By Daniel Lewis,
/ Advertising Disclosure

Choosing the right checking account can have profound implications on your business reputation and profitability. It goes beyond the mere transaction fees and interest rates. You need to work with a bank that you can depend on.

This is especially important when you are working with large figures. When it comes to opening a business checking account, all the banks want your business. But you need to figure out how to choose the best one.

How to Choose a Business Checking Account?

There are many reasons you need to give serious consideration as to what checking account to use.

A business checking account is what separates your personal and business funds. It is actually a legal requirement. If you run an LLC or corporation, you need to have a separate account. Things can get quite problematic if you start to use business funds for personal expenses. It just makes things easier, especially in terms of payroll and accounting.

The following are some things you need to consider in terms of choosing a business checking account:

  1. Introductory Offers & Bonuses – There are many signup bonuses for business checking accounts. Typically, you can make between $50 – $250 if you signup with a new bank and maintain a balance for over 2 months, such as $1,000. Not a critical factor, but not something to be ignored either.
  2. Speed of Service – How quickly can you get up and running with this bank? Some offer same-day approval, though these tend to be online.
  3. Service Fees – These are the monthly maintenance fees. They typically range between $10 – $30 per month. The more services on offer, the higher the price.
  4. Minimum Account Balance – If your account goes below the minimum balance, you may be hit with a charge. This is not the norm, but make sure to check the terms and conditions first.
  5. Transaction Costs – This one is quite important. Some banks may only allow several free transactions per month, such as 100. If you intend to make a lot of transactions, then you will get hit with extra charges. Be aware that some banks also only allow a limited number of deposits before hitting you with a charge.
  6. Wire Transfer Fees – There is nearly always a fee for wire transfers, which are simply fees for transferring from one bank to another. With digital transfers, wire transfers have fallen out of use. Many banks will allow several free wire transfers.
  7. Interest Rates – Once a huge consideration, now it’s not really all that important. There was a time when banks offered decent interest rates on deposits, but this rate is not tiny.
  8. In-Person or Online – Many financial services are now online. But there are still plenty of business owners who want a point of contact and a physical branch to visit. This is a personal consideration for you.

#1 – Novo

NovoNovo is an innovative startup that has a lot of appeal to new businesses. It offers very low fees, easy application, and a very smooth mobile and web experience. Novo offers integrations with Stripe, Shopify, Slack, Xero, Intuit Quickbooks, Xapier, and Wise, which is a big incentive for many new business owners, especially for online business models.

In many ways, it bears resemblance to Small Business Bank, at least in terms of its fees. However, it is much more sleek and modern with some neat integrations. It offers very functional mobile applications and it takes only 10 minutes to apply online. They don’t even conduct a credit check on applicants.

Wires and transfers are 100% free with Novo. Support is also very fast, and they will answer in minutes in a lot of cases. Novo is literally the perfect bank when it comes to US startups, especially ones doing a lot of overseas high-volume transactions. Novo is very transparent when it comes to their charges and prices, unlike many other big bank providers.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 Undisclosed $50 $0 No
Pros

  • No monthly service free
  • No minimum balance
  • Sleek and modern interface
  • Excellent Android and IOS applications
  • Excellent customer service
  • Integrations with relevant applications
  • Perfect for startups
  • Transparent pricing
  • Rapid approval

Cons

  • $27 insufficient funds charge
  • $27 uncollected funds return charge
  • No signup bonus

#2 – Small Business Bank

Small Business Bank

Small Business Bank allows you to get started asap. You will be approved in either one or two days and the documentation requirements are very minimal –  application form, driver’s license, EIN, and proof of address. That’s it. Most businesses are approved within one business day. They also have longer support hours in comparison to other banks, open from 7 AM to 11 PM every day.

And the benefits do not stop here. The minimum deposit is $5, and there is no minimum balance requirement. It is perfectly suited for micro-businesses and small businesses, and the hint is in the name. You don’t have to visit a physical branch but can signup online. It offers 3 business checking accounts – sole proprietor (for freelancers and independent contractors), micro business account, and small business account.

