7 Best Small Business Checking Accounts

Business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits.

Also, most business bank accounts impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees (also known as monthly service fees).

That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.

Best Small-Business Checking Accounts

These are the best small business checking accounts on the market right now. Each does at least one thing really well, whether it’s eliminating most common account fees or providing an unusual array of value-added services at no additional cost.

Best Overall: Chase Business Complete Checking

Chase Business Complete Checking is the best choice for growing small businesses. Its key selling points include:

• An excellent bonus opportunity for new account holders: $300 when you open a new account online or in-person (with no minimum deposit required) and complete the required qualifying activities — this offer expires July 21, 2022, and is available online nationwide, except for residents of AK, HI, and PR
• Unlimited electronic deposits, ACH, and mobile check deposits via Chase QuickDeposit
• ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI 
• No minimum deposit or ongoing balance requirement

Moving forward, you can avoid the $15 monthly maintenance fee in multiple ways, including maintaining a minimum daily balance or making qualifying purchases on your Chase Ink Business credit card.

Best Account Opening Bonus: Huntington Bank Unlimited Plus Business Checking

Huntington Bank Unlimited Plus Business Checking is a powerful business checking account designed for larger businesses with high transaction volumes and complex treasury management needs. 

The headline here is a category-leading new account opening bonus opportunity as well. Through July 7, 2022, you can earn a bonus worth $750 when you open a new account and complete these qualifying activities: 

• Open a new Unlimited Plus Business Checking account between March 1, 2022, and July 7, 2022
• Make cumulative new money deposits of at least $20,000 within 60 days of account opening
• Keep your account open for a minimum of 90 days

Look for your $750 bonus in your account within 14 business days after completing these activities. Then, enjoy benefits like:

• Unlimited transactions^§ and up to $25,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
• Waived monthly maintenance fee with $50,000 in combined deposit relationship balances (otherwise, $40/month)^#
• Your choice of two additional bonus services, such as up to 25 returned deposit items per month and two free incoming domestic wires

Best Cash-Back Rewards: Nearside Business Checking Account

Nearside is a free business banking platform that packs a tremendous amount of value into a lean, flexible account outfitted with a clutch Mastercard debit card. That card — or rather its rewards program — is the headline here, thanks to a super-generous 2.2% cash-back rate on all eligible purchases.

Additional benefits:

• Discounts on the tools and services you need to run your business, like Yelp, Square, QuickBooks, and Zenefits
• Free, flexible ACH transfers
• Seamless Apple Pay and Google Pay integrations
• No minimum deposit or monthly minimum balance requirement
• Fee-free access to 55,000 ATMs nationwide
• Mastercard Enhanced Debit benefits, including ID theft protection, car rental insurance, and Mastercard Airport Concierge
• No NSF fees, monthly minimum balance fees, ACH fees, or card replacement fees

Best Account Yield (Interest Rate): Bluevine Business Checking

Bluevine Business Checking has no minimum balance requirements, no monthly fees, and unlimited transaction allowances for all users. 

It’s also quite rare in the free business checking world for paying interest on balances: 1.5% APY on balances up to and including $100,000 when you meet your monthly activity goals. Just do one of the following:

• Spend $500 per month with your Bluevine Business Debit Mastercard®, OR
• Receive $2,500 per month in customer payments into your Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider

Bluevine Business Checking has plenty of value-added capabilities for small-business users too:

• Connect your Bluevine account to online accounting platforms like QuickBooks Online, Wave, and Freshbooks
• Add up to 5 subaccounts to your existing Bluevine Business Checking account
• Integrate with business revenue and spend tracking tools like PayPal, Stripe, and Expensify
• Leverage a powerful mobile banking interface that offers mobile check deposit, debit card locking and unlocking, biometric security, custom account alerts, and more
• Deposit cash at more than 90,000 Green Dot retail locations
• Pay no fees at more than 38,000 ATM locations nationwide.
• Avoid NSF, overdraft, and incoming wire fees

Best for Fast Payment: Bonsai Cash

Bonsai Cash is another freelancer-friendly business checking account that really stands out for rapid, seamless invoice payment. When you need your accounts receivable to settle yesterday, Bonsai Cash has you covered. Send and receive invoices for a limitless client roster with up to five collaborators on your account for just $24 per month — a steal compared to enterprise-grade bookkeeping platforms.

Bonsai Cash has a bunch of other useful features as well:

• Custom envelopes — automatically set aside a portion of your earnings for taxes, savings, and discretionary funds
• Upload receipts in the app to automatically categorize expenses and calculate writeoffs
• Use a virtual card for online purchases and a physical card for in-person transactions
• Integrate with your Apple Pay account
• Create proposals and contracts within your account
• Easily track time and expenses for your clients

Best for No Limits: NorthOne Business Banking

NorthOne Business Banking is a refreshingly simple business banking platform that prides itself on “radically transparent pricing.” 

Yes, NorthOne costs $10 per month. But for that, you get truly unlimited banking:

• Unlimited payments
• Unlimited transfers
• Unlimited deposits
• Unlimited debit card transactions
• No fees for overdrafts, NSF transactions, or ACH/PAD returns
• No hidden fees

For a limited time, get $20 off when you open and fund a new NorthOne account.

