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Low fees, rewards, and high APY are some of the the perks you should expect from your business checking account. Here are our top picks.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Chelsea KrauseChelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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Erica SeppalaErica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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If you’re in the market for the best business checking account, the options can be overwhelming. And when every list of the best business checking accounts seems to include 15-20 choices, how can you really know which bank to go with? It feels a bit like finding a needle in a haystack.
We’ve curated a list of the best business bank accounts based on rewards, fees, and features to make choosing the right checking account for your business easy without digging through a bunch of hay.
We let the mediocre accounts be chaff in the wind and only included options with truly notable rewards or features so that you can get the most bang for your buck (or for no buck, since there are many great free business checking accounts on this list).
Promo:
Earn $500 when you open a Business Essentials account, deposit $5K within 30 days, and maintain that balance for 60 days.
Earn $900 when you open a Platinum account, deposit $25K within 30 days, and maintain that balance for 60 days.
Complete 5 qualifying transactions within 60 days. Claim This Offer
The best business checking account has little to no fees, good transaction limits, strong rewards, and noteworthy features. Out of the dozens and dozens of checking accounts we looked at, here are the ones that stand out as the most worthwhile for businesses.
Why We Chose Square As The Best Business Checking Account For Instant Access To Funds
Square Banking gets the title of best for instant access to funds because -- you guessed -- you get instant access to funds.
For Square sellers, this is a huge business asset. With Square Banking, profits from your sales hit your bank instantly. Square Banking also has no monthly fees, low additional fees, cash flow management, and seamless integrations to other Square products, making this checking account a great option for Square users.
Square Banking Benefits & Features
There are no APY or cash-back earnings for Square checking, which is the biggest drawback, but there is 1.75%APY available on the Square savings account.
Square Business Banking Yield and Cashback
Value
Checking APY
None
Savings APY
1.75%
CD APY
N/A
Treasury Account APY
N/A
Checking Cashback
None
You can find these features:
Square Business Banking Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
Square Banking Fees
In terms of fees, Square Banking excels. Square is one of the most fee-free business checking accounts you can get. There are no monthly fees, no foreign transaction fees, no ATM fees, no overdraft fees, and no minimum opening deposit or minimum balance requirements.
Here are the most recent fees:
Square Business Banking Category Fees
Value
Monthly Fee Range
$0/month
Monthly Checking Fee
$0/month
Monthly Savings Fee
N/A
ATM Fee
None
Overdraft Fee
N/A
ACH Fee
1%
Incoming Domestic Wire Transfer Fee
N/A
Outgoing Domestic Wire Transfer Fee
N/A
Incoming International Wire Transfer Fee
N/A
Wire Transfer Fee Start Point
N/A
Wire Transfer Fee Range
N/A
Cash Deposit Fee
N/A
Foreign Transaction Fee
0%
Excessive Transactions Fee
None
Stop Payment Fee
None
When To Choose Square Banking
If you are an existing Square user
You want no monthly fees and no common banking fees
You want instant access to your sales
If you are looking for a software ecosystem that can handle banking, lending, payment processing, e-commerce, and more
Why We Chose Grasshopper As The Best Business Checking Account For Rewards
Grasshopper gets our seal of approval as the overall best business checking account because it offers 1.00%-2.00%APY on its checking accounts and 1% cashback. Add in unlimited transactions, no monthly fees, no overdraft fees, and a slew of unique features like automated savings and invoicing, and it's no wonder Grasshopper makes the top of the list.
Grasshopper Benefits & Features
Here are Grasshopper’s benefits:
Grasshopper Bank Yield and Cashback
Value
Checking APY
1.00%-2.00%
Savings APY
1.8%-3.55%
CD APY
N/A
Treasury Account APY
N/A
Checking Cashback
1%
You can find these features:
Grasshopper Bank Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
Grasshopper Fees
Grasshopper has no monthly fees, overdraft fees, ACH fees, or minimum account balances. There is a $100 minimum deposit when you open your checking account, and you will have to pay some fees for certain transactions:
Here is a list of all known fees:
Grasshopper Bank Category Fees
Value
Monthly Fee Range
$0/month
Monthly Checking Fee
$0/month
Monthly Savings Fee
N/A
ATM Fee
$0
Overdraft Fee
$0
ACH Fee
$0
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
$25
Incoming International Wire Transfer Fee
$5
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0-$25
Cash Deposit Fee
N/A
Foreign Transaction Fee
0%
Excessive Transactions Fee
N/A
Stop Payment Fee
$0
While these fees aren’t ideal, the amount of available rewards earnings may balance this negative out for some businesses. If your company has a lot of foreign transaction fees and wire transfers, Square Banking would be a better option.
