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Home » Business Bank Account

Best Small Business Checking Accounts in 2024

Author: Chandra Dhopatkar
Published: 03/12/2024 3:02 a.m. EST
Last Update: 03/25/2024 12:15 a.m. EST
Edited by: Jennifer Bonilla

First, review the best small business checking account options. Then, pick the best business bank account for your business needs.

People entering into a business bank to open a new business checking account.
People entering into a business bank to open a new business checking account.

This review will help you identify the best business bank accounts of April 2024.

Recommended: Bill is an easy to qualify for small business credit card to build business credit.

Best Business Checking Account Options

Our Approach: We’ve compiled a list of the best business bank account options based on general suitability for startup businesses; focusing on factors like low fees, digital integration, business credit friendliness, and ease of use.

Importance of a Business Bank Account

Having a business bank account is crucial for separating business and personal expenses, building business credit, enhancing professionalism, and simplifying tax preparation.

It offers business owners a clear view of their company’s financial health, streamlining operations and ensuring better financial management.

A business account allows for effective business deposit management, and the ability to accept credit card payments is essential for modern businesses to maintain competitiveness and improve cash flow.

How to Compare Business Checking Accounts

It is important to compare business checking accounts to find the best one for your business needs. Here’s how to approach this.

  1. Evaluate Fees: Look for free business checking or accounts with a low monthly maintenance fee. Understand the conditions to avoid an overdraft fee.
  2. Consider Accessibility: Decide between an online business bank or a traditional brick-and-mortar bank based on how you prefer to access your accounts.
  3. Assess Features: Check if the account includes necessary business tools like online bill pay, mobile check deposit, and integration with business software.
  4. Review Deposit Needs: Ensure the business checking account fits your typical business deposit size and frequency.
  5. Identify Benefits: Some business checking accounts offer business bank account benefits like earning credit on a business money market account or having no overdraft fee.

How to Open a Business Bank Account

Opening a business bank account is simple. Follow these steps. Just note that some banks may have stricter requirements than others. We advise checking with the bank you decide to partner with by giving them a call first or checking their website. 

  1. Choose the Right Account: To open an account, select the right business checking account based on your business’s size, needs, and financial goals, such as the BlueVine business checking account or Chase Business Complete Checking.
  2. Gather Required Documents: Typically, you’ll need to open your account with documents such as EIN, business formation papers, and ownership agreements.
  3. Apply Online or In-Person: Decide whether to open a business checking account with an online-only bank or a traditional one. Prepare for a visit to a branch if necessary.
  4. Deposit Funds: Meet the minimum opening deposit requirement to start your account, which varies between accounts.
  5. Set Up Business Tools: Integrate necessary business tools like accounting software and online bill pay to streamline business operations.
Recommended Reading: 
Here's what you'll need to open a business bank account. 
Here's how to open a business bank account.

19 Best Business Bank Accounts to Grow Your Business

Here are our top business bank accounts designed to help grow your business. From free checking accounts with no monthly fees to accounts that earn interest, there’s a wide variety of options to suit every business’s needs.

As of 2024, these deposit accounts stand out for their features, benefits, and ability to integrate seamlessly with your business operations. Review them to determine which one aligns best with your small business requirements.

1. Bill (formerly Divvy)

Overview: Integrates business credit card services with checking accounts, focusing on financial management and credit-building.

Notable Features: Combined credit card and checking account services, enhanced financial tracking, credit-building features.

Pricing: Varied; depends on specific credit card and account options.

Pros: Streamlined financial management, credit-building opportunities, integrated services.

Cons: May be complex for businesses new to credit management.

Suitability: Ideal for businesses looking to manage finances and build credit simultaneously.

User Breakdown: Small to medium-sized businesses, particularly those focused on improving financial processes.

Customer Service: Support for both credit card and checking account services.

User Testimonial: “Bill has streamlined our financial operations and improved our credit standing.”

Reliability: Provides reliable integration of financial services for comprehensive management.

Final Verdict: Recommended for businesses seeking integrated financial services and credit-building capabilities.

2. Wells Fargo Business Checking

Overview: Offers accessible business services and products designed for credit-building, suitable for a broad range of businesses.

Notable Features: Wide variety of business services, secured business credit cards, lines of credit.