There are few disadvantages. True, it’s not the most prestigious of bank accounts. You can see this from the website and mobile applications, which are ok at best. But that is part of the appeal of moving away from big banks. Small or not, they are FDIC-insured, BBB accredited, and provide superb customer support and service. 

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 Undisclosed $5 $0 No
Pros

  • No monthly service fee
  • Tiny minimum deposit
  • No minimum balance
  • Excellent customer support
  • Rapid approval

Cons

  • No signup bonus
  • Limited site and mobile functionality

#3 – BBVA Clear Connect for Business

BBVABBVA recently shut down its subsidiary, Azlo, which was a great fee-free bank. But BBVA itself offers a great business checking account that is also free, as well as having a great signup bonus of up to $250. BBVA is a huge bank, not a new startup tech firm. It has been around since 1964 and has a lot of offerings to the public. You need $25 to open an account and there they have a large network of fee-free ATMs, including ATMs at 7/11 and Allpoint. Be mindful of opening an account with BBVA and closing it quickly. If you open an account and close with 180 days, you will incur a charge of $25.

BBVA offers 3 checking accounts and one business checking account. The business checking account is known as the BBVA Clear Connect for Business. This account operates nationwide and there is no monthly service fee. The minimum deposit is $100 and there is no minimum balance requirement.  The biggest downside is that they limit activity to $5,000 per month, which might be a problem if you are a cash-heavy business.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 Undisclosed $100 $0 No
Pros

  • Established bank
  • Lots of offerings
  • No monthly service fee
  • Fee-free ATM network
  • Highly rated Android and IOS Apps

Cons

  • Charge for paper payments
  • Few integrations
  • No signup bonus

#4 – Bluevine Business Checking

BlueVineLike many banks on this list, there are no monthly service fees with Bluevine. But unlike many other contenders, Bluevine offers a 1% interest rate on accounts holding more than $1,000. And the benefits don’t end there. With Bluevine, you can get access to 24/7 banking, a free business debit card, and unlimited transactions. There are no fees (ACH, wire transfer, or NSF) and no minimum balance requirements. ATM withdrawals are fee-free across 38,000 terminals in the USA.

You can deposit cash in your Bluevine account, something a lot of free business checking accounts no longer offer. If you haven’t heard already, Bluevine is also a big name in the online lending space for loans. So if you intend to take out a loan, it might be best to do so from this lender while also opening a business checking account for ease of integration. Bluevine only offers one banking product, the business checking account. Approval times are fast.

This is an excellent business checking account for small business owners. The only fees you will pay are $15 for outgoing wires and a $4.95 fee to deposit cash at Green Dot locations. You will also be charged for debit card replacements. Aside from this, the only downside is no physical access to branches, Bluevine being an online business. It’s also one of few checking accounts that allow a $0 deposit. Online reviews of Bluevine are very good. The few negative reviews are related to the application. This is understandable given that Bluevine Checking only launched in August 2020 and is still working things out.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 Unlimited $0 $0 No
Pros

  • No monthly fee
  • No minimum deposit
  • No minimum balance
  • No insufficient funds fee
  • No incoming wire fee
  • 1% interest over $1,000

Cons

  • No physical branch access.
  • $2,000 daily withdrawal limit
  • Mobile application is buggy

#5 – Citizens Bank Clearly Better Business Checking

Citizens Bank Clearly Better Business CheckingThis bank account seems to be designed for small businesses that operate with low-volume transactions. It allows for 200 free transactions and there is no minimum deposit or balance required. It only has branches in 11 states. There is no monthly fee. You will pay a $0.50 transaction fee for all transactions beyond 200.

Unfortunately, the fee structure of this account is not clearly defined. It’s even hard to make out with the fee page, which is lumped in with numerous other products. There appears to be no signup bonus and a $39 overdraft fee, though you can acquire overdraft coverage with them pretty easily. This means if you get overdrawn your overdraft will kick in and cover you.

