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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.

    Chelsea Krause
  • Last updated onUpdated

  • Erica Seppala
  • REVIEWED BY

    Erica Seppala

    Editor & Senior Staff Writer

Our content reflects the editorial opinions of our experts. While our site makes money through referral partnerships, we only partner with companies that meet our standards for quality, as outlined in our independent rating and scoring system.

If you’re in the market for the best business checking account, the options can be overwhelming. And when every list of the best business checking accounts seems to include 15-20 choices, how can you really know which bank to go with? It feels a bit like finding a needle in a haystack.

We’ve curated a list of the nine best business bank accounts based on rewards, fees, and features to make choosing the right checking account for your business easy without digging through a bunch of hay.

We let the mediocre accounts be chaff in the wind and only included options with truly notable rewards or features so that you can get the most bang for your buck (or for no buck, since there are many great free business checking accounts on this list).

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Square Business Banking

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  • Fee range: $0/month
  • $0 minimum balance
  • 1.75% APY
  • Fee range: $0/month
  • $0 minimum balance
  • 1.75% APY

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Grasshopper Bank

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  • Fee range: $0/month
  • $0 minimum balance
  • up to 3.30% for savings; 1.80% for checking APY
  • Fee range: $0/month
  • $0 minimum balance
  • up to 3.30% for savings; 1.80% for checking APY

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Bluevine

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  • Fee range: $0-$95/month
  • $0 minimum balance
  • 1.5%-4.00% APY
  • Fee range: $0-$95/month
  • $0 minimum balance
  • 1.5%-4.00% APY

Apply Now

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LendingClub

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  • Fee range: $0-$10/month
  • $0 minimum balance
  • up to 3.35% APY
  • Fee range: $0-$10/month
  • $0 minimum balance
  • up to 3.35% APY

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Axos Bank

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  • Fee range: $0-$10/month
  • $0 minimum balance
  • 0.20%-4.01% APY
  • Fee range: $0-$10/month
  • $0 minimum balance
  • 0.20%-4.01% APY

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Bank Of America Business Banking

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  • Fee range: $0-$29.95/month (waivable)
  • $0 minimum balance
  • 0.01%-0.04% APY
  • Fee range: $0-$29.95/month (waivable)
  • $0 minimum balance
  • 0.01%-0.04% APY

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Found

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  • Fee range: $0-$19.99/month
  • $0 minimum balance
  • up to 1.5% APY
  • Fee range: $0-$19.99/month
  • $0 minimum balance
  • up to 1.5% APY

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Lili

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  • Fee range: $0-$35/month
  • $0 minimum balance
  • up to 3.65% APY
  • Fee range: $0-$35/month
  • $0 minimum balance
  • up to 3.65% APY

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Read more below to learn why we chose these options.

The 9 Best Checking Accounts For Businesses

The best business checking account has little to no fees, good transaction limits, strong rewards, and noteworthy features. Out of the dozens and dozens of checking accounts we looked at, here are the nine that stand out as the most worthwhile for businesses.

How The Best Business Checking Accounts Compare

ACH FeeAPYChecking Cashback RewardsOpening DepositForeign Transaction FeeOverdraft Fee
Square Business Banking1%NoneNone$00%N/A
Grasshopper Bank$0up to 1.80%1%$00%$0
BluevineNone ($10 for same-day ACH transfers)up to 4.00%None$0Varies$0
LendingClub0%up to 1.50%1%$1000.90% (plus 0.20% currency conversion fee)$0
Axos Bank$0up to 1.01%NoneVaries ($0-$100)1%None
Bank Of America Business BankingVariesNoneNone$1003%$10-$35
Found$0 (1.75% for instant deposit)up to 1.5%None$0Varies$0
Lili$0NoneVaries$00%None (covers overdrafts up to $200)

Square Business Banking: Best For Instant Access Funds

Square Business Banking

Total Rating 3.8
Fees & Rates3.5

Services5.0

Rewards2.7

Features2.9

Eligibility Requirements4.3

Application Process4.6

Sales & Advertising Transparency3.9

Customer Service4.4

User Reviews4.3

Monthly Fee Range

$0/month

APY Range

1.75%

Account Types Offered

Checking and savings accounts

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

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

Square Business Banking Yield and Cashback Value
Checking APY None
Savings APY 1.75%
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

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.

Here are the most recent fees:

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 1%
Incoming Domestic Wire Transfer Fee N/A
Outgoing Domestic Wire Transfer Fee N/A
Incoming International Wire Transfer Fee N/A
Wire Transfer Fee Start Point N/A
Wire Transfer Fee Range N/A
Cash Deposit Fee N/A
Foreign Transaction Fee 0%
Excessive Transactions Fee None
Stop Payment Fee None

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

Get Started With Square Business Banking

Read our in-depth review

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Grasshopper Bank: Overall Best Checking Account For Small Businesses

Grasshopper Bank

Total Rating 4.0
Fees & Rates4.5

Services3.6

Rewards3.9

Features3.7

Eligibility Requirements3.9

Application Process4.7

Sales & Advertising Transparency3.2

Customer Service4.3

User Reviews3.1

Monthly Fee Range

$0/month

APY Range

up to 3.30% for savings; 1.80% for checking

Account Types Offered

Checking accounts, savings accounts

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 offers APY on its checking accounts and cashback. Add in unlimited transactions, no monthly fees, no overdraft fees, and a slew of unique features like automated savings and invoicing, and it's no wonder Grasshopper makes the top of the list.

