Best Business Checking Accounts: Online Accounts for Small Businesses and LLCs.
As a small business owner, you need the best business checking accounts to give you quick and easy access to your money whenever you need it.
The best business checking accounts provide a variety of account choices and modern, user-friendly features to free up time and energy to concentrate on what truly matters for a small company’s success: expanding its customer base and income.
Business owners looking for the best business checking accounts to open a separate account for their company’s money may feel overwhelmed by the options available.
BlueVine is our top choice for the best business checking account, but we’ll leave the final choice up to you.
If you’re looking for the best business checking accounts, you’ll be relieved to know that it’s easier than you may have anticipated. Use our advice if your company needs a new checking account or a separate corporate bank account.
This is not an article that should be taken as financial advice. If you find yourself in need of financial assistance, it’s important to speak with a financial expert.
>>To make countless transactions with ease, try BlueVine
The Best Business Checking Accounts
- BlueVine: Best business checking account overall
- NBKC Bank: Best small business checking accounts
- Novo: Best business checking account for business tools
- NorthOne: Best business checking account for startups
- Lili: Best business checking account for LLCs
1) BlueVine – Best Small Business Checking Accounts Overall
BlueVine Pros:
- There is no minimum deposit needed
- Interest is earned on the balance of a checking account
- All transactions are free of charge
- Receive two checkbooks at no cost
- There are no limitations placed on transactions
BlueVine Cons:
- No joint financial accounts
Although BlueVine is not a traditional bank, it does provide mobile banking via a partnership with Coastal Community Bank. Furthermore, the FDIC protects deposits in your account up to $250,000 in case of a financial emergency.
To date, one can open BlueVine’s best business checking account in all 50 US states plus DC.
BlueVine Business Bank Account Fees: 4.9/5
BlueVine is the best option to create the best business checking account online for free with no minimum deposit and minimal transaction costs. It’s a fee-free service that facilitates digital trades.
Zero initial payment is needed. Additionally, there is no minimum amount or necessary deposit and no monthly maintenance costs.
BlueVine’s best business checking account waives both overdraft and insufficient funds charges. However, below are the transaction fees that apply to the following services:
- It costs $30 to replace a lost debit card through expedited shipping
- The cost of an international wire transfer is $15
- There is a $2.50 cost for using an ATM that isn’t part of your network
- An online bill paid with a credit card costs 2.9%
Remember that the $2.50 will be taken out of your best business checking account regardless of whether or not you actually use out-of-network ATMs to complete the transactions. Your transaction will be declined if your balance is below the required amount.
BlueVine Business Checking Account Features: 4.5/5
The BlueVine Checking Account is one of the best business checking accounts available since it offers a competitive 1.2% APY on balances of at least $1,000 and up to $100,000 without charging any monthly fees, minimums, or even overdraft fees.
A MasterCard debit card is provided as part of the best business checking account. Also, the BlueVine app makes it simple to manage your account on the go.
Checks may be deposited online whenever and wherever you choose using the BlueVine Mobile App’s mobile check deposit capability. Signing up for the best business checking account on BlueVine is quick and simple as well.
BlueVine’s Paycheck Protection Program (PPP) provided small companies on the cusp of the COVID-19 epidemic with access to government-insured loans of up to $100,000.
BlueVine Transactions and ATM Access: 4.5/5
If you have the MasterCard debit card with the BlueVine best business checking accounts, you may get cash at any of the more than 37,000 ATMs participating in the MoneyPass network. Remember that there is a $2.50 cost for using an ATM outside of MoneyPass.
You can make cash deposits at more than 90,000 retail establishments accepting Green Dot cards.
Green Dot has a daily cash deposit limit of $500 to $2,000. A deposit will cost you $4.95, but the money should be in your best business checking account within 10 minutes.
BlueVine International Transactions: 4.5/5
BlueVine is persistently attempting to broaden its strategy of factoring in international and domestic invoices. Additionally, BlueVine may now finance international accounts receivable. To be eligible for this, however, you must meet the following conditions:
- Approximately $50,000,000 in annual income is achievable
- There is a limit of 50% on the number of outstanding finance accounts receivable that might come from outside the country
- Customers’ locations must be in one of the following countries: Canada, the United Kingdom, the European Union, or Australia
BlueVine Customer Care: 4.5/5
You should be aware that there is currently no physical BlueVine bank where you may make deposits, withdrawals, or talk with a live person about any pressing matters.
