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Best Small Business Checking Accounts July 2021

Stop paying unnecessary fees for your business transactions with these accounts.

Advertiser Disclosure: At Slickdeals, we work hard to find the best deals. Some products in our articles are from partners who may provide us with compensation, but this doesn’t change our opinions.
Monthly Fee Interest Earning
Chase Business Complete Checking℠ $15 with ways to waive None
Axos Bank Business Interest Checking $10 with ways to waive Up to 0.81% APY
BlueVine Business Checking None Up to 1.oo% APY
Lending Club Tailored Checking Account $10 with ways to waive Up to 0.10% APY
TIAA Small Business Checking None Up to 0.10% APY
nbkc bank Business Account None None

* Jump to the methodology our financial experts used to choose the best small business checking accounts.

Whether you’re getting serious about growing your small business or just really enjoying it being a side hustle for now, using a small business checking account is a great way to separate your personal and business finances. This way, you’re not scrambling to figure out what’s what during tax time. Plus, you’ll be able to see the profitability of your venture (and if you have an accountant, they will love you for making their life easier).

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Best Small Business Checking Accounts in July 2021

Choosing the best account for your needs is really about how you conduct your business. Do you manage a lot of cash or receive a large amount of direct deposit transactions? Or do you prefer conducting all your banking online or need to go in person every once in a while?

We’ve rounded up some of the best business checking accounts — both brick-and-mortar and online options — to help you figure out which one you should go with.

Best All Around: Chase Business Complete Checking

Florists Using Digital Tablet in Store with chase logo

Monthly fees APY ATM fees Minimum deposit Minimum balance Promotions
$15 with ways to waive N/A None None None $300 bonus

Visit Chase

Chase Bank’s newest business checking account makes it easier to easier to waive the monthly fee and adds a $300 bonus to sweeten the deal.

Most small banks have a limited selection of business accounts, but Chase has products to assist solo-run side hustles all the way up to Fortune 500 multinational conglomerates. I personally fall into the small business camp, with just myself and a couple of contractors working for my company. When I first compared options for a small business checking account, Chase had an account almost perfect for my needs.

Though the account technically is not free, you can waive the monthly fee if you maintain a minimum daily balance of $2,000. However, if you’re earning a decent amount in your business, waiving the monthly fee won’t be that hard to do. This, combined with the fact that it offers service in a large number of branches throughout the country (and, of course, online), makes Chase a solid choice. Learn more at our full review of Chase Business Complete Checking.


Best for Newly Incorporated Businesses: Axos Bank Business Interest Checking

axos bank logo

Monthly fees APY ATM fees Minimum deposit Minimum balance
$10 (waived with a $5,000 average daily balance) Up to 0.81% None† $100 None

Visit Axos Bank

This interest-bearing account is also impressive in other ways. You’ll earn up to 0.81% APY based on your deposits — the rate starts going down once you reach $50,000. Axos Bank will also reimburse all of your ATM fees on out-of-network withdrawals. There is a $10 monthly service fee for the Business Interest Checking account, but you can get it waived by maintaining an average daily balance of at least $5,000. Other features include up to 50 free monthly transactions, remote check deposit, a debit card, and online and mobile banking.


Best for Earning Interest: BlueVine Business Checking

blue vine logo

Monthly fees APY ATM fees Minimum deposit Minimum balance
None Up to 1% None None None

Visit BlueVine

Most small business checking accounts don’t offer interest. While some other options on our list do, this one takes the crown for the highest return. BlueVine Business Checking will give you 1% APY on your first $100,000 in the account — that’s almost impossible to beat, even with a personal high-yield savings account.

As you use the account for your day-to-day needs, you won’t have to worry about a monthly service fee, an NSF fee, an ATM fee at MoneyPass ATMs or a minimum deposit or balance. BlueVine Business Checking also offers unlimited free monthly transactions, making it a solid choice for small home-based businesses and growing start-ups alike.


Best for Cash-Back Rewards: Lending Club Tailored Checking Account

lending club banner

Monthly fees APY ATM fees Minimum deposit Minimum balance requirements
$10 with ways to waive Up to 0.10% None $100 None

Visit Lending Club

Previously the Radius Bank Tailored Checking account, the LendingClub Tailored Checking account offers a lot of perks, even for small businesses that handle a lot of cash.

The account offers unlimited 1% cash back on signature-based debit card purchases, unlimited transactions without a fee, a 0.10% APY on balances of $5,000 or more, and free ATMs worldwide. What’s more, you can deposit cash via ATMs, which can be a challenge with other online business checking accounts.

The biggest drawback of the account is its $10 monthly fee, but you can get that waived with a $5,000 average monthly balance. There’s a $100 minimum opening deposit, and you can open an account online in 10 minutes or less.