When To Choose Grasshopper
You want both cash-back and APY earnings on your credit
You need no monthly fees or minimum balances
You want a bank that also offers HYSA, venture capital lending, and SMB loans
Your business doesn’t have many foreign transactions or wire transfers
Promo:
Earn $500 when you open a Business Essentials account, deposit $5K within 30 days, and maintain that balance for 60 days.
Earn $900 when you open a Platinum account, deposit $25K within 30 days, and maintain that balance for 60 days.
Complete 5 qualifying transactions within 60 days. Claim This Offer
Pros
2,000+ physical branches
Lending options available
Monthly fees are waivable
Cons
High wire transfer fees
Limited checking rewards
Why We Chose U.S. Bank For Best Traditional Bank For Checking Accounts
U.S. Bank is a great option for businesses that prefer to bank with traditional institutions with physical branches. U.S. Bank has over 2,000 branches nationwide and offers checking accounts suitable for businesses of all sizes. U.S. Bank also offers the convenience of online banking.
While its checking accounts don't have the rewards and high APY of fintech banks, U.S. Bank also offers savings accounts, CDs, business loans, and merchant services, making this established bank an ideal choice for businesses that want to use one bank for all their business services.
U.S. Bank Benefits & Features
Here’s a summary of the benefits of picking U.S. Bank as your financial institution:
U.S. Bank Business Banking Yield and Cashback
Value
Checking APY
None
Savings APY
0.05%+
CD APY
0.05%-4.10%
Treasury Account APY
2.75%-4.25%
Checking Cashback
None
Here’s a list of the features you’ll receive from U.S. Bank.
Why We Chose Bluevine As The Best Business Checking Account For High APY
Blulevine takes the cake for the highest checking APY for businesses, with rates 1.5%-3.7%.
This type of APY is unheard of for a checking account and normally requires a high-yield savings account. APY ranges vary based on your Bluevine checking account.
Bluevine Benefits & Features
Here are Bluevine’s benefits:
Bluevine Yield and Cashback
Value
Checking APY
up to 3.7%
Savings APY
N/A
CD APY
N/A
Treasury Account APY
N/A
Checking Cashback
None
You can find these features:
Bluevine Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
Bluevine Fees
Bluevine stays competitive with unlimited transactions, no overdraft fees, and no ACH fees.
Why We Chose LendingClub As The Best Business Checking Account For Cash-Back Rewards
LendingClub is known for business loans, but its checking rewards put it on the map as a great option for small businesses. LendingClub offers unlimited 1% cash back on purchases, making it a great option for maximizing your spending rewards. LendingClub's checking account also offers up to 3.35% APY, plus unlimited ATM rebates.
LendingClub has no ACH fees or overdraft fees, and you’ll get unlimited ATM reimbursements, which is a really unique and nice touch for a business checking account.
In terms of other fees, you’ll find:
LendingClub Category Fees
Value
Monthly Fee Range
$0-$10/month
Monthly Checking Fee
$10/month (waivable)
Monthly Savings Fee
$0/month
ATM Fee
$0
Overdraft Fee
$0
ACH Fee
0%
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
$40
Incoming International Wire Transfer Fee
$0
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0-$40
Cash Deposit Fee
$0
Foreign Transaction Fee
0.90% (plus 0.20% currency conversion fee)
Excessive Transactions Fee
$10
Stop Payment Fee
$25
When To Choose LendingClub
If you want unlimited cash back rewards
You want unlimited free ATM rebates so you can access any ATM at anytime
You want a bank that also offers business loans, personal loans, and personal banking
You don’t have very many wire transfer fees or foreign transactions
Why We Chose North One For The Business Checking Account With The Best Integrations
If you're looking for a digital banking solution that integrates seamlessly with other business software, look no further than North One. This digital-first bank has an impressive number of integrations, allowing you to easily connect with software and apps like QuickBooks, ADP, Amazon Pay, PayPal, Shopify, and more.
In addition to its integrations, North One also features a pretty impressive APY on its checking accounts, cashback rewards, and free checking with no minimum balance requirements.
North One Benefits & Features
One potential drawback of North One is that it doesn’t offer traditional savings accounts. However, it does have savings envelopes if you’re looking to put some money away. Lines of credit and small business loans are also available to boost your capital.
Its checking accounts have a decent APY, and you can also score up to 4% cash back on purchases at restaurants, hotels, and gas stations when you use your North One debit card.
If you need no fees on ACH, physical checks, bill payments, or domestic incoming wire transfers
If you want to bypass some fees and get perks like additional free ATM withdrawals and 1% cash back on all purchases, you’ll need to upgrade to a paid account. However, a free account offers great basic features and minimal fees, making it an excellent choice for small businesses and freelancers.
