The Best Business Checking Accounts

Get Started With Square Business Banking

Total Rating	4.1
Fees & Rates4.2
Services5.0
Rewards2.2
Features3.5
Eligibility Requirements4.5
Application Process4.6
Sales & Advertising Transparency3.9
Customer Service4.7
User Reviews4.3

Monthly Fee Range

$0/month

APY Range

Account Types Offered

Checking and savings accounts

Pros

No minimum balances
No monthly fee
Instant fund availability
Access to Square Loans

Cons

APY only available for savings

Why We Chose Square

Square Banking gets the title of best for instant access to funds because -- you guessed it -- you get instant access to funds. With Square Banking, sales profits hit your bank account instantly. For Square sellers, this is pretty huge.

Square Banking also has no monthly fees, very few additional fees, and seamless integrations to other Square products, making this checking account a great option for Square users.

Banking services are provided by Square’s banking affiliate, Square Financial Services, Inc. or Sutton Bank.

Square Banking Benefits & Features

There are no APY or cash-back earnings for Square checking, which is the biggest drawback, but there is 1% APY available on the Square savings account.

Square Business Banking Yield and Cashback	Value
Checking APY	None
Savings APY	1%
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

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, and no minimum opening deposit or minimum balance requirements.

Here’s a quick breakdown so you know what to expect:

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	$0
Incoming Domestic Wire Transfer Fee	N/A
Outgoing Domestic Wire Transfer Fee	N/A
Incoming International Wire Transfer Fee	N/A
Outgoing International Wire Transfer Fee	N/A
Wire Transfer Fee Start Point	N/A
Wire Transfer Fee Range	N/A
Cash Deposit Fee	$0
Foreign Transaction Fee	0%
Excessive Transactions Fee	None
Stop Payment Fee	None

When To Choose Square Banking

You’re an existing Square user
You want to avoid paying monthly fees
You want instant access to your sales
You’re looking for a software ecosystem that can handle banking, lending, payment processing, eCommerce, and more

Grasshopper Bank: Overall Best Checking Account For Small Businesses

Grasshopper Bank

Get Started With Grasshopper Bank

Total Rating	4.3
Fees & Rates4.5
Services5.0
Rewards3.8
Features4.0
Eligibility Requirements4.2
Application Process4.7
Sales & Advertising Transparency3.2
Customer Service4.6
User Reviews3.1

Monthly Fee Range

$0/month

APY Range

1.00% - 3.00%

Account Types Offered

Checking accounts, savings accounts

Pros

Competitive APY
Cash-back checking rewards
Built-in cash flow & expense management features
Lending options available

Cons

No cash deposits

Why We Chose Grasshopper

Grasshopper gets our seal of approval as the overall best business checking account because it offers 1.00% - 1.35% APY on its checking accounts and 1% cashback.

You'll also get unlimited transactions, no monthly fees, no overdraft fees, and tools like automated savings and invoicing features.

Grasshopper Benefits & Features

Here are Grasshopper’s benefits:

Grasshopper Bank Yield and Cashback	Value
Checking APY	1.00% – 1.35%
Savings APY	1.55% – 3.00%
CD APY	N/A
Treasury Account APY	N/A
Checking Cashback	1%

And here’s a breakdown of Grasshopper’s 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’s a summary of Grasshopper’s 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	$10
Incoming International Wire Transfer Fee	$5
Outgoing International Wire Transfer Fee	$25
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 everything out for some businesses. If your business frequently sends wires or makes international transactions, a lower-cost option may be a better fit.

When To Choose Grasshopper

You want both cash-back and APY earnings
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
You don’t need cash deposits

Rho: Best For Startups

Rho

Total Rating	4.2
Fees & Rates4.6
Services5.0
Rewards2.2
Features4.1
Eligibility Requirements4.2
Application Process3.6
Sales & Advertising Transparency4.1
Customer Service4.9
User Reviews4.1

Monthly Fee Range

$0/month

APY Range

0% - 4.24%

Account Types Offered

Checking, savings, Treasury, corporate cards

Promo: Get a $350 statement credit when you deposit $10,000 into your new Rho checking account. Get Started

Pros

No monthly fees
Unlimited transactions
Free ACH transfers
Dedicated relationship managers for customer support

Cons

No APY on checking balances

Why We Chose Rho

With Rho, you'll get access to a platform that goes well beyond checking accounts. Rho offers checking, savings, and a corporate credit card that lets you earn cash back on your everyday purchases. And the best part is, there are very few fees.

