The Best Business Checking Accounts

Get Started With Square Business Banking

Total Rating	3.8
Fees & Rates3.5
Services5.0
Rewards2.7 Quality & Value Of Earned Rewards 2.7
Features2.9
Eligibility Requirements4.3
Application Process4.6
Sales & Advertising Transparency3.9 Sales Practices 4.0 Web Presence 3.3
Customer Service4.4
User Reviews4.3

APY

1.75%

Monthly Fee

Business Size

Sole proprietors only

Pros

No minimum balances
No monthly fee
Instant fund availability
Access to credit

Cons

Small transaction limits
No cash deposits
1% fee on ACH transfers

Why We Chose Square As The Best Business Checking Account For Instant Access To Funds

Square Banking gets the title of best for instant access to funds because -- you guessed -- you get instant access to funds.

For Square sellers, this is a huge business asset. With Square Banking, profits from your sales hit your bank instantly. Square Banking also has no monthly fees, low additional fees, cash flow management, and seamless integrations to other Square products, making this checking account a great option for Square users.

Square Banking Benefits & Features

Instant access to Square sales
Employee debit cards
Bill pay
FDIC-insurance
Digital wallet & mobile check deposit
Printable checks
Savings accounts & loans available

There are no APY or cash-back earnings for Square checking, which is the biggest drawback, but there is up to 1.75% APY available on the Square savings account.

Square Banking Fees

In terms of fees, Square Banking excels. Square is one of the most fee-free business checking accounts you can get. There are no monthly fees, no foreign transaction fees, no ATM fees, no overdraft fees, and no minimum opening deposit or minimum balance requirements.

When To Choose Square Banking

If you are an existing Square user
You want no monthly fees and no common banking fees
You want instant access to your sales
If you are looking for a software ecosystem that can handle banking, lending, payment processing, e-commerce, and more

Grasshopper Bank: Overall Best Checking Account For Small Businesses

Grasshopper Bank

Get Started With Grasshopper Bank

Total Rating	4.0
Fees & Rates4.5
Services3.6
Rewards3.9 Quality & Value Of Earned Rewards 3.9
Features3.7
Eligibility Requirements3.9
Application Process4.7
Sales & Advertising Transparency3.2 Sales Practices 3.0 Web Presence 4.1
Customer Service4.3
User Reviews3.1

APY

2.25%

Monthly Fee

Minimum Account Balance

Pros

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

Cons

No cash deposits

Why We Chose Grasshopper As The Best Business Checking Account For Rewards

Grasshopper gets our seal of approval as the overall best business checking account because it not only offers APY on its checking accounts but also 1% cashback. Add in unlimited transactions, no monthly fees, no overdraft fees, and a slew of unique features like automated savings and invoicing, it's no wonder Grasshopper makes the top of the list.

Grasshopper Benefits & Features

Up to 2.5% APY
1% cashback
Cash flow management
Bill pay
Invoicing
Automated savings features
API banking
HYSA accounts, loans, and venture capital lending options available

The only downside is Grasshopper doesn’t offer cash deposits. If you need cash deposits, check Bluevine, Found, or Lili.

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 account, and you will have to pay some fees for certain transactions:

Incoming Wire Transfers – $10
Outgoing Wire Transfers – $25
Foreign Transaction Fees – $5/each

While these fees aren’t ideal, the amount of available rewards earnings may balance this negative out for some businesses. If your company has a lot of foreign transaction fees and wire transfers, Square Banking would be a better option.

When To Choose Grasshopper

You want both cash-back and APY earnings on your credit
You need no monthly fees or minimum balances
You want a bank that also offers HYSA, venture capital lending, and SMB loans
Your business doesn’t have many foreign transactions or wire transfers
You don’t need cash deposits

Bluevine: Best For High APY

Bluevine

Get Started With Bluevine

Total Rating	3.8
Fees & Rates4.1
Services3.6
Rewards3.6 Quality & Value Of Earned Rewards 3.6
Features3.6
Eligibility Requirements3.7
Application Process4.0
Sales & Advertising Transparency3.9 Sales Practices 4.0 Web Presence 3.7
Customer Service4.3
User Reviews4.2

APY

2.0%

Monthly Fee

Business Types

All

Pros

No monthly fees
High APY
Cash deposits allowed
Lending options available

Cons

Numerous one-time fees
Doesn’t support high-risk industries

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

Blulevine takes the cake for the highest checking APY for businesses, with rates up to 4.25%.