You should make every transaction at BlueVine via their website. During business hours (Monday through Friday, 8 a.m. to 8 p.m. ET), you may reach a live person at BlueVine by dialing (888) 216 9619.
Send concerns about BlueVine’s PPP to (650) 338-4012, staffed Monday through Friday, 8 a.m. to 6 p.m. ET. You may use the contact form on BlueVine.com to send them a comprehensive email if the matter is not urgent.
>>Check out BlueVine for countless transactions
2) NBKC Bank – Best Small Business Checking Accounts
NBKC Bank Pros:
- Accessible mobile banking
- Unrestricted business activity
- The issuance of company credit cards
- Minimal to no cost
- Reimbursement for bank wire transfer costs
NBKC Bank Cons:
- No APY
- Money transfer charges
The NBKC Bank is well-known for various banking products and services, including traditional checking and savings accounts, certificates of deposit, credit cards, business savings account, and business loans.
In addition to savings accounts, NBKC also provides the best business checking account that has won several awards. Additionally, its internet banking costs are among the lowest in the industry.
The bank offers both personal savings accounts and the best business checking accounts, making it a good option for anyone wishing to consolidate their banking needs.
NBKC Bank Business Bank Account Fees: 4.7/5
No minimum balance is necessary to create an online best business checking account with NBKC.
In addition, there are no charges for using Online Bill Pay, no overdraft or NSF penalties, and no monthly maintenance costs.
Deposits of checks and cash, stop payments, and domestic inbound transfers are also free.
However, certain transactions need payment, and they are detailed below.
- $45 for all international wire transfers to and from any country
- Withdrawals from ATMs outside of their network cost an average of $4.64
- $5 for domestic wire transfers
NBKC Bank Business Checking Account Features: 4/5
Although there is no minimum beginning deposit for the NBKC best business checking account, you do need to fund the account during the first 60 days.
Unfortunately, if you create the best business checking account with NBKC, you won’t be able to take advantage of the attractive APYs offered by other banks and fintech. If this is what you need, we recommend BlueVine.
Remember that no bank besides Bank of America Business can provide you with a Business Advantage Relationship Banking account.
Our listed financial institutions do not provide something comparable, but their ATM cards are usable at any ATM worldwide.
NBKC Bank Transactions and ATM Access: 4/5
Free access to over 37,000 MoneyPass ATMs in the United States and Puerto Rico is included with the NBKC MasterCard debit card.
There is no indication of the cost associated with making an out-of-network withdrawal on the NBKC website.
A typical non-network ATM withdrawal will cost you $4.64 in fees. This bank, unlike many others, will repay customers up to $12 per month in ATM fees.
Our listed financial institutions do not provide something comparable, but their ATM cards are usable at any ATM worldwide.
NBKC Bank International Transactions: 4/5
This bank charges a hefty $45 for each international wire transaction through its best business checking account, whether it’s coming in or going out. Concerning overseas billing, NBKC has no policies in place either.
Plus, there are no costs associated with making international transactions with their best business checking account. If you need to use an ATM not part of the MoneyPass network, remember to factor in the associated costs.
NBKC Bank Customer Care: 4.5/5
Any Kansas City resident may drop by any NBKC location to assist with banking needs or other issues. However, firms outside the city limits are limited to communicating with NBKC staff through their website or telephone.
Monday through Friday, 8 a.m. to 7 p.m. Central Standard Time, you may reach them by email at customersupport@nbkc.com or by phone at (866) 931 0850. Live online chat with a representative is accessible Monday through Friday, 8 a.m. to 7 p.m. CST.
>>Check out NBKC Bank for no initial deposit
3) Novo – Best Small Business Checking Accounts for Banking Tools
Novo Pros:
- Fully compatible with over 15 other applications
- No minimum balance or monthly costs required
- Unlimited transactions
- No limits on reimbursements for ATM fees
- The Federal Deposit Insurance Corporation insures deposits
Novo Cons:
- There must be an opening balance
- No actual branches
- No APY
Like BlueVine, Novo is not a traditional bank but a fintech. Novo relies on Middlesex Federal Savings for its financial services.
