A business checking account helps small business owners to keep their personal and work finances separate. These days, most banks even provide online checking accounts, which saves you the time (and money) visiting a branch, especially if it’s located at a far distance from your residence or place of work. So, to make your business activities easy here we have described the best places to open a business checking account online.
Thus, it is very convenient to have an online business checking account as it not only makes your financial transactions much easier, it offers various features as well as both automated and on-demand functionalities for improved efficiency and productivity in business.
The small business checking accounts make it easy for owners to avoid a monthly maintenance fee by setting low minimum balance requirements. They also allow hundreds of free monthly transactions and cash deposits. The best business checking account for you may come from an online bank, or one that operates thousands of branches.
In this article, we will guide you and help you pick the best small business checking account online that best fit your needs.
If you own or are thinking about starting a small business, you will also need to have a small business checking account. Because if you don’t, then you could be putting yourself and your business both at risk.
When running a small business, you will have a lot of different things to worry about than you would as an individual using a personal checking account. First, you have to ensure your business finances are separate from your personal finances. In case, they are not, it could open up risk in many ways, such as liability for business debts and lawsuits, or issues when you go to file your taxes.
Chase Bank is considered one of the best places to open a business checking account online and operates nearly 5,000 branches, 16,000 ATMs, an easy-to-use website, and a great mobile app, making it an excellent option, whether your small business relies on a physical location or does most of its banking online. It offers a competitive fee structure, unlimited cash deposits, and you can open an account with no minimum deposit.
First-time Chase Total Business Checking account holders can receive a $200 bonus for opening a new account. Chase Total Business Checking requires no minimum deposit to open an account, and your fees could be as low as $0 if you have $500 in monthly deposits or a daily balance of at least $1,500. The requirements to earn free checking are lower with Chase than with any other best banks for small business.
Chase Bank can offer the best checking account solution for any business with convenient access to one of its branches or ATMs. Chase offers unlimited cash deposits, free up to $5,000 in deposits each month, which makes it the best option for businesses that make many cash deposits or that need a branch to conduct transactions. Plus, it offers one of the best fee structures overall and checking solutions for businesses of all sizes.
You can apply for a business checking account with Chase directly on its website within minutes to take advantage of its introductory offer. You also have the option to visit a local branch to work directly with a business banker and apply for an account.
Deposit $1,000 within 20 business days of account opening.
Maintain a $1,000 average daily balance for 60 days.
Make at least five qualifying transactions from the business checking account within 60 days.
Because the monthly fee is waived with a minimum daily balance of $1,500, you should have no problem also receiving the bonus if you’re already able to get the fee waived. Compare these requirements to Bank of America, which requires account holders to make a minimum deposit, use a bank credit card and pay bills online.
The Bank of America offers a business checking account that is comparable to Chase business checking. And best for businesses that are near the more than 4,300 physical branches and about 16,000 ATMs nationwide.
Its network offers you unique advantages like your ability to make deposits directly at every ATM. Bank of America is good for any business that makes significant monthly cash deposits. Pay just 30 cents per $100 after the first $7,500 each month. You’ll start paying for cash deposits with Chase after just $5,000 in deposits each month. If Bank of America is more convenient for you than Chase, then it is recommended to go with Bank of America.
You can apply for a Bank of America business checking account online through its website. Once you fill out its online application, you may need to email or fax additional materials, which can take three to five days. Once the Bank of America receives your signature card, you’ll be approved to use your business checking account.
$100 if you deposit $1,000 within 60 days of your small business bank account.
$50 if you pay at least two bills through online bill pay within 60 days.
$300 if you apply for and are approved for a Bank of America small business credit card, and you make $3,000 in purchases within 90 days of account opening.
The Bank of America Business Fundamentals account offers a $450 profit for first-time business checking account users. To qualify, you must meet certain minimum initial deposits, pay bills online, and obtain a Bank of America small business credit card. Bank of America’s fees is comparable to most other large banks offering business checking accounts. It isn’t the most affordable, but its fee structure isn’t a deal-breaker, either.
Spend $250 on net purchases with your Bank of America business debit or credit card. Maintain an average monthly balance of $5,000 or more.
Maintain a minimum daily balance of $3,000 for every day during the month.
Maintaining a combined average monthly balance of $15,000 or more in your linked Bank of America accounts.
Capital One offers a low-cost business checking account—a $15 monthly fee—that’s best for owners who make many transactions per month as there is no transaction fee. Although it offers a network of more than 39,000 ATMs nationwide, Capital One has around 750 physical branch locations across eight states, far fewer than other large banks on this list.
