Many business owners skip the most vital step to pro-level cash flow management—opening a business bank account.
You need one whether you’re a freelancer bringing in several hundred dollars a month as a side hustle, a large company managing millions of dollars, or anything in between.
A business checking account helps separate your personal and business expenses, but it also is a smart business move that delivers beneficial rewards and added perks.
With that said, there are thousands of options to choose from.
Should you open a business account with the bank you’re already using? Maybe you want an online-only account, or perhaps you’re interested in earning interest with a high-yield savings account.
To help you make the right choice, we did all the heavy lifting and researched dozens of the best business checking accounts available.
Then, we narrowed it down to our top recommendations and reviewed them.
The 7 Best Business Checking Accounts to Consider:
- Azlo Business – Best all-online business checking account
- Chase Total Business – Best for growing small businesses
- US Bank Silver Business – Best for businesses that want to stay small
- Novo Business – Best business checking account for freelancers
- Radius Tailored – Best for high-volume transactions
- BBVA Business Connect – Best free business checking account
- TIAA Bank Business Analysis – Best high interest-bearing account
#1 – Azlo Review — The Best Online Business Checking Account
Azlo is an online-only business checking account, which is perfect for businesses that don’t need to visit a physical branch for cash deposits or other in-person needs.
Since it’s completely web-based, it’s incredibly easy for business owners and managers to handle their accounts from anywhere at any time.
And the best part? It’s free for freelancers and small businesses.
But despite being completely digital, it’s still flexible enough to accommodate the needs of established businesses too. Plus, you don’t have to pay maintenance fees and there are no minimum balance requirements.
In fact, they don’t even charge you for overdrafts. And you can make direct payments to vendors and contractors for free.
You can apply in a matter of minutes from your phone or computer and you can rest easy knowing your funds are protected with FDIC insurance provided by Azlo’s partner bank.
Furthermore, it integrates with Stripe, PayPal, and Square so you can consolidate your transaction history and manage your accounts from one location.
With an Azlo account, you get:
- Unlimited transactions
- Mobile check deposits
- Digital invoicing
- Free incoming wires
- Dozens of built-in integrations
- 55,000+ ATMs with free cash withdrawals
With that said, Azlo doesn’t accept cash deposits. You can deposit checks, though. So if your business accepts cash, you’ll need to look elsewhere.
#1 – Chase Total Business Checking Review — The Best Business Checking Account for Growing Small Businesses
Best for Growing Small Businesses
Access to 4,900 branches and 16,000 ATMs. Chase offers unlimited electronic deposits, 100 free monthly transactions, and no monthly fees if you maintain a minimum balance of $1,500. Also includes robust digital banking functionality and 24/7 customer service. Learn how to get an extra $300 for free today!
Chase Total Business Checking is our top pick for growing small businesses and startups. It’s affordable at just $15 per month, or you can waive that fee by maintaining $1,500 in your account.
Which… is doable for most small businesses. Especially those that are growing quickly.
New Chase business customers are eligible for a $300 bonus for completing a qualifying activity after opening the account. Maintaining a $1,000 balance for 60 days is one of the qualifying activities—so the bonus is fairly easy to get for most small businesses.
Chase also offers some of the best digital banking features in the industry.
They have an exceptional mobile app and other online banking tools that you can access from anywhere. You’ll also have access to 4,900 branches and 16,000 ATMs for all in-person banking needs.
Other top benefits of Chase Total Business Checking include:
- Unlimited electronic deposits
- 100 free transactions per month
- $5,000 free cash deposits per statement cycle
- Wire transfers
- Mobile check deposit
- 24/7 customer service
Chase also has a wide range of other business solutions, like business lines of credit, business credit cards, merchant services, and more.
So, you’re not limited to a checking account and you can expand to other options with the same company as you grow and need more options.
The account does have a $15 monthly service fee, but you can easily waive it by maintaining $1,500 in your account or linking a Chase personal checking account.
#2 – US Bank Silver Business Checking Review — The Best Checking Account For Businesses that Want to Stay Small
We recommend US Bank Silver Business Checking for new companies and smaller businesses because you can open an account with as little as $100.
If your business has a low monthly transaction volume (fewer than 125), this account is sufficient to accommodate your needs for free.
Plus, it’s easy to get started since you can apply directly online.
The best part of US Bank Silver Business Checking? It’s free with no monthly maintenance fees or minimum balance requirements.
You can also benefit from:
- 25 free cash deposits per month
- 125 free transactions per month
- 50% discount on first order of checks
- Free mobile check deposit
- Overdraft protection
US Bank charges $5 for paper statements. However, you can easily eliminate that fee by going paperless and accessing your statements online.
There’s a $0.50 fee per transaction over the monthly limit (125). However, that’s plenty for most new or small businesses that aren’t looking to grow.
Large businesses with high banking transaction volumes and complex needs will find this extremely limiting. However, it’s a great choice for small businesses that want a free business checking account.
#4 – Novo Review — Best Business Checking For Freelancers
Novo is another online-only bank. It’s designed for freelancers, entrepreneurs, and small business owners.
The online application process for a new account takes less than ten minutes. You only need to deposit $50 to get started.
I like Novo because they really took the complexity out of business banking. The account is extremely simple and has transparent fees. In fact, you’ll only be charged a fee for insufficient funds or an uncollected funds return—everything else is free.
- No monthly fees
- No minimum balance requirements
- Free ACH transfers
- Free mailed checks
- Refunds at all ATMs
- Free incoming wires
- Simple and user-friendly mobile app
Novo integrates with the business tools and services you’re already using, like QuickBooks, Zapier, Xero, Slack, Stripe, and more.