Your cash deposits up to $250,000 are safe since the bank is an FDIC member.
Suppose you often handle cash and credit card transactions. In that case, Novo is your best business checking account since it offers a wide range of payment options and a variety of banking features to help you manage your account.
Novo Business Bank Account Fees: 4.3/5
Novo claims there are no hidden costs when you use its best business checking account. That’s why there aren’t any maintenance charges or minimum balance thresholds for the Novo online business checking account.
Novo only has a cost of $27 for overdrafts and NSFs. Since Novo does not provide overdraft protection, you should avoid transactions until there is sufficient money in your account.
Novo Best Business Checking Account Features: 4.5/5
Novo may be the best business checking account if you own a company and want a bank account that works with various payment processing apps.
When using Novo, you may forget about ATM fees since the company offers limitless reimbursements.
Payments through ACH and checks may also be accepted, saving you money on transaction costs.
Unlike the other financial institutions and tools included in this resource, Novo Bank does not provide a Bill Pay service. However, if you’re concerned about the seamless integration of your various tools, this is fine since Novo excels in this area.
Novo Transactions and ATM Access: 4/5
When you open one of the best business checking accounts with Novo, you’ll get a MasterCard debit card for use with your account. There is also a daily withdrawal limit of $1,000.
Novo will reimburse you for any out-of-network or bank withdrawal costs credited back to your best business checking accounts after each billing cycle. Foreign ATM costs are included as well.
Remember that there are restrictions on how much money you may spend each day, particularly at ATMs, where you can withdraw just $1,000.
Novo International Transactions: 4.2/5
With Novo’s best business checking account, there are no costs for using an ATM abroad. Wise also offers cheap international money transfers.
Keep in mind that the costs associated with this feature are levied by Wise (previously TransferWise), a third-party app that may be integrated with your Novo account.
Novo Customer Care: 4/5
There is no live chat option on the Novo bank login page. Therefore, the Novo app or emailing them at support@novo.co are the best ways to get in touch with the Novo support staff.
Look for a phone number to contact on the back of your Novo debit card. Novo support is open from 9am to 6pm EST, Mondays through Fridays.
>>Check out Novo for no monthly fees
4) NorthOne – Best Business Checking Accounts for Startups
NorthOne Pros:
- It offers live chat
- Connectable it to services like Shopify and Stripe
- It works with any payment processor used by the business
- Pays commissions on referrals
- Quick deposits
NorthOne Cons:
- Charges a monthly fee
- No APY
- Requires a minimum opening deposit
NorthOne is a financial technology firm that provides the best business checking accounts for new businesses. The Bancorp Bank provides the firm’s banking services, although the corporation is not a bank.
When it comes to finding the best small business checking accounts, it’s a superb option to consider. It provides a straightforward banking experience for small companies and freelancers. Learn more about the best bank accounts for freelancers here.
NorthOne Business Account Fees: 4/5
To get one of the best business checking accounts, NorthOne requires a deposit of $50. There is also an ongoing $10 monthly charge for upkeep.
NorthOne is one of the best business checking accounts, with features and services such as limitless app integrations and 0% overdraft cost, making the required starting deposit and monthly service fee worthwhile.
Despite this, it’s one of the most affordable best business checking accounts for commercial banking. The initial deposit requirement of $50 is reasonable.
There is a $15 charge for all Green Dot deposits, domestic wire transfers, and domestic wire transfers into the account.
NorthOne Business Checking Account Features: 4.5/5
If you use other platforms and technologies, including PayPal, Stripe, Square, or Etsy, your NorthOne best business checking account will work with them.
The integration is complete with ADP, Freshbooks, and Gusto. NorthOne is compatible with every major payment gateway and POS system.
Paying bills, processing payroll, and initiating electronic funds transfers are just some of the many business banking tasks accomplished using the NorthOne app.
NorthOne Transactions and ATM Access: 4/5
NorthOne has some of the best business checking accounts with a free Small Business Debit Card (MasterCard).
NorthOne will not charge you any fees to use their ATMs abroad. On the other hand, the storefront and other ATMs could. Keep in mind that, unlike Novo, this bank does not repay ATM fees.
Withdrawals from ATMs are limited to $2,000 per day, split between no more than five separate transactions. Also, deposits by ATM are unavailable.
