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As a small business owner, I know firsthand the importance of a business checking account. These accounts help manage a company’s cash flow, pay bills, and most importantly, pay yourself. Depending on what features best suit your small business, we’ve found a list that includes account opening bonuses, fee-free ATM use worldwide, and free domestic wire transfers.
For those looking to open a small business account, here are six of the best fee-free business checking accounts to consider.
The Best Business Checking Accounts
| Business Checking Account | Best Feature |
| BlueVine | No Fees |
| Live Oak Bank | Savings APY |
| Novo | ATM Rebates |
| Lili | Online Payments |
| Axos | Free Domestic Wires |
| Chase Business | $300 Bonus |
1. BlueVine
BlueVine business checking account is best known for its 2.00% APY on balances of up to $250,000. For business checking accounts that do not charge a fee, it’s one of the highest available rates today.
- Minimum Opening Deposit: $0
- Minimum Ongoing Balance: $0
- Monthly Fee: $0
- ATM Fees: $0 at over 38,000+ free ATMs
- Transaction Fees: None
- APY: 2.00% on balances up to $250,000*
- Availability: Nationwide
*To qualify for the APY, you must meet one of the following two requirements;
- Incoming Payments: Receive $2,500 per month in customer payments into BlueVine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider.
- Debit Card Spend: Spend $500 per month with BlueVine Business Debit Mastercard® issued by Coastal Community Bank under a license from Mastercard Inc., which can be used everywhere Mastercard® is accepted.
BlueVine offers several features to help business owners streamline their work processes:
- Unlimited Transactions: BlueVine offers business owners unlimited transactions without charging a fee.
- Pay Vendors: Pay vendors and bills for free by ACH wire or check.
- Transfers: Easily transfer funds to other accounts including personal accounts at other banks.
- Security: You can disable your card in seconds if it’s lost or stolen via the BlueVine app.
- Recurring Payments: Use the app to schedule one-time and recurring payments.
- Sub-Accounts: Customers can now add up to 5 sub-accounts to their existing Bluevine Business Checking account, giving them flexibility to budget, manage expenses, and track spending.
2. Live Oak Bank Business Banking Account
The Live Oak Bank Business Banking Account is available online only, and deposits are FDIC-insured. If you’re a new business owner, a gig worker, or a freelancer, this account is built for you. You’ll find more than 55,000 in-network fee-free ATMs nationwide.
- Minimum Opening Deposit: $100
- Minimum Ongoing Balance: None
- Monthly Fee: $0
- ATM Fees: $0 on in-network ATMs
- Transaction Fees: $0, 3% on foreign transactions
- APY: None
- Availability: Nationwide
Live Oak Bank also features the following for small business owners:
- Business savings account: This account is offering 4.00% APY with no minimum balance needed.
- Business CDs: Find CDs with competitive rates and terms ranging from 3 months to 5 years. The minimum balance for CDs is $2,500.
- ATMs: Access over 55,000 free in-network ATMs
- Human-powered customer support
3. Novo
If banks were first created in the age of the Internet, they would all look like Novo. And that’s true even though Novo isn’t a bank. It’s a tech company that has built a banking platform. That’s fancy talk for a cool banking app with an FDIC-insured checking account through its partner bank, Middlesex Federal Savings.
- Minimum Opening Deposit: $0
- Minimum Ongoing Balance: $0
- Monthly Fee: $0
- ATM Fees: $0 (And rebates when other banks charge you a fee)
- Transaction Fees: None
- APY: None
- Availability: Nationwide
Novo offers a long list of features that make it ideal for small businesses. Among other things, a business owner can integrate several apps directly with the Novo checking account. Novo’s key features include:
- Invoicing: Create and manage an unlimited number of invoices through the Nova web app.
- Payments: Accept payment on an invoice either through ACH electronic transfer or through paying with a card via Stripe.
- Novo Reserves: Set aside money in Novo Reserves for any purpose, including estimated taxes, a profit account, payroll, or other large business expenses.
- Integrations: Integrate Novo with other apps including TransferWise, Slack, Xero, Stripe, and Shopify.
- Mobile Check Deposit: Deposit checks remotely from your smartphone.
- Send Payments: Send payments directly from a Novo account via ACH, international transfers via TransferWise, and unlimited free transactions within the U.S.
- Novo Debit Card: Includes a free business debit card that can be used with Apple Pay or Google Pay.
4. Lili
Lili is designed specifically for freelancers. Users of Its mobile app, the heart and soul of the account, highly rate it on both iPhone and Android devices.
It offers free business checking for freelancers and those in the gig economy.
- Minimum Opening Deposit: $0
- Minimum Ongoing Balance: $0
- Monthly Fee: $0
- ATM Fees: $0
- Transaction Fees: None
- APY: None
- Availability: Nationwide
Lily offers several features that can help freelancers manage their business income:
- Tax Tools: Lili offers several tools to help freelancers manage taxes. Among other things, it enables freelancers to automatically set aside a certain percentage of every incoming deposit into a tax bucket. When estimated taxes are due you’ll have the money already saved.
- Mobile Payments: The Lili Business Debit Card works with both Apple Pay and Google Pay.
- Online Payments: Lili works with many online payment platforms, including PayPal, Shopify, and Cash App.
- ATM Withdrawals: You can get cash out of ATMs without paying a fee at more than 38,000 ATMs across the U.S. and Puerto Rico. Lili uses the MoneyPass network.
