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The Best Business Checking Accounts

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 for the best business checking accounts for any business.

    Chelsea Krause
  • Last updated onUpdated

  • Erica Seppala
  • REVIEWED BY

    Erica Seppala

    Editor & Senior Staff Writer

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

Finding the best business checking account isn’t easy when there are dozens of options to choose from. We’ve compared over 30 different business checking accounts to bring you the best options.

You work hard for your business’s money, and your checking account should honor that with great perks, low fees, and helpful banking features. We ruled out the mediocre banks and only included business checking accounts with features and rewards that stood out from the rest. Each option offers something a bit different so that whatever your business needs, you can find the best business checking account option from this list.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Axos Bank

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  • Up to 3.30% APY
  • $0 monthly fee
  • 0% cashback
  • Up to 3.30% APY
  • $0 monthly fee
  • 0% cashback

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Grasshopper Bank

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  • 2.25% APY
  • $0/month
  • 1% cashback
  • 2.25% APY
  • $0/month
  • 1% cashback

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Square Business Banking

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  • No APY
  • $0/month
  • 0% cashback
  • No APY
  • $0/month
  • 0% cashback

Apply Now

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BlueVine Bank

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  • 2.0%-4.25% APY
  • $0-$95/month
  • 4% cashback
  • 2.0%-4.25% APY
  • $0-$95/month
  • 4% cashback

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LendingClub

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  • 1.50% APY
  • $10/month
  • 1% cashback
  • 1.50% APY
  • $10/month
  • 1% cashback

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Lili

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  • $0/month
  • 0% APY
  • Cashback on select vendors
  • $0/month
  • 0% APY
  • Cashback on select vendors

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Mercury

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  • 0% APY for checking
  • $0/month
  • 0% cashback
  • 0% APY for checking
  • $0/month
  • 0% cashback

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Oxygen

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  • $0/month
  • 0% APY
  • 5% cashback
  • $0/month
  • 0% APY
  • 5% cashback

Visit Site

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American Express Business Checking

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  • $0/month
  • 1.30% APY
  • 0.5x rewards
  • $0/month
  • 1.30% APY
  • 0.5x rewards

Apply Now

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First Internet Bank

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  • 0.50% APY
  • $0/month
  • 0% cashback
  • 0.50% APY
  • $0/month
  • 0% cashback

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Bank Of America Business Banking

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  • $0-$29.95/month
  • 0% APY
  • No minimum balance
  • $0-$29.95/month
  • 0% APY
  • No minimum balance

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Found

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  • 1.5% APY
  • $0-$19.99/month
  • 0% cash back
  • 1.5% APY
  • $0-$19.99/month
  • 0% cash back

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Lendio Business Checking

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  • 0% APY
  • $0/month
  • 0% cashback
  • 0% APY
  • $0/month
  • 0% cashback

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Novo Bank

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  • 0% APY
  • $0/month
  • 0% cash back
  • 0% APY
  • $0/month
  • 0% cash back

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Read more below to learn why we chose these options.

Table of Contents

What Is A Business Checking Account?

Similar to a personal checking account, a business checking account allows business owners to safely deposit and withdraw money as needed. The main difference is that most business checking accounts are tied directly to the business rather than the individual, giving business owners an extra level of liability coverage.

Business checking accounts also have rewards and perks that are geared specifically to businesses, making them a much better option than using a personal bank account for business.

Do I Need A Business Checking Account?

Spoiler alert: if you’re asking yourself if you need a business checking account, the answer is yes. Even freelancers can benefit greatly from a bank account for freelance businesses.

A business checking account allows you to safely store business-related funds and separate personal and business expenses which makes both account and tax season much easier. A separate business checking account also protects you as a business owner — and with FDIC insurance, business checking accounts protect your money too.

Plus, you get a lot of great perks with business checking accounts like high APY, business-based rewards like cashback travel points, business software discounts, and more.

With dozens of business checking accounts to choose from, the best business checking accounts had to offer something worthwhile. Whether it’s low fees, great perks, high APY, or a combination, these 14 best business checking accounts truly are the most noteworthy options on the market.

