Business owners want to focus on their business, not necessarily who they bank with, which is why choosing the right business checking account is important. For many business owners, their number one banking priority is having easy access to business funds without having to worry about various bank fees.
Just as every business is different, each business owner will want different features from their business checking account.
“(Business owners) enjoy what they’re selling and what their business is,” says Kari Harpold, chief financial officer at Capitol Bank in Madison, Wis. “But if they have to do all the financial stuff, too, it’s not going to be fun. So if they have a good relationship with their bank and the bank can handle a lot of things for them, it makes them more efficient and saves them time.”
Bankrate’s Top Business Checking Accounts
Note: The Annual Percentage Yield (APY) shown is August 13Bankrate’s editorial team verifies this information regularly, usually monthly. APYs may have changed since the last update, and for some products they may vary by region. Bankrate’s listings include only FDIC banks or NCUA credit unions.
Explore popular business checking accounts
LendingClub Bank; 1.50% APR (up to $99,999.99)
Best for: Cashback debit card
overview: LendingClub Bank is an online bank founded in 2007. It acquired Radius Bank in 2021.
Benefits: LendingClub’s Tailored Checking offers unlimited 1% cash back and a 1.50% APY on balances under $100,000. The account doesn’t charge fees for using ATMs at other banks and offers unlimited reimbursement of ATM fees at other banks.
Points to note: LendingClub Bank has only two cashless branches, one in Boston and one in Utah. Businesses that regularly need to order cash and coins may want to avoid the online bank. Tailored Checking charges a $10 monthly maintenance fee if your average account balance falls below $500.
Bethpage Federal Credit Union; 0.20% APR
Best for: Free account with no trading limits
overview: Bethpage Federal Credit Union was founded in 1941.
Benefits: Bethpage Federal Credit Union offers a free, interest-bearing business checking account with no transaction limits, no monthly service fees, and interest. Anyone can join Bethpage Federal Credit Union with just $5 in their savings account.
Points to note: The only branch is located in Long Island, New York.
Capital One; Non-interest-bearing account, no annual interest accrues
Best for: Free domestic remittance
overviewCapital One has around 300 branches and around 50 Capital One Cafés and offers online banking accounts. Savings accounts, business credit cards, the ability to accept credit card payments from customers, and lending options are some of the products and services that Capital One offers to businesses.
Benefits: With an Enhanced Checking Account, receiving domestic wire transfers is free. The first five domestic wire transfers each month are free, after which there’s a $25 fee for each transfer.
With an Enhanced Checking Account, the monthly maintenance fee is waived if your balance averages at least $25,000 over the past 30 or 90 days.
Points to note: If your 30-day or 90-day balance falls below $25,000, you will be charged a maintenance fee of $35 per month.
Enhanced checking account customers aren’t charged fees for cash deposits. However, if you make a cash deposit of more than $40,000 during a statement cycle, the bank may change your account to a different checking account. This account is intended for businesses with annual revenues of less than $10 million.
Regions Bank; Non-interest account, no annual interest accrues
Best for: Get a discount on safe deposit boxes
overview: Regions Bank operates more than 1,400 branches across the South, Midwest and Texas.
Benefits: Regions Bank’s LifeGreen Business Simple Checking account offers business owners a safe deposit box discount. Account holders can waive the $7 monthly service fee by making purchases of $500 or more with their Regions Business CheckCard. Regions only requires a $100 deposit to open an account.
Points to note: Account holders can deposit up to $2,500 in cash per month for free, but there’s a fee of $0.25 for every $100 deposited over that amount.
Security Services Federal Credit Union; 0.05% APR (balances over $1,500)
Best for: Business Benefits
overview: The Security Services Federal Credit Union Premium Business Checking Account is a versatile, non-banking account. If your average daily balance is less than $50,000, there is a $20 monthly maintenance fee.
Benefits: The account provides access to a network of attorneys who offer free or discounted services to premium business checking account customers. The credit union also offers cell phone coverage to business checking account customers, covering accidental damage, mechanical breakdown and theft. You can make up to two claims in any 12-month period, up to $500 per claim. The account also provides 24/7 access to a doctor or licensed mental health professional that you and your employees can consult with via video or phone.
Points to note: Only customers who live, work, study, worship, volunteer or do business in Colorado, Texas or Utah can join the credit union. Customers can also join by being members of certain military branches or units. Department of Defense employees stationed at certain installations within Security Service Federal Credit Union’s service area are also eligible to join.
Family members or household members of existing members can also participate.
American Express National Bank; 1.30% APR (balances up to $500,000)
Best for: Earn rewards
overview: The American Express Business Checking Account has no monthly service fees and allows you to earn both the competitive yields of a business checking account and the rewards of American Express.
Benefits: This account offers American Express rewards and a competitive interest rate. Account holders also receive 24/7 support, according to the bank’s website.
Points to note: Like most bank account bonuses, you must follow the rules to earn the new account bonus. New American Express Business Checking account customers must do the following to earn 30,000 American Express Rewards points:
- Deposit at least $5,000 within the first 30 days after opening your account.
- For the first 60 days, you must have at least $5,000 in your account.
- Make at least five qualifying transactions within 60 days of account opening.
Business Checking Account Features and Terms
- Debit Card
- A debit card allows you to make purchases from your business checking account. Business debit cards can also usually be used at ATMs, and sometimes debit cards are issued to employees.
- Cash Count Limitations
- Some banks limit the amount of cash you can deposit into your account without incurring a fee, which affects certain businesses, like restaurants, grocery stores, and convenience stores, more than others.
- Positive payment
- This feature allows businesses to send information about checks they’ve issued in an effort to reduce the occurrence of fraudulent transactions. “Customers can see images of checks on their computer screen within online banking that don’t match for any reason,” says Capitol Bank’s Harpold. There is usually a fee for this service. Positive Pay may also be available for Automated Clearing House (ACH) transactions.
- Paying bills
- Businesses can pay bills online through their business checking accounts.
- Remote Deposit Capture
- The service allows businesses to deposit checks without having to go to the bank.
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- Some business checking accounts may have limits on the number of transactions you can make per month, including checks, ACH transfers, debit card purchases, and ATM or over-the-counter withdrawals.
What to Consider When Choosing a Business Checking Account
Here are some things to consider before opening a business checking account:
- Minimum Balance Requirement
- Monthly maintenance fee
- Cash Calculation Fee
- Other fees
- New Account Bonus
- Free or discounted checks
- Number of free items or deals
- A bank branch is located near your business, especially if your business requires frequent orders for or deposits of cash and coins.
What you need to know about minimums and fees
It’s important to know the minimum balance requirements and fees. Find an account that doesn’t have a monthly maintenance fee or one where the fees can be easily waived. You may be able to waive some of the fees by maintaining a certain balance, or there may be other ways to avoid the fees. For example, Regions Bank waives its monthly service fee if you make $500 or more in purchases with your Regions Business CheckCard or business credit card.
Track your business’s financial health
Business owners, especially small business owners, have a lot to keep track of. Bankrate has a calculator that can help you, and you can also use QuickBooks or other software programs to track your business.
Business Checking Account FAQs
Research Methods
Bankrate’s editorial team regularly reviews approximately 70 widely available financial institutions, consisting of major banks and credit unions, as well as many popular online banks. To find the best business checking accounts, our editorial team analyzes a variety of factors, including annual percentage rate (APY), minimum balance requirements, and wide availability. All of the accounts below are insured by the Federal Deposit Insurance Corporation (FDIC) for banks, or by the National Credit Union Share Insurance Fund (NCUSIF) for National Credit Union Administration (NCUA) credit unions.