Pricing: Varies by product; some services may include fees.

Pros: Wide range of services, products aimed at building business credit, nationwide accessibility.

Cons: Some products have fees, history of regulatory scrutiny.

Suitability: Suited for businesses of all sizes looking to establish or build credit.

User Breakdown: A broad range from small startups to large corporations.

Customer Service: Extensive customer service options with nationwide branch access.

User Testimonial: “Wells Fargo has been instrumental in our business’s credit growth and overall financial health.”

Reliability: Established bank with a wide range of services.

Final Verdict: Good for businesses seeking comprehensive banking services and credit-building tools.

3. Bank of America Business Checking

Overview: Provides a range of credit products and educational resources designed to help businesses build and improve their credit scores.

Notable Features: Secured business credit cards, educational resources, variety of credit products.

Pricing: Varies; some products may include fees.

Pros: Wide selection of credit-building tools, educational support, extensive banking services.

Cons: Fees for some services, can be overwhelming for smaller businesses.

Suitability: Suitable for businesses at any stage looking to build or improve their credit.

User Breakdown: Small to large businesses seeking educational resources and credit products.

Customer Service: Comprehensive support through various channels including branches, online, and phone.

User Testimonial: “Bank of America’s resources have been invaluable in improving our business credit score.”

Reliability: Large, established bank with a wide range of tools and resources.

Final Verdict: Recommended for businesses seeking to improve their credit with a supportive banking partner.

4. Chase Business Checking

Overview: Supports businesses with comprehensive banking solutions and tools for building a strong credit profile.

Notable Features: Variety of business banking solutions, secured credit cards, lines of credit.

Pricing: Various; depending on the services and products chosen.

Pros: Extensive banking solutions, aids in credit profile development, national presence.

Cons: Fees associated with some accounts and services.

Suitability: Ideal for businesses seeking robust banking solutions and credit-building tools.

User Breakdown: Small to large businesses looking for comprehensive financial services.

Customer Service: Wide range of customer service options, including in-branch, online, and phone support.

User Testimonial: “Chase has provided the tools and support we needed to build our business credit effectively.”

Reliability: Well-established with a broad array of banking services.

Final Verdict: Recommended for businesses looking for a full suite of banking services and credit improvement tools.

5. Capital One Business Checking

Overview: Offers business-friendly credit options and reports to major credit bureaus, aiding in business credit score growth.

Notable Features: Business credit cards, reporting to major credit bureaus, business-friendly services.

Pricing: Varies; some products may have associated fees.

Pros: Credit options conducive to business growth, credit bureau reporting, helpful customer service.

Cons: Some services may incur fees, not as many physical branches as other banks.

Suitability: Best for small to medium-sized businesses focused on building or improving credit.

User Breakdown: Businesses aiming for growth or needing to establish credit history.

Customer Service: Accessible customer service with online and phone support.

User Testimonial: “Capital One has been key to our business’s credit score improvement and overall growth.”

Reliability: Known for its business credit solutions and customer service.

Final Verdict: Highly recommended for businesses focusing on credit growth and seeking supportive banking services.

6. American Express Business Checking

Overview: Offers business charge cards and resources for effective spending management and credit building, requiring full monthly payments.

Notable Features: Charge cards, comprehensive spending tools, resources for credit management.

Pricing: Various; depends on the card and plan selected.

Pros: Helps manage spending, builds credit, extensive business resources.

Cons: Requires full monthly payment, may not suit all businesses.

Suitability: Best for businesses able to pay off balances monthly and looking to build credit.

User Breakdown: Mid to large-sized businesses with consistent cash flow.

Customer Service: High-quality customer service with extensive resources.

User Testimonial: “American Express has revolutionized how we manage business expenses and build credit.”

Reliability: Reputable company known for its business services and credit-building solutions.

Final Verdict: Recommended for financially stable businesses looking for premium credit-building services.

7. Novo Business Checking

Overview: Novo provides a modern, mobile-first banking experience tailored specifically for startups and small businesses.

Notable Features: Integrates with business tools, offers refunds on all ATM fees, and provides a simple, streamlined mobile app.

Pricing: No monthly fees; other standard bank fees may apply.

Pros: User-friendly mobile app, no monthly fees, great integration options.

