Best business checking accounts for January 2025
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Edited by
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What to know first: Business owners want to focus on their businesses, not necessarily on where to bank, which is why choosing the right business checking account is important. Top banking priorities of many business owners include having easy access to the business’ funds, without being nickel-and-dimed by various bank fees.
Just as businesses are different, so, too, are the features that each business owner will require in a business checking account.
“[Business owners] enjoy what they’re selling or what their business is all about,” says Kari Harpold, treasury management officer at Capitol Bank in Madison, Wisconsin. “But to have to also do all of the financial end of things … it’s not what they enjoy doing. So if they can have a good relationship with the bank, where the bank’s handling a lot of that for them, you’re making it more efficient for them and saving some of their time.
Relay
Bankrate’s take:
Relay’s business checking account is fee-free and offers the option to open up to 20 accounts with the ability to invite team members, assign roles and set spending limits. Relay allows for direct integration with accounting tools such as QuickBooks Online and Xero as well as the popular payroll platform, Gusto.
Who it’s good for:
Startups and midsize businesses will appreciate Relay’s collaboration features to keep track of incoming and outgoing payments.
North One
Bankrate’s take:
North One is a neobank that partners with The Bancorp Bank to provide FDIC insurance for their business banking services. With North One’s business checking accounts, account holders can create unlimited sub-accounts (called Envelopes) to better organize funds. The standard account is free and offers plenty of great features, although you’re only allowed one free cash deposit per month. North One Plus costs $20 per month but comes with dedicated relationship managers and a number of lower transaction fees such as free same-day ACH payments.
Who it’s good for:
Those who are self-employed or running small businesses can take full advantage of built-in integrations with many of the most popular online business platforms, including Etsy, Shopify and Stripe.
Lending Club Bank
Bankrate’s take:
LendingClub’s Tailored Checking account offers unlimited cash back of 1 percent on qualified debit card purchases. Account holders get unlimited rebates of ATM surcharges from other banks, which is a nice perk. Although there is no minimum balance required, your account must have a balance of $500 or more to avoid being charged a $10 monthly maintenance fee.
Who it’s good for:
Businesses that are looking for a checking account offering cash-back on debit card purchases along with a competitive yield.
Bethpage Federal Credit Union
Bankrate’s take:
Bethpage Federal Credit Union offers a solid free business checking account that comes with no transaction limits and pays some interest. Bethpage customers also get access to branches and free telephone banking.
Who it’s good for:
Businesses that prefer to bank with credit unions.
Capital One
Bankrate’s take:
Capital One’s basic and enhanced business checking accounts offer unlimited digital fee-free transactions, as well as access to 70,000+ no-fee ATMs. Although the enhanced account comes with a $35 monthly service fee, it can be waived with a $25,000 minimum balance. The account stands out for its free incoming wire transfers and up to five free outgoing wires each month.
Who it’s good for:
Businesses that make a high volume of transactions throughout the month.
Regions Bank
Bankrate’s take:
Regions Bank’s LifeGreen Business Simple Checking account is a useful option for business owners who process fewer than 150 transactions a month. It can be opened with just $100 although to avoid the $12 monthly fee, you’ll need to maintain an average monthly statement balance of $500, make at least $1,000 in qualified debit/credit purchases, or complete at least one Regions Merchant Services transaction.
Who it’s good for:
Startup businesses that make minimal transactions and are looking for a basic account.
Security Services Federal Credit Union
Bankrate’s take:
Security Service Federal Credit Union’s Premium Business Checking account offers a variety of great business perks such as access to a network of attorneys who provide free and discounted services and 24/7 access to doctors and licensed mental health professionals for video and phone appointments. Membership eligibility is limited to certain states and for certain members of the military and employees of the Department of Defense.
Who it’s good for:
Small businesses who want an account that delivers a wide variety of perks for professional services.
