A reliable checking account can boost your business’s finances.
If you’re operating a major company or have a side business it is essential to separate the business operations from your personal financial affairs.
Most of the time the business checking account is very similar to a personal account for checking. However, corporate checking accounts usually have additional charges and minimum balance requirements and monthly limit on transactions.
Before you open an account for the first time it is essential to choose a bank that is compatible with the requirements of your business.
The Top 8 Business Checking Accounts for 2021
There are hundreds of thousands of checking accounts for business on the market at present.
From local banks that are small to national chains with large branches and online bank accounts, I would say there’s only twelve accounts I’d think about.
- Novo Bank — The best online business banking service for entrepreneurs and freelancers.
- Axos Business Interest-Based Checking— online-exclusive bank that offers competitive returns of up to 0.81 percent APR
- Mercury — The best commercial bank to finance tech startup
- Chase Business Complete Banking SM -the best business checking account for small companies
- LendingClub The Bank Customized Banking (#) The best business online checking account that offers unlimited cashback and transactions
- BlueVine -BlueVine HTML0 –Best business checking service for startups and small-sized businesses.
- Business Convenience Checking with TD-up to 500 free transactions per month
- Huntington Unlimited Business-Checking Unlimited transactions are best for companies with a high flow of cash
Most of them are business checking accounts that are free. Certain accounts charge a monthly cost, however, it’s relatively easy to waive them when you meet the conditions.
I’ll provide you with an in-depth review of the most popular corporate checking account options below. We’ll review the top attributes, benefits, costs and negatives that need to be taken into account.
This is the Best Business Checking
Novo The Best Online-Only Checking Account for Freelancers as well as entrepreneurs
Novo is a business online exclusive checking account designed for entrepreneurs and freelancers.
They provide transparent pricing with no hidden costs. It is possible to apply for an account with Novo within a matter of ten minutes on the internet.
These are just a few of the important highlights of Novo’s business making sure you are:
- No minimum balance requirement
- No maintenance fee per month
- Free ACH transfers
- Free incoming wires
- Checks that are free to mail
Novo allows you to start a new Business Checking Account for only $50.
This is a cutting-edge banking solution. You can connect accounts through Zapier, Xero, Slack and other tools your small-scale business is currently making use of.
Because it’s online, it means it’s impossible to visit an actual branch. Therefore, if your business requires the need for banking in person, Novo may not be the right choice suitable for you.
But, Novo will reimburse you for ATM fees charged on other financial institutions. Therefore, you’ll have access to cash at any time without having to pay additional fees.
2. Axos Business Interest Checking Best online-exclusive bank with returns that are competitive
Axos Business Interest Hiring offers a great online-only service for checking that has no annual charges.
A few great aspects of the account include:
- Get up to 0.81 percent APR
- $100 minimum opening deposit
- There is no monthly maintenance charge with a daily average balance of at the minimum of $5,000
- There are up to 50 items for free per month. $0.50 per item in the following months (includes credit, debits and items that are deposited)
- up to 60 items per month, for remote deposit anywhere (includes the monthly processing per item limit)
- Unlimited domestic ATM fee reimbursements
- No annual fee
The mobile and online banking services offered by Axos are top-quality just as you would expect from a bank that is exclusively online. You can make a deposit on a check anywhere, anytime using the mobile phone.
All in all, Axos Business Interest Checking is a good choice for small-sized business owners with low requirements in banking.
3. Mercury Best Business Bank for Tech Startups
Mercury is an online financial service that offers free savings and checking accounts specifically designed for tech startups. With accounts that are free, wires to the US and abroad and no minimum balances and automated cash management tools, Mercury is a great choice for small, tech-focused businesses as well as startups.
Mercury collaborates with FDIC-insured banks to hold deposits of all kinds, each account is covered for up to $250,000. In order to make your business’s online banking account as effective as you can, Mercury has integrations with QuickBooks, Xero, Gisto, Shopify, Stripe, PayPal and many more.
A significant benefit is that every one of the Mercury accounts for businesses are free. If you have an account with a balance of $250,000 or more, you’ll get access to join the Mercury Tea Room, which offers you exclusive benefits like discounts on other tools and services. You can also earn credits for free ads, discount for developer-specific tools tea for free now and again and many more. Additionally, you’ll have access to Mercury Treasury, an automatic cash management account that deposits funds into cash market accounts.
A key point to remember is that Mercury is currently not available for sole proprietors, despite being advertised to entrepreneurs. Despite this and the absence of cash deposits Mercury is a vast expertise and tools that are suited for tech startups. Apply to open an account today.
4 – Chase Business Complete Banking SM – The Most Popular Checking Account for Small Businesses
Chase Business Complete Banking SM is an excellent option for small-scale business owners because of the lucrative bonuses, outstanding customer service, and a variety of methods to cut the monthly charges.