Not only will you get access to affordable checking, partner perks, bill pay, and more, but Rho also provides a dedicated relationship manager to its customers. This takes customer support to the next level, helping you get the most out of your account without requiring you to upgrade to a higher (and more expensive) tier like other fintechs.

Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.

Rho Benefits & Features

There is no APY on checking accounts, but you can earn APY on Rho savings, as well as cashback if you use the Rho Corporate Card.

Rho Yield and Cashback	Value
Checking APY	0%
Savings APY	1%
CD APY	N/A
Treasury Account APY	up to 4.24%
Checking Cashback	None

Available features include:

Rho 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

Rho Fees

Rho really stands out with its lack of monthly fees, ACH fees, overdraft fees, or wire transfer fees.

Many business checking accounts with no monthly fees still have wire transfer fees, so if your business sends many wire transfers, this is a solid option. There are no minimum balance requirements either.

In terms of other common fees, Rho has almost none:

Rho Category Fees	Value
Monthly Fee Range	$0/month
Monthly Checking Fee	$0/month
Monthly Savings Fee	$0/month
ATM Fee	N/A
Overdraft Fee	$0
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	$0
Incoming International Wire Transfer Fee	$0
Outgoing International Wire Transfer Fee	$0
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0
Cash Deposit Fee	N/A
Foreign Transaction Fee	1%
Excessive Transactions Fee	$0
Stop Payment Fee	$0

When To Choose Rho Checking

You’re a startup or business that wants to avoid paying banking fees
You want excellent customer support
You want access to a financial platform that includes checking, savings, bill pay, and more
Your business sends many wire transfers

Get Started With Rho

Mercury: Best For All-In-One Digital Banking

Mercury

Total Rating	4.2
Fees & Rates4.4
Services5.0
Rewards3.2
Features3.8
Eligibility Requirements3.9
Application Process4.5
Sales & Advertising Transparency4.0
Customer Service4.6
User Reviews4.1

Monthly Fee Range

$0/month

APY Range

Account Types Offered

Checking and savings

Pros

No minimum balance requirements
Corporate card for small businesses
No monthly fees

Cons

Online only
No cash deposits

Why We Chose Mercury

Mercury stands out as a modern business banking platform built for startups and tech-forward businesses. In addition to business checking accounts, Mercury offers tools like corporate cards, treasury accounts, and built-in integrations that help you manage your finances in one place.

The platform is easy to use, has no monthly fees or minimum balance requirements, and includes features like virtual cards, spend controls, and automated financial workflows. It’s especially appealing for businesses that want a clean, all-in-one system without the complexity or cost of traditional banking.

Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC.

Mercury Benefits & Features

Mercury doesn’t offer interest on checking balances, but eligible accounts can earn yield through its treasury products.

Along with corporate cards, spend controls, and built-in integrations, Mercury provides a streamlined platform for managing both spending and cash flow.

Mercury Yield and Cashback	Value
Checking APY	0%
Savings APY	0%
CD APY	N/A
Treasury Account APY	up to 4.47%
Checking Cashback	None

Available features include:

Mercury 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

Mercury Fees

Mercury keeps things simple with no monthly fees or minimum balance requirements, making it a strong option for businesses that want to avoid recurring costs.

Most standard banking features, including ACH transfers, are free. However, certain services — like foreign currency conversion — can come with fees depending on usage.

Mercury Category Fees	Value
Monthly Fee Range	$0/month
Monthly Checking Fee	$0/month
Monthly Savings Fee	$0/month
ATM Fee	None
Overdraft Fee	None
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	$0
Incoming International Wire Transfer Fee	$0
Outgoing International Wire Transfer Fee	Unknown
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0 (for transfers in USD)
Cash Deposit Fee	N/A
Foreign Transaction Fee	1%
Excessive Transactions Fee	None
Stop Payment Fee	$25

When To Choose Mercury

You want a modern, all-in-one banking platform with built-in tools
You run a startup or tech-forward business and need scalable financial tools
You prefer a clean, digital-first experience
You want strong integrations with software like QuickBooks, Xero, and Stripe

Get Started With Mercury

Bluevine: Best For High APY

Bluevine

Apply Now

Get Started With Bluevine

Total Rating	4.0
Fees & Rates4.4
Services3.6
Rewards2.6
Features4.4
Eligibility Requirements4.2
Application Process4.0
Sales & Advertising Transparency3.9
Customer Service4.8
User Reviews4.2

Monthly Fee Range

$0 - $95/month

APY Range

1.3% - 6.861%

Account Types Offered

Checking account

Pros

No monthly fees
High APY
Cash deposits supported
Lending options available

Cons

Some transaction and service fees
Doesn’t support high-risk industries

Why We Chose Bluevine

Unlike many of the options on this list, Bluevine offers APY on its business checking accounts, with rates at 1.3% - 6.861%.

