The 10 best business checking accounts for August 2024
Ivana Pino is a personal finance expert who is passionate about creating inclusive financial content that reaches a wide range of readers from all types of backgrounds. She graduated from the S.I. Newhouse School of Public Communications at Syracuse University with a degree in Digital Journalism.
Cassie is the business and banking editor at Fortune Recommends. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.
Choosing the right checking account for your business will depend on what your financial needs are, the amount of money you intend to keep in your account, whether you want those funds to earn interest, if your business will require you to have over a certain number of transactions per month, and more.
To help make your decision a little easier, the Fortune RecommendsTM editorial team ranked more than 35 different business checking accounts across several major banks, credit unions, and financial technology companies (fintechs) and came up with a list of the top 10 picks. Read our full methodology here.
| Financial institution & account name | Monthly service fee | Best for | See details |
|---|---|---|---|
| Financial Resources Federal Credit Union: Free Business Checking | $0 | Business owners who don’t need all of the bells and whistles | Mehr erfahren |
| American Express National Bank: Business Checking | $0 | Business owners looking for a large bank that offers rewards and interest-bearing checking | Read our review |
| Mercury: Business Checking | $0 | Business owners who don’t need much one-on-one customer service | Mehr erfahren |
| Lili: Lili Pro | $15 | Business owners looking for a comprehensive financial platform for a small monthly fee | Mehr erfahren |
| NBKC Bank: Business Checking Account | $0 | Business owners looking for great customer service | Mehr erfahren |
| Relay: Business Checking | $10 | Business owners with multiple employees who need access to credit cards | Mehr erfahren |
| First Tech Federal Credit Union: Simple Business Checking | $6 | Business owners looking for rewards (but who are responsible about overdrafts) | Mehr erfahren |
| Grasshopper Bank: Innovator Business Checking Account | $0 | Business owners looking for a high APY on their checking account | Mehr erfahren |
| Bank of America: Business Advantage Fundamentals Banking | $16 | Business owners looking for brick-and-mortar service along with online banking | Read our review |
| Nav: Business Checking | $0 | Business owners looking to track where every penny is going | Mehr erfahren |
| [EDIT.MOBILE_TITLE] | |||
|---|---|---|---|
| Financial Resources Federal Credit Union: Free Business Checking | Mehr erfahren | ||
| Monthly service fee | $0 | ||
| Best for | Business owners who don’t need all of the bells and whistles | ||
| American Express National Bank: Business Checking | Read our review | ||
| Monthly service fee | $0 | ||
| Best for | Business owners looking for a large bank that offers rewards and interest-bearing checking | ||
| Mercury: Business Checking | Mehr erfahren | ||
| Monthly service fee | $0 | ||
| Best for | Business owners who don’t need much one-on-one customer service | ||
| Lili: Lili Pro | Mehr erfahren | ||
| Monthly service fee | $15 | ||
| Best for | Business owners looking for a comprehensive financial platform for a small monthly fee | ||
| NBKC Bank: Business Checking Account | Mehr erfahren | ||
| Monthly service fee | $0 | ||
| Best for | Business owners looking for great customer service | ||
| Relay: Business Checking | Mehr erfahren | ||
| Monthly service fee | $10 | ||
| Best for | Business owners with multiple employees who need access to credit cards | ||
| First Tech Federal Credit Union: Simple Business Checking | Mehr erfahren | ||
| Monthly service fee | $6 | ||
| Best for | Business owners looking for rewards (but who are responsible about overdrafts) | ||
| Grasshopper Bank: Innovator Business Checking Account | Mehr erfahren | ||
| Monthly service fee | $0 | ||
| Best for | Business owners looking for a high APY on their checking account | ||
| Bank of America: Business Advantage Fundamentals Banking | Read our review | ||
| Monthly service fee | $16 | ||
| Best for | Business owners looking for brick-and-mortar service along with online banking | ||
| Nav: Business Checking | Mehr erfahren | ||
| Monthly service fee | $0 | ||
| Best for | Business owners looking to track where every penny is going | ||
The 10 best business checking accounts of August 2024
Here’s our rundown of the top 10 business checking accounts, including the key figures you should know before you open an account. (Note: minimum opening deposits, APYs, and fees are up to date as of May 31, 2024, but are subject to change)
Financial Resources Credit Union
| Minimum opening deposit: | $25 |
| Monthly service fee: | $0 |
| Overdraft fee: | $30 |
| Free transaction limit: | Unlimited |
| APY: | 0% |
Why we picked it
The Financial Resources Credit Union’s business checking account doesn’t offer the same digital tools and business-related perks that some of the other accounts on our list do. However, this account does offer unlimited free transactions, no monthly service fee, and a low minimum opening deposit. For business owners who prefer banking with a credit union over a bigger bank, this account could be the right fit.