ACH wire transfers are around $20 incoming and $30 outgoing. There are huge fees to integer services such as Intuit Quicken. All in all, the charges are not clearly displayed, which is quite an ominous sign.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 200 $0 Unknown No
Pros

  • No monthly fee
  • No minimum deposit
  • Established bank
  • The First 200 transactions free

Cons

  • Limited branches
  • Limited integrations
  • Expensive wire transfer charges

#6 – TIAA Small Business Checking

TIAA Small Business CheckingTIAA Bank has more ATMs than any other bank on the list, despite being primarily an online bank. There are over 80,000 TIAA ATM terminals, and most of them are fee-free. This makes TIAA perfect for those who often visit the ATM, though withdrawals are limited to $600 per day.

It offers a great mobile application for business checking. TIAA, the parent company, has been in business for over a century, so this is definitely a bank with longevity. For 6 years running, TIAA won the 2020 World’s Most Equitable Companies by Ethisphere Institute. There is no monthly service fee with TIAA and overdraft protection is available. However, there is a rather large $1,500 minimum deposit. NSF fees are $30. This is for the Small Business Checking.

The General Business Checking has more charges. You have to maintain a minimum of $5,000 to avoid a monthly fee of $14.95. Wire transfers are $35 outgoing and $25 incoming. Late payment charges and $25. The first 200 transactions are free with a $0.25 fee thereafter. The first 10 online transactions are free with a $0.50c fee thereafter.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 200 $1,500 $0 No
Pros

  • No monthly service fee
  • No minimum balance
  • Huge ATM network
  • Reputable bank
  • Overdraft protection

Cons

  • $1,500 minimum deposit.
  • $30 NSF fee
  • $25 late payment charge

#7 – US Bank Small Business Checking

US Bank Small Business CheckingUS bank offers a small business checking account with no monthly service fee, 125 free transactions, and $0.50 per additional transaction. Because this is a large bank, there is no easy streamlined approval process and you are encouraged to book an appointment and see somebody. This might suit more traditional business models, but online business owners will want something more fast-paced.  The US Bank checking account comes with overdraft protection and a debit card and online and mobile transactions.

No information is given on minimum balance or deposit on the US Bank website, and they encourage appointment-setting, like most major banks. US bank also offers a specialty non-profit account. This allows for 1800 free transactions annually.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 125 Unknown Unknown No
Pros

  • No monthly service fee
  • 125 free transactions
  • Major bank with lots of products
  • Can upgrade to premium business checking account
  • No fees at US bank ATMs

Cons

  • Slow approval
  • Hard to find fee information
  • Limited number of fee-free ATMs

#8 – Radius Bank Tailored Checking

Radius Bank Tailored CheckingWith a rapid online approval process, 1% + cashback, unlimited transactions, and free worldwide ATMs, Radius Bank Tailored Checking has a lot going for it. It’s worth mentioning that Radius has recently joined forces with Lending Club, a former P2P loan provider. Radius has a fantastic online and mobile experience and offers a neat 1.5% cashback on certain spends. There is no monthly service charge.

The only downsides are the $5,000 minimum balance to avoid the monthly service charge fees and the $100 minimum deposit. But the monthly service fee is only 10% if you fall below 5%.

Further, it is one of few banks to offer unlimited free transactions. It integrates with Quickbooks and Mint.

The online approval process is also very quick with limited documentation required. This makes it perfect for small businesses, but mainly those that want to keep $5,000 and up in there. This will help to avoid the monthly service fee and help to gain interest on the savings. Radius Bank will pull a soft credit check during your online application. The application process takes 7 minutes in total.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 Unlimited $100 $5,000 No – But Cash Back Rewards
Pros

  • No monthly service fee
  • Unlimited free transactions
  • Impressive interest rates
  • Free worldwide ATMs
  • Excellent cashback rewards
  • Highly rated by online review sites
  • Excellent mobile and desktop experience

Cons

  • $5,000 minimum balance to avoid the charge

#9 – Chase Business Complete Checking

ChaseFormerly known as Chase Total Business Checking, this account offers all the features a small business owner could want. While you don’t get as many fee-free transactions with it, you can qualify for a $300 signup bonus. There are nearly 5,000 branches and 16,000 Chase ATMs across the USA. It allows for unlimited electronic deposits and there is no minimum opening requirement.

