Best Banks for Small Businesses Checking
Best banks for small business checking
|Bank Name||Best Known for|
|Chase Business||Best bank overall|
|Axos Bank||Online-only checking|
|Wells Fargo||Convenience of many branches and ATMs|
|US Bank||Found throughout the country|
|Capital One||Capital one is best for high-volume deposits and monthly transactions.|
|BlueVine||Offers best-in-class online banking while earning high-interest rates|
|Bank of America||Offers the best sign-up bonuses|
|Novo||Simple banking online and through mobile banking|
- Chase Business Complete is its basic business checking and has no minimum deposit. However, the account attracts a $15 monthly fee. New accounts also earn a $300 sign-up bonus. You can also waive the monthly fees by maintaining the $2,000 minimum daily balance of or through qualifying purchases or daily balances on your chase credit card.
- Chase Performance Business Checking, which is suitable for mid-sized businesses. It attracts a monthly fee of $30 but that is waived if you meet the $35,000 qualifying deposits. The account comes with 250 free transactions per month, unlimited wire deposits, and zero fees for all transactions up to $20,000 in cash per month.
- Chase Platinum Business Checking is suitable for large businesses and attracts a $95 monthly fee, which can be waived if you maintain the $100,000 qualifying deposits or spending. The minimum deposit to open the account is $25.
- Unlimited electronic deposits
- No fees on deposit
- Three debit cards to choose from
- Mobile banking
- 24/7 customer service support
- CDs and two savings accounts available
- Card rewards including free or discounted travel and interest
- Integration with point-of-sale solutions
- Access to loans and other forms of financing and lines of credit
- Initiate Business Checking is the basic account with a minimum deposit of $25 and $10 monthly fees. The account has 0% APY. There is a $500 minimum daily balance.
- Navigate Business Checking has a $25 monthly fee that is waived if you meet the minimum deposit balance of $10,000, make qualifying deposits totaling $1,000 or more, or have a linked Wells Fargo mortgage.
- Payroll, HR, and business tax services.
- Access to two savings accounts and CDs
- Three business credit cards to choose from
- Several financing options including unsecured loans and lines of credit
- Real estate financing
- High-interest rates of 1% for balances of up to $100,000
- No fees charged on ACH and wire transfers
- A free debit card that allows withdrawals at MoneyPass ATMs
- Cash deposit in Green Dot locations
- Mobile banking
Bank of America
- $50 initial deposit to open the account
- There is no minimum daily balance
- 20 check deposits per month limit
- The accounts do not earn interest
- Customers don’t incur any fees
- Does not offer loans
- You cannot send wire transfers
Summary of best banks for small business checking
|Bank||Minimum Daily Balance||Monthly Fee||APY||Additional Features|
|Chase Business Complete||$2,000||$15 if don’t carry min. balance||N/A||$300 sign-up bonus|
|Chase Performance Business||$35,000||$30 if don’t carry min. balance||N/A||250 free transactions/mo, unlimited wire|
|Chase Platinum Business||$100,000||$95 if don’t carry min. balance||N/A||unlimited electronic deposits|
|Axos Business Interest Checking||$5,000||$10||0.80%||50 transactions/mo; free ATM|
|Axos Business Checking||$0||$0||N/A||200 transactions/mo; free ATM|
|Wells Fargo Initiate Business Checking||$500, $25 opening deposit||$10 if don’t carry min. balance||N/A||100 free transactions/mo|
|Wells Fargo Navigate Business Checking||$10,000, $25 opening deposit||$25 if don’t carry min. balance||N/A||250 free transactions/mo|
|US Bank Silver Business Checking||Varies||$0||N/A||125 transaction/mo|
|US Bank Gold Business Checking||Varies||$20||N/A||300 transaction/mo|
|US Bank Platinum Business Checking||Varies||$30||N/A||500 transaction/mo|
|Capital One Spark Business||$2,000||$15 if don’t carry min. balance||N/A||Unlimited business transactions|
|Capital One Spark Unlimited||$25,000||$35 if don’t carry min. balance||N/A||Unlimited business transactions|
|BlueVine||$0||$0||1% for up to $100k balances||Unlimited transactions, free ACH and wire, no ATM or NSF fees|
|Bank of America Business Advantage Fundamentals||$5,000||$16 if don’t carry min. balance||N/A||Zelle|
|Bank of America||$15,000||$29.95 if don’t carry min. balance||N/A||Free wires, QuickBooks integration|
|Novo||$0||$0||N/A||No fees, ATM fee reimbursement|
How to choose a bank for your small business
- Consider your long-term and short-term financial goals. If you anticipate your financial goals will change soon, your best bet is to choose a bank that gives you that flexibility.
- Keep an open mind. Technology has changed the way things are done and you no longer have to walk into a brick and mortar bank to open an account. Nowadays, you can do it wherever, whenever.
- Look out for features that resonate with you. All the banks cannot be all things to all people. Narrow down your options to a few banks then conduct due diligence on the individual banks based on how many transactions you anticipate to make and what bank will work best for you.
- Consider the fees. This is one of the most important things to consider. You may have the best banking experience but if you incur huge fees, it will be detrimental to the health of your finances and ultimately your business
- Begin the search with your bank but don’t end with it. Sometimes you won’t have to look too far to find what you’re looking for. If you end up using your local bank account, you’ll be able to access your business and personal accounts using the same login.
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