Grasshopper Benefits & Features

Here are Grasshopper’s benefits:

Grasshopper Bank Yield and Cashback Value
Checking APY up to 1.80%
Savings APY up to 3.30%
CD APY N/A
Treasury Account APY N/A
Checking Cashback 1%

You can find these 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 $0 minimum deposit when you open your checking account, and you will have to pay some fees for certain transactions:

Here is a list of all known 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 $25
Incoming International Wire Transfer Fee $5
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 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

Get Started With Grasshopper Bank

Read our in-depth review

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Bluevine: Best For High APY

Total Rating 3.8
Fees & Rates4.1

Services3.6

Rewards3.6

Features3.6

Eligibility Requirements3.7

Application Process4.0

Sales & Advertising Transparency3.9

Customer Service4.3

User Reviews4.2

Monthly Fee Range

$0-$95/month

APY Range

1.5%-4.00%

Account Types Offered

Checking account

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 1.5%-4.00%.

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.

Bluevine Benefits & Features

Here are Bluevine’s benefits:

Bluevine Yield and Cashback Value
Checking APY up to 4.00%
Savings APY N/A
CD APY N/A
Treasury Account APY N/A
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 1.5% APY with balances up to $250,000
Bluevine Plus Checking $30/month (waivable) If you want a business checking account with 3.0% APY
Bluevine Premier Checking $95/month (waivable) If you want a business checking account with 4.00% 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
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 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

Get Started With Bluevine

Read our in-depth review

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LendingClub: Best For Cash-Back Rewards

Total Rating 4.3
Fees & Rates3.9

Services5.0

Rewards4.2

Features4.0

Eligibility Requirements5.0

Application Process5.0

Sales & Advertising Transparency3.9

Customer Service4.4

User Reviews4.2

Monthly Fee Range

$0-$10/month

APY Range

up to 3.35%

Account Types Offered

Checking and high-yield savings accounts

Pros

  • High APY
  • Cash rewards
  • Includes business checks
  • Monthly fees are waivable

Cons

  • Requires $0 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 3.35% APY, plus unlimited ATM rebates.

LendingClub Benefits & Features

Here are LendingClub’s benefits:

LendingClub Yield and Cashback Value
Checking APY up to 1.50%
Savings APY up to 3.35%
CD APY N/A
Treasury Account APY N/A
Checking Cashback 1%

You can find these features:

LendingClub 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

LendingClub Fees

LendingClub Plans Price  When To Use
Tailored Checking Account $10/month (waivable) If you want a business checking account that offers both APY earnings and cash-back rewards
Business High-Yield Savings $0 If you want to earn higher APY on your savings

LendingClub has 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:

LendingClub Category Fees Value
Monthly Fee Range $0-$10/month
Monthly Checking Fee $10/month (waivable)
Monthly Savings Fee $0/month
ATM Fee $0
Overdraft Fee $0
ACH Fee 0%
Incoming Domestic Wire Transfer Fee $0
Outgoing Domestic Wire Transfer Fee $40
Incoming International Wire Transfer Fee $0
Wire Transfer Fee Start Point $0
Wire Transfer Fee Range $0-$40
Cash Deposit Fee $0
Foreign Transaction Fee 0.90% (plus 0.20% currency conversion fee)
Excessive Transactions Fee $10
Stop Payment Fee $25

When To Choose LendingClub

  • If you want unlimited cash back rewards
  • 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

Get Started With LendingClub

Read our in-depth review

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Axos Bank: Overall Best Business Checking Account

Total Rating 4.0
Fees & Rates4.1

Services5.0

Rewards4.4

Features3.8

Eligibility Requirements4.6

Application Process3.4

Sales & Advertising Transparency2.2

Customer Service3.0

User Reviews2.1

Monthly Fee Range

$0-$10/month

APY Range

0.20%-4.01%

Account Types Offered

Checking, high-yield savings, CDs, and money market accounts

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

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

Here are Axos’ benefits:

Axos Bank Yield and Cashback Value
Checking APY up to 1.01%
Savings APY up to 4.01%
CD APY up to 0.20%
Treasury Account APY Unknown
Checking Cashback None

You can find these features:

Axos 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

Axos Fees

Axos Bank Plans Price  When To Use
Basic Business Checking $0/month If you want a basic business checking account with no monthly fees and unlimited transactions
Business Interest Checking $10/month (waivable) If you want a business checking account with APY earnings and unlimited transactions
Business Premium Savings $0/month If you want a business savings account with one of the highest APY rates on the market