Capital One Spark Business Checking is a great fit for businesses that need a low-cost checking account. You’ll pay $15 a month with several options to waive that fee, and there are no transaction fees. E-commerce or online-based businesses may favor this account since deposits can be made electronically.
Capital One requires a branch visit to complete an application. Online, it offers handy information for what you’ll need to bring when you apply, including the legal name of your business, your tax ID number, ownership structure, number of employees, percent of ownership, and annual gross revenue.
You may be targeted for a $100 or higher bonus based on the market in which your business operates, but you must visit a branch to apply. Branches are located in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C. Capital One charges no monthly fees if you maintain a balance of just $2,000, and it allows for an unlimited number of monthly transactions. Other banks provide a limited number of free transactions.
The Capital One Spark Business Checking account can integrate with top accounting software like Xero. Capital One also has a mobile app that a business owner can use to deposit checks, track their accounts, pay bills, and make transfers.
Wells Fargo offers a small business bank account that’s best for businesses to grow with because of the bank’s additional services. It has one of the largest networks with more physical branches than each best bank for small business on our list at more than 5,600, and Wells Fargo’s Simple Business Checking account at $10 is less expensive than what Chase offers.
Wells Fargo can likely meet your needs regardless of the size of your business and, because of the numerous additional financing and investment services that Wells Fargo provides, it is better than most other banks at helping growing businesses. You can upgrade business checking easily as your needs increase in both monthly transactions and deposits.
Wells Fargo occasionally offers in-branch bonuses for opening a new business checking accounts. See your nearest branch for details. The bank does not currently offer a sign-up bonus through its website. Many of the other banks on our list do, including Bank of America, which offers up to $450 when you open a new account.
Card Design Studio: Puts your business logo and tag-line on your debit card.
Wells Fargo mobile: You can manage your entire bank account from your mobile phone.
Zero liability protection: Wells Fargo reimburses you for any unauthorized debit card or ATM transactions if you report them promptly.
Like other banks on our list, Wells Fargo offers a robust mobile experience that includes remote check deposits. No other bank on this list allows the debit card personalization that Wells Fargo offers.
You can apply for a Wells Fargo business checking account directly on the bank’s website. You are also required to provide certain documents through the mail and make an opening deposit. If you live in a state without a Wells Fargo branch, then you will have to call their toll-free number (800-416-8658) to apply.
U.S. Bank’s free business checking option Silver Business Checking package is best for businesses looking for a free account that make fewer than 150 transactions per month. Few banks on our list provide a fee-free option with no requirements. U.S. Bank offers a large network of more than 3,000 physical branch locations and more than 5,000 ATMs in 28 states. U.S. Bank is one of the best banks for small business for owners that make fewer than 150 transactions a month as you’ll pay 50 cents per transaction after that. Compare to Bank of America, which offers 200 free transactions. U.S. Bank also is a good fit if its branches and ATMs are geographically convenient to your business.
U.S. Bank offers a 50% discount on your first check order up to $50, regardless of how long it takes you to order your first checks. It also offers the following introductory offers for business checking account holders:
50% discount for you on a U.S. Bank Gold Personal Package checking account.
An undisclosed bonus rate on a U.S. Bank Platinum Business Money Market account.
Accessing to ADP Payroll: Direct access from your bank account dashboard.
Access to Viewpost: Take advantage of digital invoicing and payment systems, which are integrated into your online dashboard.
Mobile app: Oversee all of your accounts, move money between accounts and deposit check online.
You cannot apply online for a U.S. Bank business checking account. You must contact a U.S. Bank specialist via telephone or online form, or you can walk into any of its nationwide branches.
Azlo is great and one of the best places to open a business checking accounts online for small business owners who hate paying checking account fees. It charges no transaction fees, no ATM fees, and no monthly fee.
Because the bank has no branches, however, you can’t make cash deposits, nor are outgoing wires available. Also offers mobile deposit, free mobile banking, online banking, and bill pay. Account-holders get a free Azlo Visa debit card to use for transactions and at ATMs. Other banks on our list offer similar benefits to business checking account holders.
To set up an Azlo free business checking account, visit Azlo’s website. You can also learn more about its free business checking account as well as other options and services. If you want to open an account, you can follow the entire process online through Azlo’s website.
TIAA Bank is one of the best and good places to open a business checking account online for businesses that are comfortable with online-only banking. Plus, you’ll receive an excellent introductory interest offer. You’ll pay a few fees on this bank’s Small Business Checking Account and earn 1.21% APY for the first 12 months on deposits up to $250,000. Formerly known as EverBank, it is best for businesses that don’t need brick-and-mortar service or to make any cash deposits.
TIAA Bank operates several branches in Florida but is primarily an online bank. It offers nationwide reimbursements for ATM use if you maintain a minimum balance of at least $5,000.
