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Best Business Checking Accounts September 2023

A business checking account is not just a financial tool; it's the cornerstone of every successful business's financial management. Designed to cater to the unique needs of businesses, these accounts offer a range of features, from check-writing capabilities to essential expense management tools. Moreover, with the safeguard of FDIC insurance, your hard-earned money remains secure, even in the face of unforeseen circumstances. In this comprehensive overview, we'll delve into the workings of business checking accounts, key terms and features, and guide you through the process of selecting the perfect account for your business needs.

location NY, Brooklyn privacyWe value privacy
Editor's Choice
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pros iconNo hidden fees, minimum balance requirements and unlimited ATM refunds

pros iconIntegrations with top tools like Quickbooks, Stripe, Square, Shopify and more

pros iconAutomated budgeting with Novo reserves


cons iconNo physical branches, if needed

cons iconCumbersome to make a cash deposit

cons iconNo interest paid on checking account balance

  • check mark The trusted choice of 200,000+ businesses
  • check mark 50+ automation and financial insight tools
  • check mark Get worldwide ATM fee refunds
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pros icon2% interest credited on account balances up to $250,000

pros iconNo minimum deposit or maintenance fees

pros iconNo insufficient fund fees or ATM fees


cons iconCustomer support only available during set business hours

cons iconA deposit fee of $4.95 per deposit at Green Dot locations

cons iconNo physical banking locations

Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC. The Bluevine Business Debit Mastercard® is issued by Coastal Community Bank, Member FDIC pursuant to a license from Mastercard International Incorporated and may be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Application is subject to approval. No monthly or maintenance fees. Card Replacement Fees and Wire Transfer Fees may apply.

Certain Bill Pay funds, including Bill Pay with Credit Card, are held by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). Banking Services for payments made via ACH or wire from the Bluevine Business Checking Account are provided by Coastal Community Bank, Member FDIC.

Bluevine’s Flex Line of Credit is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Applications are subject to credit approval. Rates, credit lines, and terms may vary based on your creditworthiness and are subject to change. Additional fees apply.

PPP loans are made by one or more approved U.S. Small Business Administration (SBA) lenders. Loan agreements will identify the issuing lender to small businesses at signing. Qualified applications will be submitted to the SBA as soon as possible. Bluevine does not guarantee that applications will be processed and submitted before PPP funds are no longer available. Approval and loan forgiveness are subject to your availability to meet government-set eligibility requirements.

Certain financing may be made or arranged pursuant to California Financing Law-License No. 6054789.

  • check mark Earn 2.0% APY on your balance up to $250,000
  • check mark Live support from dedicated professionals
  • check mark No minimum deposit, free & easy sign up
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pros iconMore than a debit card — banking, bookkeeping, invoicing, taxes

pros iconAuto-save the right amount for taxes and pay from the app

pros iconCustomize & send unlimited free invoices

pros iconStraightforward application process with no minimum balance or hidden fees


cons iconNot a direct lender or bank

cons iconCertain advanced features and tools are only available with the paid subscription

cons iconNo business savings accounts or certificates of deposit (CDs)

Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard®️ debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. Warranty Disclaimers. THE SERVICES ARE PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND. WITHOUT LIMITING THE FOREGOING, WE EXPLICITLY DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, QUIET ENJOYMENT AND NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF COURSE OF DEALING OR USAGE OF TRADE. We make no warranty that the Services will meet your requirements or be available on an uninterrupted, secure, or error-free basis. We make no warranty regarding the quality, accuracy, timeliness, truthfulness, completeness or reliability of any Content.

  • check mark Automated tax calculator & savings
  • check mark Built-in, free-expense tracking
  • check mark No minimums or account fees
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pros iconFree business banking offering

pros iconUp to 20 checking accounts and 50 debit cards can be created under one login

pros iconAbility to set different permissions for for different members of your team

pros iconFull integration with accounting and payroll software is available


cons iconNo paper checks

cons iconIt can take up to a week for checks to settle

*Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC.The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.

  • check mark Bank without account fees or minimum balances
  • check mark Get up to 3% APY on savings
  • check mark Seamless integrations with major Accounting and Payroll software
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pros iconOne-stop shop for all your small business financial needs — banking, accounting and taxes

pros iconUnlimited fee-free transactions

pros iconOffers early payment feature with direct deposit


cons iconOut-of-network ATM fees: $2.50 for U.S. ATMs, $5 for international ATMs.

cons iconMobile only right now (web interface will be live soon)

Banking services provided by our partner bank Choice Financial Group Inc. Member FDIC.

