Best Business Checking Accounts for December 2024

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With a business checking account, you can keep your personal and professional transactions separate.

We’ve listed our top picks for business checking accounts offered by banks and credit unions. All, with the exception of Chase Business Complete Checking have no monthly service fees, but keep in mind that Chase offers many ways to waive the fee.

Compare the Top Business Checking Accounts of 2024

Many of the best business checking accounts are free checking accounts, meaning they don’t charge monthly service fees. Top business checking accounts also have high free transaction limits. 

To help you narrow down the best choice, we also highlighted why each of our top picks may be an appealing option. For example, we have a top pick for people who prefer an in-person banking experience, earning interest on checking balances, or easily accessible ATM access. 

Best for a Well-Rounded Option: Axos Bank Basic Business Checking Account

The Axos Bank Basic Business Checking Account is a well-rounded option. It has a large ATM network, and if you use an out-of-network machine, Axos refunds all fees charged by an ATM provider. You may also be eligible for a cash bonus of up to $400 if you meet certain requirements.

Keep in mind there’s a $50 international wire transfer fee. However, most banks charge a similar international wire transfer fee.

Max. monthly transactions: Unlimited

Minimum opening deposit:$0

Best for Earning Interest: Bluevine Business Checking Account

The Bluevine Business Checking Account lets you open an account with $0. You’ll earn 1.50% APY on up to $250,000 when you meet one of the monthly eligibility requirements. This sets the account apart from the others on our list, which don’t pay interest at all. It is also one of the few online business checking accounts that give you a way to deposit cash.

You won’t be able to earn interest on balances over $250,000 unless you join the Premier plan which has a $95 monthly fee with options to waive. You’ll earn 4.25% APY with the Bluevine Business Checking Premier Account.

Bluevine is also offering a $300 bonus when you open a new Bluevine Business Checking Account before 12/31/24 using the referral code CA300 and complete qualifying activities. To get the bonus, customers must add funds within 30 days. Then, they’ll need to meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:

• Deposit $5,000 or more from eligible merchant services to your Bluevine account
• Make $5,000 or more of outbound payroll payments from your Bluevine account using eligible payroll providers
• Spend at least $2,000 with your Bluevine Business Debit Mastercard and/or Bluevine Business Cashback Mastercard

Bluevine also doesn’t have physical locations, so you might not have easy access to your account.

Max. monthly transactions: Unlimited

Minimum opening deposit:$0

Best for a Brick-And-Mortar Bank: Citizens Bank Clearly Better Business Checking Account

The Citizens Bank Clearly Better Business Checking Account is a business checking account with no minimum balance requirements. Citizens Bank also gives you two overdraft protection options: Either transfer money from savings or tap into a line of credit.

Citizens Bank has more than 1,000 branches and 3,100 ATMs along the East Coast.

You’ll pay $3 each time you use a non-Citizens Bank ATM, plus any fee charged by the ATM provider. Citizens Bank only has branches in 14 states and Washington, DC, so this could be a problem if you frequently travel to other parts of the U.S.

Max. monthly transactions: 200

Minimum opening deposit: $0

Citizens Business Bank Review

Best for an Online-Only Banking Experience: NBKC Business Checking Account

The NBKC Business Checking Account account gives you a lot of freedom. There’s a $0 minimum opening deposit, no monthly service fee, and no overdraft fees. NBKC is a great option for avoiding domestic wire transfer fees. You won’t get charged for incoming domestic wire transfers, and there’s a low fee for outgoing domestic wire transfers.

If you use a non-MoneyPass ATM and the ATM provider charges a fee, NBKC reimburses you up to $12 per month.

This is primarily an online account, but there are branches in Kansas City, Missouri. NBKC also only gives business loans to people in the Kansas City area.

Max. monthly transactions: Unlimited

Minimum opening deposit: $0

Best for ATM Access: American Express Business Checking

American Express Business Checking stands out because you can make fee-free withdrawals at AllPoint and MoneyPass ATMs. These are two large ATM networks, so you’ll have access to over 70,000 ATMs nationwide.

This business checking account is also a good option because there are no fees for incoming domestic and international wire transfers, non-sufficient funds, or stop payments. You can earn 1.30% APY on the first $500,000 in your account, too.

Max. monthly transactions: Unlimited

Minimum opening deposit: $0

American Express Business Checking Review

Best eco-friendly option: Climate First Bank NetZero Business

The Climate First Bank NetZero Business Checking account is a low-fee business checking account offered by an eco-friendly bank. Climate First Bank is a Florida-based bank with online banking features, and its business checking account has no monthly service fee and unlimited monthly transactions. The bank is a Certified B Corporation, a member of 1% For The Planet, is a GA BV member, and is fossil-free certified.

The bank has a sizeable minimum opening deposit of $50. Also, all of its branches are based in Florida — if you want to bank in-person, but don’t live in Florida, one of our other picks might be a better choice for you.