Cons: No physical branches, limited to online transactions.

Suitability: Best for tech-savvy startups and small businesses that are comfortable with online banking.

User Breakdown: Primarily tech entrepreneurs, freelancers, and small business owners.

Customer Service: Primarily online support with a focus on fast and efficient service.

User Testimonial: “Novo has streamlined our financial processes and made banking so much easier.”

Reliability: Highly reliable with a focus on digital efficiency.

Final Verdict: Highly recommended for businesses that are comfortable with managing their finances entirely online.

8. Mercury Business Checking

Overview: Mercury offers banking services designed specifically for startups, with tools that cater to the unique needs of tech companies.

Notable Features: Tailored banking solutions, additional FDIC insurance, and no fees.

Pricing: No monthly fees; other standard bank fees may apply.

Pros: Tailored services for startups, higher levels of FDIC insurance, no monthly fees.

Cons: Online only, may not suit businesses looking for in-person service.

Suitability: Ideal for startups and tech companies looking for specialized banking services.

User Breakdown: Startups, tech entrepreneurs, and digital businesses.

Customer Service: Online support with a focus on the needs of startups.

User Testimonial: “Mercury has been a game-changer for our startup’s financial management.”

Reliability: Strong with a focus on the specific needs of startups.

Final Verdict: Highly recommended for startups needing tailored banking solutions with extra security.

9. Grasshopper Business Checking

Overview: Grasshopper business checking account offers digital-only banking with high yields and no fees, catering to modern, tech-savvy businesses.

Notable Features: High-yield accounts, completely digital interface, no monthly or transaction fees.

Pricing: No monthly fees; other standard bank fees may apply.

Pros: High APY, fully digital, no fees.

Cons: No physical branches, may not be ideal for businesses needing traditional banking services.

Suitability: Best for digital-native businesses and those seeking high-interest returns.

User Breakdown: Tech startups, digital entrepreneurs, and online businesses.

Customer Service: Digital-first customer service, accessible via app and online.

User Testimonial: “Grasshopper has made banking straightforward and profitable for us.”

Reliability: Reliable for digital banking needs with a high-yield advantage.

Final Verdict: Recommended for businesses comfortable with online banking and interested in high yields.

10. BlueVine Business Checking

Overview: BlueVine caters to growing startups with its high APY, cashback options, and business lending services.

Notable Features: Competitive APY, cashback on transactions, and lines of credit available.

Pricing: No monthly fees; other standard bank fees and interest on credit lines apply.

Pros: High interest rates, cashback options, access to credit.

Cons: More limited user interface compared to competitors, credit line interest rates.

Suitability: Best for growing startups looking for high yields and access to additional funding.

User Breakdown: Small to medium-sized businesses, growth-focused startups.

Customer Service: Phone and online support, with a focus on business financial services.

User Testimonial: “BlueVine’s combination of high APY and accessible credit has supported our growth.”

Reliability: Reliable with added benefits of business funding options.

Final Verdict: Recommended for startups seeking high interest rates and business financing options.

11. Relay Business Checking

Overview: Relay provides fee-free banking specifically designed for team use, with strong integration with accounting software.

Notable Features: No monthly fees, integrates seamlessly with major accounting platforms, designed for collaboration.

Pricing: No monthly fees; other standard bank fees may apply.

Pros: Team-focused features, strong software integrations, no fees.

Cons: No physical banking locations, limited to small and medium-sized businesses.

Suitability: Ideal for small to medium-sized businesses that rely heavily on team collaboration and accounting software.

User Breakdown: Small to medium-sized businesses, particularly those with multiple stakeholders.

Customer Service: Online and phone support focused on team and software integration issues.

User Testimonial: “Relay has revolutionized the way our team handles banking and finances.”

Reliability: Very reliable, especially in terms of integration and team management.

Final Verdict: Highly recommended for small to medium-sized teams that need seamless integration with accounting software.

12. Found Business Checking

Overview: Found offers banking tailored for freelancers and startups, integrating accounting and tax tools directly with banking services.

Notable Features: Accounting and tax tool integration, no monthly fees, designed for freelancers and startups.

Pricing: No monthly fees; other standard bank fees may apply.

Pros: Tailored services for freelancers, integrates accounting and tax tools, no monthly fees.

