The 15 Best Business Bank Accounts

With no option for earning interest, Novo takes a somewhat different approach than its competitors. Look for a 6% cash back offer on travel booked through Booking.com, as well as $20,000 in fee-free Stripe payment processing and $3,000 in Google Cloud credits. You’ll also find discounts and credits with Gusto, QuickBooks, HubSpot, Segment, Zendesk, Snapchat Ads, Salesforce Essentials, and Homebase.

Novo offers a referral program that delivers a $30 cash deposit to current customers who refer new customers that make a qualifying deposit. The new customer receives the same deposit. Novo’s referral program maxes out at $330 in bonuses.

Novo does not offer its customers access to credit. You’ll find no loans, lines of credit, or credit card offers with Novo.

Novo’s pricing is straightforward: You won’t find any of the common fees many other fintechs and banks charge. That includes no monthly, minimum balance, transaction, or hidden fees. You’ll also pay $0 in foreign transaction fees and ATM fees. That last one is important because Novo does not operate its own ATM network. So when you use your Novo card at an ATM, you may be charged a fee by the ATM owner. Never fear; Novo will refund all ATM fees users incur.

The only fees you might encounter are uncommon or avoidable ones, including $27 fees for each overdraft or returned payment.

Novo comes with transaction limits that include the following:

• ACH: $1,250/day pull and $5,000/day push
• Check Deposits: $5,000/day (mailed); $20,000/day total; and $40,000/month total or 20 checks total/month
• POS: $5,000/day or 20 transactions/day
• ATM Withdrawal: $1,000/day

Novo is a fintech company offering checking accounts to businesses of all sizes. Novo is powered by its bank sponsor, Middlesex Federal Savings F.A., and works with all types of US-based businesses except those classified as high-risk. Specifically, businesses dealing in cryptocurrency, privately owned ATMs, marijuana, cannabis, gambling, crowdfunding, and money services are excluded.

You can apply online for a Novo account. Sole proprietors can expect to present standard documentation, such as personal identification and a DBA certificate if you have one. Larger businesses will need to submit more documentation, such as articles of incorporation or partnership documents, if applicable. You’ll also need a valid US mailing address and Social Security Number or EIN.

The big perk of using Square Banking is the almost instantaneous access you’ll get to funds from sales made via Square. Another perk is a 2.75% instant discount that’s available when you use your Square debit card to make purchases from other Square sellers.

Once you’re doing business within Square’s financial network, you’ll also be eligible to access loans through Square funding. Financing through Square is so easy you won’t even have to apply for it; you’ll receive loan offers automatically and be approved immediately, with no lengthy application or credit check.

Square offers almost fee-free business banking. When you use Square Banking, you’ll pay no monthly fees, no wire transfer fees, no ATM fees, no bill-pay fees, and no foreign transaction fees. One of the few fees you may encounter is a 1% charge for ACH transfers.

Square Banking limits ATM withdrawals to $500/transaction, $1,000/day, and $2,000/month.

Square Banking is available to US-based businesses operating as sole proprietorships. To use Square Banking, you must use Square POS or Square Online for sales. You won’t face income verification or a hard credit check that can affect your credit rating.

Live Oak Bank is currently offering a $300 cash bonus to new customers who open a small business checking account and perform qualifying activities. This offer is available for a limited time.

Live Oak business banking includes savings accounts with an APY of 3.50%. That’s well above the national average for savings, and there’s no minimum balance requirement. But that’s not the best Live Oak Bank can do for APY. Certificates of deposit are available for business customers with terms ranging from six months to five years. APYs on CDs depend on the term increases, starting at 2.0% and going as high as 4.6%.

You’ll be connected with a dedicated onboarding guide when you open Live Oak’s Tidal Small Business Checking Account. This guide serves as a single point of contact and answers questions while helping you set up bill pay, ACH, mobile wallet, the mobile app, online banking, and more.

Live Oak offers SBA loans to eligible small businesses. Loans start at $150,000.

No minimum balance requirements exist with a Live Oak Tidal Small Business Checking account. If you’d like to set up a Live Oak certificate of deposit, you’ll need a minimum balance of $2,500. However, you won’t pay any ongoing monthly maintenance fees for a Live Oak business bank account.

There are no fees for checks paid or deposited or for ATM, ACH, or debit transactions. Incoming wires incur a $15 fee, with $19 charged for outgoing wires. Live Oak offers free access to the AllPoint ATM network and will not charge you for using an out-of-network ATM, though the ATM owner might.