Max. monthly transactions: Unlimited

Minimum opening deposit: $50

Best for 24/7 customer service: Chase Business Complete Checking

The Chase Business Complete Checking account is a good option if you’re looking for 24/7 customer service. It also has a strong minimum opening deposit of $0, and you can earn a $300 bonus for opening the account if you deposit $2,000 in new money within the first 30 days of opening the account, maintain that balance for 60 days, and make 5 transactions within 90 days.

It does come with a $15 monthly service fee. You can waive it several ways, such as by keeping a $2,000 minimum daily balance, meeting military banking requirements, or through various linked accounts. You can make unlimited debit card purchases and ATM transactions with this account, but you’re limited to 20 free deposits and withdrawals using a teller or check each month, along with $5,000 in cash deposits each month. Going over 20 deposits and withdrawals in this manner each month will cost you $0.40 each.

Max. Monthly Transactions: Unlimited for debit card, 20 for deposits and withdrawals using tellers and checks, $5,000 in cash deposits

Minimum opening deposit: $0

Best credit union: Digital Federal Credit Union Free Business Checking

Digital Federal Credit Union is one of our top picks for the best banks and credit unions in Massachussetts. The Digital Federal Credit Union Free Business Checking account has no monthly service fee and a $0 minimum opening deposit, making it a low-fee business checking account. In addition, you can earn interest on balances above $0.01 of 0.10% APY and have enhanced FDIC protection up to $2,750,000 through the Business Earn More program, although you can only have one business checking account with those features per customer.

For the most part, you get unlimited transactions; however, you’re limited to 20 free deposits a day. You’ll pay $0.10 for each daily deposit over 20. Also, while Digital Federal Credit Union is a credit union anyone can join, if you don’t live in Massachusetts, you’ll probably have to pay a fee to join.

People who live, work, worship, or go to school in certain parts of Massachusetts, people with family members who are part of the credit union already, or people who work for one of the credit union’s Select Employer Groups won’t have to pay a fee to join. If you don’t meet those requirements, you can join one of Digital Federal Credit Union’s eight affiliated organizations to be eligible. Costs to join these organizations range from $10 to $120.

Max. monthly transactions: Unlimited, except for deposits, which are 20/day

Minimum opening deposit: $0

Business Bank Trustworthiness and BBB Ratings

We review the ethics of each company so you can see if a specific financial institution aligns with your values.

We also include the settlement history of the last three years, so you’re aware of any recent public controversies involving the bank.

The Better Business Bureau grades companies based on responses to customer complaints, advertising, and transparency about business practices. Here are the BBB scores for our top picks:

Citizens Bank has a B+ grade because the BBB says government action has been taken against the business and the bank has taken a long time to respond to customer complaints.

The BBB gave American Express an NR (No Rating) because it is responding to previously closed complaints.

Climate First Bank has an A rating from the BBB. The BBB doesn’t list the reason for this rating, but it could be because the bank hasn’t been operating for very long — only three years.

Some of these companies have recent public controversies.

The Consumer Finance Protection Bureau filed a lawsuit against Citizens Bank and claimed that the bank denied customers’ claims of unauthorized credit card use and billing mistakes, didn’t fully refund customers when they reported fraud, and didn’t properly respond to customers when they contacted Citizens Bank about these issues.

In 2022, American Express paid $430,500 in a settlement with the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC). In the settlement, OFAC accused the bank of processing transactions on an account where the supplemental cardholder was linked to illegal drug distribution and money laundering.

In 2023, JP Morgan Chase was required to pay $75 million in a settlement with the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein’s sex trafficking operation.

If these recent scandals worry you, you may decide to bank with one of our other top picks.

Criteria for a Great Business Checking Account

Below, you’ll find our top picks for business checking accounts. To determine the best checking accounts for small businesses, we reviewed each account to ensure they did not charge high monthly service fees and had minimal fees for other common bank charges. We narrowed our options further by assessing opening requirements and how many free transactions you can make monthly with an account. We also ensured that each account was either FDIC-insured or NCUA-insured, depending on whether it was a bank or a credit union. Some of our choices even offer enhanced FDIC insurance through insured cash sweeps.

We reviewed over a dozen financial institutions to find the best business checking accounts with no or low monthly bank maintenance fees. 

Business Checking Account Features to Consider

Transaction Limits and Fees on Business Checking Accounts

Banks can limit how many monthly transactions you can make on a business checking account. You’ll be charged a fee for each transaction that surpasses the limit.

Monthly transaction limits on business checking accounts are more likely to occur at brick-and-mortar banks than online banks. If you want to avoid transaction fees, there are some banks that allow unlimited monthly transactions, some of which are in our top picks.

ATM Network and Fees on Business Checking Accounts

Banks can charge you for using an ATM that isn’t in their network. If you frequently travel for your business and utilize ATMs, look for a bank that has a national ATM network or offers reimbursements for ATM fees.

Additional Banking Services on Business Checking Accounts

The type of bank you choose can also impact your access to additional banking services. For example, brick-and-mortar banks tend to offer a greater variety of business loans or business credit cards than online banks and banking platforms. If you’re interested in opening a business savings account or business CD, you can also check to see if those types of bank accounts are available at a specific financial institution.