NorthOne International Transactions: 4/5
NorthOne’s best business checking account currently cannot transmit or receive international wires. NorthOne does not accept deposits made using international credit cards. Sadly, only debit cards issued in the United States will do.
In contrast to other banks, NorthOne does not assess any fees for using your debit card abroad.
NorthOne Customer Care: 4.3/5
NorthOne’s customer service is reachable through several different channels. Start by logging onto the website and talking to a real person there. Support@northone.com is another email address you may use to get in touch.
You may reach them at +1 (332) 205 9253 for immediate issues.
>>Check out NorthOne for no overdraft fees
5) Lili – Best Business Checking Account for LLCs
Lili Pros:
- No service charges or minimum balance requirements
- Coverage for overdrafts up to $200
- An early payment option
- Tools for managing costs
- Unlimited transactions without fees
Lili Cons:
- Both local and international wire transfers are not supported
- Only for usage on mobile
- Charges for Green Dot deposits and out-of-network ATMs
You may open one of the best business checking accounts with Lili, one of the newest and most cutting-edge commercial banks.
The platform was formed in 2018 and is headquartered in New York City. For this reason, anyone in the US is welcome to establish the best business checking account with them.
Lili Business Bank Account Fees: 4/5
Transaction costs are free of charge on their best business checking accounts. When you withdraw money from an ATM that is not part of the MoneyPass network or from an international ATM, you will be charged a $2.50 fee.
There are no other ongoing charges, including those of a monthly, yearly, or signup kind.
An initial deposit is unnecessary, and neither are purchases or transactions made with a Lili debit card.
Lili Business Checking Account Features: 4.5/5
A Lili bank account is one of the best business checking accounts to open, and it’s free. You can subscribe to Lili Pro for only $4.99 each month if you want more features.
When you sign up for a Lili Pro subscription, you’ll have access to several features not included with the basic free plan. These features include the following:
- Invoices with no limits
- A modern method of keeping tabs on costs
- Cash-back benefits on a premium Visa business debit card
- A rate of return on your investments of 1%
- There is no overdraft fee if your balance falls below $200
Lili offers some of the best small business checking accounts features, including the Expense Management function, which helps pay taxes.
Additionally, there is the Early Payment function, which enables your money to be deposited into your Lili account two days earlier than it would with a direct transfer from a conventional bank.
Lili Transactions and ATM Access: 4/5
Unfortunately, Lili can’t accept wire transfers or cheques.
The fact that the Lili App allows you to link your existing bank accounts is a major plus for those looking for the best small business checking accounts. You may be able to fund your Lili account considerably more quickly with this method.
A Visa debit card is provided for use with your Lili account, and its usage is free in all countries. However, with the best small business checking accounts, your daily withdrawal limit from any ATM is $3000. The maximum amount withdrawn each day is $500.
The Lili app is required for all financial dealings, including mobile check deposits. A web browser is useful for applying for the best small business checking accounts, but an app helps access the account.
Lili International Transactions: 4/5
Even if you can’t use your Lili Visa debit card to make or receive international wire transfers, you may still use it for purchases made in other countries.
Lili Customer Care: 4/5
The best place to contact Lili’s support staff is via the app’s Help Center. A support email address is support@lili.co if that’s more convenient.
Contact them at (855) 454 4380 if you have any immediate questions or issues.
>>Check out Lili where trading is cost-free
How We Ranked the Best Online Business Checking Accounts
We took great care in selecting the best small business checking accounts from banks and fintech. Instead, we thoroughly inspected a large number of them and ranked them according to the following criteria:
Best Online Business Checking Accounts Fees
Every dollar counts when you’re in charge of a company. We investigated the various transaction costs banks impose, as well as whether or not they impose any ongoing maintenance fees.
Most of the best small business checking accounts we recommend have very little or even zero monthly maintenance costs.
Those without a monthly cost and no initial investment should be your first choice. After all, you are a company owner. Therefore an initial investment shouldn’t be a deal breaker.
Best Small Business Checking Accounts Features
What would the customers get if they opened one of the best small business checking accounts? This was the only thing that crossed our minds when we looked at these accounts.
When it comes to this, many large banks and financial institutions overburden their clients with features, but we made sure that the ones that made our list provide useful services that small companies can truly use.
