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Best Business Bank Accounts in 2023

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Best business bank accounts allow you to separate your business finances from personal ones, which helps when it’s time to file taxes. The best business checking accounts are no- or low-fee and also include credit cards, savings accounts, employee retirement plans and merchant point-of-sale offerings.

A business bank account makes separating your finances easier for tax time. The best business checking accounts allows you to separate your personal finances from business ones, which This article highlights the best business bank accounts while taking into consideration the range of other products offered.

7 best business bank accounts

Here’s the best small business bank accounts.

Chase: Best for business rewards

Minimum depositNone
Minimum depositNone
APYNot disclosed
Monthly maintenance fee$15; can be waived with $2,000 minimum daily balance
Transaction limitsUnlimited debit card and Chase ATM transactions; up to 20 teller and paper transactions

Chase is one of the best banks for business accounts thanks to its excellent business credit card rewards program. It also has three different business checking accounts to choose from depending on the size of your business. The most basic option comes with a decent sign-up bonus of $300 for new accounts. It also carries a $15 monthly maintenance fee, but this can be waived if you maintain a minimum daily balance of $2,000, link to a Chase Private Client Checking account, make $2,000 in net purchases on a Chase Ink Business card each statement, make $2,000 in deposits from eligible Chase Payment Solutions, like Chase QuickAcceptpt℠ or if you’re a member of the military.

Wells Fargo: Best for business loan offerings


Column 1Column 2
Minimum deposit$25
APYNot disclosed
Monthly maintenance fee$10 per month; can be waived with $500 minimum daily balance
Transaction limitsNo fee for the first 100 transactions per fee period. After 100, it's $0.50 each transaction.

Wells Fargo has a lot of business loan options, making it ideal for small business owners looking for a wide range of services. You’ll also find a variety of checking accounts to choose from. There is a $25 minimum deposit requirement to open an account which isn’t too much, but something to think about when other banks don’t require any.There is a monthly service fee of $10 per month, but it can be waived if you maintain a $500 daily balance.

Bluevine: Best for earning interest


Column 1Column 2
Minimum depositNone 
APY2.00%
Monthly maintenance feeNone
Transaction limitsNone

If you’re looking to earn interest with a business checking account, Bluevine might be a good option. You can earn 2.00% interest on the entire balance in your account. There aren’t any monthly fees or overdraft fees. Although Bluevine is online and doesn’t have physical branches, you’ll have access to free ATM withdrawals from a network of over 37,000 MoneyPass® ATMs. Bluevine also offers a line of credit, which is a flexible form of business financing that can be used for a range of working capital purposes.

Novo: Best for digital experience


Column 1Column 2
Minimum depositNone 
APYNone
Monthly maintenance feeNone
Transaction limitsDepends on your business

Novo could be a good option for businesses who prefer a digital banking experience. Its digital experience is solid with its own app marketplace, Stripe integration and Nova Boost, which allows you to access online payments faster. Nova also provides a virtual card that can be used through Apple Pay. It doesn’t offer any other products besides a business checking account so if you’re looking for business loan options or savings to pair with your checking, you might want to go elsewhere.

Axos: Best for startups


Column 1Column 2
Minimum depositNone 
APYNone for basic business checking  Business interest checking: 1.01%
Monthly maintenance feeNone
Transaction limitsUp to 60 items per month for Remote Deposit Anywhere

Axos is ideal for startups because there are no monthly maintenance fees or any initial deposit requirements. This is helpful when you’re first starting out and might not have a large cash flow yet. However, Axos does not offer any business credit cards, but it does offer payroll services, merchant services and even makes SBA loans through a partner institution.

Digital Federal Credit Union: Best credit union for small businesses

Column 1Column 2
Minimum depositNone 
APY0.10%
Monthly maintenance feeNone
Transaction limits20 free deposits per day; $0.10 per item after

Digital Federal Credit Union can offer one of the best bank accounts for small business as it allows you to earn APY on your business checking account and only requires a minimum daily balance of $0.01 to do so. There are no monthly fees or minimum deposits to worry about. The unlimited check writing and 20 free deposits per day are also a plus.

However, you must be a member to open a business checking account. To be eligible for membership, you must work at or have retired from a participating employer, be a member of a participating nonprofit organization or are a resident of a specific geographic area.

nbkc: Best for no fees


Column 1Column 2
Minimum depositNone 
APYN/A
Monthly maintenance feeNone
Transaction limitsN/A

Business owners looking for a checking account with minimal fees should check out nbkc. There are no monthly maintenance fees or any minimum deposit required. You won’t be charged for any overdrafts or if you need to stop a payment.