Bookkeeping, Payment Processing, and Invoicing Tools and Integration on Business Checking Accounts

Some financial institutions offer recordkeeping, payment processing, and invoicing tools, either built-in to your mobile banking app or integrated using other software. If you want an all-in-one banking software that allows you to draft and send invoices, keep track of all of your finances, make and receive payments, and manage your money in one place, a business checking account with those features can come in handy.

Check what tools come with your account, or see if your account integrates easily with accounting software like QuickBooks or software that offers merchant services. If this is something you’re interested in, you can also check out small business tax software to help you file taxes for your business.

How to Open a Business Checking Account

If you’re interested in opening a business checking account, here is the documentation you’ll need to apply:

• Social Security number (if you have a sole proprietorship) or employee identification number (if you have a partnership or corporation)
• Personal identification, like a driver’s license or passport
• Business license (It varies depending on the type of business you have. You may need both federal and state licenses.)
• Basic business documentation (You should have a document that explains the formation of your business and what it does. If there are several owners, there should be an ownership agreement.)

The top banks for immigrants and non-U.S. citizens allow you to provide a foreign passport or Matricula Consular as personal identification if you don’t have a U.S. ID to open a bank account. 

Keep in mind that opening a business bank account online may require additional authorization forms. For example, if there are multiple business owners, you might need to fill out an authorization form since you’re not verifying your identity in person.

Credit Unions and Business Checking Accounts

Choosing to open a business checking account with a credit union instead of a bank can help both you and your community. Credit unions are member-owned, which means any profits credit unions make go back to you in the form of lower monthly service fees, better handling of cash deposits, and more permissive transaction limits.

Because credit unions limit who can join, they can more easily help specific communities through better loans, interest rates, and programs. Many credit unions are community development financial institutions or minority depository institutions, like Black-owned credit unions; both CDFIs and MDIs help underserved communities have access to banking services that might otherwise be unavailable to them.

That being said, credit unions aren’t right for everyone. The best banks could potentially offer a greater range of services than a local credit union. Additionally, many credit unions require you to open a savings account with them and keep a small amount of money in it as part of membership, which could be frustrating if you’re only interested in opening one account with a credit union. Credit unions might also offer limited customer service hours and locations compared to big brick-and-mortar banks.

How We Reviewed Business Checking Accounts

To learn more about what makes a good account and how to choose the best fit, four experts weighed in.

Our experts focused on what will make a business checking account the most useful, including low fees, transaction limits, branch locations, and more. Here’s what they had to say about finding an account. (Some text may be lightly edited for clarity.)

How can someone choose the business checking account that’s right for them?

Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:

“Consider how you will use the bank account, and what features the account needs to have for you to run your business with ease. Here are a few examples of questions to think about:

“How much is your average account balance? If you are new and broke, you may not see the benefits of a business checking account with free services for balances over $100k.

“What types of transactions do you do the most? Do you write a lot of checks or do a lot of wire transfers? Whatever transactions you do the most, you want to make sure you choose a bank that will charge the least (preferably nothing) for these services.

“Do you want to be able to integrate your accounting software with your bank? If you, check your accounting software program to see how easily the program integrates with your potential bank.”

Roger Ma, CFP® professional and author of “Work Your Money, Not Your Life”:

“Someone may want to consider whether they value having a physical branch nearby. If so, they may prefer to use a brick-and-mortar bank instead of an online bank. In addition, someone should also consider their business’s other financial needs. Down the road, would they want to be able to work with the same bank to open a business credit card, open a line of credit, or get a business loan?”

What should someone look for in a brick-and-mortar bank?

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“How accessible it is. Where are the branches? And if I am to go out of town or something, how accessible is my money to me?”

Sophia Acevedo, banking editor, Business Insider

“If you’re more comfortable with a traditional bank experience, I would compare several nearby banks and see which accounts allow you to waive most fees. For example, with a business checking account, I would pay attention to monthly service fees, out-of-network ATM fees, and wire transfer fees.”

What should someone look for in an online bank?

Tania Brown, CFP® professional:

“With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?”

Mykail James, CFEI:

“What type of securities do they provide? Do they have two-factor identification? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”

Why You Should Trust Us: How We Reviewed the Best Business Checking Accounts

Business Insider’s personal finance team reviewed over a dozen financial institutions before selecting our top picks for business checking accounts. We prioritized business checking accounts with no or low monthly service fees.

Then, we looked at the minimum amount you need to open the account. We looked at how many free transactions you can make each month with an account. All our top choices let you make at least 200 monthly transactions, and many offer unlimited transactions.

To get a rating for our top business checking accounts, we rate each product with a score from zero to five across several categories. For business checking accounts, those categories are minimum opening deposit requirements, monthly service fees, transaction limits, ATM networks and fees, Customer support availability, mobile app ratings, ethics, and overdraft protection. Once each category has a score, we average those scores together to get the product’s final star rating, which can land anywhere from zero to five stars.

See our bank account rating methodology to learn more about how we rate bank accounts.

Business Checking Account FAQs