Best Business Checking Accounts Of May 2024

We chose the NBKC Bank Business Checking Account because it doesn’t have fees or minimums, making it friendly to small businesses and startups without a lot of capital. NBKC also stands out as a full-service digital bank.

Why We Like It

We like that this free account helps business owners save time and money. It doesn’t charge fees found with many business bank accounts or require owners to maintain a certain balance or activity level to get the most benefit. We also like that NBKC offers many business accounts, lending options and payment solutions so small businesses can grow without switching banks.

What We Don’t Like

Although the NBKC online platform and mobile app are user-friendly, they’re more basic than offerings from other banks and don’t have many business-specific tools for budgeting and accounting.

Who It’s Best For

The NBKC Bank Business Checking Account is best for smaller businesses that want to save on banking and have the flexibility to let their balances fluctuate. It’s ideal for those without complicated money management or app integration needs.

NBKC Bank offers a single mobile app for both business and personal banking. The account offers surcharge-free ATM access at over 37,000 MoneyPass ATMs. Suppose you need to use an out-of-network ATM that charges a fee; NBKC refunds up to $12 per statement period. In addition to a free business checking account, NBKC Bank offers business savings deposit accounts—both money market accounts and certificates of deposit (CDs)—business loans and lines of credit, and business solutions including cash management, fraud management, collections and disbursement services.

The NBKC Bank Business Checking Account does not have active sign-up or referral bonuses at this time.

We chose the EverBank Small Business Checking account because it earns interest and is well-suited to businesses owned and operated by one person, including sole proprietorships and single-owner LLCs. It’s most beneficial for those with high transaction volumes.

Why We Like It

We like this account because it’s more flexible than many other business accounts. When running a business alone, you want an account for operating expenses that you can make many deposits into and transfer from. This account offers unlimited free transactions, has no monthly fee and pays 0.50% APY on all balances.

What We Don’t Like

The minimum deposit to open a Small Business Checking account is $1,500, which isn’t ideal. We also don’t like that you need a balance of at least $5,000 to qualify for unlimited ATM fee reimbursements.

Who It’s Best For

EverBank Small Business Checking is only for single-member LLC owners and sole proprietors keeping their business banking separate.

This account provides surcharge-free ATM access at any Allpoint or MoneyPass ATMs in the U.S. If your account balance is $5,000 or more, EverBank will reimburse you for all U.S. ATM fees charged by other banks. If the account balance is below $5,000, you will receive up to $15 per month in U.S. ATM fee reimbursements. EverBank also offers the EverBank Business Checking, which provides up to 200 free transactions and 10 free online bill payments per month. EverBank Business Checking does not earn interest and has a monthly maintenance fee that can be waived with a $5,000 balance.

The EverBank Small Business Checking account does not have active sign-up or referral bonuses at this time.

We chose LendingClub Tailored Checking Account because, unlike other accounts on this list, it pays both interest and cash back to help business owners earn when saving and spending.

Why We Like It

We like that LendingClub Tailored Checking pays a generous 1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000 and that online and signature-based “credit” transactions made with the LendingClub debit card earn unlimited 1% cash back.

What We Don’t Like

While any cash back on checking is appealing, we don’t like that it’s restricted to signature-based purchases.

Who It’s Best For

With multiple ways to earn rewards and unlimited free transactions, LendingClub Tailored Checking is best for business owners looking for an everyday spending account for frequent use.

If your account has a zero balance for over three months, LendingClub reserves the right to close it without notice. Interest compounds daily and is credited monthly on the last business day of each statement cycle. Cash-back rewards will be credited to your account by the tenth calendar day of the month after the month they were earned. LendingClub Bank offers several savings deposit options for small businesses and commercial applications, including savings accounts, money market accounts and CDs. LendingClub also provides various cash management and business lending solutions, including being a nationwide SBA Preferred Lender. This means it has been authorized by the Small Business Administration (SBA) to process loan applications independently and, therefore, more quickly than other banks.

The LendingClub Tailored Checking account does not have active sign-up or referral bonuses at this time.

We picked the Bluevine Business Checking account because it has unlimited transactions and very few fees, and it earns up to 2.00% APY on balances up to and including $250,000. (Balances over $250,000 do not earn interest.)

Why We Like It

We like that this account lets you create five subaccounts, with adjustable permissions and individual account numbers, to take full advantage of the competitive rate, expanded FDIC coverage and more.

What We Don’t Like

We don’t like that Bluevine requires you to meet account activity requirements to qualify for the interest or that the fintech charges a fee for cash deposits.

Who It’s Best For

The Bluevine Business Checking account is best for business owners who can easily qualify for the best APY and who will use the many business tools available with the account.

To earn the 2.00% APY, you will need to 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 your merchant payment processing provider.