Live Oak advertises its business checking account as suitable for business owners who make smaller or limited monthly transactions. We couldn’t find any limits listed on its website, but a helpful service rep gave us this information about transaction limits over the phone:

• ATM Withdrawals: $1,000 per day
• POS/Debit Purchases: $2,500 per day
• ACH Transfers: $10,000 per day and $25,000 per rolling 30-day period, with incoming and outgoing transfers combined

You’ll need $100 to open your Live Oak account, but after that, you won’t need to maintain any minimum balance.

Live Oak Bank offers business banking services to US citizens and permanent residents with valid Social Security Numbers. Live Oak business accounts are available to corporations, LLCs, sole proprietors, partnerships and limited partnerships, professional corporations, associations, and nonprofits.

BlueVine offers one remarkable perk: an interest rate that’s currently well above the national average on balances of $1-$100,000. However, if you’re looking for additional rewards, such as a signup bonus or points when you use your debit card, you won’t find them with this business checking account.

BlueVine banking customers are eligible for financing from BlueVine lines of credit. BlueVine offers a revolving line of credit on six- and 12-month repayment plans.

BlueVine bank accounts are almost completely fee-free. You will pay no recurring fees, including $0 monthly fees, transaction fees, and transfer fees. The only BlueVine fees you may encounter are a $2.50 out-of-network ATM fee, a $15 outgoing wire fee, and a $4.95 fee for each $500 in cash deposits.

BlueVine banking customers get unlimited ACH transfers, direct deposits from external banks, wire transfers, and transactions.

Here’s a rundown of some limits that do apply:

• Transfers Via The Mobile App Or Website: $5,000/calendar month
• Check Deposits: $20,000/month
• Debit Card Transactions: $10,000/day
• Cash Back At POS: $2,000/day
• ATM Withdrawals: $2,000/day
• Cash Deposits: $2,000/day

You can apply for a BlueVine Business Checking account online. These are the requirements listed online:

• A small business owner who’s aged 18+
• US citizen or permanent legal resident
• Verifiable address in one of the US states or DC (US territories are not included)
• No high-risk industries

At this time, Chase for Business is offering new customers a $300 signup bonus.

You can put your money to work for you in a Chase For Business account, including certificates of deposit. These are available in terms ranging from one to 120 months and interest rates from 0.02%-2.96%, depending on the term and the balance.

You can also choose an interest-bearing business checking account with rates from 0.14%-2.84%. Chase for Business offers what it calls Premier rates to business customers who link their savings account to a Chase checking account. Interest rates vary depending on the type of account you choose and the balance you maintain, ranging from 0.01%-0.02%.

Chase for Business includes access to credit via a range of business credit cards. These cards may offer cash back and travel rewards. Chase Bank also offers business loans, including SBA loans, commercial financing, and business lines of credit.

You’ll need to keep a minimum balance in your Chase for Business account to avoid monthly fees. Fees range from $15-$95/month, with minimum balances between $2,000 and $100,000 to avoid those fees.

Each type of account comes with limited free transactions. It’s a good idea to talk to a Chase banker to familiarize yourself with these limits and fees, or you can check out the Chase checking fee schedule.

Chase Performance Business Checking allows users unlimited electronic deposits made via ATM, ACH, wire, and Chase QuickDeposit and up to 250 debits and non-electronic deposits each statement cycle. After that cap, a transaction fee of $0.40 will apply. Additionally, fees will apply after the first $20,000 in cash deposits each month.

Chase for Business offers a suite of business banking services that suit all types and sizes of businesses.

Wells Fargo business accounts offer low APY compared to other business banking options, and you’ll find no welcome offer for new customers. Wells Fargo business banking includes a variety of savings vehicles, with interest rates currently sitting at 0.01% for all options. That APY is significantly less than the current national average for savings, which is 0.17% today. If you sign up for a Wells Fargo business credit card, you may earn rewards for using it.

In addition to different types of checking accounts, Wells Fargo offers access to a range of credit opportunities. That includes business lines of credit, business credit cards, and letters of credit. Special financing is available for healthcare practice financing and commercial real estate financing. Wells Fargo also offers SBA loans and merchant services.

Wells Fargo Bank offers three tiers of business checking: Initiate Business Checking ($10/month), Optimize Business Checking ($75/month), and Navigate Business Checking ($25/month). Each account includes easy options for avoiding the monthly fee, such as maintaining a minimum balance.

