The Best Business Checking Accounts

Axos has no monthly fees, overdraft fees, ATM fees, minimum balance requirements, opening deposits, or incoming wire transfer fees. There are unlimited free wire transfers and unlimited ATM reimbursement for any out-of-network ATMs.

Outgoing wire transfers cost $15 for domestic and $50 for international. There’s also a 1% foreign transaction fee.

• The Axos mobile app has many negative reviews.
• While Axos has one of the highest checking APYs we’ve seen, there’s no cashback. Other accounts like LendingClub offer both.
• Outgoing wire transfers and foreign transactions can get expensive if you use them regularly for your business.

Grasshopper has no monthly maintenance fee, no ATM fees, no ACH fees, and no incoming wire transfer fees. There is a $10 domestic wire transfer fee, a $15 international wire transfer fee, and a handful of other one-time fees. The good news is that Grasshopper is upfront about its banking fees.

• The main Grasshopper drawback is that there are no cash deposits.
• Grasshopper requires a $100 opening deposit.
• Grasshoppers outgoing wire transfer fees could add up for businesses that regularly use this transaction type.
• Grasshopper has a list of high-risk industries that are ineligible.

Square has hardly any banking fees. There’s no monthly fee, ATM fee, or overdraft fee. Notably, there is no foreign transaction fee, which makes Square a good option for international business. Square does charge a 1% ACH fee.

There’s no minimum balance requirement or initial deposit required.

• Square Banking’s ACH fee of 1% is high and can add up quickly for businesses that need regular ACH transfers.
• Square Banking doesn’t offer APY or cashback rewards like other banks on this list.
• Square doesn’t accept cash deposits.

BlueVine doesn’t charge any fees for overdrafts, ACH transactions, incoming wire transfers, or ATM services. The main charges you will see are for outgoing payments like a $15 outgoing wire transfer, a 2.9% outgoing payment by credit card fee, and a $1.50 outgoing check payment fee.

There is no monthly fee for the BlueVine standard account, but there is a $95/month fee for the Premier account. While this fee is incredibly high for a business bank account, it is waivable and could be worth it for the higher earning potential.

• BlueVine charges $25 + 1.5% for foreign transactions.
• The BlueVine Premier account has a $95 monthly fee if you don’t have a minimum balance of $100,000 or spend a minimum of $5,000/month.

LendingClub has a waivable $10/month maintenance fee and requires a $100 minimum deposit. There are no ATM fees or incoming wire transfer fees.

There is a .20% foreign conversion fee, a 0.90% international transaction fee, and an $18 – $40 charge for outgoing wire transfers.

• LendingClub’s 1.50% APY rate only applies to balances up to $100,000. The APY rate drops to 0.10% (about 4x lower than the national average) after $100,000.
• LendingClub requires a $500 minimum balance if you want to waive the monthly maintenance fee.
• Outgoing wire transfers cost $18 for domestic wire transfers and $40 for international outgoing wire transfers.

Lili Bank costs $0 – $55/month. While this seems high from an online banking side, this fee primarily affects the amount of accounting features you have access to.

Lili has no overdraft fees, no ACH fees, no ATM fees, and a notable 0% foreign transaction fee.

• Lili doesn’t support wire transfers.
• Lili Bank maxes cash deposits at $9,000/month.
• While Lili offers a lot of great bookkeeping and accounting features, it isn’t full-fledged accounting so you will still need a separate business accounting software (Lili does have accounting integrations to make this easier).

Mercury Bank has no monthly fees, no account minimums, no overdraft fees, and no opening balance required. One of the most notable things about Mercury is that there are no wire transfer fees, not even for international wires. There is a 1% foreign exchange fee for non-USD international wires.

• Mercury Bank does not support cash deposits.
• APY is only available with the Mercury Treasury account, not the savings accounts.
• Cashback is only available with a Mercury credit card, not the debit cards tied to the checking account.
• Sole proprietors are not eligible for a Mercury Bank account.

Oxygen has no monthly fees or ACH fees. There is a 1% foreign transaction fee.  Oxygen has no ATM fees for in-network ATMs but does charge a $3 out-of-network ATM fee in addition to any third-party out-of-network ATM fees.

