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Banking

The best business checking accounts for solo entrepreneurs, small biz owners and more

We rounded up the top business checking accounts, looking at fees, interest rates and tools, so you can decide which one is right for you.

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There are a million things to consider when you're running a small- or medium-sized business, and it's crucial to have a good handle on your finances.

Between generating invoices, paying out contractors, handling digital and non-digital payment methods and tracking inventory that's always in flux — today's business owner needs more than just a standard checking account.

To make your search easier, CNBC Select reviewed dozens of business checking accounts with both digital and in-person access. We considered a range of factors when ranking the best accounts, including invoicing support, payment flexibility, fees and interest rates. (Read more about our methodology below.)

Best business checking accounts

Best for branch access

Chase Business Complete Banking®

Chase Bank is a Member FDIC.
  • Special offer

    Earn $400 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.

  • Monthly maintenance fee

    $15, with options to waive

  • Minimum deposit to open

    None

  • Minimum balance

    None required but maintaining a minimum daily balance of $2,000 in your account as of the beginning of each day of the statement period will waive the monthly maintenance fee

  • Annual Percentage Yield (APY)

    N/A

  • Free ATM network

    More than 16,000 Chase ATMs

  • ATM fee reimbursement

    None

  • Small business perks

    Multiple owners get individual debit cards, PINs and online access to the account; debit cards for employees for which the owner can control daily limits

  • Overdraft fee

    $34 with ways to waive

  • Mobile check deposit

    Yes, using the Chase Mobile® app

Terms apply. Chase Bank is a Member FDIC.

Pros

  • Same-day access to cash when your deposit is approved before 8 p.m. (except on Saturdays)
  • Easy ways to accept payments virtually with QuickAccept℠
  • Unlimited electronic deposits and up to $5,000 fee-free cash deposits per cycle
  • Send and receive money without visiting a branch via Chase QuickDeposit℠, wire transfers and Chase Online Bill Pay
  • Standard daily spending limit of $10,000 for Chase Business Debit Cards

Cons

  • Only 20 free in-person paper check deposits/withdrawals (after $0.40/each)

How to avoid the monthly fee:

Meet one of these conditions during your monthly statement period.

  • $2,000 minimum daily balance
  • $2,000 in purchases on your Chase Ink® Business Card(s)
  • $2,000 in deposits from QuickAccept℠ and/or other eligible Chase Merchant Services transactions
  • Link a Chase Private Client Checking℠ account

How overdraft fees are waived:

  • If your account balance at the end of the business day is overdrawn by $5 or less
  • If the item that caused the overdraft was $5 or less, even if your account balance at the end of the business day is overdrawn
  • If you made a debit card transaction and your available balance was sufficient at the time it was authorized
  • If a merchant submitted the same check or ACH item submitted multiple times, resulting in a Returned Item Fee and an Insufficient Funds Fee
  • Insufficient Funds Fees do not apply to withdrawals made at an ATM

Who's this for? Chase Business Complete Banking® is an excellent choice for many types of businesses, because of its generous cash bonus, features for fast card and check processing and large network of over 4,700 physical branches.

When you open a new Chase Business Complete Checking account, you can earn $400 with qualifying activities. You can also avoid the $15 monthly service fee if you maintain a minimum daily balance of $2,000, spend $2,000 or more per month on purchases with your Chase Ink Business card or deposit at least $2,000 in QuickAccept per month. The fee can also be waived if you link a Chase Private Client Checking account or provide qualifying proof of military status.

With Chase Business Complete Banking, you can take advantage of QuickAccept and QuickDeposit. QuickAccept allows you to accept card payments with a mobile card reader or through the Chase app. QuickDeposit offers a few options to scan and deposit checks, such as taking a picture of your check in the mobile app or signing up for a multiple-feed scanner to scan as many as 50 checks at once.

Best for LLCs, sole proprietors and contractors

Novo Business Checking

On Novo Bank's secure site
  • Special offers

    Perks upon sign up can include $3,000 in Google Cloud credits, $150 toward Google Ads, 40% off the first six months of QuickBooks Online and up to $20,000 in fee-free credit card transactions when you link your account with Stripe

  • Monthly maintenance fee

    $0

  • Minimum deposit to open

    $0

  • Minimum balance

    $0

  • Annual Percentage Yield (APY)

    None

  • Free ATM network

    No out-of-network ATM fees and reimburses fees charged by other ATM operators, up to $7 per month

  • ATM fee reimbursement

    Yes, up to $7 per month worldwide

  • Small business perks

    Sync your account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and other popular merchant tools. Amazon integration for sales and revenue tracking.

  • Overdraft fee

    If a transaction is made and there are insufficient funds to complete the payment, your Novo account will not be charged an overdraft fee

  • Mobile check deposit

    Yes

Terms apply. Novo Platform Inc. {"Novo") is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A. Member FDIC.

