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Best Business Checking Accounts

Looking for the best bank account to manage your business' finances? Business accounts offer low fees, improved financial record-keeping, and features designed for business needs. Check out our list of providers and compare online banks to find the best option for your business. As all our providers are FDIC-insured, you can rest assured that your deposits are secure.

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Overview

Novo is a financial technology company that provides a business checking account platform for small businesses. Actual banking services are provided by Middlesex Federal Savings. Novo was founded in 2018 in New York City but does not have any physical branch offices.

Novo’s emphasis and expertise is in the area of business checking accounts, which is its sole financial product.  The company’s main selling point is it “is bringing small business banking into the modern age with easy-to-use tools for businesses on the go.”

Novo is a public company: stock ticker CPH: NOVO-B

Pros

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

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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Overview

Founded in 2018, Relay Financial Technologies Inc entered the market with the goal of making banking and money management simpler for small businesses. Headquartered in Toronto, Relay aims to give US-based businesses a crystal clear understanding of their cash flow. As part of this, Relay has partnered with Evolve Bank & Trust and Thread Bank to provide integrated business banking facilities. As Relay is not a bank, but the fintech services company, the partnership with Evolve provides FDIC insurance coverage up to $2.5M for Relay customers.

Pros

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

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 No account or overdraft fees, no minimums
  • check mark Earn up to 3% APY with automated savings accounts
  • check mark Open up to 20 checking accounts & 50 virtual or physical debit cards
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Overview

Lili, a fintech company, offers business checking accounts that are ideal for digital-first business owners who seldom use traditional payment methods such as checks. It collaborates with Choice Financial Group for banking services, ensuring deposits up to $250,000 are FDIC-insured.

Lili’s emphasis and expertise are in the area of business checking accounts. The company’s main selling point is “Small businesses are redefining work. We are redesigning banking to help them grow their business.

Lili is a public company: stock ticker NYSE: LLY

Pros

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

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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Overview

Mercury lays the groundwork for ambitious companies to operate at their highest level, with banking and credit cards engineered for the startup journey. With an intelligent bank account powering their operations, founders and finance teams can efficiently store, manage, and move their funds while driving smarter business decisions. And with access to the best investors, operators, founders, and resources, startups can better navigate the obstacles of company building. That’s why more than 100K startups choose Mercury.

 

Pros

pros iconUp to $5 million in FDIC insurance

pros iconNo transaction overdraft or monthly fees

pros iconNo minimum opening deposit

pros iconFree domestic and international wires in USD

pros iconPowerful digital tools including API access to customize your banking experience

Cons

cons iconNot available to sole proprietorships

cons iconCan't accept cash deposits

Mercury Treasury, by Mercury Advisory, LLC, seeks to earn net returns up to 4.43% annually on your idle cash. Net yield numbers as of 01/17/2023, and assumes total Mercury deposits of $20M+.

Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser.

Mercury Advisory, LLC (the “Firm”) is an investment management firm that offers a wrap fee program that allows small businesses to invest idle cash in relatively low-risk, short-term instruments. The performance discussed herein is historic and reflects an investment for a limited period of time. It should not be assumed that future investors would experience returns, if any, comparable to those illustrated herein. Past performance is not indicative of future returns. Investment results will fluctuate. Returns are not guaranteed. All investments are subject to the risk of loss, including the loss of principal. No representation is being made that an investment account has, will, or is likely to achieve profits or losses equal to the profits or losses shown. Actual returns will vary greatly and depend on personal and market conditions. Before investing, consider your financial goals and the costs of using the program.

Furthermore, the information set forth has been obtained from sources that the Firm believes to be reliable; however, these sources cannot be guaranteed as to their accuracy or completeness. The information contained herein is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities. The information has been prepared solely for the purpose of determining your level of interest in Mercury Treasury and to provide general background information on such algorithmic investment program.
This information contains certain “forward-looking statements,” which may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms.

Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of the depicted investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting operations that could cause actual results to differ materially from projected results.

Targeted returns (e.g., forward-looking statements of performance up to a stated return) reflects the returns that the Firm is seeking to achieve over a particular period of time. Projected returns reflect the Firm’s performance estimate – i.e., the returns that the Firm believes can be achieved using the advertised investment services. Target returns are presented to inform clients or potential clients about the Firm’s risk tolerances when managing the Mercury Treasury strategy and to provide information useful to a client or potential client when assessing how the Firm’s strategy fits within the investor’s overall portfolio. Target returns are not guarantees or promises of future return.