These accounts offer a range of options suitable for different business needs. For example, the Initiate account allows up to 100 transactions each month, and Optimize accounts have no fee for the first 250 transactions, with the same $0.50 fee for excess transactions on both accounts.

Wells Fargo business checking accounts come with limits. Limits vary by the type of account and cover these ranges:

• All Deposits, Withdrawals, & Debits Except Debit Card Purchases: 100-250/month allowed before fees of $0.50 kick in
• Cash Deposits: First $5,000-$20,000/month before the fee of $0.60/$100 deposit applies

Wells Fargo business banking is available to all types of businesses except those classified as high-risk. Be prepared to share basic information, such as your Social Security Number and/or business tax ID. You may need additional documents if your business is a partnership, LLC, corporation, or association. You can apply in person at a branch office, online, or over the phone.

Business savings accounts with Bank of America earn an interest rate of 0.01%, well below the national average on savings of 0.17%. Savers who enroll in Preferred Rewards for Business can bump that APY to 0.04%, which is better but still far below the national average of 0.30%. To qualify for Preferred Rewards, you need a three-month minimum combined average daily balance of $20K or more. Benefits include reduced or eliminated fees, interest boosts, discounts on lines of credit, and more.

Bank of America Business banking offers credit cards, loans, and lines of credit to keep your business growing.

Bank of America posts its full fee schedule online.

Here are some highlights of the fees you can expect with Bank of America business accounts:

• Cash Deposits: Free cash deposits are capped at either $7,500 or $20,000/month (after that, you’ll pay $0.30 for every $100 in cash you deposit)
• ATM Fees: If you go out-of-network, you’ll pay a fee of $5 or 3% of the transaction up to a maximum of $100
• Foreign Transaction Fees: $3% of the US dollar amount
• Overdraft & NSF Fees: $35 each

You can make unlimited free electronic transfers into a Bank of America business bank account. Other types of transactions come with monthly limits and fees for exceeding those limits.

For example, the Business Advantage Fundamentals Banking account allows up to 200 free transactions each month, not including debit card transactions, electronic debits, and checks deposited online or through the app. Exceed that limit, and you’ll pay $0.45/per transaction.

The Business Advantage Relationship Banking account allows 500 free transactions per month.

Bank of America Business bank accounts are available to US businesses of all types and sizes. Each type of business, from sole proprietorships to corporations, has a different list of documentation required, according to industry standards. Applications may be completed online or in person at a local branch office.

The Spark Cash for Business credit card array includes options for earning cash back and mileage. Even better, Spark Business credit cards include offerings for applicants with credit ranging from fair to excellent, meaning this can be a good way to build and polish your business credit rating. Spark Business customers looking for lines of credit or loans can also find special offers from Capital One.

If you open a linked Spark savings account, you access a promotional APY that’s good for 12 months. Standing at 4.15% right now, that rate is well above the current national average of 0.3% for savings. Merchant services are available for business customers who want to accept payments via card from customers.

Capital One offers different versions of its Spark credit card, including Spark Classic, Spark Cash, and Spark Miles. These cards come with cash back or travel miles.

There’s no set minimum opening deposit for a Capital One Spark Business bank account. There are minimums, however, if you want to avoid monthly maintenance fees.

To waive the $15 fee for Basic checking, you’ll need an average minimum balance of $2,000. The Unlimited account comes with a $35 fee that can be waived with a minimum balance of $25,000.

Capital One Spark business checking accounts come with unlimited free digital transactions each month.

Here are some common fees:

• Monthly Maintenance Fees: $15-$35
• Cash Deposit Fees: $1/$1,000 over limited allowance
• Domestic Wire Transfers: $15/incoming wire and $25/outgoing wire
• ATM Use: Free in-network and up to $5 out-of-network fees
• Foreign Transactions: $2 per use
• NSF: $35

The Basic Spark checking account allows $5,000 in cash deposits each month. After that, you’ll pay $1 for every $1,000 in cash deposits.

The Capital One Spark Business bank account is open to all types of US-based businesses, with no income requirements or minimum length of time in business. This account is intended for businesses with annual sales revenue under $10 million, and if you exceed that amount, you may be transferred to a different type of banking account.

Note that Spark does not accept online applications for business banking services, meaning that you will need to apply in person at a local branch, which you will find only in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. You do not need to live in one of those states to qualify, but you will need to visit there to open an account.

Relay does not offer any savings options, and Relay business checking accounts do not earn interest.

Relay Business Bank offers a unique account setup. You can open up to 20 individual checking accounts and issue up to 50 debit cards to your team members, each with its own limits and tracking.