How The Best Business Checking Accounts Compare

Vendor Monthly Fee Checking APY Cashback Rewards Opening Deposit Overdraft Free ATM Fee ACH Fee Incoming Wire Transfer Fee Outgoing Wire Transfer Fee Foreign Transaction Fee Cash Deposits
Axos $0 3.30% 0% $0 $0 None; unlimited ATM reimbursements 0% $0 $15 domestic, $50 international 1% Yes
Grasshopper Bank $0 2.25% 1% $100 $0 None 0% $0 $10 0% No
Square Banking $0 0% 1% $0 $0 None 1% $0 $0 0% No
BlueVine Checking $0-$95 2.00%-4.25% 4% $0 $0 None 0% $0 $15 $25 + 1.5% Yes
LendingClub $10 1.50% 1.00% $100 $0 None 0% $0 $18-$40 0.90% Yes
Lili $0-$55 0%* Cashback varies with select vendors $0 $0 None 0% n/a n/a 0% Yes
Mercury Bank $0 0%** 0% $0 $0 None 0% $0 $0 1% No
Oxygen Bank $0 0%*** 5% $0 Not disclosed $0 – $3 0% $0 $10 1% Yes
Amex $0 1.30% 0.50% $0 $0 None 0% $0 $10 2.70% No
First Internet Bank $0 0.50% 0.00% $100 $0 None; $10/month ATM reimbursement 0% $15 $20-$50 2% Yes
Bank Of America $0-$29.95 0% 0% $100 $10 None 0% $15 $30 3% Yes
Found $0-$19.99 1.50% 0% $0 $0 $0 0% $0 n/a Varies Yes
Lendio $0 0% 0% $0 $0 None $0 Not disclosed Not disclosed 0% Yes
Novo $0 0% 0% $50 $27 None; $7/month ATM reimbursement 0% $0 n/a 0% No
*Lili offers 4.15% APY with a Lili savings account.
** Mercury offers 5.47% APY with a Mercury Treasury investment account.
*** Oxygen offers a 1% APY with an Oxygen business savings account.

Axos: Overall Best Business Checking Account

Axos Bank


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Pros

  • High APY
  • No monthly fee
  • Unlimited transactions
  • Free incoming wire transfers

Cons

  • 1% foreign transaction fee
  • Poor mobile apps
  • Expensive outgoing wire transfers

Why We Chose Axos As The Overall Best Online Business Checking Account

With no monthly fees, one of the highest checking APYs available, a sign-on bonus, and little to no additional fees, it's clear why Axos is the best overall business checking account.

The APY alone is a huge standout because you usually have to open a high-yield savings account for that type of rate, but perks like ATM reimbursements, cash deposits, and up to $500k in FDIC insurance also make Axos checking accounts more than worth considering.

  • Monthly Fee: $0
  • APY: Up to 3.30%
  • Opening Deposit: $0
  • Minimum Balance: $0

Axos Fees

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.

Axos Drawbacks

  • 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.

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Grasshopper: Runner-Up To The Overall Best Business Checking Account

Grasshopper Bank


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APY

2.25%

Monthly Fee

$0

Minimum Account Balance

$0

Pros

  • High APY
  • Cashback on purchase
  • No monthly fees

Cons

  • Small opening deposit required
  • No cash deposits

Why We Chose Grasshopper As Runner-Up To The Overall Best Business Checking Account

Grasshopper is one of the best overall business checking accounts on the market with a combination of high APY, cashback rewards, multiple lending options, and low fees. Grasshopper's checking account includes 2.25% APY and 1% cashback, plus a handful of helpful banking and bookkeeping features including invoicing, cash flow management, and bill pay.

Grasshopper also offers business lending and is an SBA Preferred Lender. There are also venture capital and private equity raising options with Grasshopper. All of these services, features, and rewards set Grasshopper apart from its competitors. Grasshopper gets the runner-up designation instead of the top spot because it doesn't support cash deposits and has more one-time fees than Axos.

  • Monthly Fee: $0
  • APY: 2.25%
  • Opening Deposit: $100
  • Minimum Balance: $0

Grasshopper Fees

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.

Grasshopper Drawbacks

  • 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.

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Square Banking: Best Business Checking Account With Integrated Payment Processing, Invoicing, & POS

Square Business Banking


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APY

1.75%

Monthly Fee

$0

Business Size

Sole proprietors only

Pros

  • Instant access to funds
  • Great for existing Square users
  • No monthly fee
  • No foreign transaction fee

Cons

  • No cash deposits
  • High ACH fee
  • No APY

Why We Chose Square Banking As The Business Checking Account With Integrated Payment Processing, Invoicing, & POS

Square Banking offers checking accounts, savings accounts, and lending. It also integrates directly with Square's other services including payment processing, Square Invoices, and Square POS. If you already use Square's other products, the seamless integration with Square Banking is a no-brainer.

If you don't use Square Banking but need a POS or payment processing option, consider using Square as an all-in-one banking option. Square's checking account has instant access to funds, no monthly fee, bill pay, cash flow management, checks, $0 foreign transaction fees, and FDIC insurance.

