New to Investment Firms?


Already have an account?

What Are the Best Business Checking Accounts?

If you own a business, you’ll need a business checking account. Not only do these checking accounts make it easier to get an understanding of your cash flow, they are a necessity to receive money from customers and pay vendors. With so many options out there to choose form, finding the right business checking account may be tricky.

You’ll want to consider all the variables that go into finding the right account, including fees and convenience. We’ve scanned the market place and here is our list of the best business checking accounts. 

How Do Business Checking Accounts Work?

Before diving into the list, let’s take a step back and review how business checking accounts work. Simply put, a business checking account functions just like a personal checking account.

Money will be deposited into the account and the business can spend that money as they please, on what they please. The same FDIC or NCUA insurance applies to a business checking account, your money is 100% protected up to $250,000. 

What Makes a Good Business Checking Account?

There are a few factors that go into making a good business checking account. 


Most business checking accounts have fees associated with the opening or maintaining the checking account. Finding a bank/credit union with low fees will help keep more profit in your business! 


Without question convenience is a major factor when it comes to finding the right checking account. If you need to make nightly deposits via the drop box, you’ll want to find a bank that offers that service. 

Interest Rate

Who doesn’t want to earn money on their existing money? Partnering with a bank that offers a competitive annual percentage rate, or APR, is another factor one must consider. 

Best Business Checking Accounts

Now, for the moment you’ve been waiting for, let’s explore some great choices for business checking accounts. 

Chase Business Complete Checking Account

Chase Bank has a business division known as ‘Chase for Business’. There are tremendous benefits to using Chase Bank as your business partner. 

Best For

A Chase bank business checking account is a great option for those who bank at Chase for their personal banking needs. Additionally, businesses that are already established will see numerous benefits for banking at chase. 


Chase Bank has over 4,700 brick and mortar branches, and more than 16,000 ATMs. If you are depositing cash, you won’t have a problem finding a location to do so.

Additionally, having your personal and business banking live under one roof is very convenient. 

Various fees can be waived if you meet the minimum daily balance requirement, which is $2,000. 


For businesses just starting out, they may be faced with more fees than more established businesses. Meeting the minimum daily balance requirement may be a challenge. 

If you are doing hundreds of transactions per month, you’ll also be faced with fees which will quickly erode some of your profitability.   

Pricing or Fees

As mentioned above, Chase for Business has numerous fees associated with their business checking account. There is a $15 per month maintenance fee if your account doesn’t meet minimum requirements. There are also overdraft fees and transaction fees. 

Star Rating

Although catered to more established businesses, Chase for Business is a solid banking option. All in all, Chase receives a 4.5 star rating. 

BlueVine Business Checking

BlueVine is an online bank created for small businesses. The bank was established in 2013 and has been saving small businesses money every year since. 

Best For

BlueVine is a great business banking option for small businesses. The small eCommerce retailer, anyone in the trades, or a small retail store can all benefit from a BlueVine business checking account. 


First and foremost, a BlueVine business checking account does not have any fees! That is a huge advantage for small businesses. Every dollar saved is felt and drops right to the bottom line.

Additionally, BlueVine provides a 1% APY on your account balance from $1-$100,000. That’s money you’ll earn risk free! 

Last but not least, creating an account is simple and their mobile banking app is easy to use. 


There are no physical locations. Although depositing money can still be done, and BlueVine typically works with you on the fee to do that at another bank, it’s just one extra step you’ll have to take. 

Additionally, BlueVine does not offer customer service on the weekends. If you’re a small business owner who is occupied during normal business hours Monday-Friday, this can be problematic. 

Last but not least, BlueVine does not offer a savings account. All your money for the business will need to be kept in a checking account or transferred to another bank. 

Pricing or Fees

BlueVine is one of the most cost effective business banking options. Unless you’re depositing cash at a secondary bank and transferring to BlueNile, you won’t have to worry about fees. 

Star Rating

Despite their attractive fee policy, the lack of customer service on the weekend is a problem for many small businesses. With that in mind, BlueVine receives a 3.5 star rating. 

Novo Business Checking

Bank Novo was founded in 2016 and specializes in business banking. This online bank is convenient and comes with a wide range of perks and benefits. 

Best For

Considering this bank is 100% online, it’s really catered for those businesses that do not deal with cash transactions. If you operate within the eCommerce space, you should certainly consider Novo Bank. 