Direct integrations with accounting software Xero and QuickBooks Online can help you keep track of your finances. Additional integrations with Gusto, Transferwise, and Expensify join payment processing integrations with  PayPal, Stripe, Square, and more.

Relay does not offer access to credit at this time, though the company says it’s working on adding it.

Overall, Relay Business Bank is as close to fee-free as we’ve seen. Relay has no set minimum opening deposit or ongoing monthly minimum account balance requirements. Users pay no monthly fees and receive a free checking account, debit card, ACH transfers, and checks. That includes $0 overdraft fees.

However, while incoming wire transfers are free, you will be charged for outgoing domestic and international wire transfers, at $5 and $10 each.

You can use the Relay debit Mastercard fee-free in-network.

Relay allows unlimited transactions.

Relay’s business banking services are available to US-based businesses. Relay specifically excludes cryptocurrency-related businesses, privately owned ATMs, money services, unlawful internet gambling, and cannabis sales.

NBKC does not offer a straight savings account for business, but you can open a business money market account with a minimum balance of $0.01. No matter how much money you have in the account, you’ll earn 1.26%. That beats the national average for savings, which currently stands at 0.30%. You can also deposit funds in a business CD, with rates depending on term length.

NBKC offers a business credit card with several options to choose from. The NBKC Visa card delivers up to 3% cash back.

When it comes to fees, NBKC puts up a lot of zeros: $0 NSF charges, $0 for bill pay, $0 for incoming domestic wires, and $0 for check deposits. You can also deposit cash, with no fees, at MoneyPass ATMs. You’ll pay fees only for outgoing wires. There are no required minimum opening deposits or ongoing balance requirements for an NBKC business bank account.

NBKC does not limit the number of transactions users can make with a business checking account.

The letters stand for National Bank of Kansas City, but it’s an online bank, and any US-based business is eligible for NBKC’s business banking services. Applications can be processed online, so you can apply from anywhere.

NorthOne operates a referral program, awarding a $50 credit to current customers who invite other small business owners to join NorthOne bank via a unique referral code. Both parties receive $50 once the referred business joins and completes some required transactions.

NorthOne offers its business banking customers integrations with numerous apps, including eCommerce platforms, such as Shopify, Etsy, and Amazon, as well as other business software, such as QuickBooks, Gusto, ADP, and more.

Although NorthOne offers subaccounts called Envelopes that you can use for savings, you won’t earn any interest with NorthOne.

NorthOne does not offer access to credit.

NorthOne charges business banking customers a $10 monthly service fee that cannot be waived. In exchange, users receive unlimited free transactions. That includes ATM access and mobile check deposit. You will pay $15 whenever you send or receive a domestic wire transfer, but there are no additional fees with NorthOne for ACH payments, deposits, transfers, purchases, or app integrations.

There’s a $50 minimum deposit requirement for opening a NorthOne account, but there is no ongoing minimum balance requirement. There are a few limits to the number of transactions allowed with a NorthOne business bank account. Here are some examples:

• Direct Deposits: Unlimited daily transactions, no dollar limit
• ACH Transfers: Unlimited daily transactions, maximum $500K per deposit
• Cash Deposits: Use Green Dot a maximum of four times per day, for a maximum of $1,500/day, $3,500/week, and $5,000/month
• Mobile Check Deposit: No daily limit, $5 minimum check value, and $15,000 maximum value (there’s a rolling limit of $15K/24-hour rolling period and $50K limit per rolling 30-day period)
• ATM Cash Withdrawal: $500/day and $5,000 per month

Business banking customers should be prepared to verify their name, address, date of birth, and other identifying information, including a copy of their driver’s license.

SVB Edge customers have access not only to credit through this business bank but also to investor cash. In fact, that access is one of SVB’s main appeals.

When you open an SVB Edge checking account, you can also open a money market account. Do so, and you’ll earn 3.40% interest on your deposit balance of up to $4 million. Balances above $1 million earn a lower rate.

Sign up for the SVB Innovators card and enjoy its $0 annual fee, no personal liability, and 2x rewards, with points redeemable for gift cards, cash back, merchandise, and travel.

SVB business banking customers also have access to investors at SVB-organized events and through the Corporate Venture Capital program.

You’ll find no minimum balance requirements for the SVB Edge business checking account.

Sign up for SVB Edge checking, and the $50 monthly account maintenance fee can be waived for up to three years. There are no fees for unlimited wire transfers (domestic and international), bill payments, and mobile deposits. Other fees may apply.