American Express National Bank
| Minimum opening deposit: | $0 |
| Monthly service fee: | $0 |
| Overdraft fee: | $0 |
| Free transaction limit: | Unlimited |
| APY: | 1.30% |
Why we picked it
While offering zero monthly fees, minimums, and unlimited transactions, American Express also provides customers with an interest-bearing account at 1.30% APY plus the opportunity to access membership rewards points when you use the Business Debit Card associated with your account. These points can be credited directly into your account or transferred to partners in the travel industry, including Delta Air Lines, Hilton, and Marriott. American Express also has an extensive ATM network of over 70,000 locations through Allpoint and MoneyPass.
Mercury
| Minimum opening deposit: | $0 |
| Monthly service fee: | $0 |
| Overdraft fee: | $0 |
| Free transaction limit: | Unlimited |
| APY: | 0% |
Why we picked it
Mercury was designed to streamline the financial side of things for startups and small businesses. It allows business owners to generate statements instantly, sync transactions with accounting software, schedule payments in advance, and more. It also provides credit cards, treasury portfolios, capital, and deals on partner products, such as Gusto and Slack. With no minimum or monthly service fees and unlimited transactions, this could be a great fit for a small business looking for a full-service option.
Lili
| Minimum opening deposit: | $0 |
| Monthly service fee: | $15 |
| Overdraft fee: | $0 |
| Free transaction limit: | Unlimited |
| APY: | 0% |
Why we picked it
The Lili Pro Business Checking account offers unlimited transactions and cash back options for a monthly fee of $15. It allows for fee-free ATM withdrawals at over 38,000 locations, invites users to get paid up to two days early, and provides fee-free overdraft coverage up to $200. The Lili Pro subscription also comes with a savings account with up to 4.15% APY as well as expense management tools.
Lili offers several other business checking options as well: The Lili Basic plan is free but doesn’t have the option to earn cash back, and the Lili Smart plan is $35 per month and comes with accounting and tax prep software options. Lili Premium is $55 per month and provides “priority support” and a dedicated account specialist on top of everything offered in the Lili Smart plan.
NBKC Bank: The NBKC Business Checking Account
| Minimum opening deposit: | $0 |
| Monthly service fee: | $0 |
| Overdraft fee: | $0 |
| Free transaction limit: | Unlimited |
| APY: | 0% |
Why we picked it
With no opening deposit, no monthly service cost, and no overdraft fees, NBKC could be a great option for a small business owner looking for an online solution with the perks of a real, full-service bank. With a focus on customer service, you can talk to an NBKC banker on the phone, via email, or in person if you live in the Kansas City area. Customers across the U.S. can also access over 37,000 fee-free ATMs through the MoneyPass network.
Relay: Business Checking Account
| Minimum opening deposit: | $0 |
| Monthly service fee: | $0 |
| Overdraft fee: | $0 |
| Free transaction limit: | Unlimited |
| APY: | 0% |
Why we picked it
Relay’s Business Checking account has no monthly fees and unlimited transactions. Customers can operate up to 20 separate checking accounts and 50 Visa debit cards with spending limits, so it’s easy to organize your money and know where it’s going. It can also be synced with QuickBooks or Xero to code and reconcile every transaction quickly, and Relay or Gusto for payroll data.
First Tech Federal Credit Union: Simple Business Checking
| Minimum opening deposit: | $100 |
| Monthly service fee: | $6 ($0 if your daily account balance is at least $1,000) |
| Overdraft fee: | $33 |
| Free transaction limit: | Unlimited |
| APY: | 0% |
Why we picked it
First Tech FCU offers a Simple Business Checking account with unlimited transaction limits and a low monthly service fee. Its Business Debit Mastercard allows customers to earn rewards points that can be redeemed for travel, merchandise, events, and gift cards, plus an ATM network of over 30,000 fee-free locations.
First Tech also offers a Business Dividend Checking account with a 0.10% APY for $15 per month (or $0 with a minimum daily balance over $5,000).
Grasshopper Bank: Innovator Business Checking Account
| Minimum opening deposit: | $100 |
| Monthly service fee: | $10 |
| Overdraft fee: | $0 |
| Free transaction limit: | Unlimited |
| APY: | Up to 2.25% |
Why we picked it
The Grasshopper Innovator Business Checking Account offers the highest APY of any institution on our list, making it a good choice for anyone looking to earn interest on their checking account. It also has unlimited transactions and $0 overdrafts, plus a Visa debit card that can earn unlimited 1% cash back on online purchases and integration with QuickBooks.
Bank of America: Business Advantage Fundamentals Banking
| Minimum opening deposit: | $100 |
| Monthly service fee: | $16, which can be waived by maintaining a $5,000 combined average monthly balance or… |
| Overdraft fee: | $10 (overdraft protection can be added as an optional service) |
| Free transaction limit: | 200 transactions per month, then 45 cents per item |
| APY: | 0% |
Why we picked it
Bank of America’s Business Advantage Fundamentals Banking account is ideal for small businesses who make frequent deposits thanks to the bank’s network of 16,000 fee-free ATMs. As a larger bank, Bank of America has brick-and-mortar locations as well as a strong online and mobile presence for business owners who prefer the best of both worlds. This business checking account also offers a suite of business management tools, including Zelle, a cash flow management system, QuickBooks integration, and more.