To qualify for the signup bonus, you need to deposit $2,000 and maintain that balance for 60 days. You also need to complete 5 qualifying transactions. Unless you maintain a daily balance of $2,000, you will incur the monthly fee. But there are other ways to waive the fee, including spending $2,000 on purchases or linking a Chase Private Client Checking Account.

You can deposit $5,000 in cash without paying a fee. Afterward, you’ll pay $2.50 per $1,000 deposited. Only 20 fee-free physical transactions are allowed per month, which is very low compared to the competition. Still, if you have $2,000 to deposit and maintain, you will get an additional $300 but no monthly service fee.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 20 $0 $2,000 $300
Pros

  • $300 signup bonus
  • No monthly service fee
  • No minimum deposit
  • Unlimited electronic deposits
  • Integrated credit card processing

Cons

  • Very low number of free transactions
  • Minimum balance of $2,000

#10 – Bank of America Basic Fundamentals Checking AccountBank of America Basic Fundamentals Checking Account

The $16 monthly service charge on the BOA Advantage Fundamentals business checking account might seem a little high if you’re looking for a free small business checking account.

However, Bank of America not only offers one of the most competitive business checking accounts from a big bank, but they also offer three different ways to waive your monthly service fee:

  • Spend $250 in net new purchases using a business debit card
  • Maintain an average monthly balance of at least $5,000
  • Qualify for and enroll in the Preferred Rewards program

Moreover, the BOA Advantage Fundamentals account includes 200 fee-free transactions per month, $7,500 in cash deposits per month, and access to online banking, mobile banking, free bill pay, mobile check deposit, and business owner and employee debit cards. After the 200 transactions are used, you will be charged $0.45c per transaction

You will also be able to use your debit card for free at any BOA ATM and visit any of their branch locations across the U.S, of which there are many. There is no minimum balance required to open an account. Typical of most large bank offerings, you need to maintain a large cash balance to avoid the monthly fee or ensure you spend at least $250 using your card. Otherwise, there are other providers out there with easier qualifications and lower associated costs.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 200 $0 $0 No
Pros

  • No monthly service fee
  • No minimum deposit
  • 200 free transactions
  • No minimum balance

Cons

  • Average balance needs to be $5,000 to avoid monthly fee
  • No signup bonus

#11 – Axos Bank Basic Business Checking

Axos Bank Basic Business CheckingAxos Bank Basic Business Checking has similar features to other large banks, including Chase and Bank of America. It offers 200 fee-free transactions, no monthly service fees, unlimited domestic ATM reimbursements, and a free debit card. It also offers a $100 signup bonus to new businesses and a dedicated relationship manager.

The first set of 50 checks is free with Axos Bank and it offers a better mobile experience than other big banks. The major downside with Axos Bank is that you will need $1,000 for the minimum deposit, which is an uncommon requirement that can put off a lot of business owners. After the 200 transactions are up, you will pay $0.30c per transaction. It is compatible with Quickbooks and you can deposit up to 60 checks remotely per month.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 200 $1,000 $0 Yes – $100 for new businesses
Pros

  • No monthly service fee
  • No minimum balance
  • 200 free transactions
  • $100 signup bonus for new businesses
  • 50 free checks
  • Unlimited ATM rebates

Cons

  • $1,000 initial minimum deposit
  • Wire transfer charges

#12 – Lili Small Business Bank Account

Lili Small Business Bank Account

Lili is a little unique in that it is designed specifically for gig workers and freelancers, but also useful for independent contractors and solopreneurs. One of the most important things that you will need to do as a freelancer is open a business bank account (something that people often fail to do). Freelancers need to separate their personal and business finances for legal and tax reasons.  