Transactions and ATM Access
The convenience of online and mobile banking services is undeniable in today’s world. Consequently, we investigated how simple and quick it is to do business with different financial institutions. We also included information on how to use debit cards for ATM withdrawals.
International Transactions
We also considered the needs of entrepreneurs operating on a smaller scale yet engaged in worldwide trade. Even though some of the banks on our list don’t provide international wire transfers, we considered how they may be utilized for something like this.
Customer Care
When choosing the best small business checking accounts, it’s important to consider how convenient it would be to visit the business for any questions or concerns.
Since most of them are only open during normal banking hours, consider this when deciding which account to have.
>>BlueVine allows you to make countless purchases
Best Small Business Accounts FAQ
It might be difficult to go through all the options for a business checking account, so we’ll try to answer any questions you might have. The following are some of the most often-asked questions by entrepreneurs:
Who Should Get a Basic Best Business Checking Account?
No matter how large or small, every company owner needs a personal bank account in addition to a commercial bank account. Even though it’s not required by law, it’s smart to keep your business’s funds and personal finances separate.
Should I Go for an Online Bank or a Traditional Bank?
We are now fully immersed in the digital and mobile world, and for most contemporary company owners, banking online is the most practical option.
If you don’t like waiting in line, online banking is the superior choice for handling your personal and company affairs.
If you’d rather do business with a physical location, look for an online bank like NBKC, which also has physical locations in Kansas and Missouri.
What Do I Need to Open the Best Business Checking Account?
Your employer identification number (EIN) and/or social security number (SSN), along with other identifying information, documentation proving your identity, a copy of your business’s formation papers, license to operate, etc., may be required by certain financial institutions.
These financial institutions are only virtual, so be ready to submit your paperwork digitally.
Do I Need an EIN to Open the Best Business Checking Account For LLC?
An EIN is often unnecessary for sole proprietors and LLCs with one member to create business bank accounts.
Which Business Checking Account Is Best?
The best business checking account is BlueVine. The most beneficial aspects for small enterprises are found in BlueVine. Additionally, it doesn’t impose extra costs; even when they do on certain services, the sums charged are fair.
>>Check BlueVine for no transaction fees
Should I Open Multiple Bank Accounts?
The need for establishing various bank accounts is one factor to consider while running a company. Yet other experts in the business world warn that this may not be the best course of action.
If your firm has more than $250,000 in the bank with a fintech company, you may want to create a second business checking account. Keep in mind that the maximum amount of coverage that the FDIC provides is $250,000.
Don’t fret; you can easily establish not one but many companies checking accounts. Personal financial accounts are in the same category.
Summary of the Top 5 Best Business Checking Accounts
- Opening balance needed: $0
- No overdraft fees
- Monthly upkeep costs: $0
- A high-yield interest of 1.2% APY is the best feature
- Opening balance needed: $0
- No monthly maintenance charges
- No overdraft fees
- The best feature is the $12 monthly reimbursement for ATM fees
- Opening balance needed: $0
- $27 in overdraft fees
- No monthly maintenance charges
- The best feature is the unlimited reimbursement of ATM fees
- Maintenance charges per month: $10
- The minimum required balance to open your account is $50
- Top feature is that it’s compatible with over 15 popular business programs
- Overdraft charges: $0.00
- Opening balance needed: $0
- Overdraft charges: $0.00
- The cost of regular maintenance is $0
- The best part is the option for early payment
Best Business Checking Accounts Conclusion
Even if you have a very modest business, it is still advisable to establish a separate business checking account for tax purposes. In addition, it facilitates improved control over the monetary aspects of running a corporation.
You should open the best business checking account with a bank that understands the specific demands of your firm. However, developing trust with a bank requires some trial and error. You can find the best business checking account after doing some research.
In closing, we hope our business banking options comparison was useful to you. Feel free to open an account with any of the recommended financial institutions; we’re certain you’ll be pleased with their services.
All things considered, BlueVine is an excellent option for firms looking for the best business checking account. All your transactions will be free of charge, and you won’t have to worry about being charged extra for withdrawing or going over your limit.
Make sure it works with the accounting software your business already employs and provides superior cash flow management regardless of which option you choose.
>>Try BlueVine for zero transaction fees