Cons: May not offer the broad range of services larger businesses require.

Suitability: Ideal for freelancers and startups looking for integrated financial management tools.

User Breakdown: Freelancers, independent contractors, and startup businesses.

Customer Service: Online support focused on freelancers and small business needs.

User Testimonial: “Found has simplified my financial management with its integrated accounting tools.”

Reliability: Offers reliable banking solutions with a focus on the unique needs of freelancers and startups.

Final Verdict: Highly recommended for freelancers and startups seeking streamlined financial management.

13. Lili Business Checking

Overview: Lili offers a high APY and built-in bookkeeping features, making it well-suited for solopreneurs.

Notable Features: High APY, integrated bookkeeping tools, designed for solopreneurs.

Pricing: No monthly fees; other standard bank fees may apply.

Pros: High interest rates, built-in financial management tools, tailored for individual entrepreneurs.

Cons: Limited services for larger businesses or those needing more traditional banking services.

Suitability: Best for solopreneurs and individual contractors needing simple, effective banking solutions.

User Breakdown: Solo entrepreneurs, freelancers, and independent contractors.

Customer Service: Primarily online support tailored to the needs of solo business owners.

User Testimonial: “Lili’s bookkeeping integration has been a game-changer for managing my business finances.”

Reliability: Solid option for solopreneurs with its focus on high APY and integrated bookkeeping.

Final Verdict: Recommended for individual entrepreneurs looking for a banking solution that supports their solo operations.

14. LendingClub Business Checking

Overview: LendingClub offers high APY and rewards with a small waivable fee, appealing to a wide range of businesses.

Notable Features: High APY, reward programs, small waivable fee.

Pricing: Small fee that can be waived under certain conditions; other standard bank fees may apply.

Pros: Competitive interest rates, rewards program, fee can be waived.

Cons: Presence of a fee, although waivable, may be a deterrent for some.

Suitability: Suitable for businesses looking for high interest rates and rewards.

User Breakdown: Small to medium-sized businesses, particularly those able to meet conditions to waive the fee.

Customer Service: Offers both online and phone support focused on maximizing rewards and interest for customers.

User Testimonial: “LendingClub’s rewards program and high APY have significantly benefited our business.”

Reliability: Reliable banking option for businesses focused on earning rewards and high interest.

Final Verdict: Recommended for businesses interested in maximizing their banking benefits through rewards and high interest rates.

15. Oxygen Business Checking

Overview: Oxygen caters to businesses seeking high cashback rewards, offering competitive incentives for various spending categories.

Notable Features: High cashback rewards, tailored for businesses, competitive account incentives.

Pricing: No monthly fees; other standard bank fees may apply.

Pros: Attractive cashback rewards, no monthly fees, designed for business spending.

Cons: May lack some traditional banking services and physical branch access.

Suitability: Best for businesses prioritizing cashback rewards over traditional banking services.

User Breakdown: Small to medium-sized businesses, especially those with high spending in reward categories.

Customer Service: Focused on providing online support for maximizing rewards and account benefits.

User Testimonial: “Oxygen’s cashback rewards have made a noticeable difference in our bottom line.”

Reliability: Offers a reliable platform for businesses focused on maximizing cashback rewards.

Final Verdict: Highly recommended for businesses seeking to maximize cashback rewards on their expenditures.

16. US Bank Business Checking Account

Overview: US Bank is well-suited for businesses with lower transaction volumes, offering conditional fee waivers based on account activity. In fact their Silver Checking Account has no monthy fee.

Notable Features: Suitable for lower transaction volumes, conditional fee waivers, broad range of traditional banking services.

Pricing: Fees conditional on account activity; other standard bank fees may apply.

Pros: Fee waivers available, wide range of banking services, good for businesses with lower transaction needs.

Cons: Higher fees possible if conditions are not met.

Suitability: Ideal for small businesses with lower transaction volumes looking for traditional banking services.

User Breakdown: Small businesses, local retailers, and companies with infrequent banking transactions.

Customer Service: Comprehensive service options including in-branch, online, and phone support.

User Testimonial: “US Bank has been a dependable partner for our business, adapting to our low transaction volume.”

Reliability: Reliable for businesses seeking traditional banking with potential fee waivers.

