or savings. Capital One 360 ABSORB SM Banking account changes all that.

To start, the account won’t allow you to open a savings account. In fact, most of the other features are more like to be used for bill paying, not savings.

In place of the standard savings account, Capital One 360 ABSORB SM Banking account has the 360 Savings Account. This is a pretty standard credit-based account that earns money through interest. It has a 4% APY, which is among the best rates you can find for a savings account of this kind.

With this account, you won’t get any bonuses for opening it or for enrolling in a debit card. You will also have to pick and choose between advance notice or instant access to your money. With both accounts, you should have at least 10 days’ advance notice before being charged interest.

Those two factors—delay in getting your money and the choice between instant access or advance notice—make the account a little riskier to use for emergencies. However, if you have a backup funding source you can use in case of emergency, this feature is very useful.

What We Like

No ATM fees, no monthly expenses, a big selection of banks.

What's Missing

From Business Checking Accounts?

Essentially, business checking accounts are a stripped version of traditional banking products. As such, they purposely limit the features their customers can access. While these limitations provide for a much easier onboarding experience, it can also make it more difficult to manage and reconcile expenses.

On the plus side, you shouldn't have any trouble finding a small business checking account to fit your needs. Depending on the business, you may not even have to do much research. However, certain features may not yet be available, so make sure to ask your banker about what’s out of the box.

Pricing

One of the most interesting aspects of a small business checking account is the fact that you can essentially shop around quite a bit from a variety of banks. The differences between accounts are typically relatively minor, but it’s important to take into account different pricing. Having a different product from the same basic bank can certainly provide different pricing, especially if there is a difference in the level of convenience and features offered.

Also, it’s important to keep in mind the availability of online banking. Several of the banks we reviewed offer online banking, and if you’re someone who needs that option, it can be helpful in the longer term.

Fees & Terms

U.S. Bank: Best for Limited Transactions

Deposit Account, and Checking.

Building a house? No worries! U.S. Bank offers a variety of mobile deposit solutions, including flexible and convenient options for collecting and delivering needed payments. You can also count on for an extensive list of trade and find the best U.S. Bank ATM options.

What do you want to deposit and withdraw? How much can you afford or want to borrow? These will all factors that you’ll factor into choosing a checking account.

Along with the regular features you’re used to, U.S. Bank offers a lot of perks for busy people. U.S. Bank also has the industry’s lowest fees and fees waived for six months for each of its products, which are great features to consider.

Other available features include alerts as to when you have a payment due, electronic documents, electronic signatures, online banking and bill pay.

In case your card is lost or stolen, U.S. Bank offers convenient and easy to use online/mobile banking services such as Available Balance Tracker, Lost/Stolen Card Alerts, and Research.

U.S. Bank

What We Like

No ATM fees, no monthly expenses, a big selection of banks.

What's Missing

From Business Checking Accounts?

Essentially, business checking accounts are a stripped version of traditional banking products. As such, they purposely limit the features their customers can access. While these limitations provide for a much easier onboarding experience, it can also make it more difficult to manage and reconcile expenses.

On the plus side, you shouldn't have any trouble finding a small business checking account to fit your needs. Depending on the business, you may not even have to do much research. However, certain features may not yet be available, so make sure to ask your banker about what’s out of the box.

Additional Features

While some banks have been making it harder for businesses to qualify for the best small business checking accounts, some banks have been working harder to ensure businesses have all the options and services they need to get through the day.

Once you have your business started, it’s important you match your bank account with your business’s needs. If you want to understand more about small business checking accounts from a bank perspective, you can read about the different types of small business checking accounts.

With a business checking account, you can have a balance, pay your bills and manage your organization’s finances.

A business checking account is just as flexible as any personal account. However, the balance you can pay your bills with is usually limited to the daily balance in the account.

If you’re trying to determine which business checking account will best serve your needs, there are major aspects to take into consideration. They include:

Benefits of a Business Checking Account

A business checking account should have a lot of benefits that set it apart from the other types of accounts you can find. Some include:

Easy to manage your finances with the most advanced tools and features.

Access to the features you need to operate your business.

Keep your confidential information secure with the use of extra layers of security.

Fees & Terms

Wells Fargo: Best for Scalability

If you have a small business with a lot of cash to manage, or if you’re just looking for a convenient solution for your personal accounts, Wells Fargo has just what you’re looking for.

The accounts can be tailored to suit your specific needs by including inactivity fees for people who don’t use their account regularly, or by investing the funds in a variety of different securities. And with more than 3,000 branches across the United States, Wells Fargo helps you manage your account without ever having to go out of your way. The quarterly statements and statement analysis tools are also top notch.

The primary drawback to Wells Fargo is that it doesn’t allow all size businesses to open accounts, but with a scalable solution like this, the card issuers usually don’t rate you on the company you keep. In fact, Wells Fargo encourages accounts for new and existing businesses of any size.

Wells Fargo

What We Like

No ATM fees, no monthly expenses, a big selection of banks.

What's Missing

From Business Checking Accounts?