Pros

  • Seamless tech integrations make it easy for the solo entrepreneur who does it all
  • Money-saving partnerships with popular invoicing, marketing and communications tools
  • Syncs easily to Google Pay and Apple Pay
  • Unlimited fee-free monthly transactions
  • No monthly fees or minimum balance requirements
  • ATM reimbursements up to $7 per month

Cons

  • Online only (not great if you prefer in-person banking)
  • No easy way to deposit cash

Who's this for? The Novo Business Checking account is worth considering if you want to establish a business presence and separate your personal and business finances.

Novo is an online business checking account that allows unlimited transactions and refunds all ATM fees worldwide, up to $7 per month. Additionally, it doesn't charge any monthly fees and you don't need a minimum deposit to open an account.

Further, Novo provides tools for unlimited invoicing, as well as integration with some common business tools, including Stripe, Shopify, QuickBooks and Xero. You'll also get access to discounts on eligible business services and software.

Note, however, that Novo Business Checking doesn't allow for cash deposits — you can get a money order and deposit it through Novo's mobile app instead. If your business involves frequent cash deposits, this can be a major inconvenience.

Best for small businesses

Bluevine Business Checking

On Bluevine's secure site
  • Special offer

    N/A

  • Monthly maintenance fee

    $0

  • Minimum deposit to open

    $0

  • Minimum balance

    $0

  • Annual Percentage Yield (APY)

    Standard: 2.0% APY on balances up to and including $250,000 if you meet a monthly activity goal*
    Premier: 4.25% APY without minimum qualifications

  • Free ATM network

    No fees at over 38,000 ATM locations nationwide

  • ATM fee reimbursement

    No

  • Small business perks

    Two free checkbooks

  • Overdraft fee

    $0

  • Mobile check deposit

    Yes

Terms apply. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC

Pros

  • No monthly fees, monthly or daily balance minimums, ACH payment fees, incoming wire fees or overdraft fees
  • Ability to instantly lock and unlock your Bluevine Business Debit Mastercard® for added security
  • Connect to business tools like PayPal, Stripe and Expensify
  • Unlimited transactions

Cons

  • Online only (not great if you prefer in-person banking)
  • No ATM refunds for out-of-network transactions

*The requirements to earn interest are either:

  • Debit Card Spend: Spend $500 per month with Bluevine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard inc, which can be used everywhere Mastercard® is accepted.
  • Incoming Payments: Receive $2,500 per month in customer payments into Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider

Who's this for? Bluevine Business Checking is a great option for small business owners as it doesn't place any limits on the number of transactions you can make and charges no monthly, minimum daily balances or non-sufficient fund fees. Additionally, it doesn't charge for overdrafts or ACH payments.

Another appealing feature of Bluevine is the opportunity to earn interest. Namely, Premier customers get 4.25% APY without minimum qualifications, and Premier customers get 2% APY on your balance up to $250,000 if you meet the monthly debit transaction or deposit requirement.

Bluevine also provides several business-centric features. For instance, you can deposit checks from your phone, sync your account with QuickBooks online and share access with your team by giving your employees dedicated logins.

Bluevine Business Checking is a digital account so you won't have the option to visit a branch. However, you'll have access to over 37,000 MoneyPass ATMs nationwide for free.

Best for medium-to-large businesses

Capital One Business Enhanced Checking

  • Special offer

    N/A

  • Monthly maintenance fee

    $35, waived if your prior 30- or 90-day account balance averages $25,000 or more

  • Minimum deposit to open

    $250

  • Minimum balance

    N/A

  • Annual Percentage Yield (APY)

    None

  • Free ATM network

    40,000+ fee-free Capital One and Allpoint® ATMs to choose from (including in select Target®, Walgreens® and CVS Pharmacy® locations)

  • ATM fee reimbursement

    No

  • Small business perks

    Account holders have the ability to sign up for Capital One® ProDeposit, a paid service ($50 per month) allowing unlimited mobile check scanning (up to $250,000 per 20 business days) with added security features

  • Overdraft fee

    $35, but free overdraft protection with a linked small business deposit account

  • Mobile check deposit

    Free smartphone mobile deposits

Terms apply. Capital One is a Member FDIC.

Pros

  • Unlimited business transactions included each month (good for larger businesses with high transaction volume)
  • Next-day funds availability
  • All incoming domestic wires are free
  • Free business debit cards
  • Free cash deposits

Cons

  • High minimum account balance requirement to waive monthly fee (designed for businesses with less than $10 million in annual revenue)

How to avoid the monthly fee:

  • Maintain an average 30- or 90-day account balance of $25,000 or more

Who's this for? If your business has higher balances and transaction volumes, you may want to consider the Capital One Enhanced Checking account.

You can open the account if your cash deposits are under $40,000 per month — and you'll pay no fees on any cash you deposit. For check deposits, you can use a remote scanner service without having to visit a Capital One branch. Plus, you'll have access to mobile banking and deposits from your smartphone.