1 Available to Lili Pro account holders only, applicable monthly account fee applies. Please refer to our Terms and Conditions for details.

2 The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

3 Early access to direct deposit funds depends on the timing of payer’s submission of deposits. Lili will generally post these deposits on the day they are received which can be up to 2 days earlier than the payer’s scheduled payment date.

4 Up to $1,000 per 24 hours period and a maximum of $9,000 per month. Some locations have lower limits and retailer fees may vary ($4.95 max). Note that Lili does not charge transaction fees.

© 2023 Lili App Inc. All Rights Reserved.

  • check mark No overdraft fees, no minimums
  • check mark Integrated accounting & tax solutions
  • check mark Visa Business Debit Card with rewards
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pros iconAbility to waive monthly fee

pros iconPopular rewards credit cards

pros iconBranch support for online account holders


cons iconA limited number of branches in some states

cons iconMinimum daily balance required to waive fees

cons iconLow interest rates credited on checking and savings accounts

  • check mark A trusted market leader since 1799
  • check mark Easily monitor and control your cash flow
  • check mark Fee waiver capability
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pros iconUnlimited transactions with no fees

pros iconThree ways to access customer support: phone, email, chat

pros iconA network of 2M+ ATMs


cons icon$10 monthly fee that can’t be waived

cons iconATM fees may apply

cons iconCash deposits using Green Dot locations incur a fee of up to $4.95 per deposit

  • check mark Integrates with other business tools
  • check mark Automatic budgeting tools
  • check mark 2 million+ ATMs nationwide

How do Business Checking Accounts Work?

A business checking account is similar to a personal one in many respects, but it comes with special tools and benefits designed just for businesses. Many different types of institutions, like banks, credit unions, and others, offer these accounts. Each place has its own rules, features, and things to keep in mind. This could mean needing to pay certain fees or keeping a minimum amount of money in the account. But in return, these accounts come with a bunch of helpful tools and extra benefits. Some banks even give you a yearly percentage on your business checking account, which is called an Annual Percentage Yield (APY).

A business checking account may allow you to do things like:

  • Write checks in the name of your business
  • Use a debit card at ATMs, online, or at merchants
  • Get a business credit card,
  • Make withdrawals, deposits, ACH transfers, and wire transfers
  • Pay bills
  • Pay employee salaries
  • Pay for necessary expenses or make purchases
  • Handle daily business transactions and expenses

Some business checking accounts have bonuses or welcome offers. Others come with money management or budgeting tools, free checks, positive pay (for checks), remote deposit capture, employee debit cards, and more.

Helpful for Getting Your Taxes Right

Ultimately, having a business checking account makes it easier for individuals to operate their company — and handle taxes — than if they were to use a personal account. With a separate business account, you won’t have to worry about mixing your personal and business expenses, either. This is particularly helpful if the IRS audits you.

Key Business Checking Account Terms and Features

  • Positive pay: With this, a business can provide information about its written checks to help prevent fraudulent transactions.
  • Debit card: Both the business owner and associated employees could get a linked debit card.
  • Cash-counting limits: Some banks set a limit on how much cash a business can deposit without a fee.
  • Bill pay: This allows businesses to pay bills online through the account.
  • Items: Some accounts have restrictions on things like cash or ATM withdrawals, check or ACH deposits, and debit card transactions.
  • Remote deposit capture: This feature lets businesses deposit checks remotely.

How to Get a Business Checking Account

Getting started with a business checking account is a simple process. Here's a general overview of what to expect:

  1. Gather the necessary documents. Before you can open an account, you’ll need certain documents and information. This includes your SSN or EIN, state ID, and personal identification and contact details (ex. date of birth and address). You may also need proof of address of your business, a partnership agreement (if applicable), and any relevant business licenses.
  2. Understand your business entity type. Many banks will also require information related to the type of business you have. The specific requirements depends on the entity type. For example, if your business is an LLC, you’ll need Articles of Organization documents. If you operate a corporation, be prepared to provide Articles of Incorporation documents.
  3. Compare different financial institutions. Next, compare three to five banks for their features, fees, and other perks. Some institutions have higher fees, balance requirements, or restrictions (ex. maximum monthly transactions) than others.
  4. Apply for the account. Once you’ve settled on an institution, you can apply for an account online or in person. The process typically starts by asking for basic personal information, followed by business information. You may also need to upload the necessary documents.
  5. Make a deposit. Some banks require you to make a minimum deposit to open the account. You’ll get this money back if your application is denied.
  6. Start using the account. Once opened, you can start using the account for your business needs. If you ordered checks or a debit card, you may need to wait for these to arrive before using them.