What is a business bank account?

A business checking account is similar in function to a personal checking account, as both are used to withdraw and deposit funds, write checks and have ATM access. However, with a business bank account, you can order debit or credit cards for your employees. To be eligible for a business bank account, you’ll need an Employer Identification Number (EIN) from the IRS and you’ll need to establish a legal business entity. Depending on the bank, you may be required to maintain a higher monthly balance than with a personal account. Some banks also have requirements in terms of business structures and the size of the company.

The main reason a business would want a business checking account is to keep the business funds separate from personal ones. This will help with bookkeeping and managing business finances, but it will also make filing business taxes more straightforward.

What to look for in a business bank account

When shopping for the best banks for business accounts, be sure to keep an eye on transaction fees, APY — or annual percentage yield, the amount of interest you earn on a deposit within a year — and whether there are any bonus offers for signing up. Here is what else you should look for when selecting a business checking account.

  • ATM network access. It’s important that you can access cash when needed so a bank with ATM network access in your area and beyond is crucial. You’ll also want to find out whether the bank reimburses ATM fees when you have to make a withdrawal out of your network.
  • Minimum required deposits. Some banks have a minimum deposit requirement when opening your account, such as Wells Fargo which requires $25. Other banks may require a minimum monthly amount in your checking account so you aren’t charged a fee.
  • Limits. Be sure to consider whether there are monthly transaction limits when moving your money in and out of your account, or limits to the amount of cash you can withdraw and deposit.
  • Customer experience. It might be a good idea to determine if you want or need an in-person, physical branch or if you’re more comfortable with an online-only bank. No matter what you choose, you’ll want to make sure they have good customer service so you can get answers fast when needed.
  • Digital experience. Whether your financial institution has a physical location or not, it’s a good idea to consider what sort of mobile app or online experience they offer for on-the-go banking.
  • Existing banking relationships. The bank(s) that you currently have personal accounts with, such as a checking account or credit card, should be the first place to consider when opening a business account. However, it’s always smart to compare other options with outside financial institutions to get the best offerings for your business needs.

How to open a business checking account

When opening a business checking account, you’ll likely need to provide a few key documents. While each financial institution will have its own requirements, there are common items needed to open a business checking account, including

  • Employer Identification Number (EIN)
  • Business licenses
  • Documents that provide the name of the business, how it was formed and names of owners
  • Initial deposit, if required by the bank

Compare the best business checking accounts

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

BankBest forMinimum opening depositMonthly feeAPY
ChaseBusiness rewardsN/A$15; can be waived with $2,000 minimum daily balanceN/A
Wells FargoBusiness loan products$25$10 per month; can be waived with $500 minimum daily balanceN/A
BluevineEarning interestNoneNone2.00%
NovoDigital experienceNoneNoneNone
AxosStartupsNoneNoneNone for basic business checking (only for business interest checking: 1.01%)
Digital Federal Credit UnionCredit union for small businessesNoneNone0.10%
nbkcNo feesNoneNoneN/A

How we chose our picks

To appear on our list of best bank accounts for small businesses, we identified business checking accounts accessible to businesses nationwide. The accounts we featured had no or low minimum deposits, no monthly fees or easily waive maintenance fees and the ability to earn APY. We also took into account other small business product offerings, like business loans and business credit cards.

Frequently asked questions

The best bank to open a business bank account will depend on the financial needs of your small business. To help find the best option, shop around for any bonus introductory offers and compare the APY interest rates that will help you earn more as time goes on. It’s also a good idea to consider any monthly fees and minimum requirements.

While you can make withdrawals and deposits with both a business and personal checking account, you’re also able to order debit cards for employees with a business checking account. Monthly fees can often be higher with a business checking account and may come with strict balance requirements.

Saving accounts, especially those that allow you to earn interest, are meant to help save for the long term. Business checking accounts, on the other hand, are designated for everyday banking use.

It depends on the bank. Some may allow you to use your personal checking for business while others can prohibit it. However, even if you’re able to use your personal checking account for your small business you may want to reconsider. It’s important to keep your business and personal finances separate so you stay organized during tax time.

There is no requirement to have a business bank account if you are self-employed, especially if you are the sole proprietor. A business bank account is a good idea when you’re self-employed though, in order to keep everything organized and separate from your personal finances.

Yes, you can transfer funds from a business bank account to your personal account. Depending on your financial institution, you may also be able to link both accounts. Just remember you can only write off expenses as tax deductions when they are related to your business.

 

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