  • Monthly Fee: $0
  • APY: None
  • Opening Deposit: $0
  • Minimum Balance: $0

Square Banking Fees

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 Drawbacks

  • 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.

Get Started With Square Business Banking

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BlueVine: Best Business Checking Account For High APY

BlueVine Bank


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APY

2.0%

Monthly Fee

$0

Business Types

All

Pros

  • High APY
  • Cashback options
  • No ACH fees
  • No overdraft fees

Cons

  • High foreign transaction fee
  • Potentially expensive monthly fee

Why We Chose BlueVine As The Best Business Checking Account For High APY

BlueVine has one of the highest APYs for a business checking account with 2.0% APY with a BlueVine standard account and 4.25% with the BlueVine Premier account. These APY rates rival many high APY business savings accounts. The maximum balance for earning APY on the Standard account is also really generous compared to the competition at $250k.

Add up to 4% cashback, up to 20% cash back on certain business services, no monthly fees, unlimited ACH transactions, two free checkbooks a year, and no minimum balance requirements to the mix, and BlueVine becomes a solid and affordable banking option for businesses.

  • Monthly Fee: $0
  • APY: 2.00%-4.25%
  • Opening Deposit: $0
  • Minimum Balance: $0

BlueVine Fees

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 Drawbacks

  • 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.

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LendingClub: Best Rewards Business Checking Account

LendingClub


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APY

1.5%-3.5%

Monthly Fee

0$-$10

Minimum Account Balance

$0-$500

Pros

  • High APY
  • Cashback on purchases
  • Lending options available

Cons

  • Small opening deposit required
  • Small (waivable) monthly fee

Why We Chose LendingClub As The Best Rewards Business Checking Account

We chose LendingClub as the best business checking account for rewards because LendingClub has both APY and cashback earnings. LendingClub offers 1.50% APY compounded daily on balances up to $100,000 and unlimited 1% cashback on debit card purchases.

LendingClub also has low fees, unlimited ATM rebates, and helpful financial features like accounting reports, invoicing, and bill pay. There are also savings accounts and lending options, so LendingClub can serve as an all-in-one banking solution for businesses.

  • Monthly Fee: $10 (waivable)
  • APY: 1.50%
  • Opening Deposit: $100
  • Minimum Balance: $0

LendingClub Fees

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 Drawbacks

  • 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.

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Lili: Best Small Business Checking Account & Business Savings Account

Lili


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APY

4.15%

Monthly Fee

$0-35/month

Minimum Account Balance

$0

Pros

  • High APY
  • Built-in bookkeeping features
  • Cashback on select vendor purchases

Cons

  • Monthly fees
  • No wire transfers

Why We Chose Lili As The Best Small Business Checking Account & Business Savings Account

We chose Lili Bank as the best checking and savings account combo for businesses because of its banking and accounting perks. Lili Banks offers cashback checking accounts and high APY savings accounts with 4.15% APY on balances up to $100,00.

Lili also offers cash deposits, low fees, and unique features like overdraft coverage and multiple business accounts under a single login. You'll also find helpful finance features like accounting reports, invoicing, and bill pay.

  • Monthly Fee: $0-$55/month
  • APY: 0% for checking (4.15% for savings)
  • Opening Deposit: $0
  • Minimum Balance: $0

Lili Fees

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 Drawbacks

  • 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).

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Mercury: Best Checking Account For Startups

Mercury


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APY

Up to 5.5%

Monthly Fee

$0

Business Size

Startups excluding sole proprietors

Pros

  • No monthly fee
  • No wire transfer fees
  • Venture capital and lending options available
  • High-yield savings options avaialble

Cons

  • No APY
  • No cashback on purchases
  • Doesn’t support sole proprietors

Why We Chose Mercury As The Best Checking Account For Startups

Mercury is a solid checking account option for startups and small businesses. Mercury checking includes free wire transfers, low fees, up to $5m in FDIC insurance, and the ability to add cashback credit cards.

Mercury offers venture debt and Mercury Treasury, an investment portfolio with up to 5.47% APY. These two unique features set Mercury apart from other online banks and make Mercury a good option for startups looking to grow their business and revenue.

  • Monthly Fee: $0
  • APY: 0% for checking (5.47% for an investment account)
  • Opening Deposit: $0
  • Minimum Balance: $0

Mercury Fees

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 Drawbacks

  • 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.