Choosing the Best Business Checking Account

When it comes to choosing a checking account for your business, here are some things to consider:

  • Minimum balance requirement: You may need to maintain a minimum account balance to keep the account open. This might also help you avoid certain fees.
  • Opening deposit: This is often required with business checking accounts.
  • Fees: Business checking accounts tend to have higher fees than personal accounts, though you might be able to waive some of them. Common fees include monthly maintenance fees, cash-counting fees, and overdraft fees.
  • Transaction limits: Certain banks impose limits on the number of transactions you can make in a month. Exceeding this limit could result in additional fees.
  • APY or interest rate: Unlike savings accounts, checking accounts don’t usually have a high interest rate. But it doesn’t hurt to compare options to find the most competitive one.
  • Cash deposit limits: Some banks limit how much money you can deposit into your business checking account without incurring a fee. This is primarily for cash deposits.
  • FDIC insured: An FDIC-insured account keeps your money safe in the unfortunate case that the bank goes out of business.
  • Branches and ATMs: Some institutions are digital-only, while others have physical branches. Both the number of branches and free ATMs can vary depending on the institution's size. This is important if you plan on doing in-person banking.

Business Checking Accounts: Pros and Cons

A business checking account is a great tool if you want to separate your personal and business finances. However, these accounts may come with more fees — and other downsides — than personal checking accounts. Here are the main pros and cons to consider.

Business Checking Accounts Pros

  • Convenient way to separate business and personal income and expenses
  • Simplifies business growth
  • Makes it easier to apply for a business loan, business line of credit, or credit card
  • Easier tax preparation and greater tax audit protection
  • Having separate personal and business assets can protect your personal ones
  • Makes your business look more professional
  • May have money management, expense management, or budgeting tools

Business Checking Account Cons

  • Typically come with higher or additional fees
  • May have stricter requirements (ex., business license and related documents)
  • Minimum account balance or maximum withdrawal limits

Should You Get a Business Checking Account?

You may want to consider getting a business checking account if you:

  • Want to turn a freelance gig into a small business and gain legitimacy
  • Are ready to look more professional to other businesses and clients
  • Want to protect your personal income and assets from your business expenses and income
  • Already have an LLC or corporation and want greater liability protection
  • Want to make it easier to manage and prepare your taxes
  • Think you’ll need business credit for future business financing options
  • Can keep up with the minimum requirements and avoid some of the heftier account fees

The best reason to open a business checking account is the impact it has on your company’s reputation with clients and vendors. When you use a personal account, your name pops up on any transaction you make. Many companies and clients will feel wary when trading with somebody who operates under their name. They want to see the name of the organization they’re doing business with on their bank statements.

Ultimately, a business checking account is essential for every business owner, regardless of whether they operate as a corporation, LLC, sole proprietor, freelancer, or gig worker.

Average Business Checking Account Rates & Terms

Business checking accounts vary by bank or financial institution, but here are some of the best ones:

*Rates and fees subject to change

Financial Institution* Maximum APY Common Fees Minimum Balance Transaction limits FDIC insured
Lili 2% (with a savings account) No monthly account fees, no ACH transfer fees, and no ATM fees None Undisclosed Yes
Bluevine 2% No monthly service fees, ACH fees, overdraft fees, or wire fees None Unlimited Yes
Novo None No monthly fees or hidden fees None Unlimited free US transactions Yes
Chase 0.01% $15 to $95 waivable monthly service fee (depending on account type) $2,000 to $100,000 (depending on account type) Up to 500 free transactions Yes
US Bank 0.005% Fees vary by checking account type $100 to $3,000 (opening deposit) 125 to 500 (depending on account type) Yes

The Bottom Line

In the realm of business finance, the importance of a dedicated checking account cannot be overstated. It is the linchpin that separates personal and business finances, providing not only practical benefits like tax simplicity and streamlined transactions but also enhancing your professional image. The journey to find the ideal business checking account may seem daunting, but armed with the knowledge of account types, features, and considerations, you're well-equipped to make an informed decision. Remember, whether you're a solo entrepreneur or managing a thriving corporation, the right business checking account is the bedrock of your financial success. Take this opportunity to explore the top contenders in business banking and empower your enterprise for lasting prosperity.