Best business checking accounts for December 2024
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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 stuff 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; 1.50% APY (on balances up to $99,999.99)
Best for: Cash-back debit card
Overview: LendingClub Bank is an online bank founded in 2007. It acquired Radius Bank in 2021.
Perks: LendingClub’s Tailored Checking offers unlimited cash back of 1 percent and earns 1.50 percent APY on balances under $100,000. The account doesn’t charge fees to use another bank’s ATM, and it provides unlimited rebates of ATM surcharges from other banks.
What to watch for: LendingClub Bank has only two cashless branches, in Boston and Utah. Businesses that need cash and coin orders on a regular basis may want to avoid online banks. There is a $10 monthly maintenance fee if the Tailored Checking average account balance falls below $500.
Bethpage Federal Credit Union; 0.20% APY
Best for: Free account with no transaction limits
Overview: Bethpage Federal Credit Union was established in 1941.
Perks: Bethpage Federal Credit Union’s Free Business Checking with Interest doesn’t have a transaction limit. It also doesn’t charge you a monthly service fee, and it earns some interest. Anyone can join Bethpage Federal Credit Union with a $5 deposit into a savings account.
What to watch for: Most branches are on Long Island, New York.
Capital One; non-interest-bearing account, earns no APY
Best for: Free domestic wire transfers
Overview: Capital One has almost 262 branches and about 50 Capital One Cafés. It offers online bank accounts. Savings accounts, business credit cards, the ability to accept credit card payments from customers and lending options are some of the products and services that Capital One offers for businesses.
Perks: Incoming domestic wires are free with the Enhanced Checking account. The first five outgoing domestic wires are free each month, after which $25 will be charged for each transfer. For Basic Checking, incoming domestic wires are $15 per wire and $25 per outgoing wire.
The Enhanced Checking account allows you to have the monthly maintenance fee waived if your prior 30- or 90-day balance averages $25,000 or more.
What to watch for: A monthly maintenance fee of $35 is charged for 30-day or 90-day balances that go below $25,000.
Enhanced Checking customers aren’t charged a fee for making cash deposits. But the bank may convert the account into another checking product if you make more than $40,000 in cash deposits during a statement cycle. The account is meant for businesses that have less than $10 million in annual sales.
Regions Bank; non-interest-bearing account, earns no APY
Best for: Getting a safe-deposit box discount
Overview: Regions Bank has more than 1,400 branches in the South, the Midwest and Texas.
Perks: Regions Bank’s LifeGreen Business Simple Checking account offers business owners a discount on a safe-deposit box. Account holders can waive the $7 monthly service fee by making at least $500 in purchases with a Regions Business CheckCard. Regions only requires a $100 deposit to open an account.
What to watch for: While account holders can make cash deposits up to $2,500 per month for no charge, there’s a $0.25 fee for each $100 deposited beyond that.
Security Service Federal Credit Union; 0.05% APY (on balances of $1,500 or more)
Best for: Business perks
Overview: The Security Service Federal Credit Union Premium Business Checking account offers an account that helps with more than just banking. The account is subject to a $20 monthly maintenance fee for accounts that don’t maintain an average daily balance of at least $50,000.
Perks: With the account, you’ll have access to a network of attorneys who provide free and discounted services for Premium Business Checking customers. The credit union also provides business checking customers with mobile phone coverage, which covers accidental damage, mechanical failure or theft. Two claims of up to $500 each are permitted in a 12-month period. The account also comes with 24/7 access to doctors and licensed mental health professionals for video and phone appointments for you and people you employ.
What to watch for: Only customers who live, work, attend school, worship, volunteer or have a business in Colorado, Texas or Utah are eligible to join the credit union. You can also join by being a member of select military branches or units. Department of Defense employees at certain bases within Security Service Federal Credit Union service areas may also be eligible.
Also, family members or household members of an existing member can join.
American Express National Bank; 1.30% APY (on balances of $500,000 or lower)
Best for: Earning rewards
Overview: The American Express Business Checking account doesn’t have a monthly service fee, and it can help you earn both a competitive yield for a business checking account and American Express rewards.
Perks: You can earn American Express rewards and a competitive yield with this account. Account holders also have 24/7 support, according to the bank’s website.
What to watch for: Like most bank account bonuses you have to follow the rules in order to earn your new account bonus. New American Express Business Checking account customers need to do the following things to earn 30,000 American Express rewards points:
- Deposit at least $5,000 within your first 30 days with the account.
- Keep at least $5,000 in the account during the first 60 days.
- Make at least five qualifying transactions within your first 60 days with the account.
Business checking account features and terms
What to consider when choosing a business checking account
Here are some things to consider before opening a business checking account:
- Minimum balance requirement
- Monthly maintenance fee
- Cash-counting fee
- Other fees
- Bonus for new accounts
- Free or discounted checks
- Number of free items or transactions
- Proximity of a bank branch to your business, especially for businesses that often need cash or coin orders or businesses that need to deposit cash or coins
What to know about minimums and fees
It’s important to know the minimum balance requirements and fees. Try to find an account that doesn’t charge a monthly maintenance fee or one that has a fee that can be waived easily. You may be able to waive some fees by maintaining a certain balance. Or there may be other ways to avoid a fee. For instance, Regions Bank waives the monthly service fee for those generating $500 or more in Regions Business CheckCard and or business credit card purchases.
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.