TIAA Bank is an ideal bank for small business because it offers the same number of free monthly transactions as Bank of America, but you don’t have to maintain account minimums to earn free checking. You can open a TIAA Bank business checking account through its website.
All the required forms can also be completed online. Once your account is open, you can begin earning 1.21% APY on deposits up to $250,000.
PNC Bank’s business checking account is great for small businesses looking for cost savings in the first few months. You can open an account with as little as $100, and PNC will waive your monthly maintenance for the first three months.
While it doesn’t have as many physical locations as other banks on this list with more than 2,400 branches in 21 states, its ATM network is 6,000 in numbers. PNC Bank offers a competitive checking account that is a good fit for small businesses that want an initial price break. You will pay nothing for the first three months, then $10 per month thereafter, although you can have the fee waived when you meet certain conditions.
Maintain a linked PNC merchant services account and deposit at least $500 in card payment proceeds into your PNC business banking account.
Make $500 or more in purchases with your linked PNC business credit card.
Maintain a minimum average monthly balance of $500.
Applying for a PNC business checking account is a three-step process. First, you’ll fill out an online form about you and your business. A PNC Bank business banker will call you directly. Third, you’ll physically go into a PNC Bank location to finish the process. You can also bypass the first two steps by taking care of them inside a physical branch location.
Citizens Bank is one of the best places to open a business checking account online for small businesses that need to make 200 transactions or fewer each month. Its Clearly Better Business Checking account charges no monthly fee, has no minimum balance and offers 200 free transactions each month. The minimum opening deposit is $100. Headquartered in Rhode Island, Citizens Bank operates in eight states but provides banking services to more than 5 million customers nationwide.
Citizens Bank also has one of the best small business checking accounts if you are not sure whether you will maintain a minimum balance required by other banks on this list. Much like PNC Bank and BBVA Compass, Citizens Bank does not currently have an introductory offer.
Funds post the same day for after-hours deposits until 10 p.m.
Free notary public service
The bigger banks such as Chase and Bank of America, Citizens Bank offer mobile check deposit services. You can learn more about opening a business checking account with Citizens Bank by visiting the bank’s website. You can also find out whether it has a branch or ATM near you. If you decide to open a small business checking account with Citizens, you can begin the process directly on its website.
BBVA Compass is known as one of the best places to open a business checking account online for sole proprietors because it offers one of the best free small business checking account online with no monthly fee and no minimum monthly balance. It Compass also offers free access to more than 39,000 ATMs nationwide but only has about 650 branches in seven states, which is a much smaller footprint compared to other banks on our list.
The BBVA Compass Business Connect Checking is the best business checking account if you are a sole proprietor and want a low-cost account with limited transactions. BBVA Compass is also an ideal if you live near one of its branches or don’t require access to a physical branch for business banking.
The fees charged by BBVA Compass are very competitive for those business owners who qualify for an account. BBVA Compass does not charge monthly maintenance fees, no ATM fees, and has no minimum account balance.
Free digital banking.
No monthly fees or minimum balance.
No BBVA fees at any ATMs.
Remote deposit is available.
BBVA Compass is most similar to Citizens Bank, which also charges no monthly fees, nor does it require a minimum balance. Sole proprietors can apply for the BBVA Compass ClearConnect for a Business account through the bank’s website. Others must apply in the branch. You can also learn more about its offerings and branch locations. If you decide to apply, the entire process can be completed online.
The best banks for small business provide free business checking accounts or easy ways to avoid monthly service charges. They offer 100 or more free transactions and thousands of dollars of cash deposits per month. We looked at a range of banks and compared their offerings to identify the ten best small business checking account providers.
How much a small business checking account costs in monthly account fees, transaction fees, and ATM fees. Most of the accounts on our list charge no monthly fee or make it relatively easy to get the fee waived.
How much you’ll have to pay to deposit or withdraw money. Many of the accounts on our list offer 150 or more free transactions per month and several thousands of dollars in free cash deposits.
How much you’ll pay when you use out-of-network ATMs. Some banks offer reimbursements while others have agreements with large ATM networks that will give you free access to thousands of ATMs across the country.
The number of bank branches, states where they operate, and ATM accessibility. The list includes both large national banks and regional banks that best serve business owners in select states.
The sign-up bonuses and ongoing benefits you’ll receive. Banks on the list offer cash bonuses worth up to $450. One account on our list pays ongoing interest.
Other services offered in addition to business bank accounts. Many of the banks on our list also offer business savings accounts, certificates of deposit (CDs), and small business credit cards.
Many of the banks mentioned above, offer multiple businesses checking accounts for different size companies.