With Lili, there are no monthly service fees and no minimum balance requirements. There are also no ATM fees with partner terminals (over 38,000 of them) and no overdraft fees. There are not even any overdraft fees. The approval process is lightning fast – it just takes 3 minutes to complete on your phone. Approval is pretty much instant and you’ll get a debit card in the mail.

You will pay fees to deposit via cash, so you won’t want to go with Lili if you frequently do this. Lili is an application, and there is no website. This makes it unique among checking account providers. One of the coolest features of Lili is automatic tax savings, which helps you to save for tax time. Lili also has some cool expense tracking tools. All in all, you have a completely free business checking account with fee-free ATMs and a rapid approval process. It’s made for small businesses and freelancers.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 Unlimited $0 $0 No
Pros

  • No monthly service fee
  • No minimum deposit
  • No minimum balance
  • 38,000 fee-free ATMs
  • 3 minute signup & instant approval
  • Automatic tax savings feature

Cons

  • $2,500 check deposits
  • App-only

#13 – Brex Cash Cash Management Account

Brex Cash Cash Management AccountThe most important thing to know about Brex Cash is that it isn’t a bank account and Brex is not a bank. Brex Cash is actually part of a new product class called ‘cash management accounts’ that are designed to do what a traditional bank account does and more. This account offers FDIC insurance just like a traditional bank account and is offered by Brex Treasury LLC, a registered broker-dealer that is a member of FINRA and SIPC. It offers integrations with QuickBooks, Xero, NetSuite, Concur, and Expensify and markets itself as the next generation of financial technology and is perfectly suited to startups.

Along with being free, this account offers a lot of freedom to business owners with its free unlimited ACH, wire, and check payment options and no minimum balance requirements.

There are other perks, such as instant payouts offered for e-commerce companies that allow you to receive funds for your sales right away. Or, anytime you deposit your funds, you can opt to deposit the funds as cash or to invest all of it or a portion of it into a Money Market fund.

One unusual feature of this cash management account is that you are given a credit card, not a debit card, with the account. It is paid daily (like a debit card), and also allows you to earn points on these transactions. This is great for businesses looking to increase their credit score.

Brex is a new player in the space offering a lot of unique features. If you want a worry-free account that allows you to easily invest your cash when you’d like and earn points on your spend, Brex Cash is an excellent option to consider. There are no monthly service fees, no account minimums, and no insufficient funds charge. It also offers free ACH and wire transfers. A cheap and modern business checking account that is perfect for startups and small businesses. However, it is not available to all entity types and you cannot withdraw from ATMs.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 Unlimited $0 $0 No, but offers credit card rewards
Pros

  • No monthly service fees
  • No minimum deposit
  • No minimum balance
  • Unlimited free transactions
  • Credit card reward

Cons

  • Cannot withdraw/deposit at ATMs
  • Not available to all entity types

#14 – NorthOne Business Banking

NorthOne Business BankingNorthOne Business Banking offers a host of features including no ATM fees, unlimited free transactions, excellent customer support, and lots of integrations with financial tools. It provides access to over 300,000 ATMs across the USA, a colossal figure. You can even create and send invoices through the banking application or a dedicated standalone application. NorthOne offers unlimited sub-accounts and more digital tools than practically any other provider.

However, it does have a $10 monthly fee which cannot be waived, in contrast with many other online providers offering free banking. There are no reimbursements for fees charged by other banks and some other charges that are not seen from competitors. The minimum deposit requirement is $50.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$10 Unlimited $50 $0 No
Pros

  • Unlimited free transactions
  • No minimum balance requirements
  • Free unlimited transactions
  • Huge range of digital financial integrations
  • Unlimited fee-free ATM withdrawals
  • Ability to send invoices through application

Cons

  • $10 non-waivable monthly service fee
  • No signup bonus

#15 – NBKC Bank Business Checking Account

NBKC Bank Business Checking AccountThis is an online business checking account with no monthly service fee, no unlimited transactions, and no minimum balance requirements. It offers $12 in refunds from charges from other banks in ATM fees. There are no incoming domestic wire fees, overdraft, stop payment, or any other similar incidental fees. So with this checking account, you really know where you stand in terms of charges. You can add users to your account.