Bluevine’s accounts payable feature allows business owners to automate workflows and delegate tasks, and account owners can connect their Bluevine accounts with QuickBooks Online. Bluevine charges no ATM fees at 37,000+ MoneyPass ATMs nationwide, does not assess non-sufficient funds fees and offers two free books of checks. Deposits are FDIC-insured through a sweep network of program banks for up to $3 million. This coverage is above the standard $250,000 limit per account because Bluevine deposits are held with multiple banks.

Small business owners who need to make cash deposits can do so for a fee through Bluevine’s partnership with Green Dot, with over 90,000 U.S. retail locations.

The Bluevine business checking account does not have active sign-up or referral bonuses at this time.

We picked the U.S. Bank Silver Business Checking Account Package package because it has no monthly fee, unlike many business accounts from big banks, and lets you make some cash deposits at no charge.

Why We Like It

We like that this account includes up to 25 free cash deposits (or $2,500 in deposits) per statement cycle and provides in-person and online access.

What We Don’t Like

This account has a low monthly limit of 125 free transactions and lacks the management tools, app integrations and rewards available with many of the best business accounts.

Who It’s Best For

The U.S. Bank Silver Business Checking Package is best for businesses that deal with cash and want convenient access to branches and ATMs without the fees often found with big banks.

A $100 minimum deposit is required to open a Silver Business Checking account. Transactions that count toward the monthly limit include teller deposits, ATM deposits and check and debit card purchases. Transactions are $0.50 each above the 125 limit. If you need to write paper checks, you can receive a 50% discount on the first check order up to $50. U.S. Bank also offers business savings deposit options, including savings accounts, money market accounts and CDs.

You can earn a bonus of up to $800 when you open a new U.S. Bank Silver business account, and meet specific requirements. You must use the promo code Q2AFL24 when applying and open a new account by August 30, 2024. To earn the full bonus amount, you’ll have to deposit at least $25,000 in new money within 30 days of opening and maintain this balance for at least 60 days..

We picked the First Internet Bank Do More Business™ Checking account because it includes interest and perks like unlimited transactions and ATM reimbursements.

Why We Like It

We like this account because instead of paying the best interest rate on smaller balances, as many business checking accounts do, it pays 0.50% APY for accounts with an average daily balance of $10,000 APY on accounts with an average daily balance of $10,000.

What We Don’t Like

We don’t like that balances below $10,000 don’t earn interest with this account.

Who It’s Best For

The First Internet Bank Do More Business Checking account is best for mature businesses that keep larger balances in the bank and transact often.

Interest for this account is compounded and credited monthly on the last day of each month. The Do More Business Checking account has no minimum deposit, balance or monthly maintenance fee. Regardless of your balance, you will be reimbursed up to $10 per month in ATM fees. First Internet Bank also offers several business deposit accounts, including a savings account, money market account and CDs.

The First Internet Bank Do More Business Checking account does not have active sign-up or referral bonuses at this time.

We picked the Novo Business Checking Account account because it offers free app integrations, budgeting tools and accounting features in a fee-free account designed for entrepreneurs.

Why We Like It

We like this account because it is compatible with payment apps, automation software and B2C and C2C marketplaces. Platforms that integrate include Stripe, Shopify, eBay, Etsy, Square, Quickbooks and Zapier. Novo also partners with other business services to offer savings.

What We Don’t Like

While the Novo Business Checking account has many strengths, we don’t like that it’s the only account the fintech offers.

Who It’s Best For

The Novo business checking account is best for e-commerce businesses and anyone selling a product. It is well-suited to both growing startups and established businesses with employees.

Novo is a banking platform, not a bank. Novo deposits are insured by partner bank Middlesex Federal Savings, F.A. The account has no monthly maintenance fee and no minimum balance requirement. Novo requires no minimum deposit or balance to unlock all account features. There are very few fees attached to this account. Transfers, mailed checks and incoming wires are free, and Novo reimburses up to $7 in out-of-network ATM fees. If you need to send a paper check, you can request online for one to be sent at no charge. When you need to deposit cash, you can purchase a money order and deposit this through the mobile check deposit feature.

The Novo Business Checking account does not currently have an active sign-up bonus, but it does have a referral program. The amount of the referral reward is subject to change. To refer another user and receive a bonus, you’ll share your unique referral code with them to use when they apply for an account. The business owner you refer must achieve a balance of at least $100 in their account within 30 days of opening and maintain this balance for another 30 days.

We picked the Bank of America Business Advantage Fundamentals™ Banking account because it offers widespread in-person access as one of the largest banks in the country and high customer satisfaction for business accounts.

Why We Like It

We like Bank of America because it ranks highly for merchant services satisfaction with J.D. Power and has nearly 3,800 bank branches in the U.S.

What We Don’t Like

We don’t like that this account has a high monthly fee and a high minimum balance to waive it, especially considering the monthly limit of 200 free transactions.