This type of APY is unheard of for a checking account and normally requires a high-yield savings account. APY ranges vary based on your Bluevine checking account. The Standard account offers 2.0% on up to $250k, the Plus account offers 3.0% on up to $250k, and the Premier account offers 4.25% on up to $3M. You can't beat these checking APY rates -- trust us, we looked.

Bluevine Benefits & Features

2.0% – 4.25% APY, depending on the checking plan
Up to $3M in FDIC-insurance
Unlimited transactions
Checks
Sub-accounts
Mobile check deposit
Bill pay (discounted bill pay rates available on the Plus and Premier plans)
Credit cards, loans, and lines of credit available

Bluevine Fees

Bluevine stays competitive with unlimited transactions, no overdraft fees, and no ACH fees. The Standard plan costs $0/month. The Plus plan costs $30/month, and the Premier plan costs $95/month, but both places can waive these fees if you meet the criteria.

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

Wire Transfers – $7.50-$15/each (depending on the plan)
International Wire Transfers USD – $12.50-$25/each (depending on the plan)
International Wire Transfers – $12.50 + $1.0% – $25 + 1.5%/each (depending on the plan)
Checks – $1.50/each (some plans include a month free check allowance)

Bluevine offers a unique free trial of its Plus and Premier plan.

When To Choose Bluevine Checking

You want the highest checking APY rewards options on the market
You need high levels of FDIC insurance
You want a bank that also offers credit cards, loans, and lines of credit
If you are comfortable with potential monthly fees or meat the criteria to waive them

LendingClub: Best For Cash-Back Rewards

LendingClub

Get Started With LendingClub

Total Rating	4.3
Fees & Rates3.9
Services5.0
Rewards4.2 Quality & Value Of Earned Rewards 4.2
Features4.0
Eligibility Requirements5.0
Application Process5.0
Sales & Advertising Transparency3.9 Sales Practices 4.0 Web Presence 3.7
Customer Service4.4
User Reviews4.2

APY

1.5%-3.5%

Monthly Fee

0$-$10

Minimum Account Balance

$0-$500

Pros

High APY
Cash rewards
Includes business checks
Monthly fees are waivable

Cons

Requires $500 minimum balance
High wire transfer fees

Why We Chose LendingClub As The Best Business Checking Account For Cash-Back Rewards

LendingClub is known for business loans, but its checking rewards put it on the map as a great option for small businesses. LendingClub offers unlimited 1% cash back on purchases, making it a great option for maximizing your spending rewards. LendingClub's checking account also offers up to 1.5% APY (a little smaller than Grasshopper and Bluevine's rates, but still much more than some other online banks), plus unlimited ATM rebates.

LendingClub Benefits & Features

1.50% APY on up to $100k
Unlimited 1% cashback
Unlimited ATM fee rebates
Accounting integrations
Digital invoices
Bill pay
Reporting
Mobile check deposits
Business checks

LendingClub Fees

LendingClub has a $10/month fee that can be waived if you have a minimum balance of $500. There are no ACH fees or overdraft fees, and you’ll get unlimited ATM reimbursements, which is a really unique and nice touch for a business checking account.

In terms of other fees, you’ll find:

Currency Conversion Fee – .20%
Foreign Transaction Fee – .90%
Expedited ATM/Debit Card – $35
Outgoing Wire Transfer – $18/each
Internation Outgoing Wire – $40/each
Stop Payment – $25

When To Choose LendingClub

If you want unlimited 1% cash back rewards
You want 1.5% APY on up to $100k and either maintain a savings under $100k or have a separate HYSA
You want unlimited free ATM rebates so you can access any ATM at anytime
You want a bank that also offers business loans, personal loans, and personal banking
You don’t have very many wire transfer fees or foreign transactions

Axos Bank: Overall Best Business Checking Account

Axos Bank

Get Started With Axos Bank

Total Rating	4.0
Fees & Rates4.1
Services5.0
Rewards4.4 Quality & Value Of Earned Rewards 4.4
Features3.8
Eligibility Requirements4.6
Application Process3.4
Sales & Advertising Transparency2.2 Sales Practices 2.0 Web Presence 2.9
Customer Service3.0
User Reviews2.1

Pros

Cash welcome bonus
Cash deposits available
Unlimited debits, credits, and deposits
High APY

Cons

Limited integrations
No cash-back checking rewards
Minimum balance required for APY earnings

Why We Chose Axos For The Business Checking Account With The Best Welcome Offer

Axos offers impressive business banking rewards, including up to 1.0% APY and a competitive cash welcome bonus (currently valued at $400).