Wire transfers are not available with all Oxygen bank levels. Oxygen Bank’s levels are divided into “water”, “earth”, “air”, “fire”, and “business.” Only “earth-level” Oxygen accounts cannot send wires. Luckily, business plans can, but it’ll cost $10 per transfer. What these different tiers mean besides a poor Avatar terminology knock-off is beyond us. Oxygen is, unfortunately, very unclear with its fee information and its business levels.

• Oxygen’s 1% savings APY only applies to balances under $20k which is remarkedly smaller than many other online competitors.
• Oxygen doesn’t support certain high-risk industries such as financial services, insurance businesses, gambling, marijuana, etc.
• Oxygen does not support international wire transfers.

American Express’ fees are more competitive than we would expect from a big-name, more traditional banking institution (which generally has higher fees than online banks). There are no monthly fees, ATM fees, overdraft fees, ACH fees (unless you want same-day expedited processing), or incoming wire transfer fees. Outgoing wire transfers cost $10, which is lower than some banks on this list and higher than others.

Amex charges a hefty 2.7% fee for foreign transactions.

• Amex has a large foreign transaction fee.
• American Express’ Business Checking account does not support cash deposits.
• Meeting the welcome offer criteria may be difficult for some smaller businesses.
• The Amex Business Blueprint mobile app receives lower ratings on the Google Play store (though it currently gets 4.8/5 stars on the Apple store).

First Internet Bank has no monthly fee for its checking account and a waivable $5 fee for its high-yield savings account. There’s no minimum balance required, but you will need to make an initial deposit of $100. The biggest fees you’ll find with First Internet Bank are the wire transfer fees. While many banks charge for outgoing wire transfers, First Internet Bank charges for both incoming and outgoing wire transfers, making it more expensive if you use these transaction methods regularly.

• First Internet Bank requires a $100 opening deposit.
• First Internet Bank has a high foreign transaction fee of 2% and high wire transfer fees, making it a poor choice if you have a large number of these types of transactions.
• First Internet Bank’s checking account has a lower APY than other checking accounts on this list and is ideally meant to be used with a First Internet Bank savings account for the best business rewards.

Bank of America offers two business checking accounts — the Fundamentals Banking account and the Relationship Banking account. The first costs $16/month and the latter costs $29.95/month, but both fees can be waived by meeting a monthly balance minimum. There are no ATM fees.

Bank of America has more fees than some of the other fully online bank options on this list. You’ll find excessive transaction fees, a $15 incoming domestic wire transfer fee, a $30 outgoing domestic wire transfer fee, a 3% foreign transaction fee, a $10 overdraft fee, and potential cash deposit fees.

The good news is that BoA has cash deposits (unlike several online banks on this list) and generally has higher deposit and withdrawal limits.

• There are no APY or cashback rewards with a Bank of America checking account.
• Bank of America has many more fees than other banks on this list.
• Bank of America has a 3% foreign transaction fee, which is significantly higher than even the most expensive options on this list.

A basic Found account has hardly any fees. There’s no monthly maintenance fee, no ATM fees, and no minimum balance.

If you want access to Found’s bookkeeping and tax features, you’ll need to pay $19.99/month. Since you get a large amount of helpful features and since bank fees are tax-deductible, this cost could still be worth it.

Other fees you may encounter include foreign transaction fees and invoice payment processing fees.

• Only freelancers and self-employed individuals are eligible for a Found account.
• Found does not offer savings or lending options.
• You can receive wire transfers with a Found checking account but can’t send outgoing wire transfers.

Lenio’s bank account comes with no monthly fee, no ATM charges, no overdraft fees, and no transaction limit fees. You may be charged out-of-network ATM fees and wire transfer fees, though Lendio does not disclose the exact amount for wire transfers.

• Lendio doesn’t offer any APY or cashback rewards with its checking account.
• Lendio is not a direct lender. Instead, Lendio is a loan marketplace that matches businesses with over 75 direct lenders based on the business’s eligibility factors.

Novo boasts competitive fees with no monthly maintenance fee, no foreign transaction fees, no ATM fees, and free unlimited ACH fees. Novo also offers a $7/month out-of-network ATM reimbursement. The only fees you might face are a $27 overdraft fee and an opening deposit requirement of $50.

• Novo does not allow cash deposits.
• Novo doesn’t offer APY or cashback rewards.
• Novo doesn’t support outgoing wire transfers (though there are free unlimited ACH transfers).
• Novo doesn’t offer cashier’s checks and has an ATM withdrawal limit of $1,000.