Who It’s Best For

This account is best for business owners who prefer doing their banking in person and will qualify to waive the maintenance fee every month.

Bank of America also offers a wide variety of additional business banking features, including savings accounts and CDs, business management tools and services, credit cards, lending and retirement solutions from Merrill Edge. When you need general customer service support, you can call Monday through Friday, 7 a.m. to 11 p.m. ET and Saturday, 8 a.m. to 8 p.m. ET. For specific questions about business banking services like remote deposit or online banking, you can call additional dedicated service lines.

Bank of America offers a cash bonus: Earn a $200 cash bonus when you open a Bank of America Business Advantage Relationship Banking or Bank of America Business Advantage Fundamentals™ Banking by June 30, 2024, make a qualifying deposit within 30 days, then maintain a balance of at least $5,000 for the following 60 days—until the 90th day after the account was opened.

We picked the Chase Business Complete Banking® account because it is one of the best business checking options available for receiving payments and banking in one place.

Why We Like It

We like that Chase has a reasonably priced and convenient payment processing platform, QuickAccept, that permits online, mobile and in-person payments.

What We Don’t Like

We don’t like the pesky $15 service fee attached to this account or QuickAccept’s 2.6% or 3.5% credit card processing base rate.

Who It’s Best For

Chase Business Complete Banking is best for growing businesses that sell a product or service and plan to make cash deposits and debit card purchases. Chase is also a good fit for business owners looking to open a credit card or another business account.

The monthly service fee is waived for this account each month you do one of the following:

• Maintain a $2,000 minimum daily balance.
• Receive $2,000 in eligible deposits from your Chase QuickAccept® or other eligible Chase Payment Solutions transactions.
• Spend $2,000 in eligible purchases from your Chase Ink Business Card.
• Maintain a linked Chase Private Client Checking℠, JPMorgan Classic Checking or Private Client Checking Plus account.
• Meet Chase Military Banking requirements.

There is no fee for the first 20 deposits and withdrawals at the teller or by paper check. Each additional paper check or teller transaction incurs a 40-cent fee.

The Chase Business Complete Checking debit card has a daily purchase limit of $10,000. You can withdraw up to $3,000 cash per day at Chase in-branch ATMs. Keep in mind that Chase charges for using out-of-network ATMs in the U.S. and internationally. You can send and receive money using Chase QuickDeposit, wire transfer and Chase Online Bill Pay. Enrollment in Chase QuickDeposit is subject to approval and requires a two-year agreement and a monthly maintenance fee for the check scanner.

As your business grows, Chase also offers Performance Business Checking and Platinum Business Checking, which have additional fees and features. Chase also offers business savings accounts and CDs, small business financing—including loans and lines of credit—and business credit cards.

Chase offers a cash bonus of up to $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. To qualify, . This offer ends on July 22, 2024.

We picked the Axos Bank Basic Business Checking account because it offers several free business services, doesn’t charge for most activities and has virtually no limits or requirements.

Why We Like It

We like this account because it’s free and offers unlimited ATM reimbursements for third-party ATMs and discounted business services with partners Celero and ADP.

What We Don’t Like

We don’t like that this account doesn’t earn interest, which is one of the only things it seems to be missing.

Who It’s Best For

Axos Basic Business Checking is best for business owners open to using Axos’ service partners who already have their extra funds earning interest in high-yield savings accounts.

Axos Basic Business Checking has no opening deposit requirement, monthly maintenance fee or minimum balance requirement. Also, your first set of 50 checks is complimentary. The account provides unlimited reimbursements for domestic ATM fees. Dedicated banking relationship managers are available Monday through Friday. There is no limit to the number of transactions—debits, credits or deposited items—that can be processed each month. You also get two reimbursed domestic wires per month. This account charges fees for paper statements, checks, and outgoing wire transfers. Axos also offers business savings accounts, a business money market account, a nonprofit money market account, business CDs and loans. Merchant services are provided through a partnership with Celero Merchant Solutions. Payroll services are provided through a partnership with Roll by ADP.

Axos offers a cash bonus of up to $400 when opening an account and meeting certain requirements by June 30, 2024, using offer code NEW400. To qualify, you must make a deposit within 30 days of opening your new account, and your balance will be used to determine the amount of your bonus. To earn $400, which is paid as $100 for up to four statement cycles, you will need to have an average balance above $50,000 in your new account, a minimum of 10 POS transactions of at least $3 each posted to your account each month and bill pay set up for your account. You need to submit an application by June 30, 2024 to qualify.

Business owners who are also interested in opening a personal checking account can qualify for a bonus of up to $700 when they open a business checking account and a high-yield Rewards Checking account at the same time. To qualify for this bonus, you will use the code AXOS700 to apply for both accounts by June 30, 2024. Then, you must meet individual bonus requirements for each account.