Final Verdict: Recommended for small businesses that can benefit from conditional fee waivers and require fewer transactions.

17. Axos Bank Business Checking

Overview: Axos Bank offers online-focused banking solutions with no monthly fees, ideal for businesses with digital operations.

Notable Features: Online-focused, no monthly fees, designed for digital businesses.

Pricing: No monthly fees; other standard bank fees may apply.

Pros: No monthly fees, fully digital experience, suited for online businesses.

Cons: No physical branches, which may deter some businesses.

Suitability: Best for businesses that operate primarily online and are comfortable with digital banking.

User Breakdown: E-commerce sites, digital agencies, and online service providers.

Customer Service: Digital-first customer support with online and phone options.

User Testimonial: “Axos has been perfect for our online business, eliminating unnecessary fees and simplifying banking.”

Reliability: Highly reliable for digital banking needs with a focus on online businesses.

Final Verdict: Highly recommended for businesses looking for a robust, fee-free online banking experience.

18. Navy Federal Credit Union Business Checking

Overview: Exclusively serving military families, Navy Federal offers comprehensive services with a focus on community and support.

Notable Features: Exclusive to military families, comprehensive banking services, community-focused.

Pricing: Varied; benefits and conditions tailored to military families.

Pros: Tailored services for military families, wide range of products, supportive community.

Cons: Exclusivity may limit access for non-military businesses.

Suitability: Ideal for businesses owned by military members or their families seeking comprehensive banking solutions.

User Breakdown: Military members, veterans, and their families running a business.

Customer Service: Dedicated support with a focus on military family needs.

User Testimonial: “Navy Federal has provided unwavering support and tailored services for our military-affiliated business.”

Reliability: Highly reliable with a strong commitment to serving the military community.

Final Verdict: Highly recommended for military families looking for a supportive and comprehensive banking partner.

19. Square Business Checking Account

Overview: Square offers integrated payment solutions that are particularly beneficial for retail startups and small businesses.

Notable Features: Integrated payment processing, tools tailored for retail businesses, additional business services.

Pricing: Fees based on transactions; no monthly service fees for basic account.

Pros: Seamless integration with sales systems, designed for retail, additional tools for business management.

Cons: Transaction-based fees can add up, more suited for customer-facing businesses.

Suitability: Best for retail startups and businesses needing integrated sales and payment solutions.

User Breakdown: Retail startups, small to medium-sized retailers, and businesses in need of integrated payment systems.

Customer Service: Support focused on transaction and payment system assistance.

User Testimonial: “Square has revolutionized how we handle sales and manage our retail business.”

Reliability: Reliable for businesses focused on retail and payment processing.

Final Verdict: Highly recommended for retail startups and businesses looking for seamless payment integration and business services.

Individual Business Bank Account Reviews

We’ve studied and reviewed all the major business bank accounts, both brick-and-mortar and online bank accounts. In doing so we’ve learned a lot about the business banking industry and have loads of valuable information we’d like to pass on to you. Here are some of the best business bank accounts:

Best Business Checking Accounts for Building Business Credit

When selecting a business checking account with a focus on building business credit, it’s important to choose features that support credit growth and visibility. The following accounts stand out for their credit-building capabilities:

Bill (formerly Divvy)

While primarily a business credit card service, Bill (formerly Divvy) offers a unique approach by integrating with a business checking account. This integration allows for better financial management and credit-building opportunities as expenses and payments are easily tracked and reported to credit bureaus.

Wells Fargo

Known for its widespread accessibility and variety of business services, Wells Fargo offers products like secured business credit cards and lines of credit that can help build your business credit when used responsibly. They also report to the major credit bureaus, which is crucial for establishing a business credit history.

Bank of America

Offers a range of credit products, including secured business credit cards, that can help businesses build credit. Additionally, Bank of America provides educational resources to help businesses understand and improve their credit scores.

Chase

With comprehensive banking solutions, Chase supports businesses with various credit-building tools, including secured credit cards and lines of credit. Their detailed reporting to credit bureaus can aid in the development of a strong business credit profile.

Capital One

Known for its business-friendly credit options, Capital One provides excellent opportunities for businesses to build credit. They offer secured credit cards and report to the major business credit bureaus, assisting in the growth of your business credit score.

