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.)
Earn $300 when you open a Chase Business Complete Checking account and perform qualifying activities
$15, with options to waive
$0 (but $2,000 to earn bonus)
16,000 Chase ATMs
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
$34 fee for each item (maximum of 6 overdraft fees per day, for a total of $204), waived under certain conditions
Yes, using the Chase Mobile app
See our methodology, terms apply. Chase Bank is a Member FDIC.
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
No out-of-network ATM fees and reimburses fees charged by other ATM operators
Sync your account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and other popular merchant tools.
See our methodology, terms apply. Novo is FDIC-insured through Middlesex Federal Savings.
1.0% interest on your balance up to $100,000
No fees at over 38,000 ATM locations nationwide
Two free checkbooks
See our methodology, terms apply. BlueVine is FDIC-insured through The Bancorp Bank.
$35, waived if your prior 30- or 90-day account balance averages $25,000 or more
40,000+ fee-free Capital One and Allpoint® ATMs to choose from (including in select Target®, Walgreens® and CVS Pharmacy® locations)
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
$35, but free overdraft protection with a linked small business deposit account
Free smartphone mobile deposits
See our methodology, terms apply. Capital One is a Member FDIC.
$0 for Azlo Starter, $10 for Azlo Pro
55,000 ATM locations with no ATM fees
Free built-in automated business tools to help with invoicing and payments (no need to sync with third-party apps and services); free envelop budgeting tool to help with money management
See our methodology, terms apply. Azlo is FDIC-insured through BBVA USA.
$450 bonus with a new small business checking account, credit card and Bill Pay
$29.95/month, with options to waive
$15,000 to waive the monthly fee (or $3,000 for the lower-tier Bank of America Business Fundamentals account)
16,900 Bank of America ATMs
Ability to sync with Payroll Services by Intuit®
Accounts are automatically set to decline transactions when there are insufficient funds, free overdraft protection when linked to an eligible Bank of America account.
See our methodology, terms apply. Bank of America is a Member FDIC.
You may be surprised to learn that 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.
Be prepared, however, as business checking accounts typically charge more fees than personal accounts, and often the minimum balance requirements to waive monthly fees are higher, since banks presume businesses bring in more money than an individual and that there will be a higher volume of transactions/administration costs.
That said, there are a growing number of smaller, online-only business checking accounts popping up that make opening a business checking account much more affordable, with no minimum balance requirements or transactions fees.
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, such as the ability to perform mobile check deposits, sync with QuickBooks and/or connect to Stripe to accept credit card payments. 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 work flow, it might be time to consider a new alternative.
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:
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.