American Express National Bank
Bankrate’s take:
The American Express Business Checking account has no monthly minimum balance requirements or maintenance fees while also paying a competitive yield. The account offers membership reward points and easily integrates with QuickBooks accounting software.
Who it’s good for:
Business owners of all sizes who want to bundle their business banking, lending and payment services with American Express.
A closer look at the top business checking accounts
LendingClub Bank
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APY: 0.50% (on balances up to $99,999.99)
Founded in 2007, LendingClub is an online bank that offers deposit accounts with competitive yields and low fees. Its business checking account, called Tailored Checking, offers cash back and also earns interest.
Bethpage Federal Credit Union
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APY: 0.20%
Established in 1941, Bethpage Federal Credit Union offers a variety of personal and business savings accounts, checking accounts and certificates of deposit (CDs). Its Business Checking Account comes with a debit card, and there are no transaction limits or minimum balance requirements.
Capital One
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APY: non-interest-bearing account
Capital One has over 200 branches and more than 50 Capital One Cafés, although customers can access accounts online and through the bank’s mobile app. In addition to a savings account, business customers are offered the Enhanced Checking account, which includes free domestic incoming wire transfers.
Regions Bank
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APY: non-interest-bearing account
Regions Bank has around 1,400 branches in the South and the Midwest. The bank’s Lifegreen Business Checking account offers business owners perks such as a discount on the rental of a safe deposit box.
Security Service Federal Credit Union
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APY: 0.05% (on balances of $1,500 or more)
Membership in Security Service Federal Credit Union is open to residents of Colorado, Texas or Utah, as well as to those who work, attend school, worship or have a business in those states. The credit union offers a variety of personal and business banking products to its members, including its Premium Business Checking account.
American Express National Bank
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APY: 1.30% APY (on balances of $500,000 or lower)
American Express National Bank offers high-yield deposit products, including CDs, checking and savings accounts. Its Business Checking Account can help you earn Membership Rewards points, which can be redeemed for gift cards, travel and more. At the same time, your money earns a high annual percentage yield (APY). The account charges no monthly service fees.
Should I open a business checking account?
When you’re self-employed, a freelancer or run a small business, it can be beneficial to keep your business’ funds in an account that’s separate from your personal bank account. In addition to providing a clearer financial picture, keeping your funds separate may reduce your personal liability if your business were to be sued. It could also make for a simpler tax filing process than if your personal and business funds were kept in the same account.
If your business accepts cash from customers, having a dedicated business account at a bank could provide you with a convenient place to deposit the money or exchange larger bills for smaller ones. What’s more, some business bank accounts come with perks such as free wire transfers, a lower rate on a safe deposit box or discounted access to business attorneys.
Business checking account features and terms
What to consider when choosing a business checking account
Before opening a business checking account, factors to consider include the basics, such as branch access, fees and requirements, as well as bonuses or other perks:
- Minimum balance requirement
- Some accounts require a set minimum balance to earn interest or avoid service fees.
- Monthly maintenance fees
- When accounts charge this fee, it often can be waived by maintaining a certain minimum balance.
- Cash-processing fees
- Banks may charge businesses a fee for ordering coins or making cash deposits.
- Bonuses
- A bank account bonus is sometimes offered to customers who open a new personal or business account.
- Free or discounted checks
- Some banks provide their customers with a free initial set of checks, and some even provide free subsequent check refills.
- Free items or transactions
- Banks may allow business clients a maximum number of free transactions per month, while charging a fee for each additional transaction.
- Branch access
- Business owners commonly rely on bank branches for transactions such as making cash deposits or cashing in larger bills for smaller ones.
Keeping track of your business’ finances
As a business owner, especially at a small business, you have a lot to keep track of: Bankrate has calculators that may help. You might also opt to use QuickBooks or another software program to help keep track of your business.
Business checking account FAQs
Research methodology
At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Bankrate's editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.
Our editorial team is made up of five banking experts. Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks, to make sure readers stay up to date on the latest rates and bank products.