If you are looking for the best business checking accounts, you are in luck because there are quite a few excellent options on the market right now. Doing your research ahead of time will help you find the best business checking account.
It wasn’t always the case, but you can find a variety of free business checking accounts. Nowadays, many banks offer free business checking accounts with no minimum balance requirements and no monthly fees. Fees were almost always charged to a business account. Many banks now offer free business accounts. Small businesses and side hustlers were frustrated by this. Many felt that they had no other choice but to accept the situation and not make any changes.
If you are looking to cut your business banking costs, or if you are starting a new business and don’t need all the extra perks paid accounts offer, opening a free business checking account could be the right move. Many free business checking accounts offer additional services such as online banking and electronic payments, so you can manage your finances without ever leaving the comfort of your own home.
For anyone looking to move their business banking forward, the accounts below offer some excellent features.
Top 9 Best Business Checking Accounts For 2023
Here are the best business checking accounts you can open today:
- Bluevine: Best Overall
- Axos Bank Basic Business Checking
- Novo’s Free Business Checking
- Chase Business Checking Accounts
- NorthOne Business Checking
- U.S. Bank Silver Business Checking Package
- Citizens Bank Clearly Better Business Checking
- Navy Federal Business Checking
- Huntington 100 Checking
1. Bluevine
BlueVine is an online-only business bank founded in 2013 with a focus on business that are growing. The platform has a bank account, lines of credit and business loans. They are committed to offering the highest rates of return on their business checking account. They are dedicated to helping businesses grow and succeed financially and their customer service is top-notch.
The Business Checking account is only offered by BlueVine. A variety of features make the BlueVine Business Checking account an attractive option for businesses. The account has no minimum balance requirements or monthly service fees, and you can earn up to 2% on balances up to $100,000. It’s a great choice for anyone who wants to maximize their savings.
BlueVine Business Checking has the ability to schedule one-off or recurring payments. You can manage your business finances on the go with a mobile app. The account comes with a MoneyPass ATMs have fee-free withdrawals and two free checkbooks.
All of BlueVine’s accounts are insured by the Federal Deposit Insurance Corporation. BlueVine customers can rest assured that their funds are safe and secure.
2. Axos Bank Basic Business Checking
If you need a basic business checking account, Axos Bank offers one of the best free business checking accounts on the market. The Axos Bank Basic Business Checking account is ideal for a side hustler or a small business owner who has simple banking needs.
Many of the competitors who charge a monthly fee don’t beat that number, so it’s pretty awesome that you’ll get up to 200 free transaction items per month. If you need more transactions per month, you can upgrade your plan.
The transaction cost after the first 200 will be less than what other banks charge. It is possible to save money on transaction costs by using this method. You can use the surcharge-free ATM network nationwide. It means you don’t have to worry about expensive fees when you access your funds.
The minimum opening deposit is $1,000 and the account can only be managed online. It is best for account holders who do not need to make cash deposits. There are other accounts that may better suit the needs of those who need to make cash deposits.
If you sign up for a new account with the promo code NEWBIZ200, you can earn a $200 bonus. The offer must be used by the end of the month.
3. Novo Bank Business Checking
Novo Bank has created another great option for digital business owners who want a mobile-first business bank account.
If you just want an app to manage your business cash flow that is separate from your personal finances, this is a great deal. You can access your funds from anywhere in the world.
You would need $50 to open an account, and you would need to transfer the funds from another bank through the app. You will have access to their suite of financial services once you open your account.
You will not be able to deposit cash or send wire transfers with this account. Small businesses look for an easy and convenient way to manage their finances. You can get FDIC insurance up to the $250,000 limit. If the bank fails, your money is still protected up to $250,000.
4. Chase Business Checking Accounts
Small business owners can use the Chase Business Complete Banking account. It comes with no monthly fees or minimum balance requirements, making it an ideal choice for anyone looking to make their banking easier and more efficient.
There are ways to waive the fee. Additional discounts may be available to further reduce or even eliminate the monthly fee for those who qualify.
It has 100 transactions per month at no charge, unlimited electronic deposits, and $5,000 in cash deposits per statement cycle. Free mobile check deposits and bank-to-bank transfers are also offered.
I recommend Chase so highly because it combines online banking with a wide network of in-person banking services — more than 4,700 branches and 16,000 ATMs.
For a limited time, new customers can receive a $300 bonus after completing qualifying activities. Click here to learn more.
5. NorthOne Business Checking
NorthOne is an online-only newcomer aimed at small businesses. NorthOne promises to provide a comprehensive suite of features and services, as well as personalized customer support, to meet the needs of modern businesses.