They also have a wonderful payment processing feature that allows you to take payment on the go.
The top benefits and highlights in Chase Business Complete Banking SM include:
- You can earn $300 when sign up for an account with a new Chase Business Complete Checking account. For brand new Chase Business Checking customers who have the right actions.
- Additional ways to eliminate charges. Many options to eliminate your Monthly Service Fee as well as the requirement to maintain a minimum daily balance or spending on the Chase Ink (r) Credit card for business
- Built-in card acceptance. Pay with your card at any time and anywhere in the U.S., and get an affordable price with FastAccept from Chase SM
- Same-day deposits through QuickAccept SM. You can get the cash you require to ensure your business is going forward by making same-day deposits without additional costs.
- Alerts to keep you in the loop with your account’s activity.
- Account management is simple through Chase Business online and the Chase Mobile (r) application.
- Electronic deposits are unlimited, ACH and Chase Quick Deposit SM.
- Access to convenient ATMs at 16,000 as well as more than 4700 branch locations.
Chase also provides 24 hour customer support for its customers. This is great for problems, no matter how small, that could occur.
They have the tools needed to manage your expanding company, which includes several of the most effective commercial credit cards currently available. In the end, we believe this to be the case. Chase Business Complete Banking is SM is among the top checking accounts for small-sized businesses.
5. LendingClub Bank Tailored Checking Best Business Online Checking Account for Unlimited Cash Return and transactions
LendingClub Bank Tailored Checking is a very profitable Online business check account, which offers an unlimited return on cash.
Additionally, you can immediately begin earning cash rewards of up to 1% when you make “signature-based” card transactions you complete with your debit card. It’s just a matter of minutes to sign up for an account, and you’ll be able to start right away.
Couple this with their unlimited transactions, along with their ATM cost reimbursement and it makes LendingClub Bank’s tailored Checking an ideal choice for entrepreneurs and businesses that are trying to start their own.
Here’s a fuller list of their most notable highlights:
- 0.10% of APY
- Unlimited ATM transactions, with fee rebates
- There is no monthly charge for balances greater than $5,000.
- There is no minimum balance requirement
- Intuitive mobile app
- Cash back of 1% on purchases made with credit cards
- Unlimited transactions
- Integrations to Mint, Quickbooks, and Quicken
All in all, LendingClub Bank offers a excellent online corporate checking accounts. Start in just 10 minutes now.
6 – BlueVine – Best Business Checking For Bootstrappy Entrepreneurs
BlueVine Business checking offers fantastic accounts that are specifically that are specifically designed for entrepreneurs.
Really, examine the following features:
- No monthly charges
- No minimum deposits
- There are no “insufficient funds” charges
- Unlimited transactions
- Interest rates of 1%
Minimum deposit or insufficient funds fee are music to every entrepreneur’s ears.
It is easy to setup one-time or regular payments using their dashboard. Additionally, you’ll be able pay vendors using wire, ACH, or by check.
In terms of negatives there aren’t many. They operate a 38,000 ATM network, though it could be difficult to locate ATMs within the network based the location you’re in.
BlueVine also provides live assistance, but the advisors can only be reached during business hours. This is Monday to Friday, 8am to 8pm Eastern Time.
7. The Business Convenience of TD Checking plus – The Best Checking Account that allows up to 500 Transactions Free per month
You can establish an TD Business Convenience Checking account for just $100. You’ll have to keep a daily balance of $1,500 in order to pay the $25 monthly maintenance cost.
If you connect a private checking account with the Business Checking Plus account, TD Bank counts your combined balance from both accounts towards your daily limit. This is a fantastic option for business owners who currently have an existing account with TD Bank.
Let’s take a look at a few account advantages:
- 500 transactions for free per month
- A maximum of $5,000 in cash deposits per cycle
- Overdraft protection
- Mobile deposits and online statements
- Four signers can be a maximum.
Although TD Business Convenience Checking Plus has a high-maintenance cost, it will provide more monthly transactions that are free. To give you a comparison, Chase Total Business Checking comes with a fee of $15 for 100 transactions per month.
It’s also possible to avoid TD’s $25 fee by keeping a low balance across two accounts.
Although you’re only allowed to cash deposits of $5,000 every month, you’re charged $0.25 per $100 after that. Thus, an additional $5,000 placed in a cycle ($10,000 in total) will cost you $12.50. It’s only 0.13 percent of your deposits and is almost nothing.
TD Bank gives you access to other services like the merchant solution, loans for business along with business credit lines.
8. Huntington Unlimited Business Checking The Best Business Checking for Large businesses with high cash flow
Huntington Unlimited Business Checking is a great option for larger companies. If you’re in a position to handle a greater number of transactions per month, then some others in our list may not be suited to your requirements.