This type of APY is less common for a checking account and normally requires a high-yield savings account. APY ranges vary based on the plan you sign up for.

Bluevine is a financial technology company, not a bank. Bluevine deposits are FDIC-insured through Coastal Community Bank, Member FDIC, and partner banks.

Bluevine Benefits & Features

Here are Bluevine’s benefits:

Bluevine Yield and Cashback	Value
Checking APY	up to 3%
Savings APY	N/A
CD APY	N/A
Treasury Account APY	up to 6.861%
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.

Bluevine Plans	Price	When To Use
Bluevine Standard Checking	$0/month	If you want a business checking account with 1.3% APY with balances up to $250K
Bluevine Plus Checking	$30/month (waivable)	If you want a business checking account with 1.75% APY with balances up to $250K
Bluevine Premier Checking	$95/month (waivable)	If you want a business checking account with 3% APY

The only other fees you find with Bluevine Checking accounts are:

Bluevine Category Fees	Value
Monthly Fee Range	$0 – $95/month
Monthly Checking Fee	$0 – $95/month
Monthly Savings Fee	N/A
ATM Fee	$0 for in-network ATMs ($2.50 for out-of-network ATMs)
Overdraft Fee	$0
ACH Fee	None ($10 for same-day ACH transfers)
Incoming Domestic Wire Transfer Fee	$15
Outgoing Domestic Wire Transfer Fee	Varies
Incoming International Wire Transfer Fee	Varies
Outgoing International Wire Transfer Fee	Unknown
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0 – $25
Cash Deposit Fee	$4.95
Foreign Transaction Fee	Varies
Excessive Transactions Fee	None
Stop Payment Fee	Varies

Bluevine offers a free trial of its Plus and Premier plans.

When To Choose Bluevine Checking

You want the high checking APY rewards
You need access to expanded FDIC insurance through partner banks
You want access to business loans and lines of credit

North One: Best For Integrations

North One

Get Started With North One

Total Rating	4.1
Fees & Rates3.5
Services3.6
Rewards4.8
Features4.5
Eligibility Requirements4.7
Application Process4.4
Sales & Advertising Transparency3.9
Customer Service4.9
User Reviews4.5

Monthly Fee Range

$0 - $30/month

APY Range

1.5% - 3.0%

Account Types Offered

Checking accounts

Pros

No minimum balance requirements
Cash deposits supported
Available to a wide range of business types

Cons

Some fees on free accounts
No traditional savings accounts

Why We Chose North One

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 fintech company 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 is a financial technology company, not a bank. Banking services for the deposit account provided by The Bancorp Bank, N.A., Member FDIC.

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.

North One Yield and Cashback	Value
Checking APY	1.5% – 3.0%
Savings APY	N/A
CD APY	N/A
Treasury Account APY	N/A
Checking Cashback	1% – 4%

And here’s a roundup of its features:

North One 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

North One Fees

North One Plans	Price	When To Use
North One Standard	$0/month	If you want a basic checking account with no monthly fee and don’t mind occasional ACH payment and wire transfer fees
North One Plus	$30/month	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 – $30/month
Monthly Checking Fee	$0 – $30/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	$15 – $20
Incoming International Wire Transfer Fee	N/A
Outgoing International Wire Transfer Fee	N/A
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0 – $20
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
You want a bank that also offers funding options

Bank Of America Business Banking: Best Full-Service Business Bank

Bank Of America Business Banking

Get Started With Bank Of America Business Banking

Total Rating	3.9
Fees & Rates3.3
Services5.0
Rewards1.4
Features4.4
Eligibility Requirements5.0
Application Process4.7
Sales & Advertising Transparency3.2
Customer Service3.3
User Reviews3.1

Monthly Fee Range

$0 - $29.95/month (waivable)

APY Range

0% - 0.04%

Account Types Offered

Checking and savings accounts

Pros

Wide range of business banking services
Strong integrations
Access to physical branches nationwide

Cons

Transaction limits
Higher fees than fintechs

Why We Chose Bank Of America

Bank of America stands out as a full-service business bank with a wide range of financial products, including checking, lending, merchant services, and cash management tools. It’s a strong option for businesses that want in-person banking and access to a broader banking ecosystem.