Mercury Treasury is not FDIC insured.
Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.

The Mercury Debit Cards are issued by Choice Financial Group and Evolve Bank & Trust, Members FDIC, pursuant to licenses from MasterCard. The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from MasterCard.

  • check mark Banking for startups & online businesses
  • check mark Virtual debit & credit cards
  • check mark Open to non-US citizens
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Overview

Launched in 2019, Found offers business owners access to third-party services and products that make online banking easier and smarter. What sets Found apart from the competition is that they focus primarily on self-employed individuals. Their main goal is to help entrepreneurs handle the financial paperwork that comes with running a business, such as estimating taxes and keeping track of expenses. That way, they can save time and focus on running their business.

Pros

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

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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Overview

Bluevine is a financial technology company, not a bank. Banking services through Bluevine are provided by Coastal Community Bank. The company was founded in 2013 and has its headquarters in Redwood City, CA. Its primary focus is providing banking services to small businesses. Bluevine’s main selling point is traditional banks have underserved small businesses, and Bluevine is here to provide them with the banking services and support that big companies receive from traditional banks and take for granted. Their differentiator is their high-yield checking account with no monthly fees.

Pros

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

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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Overview

Grasshopper is a digital bank that aims to deliver a good variety of products that are driven by cutting-edge technology. It tailors its products and services to the exact needs of its business customers.

Grasshopper works with everything from small businesses to non-profits, major corporations, and sole proprietors. It currently has more than $730 million in assets and aims to make the account opening process as seamless as possible.

The New York City-based company was started in 2019 and is a part of the Federal Deposit Insurance Corporation and is also an Equal Housing/Equal Opportunity Lender.

Pros

pros iconOffers unlimited 1% cash back on purchases

pros iconRelatively high APYs are available

pros iconAccess to 45,000+ no-fee ATMs

pros iconDoesn’t charge any monthly fees

pros iconProvides free software for bookkeeping

Cons

cons iconNo way for you to deposit cash

cons iconDoesn’t have any customer support at the weekend

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information.

  • check mark Offers an APY of 3.75% on a savings account
  • check mark Checking accountholders can earn 1% cashback
  • check mark Provides free invoicing and booking tools

Standout option

March 2024

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Pros

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

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

Do you require a loan for your business?

March 2024

Editor's Choice
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Key Facts

  • Credit Score: 550
  • Age of business: 12+ months
  • Monthly revenue: Varies
  • US citizenship: Required for all owners
  • Term length: Varies

Pros

pros iconMultiple financing options designed to help businesses grow and succeed

pros iconConvenient shop and comparison tool

pros iconFree service

pros iconMatched with experienced Funding Advisor who helps every step of the way

Cons

cons iconLoan terms and conditions not disclosed until after completing an application

cons iconOnce deciding upon a product, you’ll work with the lender instead of Fundera

cons iconMust have been in business for at least 1 to 4 years to qualify for funding

cons iconPotentially high interest rates and eligibility requirements

  • $5K-$5M Loan Amount
  • 550 Min Credit
  • $130K Annual Revenue
  • 12+ Months Time in Business

Business Banking Simplified

If you own an LLC or any type of business, managing your finances is crucial for success. Opening a designated business bank account is one of the best ways to simplify your finances and is especially relevant for LLCs. This account allows you to manage your finances digitally, easily track your transactions, deposit funds from customers, pay for expenses, and separate your personal and business finances. An online banking ability usually accompanies business bank accounts, providing a range of benefits, such as instant access to accounts, lower fees, and other conveniences and features tailored to LLCs and businesses alike.

Recommended Business & LLC Checking Account Providers

What is a Business Bank Account, and Why Should You Get One?

As the name suggests, a business bank account is a type of bank account that is specifically designed for businesses. A business account can be opened in the name of the company or LLC, thereby making it possible to receive and make payments on behalf of the business or LLC. The most common type is a business checking account. Banks typically offer these accounts to help LLC businesses manage their finances more easily. The business can use it to make deposits and withdrawals, pay bills, write checks, and process payments.

It is an essential tool for managing your finances digitally, which is important in today's world of remote work and digital business transactions.

How to Open a Business Checking Account?

The best business bank accounts can be opened online with a few clicks and hassle-free. It would usually require one to visit the bank’s website or app, and provide information related to the business.