In terms of other fees, you’ll find:

Axos Bank Category Fees Value
Monthly Fee Range $0-$10/month
Monthly Checking Fee $0-$10/month
Monthly Savings Fee $0/month
ATM Fee Varies (ATM fees fully refunded for domestic use)
Overdraft Fee None
ACH Fee $0
Incoming Domestic Wire Transfer Fee $15
Outgoing Domestic Wire Transfer Fee $50
Incoming International Wire Transfer Fee Varies
Wire Transfer Fee Start Point $7
Wire Transfer Fee Range $7-$50
Cash Deposit Fee $0
Foreign Transaction Fee 1%
Excessive Transactions Fee $10
Stop Payment Fee $35

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 Axos Bank

Read our in-depth review

Jump back to comparison chart

Bank Of America Business Banking: Best For Branch Access

Bank Of America Business Banking

Total Rating 3.6
Fees & Rates3.1

Services5.0

Rewards1.5

Features4.4

Eligibility Requirements4.6

Application Process4.7

Sales & Advertising Transparency3.2

Customer Service2.9

User Reviews3.1

Monthly Fee Range

$0-$29.95/month (waivable)

APY Range

0.01%-0.04%

Account Types Offered

Checking and savings accounts

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

Here are Bank Of America’s benefits:

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

You can find these features:

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 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

In terms of other fees, you’ll find:

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 ($5 for out-of-network ATMs)
Overdraft Fee $10-$35
ACH Fee Varies
Incoming Domestic Wire Transfer Fee Varies
Outgoing Domestic Wire Transfer Fee Varies
Incoming International Wire Transfer Fee Varies
Wire Transfer Fee Start Point Unknown
Wire Transfer Fee Range Unknown
Cash Deposit Fee Varies
Foreign Transaction Fee 3%
Excessive Transactions Fee $0.45/each
Stop Payment Fee $30

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

Get Started With Bank Of America Business Banking

Read our in-depth review

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Found: Best For Freelancers

Total Rating 3.9
Fees & Rates4.6

Services3.6

Rewards2.7

Features3.9

Eligibility Requirements3.9

Application Process3.7

Sales & Advertising Transparency4.0

Customer Service4.3

User Reviews4.4

Monthly Fee Range

$0-$19.99/month

APY Range

up to 1.5%

Account Types Offered

Checking accounts

Pros

  • No monthly fees
  • Unlimited transactions
  • Great features for freelancers

Cons

  • Tax & bookkeeping features on paid plan only
  • No 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

Here are Found’s benefits:

Found Yield and Cashback Value
Checking APY up to 1.5%
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 $19.99/month If you want more advanced bookkeeping features and automations while unlocking APY earnings

In terms of other fees, you’ll find:

Found Category Fees Value
Monthly Fee Range $0-$19.99/month
Monthly Checking Fee $0-$19.99/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 N/A
Incoming International Wire Transfer Fee N/A
Wire Transfer Fee Start Point $0
Wire Transfer Fee Range $0
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 little to no banking fees
  • You need cash deposits (but no more than $4k/month)

Get Started With Found

Read our in-depth review

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Lili: Best Checking Account With Accounting

Total Rating 4.1
Fees & Rates4.0

Services5.0

Rewards3.3

Features3.6

Eligibility Requirements4.5

Application Process4.5

Sales & Advertising Transparency4.9

Customer Service4.1

User Reviews2.9

Monthly Fee Range

$0-$35/month

APY Range

up to 3.65%

Account Types Offered

Checking and high-yield savings accounts

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

Here are Lili’s benefits:

Lili Yield and Cashback Value
Checking APY None
Savings APY 3.65%
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 Basic $0/month If you want a free business savings account and checking account with no fees but limited perks
Lili Pro $9/month If you want to add cash-back checking rewards and APY earning on savings
Lili Smart $20/month If you want to add smart bookkeeping and financial reporting to your cash-back checking and high-APY savings account
Lili Premium $35/month If you want to add a dedicated account specialist and priority support to your Lili accounts

In terms of other fees, you’ll find:

Lili Category Fees Value
Monthly Fee Range $0-$35/month
Monthly Checking Fee $0-$35/month
Monthly Savings Fee $0-$35/month
ATM Fee $0
Overdraft Fee None (covers overdrafts up to $200)
ACH Fee $0
Incoming Domestic Wire Transfer Fee $0
Outgoing Domestic Wire Transfer Fee N/A
Incoming International Wire Transfer Fee N/A
Wire Transfer Fee Start Point $0
Wire Transfer Fee Range $0
Cash Deposit Fee $0
Foreign Transaction Fee 0%
Excessive Transactions Fee None
Stop Payment Fee None

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

Read our in-depth review

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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 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:

  1. 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.
  2. 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.
  3. 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.
  4. Your Business’s History & Structure: Each bank has slightly different eligibility requirements, so you’ll need to make sure you
  5. 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
  6. 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

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.
Chelsea Krause
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