The welcome bonus is given to anyone approved for Axos who applies using the welcome offer promo code before the deadline listed. The welcome offer promos change regularly with Axos, but you can almost always find a welcome offer, which is a big plus for small businesses since many other business checking accounts don't offer welcome offers at all or have prerequisites for obtaining the offer.

Axos Benefits & Features

1.0% APY
$400 cash welcome offer
Unlimited transactions
Unlimited ATM reimbursements
FDIC-insurance
Cash deposits via MoneyPass or AllPoint
Payroll, SBA, high-yield savings, treasury management, and merchant services are available with Axos as well

Axos Fees

Axos costs businesses $0-$10/month, depending on which of Axos’ two business checking accounts you use.

The Basic account has no fees, no initial deposits, or minimum balance. The Small Business Interest Checking account costs $10/month, has a $100 initial deposit, and requires an average daily balance of $5k There are unlimited transactions available and free incoming wire transfer fees. The main fees you will find are outgoing wire transfer fees, possible foreign transaction fees, and possible overdraft fees.

When To Choose Axos

You want APY earnings on your checking account
You want a business checking account with a welcome bonus
Your business needs cash deposits
You want a bank with many additional services available include lending, payroll, and more

Get Started With Rho Business Banking

Rho Business Banking: Best Checking Account With A Corporate Card

Rho Business Banking	Visit Site

Pros

Hardly any banking fees
Unlimited transactions
Free 1-day ACH transfers

Cons

No APY or cash back rewards

Why We Chose Rho Banking As The Best Business Checking Account With A Corporate Card

If you're looking for a business checking account that also offers a corporate credit card, Rho is a great choice. Rho's checking account has low fees, unlimited transactions, and free 1-day ACH transfers, while its corporate card earns high marks as one of the best corporate cards for businesses. Rho's business checking account doesn't offer APY or cash-back rewards, which isn't ideal, but the Rho corporate card does have 1.25% cash back.

Rho Banking Benefits & Features

Unlimited transactions
Free 1-day ACH transfers
Invoicing
Bill pay
Mobile check deposits
Spend controls
Sub-accounts
Credit cards, savings accounts, lines of credit, and treasury accounts available
IPO (initial public offering) support and services available
Accounting integrations

Rho Banking 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 deposits either.

The fees you will find are:

Foreign Transaction Fee – 1%
Wire recall Fee – $30

When To Choose Rho Checking

If you want a checking account paired with a corporate card
You want a bank account with hardly any fees
If your business sends many wire transfers
You want extra services like IPO

Bank Of America Business Banking: Best For Branch Access

Bank Of America Business Banking

Get Started With Bank Of America Business Banking

Total Rating	3.6
Fees & Rates3.1
Services5.0
Rewards1.5 Quality & Value Of Earned Rewards 1.5
Features4.4
Eligibility Requirements4.6
Application Process4.7
Sales & Advertising Transparency3.2 Sales Practices 3.0 Web Presence 4.0
Customer Service2.9
User Reviews3.1

Pros

Over 6,000 physical locations nationwide
Strong mobile app
Unlimited free electronic deposits
Monthly fees are waivable

Cons

High foreign transaction fee
Low APY

Why We Chose Bank Of America As The Best Business Checking Account For Branch Access

If physical branch access is important to your business, Bank of America's 3,800 locations and 15,000 ATMs nationwide have you covered.

The good news is that while you can conduct your banking at these locations, you can still do all of your banking, including your business checking account application, online. With a more traditional bank like Bank of America, you get lower rewards than a fintech bank, but you get more features like cash flow management, business credit building tools, and more.

Bank Of America Benefits & Features

Cash flow monitoring
Business credit score monitoring
Expense tracking
Digital debit cards
A virtual financial assistant tool called Erica
Zelle & QuickBooks integrations
Savings, lending, merchant account, credit card, and payroll services available

Bank of America Preferred Rewards members get special perks like interest rate discounts on BoA loans, interest rate boosters on BoA savings accounts, extra rewards on BoA credit cards, and more.