You’ll also benefit from human-powered customer service. So if you have any questions or concerns, you’ll be able to speak to a real person.
#5 – Radius Tailored Checking Review — Best For High Volume Transactions
Radius Bank has online-only online banking solutions for personal use and business needs. The Tailored Checking account is perfect for businesses that don’t want to be restricted with monthly transaction limits.
You’ll benefit from unlimited transactions for free—no penalties or upcharges.
Radius Bank gives you 24/7 access to your account from anywhere, online or through the robust mobile app. You’ll be able to manage digital invoices, pay bills, deposit checks, receive wires, send ACH payments, and more—all from the palm of your hand.
You’ll also earn unlimited 1% cash-back on signature-based credit transactions using your Radius Bank debit card.
Withdraw cash from any ATM worldwide, and Radius Bank will reimburse you for those fees.
Radius Bank has friendly customer service via phone or live chat, 7 days per week. Apply online today; it takes less than ten mines.
#6 – BBVA Business Connect Checking Review — The Best Free Business Checking Account
If you want exceptional online banking with the ability to visit a branch for in-person needs, BBVA Business Connect Checking will be a top choice for you to consider.
You just need to deposit $100 to open an account. Best of all, the account is 100% free—no monthly service charges or minimum balance requirements.
The free digital banking services include bill pay, mobile deposits, account alerts, and so much more. You’ll also get unlimited digital transactions at no additional charge.
Here’s a quick overview summarizing BBVA Business Connect Checking:
- $5,000 free cash transactions per month
- Five in-branch withdrawals and/or checks processed per month
- Two in-branch deposits per month
- Free online statements
BBVA gives you access to free ATM withdrawals at 43,000+ locations within their partner network (Allpoint).
For those of you with limited in-person banking needs that don’t want to pay a monthly fee, this will be a great option for you to consider. Sole proprietors can apply online, but other business types need to visit a branch to open an account.
#7 – TIAA Bank Business Analysis Checking Review — The Best High Interest Bearing Business Checking Account
Do you keep a high balance in your business checking account? Want to be rewarded for maintaining such a high balance? An interest-bearing checking account might be for you.
Some banks will pay you interest on your balance, but it’s usually just pennies. But the TIAA Bank Business Analysis Checking solutions offer significantly higher rates.
There are actually two options for you to choose from. You can get a traditional interest-bearing account that pays 0.35% APY on balances from $100k to $1 million. Or you can get an earnings credit rate of 0.50% on 90% of your account balance.
Both accounts require a $1,500 opening deposit. Maintenance fees on the interest-bearing account are waived if you maintain a $5,000 balance.
TIAA offers features like remote deposits, domestic and foreign wires, tax payments, bill pay solutions, and more. They also provide merchant services for payment acceptance.
For larger companies that want to get the most out of a high balance, sign up for TIAA Bank Business Analysis Checking.
When Does It Make Sense to Open a Business Checking Account?
Every business needs a business checking account.
This holds true for startups, small businesses, international enterprises, and everything in between. Even freelancers, independent contractors, and entrepreneurs with a small side hustle should have a business checking account.
In fact, opening a new checking account is one of the first things you should do when you’re starting a new business. It’s essential that you keep all of your personal and business expenses separate. Having a dedicated business checking solution will be the best way to organize your finances.
Most banks will require an employer identification number (EIN) to open a business checking account. With that said, some banks will let you apply for an account as a sole proprietor using your SSN.
Methodology For Choosing The Best Business Checking Account
With so many options to choose from, finding the best business checking account for your business might feel like an uphill battle. Fortunately for you, we’ve simplified the process.
Keep these considerations in mind as you’re evaluating the options that were recommended above. This methodology will make your life much easier when it comes to finalizing a decision.
In-Person vs. Online Banking
In today’s day and age, all of the best business checking accounts offer some form of online banking, including mobile access. With that said, some options are undoubtedly better than others.
If you don’t need to visit a branch for anything, consider using an online-only bank. These are great options for businesses that accept digital payments and don’t accept cash.
However, any business that accepts cash will need a bank with physical branches. There’s no way to deposit cash to an online-only checking account.
Many banks will limit the number of banking transactions you can make during a billing cycle. You’ll have to pay extra for any transactions that exceed your monthly limit.
For example, we’ve seen banks that give you 100 free transactions per month, and charge $0.50 for all additional transactions.
If you don’t make a ton of transactions, then you’ll never come close to this limit. However, high-transaction users should consider an account with unlimited transactions. Otherwise, the extra fees can add up quickly.
Speaking of fees, there are lots of ways that banks can charge you for business checking. The most obvious one is the monthly service charge.
Usually, you can get that fee waived by maintaining a certain balance or making qualifying deposits, but I personally prefer accounts with no monthly fees—there are plenty to consider.
Keep an eye on other charges, like statement fees, overdraft fees, ACH transfer fees, incoming wire fees, and more. The best business checking accounts will have a transparent fee list, and won’t nickel and dime you for normal banking activity.
How much money do you currently keep or plan to keep in your business checking account?
If you typically keep a lower amount, make sure you won’t be charged if your balance dips below a certain number. Alternatively, businesses with high checking balances should consider an account that rewards them with interest payments or an earnings credit rate.
Service and Support
If you’re having a problem or need a question answered, you want to make sure that your bank is there to resolve any issues. This is especially true for online banks that don’t even have the option for an in-person branch visit.
You should also consider additional banking services, such as business loans and merchant services. If you can get everything you need under one roof, it will make your life easier in the long run.
What’s the best business checking account? We recommend Azlo.
But that’s not the only option to consider. Use the recommendations, reviews, and methodology explained in this guide to find the best banking solution for your business.