Most business bank accounts offer perks that don’t come with a standard personal bank account. To avoid any potential account opening delays, request a copy of your ChexSystems report and ensure all information is correct. If you spot a mistake, you can file a dispute to ChexSystems to get it fixed before opening a business checking account. Keep in mind that documentation may be required when filing a dispute.

• Banks that don’t charge monthly fees include Bluevine, U.S. Bank, Novo, Mercury, Grasshopper, Found, and Relay.
• Business CDs often pay higher interest rates than business MMAs, but the catch is that you lock in your cash for a fixed period of time.
• Most of these applications cover the basics of accounting from invoicing, payments and payroll.

At the end of the accounting period, the accountant must prepare the adjusting entries to update the accounts that are summarized in the financial statements. Interest for this account is compounded and credited monthly on the last day of each month. Our editors are committed to bringing you unbiased ratings and information.

Determine Eligibility for an Account With a Particular Bank

The bank also offers wider in-person access than many banks analyzed. This includes the Cash Flow Insight tools (Payables, Receivables and Accounting Software Sync), which require a $20 monthly subscription. Depending on your business needs and goals, high-yield business checking accounts may not be the right choice for you. A business checking account can provide a solid foundation for building a business. And since many of the accounts on this list are free, there’s no reason not to open one for your business. First Internet Bank also offers several business deposit accounts, including a savings account, money market account and CDs.

• We chose the Axos Bank Basic Business Checking account because it has no monthly maintenance fees, no minimum opening deposit or balance requirements and offers unlimited fee-free transactions.
• Some business owners open a business account at the same bank they use for their personal accounts.
• This includes holding money for tax payments, to protect against overdrafts or for saving money for emergencies.
• Lili is a financial technology company that provides banking services for businesses.
• New business checking customers can often get a bonus for opening an account and meeting certain requirements.

Business checking accounts tend to have additional money management features like payroll integrations, accounting integrations and merchant services to assist with day-to-day business finances. With three different types of business checking accounts, business savings accounts, credit cards, lines of credit, and POS and software solutions, Chase is a bank that can scale with your business. A business money market account is similar to a savings account in that it earns interest and provides a place to build up cash reserves. However, this type of account typically comes with some features of a checking account, such as an ATM card or paper checks, that offer easier access to your funds. Money market accounts may pay higher interest rates than savings accounts but can also have steep balance requirements.

EverBank Business Money Market

Ultimately, choosing the right bank is an individual decision based on what’s most important to you as a business owner, but that doesn’t mean the decision isn’t hard. That said, Axos Bank’s Basic Business Checking account doesn’t earn interest. It also doesn’t offer a long list of business tools or third-party integrations, although it is compatible with QuickBooks. Axos Bank is an online bank, so you won’t have access to branch banking.

How to open a business checking account online?

Business checking accounts serve the important purpose of helping you separate your personal and business finances. A business checking account can make it easier to track your income and expenses, file taxes and build legitimacy as a new business. Having your business’s revenue and expenses clearly separated into a business bank account may also help you qualify for business loans.

What banks offer free business checking accounts?

If you want to compare Chase’s business checking offerings, check out our article on all three Chase business checking accounts and choose the one that best meets your business needs. With more than 4,700 branch locations in 48 states and more than 16,000 ATMs, it is one of our top choices for the best banks for trucking businesses. This account is available to sole proprietors, corporations, LLCs, partnerships and non-profits, but only corporations, LLCs and sole proprietors can open an account online.

The higher your interest rate, the more you will earn on your savings. You can also add authorized users and set appropriate permissions. For instance, if you’re opening a business bank account for an LLC, multiple members of your organization education credit and deduction finder may need access. You can also set up other alerts, as well as establish recurring payments from your new business account. Additional business tools let you make one-time or recurring payments with ACH, wires and checks.

The best small business savings accounts with no fees and above-average interest rates

The First Internet Bank Do More Business Checking account is an unflashy interest-bearing checking account with no minimum deposit or balance requirements and no monthly maintenance fees. It doesn’t have transaction limits and reimburses up to $10 per month in ATM fees. Plus, you’ll have access to money management tools through the dedicated First IB Business Banking app. The LendingClub Tailored Checking account is one of the best business checking accounts for earning rewards and saving money. There are very few fees, and LendingClub partners with Autobooks for quick and easy digital invoicing and payments. You can also process unlimited transactions and get ATM fee rebates for out-of-network transactions.