Bank Of America Fees

Bank of America’s checking account has a monthly fee or $16/month or $29.95/month. Both accounts have the option to waive this monthly fee if you meet the criteria.

With the more expensive plan, there are no wire transfer fees, stop payment fees, or deposit fees. If you opt for the cheaper plan, you may face these fees, though BoA is not very forthcoming on exactly how much these fees cost.

For both accounts, there is a 3% foreign transaction fee.

There are also transaction limits for each account, so if you go over 200 transactions on the Fundamentals Banking plan or 500 transactions on the Relationship Banking plan, you’ll have to pay extra.

When To Choose Bank Of America Business Checking

You want to go into a physical branch for business banking
You want to be able to monitor and improve your business cre score
You value cash flow management features over APY and cash-back earnings (or have a savings account or credit card that already earns you rewards)
You don’t have many foreign transaction fees

Found: Best For Freelancers

Found

Total Rating	3.9
Fees & Rates4.6
Services3.6
Rewards2.7 Quality & Value Of Earned Rewards 2.7
Features3.9
Eligibility Requirements3.9
Application Process3.7
Sales & Advertising Transparency4.0 Sales Practices 4.0 Web Presence 4.0
Customer Service4.3
User Reviews4.4

APY

1.5%

Monthly Fee

$0 - $19.99/month

Minimum Account Balance

Pros

No monthly fees
Unlimited transactions
Great features for freelancers

Cons

Tax & bookkeeping features on paid plan only
No outgoing wire transfers

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

Found Bank is a really unique bank offering that is geared specifically toward freelancers. Found's checking account has a ton of freelance-specific features like freelance tax estimates, tax savings, invoicing, and more. Found is also great for freelancers because the application requires no credit checks, making it easier to qualify for this checking account option. Plus, Found has one of the smallest amounts of banking fees on this list, unless you opt for the Plus checking account.

Found Benefits & Features

Unlimited transactions
Expense tracking
Tax savings features
Physical and virtual credit cards
Pockets to organize funds
Venmo, Cash App, & PayPal integrations
Cash deposits
Mobile check deposits
Invoicing
Early direct deposit options

Found Fees

Found Bank costs $0 – $19.95/month for its checking account. There are no minimum balance, no ACH fees, and no overdraft fees. If you opt for the $19.95 Plus plan, you get access to more features and APY earnings.

The only real fee that could run into apart from the Plus plan monthly fee is a 1.75% fee for instant deposit ACh fees; if you’re willing to wait for regular ACh processing timelines, ACH transfers are free.

When To Choose Found

You are a freelancer
You want unique freelance-specific features like tax estimates & tax deduction tracking
You want little to no banking fees
You need cash deposits (but no more than $4k/month)

Get Started With Found

Lili: Best Checking Account With Accounting

Lili

Total Rating	4.1
Fees & Rates4.0
Services5.0
Rewards3.3 Quality & Value Of Earned Rewards 3.3
Features3.6
Eligibility Requirements4.5
Application Process4.5
Sales & Advertising Transparency4.9 Sales Practices 5.0 Web Presence 4.3
Customer Service4.1
User Reviews2.9

APY

4.15%

Monthly Fee

$0-35/month

Minimum Account Balance

Pros

Accounting features
Minimal fees
High APY
Cash-back rewards

Cons

Limited cash deposits
No outgoing wire transfers

Why We Chose Lili As The Best Business Checking Account With Accounting

Lili Bank is another online bank that has a really unique focus -- accounting and bookkeeping. Lili has built-in bookkeeping features including tax support, invoicing, bill pay, expense tracking, and reporting. If you're looking for basic bookkeeping built directly into your checking account, Lili is one of the only banks to offer this feature set.

Lili Benefits & Features

Cashback rewards on purchases through eligible partners
Built-in accounting & bookkeeping features
Invoicing
Tax saving automations
Digital debit card
Mobile check deposit
Cash deposits
Bill pay
Incoming wire transfers
Multi-user access available
Overdraft protections
High-yield savings account available

Lili Fees

Lili plans range from $0-$35/month. The higher the plan, the more accounting features you can access, including rewards.

In terms of other fees, there are no account minimums, no incoming wire transfer fees, no in-network ATM fees, no foreign transaction fees, and over $200 in overdraft coverage.