They have a highly rated mobile app that is tech-focused. Customers can easily manage their accounts and make payments with the app. They offer integrations with your accounting, eCommerce and point-of-sales tools to help streamline your business and eliminate manual data-entry. The integrations make it easier to manage your business and keep track of your finances.
NorthOne has a network of 300,000 ATMs that you can use to withdraw or deposit cash. You can transfer money between your accounts at NorthOne’s 300,000 ATMs.
You can have dedicated buckets for taxes, payroll, maintenance or capital expenses with unlimited sub-accounts.
Depending on your business, the sub-accounts, ATM deposits, and more extensive integrations might be important advantages over Novo Bank. A number of features and benefits, such as free transfers, no minimum balance requirements, and a user-friendly mobile app, make it an attractive choice for many businesses.
You can open an account with $50. Once your account is open, you can invest immediately and take advantage of the many benefits it has to offer.
6. U.S. Bank Silver Business Checking Package
The U.S. is an excellent option for small businesses with limited banking activity. Businesses that don’t want to pay a monthly fee can use the Bank Access Online Checking account. The Bank Silver Business Checking account has no monthly service fees and up to 150 free transactions per month.
There are 25 free cash deposits per month and a 50% discount on first order checks with the account. Customers who need to make frequent cash deposits and need quick access to their funds can benefit from this account.
It is almost completely free, and there are no minimum balance or opening deposit requirements. It’s a great option for people just starting to explore the world of banking. You can manage your business needs on-the-go with the bank’s app. You can use the app to access your account information at any time.
7. Citizens Bank Clearly Better Business Checking
If you are looking for a bank that allows you to take out a business debit card not only for you but also for your employees, Citizens Bank Clearly Better Business Checking account may be just what you are looking for. You can get free online banking for your business.
There is no monthly service fee, minimum opening deposit or minimum account balance, and you get unlimited electronic transactions as well as your first 200 check transactions for free after that. You can manage your account anytime, anywhere with online and mobile banking.
If banking on the move isn’t the most important feature for you, then that shouldn’t stop you from using the bank’s mobile app. Online banking is one of the ways the bank can access your account from home. It has a lot of great features.
There are veterans of the U.S. The contributions of the armed forces should never be forgotten. armed forces, defense contractors, and Department of Defense employees can open a Small business owners can use the Navy Federal Business Checking account. Small business owners can use the Navy Federal Business Checking account to manage their finances on their own terms.
There is no service fee or minimum opening deposit, and you get an interest rate of 0.05% on all balances.
You can withdraw money for free from any of the Navy Federal ATMs and the Co-op Network ATMs. You can make deposits at both Navy Federal ATMs and the Co-op Network ATMs.
The first 30 non-electronic transactions are free of charge. Customers don’t have to worry about added fees when using their cards.
9. Huntington 100 Checking
Do you want the interest on your balance to be paid? If that’s the case, you may want to open a business checking account. Huntington Bank has 100 Checking. Flexible account access is one of the great features of Huntington Bank’s 100 Checking. There is no minimum opening deposit requirement, and you can earn an interest rate of 0.05% on all balances. You won’t have to worry about charges or hidden fees.
You won’t retire early on that interest rate, but it beats the basic savings account rates at many traditional banks. It’s a great way to start saving for retirement.
If your total balance is at least $5,000, you can avoid the $5 monthly maintenance fee. You have to keep a minimum balance of $5,000 in order to avoid the monthly maintenance fee.
How To Find The Best Business Checking Account for You
Even the bank accounts that charge a fee let you waive them, as you can see. Many of these accounts have additional benefits such as a free rewards program or access to a variety of financial services.
The features that are most important for your business or side hustle are what you should consider when looking for a business checking account. It’s important to compare checking account options to find one that works for you.
For example, if you keep a large balance, look for an account that pays interest (although you will owe taxes on it). A digital bank can save you money and time if you sell online. Digital banks offer reliable, secure solutions that make it easier than ever to manage your business. If you make a lot of small transactions, pay attention to how many free transactions your checking account allows each month.
Maybe you need an extra card for your business partner because you are traveling the world at the same time? Setting up a virtual card is a great option for on-the-go banking.
Here’s my point: Each bank offers distinctive features – so make sure you make an informed decision.
The best small business checking accounts should have no minimum opening deposit and no monthly fee to help you save on the costs of business banking, but many banks offer that plus other excellent features. The best small business checking accounts should have a good rate of return on excess funds as well as access to a variety of online banking services.