- Savings: Earn interest on your savings
5. Axos Basic Business Checking
Axos Bank Business Checking offers a full range of banking products including both personal and business accounts. For business accounts, it offers a basic business checking account and a business interest checking account. Both are ideal for small businesses.
When you open a new account and use promo code NEW400, you can earn a $400 bonus if you meet certain requirements, which include having an average daily balance of more than $50,000. The bonus expires 06/30/2024.
The basic business checking account includes unlimited transactions and the following features:
- Minimum Opening Deposit: $0
- Minimum Ongoing Balance: $0
- Monthly Fee: $0
- ATM Fees: $0
- Transaction Fees: None
- Availability: Nationwide
Axos Bank offers features that other banks in our list do not:
- Small Business Savings: Transfer money to Axos savings and money market accounts to earn interest on your cash.
- Business CDs: Transfer money to certificates of deposit including CD account registry services to receive FDIC coverage on deposits of up to $50 million.
- Mobile Banking: View account balances, deposit checks and automate your bill payments.
- Merchant Services: Get point-of-sale terminals and options for mobile commerce.
- Treasury Management: Get assistance managing high-volume transactions and optimizing payment processing and receivables.
- ADP Payroll Services – Get the first four months free.
- Free Domestic Wires – Get two free domestic wire transfers per month.
- Cash Deposits – Deposit cash at MoneyPass and AllPoint locations.
6. Chase Business Complete Banking
Chase Bank is arguably the most popular bank among the large financial institutions in the United States. Chase Business Complete Checking offers relatively low fees if certain requirements are met. It also enables business owners to accept credit card payments directly into the account and has a limited-time $300 cash bonus. The bonus expires 07/22/2024.
- Minimum Opening Deposit: $0
- Minimum Ongoing Balance: $0
- Monthly Fee: $15 or $0 when certain requirements are met, such as a $2,000 minimum daily balance, $2,000 in net purchases on your Chase Ink Business Credit card, $2,000 in deposits from Chase Quick Accept, link a Chase Private Client Checking account, or provide proof of military status.
- ATM Fees: Free at Chase ATMs
- Transaction Fees: Varies
- APY: N/A
- Availability: Nationwide
Chase offers what it calls Quick Accept, which is a feature that allows businesses to accept credit card payments via the Chase Mobile App. If you use the Quick Accept contactless mobile card reader the cost is 2.6% plus 10 cents per transaction. The cost goes up to 3.5% if using the Chase Mobile App in addition to Quick Accept.
Chase Bank offers the following features:
- Same-Day Deposits: Get access to your cash the same day with same-day deposits.
- Manage Sales: Issue refunds, track disputes, and more through the Chase Mobile App.
- Mobile Check Deposit: Deposit checks to your Chase Bank Account via the mobile app.
How to Choose a Business Checking Account
There are several factors one should consider in choosing a business checking account. As a business owner myself I have found the following factors to be particularly important:
- No Fees: Having paid significant fees from a business checking account at a large traditional bank, I can tell you personally that it drains your bank account unnecessarily. All of the checking accounts listed above either have no fees at all or low thresholds required to waive monthly fees.
- Mobile App: A lot of banking today is done either on a smartphone or tablet. With the remainder primarily done on a laptop or desktop. For this reason, the bank must offer a well-functioning online experience. Again, I’ve had experience with large banks that seem to be decades behind in technology. The banks listed on this page all have highly-rated apps. That should be an important consideration in choosing a business checking account.
- Transfers: As a small business owner, I regularly transfer money to or from my personal bank account. It’s important to be able to connect my personal bank account to my business account. This of course is easy if both accounts are at the same financial institution. Even if they are not, this transfer process should be seamless.
- Interest Rates: Frankly, this is not the most important factor for me. I do not keep a lot of cash inside my business checking account. If you do, however, earning some interest should be an important consideration
- FDIC Insurance: Some of the companies listed on this page are not technically banks. They are technology companies that partner with banks for the deposit account. What matters of course is that your funds are FDIC insured. All of the companies on this page are either FDIC-insured banks or partner with FDIC-insured banks.
- Transaction Processing: If your business has a high volume of transactions and credit card processing, it’s important to find the lowest fees possible. In the case of transactions, you want to find banks that don’t charge transaction fees. For credit card processing, it may or may not be ideal to use your bank. In many cases, you might want to use a separate credit card processor that charges lower fees.
Methodology
We examined almost two dozen different banks and technology companies that offer business checking accounts. We focused primarily on fees and features. Banks that either charge no fees at all or have fees that are easy to waive receive high marks. In addition, we looked for features that most small businesses would want, including a solid mobile app experience and integrations with other technology platforms.
Lastly, we did consider interest rates and rewards. Some of the banks on this list offer either or both. This was not, however, the primary consideration in our evaluation. Many businesses do not hold large amounts of cash in a checking account, and those who want to earn yield may be better served with a business savings account.
FAQs
What is the best business checking account?
There is no one answer to that question. It’s going to depend on the specific business and its requirements. Of those on our list. We do think BlueVine stands out for its low fees, rich features, and high-interest rate on deposit accounts.
Do I need an EIN or tax identification number to open up a business checking account?
In many cases, you do not. Sole proprietors who operate under their name with their social security number can open a business checking account at most banks.
Are business bank accounts FDIC-insured?
Yes. Just like personal bank accounts, business bank accounts do receive FDIC insurance protection up to $250,000