Banks will usually ask for the following information:

  • The legal name of your business as it appears on your state's or the IRS's documents.
  • Your Employer Identification Number (EIN)
  • Your business license
  • Your business address (or a PO box)
  • The business contact information
  • Proof of identity 

novo logo
  • The trusted choice of 200,000+ businesses
  • 50+ automation and financial insight tools
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Relay Brand Logo
  • No account or overdraft fees, no minimums
  • Earn up to 3% APY with automated savings accounts
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lili blue logo
  • No overdraft fees, no minimums
  • Integrated accounting & tax solutions
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Benefits of Having an Online Business Bank Account

An online business or LLC bank account provides all the features of a regular bank account but also offers some additional features. Those include the convenience of online and mobile banking, making it easier for small or medium-sized businesses to manage their finances from anywhere at any time. Not only is it convenient and accessible, but it also simplifies how you manage your business finances. 

Here are some reasons why opening a business online checking account can be a smart move:

  • Quick Approval Process: Opening a business online bank account is a quick and easy process. You can apply online and get approved within minutes.
  • Security: The data is encrypted, so there are fewer chances of someone hacking your information. Online accounts also offer safety features such as fraud detection, two-factor authentication, and remote lock. They are also FDIC-insured, which means your deposits are protected.
  • Easy Account Management: With an online business bank account, you can access your account 24/7 from anywhere. You can view your account balance, transfer funds, pay bills, and more, all from the comfort of your home or office.
  • Collaboration: An online business bank account can be managed by multiple people with different access levels. This means that only those with permission can access certain information about the company’s finances.
  • Cost-Effective: Compared to traditional banks, online business bank accounts offer lower fees and minimum balance requirements. This is great for startups and small businesses that want to save money.
  • More Features: Online business bank accounts offer more features and tools to help you manage your finances. For example, you can link your account to accounting software, which helps you keep track of your expenses, revenue, and taxes.

How to Choose The Best Bank for LLC or Small Business Account

You’ve decided you need to set up a business account. All that’s left is to answer a simple question: Which is the best business checking account?

The answer depends on what your business needs. The best bank for small business accounts will have features and services catering to small businesses' unique needs and requirements. Those include low fees, competitive interest rates, flexible lending options, easy-to-use online and mobile banking platforms, and excellent customer support. Additionally, the bank should have a good reputation and be reliable, with a track record of supporting small businesses and providing personalized financial solutions to meet their specific needs. Lastly, the bank should focus strongly on security and offer robust fraud prevention measures to protect its customers' sensitive financial information.

Consider the following when choosing a business bank account:

Factor No. 1 – Account Features

Some business bank accounts have more features than others:

  • Wire transfer services
  • Mobile and online banking
  • Automatic bill payments
  • Access to safe deposit boxes
  • Check-writing

Some banks even offer more specific business services, such as help with managing cash flow. Figure out which, if any, of these services you need to access. This helps you create a shortlist of account providers that meet your company’s needs.

Factor No. 2 – Interest Rates

In an ideal world, your company will build cash reserves over time. You’ll likely want to collect interest on those reserves, meaning you need either a business savings or interest-bearing business checking account.

Always check the rates banks offer before selecting an account. Furthermore, look into the fees associated with the account. You may find that an account with a favorable interest rate ends up costing more than it’s worth because of the associated fees.

Factor No. 3 – Ease of Access

Of course, you’d expect your business bank to offer plenty of branches and ATM access. But you must also know you can conduct most of your business online. That’s especially important for people working in the eCommerce space.

A good business bank account should allow you to make withdrawals and deposits easily via your preferred device, online. It should also provide access to customer support, such as a live chat feature or email address to which you can send messages. Other useful features include real-time notifications related to transactions and the ability to make overseas transactions without barriers.

The easier it is to use the account online, the better for your business.

Set Up a Business Checking Account

Before you start your search for the best small business bank account, you need to understand why these accounts are so important. The best business bank accounts help you separate your personal and company finances. They also add legitimacy to your company, in addition to helping you build your company’s creditworthiness for the future.

The best bank account would usually come with handy online features, as well as special functions related to conducting business. Determine what you need from your account first. Then, look for an account that serves your specific business needs.

FDIC Insurance: Protecting Your Business Deposits

As an LLC business, it's important to know that your funds are protected. That's why all of the banks presented on our list are FDIC-insured, meaning that your deposits are backed by the United States government. This ensures that your money is safe and secure, giving you one less thing to worry about as you focus on growing your business.