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Oxygen: Best Cash-Back Business Checking Account

Oxygen


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Pros

  • Cashback on purchases
  • No monthly fee
  • Savings accounts available

Cons

  • No APY
  • Non-transparent about fees

Why We Chose Oxygen As The Cash-Back Best Business Checking Account

With up to 5% cashback on business expenses, Oxygen Bank offers the highest business cashback rewards on our list by a long shot. You can also use Oxygen "round-ups and accelerators" to round up all business debit transactions to the nearest dollar. The difference is then automatically transferred to a high-yield savings account with 1% APY, making Oxygen a good option for cash back and interest-earning rewards.

Oxygen also offers unique business perks like invoicing and employee spending management, and can even help incorporate your business.

  • Monthly Fee: $0
  • APY: 0% for checking (1% for savings)
  • Opening Deposit: $0
  • Minimum Balance: $0

Oxygen Fees

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 Drawbacks

  • 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.

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American Express: Best Business Checking Account For Travel Rewards

American Express Business Checking


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APY

1.30%

Monthly Fee

$0

Business Size

Sole Proprietors and up

Pros

  • No monthly fee
  • High APY
  • Cashback or travel rewards
  • Welcome offer for extra rewards points

Cons

  • High foreign transaction fee
  • No cash deposits

Why We Chose American Express As The Best Business Checking Account For Travel Rewards

American Express Business Checking is one of the few business checking accounts to offer travel-specific rewards. With Amex, your business gets one reward point for every $2 you spend on your business debit card. You can redeem these points as deposits to your account or as travel rewards with Amex's travel partners like Delta, Hilton, and Marriot. Amex's welcome offer also offers up to 30,000 points when opening a business account.

Other American Express benefits include 1.30% APY on balances up to $500K, no monthly fees, and access to credit cards and lending services, making this bank worth looking into if you need a large APY balance cap or frequent travel rewards.

  • Monthly Fee: $0
  • APY: 1.30%
  • Opening Deposit: $0 ($5,000 to meet Welcome Offer requirements)
  • Minimum Balance: $0

Amex Fees

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 Drawbacks

  • 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).

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First Internet Bank: Best Business Checking Account For Automatic High-Yield Savings

First Internet Bank


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Pros

  • APY
  • Automatic savings tools
  • No monthly fee

Cons

  • No cashback
  • Small opening deposit required
  • High foreign transaction fee

Why We Chose First Internet Bank As The Best Business Checking Account For Automatic High-Yield Savings

What makes First Internet Bank's checking account stand out is the ability to automatically have your business money transferred to a high-yield savings account. The Balance Optimizer features lets you set a daily target balance for your checking account and then automatically transfer any sums over the daily balance to a high-yield savings account with a 3.45%-5.46% APY.

First Internet Bank's checking account also offers 0.50% APY, unlimited transactions, very few fees, and helpful features like cash flow analysis.

  • Monthly Fee: $0
  • APY: 0.50%
  • Opening Deposit: $100
  • Minimum Balance: $0

First Internet Bank Fees

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 Drawbacks

  • 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.

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Bank Of America: Best Business Checking Account For Finance Management Features

Bank Of America Business Banking


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Pros

  • Advanced finance management features
  • Credit score monitoring
  • Personalized cash flow insights

Cons

  • Potentially high monthly fees
  • No APY or cash back
  • High foreign transaction fee

Why We Chose Bank Of America As The Best Business Checking Account For Finance Management Features

While online business banks generally give small businesses better rewards and higher APYs, Bank Of America was worth including on the list for its notable business finance features. Because BoA is a traditional big-name bank, it offers a ton of helpful features that smaller online banks generally don't, including business credit score monitoring, fraud protection, cash flow projections, and a virtual financial assistant called "Erica" that gives personalized cash flow insights.

Bank of America also integrates with Zelle, QuickBooks, and other popular accounting and payroll software apps. Bank of America has monthly fees that are waivable and there are physical locations available for business owners who want an in-person support experience.

  • Monthly Fee: $16-$29.95 (waivable)
  • APY: 0%
  • Opening Deposit: $100
  • Minimum Balance: $0 ($5k-$15k to waive monthly fee)

Bank Of America Fees

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.

Bank Of America Drawbacks

  • 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.

Get Started With Bank Of America Business Banking

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Found: Best Business Checking Account For Freelancers

Found


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APY

1.5%

Monthly Fee

$0 - $19.99/month

Minimum Account Balance

$0

Pros

  • Advanced freelance features
  • Tax deductions & savings automations
  • High APY

Cons

  • No cashback
  • Only available to freelancers
  • No outgoing wire transfers

Why We Chose Found As The Best Business Checking Account For Freelancers

Found was created for freelancers with tons of freelance-specific features including self-employment tax support, tax deductions, and automatic self-employment savings for taxes. Found also offers low fees and a competitive 1.5% APY to help your hard-earned freelance money go further.