Novo Bank does not charge a monthly maintenance fee, nor do they have a minimum balance requirement. Additionally, if you need to withdraw cash from the business, they will reimburse 100% of your ATM expense considering they do not have a brick and mortar presence. 


Despite how common online banks are becoming, there are still many businesses that receive a lot of cash transactions (for example, a hair salon or someone who works in the trades). Considering Novo Bank does not have a brick and mortar presence, depositing cash can be a massive inconvenience. 

Pricing or Fees

Novo Bank is one of the most competitive online business checking account options. Their fees are at an absolute minimum considering they do not charge a monthly maintenance fee nor do they have a minimum balance requirement. 

Star Rating

Considering the various benefits Novo Bank provides, we score it a 4 out of 5 stars. Without question, this is a great online business bank. However, withdrawing and depositing cash is something a business must consider. Even though Novo reimburses the ATM fees, there is typically a limit as to how much money one can withdraw from the ATM in a given day. 

AXOS Business Checking

AXOS bank is another 100% online bank that offers a variety of banking options. In particular, they have a basic business checking account that caters to the small business owner. 

Best For

AXOS’s Basic Business Checking account is a great checking account for the small business owner who doesn’t receive a lot of cash. If most of your customers pay via a credit or debit card, AXOS bank may be an option worth considering! 


Like all banks on the list, AXOS bank is fully FDIC insured. Additionally, their fee structure is flexible.

Account owners do not pay a monthly maintenance fee and will not have to meet the minimum balance requirement. Additionally, AXOS bank will reimburse any ATM fee you receive for withdrawing cash. 

The APR provided is above and beyond what typical brick and mortar banks will provide, coming close to 0.5%. 


All online only banks present the same challenges. If you need to withdraw or deposit cash, it will be an inconvenience.
In addition to the cash complexity you’ll have to overcome, AXOS bank requires a minimum of $1,000 opening depositing. This is on the higher end. 

Pricing or Fees

The fee structure from AXOS bank is quite attractive. There are no maintenance fees or minimum account balance requirements. 

Star Rating

AXOS bank is a great choice, and it’s becoming increasingly more popular to those businesses that do not deal with many cash transactions. However, not having a physical location can be a deterrent, and can present challenges when withdrawing or depositing money. For that reason, AXOS bank receives a 4.0 star rating. 

Bank of America 

Bank of America has locations all throughout the United States. They offer two business checking accounts, the Fundamentals and the Advantage. Both of these options are a common choice, and for good reason. 

Best For

Bank of America’s business banking option serves the small business and middle sized business market. The two different account flavors Bank of America offers cater to specific business needs and sizes. 


One of the most attractive aspects to banking with Bank of America is the fact that they are nationwide and have plenty of brick and mortar locations. If you ever needed to speak to someone in person, deposit or withdraw cash, or set up a safety deposit box for your business, you’ll be able to do so with this bank. 

Additionally, Bank of America is a full service bank. Your mortgage, personal loan, car loan, business banking and personal banking can all be completed under one roof. This is a tremendous convenience that the online banks struggle to compete with. 


It’s no secret, Bank of America is known for their higher fee structure. These accounts can cost you $200 – $300/year. There are ways to have the fee waived, but the monthly balance must be over a specific amount, either $5,000 or $15,000 depending on what account you select. 

You will also be able to receive wire transfers with Bank of America, but those also come at a higher fee. 

Pricing or Fees

Similar to the above, the fee structure is not attractive with Bank of America. They fully recognize you pay for convenience, and they will charge you for that. The fees go a long way however. Between their live chat service, extended customer service coverage into the evening and weekends, and abundance of brick and mortar locations, it’s easy to see what you’re paying for. 

Star Rating

If you can look past the fee and see everything Bank of America has to offer, it should come as no surprise it’s ranked highly on this list. All in all, Bank of America’s business banking option has a 4.5 star rating. 


If you own a business, you understand how important it is to have a checking account. Between paying vendors, employees, and receiving deposits from customers, you need a single account to manage all your cash inflows and outflows. Selecting the right business checking account is a bit more difficult. There are so many options to choose from, each of them with their own pros and cons. Be sure to find an option that’s best suited for you and your business, and that’s also affordable. 

Working with a professional financial advisor is something all business owners should do. Diversifying your income/creating numerous income streams, and hedging against risk is something financial advisors can help you with. Additionally, many people who are self employed struggle to find a great retirement option. A professional financial advisor will help you protect your money today, and save for an enjoyable retirement at the same time!