SVB Edge accounts do not include any transaction limits.

SVB, or Silicon Valley Bank, supports startups, venture-funded businesses, and corporations. While SVB does not list eligibility requirements, the Edge account is aimed at pre-series A companies looking for help jumpstarting their businesses. Other accounts are aimed at startups, venture-funded, and corporate businesses. If interested, you’ll need to provide your contact details for more information.

Digital Credit Union members can earn up to 0.20% APY on their business savings. You’ll want to activate the Business Earn More option to earn the highest interest. You can also receive reimbursement for out-of-network ATM fees.

Digital Credit Union offers Visa credit cards with no annual fees and small business loans, including financing for vehicles and equipment.

Business bank accounts with Digital Credit Union are largely free of fees. With no minimum balance requirements and no monthly maintenance fees, you can get a free ATM card and use it at DCU ATMs. You’ll also be eligible to receive up to $25/month in out-of-network ATM reimbursements.

Digital Credit Union business bank accounts do not have minimum balance requirements. You can make up to 20 fee-free deposits each day, with a charge of $0.10/deposit after that limit. It’s always free to write DCU checks, with no limit. You can expect to pay for outgoing wire transfers at a rate of $15/domestic and $40-$50/international wires.

As is common with credit unions, membership in Digital Credit Union is limited. You can apply for an account if you’re related to a DCU member, work for or retired from a member company, belong to a connected organization, or are a member of a DCU community. Hundreds of possibilities are listed under Membership on the credit union’s web page, with many options in Massachusetts and New Hampshire. DCU has members in all 50 states.

Mercury doesn’t offer overwhelming rewards but does have enticing perks, including a wide range of discounts and promotional offers from software partners. Since Mercury is designed for startups, these perks may be valuable.

Mercury customers also have access to a special savings vehicle, Mercury Treasury, that delivers a high APY. However, you’ll need a minimum of $250K in your account to participate. Mercury currently advertises an APY of up to 4.35% on its Treasury accounts.

You’ll also receive special undisclosed “celebration” rewards when your company hits specific milestones, such as raising funds, going public, or launching a special feature.

Mercury recently launched its own credit card, IO, and helps connect users with pitch opportunities and advisors. Mercury Raise is an event with 500+ investors, Future of Fintech brings together top investors to talk about fintech trends, and Series Tea brings together experts in investing, pitching, and more.

Mercury charges almost no fees and is transparent when it does. You won’t find any monthly or ongoing fees, foreign transaction fees, or domestic and international wire transfer fees. You will have ATM access without any fees, although another network may charge you if you use anything other than Allpoint machines. Mercury does charge some uncommon fees, including for mass payments through the Mercury API, treasury management fees, and foreign conversion fees.

Mercury does not impose any limits on the transactions account holders can perform.

Mercury is open to US-based businesses, particularly tech startups. Unfortunately, sole proprietors and trusts are not eligible to use Mercury. You’ll need an EIN to apply, and you’ll have to share your Social Security Number for identification purposes, but you won’t undergo a credit check. Some high-risk businesses are also excluded, such as adult entertainment, gambling, and marijuana businesses.

Axos offers different types of savings accounts, with a top APY of 1.01%. That compares favorably to the current national average of 0.3% for savings. The rate you earn depends on your balance, with the highest rates reserved for accounts below $25,000.

Additionally, Axos offers a $200 bonus for new business bank accounts if the business was formed after June 1, 2020. You’ll be eligible for a $100 bonus if your business is older.

Axos offers a wide range of financing and credit options to customers. These include commercial lines of credit, term loans starting at $250K, real estate lending, equipment financing, and more. Axos does not offer an in-house credit card, however.

Although Axos marketing materials say it’s a no-fee bank, a close read of the fine print reveals that’s not quite true. For starters, most Axos accounts come with monthly maintenance fees that are waivable if you maintain a minimum average balance of $5,000 or more. Fees start at $10/month.

Axos users will also pay foreign transaction fees of 1% and wire transfer fees of $7 and $15 for outgoing and incoming wires. Outgoing international wires cost $50.

Most Axos accounts include some transaction limits that vary depending on the type of account. Basic business checking comes with unlimited debit, credit, and deposit transactions. The interest checking account, on the other hand, allows only 100 free transactions per month, with a charge of $0.50 per item after that.

All US-based business types are eligible to use Axos banking services. That includes sole proprietors all the way up to corporations.