Found integrates with QuickBooks, Square, and popular cash apps and also offers built-in bookkeeping and budgeting features.

  • Monthly Fee: $0-$19.99/month
  • APY: 1.5%
  • Opening Deposit: $0
  • Minimum Balance: $0

Found Fees

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.

Found Drawbacks

  • 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.

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Lendio: Best Business Checking Account For Lending

Lendio Business Checking


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Pros

  • No monthly fee
  • Lending services available
  • Easy eligibility requirements

Cons

  • No APY or cash back
  • Not transparent about wire transfer fees

Why We Chose Lendio As The Best Business Checking Account For Lending

Lendio has been in the business lending game since 2011 and has funded over $12 billion to businesses. Lendio is the best business bank for business lending because it offers a large number of loan types. If you bank with Lendio, you get a business bank account with low fees, low eligibility requirements, no minimum balance, and according to Lendio, you "increase your chances of qualifying for business capital."

Using Lendio for banking and lending makes the loan application process easier. Lendio offers small business loans up to $2M, lines of credit up to $500k, SBA loans, equipment financing, and more.

  • Monthly Fee: $0
  • APY: 0%
  • Opening Deposit: $0
  • Minimum Balance: $0

Lendio Fees

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 Drawbacks

  • 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.

Get Started With Lendio Business Checking

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Novo: Best Business Checking Account For Business Software Discounts

Novo Bank


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APY

0%

Monthly Fee

$0

Business Size

Small to medium sized

Pros

  • No monthly fees
  • Discounts on business software & services
  • ATM reimbursement

Cons

  • No APY or cashback
  • No wire transfers

Why We Chose Novo As The Best Business Checking Account For Business Software Discounts

While Novo doesn't offer APY or cashback rewards, we included it on this list for the unique rewards it does offer -- business software discounts. Maybe you already get cashback with your business credit card, you already have a high-yield APY savings account, or you simply would save more with business software discounts than cashback. That's where Novo comes in.

Novo offers discounts like $5K off of stripe processing or three months of free Gusto payroll. Novo also has little to no fees and unlimited free ACH transfers, giving it a spot on this list.

  • Monthly Fee: $0
  • APY: 0%
  • Opening Deposit: $50
  • Minimum Balance: $0

Novo Fees

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 Drawbacks

  • 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.

Get Started With Novo Bank

Read our in-depth review

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Our Methodology For Choosing The Best Business Checking Account

To choose the best business checking accounts, we researched over 30 different business banking options. We immediately ruled out any business checking accounts with high non-waivable fees and mediocre benefits. We only included accounts that offered checking rewards, APY, or other business-specific perks that make opening a business bank account actually worthwhile for real business owners.

We also looked at:

  • How competitive bank fees were overall
  • How competitive APY, cashback, and other perks are overall
  • How easy the eligibility requirements are to meet for businesses
  • How satisfied current customers are with the company and its mobile apps
  • Customer support availability
  • Adequate FDIC-insurance

How To Choose The Best Business Checking Account

To choose the best business bank account, you’ll need a clear understanding of what your business needs from a bank. Consider if you need:

  • Cash deposits
  • Regular ATM access
  • ACH transactions
  • Unlimited transactions
  • Low fees
  • Low foreign transaction fees
  • Physical location access

Also, don’t forget to check the bank’s eligibility requirements to make sure your business meets the criteria. You’re likely to see stipulations around business type, US citizenship, business revenue, and/or time in business.

Once you find something that hits all of the marks, it’s time for the fun stuff — comparing business checking rewards. Common rewards include high APY, cashback, ATM reimbursements, and software discounts. Ideally, you should be able to find a business checking account that covers all of your needs and some wants.

How To Open A Business Checking Account

Once you’ve chosen the right business account, you can follow the steps to open a business bank account.

The long and short of the process is to gather business bank requirements, which will likely include documentation and identification like your EIN or SSN. Then, you’ll generally fill out an online application and wait to hear back from the bank on approval.

Once you’re approved, you can start taking advantage of your bank’s rewards! While you have your banking information handy, make sure your business also has a business savings account to store your long-term funds. If you don’t have any long-term funds yet, a high-yield business savings account can help you save more quickly.

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Chelsea Krause

Chelsea Krause

Lead Staff Writer
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick 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. She currently resides in Boise, Idaho.
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