The best features and advantages that come with Unlimited Business Checking from Huntington are:
- Unlimited transactions
- Overdraft protection
- Mobile and online banking
- Free email and text alerts
- A minimum of $10,000 cash deposit each month
Huntington has a 20-dollar monthly maintenance fee on this account. But , this fee is waived when you’ve got an aggregate balance of $10,000 across all your eligible Huntington Bank accounts.
If you have an unlimited Business checking account Huntington Bank allows you to select one of the following bonuses and more:
- Fraud detection tool
- Huntington deposits scan (up 50 to 50 per month)
- 10 discount Payroll services
- Two wires to the domestic market for free each month
- Deposited items returned (up up to 25 items per month)
The bank also offers an account tool known as “The Hub” for checking accounts for businesses. It has a range of digital tools that can be used for things like cash position and forecasting cash flows. The Hub is an excellent source for managing your revenues and expenses.
How to Choose the Right Business Checking Account?
Every business’s bank checking account is not made equal. The most appropriate choice for one company might not be right for your business.
This is the method is recommended when reviewing business bank accounts. I’ll go over each of the features in more detail in the following.
Fees for service and monthly maintenance charges are typical in business checking accounts. Most of the time they fall between $10 and $50 price range.
However, there’s a lot of business banking services that are free. In fact, seven out of the 11 accounts on our list don’t charge monthly charges.
Although the other four include charges, you can reduce them by maintaining the minimum balance on your account. There’s no need to pay for these costs to cut them out.
Certain banks have a requirement for a minimal deposit. Choose a bank with an acceptable minimum opening deposit dependent on your particular circumstances.
If you’re starting a new business and don’t have an abundance of cash in your bank You can open accounts as low in the range of $50 to $100. Certain banks don’t need a minimum deposit for opening in any way.
Alongside the opening deposit requirements, some accounts may charge for being below a certain maximum daily limit. Check the cash flows are sufficient to meet your minimum needs without being penalized.
Limitations on Transactions
Personal checking accounts rarely even, if ever, limit the amount of transactions you can perform during an entire billing cycle. But this isn’t the case with checking accounts for business.
Based on the bank, transactions like withdrawals, deposits and transfers are counted towards the monthly limit. Certain banks limit the amount of transactions in person you can conduct while providing unlimited transactions on electronic devices.
In the majority of cases the monthly limits for free transactions begin at 100. TD Business Convenience Checking allows for 500 transactions free each month. Other banks offer unlimited transactions, but with a couple of possible contingencies.
There is a small cost per transaction above the monthly limit. It’s usually within the $0.25 to $0.50 area.
Mobile Banking as well as Online Accessibility
Every bank provides a method to login to your account online, or via an app on your mobile. But certain digital options are certainly better than other options.
Choose a business-oriented checking account that allows you to make checks online or make account alerts available and pay invoices electronically.
I conduct most of my business banking through an app on my mobile I’m sure that you’ll be looking for that same convenience also.
Certain banks are regional-specific and others are national chains. It is important to select the bank closest to the location of your business in case you require access to branches for anything.
There are however a number of commercial checking accounts which are exclusive to online. These banks do not have physical locations, which is a major benefit when your transactions are entirely digital.
Online banking is a huge hit for entrepreneurs and freelancers who work remotely.
However, these solutions won’t work for every person. If, for instance, your business takes cash payments it is likely that you will require access to a branch to deposit cash in person.
Additional Banking Services
It may not matter to you right now however it’s great having a financial institution offer more services as your business expands.
It’s merchant service for processing credit cards or additional accounts or an enterprise loan or credit line, it’s simpler to acquire these through a bank with which you have a current relationship.
Take a look at the other services the bank can provide beyond the immediate need for a checking account today.
Every business owner requires an account for business checks. Everyone has different financial needs and that’s why choosing the right business check-book solution is challenging.
These are the top eight business checking accounts that are on the market currently:
- Novo Bank — The best online-only business banking option for entrepreneurs and freelancers.
- Axos Business Interest-Based Checking— Exclusive online bank offering competitive returns up to 0.81 percent APR
- Mercury -the top commercial bank to finance tech startup
- Chase Business Complete BankingSM -the best business checking account
- LendingClub Bank Tailored Checking -the best online business checking account for unlimited cashback and transactions
- BlueVine -the best business checking service for small and new businesses.
- T-D business convenience checking (TD Business Convenience Checking)up to 500 free transactions every month
- Huntington Unlimited Business-Checking –Unlimited transactions are ideal for larger companies with a large cash flow
There’s a checking account for each type of business in this list. From startups and freelancers, to small-scale businesses as well as larger companies with large volumes of transactions I’m sure you’ll be able to find a check account through any of the above options.