Here’s an overview of the fees you’ll expect from North One:
North One Category Fees
Value
Monthly Fee Range
$0-$20/month
Monthly Checking Fee
$0-$20/month
Monthly Savings Fee
N/A
ATM Fee
None
Overdraft Fee
None
ACH Fee
0%-1.5%
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
N/A
Incoming International Wire Transfer Fee
N/A
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0-$15
Cash Deposit Fee
Varies
Foreign Transaction Fee
0%
Excessive Transactions Fee
None
Stop Payment Fee
$4
When To Choose North One
You want a digital-first banking solution
You want a bank account that easily integrates with POS, accounting, and payment apps and software
You want a business checking account with APY earnings and cashback rewards
Why We Chose Found As The Best Business Checking Account For Freelancers
Found Bank is a really unique bank offering that is geared specifically toward freelancers. Found's checking account has a ton of freelance-specific features like freelance tax estimates, tax savings, invoicing, and more. Found is also great for freelancers because the application requires no credit checks, making it easier to qualify for this checking account option. Plus, Found has one of the smallest amounts of banking fees on this list, unless you opt for the Plus checking account.
Why We Chose Lili As The Best Business Checking Account With Accounting
Lili Bank is another online bank that has a really unique focus -- accounting and bookkeeping. Lili has built-in bookkeeping features including tax support, invoicing, bill pay, expense tracking, and reporting. If you're looking for basic bookkeeping built directly into your checking account, Lili is one of the only banks to offer this feature set.
We spend hours researching and evaluating each business banking service we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
Weighted Rating Breakdown
Fees & Rates 25%
Services 15%
Rewards 15%
Features 15%
Eligibility Requirements 10%
Application Process 5%
Sales & Advertising Transparency 5%
Customer Service 5%
User Reviews 5%
When rating banks and banking services, we use a 53-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating.
Rates & Fees: 25% of the total star rating
Services: 15% of the total star rating
Rewards: 15% of the total star rating
Features: 15% of the total star rating
Eligibility Requirements: 10% of the total star rating
Application Process: 5% of the total star rating
Sales & Advertising Transparency: 5% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating
Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like the variety of banking features available, transaction types supported, requirements for revenue, credit score, or time in business, ease of application, opening deposit requirements, and the ethics involved in promoting the bank.
A business checking account is a type of bank account designed specifically for businesses to deposit and withdraw business income regularly. Business checking accounts are ideal for a larger volume of transactions and for housing money that flows in and out of your business, rather than a business savings account which is better for business funds that need to be stored for longer periods of time.
Who Needs A Business Checking Account?
Every business needs a business checking account. Not only is it important to keep your personal and business expenses separate and have a secure way to move money around, a business account is often a requirement if you ever want to get a business credit card or nearly any form of small business funding. Business checking accounts also offer perks that can help you run your business and manage your finances more effectively, like cash flow monitoring, credit building, cash-back and APY earnings, and more.
How To Choose The Best Business Checking Account
When choosing the best business checking account, make sure you consider:
The Number & Types Of Transactions Your Business Needs: If you have hundreds of transactions a month, you’ll want something with unlimited transactions. If you have a lot of international business, you’ll want something with no foreign transaction fees. If you expect to receive a lot of wire transfers, make sure you go with a bank with low to no wire transfer fees.
The Amount Of Physical Cash You Need To Deposit: If you need to deposit cash, not every online bank is going to support that feature — and the ones that do often have deposit limits of fees, so you’ll need to make sure the bank you go with fits your business’s cash levels.
The Rewards Type That Matches Your Spending Trends: Do you intend to have a decent balance in your checking account that you would benefit from earning APY on? Or do you have money regularly flowing in and out and would get more from a cash-back rewards rate on debit purchases.
Your Business’s History & Structure: Each bank has slightly different eligibility requirements, so you’ll need to make sure you
Your Banking Location Preferences: Do you need a bank with physical branch access or are you comfortable with doing everything online? This decision will significantly impact
What Additional Features Your Business Values Most: Online business checking accounts often vary in terms of extra features. As you can see from our best checking account list, you can find banks with built-in accounting, cash flow management, credit monitoring for increasing your business credit score, and much more. If you find yourself comparing apples to apples on transaction limits and fees, these extra features can really make one banking option stand out above the other.
These considerations should help your business narrow down the right business checking account.
What Do I Need To Open A Business Checking Account?
Once you’ve decided on the best checking account for your business, you’ll need to gather some basic personal information, business contact and structure information, as well as your EIN and/or SSN.
Our how to open a business bank account post will walk you through the process step by step so you can know exactly what to expect when opening your business checking account.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
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