While fees and transaction limits are higher than those of many online accounts, Bank of America is a solid choice for businesses that value branch access and long-term banking support.

Bank Of America Benefits & Features

Bank of America focuses less on rewards and more on providing a full suite of business banking services. In addition to checking accounts, you’ll have access to lending, merchant services, and cash management tools.

Its large branch network also makes it a practical option for businesses that need in-person banking or regularly handle cash. Benefits include:

Bank Of America Business Banking Yield and Cashback	Value
Checking APY	None
Savings APY	0.01% – 0.04%
CD APY	N/A
Treasury Account APY	N/A
Checking Cashback	None

And these features are available:

Bank Of America 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

Bank Of America Fees

Bank of America has a more traditional fee structure, with monthly fees, transaction limits, and cash deposit limits that vary by account. Many of these fees can be waived, but typically require higher balances or additional account activity.

Bank Of America Business Banking Plans	Price	When To Use
Business Advantage Fundamentals Banking	$16/month (waivable)	You want a basic business checking account with up to 200 free transactions each month
Business Advantage Relationship Banking	$29.95/month (waivable)	You need a business checking account with lower fees and up to 500 free transactions each month
Business Advantage Savings Account	$0/month with checking account or $10/month (waivable)	You to add a business savings account to your BoA checking account or want a basic stand-alone savings account option for your business

Other fees include:

Bank Of America Business Banking Category Fees	Value
Monthly Fee Range	$0 – $29.95/month (waivable)
Monthly Checking Fee	$0 – $29.95/month (waivable)
Monthly Savings Fee	$0 – $10/month (waivable)
ATM Fee	None for in-network ATMS ($2.50 for out-of-network ATMs)
Overdraft Fee	$10
ACH Fee	Varies
Incoming Domestic Wire Transfer Fee	Varies
Outgoing Domestic Wire Transfer Fee	Varies
Incoming International Wire Transfer Fee	Varies
Outgoing International Wire Transfer Fee	Varies
Wire Transfer Fee Start Point	Varies
Wire Transfer Fee Range	Varies
Cash Deposit Fee	Varies
Foreign Transaction Fee	3%
Excessive Transactions Fee	$0.45/each
Stop Payment Fee	$30

When To Choose Bank Of America

You want a full-service banking experience with lending, merchant services, and more.
You need branch access or handle cash regularly
You’re planning for long-term growth and want a traditional banking partner
You can meet balance or activity requirements to avoid fees

Found: Best For Freelancers

Found

Total Rating	3.9
Fees & Rates4.6
Services3.6
Rewards2.2
Features4.1
Eligibility Requirements3.9
Application Process3.7
Sales & Advertising Transparency4.0
Customer Service4.6
User Reviews4.4

Monthly Fee Range

$0 - $80/month

APY Range

0% - 2.5%

Account Types Offered

Checking accounts

Pros

No monthly fees
Unlimited transactions
Great features for freelancers

Cons

Tax & bookkeeping features on paid plan only
No incoming or international wire transfers

Why We Chose Found

Found is a fintech platform designed for 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.

Plus, Found has few fees, unless you opt to subscribe to one of its two paid plans.

Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC.

Found Benefits & Features

Here are Found’s benefits:

Found Yield and Cashback	Value
Checking APY	up to 2.5%
Savings APY	N/A
CD APY	N/A
Treasury Account APY	N/A
Checking Cashback	None

You can find these features:

Found 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

Found Fees

Found Plans	Price	When To Use
Found Free Plan	$0/month	If you want a basic checking account with impressive bookkeeping features but no APY perks
Found Plus	$35/month	If you want more advanced bookkeeping features and automations while unlocking APY earnings
Found Pro	$80/month	If you want increased APY earnings, cash-back rewards on debit card purchases, and discounts on wire transfers

In terms of other fees, you’ll find:

Found Category Fees	Value
Monthly Fee Range	$0 – $80/month
Monthly Checking Fee	$0 – $80/month
Monthly Savings Fee	N/A
ATM Fee	$0
Overdraft Fee	$0
ACH Fee	$0 (1.75% for instant deposit)
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	$10 – $15
Incoming International Wire Transfer Fee	N/A
Outgoing International Wire Transfer Fee	N/A
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0 – $15
Cash Deposit Fee	$0
Foreign Transaction Fee	Varies
Excessive Transactions Fee	$0
Stop Payment Fee	$0