American Express

Though not a traditional bank, American Express offers business charge cards that require full payment each month, which can help manage spending while building credit. They report to credit bureaus and provide extensive tools and resources for credit management and growth.

When choosing a business checking account for building credit, look for those that offer educational resources, credit products like secured cards or lines of credit, and, most importantly, report to credit bureaus. Building business credit can open up new financial opportunities and better terms for loans and credit lines, so it’s worth considering these features when selecting your business banking partner.

Remember, while these accounts can help build business credit, responsible financial behavior—such as paying bills on time and managing debt wisely—is key to improving your credit score.

Other Business Banking Options

Beyond basic and free business checking, businesses might consider specialized accounts like Business Advantage Fundamentals™ Banking from Bank of America for more tailored services. Sole proprietors and smaller operations might prefer a basic business checking for simplicity, while larger businesses may benefit from an analysis business checking account to better handle complex financial activities.

Analysis business checking accounts are offered by various banks including PNC Bank, Bank of America, and Fidelity Bank. These accounts are typically designed for businesses with a high volume of transactions and large balances, providing features like earnings credits to offset fees and comprehensive cash management tools.

Credit unions are also another option. Credit unions usually offer higher yields on their interest bearing accounts and they are usually easier to work with than traditional brick and mortar banks. Check in your local area for possible credit unions to partner with.

Online business savings accounts and business money market accounts are excellent for earning interest on surplus funds. Savings accounts and tools for mobile check deposit can enhance financial flexibility.

Furthermore, using business debit and credit cards can help segregate funds and manage business expenses effectively. Whether you operate from a brick-and-mortar bank or prefer an online business checking account, the key is finding the right checking account and banking solutions that are right for your business to help run your business efficiently and grow your financial foundation.

FAQs

What do you need to open a business checking account?

To open a business checking account, typically, you will need your business registration documents, EIN (Employer Identification Number), personal identification, and possibly an initial deposit. Different banks may require additional documents, especially if your business structure is more complex, like a partnership or corporation. It’s essential to check with the specific bank for their requirements.

Why does every business need a separate business account?

Every business should have a separate business account to maintain clear distinctions between personal and business finances. This separation helps in financial management, tax preparation, and establishing a clear audit trail. Having a distinct account for your business enhances credibility and professionalism and may be required by law for certain types of businesses.

How can small business checking support your company?

Small business checking accounts offer features tailored to the needs of small businesses, such as low fees, online banking capabilities, and integration with business tools like accounting software. They can help streamline business operations, manage cash flow, and track expenses, making financial management more efficient and less time-consuming for business owners.

What are the benefits of having both a business account and a savings account?

Having both a business account and a savings account allows for better management of your business finances. The checking account can handle day-to-day transactions, while the savings account can hold reserve funds, earn interest, and support the business’s financial goals. This setup helps in maintaining a healthy balance in your account and can provide a financial buffer in times of need.

How can a debit card benefit business checking customers?

A debit card linked to a business checking account offers convenience and control over business expenses. It enables easy access to the funds in your account for purchases and withdrawals, helps in tracking spending, and simplifies the reconciliation of accounts. Plus, a checking account that has no monthly fees can significantly reduce the cost of managing your business finances.

What distinguishes the Business Advantage Fundamentals™ Banking from basic business checking?

The Business Advantage Fundamentals™ Banking is a tier above basic business checking, offering features like online business checking account management, higher transaction limits, and the potential for monthly fee waivers based on balance or spending. This account is designed to support growing businesses that need more from their banking than just the basics, providing tools and services to efficiently run your business.

Why choose the Grasshopper Business Checking Account for sole proprietors?

The Grasshopper Business Checking Account is particularly suitable for sole proprietors due to its user-friendly features, such as no monthly maintenance fees and unlimited transactions. It’s an online business checking account that provides the flexibility and simplicity required by those who run their business single-handedly. Plus, with mobile check deposit and online bill pay, it helps streamline business operations, making it easier for sole proprietors to focus on growing their businesses.

Chandra Dhopatakar
Chandra Dhopatkar, MBA

Chandra, founder of “Build Business Credit in 30 Days,” specializes in increasing business valuations by helping companies build strong business credit.