And a whole bunch more features:

• More than 2 million in-network ATMs through the Cirrus network
• Mobile check deposit 
• Unlimited Envelopes for payroll, taxes, and more
• Cash deposits at more than 90,000 Green Dot locations

Plus, for a limited time, NorthOne is offering an exclusive deal for Money Crashers readers who sign up for a new account: one month of free business banking when you sign up using the link below.

Best for No Minimums: NBKC Business Checking Account

NBKC’s business checking account is truly free from minimums and limits:

• No balance requirements, period
• No monthly maintenance fees when you fail to meet certain qualifying activities
• No transaction fees above an arbitrary monthly cap

Additional features:

• Fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto Rico
• Deposit checks remotely with the handy Desktop Deposit feature
• Get up to $12 in monthly refunds for ATM fees charged by any other banks worldwide, plus mobile-friendly features like bill pay.

Take advantage of NBKC’s courtesy overdraft sweep option — see account disclosures for details on how this works

Methodology: How We Select the Best Small Business Checking Accounts

We use several important factors to evaluate small business bank accounts and choose the very best for our readers. As you narrow down your list of suitable accounts, consider each in turn and how it relates to your business needs.

Account Fees

Some bank accounts have more fees than others. Rather than let the perfect be the enemy of the good, we look for small business accounts that keep fees to a minimum. We’re especially sensitive to account maintenance fees — our ideal business account doesn’t charge those.

Account Minimums

Many small business owners, and certainly many microbusiness owners and sole proprietors, can’t afford to keep thousands of dollars in their accounts at all times. All else being equal, we prefer accounts that don’t require large opening deposits or ongoing minimum balances.

Account Limits

Transaction limits are the bane of small business owners’ existence. At least, they used to be. The best small business accounts waive transaction limits altogether, reckoning that an arbitrary cap on inflows and outflows is bad for, well, business.

Account Bonuses and Incentives

It’s not uncommon to find small business bank accounts offering generous account opening bonuses with relatively few strings attached. Some upstart banks offer referral bonuses and other financial incentives, such as cash-back rewards, as well. We say: the more, the merrier.

Account Yield

We don’t hold the lack of interest (yield) on business checking accounts against their backers. But we do give extra weight to banks that find a way to pay interest on eligible deposits, especially when prevailing interest rates remain low by historical standards.

Other Features and Capabilities

Increasingly, great business bank accounts are hubs for actually getting business done, not simply collecting payments and settling bills. We’re big fans of banks that offer a range of features and capabilities, especially third-party integrations with accounting, payroll, and other software platforms. Bonus points for discounts on these services.

Other Account Types Available

These small-business checking accounts aren’t always the stars of the show at their respective online banking institutions.

Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot.

So even if you come for the low-cost small-business checking, you could find yourself staying for more. All else being equal, we prefer banks that give you this option.

Business Checking FAQs

You have questions about small business banking. We have answers.

Can You Use a Business Bank Account for Personal Expenses?

Technically, yes, but it’s not a good idea. You should keep your business finances separate from your personal finances for two reasons:

• It makes business and personal budgeting much easier.
• It keeps your business activities distinct from your personal activities for both tax and legal purposes, reducing your personal financial liability for lawsuits or other claims against your business.

The best way to keep business expenses separate from personal expenses is to maintain separate accounts for each. That’s an easy lift with any of the providers on this list.

Does a Business Bank Account Build Credit for Your Business?

Usually, no. At least, not directly. Banks don’t report deposit account information to credit bureaus on a regular basis.

However, if you have a business loan or line of credit with your bank, including a business credit card, you can and will build credit for your business. It’s important to use these products responsibly by making timely payments and keeping credit line utilization low. Otherwise, your business credit score could suffer.  

What Are Some Common Restrictions on Small Business Bank Accounts?

Most business bank accounts impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees (also known as monthly service fees).

That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.

Fortunately, friendlier business bank accounts are out there. You’ll find many on this list. 

How Many Bank Accounts Can Your Small Business Have?

There’s no hard upper limit to the number of bank accounts your business can have. 

That said, you shouldn’t open an account just for the sake of opening an account. As your bank accounts multiple, managing them gets more complicated and time-consuming. With many business bank accounts charging maintenance fees and imposing transaction limits, the costs can add up quickly too. So if your business is relatively simple, it probably needs no more than two or three accounts.

If you’ve read this far, you’ve probably noticed that the best small-business checking accounts have certain things in common:

• Low minimum balance requirements, if any
• No monthly service fees or easy ways to waive those fees
• High transaction limits or none at all
• Seamless mobile banking experiences
• Plenty of fringe benefits for growing businesses
• Rewards, account yields, or other incentives for use
• FDIC insurance up to the statutory maximum

The ideal business checking account for your needs should cover as many of these bases as possible. If you’re not sure where to turn, know that any of the accounts on this would be a fine addition to your enterprise’s financial portfolio.