When To Choose Found

You are a freelancer
You want unique freelance-specific features like tax estimates & tax deduction tracking
You want few (or no) banking fees
You need cash deposits

Get Started With Found

Lili: Best Checking Account With Accounting

Lili

Total Rating	4.3
Fees & Rates4.3
Services5.0
Rewards3.1
Features4.4
Eligibility Requirements4.5
Application Process4.5
Sales & Advertising Transparency4.9
Customer Service4.7
User Reviews2.9

Monthly Fee Range

$0 - $55/month

APY Range

up to 4.00%

Account Types Offered

Checking and high-yield savings accounts

Pros

Accounting features
Minimal fees
Competitive APY on savings
Cash-back rewards

Cons

Limited cash deposits

Why We Chose Lili

Lili is a financial platform with 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 platforms to offer this feature set.

Lili Benefits & Features

Here are Lili’s benefits:

Lili Yield and Cashback	Value
Checking APY	None
Savings APY	4.00%
CD APY	N/A
Treasury Account APY	N/A
Checking Cashback	Varies

You can find these features:

Lili 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

Lili Fees

Lili Plans	Price	When To Use
Lili Core	$0/month	If you want a free business savings account and checking account with no fees
Lili Pro	$15/month	If you want to add expense and cash management tools
Lili Smart	$35/month	If you want to add smart bookkeeping and financial reporting to your cash-back checking and high-APY savings account
Lili Premium	$55/month	If you want to add a dedicated account specialist and priority support to your Lili accounts

While a free account is available, you’ll get access to the best features, including accounting, with a paid plan.

In terms of other fees, you’ll find:

Lili Category Fees	Value
Monthly Fee Range	$0 – $55/month
Monthly Checking Fee	$0 – $55/month
Monthly Savings Fee	$0 – $55/month
ATM Fee	$0 ($2.50 on non-MoneyPass networks)
Overdraft Fee	None (covers overdrafts up to $200)
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	$15
Incoming International Wire Transfer Fee	$15
Outgoing International Wire Transfer Fee	$25
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0 – $25
Cash Deposit Fee	$0
Foreign Transaction Fee	0%
Excessive Transactions Fee	None
Stop Payment Fee	None

When To Choose Lili

You want a business bank account with built-in bookkeeping, accounting, and tax support features
You want business checking and savings with few fees
You need cash deposits

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Business Banking Review Methodology

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 20%

Services 20%

Features 15%

Rewards 10%

Eligibility Requirements 10%

Application Process 10%

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.

Read more about how we rate business banking services.

What Is A Business Checking Account?

A business checking account is a bank account designed for managing your company’s day-to-day finances. It allows you to deposit income, pay expenses, and handle frequent transactions.

Unlike a business savings account, which is better suited for storing funds over time, a business checking account is built for money that regularly flows in and out of your business.

Who Needs A Business Checking Account?

Most businesses should have a dedicated business checking account. It helps separate personal and business finances, simplifies money management, and is often required when applying for business credit cards or financing.

Many accounts also include tools like cash flow tracking, expense management, and rewards such as cash back or APY earnings.

How To Choose The Best Business Checking Account

When choosing a business checking account, consider the following:

Transaction Needs: If your business processes a high volume of transactions, look for an account with no or high transaction limits. If you send or receive international payments, pay attention to foreign transaction and wire transfer fees.
Cash Deposits: Not all online banks support cash deposits. If your business handles cash, make sure the account allows deposits and check for any limits or fees.
Rewards & Earnings: Some accounts offer APY on balances, while others provide cash-back rewards. Choose the option that best matches how money flows through your business.
Business Type & Eligibility: Banks have different requirements based on your business structure, location, and industry. Make sure you qualify before applying.
Banking Preferences: Decide whether you need access to physical branches or if you’re comfortable with an online-only account.
Additional Features: Features like built-in accounting, cash flow tracking, invoicing, and integrations can make managing your finances easier and may help one account stand out over another.

What Do I Need To Open A Business Checking Account?

Once you’ve chosen the right checking account for your business, gather the information you’ll need to apply. This typically includes personal identification, business contact details, business structure information, and your EIN and/or SSN.

Our guide on how to open a business bank account walks you through the process step by step so you know what to expect.