Nav: Business Checking
| Minimum opening deposit: | $0 |
| Monthly service fee: | $0 |
| Overdraft fee: | $0 |
| Free transaction limit: | Unlimited |
| APY: | 0% |
Why we picked it
Transactions through Nav can be separated automatically into multiple organized accounts and customers can issue employees their own virtual cards. Money can be sent across multiple accounts and divided out by category so you can see exactly where your money is going. With unlimited domestic automated clearing house (ACH) transactions, you can send money and schedule payments as often as you need to.
How to choose a business checking account
When selecting a business checking account, you’ll want to consider how the account will help you manage your finances more efficiently and how the fees, rates, and requirements could impact your overall profit. A few key considerations may include:
- Introductory offers: Some business accounts reward new account holders with a sign-up bonus. This shouldn’t be your only consideration but it’s an easy way to boost your earnings and offset any initial fees you may have to pay.
- Interest rates: You’ll likely see higher interest rates being offered on other banking products like a CD or high-yield saving account but, even so, some business checking accounts are interest-bearing and can help your balance grow while it’s sitting in your account. This can be a passive way for a business owner to supercharge their earnings.
- Transaction fees: Depending on the nature of your business, you may have a few transactions per month—or hundreds. Some financial institutions set limits on the number of fee-free transactions allotted for business checking accounts per month or statement cycle. Think carefully about how many transactions you anticipate per month and whether the account you’re considering will meet those needs or end up costing you more down the line. If you anticipate having upwards of 500 transactions per month, you’re likely better off with a business checking account that offers unlimited free transactions.
- Minimum account balance fees: Your business checking account may require that you maintain a minimum balance in your account each month, and doing so could waive other account fees like your monthly service fee. The downside: it means that you’ll have a strict requirement to adhere to and, if your business income fluctuates from month to month, this could pose unnecessary stress.
Our methodology
The Fortune RecommendsTM team compared over 75 business checking accounts across more than 35 major banks, credit unions, and online financial institutions to help you find the best checking account for your business. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account.
To come up with our final list, we ranked the best accounts in the following categories and weighted each category as set forth in the percentages below:
- Minimum opening deposit (20%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.
- Free transaction limit (20%): Most financial institutions charge a fee for business checking account transactions above a certain limit. We ranked accounts that offered unlimited transactions higher than those that set a limit per month or statement cycle.
- Monthly service fees (15%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.
- Annual percentage yield (APY) on your account balance (10%): This percentage represents the real rate of return on your balance; the higher the APY, the better.
- Overdraft fee (10%): Most banks will charge you a fee when you spend more than what you have in your account. We ranked accounts with lower or zero overdraft fees higher on our list.
- Branch and free ATM access (10%): Accounts belonging to financial institutions that have physical branches and a vast ATM network ranked higher on our list than alternatives that were online-only and did not offer ATM access.
- Cash back opportunities (10%): Many business checking accounts include cash back rewards for using the debit card tied to the account. We ranked banks higher when these perks were included.
- Customer service (5%): Top picks offer customers three ways to get in contact: chat support, by phone, or even email. Among the three options, we gave phone support the most weight.
We think that the best business checking accounts offer a low minimum deposit, low or zero monthly service fee, minimum balance requirements, and earn interest on your balance, among other perks. We also ranked accounts with physical branches and free ATM access higher on our list. The deposit requirements, fees, and account perks on these checking accounts may be available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn.
Dig deeper: learn more about our banking methodology.
Frequently asked questions
What do you need to open a business checking account?
The required documents to open a business checking account will ultimately depend on the institution you choose. Some of the most common documents you may be asked to provide may include your employer identification number (EIN), a state-issued driver’s license or passport, your business license, or your partnership agreements. Depending on the account type, you may also need to be prepared to make an initial opening deposit.
Do I need an EIN to open a business checking account?
An EIN is also known as a federal tax identification number (FTIN) and is used to identify a business entity. Most banks, though not all, require that you have an EIN to open a business checking account to verify your business’s identity, although if you are a sole proprietor (you have a one-person business and operate on your own), you may be able to open an account using your personal Social Security number.
Can I open a business bank account with no money?
Yes. Several financial institutions offer free accounts, although some may require that you fund the account with a minimum amount within the first few weeks or months of having your account to avoid inactivity fees.
About the contributors
Ivana Pino is a personal finance expert who is passionate about creating inclusive financial content that reaches a wide range of readers from all types of backgrounds. She graduated from the S.I. Newhouse School of Public Communications at Syracuse University with a degree in Digital Journalism.
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.