10 Best Business Checking Accounts in 2024
Running a small or medium-sized business involves juggling countless responsibilities, and managing your finances effectively is essential.
From issuing invoices and paying contractors to managing digital and traditional payment methods and overseeing constantly changing inventory, business owners today need more than just a basic checking account.
To simplify your search, we analyzed numerous business checking accounts that offer both digital and in-person services. We evaluated them based on various factors, including invoicing capabilities, payment flexibility, fees, and interest rates, to identify the best options.
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10 Best Business Checking Accounts
- Bluevine – Best Checking Account Overall
- Novo – Best Low-Fee Business Checking Account
- Axos – Best Full-Service Online Bank Account
- Capital One – Best for Unlimited Transactions
- Bank of America – Best for Traditional Banking
- American Express – Best for Membership Rewards
- Lili – Best for One-Person Businesses
- U.S. Bank – Best for Lending Options
- Oxygen – Best for Freelancers
- Chase Business – Best Bank Account for Merchant Service
Evaluating the best business checking accounts generally requires a thorough analysis of several key factors. These include monthly maintenance fees, transaction fees, minimum balance requirements, interest rates, account features, and customer service. Considering these aspects helps business owners find the account that offers the most value and meets their needs.
To create a comprehensive ranking of business checking accounts, it’s essential to gather data from diverse sources. This involves reviewing bank websites and account terms, reading customer reviews and ratings, and consulting financial experts.
Taking a detailed approach to researching and comparing accounts enables business owners to make well-informed decisions and choose the account that best suits their specific requirements.
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Our Ranking Methodology for the Best Business Checking Account
When it comes to securing the best for your business, not just any checking account will do. We’ve researched the top business checking accounts across multiple banks to find the perfect fit for you. Our top picks were determined using the following criteria:
- Fees: Financial institutions shouldn’t drain your funds with excessive fees. The best business bank accounts keep fees to a minimum and, even if they charge monthly fees, often provide ways to get those costs waived.
- Interest Rates: While interest on business checking accounts is no longer standard, some institutions still reward your deposits each cycle. The best ones offer rates significantly higher than the national average.
- Lending: At some point, you’ll need to borrow funds for expansion or unexpected expenses. Many top business checking accounts simplify borrowing, given your existing relationship. Relying on third parties can increase costs and risks.
- Rewards: Opening an account should benefit both you and the institution. The top-notch business checking accounts offer sign-up bonuses, cashback, or online perks to show their support.
- Transfers: As a business, your funds move frequently, so you don’t want penalties for multiple transfers or difficulty in moving money where it’s needed. The best accounts remove limitations and make connecting with vendors and popular financial apps straightforward.
- Additional Features: Banks and fintech companies vary, so we investigated the unique features each one offers and how you can make the most of them in your business.
Who Should Get a Business Checking Account?
Anyone with a side hustle or small business can benefit from a business checking account, it’s not just for large corporations. It’s a straightforward way to separate personal and business finances, whether you’re a sole proprietor using your Social Security number or have an LLC with its own tax ID.
A business checking account helps track revenue and expenses, allowing you to assess your business’s financial performance before transferring money for personal use.
Be aware, however, that business accounts often have more fees than personal ones, and the minimum balance requirements to waive monthly fees are typically higher due to presumed higher revenue and transaction volume.
Fortunately, many smaller, online-only business checking accounts offer affordable options with no minimum balance requirements or transaction fees.
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Online vs. Brick-And-Mortar Business Checking Accounts
When deciding between an online business checking account or a traditional bank, consider how you manage your business daily.
Many businesses operate mostly digitally, managing invoicing, payments, accounting, and payroll electronically. However, some businesses still use cash frequently and need a local branch to deposit funds at the end of the day.
Online business checking accounts are convenient and often have helpful features, like mobile check deposits, QuickBooks integration, and Stripe connectivity for credit card payments. However, it may be worth trading these features for the ability to easily deposit or withdraw large amounts of physical cash.
Online-only banks have lower fees and typically lower minimum balance requirements (some as low as $0), so if in-person banking isn’t part of your routine, it might be time to explore new options.
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Bottom Line on Business Checking Accounts
Having the right business checking account can significantly contribute to your company’s success. The best accounts minimize fees while offering perks and rewards for signing up. Many also streamline money management, allowing you to focus on essential matters.
Bluevine Business Checking is currently our top choice, but any option from our list can serve you well.