Essentially, business checking accounts are a stripped version of traditional banking products. As such, they purposely limit the features their customers can access. While these limitations provide for a much easier onboarding experience, it can also make it more difficult to manage and reconcile expenses.

On the plus side, you shouldn't have any trouble finding a small business checking account to fit your needs. Depending on the business, you may not even have to do much research. However, certain features may not yet be available, so make sure to ask your banker about what’s out of the box.

Additional Features

While some banks have been making it harder for businesses to qualify for the best small business checking accounts, some banks have been working harder to ensure businesses have all the options and services they need to get through the day.

Once you have your business started, it’s important you match your bank account with your business’s needs. If you want to understand more about small business checking accounts from a bank perspective, you can read about the different types of small business checking accounts.

With a business checking account, you can have a balance, pay your bills and manage your organization’s finances.

A business checking account is just as flexible as any personal account. However, the balance you can pay your bills with is usually limited to the daily balance in the account.

If you’re trying to determine which business checking account will best serve your needs, there are major aspects to take into consideration. They include:

Benefits of a Business Checking Account

A business checking account should have a lot of benefits that set it apart from the other types of accounts you can find. Some include:

Easy to manage your finances with the most advanced tools and features.

Access to the features you need to operate your business.

Keep your confidential information secure with the use of extra layers of security.

Fees & Terms

BlueVine: Best for Earning an Ongoing APY While Paying No Banking Fees

BlueVine is a product of Affinity on Demand (AOD), a company that specializes in the creation of custom banking solutions for small business. BlueVine caters to small business owners who can’t deal with the extremely high fees of existing banking solutions that do not allow for the transfer of funds between accounts.

Instead, AOD creates a custom solution that caters to both the particular needs of the customer as well as their short-term financial goals. For example, if the customer is interested in funding a specialty gift-giving business, AOD will look for ways to create money-making avenues for this new business. The gift-giver can use the money earned to reinvest into the gift business and to fund more inventory.

The only fee-generating aspect of BlueVine is the online transaction fee for each share purchased on the site or redeemed as cash. Rates vary based on disclosure.

An important factor to consider when choosing a small business checking account is your financial goals. Will you use BlueVine to fund ongoing operations or are you more interested in stockpiling cash for rainy days?

The following are some of the account options that are best-suited for the different financial goals and financial situations of small business owners.

BlueVine

BlueVine is a free app that can help teach you investing principles and strategies in a simple, easy-to-understand format. The app uses an algorithm that finds the stocks to watch that can turn the majority of its users into better investors. Ticker symbols are color coded and you have the option of following the trends of the top 1% of stock pickers. You can also send push notifications to watch stocks or have them sent to your phone.

BlueVine is best suited for those who want to dip their toe in the stock market without having to go through the bother of purchasing individual stocks.

What We Like

No ATM fees, no monthly expenses, a big selection of banks.

What's Missing

From Business Checking Accounts?

Essentially, business checking accounts are a stripped version of traditional banking products. As such, they purposely limit the features their customers can access. While these limitations provide for a much easier onboarding experience, it can also make it more difficult to manage and reconcile expenses.

On the plus side, you shouldn't have any trouble finding a small business checking account to fit your needs. Depending on the business, you may not even have to do much research. However, certain features may not yet be available, so make sure to ask your banker about what’s out of the box.

Additional Features

While some banks have been making it harder for businesses to qualify for the best small business checking accounts, some banks have been working harder to ensure businesses have all the options and services they need to get through the day.

Once you have your business started, it’s important you match your bank account with your business’s needs. If you want to understand more about small business checking accounts from a bank perspective, you can read about the different types of small business checking accounts.

With a business checking account, you can have a balance, pay your bills and manage your organization’s finances.

A business checking account is just as flexible as any personal account. However, the balance you can pay your bills with is usually limited to the daily balance in the account.

If you’re trying to determine which business checking account will best serve your needs, there are major aspects to take into consideration. They include:

Benefits of a Business Checking Account

A business checking account should have a lot of benefits that set it apart from the other types of accounts you can find. Some include:

Easy to manage your finances with the most advanced tools and features.

Access to the features you need to operate your business.

Keep your confidential information secure with the use of extra layers of security.

Fees & Terms

First Internet Bank: Best for Opening Multiple Online Accounts

First Internet Bank makes it easy to manage your accounts, online and by smartphone. The bank’s First Accounts program offers a free checking account, and you can add an additional personal or business account for a fee. For small businesses and freelancers, it’s a great way to set up a few accounts and get the paperwork done.

First Internet Bank works with leading credit unions, and potentially your employer, to ensure you can use your existing accounts even if you change jobs. For a fee, the bank can transfer funds from your other accounts to your account when you open your First Accounts account.

The bank has mobile and online banking, and most accounts are fee-free or only include a small fee. One of the only drawbacks is the bank has very few brick-and-mortar branches in states with heavy ATM use, so you’ll need to open an account online, by phone or visit a shared branch.

First Internet Bank

Of Indiana – – 1.30% interest rate discount for savings account 2.15% APY interest rate for money market account, high credit score and no direct deposit requirement.

What We Like

No ATM fees, no monthly expenses, a big selection of banks.