The downsides are that there is no physical branch access outside of Missouri and Kansas and you can’t integrate the account with third-party tools (a big drawback). There is a $5 for outgoing domestic wires and a $45 for incoming domestic wires, which is pretty steep. It takes a little longer to get approved compared to online lenders. You will wait about 5 – 7 business days for approval. It’s also worth mentioning that the first few deposits are frozen for a week or so before they become available. This is for security purposes.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 Unlimited $0 $0 No
Pros

  • No monthly service fee
  • Unlimited free transactions
  • No minimum deposit
  • No minimum balance
  • $12 ATM reimbursements
  • No incidental fees

Cons

  • Longer approval times
  • $45 for outgoing wires
  • Physical branches in 2 states only

#16 – Huntington Bank Unlimited Business Checking

Huntington Bank Unlimited Business CheckingThe Huntington Bank Unlimited Business Checking account offers unlimited free transactions up to $10,000 with a $0.30c fee thereafter. You can waive the $20 a month service fee, but only if you have a huge $10,000 in total deposits. This is one of the largest deposits I’ve seen to waive the fee.

You get to choose one free bonus tool with Huntington Bank Unlimited Business Checking – this includes either 2 free incoming domestic wires, 10% off Paychex, 25 returned deposit items, reverse positive pay, or 50 deposit scans per month. If you visit their physical branch, you can avail of a $400 bonus in Ohio, Michigan, Indiana, Pennsylvania, Kentucky, West Virginia, and Illinois. You must deposit $5,000 within 60 days to qualify.

It provides an excellent online hub for managing all of your financial affairs and also provides a 24 hour grace period to cover overdrafts. Huntington Bank also offers ‘Business Checking 100’ for smaller businesses that have ever fewer needs. This only allows 100 monthly transactions. They also offer a service known as ‘Unlimited Plus Business Checking’ for companies with even more activity.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$20 Up to $10,000 $0 $0 Yes – $400
Pros

  • Free transactions up to $10,000
  • No minimum balance
  • No minimum deposit
  • Free bonus tool
  • Great centralized management hub
  • $400 signup bonus

Cons

  • $20 monthly service fee
  • Charge for domestic and foreign wire transfers

#17 – First Bank Essential Business Checking Account

The First Bank Essential Business Checking accountThe First Bank Essential Business Checking account is one with a low monthly fee of $10, and this can be waived by maintaining a balance of $1,000 or more. However, overdraft and negative balance charges are pretty sharp. It’s $36 for an overdraft and $36 per week for a negative balance. They do offer 250 fee-free transactions per month along with the standard free debit card.

Direct deposits are free and it comes with an array of digital banking tools including free online bill pay. The business debit card associated with the accounts comes with impressive rewards and they offer a good selection of credit cards. Transactions beyond the 250 limit are charged at $0.40 per transaction.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$10 250 $0 $0 No
Pros

  • No minimum deposit
  • No minimum balance
  • 250 free transactions
  • Excellent digital banking tools
  • Great debit & credit card rewards

Cons

  • Expensive overdraft fees
  • Expensive negative balance fees
  • Monthly maintenance charge

#18 – Popular Bank Primary Business Checking

Popular Bank Primary Business CheckingThe Popular Bank Primary Business Checking is useful for businesses that have a decent revenue and are already up and running, but not really for startups and new organizations. It comes with a $15 monthly charge and has no opening minimum balance. It comes with useful treasury management features and allows for 3 accounts. To waive the $15 monthly charge, you need to maintain a whopping $15,000 in the account.

For this reason, it is primarily for bigger businesses such as LLCs and C-Corps with treasury requirements. It offers over 55,000 fee-free ATMs worldwide and comes with 100 free transactions. Image Remote Deposit is available for a fee of $40.  This solution is ideal for businesses that make around $250,000 annually and are looking for accounts receivable and payable functionality, with more than one account.

