Each type of account serves a different purpose and comes with unique features to support your business needs. We gave different weights to each metric depending on the type of account, and subcategories varied slightly. Some accounts were also scored using deposit and transaction limits and business features. The first 2,500 transactions (including deposits, paid items and ACH transfers) and $50,000 in cash deposits are free each month. They’re often completely digital, with no brick-and-mortar locations, and they may offer a relatively limited range of products and services.
Earn up to 4.11% APY
Whether you prioritize low fees, robust online banking features, or personalized customer service, choose one of the account options below what is bank reconciliations or sign in to Nav to see our personalized picks for your business. FDIC insurance protects your business funds — up to $250,000 per person per account type — against bank failure. However unlikely, you don’t want to risk losing all your hard-earned cash just because your bank couldn’t keep its doors open. So you must make sure that whichever business checking account you choose is backed by the FDIC.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Bank of America is a good choice for cash businesses thanks to a very competitive monthly cash limit and an account fee that can be waived with qualifying activity. Brittney started her writing career in the world of science, putting her physics degree to good use.
How To Open a Business Bank Account
Both accounts offer several innovative features to make managing a small business easier, including the ability to send trackable invoices right from the app. Found also calculates your estimated tax bill in real time and allows you to set up automatic savings so you can pay your taxes right from the app. We’ve compared 226 checking accounts at 79 banks and credit unions to find some of the best business checking accounts available. For the purposes of this list, Forbes Advisor focused on checking accounts that are nationally available to small businesses. However, many banks do use ChexSystems when reviewing applications for business checking accounts.
Best Practices for Small Business Accounting
- While every company will have slightly different needs when it comes to their business bank account, here are a few things all the best small business checking accounts have in common.
- The First Internet Bank Do More Business Checking account does not have active sign-up or referral bonuses at this time.
- If you operate a seasonal business, for instance, then you may choose to begin your fiscal year at the beginning or end of your peak sales season.
- Business savings accounts often earn interest, but there may be a limit to how many withdrawals you can make per month.
- But just like personal credit cards, it’s vital to use business credit cards wisely.
If you’re already a Brex customer, adding a business account can allow you to manage all of your investments and banking needs in one place. We picked the First Internet Bank Do More Business™ Checking account because it earns interest and includes perks like unlimited transactions and $10 in monthly ATM reimbursements. It’s also one of the only competitive business checking accounts without a monthly fee. One of the most important decisions small business owners face is choosing the right business banking relationship. For many business owners, the first concern is establishing a business checking account. Fortunately, there are several top-notch options, including NBKC Bank Business Checking Account and Bank of America Business Advantage Relationship Banking.
However, yields vary by state, and you may be able to qualify for an adjusted rate by speaking to your branch manager. This account is recommended for businesses with smaller balances that value customer service. 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. It also earns 0.50% APY for accounts with an average daily balance of $10,000 and reimburses up to $10 per month in ATM fees.
Business Interest Checking account holders will earn 0.50% APY and benefit from up to 200 transactions for free monthly. The minimum deposit to open an account is $1,500 and the monthly maintenance fee is only waived with an average daily balance of $5,000. Novo has many of the common features you’d expect from a top business bank account like no monthly maintenance fee and no minimum deposit requirement. What got Novo onto our list are the features that make it well-suited for e-commerce, including integration to Stripe, Square, Gusto and Etsy. Found Bank offers two business checking accounts that scored highly in our ranking— Found and Found Plus.