What's Missing

From Business Checking Accounts?

Essentially, business checking accounts are a stripped version of traditional banking products. As such, they purposely limit the features their customers can access. While these limitations provide for a much easier onboarding experience, it can also make it more difficult to manage and reconcile expenses.

On the plus side, you shouldn't have any trouble finding a small business checking account to fit your needs. Depending on the business, you may not even have to do much research. However, certain features may not yet be available, so make sure to ask your banker about what’s out of the box.

Additional Features

While some banks have been making it harder for businesses to qualify for the best small business checking accounts, some banks have been working harder to ensure businesses have all the options and services they need to get through the day.

Once you have your business started, it’s important you match your bank account with your business’s needs. If you want to understand more about small business checking accounts from a bank perspective, you can read about the different types of small business checking accounts.

With a business checking account, you can have a balance, pay your bills and manage your organization’s finances.

A business checking account is just as flexible as any personal account. However, the balance you can pay your bills with is usually limited to the daily balance in the account.

If you’re trying to determine which business checking account will best serve your needs, there are major aspects to take into consideration. They include:

Benefits of a Business Checking Account

A business checking account should have a lot of benefits that set it apart from the other types of accounts you can find. Some include:

Easy to manage your finances with the most advanced tools and features.

Access to the features you need to operate your business.

Keep your confidential information secure with the use of extra layers of security.

Fees & Terms

First Internet Bank Additional Features

First Internet Bank is a great option for small business owners who want to offer their customers the convenience of online banking and investments. Along with its traditional checking account, First Internet Bank offers three other great accounts: … free online bill pay, free online check book register, and free online wire transfer. These additional features easily make the bank one of the best small business checking accounts on the market.

Here’s a brief look at each of the additional features offered by First Internet Bank:

Free Online Bill Pay

Many people like being able to pay their bills online, receiving electronic reminders, and even arranging the monthly payments. And if you are in the business of collecting bills, this is a great option to save time.

First Internet Bank’s online bill payment service is free and offers the convenience of online payments. Readers can use either a personal checking account or a debit card linked to their checking account.

Free Online Checkbook Register/ Portfolio Manager

Many businesses keep checks as part of their routine business practices. When customers use their debit card to pay, they can also add their purchases to the account’s checkbook register. At the end of the day, this can save time and energy.

Reasons to Consider a Business Checking Account

A business checking account offers multiple benefits for small businesses. Here’s why a business checking account might be the right choice for your business.

Account Security

If your business doesn’t already have a personal checking account, having its own business checking account will help protect your company’s bank account. Business checking accounts help safeguard against identity theft and data breaches.

It’s also a good idea to ask that your business’s bank requires multiple approvals before a third party or your employees are able to access the account. If your business is in the early stages, you may want to wait a bit before requiring those kinds of controls.

When you’re ready to upgrade to a business checking account, ask that your business’s bank enables these security features. There are also a number of online tools that you can use to secure your business’s bank account.

Online Payments

A business checking account allows your business to accept payments online or via credit cards anywhere in the world. Using a business checking account, your business can take payments online, by credit card or by debit card.

Your business can use a business checking account to facilitate online payments for its customers as well as accept payments from its employees.

What You Need to Open an Account

What are the requirements for starting a small business checking account as a business owner? These are the necessary documents you’ll need to open a small business checking account.

You must be a business owner to open a small business checking account. Also, it’s a good idea to have receipts to prove your business income. In addition to your business income statement, you must have all of the following documents as a part of your application. If you do not have these documents, they can be verified by your human resources department.

) Profit/Income Statement

Your profit and income statement provides information on the business’s income, expenses, and net earnings or losses from operations. If you do not have a profit and income statement, you can request one from your employer or your accountant. If the statement does not exist, your accountant will be able to provide one for you.

) Personal Income Statement

Your personal income statement shows your personal income and expenses over a given period. This type of statement is useful if you are applying for a business loan or want to determine your credit-worthiness.

If you do not have a personal income statement, you can request one from your accountant or your employer. If the statement does not exist, your accountant can provide one for you.

) Line of Credit Application

How We Evaluated the Best Business Checking Accounts

Banks can have several checking accounts tailored to businesses that work best for you. There are free checking accounts, interest checking accounts, checking accounts with free debit cards, mobile banking, and many more options. Some banks even have business checking accounts that are discounted with a recurring monthly fee. Since there are so many checking options, we narrowed down the Top 7 Best Small Business Checking Accounts for January 2021.

To determine the best checking accounts for businesses we considered many factors including fees, fees for denominations, account tiers, and account perks. We compared the Top 7 Five Star Small Business Checking Accounts for January 2021 using these factors. We also considered how well each account would fit into Small Business Startups.

Bottom Line

Most low-cost checking accounts offer little in the way of extras but still provide the basic checking feature. Since you get your money's worth in the cost savings alone, these accounts should be your first choice for small businesses.

If you need more for a full-service checking account, you need to look more closely at the features provided in each checking account.

If you want more features, an average monthly fee, and web banking access, you may want to consider the First Progress Platinum Plus Checking. However, with the current trends in banking, the future may very well be in the debit cards.