Best for No Monthly Fees: TIAA Small Business Checking

woman working at laptop with TIAA logo

Monthly fees APY ATM fees Minimum deposit Minimum balance requirements Promotions
None Tiered rates up to 0.10% depending on account balance* None‡ $1,500 $5,000 for ATM reimbursements; otherwise, none 0.40% introductory rate for one year†

Visit TIAA

Many online business checking accounts don’t earn any interest. Similarly, those that do typically require a large deposit or higher than normal monthly maintenance fees. However, TIAA Bank’s small business checking account offers account holders a chance to earn interest and an introductory 0.40% APY† in the first year. Afterward, the APY is 0.10% depending on your account balance.

Other features include no monthly maintenance fees, ATM fee reimbursements, mobile check deposit and bill pay. This account is best for those who don’t have many cash transactions, which are typically single-member LLCs or sole proprietors.

*regular APY after introductory rate
†APY is accurate at date of publish. Because rates fluctuate, always confirm offer details directly with the financial institution.
‡up to $15 in reimbursements a month, unlimited, if you maintain the required minimum balance amount


Best for Unlimited Transactions: nbkc bank Business Account

Bike shop owner working on vintage bicycle with NBKC logo

Monthly fees APY ATM fees Minimum deposit Minimum balance requirements
None N/A None; up to $12 in fee reimbursements worldwide None None

Visit nbkc bank

If you’re looking for a simple account that offers unlimited transactions, nbkc bank is a great choice. You won’t earn interest, but you don’t have to worry about minimum balance amounts or monthly fees. Plus, you get up to $12 in ATM fee reimbursements worldwide and access to 32,000 fee-free ATMs through the MoneyPass network.

Because nbkc bank only has a few brick-and-mortar locations, you can do all your transactions online. While nbkc bank business checking account is free, you can pay for add-ons like Desktop Deposit, where you can receive unlimited account support and make deposits from your computer.

This account is best for those who have minimal needs, such as those who are just starting out.


Methodology

There’s no shortage of business checking accounts. You can get one from one of the big banks like Chase, Capital One and Wells Fargo, online-only banks, and your local credit unions.

We made our choices for the best business bank accounts by focusing on a few different factors.

For example, most small business owners prefer a fee-free account, and if there is a monthly service fee, they want the option to get it waived. We also focused on accounts that offer a lot of free transactions, good online banking options, high transaction limits, low balance requirements and more.

Frequently Asked Questions

As you search for the right business checking account for your company, here are some of the common questions we came across as we researched our top options.

What Are Items?

Depending on the account you choose, you may only have a limited number of free items or transactions. But what falls under this term? There may be some differences depending on the bank. But in general, it can debits, credits and deposited items. For example, include checks, cash deposits, debit card transactions and ATM deposits would all fall under that category.

If you’re a brand new start-up, you may not care much about how many free transactions you get. But as your business grows, it may become more important, and switching bank accounts at that stage can be a pain. So keep this in mind as you make your decision.

Are Sign-Up Bonuses Taxable?

Like credit cards, certain small business checking accounts offer a sign-up bonus to incentivize new customers to open an account. It’s important to keep in mind, though, that the bonus business owners receive is considered interest and will be taxable. You should receive a Form 1099-INT at the beginning of tax season, which you’ll use to file your return.

Can You Make Cash Deposits with Online-Only Business Bank Accounts?

In many cases, cash deposits aren’t an option with business checking accounts. So if your business works a lot with cash deposits, you’ll want a non-electronic way to deposit it at a local branch. These banks and credit unions also offer online banking features, giving you the best of both worlds.

What Is Required for a Business Checking Account?

A lot of the information required to open a business account is similar to opening a personal bank account. There are, however, some differences. For starters, you’ll need your employer identification number (EIN), or your Social Security number (SSN) if you’re a sole proprietor.

You’ll also need to provide your business license, as well as ownership agreements and business formation documents, if applicable.

Depending on the account, you’ll also need some cash to meet the opening balance requirement.

Should I Separate My Personal and Business Checking?

If you’re a sole proprietor, you may be wondering if it’s worth it to open a separate checking account for your business. The short answer is yes.

Separating your personal and business bank accounts makes it a lot easier for you to do your accounting and taxes. You’ll also have a more accurate view of your revenue and expenses for your business, which can help you make better decisions.

The same goes for credit cards. In fact, credit card interest is deductible if incurred for business expenses. But if you’re using the same card for business and personal expenses, it’ll be difficult to know how much you can deduct.

Should I Get a Free Business Checking Account?

No-fee bank accounts can be perfect for a lot of businesses, especially new start-ups. But as you shop around and compare your options, it’s important to consider the fees and the account features.

For example, if an account that charges a monthly maintenance fee offers a benefit that’s worth more to you than what you’d pay every month, it might be better to choose that over a free business checking account.

The Bottom Line

With so many good business checking accounts, it’s important to take your time to select the best one for your business. Consider your banking habits and the types of features you’ll need, and use that information to inform your decision.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.

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