Incoming domestic wires are free. There's a $35 monthly service fee but the bank can waive it if your prior 30- or 90-day balance averages $25,000 or more. Digital transactions are unlimited and come without fees as well.

The Enhanced account also allows you to get up to two Basic Checking accounts with no monthly service fees.

Best for making cash deposits

Bank of America Business Advantage Relationship Banking

  • Special offer

    N/A

  • Monthly maintenance fee

    $29.95/month, with options to waive

  • Minimum deposit to open

    $100

  • Minimum balance

    $15,000 to waive the monthly fee (or $5,000 for the lower-tier Bank of America Business Fundamentals account)

  • Annual Percentage Yield (APY)

    None

  • Free ATM network

    16,900 Bank of America ATMs

  • ATM fee reimbursement

    No

  • Small business perks

    Easy QuickBooks® integration

  • Overdraft fee

    $10 per item (up to two fees per day). Accounts can be set to decline transactions when there are insufficient funds.

  • Mobile check deposit

    Yes

Terms apply. Bank of America is a Member FDIC.

Pros

  • Cash deposits up to $20,000 per statement cycle are free (then 30 cents per $100)
  • Unlimited free ACH, debit card, electronic debits and check deposits through Remote Deposit Online

Cons

  • Maximum of 500 check deposits/other debits per statement cycle, then 45 cents per item

How to avoid the monthly fee:

Meet one of the following requirements each statement cycle.

  • Maintain a $15,000 combined average monthly balance across your linked Bank of America accounts
  • Qualify for and enroll in the Preferred Rewards for Business program (first four checking accounts per enrolled business)

Who's this for? The Bank of America Business Advantage Relationship Banking can be a good option if you're handling up to $20,000 in monthly cash deposits.

With the account, you can deposit up to $20,000 in cash per month for free. The Business Advantage Relationship Banking also offers fee-free electronic transactions, such as ACH transactions, debit card transactions, electronic debits and online or ATM deposits.

Additionally, account users have access to digital tools, including Zelle, Cash Flow Monitor and Business Advantage 360. Cash Flow Monitor provides tracking of credits and debits, cash flow projections and support from small-business specialists. Business Advantage 360 lets you pay bills, view and manage statements and transactions and download activity to QuickBooks. You can also connect your account to third-party apps like TurboTax and Expensify.

Compare offers to find the best savings account

Online vs. brick-and-mortar business checking accounts

When deciding whether to open an online business checking account or go with a brick-and-mortar bank, consider first how you manage your business on a daily basis.

Plenty of businesses are now mostly digital, meaning that all of the invoicing, payments, accounting and payroll happens electronically. On the other hand, there are businesses that still primarily use cash often enough that they need to bank with a local branch where they can drop off money at the end of every business day.

Online business checking accounts are undoubtedly convenient and come with helpful invoicing features, but it might be worth trading the convenience of these options for the ability to easily withdraw and/or deposit physical cash in large quantities. However, online-only banks have lower fees and usually have lower minimum balance requirements (some as low as $0), so if banking in person is not part of your daily workflow, it might be time to consider a new alternative.

Find the best savings account for you: Help your money grow by finding the savings account that offers the best rates and features for you.

FAQs

You can open a checking account, savings account or merchant services account for your business — but since a checking account allows you to manage your regular cash flow, it may be the best place to start.

You need an Employer Identification Number (EIN) to open a business bank account. However, if your business is a sole proprietorship or a single-member LLC, you can use your Social Security Number (SSN).

You can use a personal bank account for your business if it's a sole proprietorship, but even in this case, it can cause issues with record-keeping and tax preparation.

The minimum deposit to open a business checking account depends on the account: some require none, while others may require upwards of $1,000.

Nearly anyone with a side hustle or small business can qualify for a business checking account — not just large corporations. Opening a business checking account is a simple way to separate your personal finances from your business finances, whether you're a sole proprietor conducting business under your social security number or you have an LLC with its own tax ID.

Anyone who has a business, small or large, can benefit from a business checking account. It helps you track your revenue and expenses so that you can understand the business's financial performance before transferring the money to your personal account for spending.

Bottom line

A well-picked business checking account can make a positive impact on the financial operations of your business. And since each business and unique and has its own set of needs, it pays to take your time and compare different accounts before deciding on one. Consider which features are important for your business, pay attention to potential fees and check account requirements before you apply.

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Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking productsWhile CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best business checking accounts.

Our methodology

To determine which business checking accounts offer the most convenience, CNBC Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.

We compared each checking account on a range of features, including:

  • Fees
  • Minimum balance requirement
  • Mobile banking ease
  • Small business tools and support
  • Large ATM network
  • Account accessibility
  • Customer reviews, when available

All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.

The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.

Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Catch up on CNBC Select's in-depth coverage of credit cardsbanking and money, and follow us on TikTokFacebookInstagram and Twitter to stay up to date.

Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC.  Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC;  virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated.  Mastercard can be used everywhere Mastercard is accepted.  Mastercard is a registered trademark of Mastercard International Incorporated.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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