It is marketed as a ‘package’ and allows for

business online banking, popular business mobile, transaction history for 18 months, deposit ticket real-time transfers between accounts, bill payment with rich remittance details, wire transfers via branch, and mobile check deposit.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$15 100 $0 $0 No
Pros

  • Ideal for medium-sized businesses
  • Accounts receivable and payable functionality
  • No minimum balance
  • Large network of fee-free ATMs
  • Allows 3 accounts

Cons

  • $15 monthly charge
  • Only 100 free transactions
  • Multiple incidental charges

#19 – National Cooperative Bank Basic Business Checking

National Cooperative Bank Basic Business CheckingThe national Cooperative Bank Basic Business Checking Account is ideal for businesses with light activity. Like most banks, NCB offers several checking accounts depending on your business size. The minimum balance to open this account is $100 and it offers 100 free transactions, 50 free deposits, and no monthly service charge. To qualify for an account and more information, you will need to contact them and wait for them to get in touch. This is a common issue with many of the larger banks, including cooperatives. There are many banking options with NCB and you can easily choose one to fit your needs.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 100 $100 $0 No
Pros

  • No monthly service fee
  • No minimum balance
  • 100 free transactions
  • Many account options

Cons

  • Undisclosed fee structure
  • Need to contact the bank for approval

#20 – Iberia Bank Free Business Checking

Iberia Bank Free Business CheckingThe Iberia Bank Free Business Checking Account is much different from checking accounts offered by larger banks. Clients can benefit from no minimum balance, a free debit card, no monthly service charge, a waiver on personal checking accounts monthly fees, 500 free transactions, and up to $10,000 in deposits per month. These are significant advantages in comparison to other large bank offerings. There is a $0.50c transaction fee above 500 transactions. This is really a large bank that matches the fee structure and mobility of online financial technology firms, which is an interesting mix.

You can also grant access to 3 other people during the application process. The application process is online, and you will need the typical information – date of birth, business legal documents, passport, phone number, EIN, SSN, etc. This account is only available to business owners in the following states –  Louisiana, Arkansas, Tennessee, Alabama, Texas, Georgia, Florida, New York, North Carolina, and South Carolina. Non-US citizens need to visit a local branch to open an account.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 500 $100 $0 No
Pros

  • No monthly service fee
  • No minimum balance
  • 500 free transactions
  • Free debit card
  • $10,000 in deposits

Cons

  • Limited to 10 states
  • Undisclosed wire transfer fees

#21 – First Citizens Bank Basic Business Checking

First Citizens Bank Basic Business CheckingThis is a minimalist but appealing checking account for small businesses with a light transaction volume. There are no monthly service charges and no minimum balance requirements. It offers 175 free transactions each month and up to $5,000 in free deposits every month. The visa debit card comes free, though the only fee-free ATMs are those of the First Citizens Bank. The application is very smooth and intuitive similar to the online website.

But there are a few downsides. You can only open this account if you are a Sole Proprietorship, LLC, or Corporation. Other business structures, such as partnerships, need to visit a branch in person. You will also need to be an existing First Citizens customer to complete the online application process. First Citizens Bank is available in 19 states. The physical branches are mainly located in North Carolina, South Carolina, Virginia, Georgia, and Florida.

Monthly Service Fee Free Transactions Min Deposit Min Balance Signup Bonus
$0 175 $100 $0 No
Pros

  • No monthly service charge
  • No minimum deposit
  • 175 free transactions
  • Excellent mobile and web experience

Cons

  • Available in 19 states only
  • Undisclosed incidental fees

Conclusion

It’s obvious that you are not short on choice when it comes to business checking accounts in 2021. You have an insane amount of options, and can find a checking account with fees that are pretty close to zero, once you do a little research.

Don’t get hit needlessly with unfair bank charges. Understand exactly what the costs are and choose an account that is perfectly suited to your business. You should easily find a suitable option from the above list of the 21 best business checking accounts for 2021.

Daniel Lewis
Daniel Lewis
Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance. After going through many channels for funding, Lewis has found that getting the first loan right is vitally important for future success.

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