When To Choose Lili Bank

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

Get Started With Lili

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 25%

Services 15%

Rewards 15%

Features 15%

Eligibility Requirements 10%

Application Process 5%

Sales & Advertising Transparency 5%

Customer Service 5%

User Reviews 5%

When rating banks and banking services, we use a 53-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating.

Rates & Fees: 25% of the total star rating
Services: 15% of the total star rating
Rewards: 15% of the total star rating
Features: 15% of the total star rating
Eligibility Requirements: 10% of the total star rating
Application Process: 5% of the total star rating
Sales & Advertising Transparency: 5% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like the variety of banking features available, transaction types supported, requirements for revenue, credit score, or time in business, ease of application, opening deposit requirements, and the ethics involved in promoting the bank.

Read more about how we rate business banking services.

What Is A Business Checking Account?

A business checking account is a type of bank account designed specifically for businesses to deposit and withdraw business income regularly. Business checking accounts are ideal for a larger volume of transactions and for housing money that flows in and out of your business, rather than a business savings account which is better for business funds that need to be stored for longer periods of time.

Who Needs A Business Checking Account?

Every business needs a business checking account. Not only is it important to keep your personal and business expenses separate and have a secure way to move money around, a business account is often a requirement if you ever want to get a business credit card or nearly any form of small business funding. Business checking accounts also offer perks that can help you run your business and manage your finances more effectively, like cash flow monitoring, credit building, cash-back and APY earnings, and more.

How To Choose The Best Business Checking Account

When choosing the best business checking account, make sure you consider:

The Number & Types Of Transactions Your Business Needs: If you have hundreds of transactions a month, you’ll want something with unlimited transactions. If you have a lot of international business, you’ll want something with no foreign transaction fees. If you expect to receive a lot of wire transfers, make sure you go with a bank with low to no wire transfer fees.
The Amount Of Physical Cash You Need To Deposit: If you need to deposit cash, not every online bank is going to support that feature — and the ones that do often have deposit limits of fees, so you’ll need to make sure the bank you go with fits your business’s cash levels.
The Rewards Type That Matches Your Spending Trends: Do you intend to have a decent balance in your checking account that you would benefit from earning APY on? Or do you have money regularly flowing in and out and would get more from a cash-back rewards rate on debit purchases.
Your Business’s History & Structure: Each bank has slightly different eligibility requirements, so you’ll need to make sure you
Your Banking Location Preferences: Do you need a bank with physical branch access or are you comfortable with doing everything online? This decision will significantly impact
What Additional Features Your Business Values Most: Online business checking accounts often vary in terms of extra features. As you can see from our best checking account list, you can find banks with built-in accounting, cash flow management, credit monitoring for increasing your business credit score, and much more. If you find yourself comparing apples to apples on transaction limits and fees, these extra features can really make one banking option stand out above the other.

These considerations should help your business narrow down the right business checking account.

What Do I Need To Open A Business Checking Account?

Once you’ve decided on the best checking account for your business, you’ll need to gather some basic personal information, business contact and structure information, as well as your EIN and/or SSN.

Our how to open a business bank account post will walk you through the process step by step so you can know exactly what to expect when opening your business checking account.

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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.

@AccountingMage

View Chelsea Krause's professional experience on LinkedIn.

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1. Square Business Banking

❮ ❯

$0/month
Up to 1.75% APY
No minimum balance

2. Grasshopper Bank

❮ ❯

$0/month
Up to 2.25% APY and 1% cashback
No minimum balance/li>

3. Bluevine

❮ ❯

$0/month
Up to 2.0% APY
No minimum balance

4. LendingClub

❮ ❯

Up to 1.5% APY
$0-$10/month
$500 minimum balance

5. Axos Bank

❮ ❯

$0-$10/month
Up to 1.0% APY
No minimum balance

6. Rho Business Banking

❮ ❯

$0/mo
Up to 2.75% APY
No minimum balance

7. Bank Of America Business Banking

❮ ❯

$16-$29.95/month (waivable)
Up to 0.04% APY
$2,500 minimum balance

8. Found

❮ ❯

$0-$19.99/month
1.5% APY
No monthly minimum

9. Lili

❮ ❯

$0-$35/month
Up to 4.15% APY
No minimum balance