The best 7 checking accounts to grow your business

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Having a separate business checking account simplifies your business accounting, streamlines your taxes, and protects your personal funds from business risks. When you open a dedicated business bank account, you can track income and expenses more effectively.

These accounts “[simplify] bookkeeping and accounting, ensure your funds are safe from any business-related legal claims, and help [enhance] your credibility and professionalism,” Michelle Delker, CFO at the William Stanley Group, says.

We did the research to find the best business checking accounts so you don’t have to. Here’s an overview of each one, along with what you should consider before opening an account for your business.

Best bank accounts for businesses

• Best for earning cash back on purchases: LendingClub Tailored Checking
• Best for no fees: Axos Bank Basic Business Checking
• Best for domestic wire transfers: Capital One Enhanced Checking 
• Best for branch access: Wells Fargo Initiate Business Checking 
• Best for digital tools: Bank of America Business Advantage Fundamentals Banking
• Best for new account bonus: Chase Business Complete Banking
• Best for earning interest: Bluevine Business Checking

Best for earning cash back on purchases: LendingClub Tailored Checking

There’s a lot to love about LendingClub Tailored Checking. Unlike most checking accounts, you can earn interest on your funds. You’ll earn 1.50% annual percentage yield (APY) on balances up to $100,000 and 0.10% APY for any balance over $100,000. This online account comes with a monthly fee of just $10, which can be waived if your balance is over $500.

What sets this account apart is that you can earn unlimited 1% cash back on select purchases made with your Tailored Checking debit card.

A key benefit of this account is how easy it is to withdraw or deposit cash — without fees. You’ll get unlimited ATM fee rebates each month. LendingClub is also part of a larger ATM network, MoneyPass, allowing you to deposit funds at more than 40,000 ATMs nationwide. You can also deposit checks anytime using the mobile app.

The app also makes it easy to keep tabs on your company’s finances while on the go. You'll also get added features like business bill pay, ACH origination, and more.

Best for no fees: Axos Bank Basic Business Checking

Axos’ Basic Business Checking account is a fee-free banking solution with no opening deposit or minimum balance requirements. There are no monthly maintenance or transaction fees, and you’ll be reimbursed for any domestic ATM surcharges incurred when withdrawing funds. If that wasn’t enough, there are no fees on domestic incoming wire transfers.

Axos Bank also offers a cash bonus to new account holders that meet select requirements. Phone support is available 24/7, or you can chat with the Evo Virtual Financial Assistant if you need help with your account.

Best for domestic wire transfers: Capital One Enhanced Checking

The Capital One Enhanced Checking may be worth considering if you regularly do business overseas. It does come with a $35 monthly service fee if your balance is below $25,000. Still, the cost could be well worth it, considering you’ll get up to five free outgoing wires monthly. There’s no limit on fee-free incoming wires.

You also won’t pay any fees on digital transactions like mobile deposits, ACH payments, and online bill pay.

Overdraft coverage and online bill pay are also available with this account. Plus, account holders can open up to two additional Basic Checking accounts with no monthly service fees.

Best for branch access: Wells Fargo Initiate Business Checking

If you want in-person assistance with your business banking, Wells Fargo may be a good option. The bank has physical branches and ATMs in 36 states and Washington, D.C.

There are some fees to remember with the Initiate Business Checking account. This account comes with a monthly fee of $10 that can be waived by maintaining a $500 minimum daily balance (or $1,000 average ledger balance). You’ll need at least $25 to open an account. You’ll also pay a transaction fee of $0.50 once you reach 100 transactions. Cash deposits over $5,000 are subject to a fee of $0.30 for every $100 deposited.

That said, this account could be ideal if you prefer in-person banking support.

You can withdraw or deposit money for free at one of Wells Fargo’s 11,000 ATMs nationwide, at a branch, or via the mobile app. You’ll also get basic features like bill pay.

Best for digital tools: Bank of America Business Advantage Fundamentals Banking

Bank of America Business Advantage Fundamentals Banking is another option to keep in mind if you would rather bank at a physical location. But unlike standard business checking accounts, it goes a step further to offer a suite of digital tools that make it easier to run your business.

This checking account integrates with other platforms, including Zelle and QuickBooks. You’ll also be able to view your business credit scores, get cash flow projections, and access a digital debit card through your account.

Plus, account holders can take advantage of bonus rewards and interest rate discounts on eligible business credit cards and loans. The account has a $16 monthly fee unless you maintain a $5,000 balance or make $250 in qualified debit card purchases.

Best for new account bonus: Chase Business Complete Banking

Chase Business Complete Banking has a sign-up bonus that may be too good to ignore. You can earn $300 when you open a new account, deposit the minimum required balance within 30 days, and maintain that balance for 60 additional days. You must also make at least five eligible transactions within 90 days.

Plus, if you get an Ink Business Unlimited® Credit Card alongside your account, you could earn a cash back bonus after spending a certain amount on your card.

You’ll pay a monthly service fee of $15 unless your minimum daily balance is at least $2,000 or you meet the other spending requirements. Fees also apply if you exceed $5,000 in cash deposits in a statement cycle.

Best for earning interest: Bluevine Business Checking

You generally won’t find many business checking accounts offering an attractive APY. But Bluevine Business Checking pays you 2% in interest on balances up to $250,000. This way, you can earn up to $5,000 with little effort.

Plus, there are no monthly maintenance fees, ACH transfer fees, or minimum opening deposit requirements. And you can enjoy unlimited transactions to help you save even more money. Incoming wires are also free, but a $15 fee applies for each outgoing wire.

You’ll get a Bluevine Business Debit Mastercard when you open an online account. You’ll get access to services like mobile check deposits, automated accounts payable, and sub-accounts.

What to consider before opening a business bank account

When shopping for the best business checking account, it's essential to choose a bank that understands your business needs and offers services that align with your goals. Consider factors like monthly fees, transaction fees, ATM fees, and minimum balance requirements, Delker says.

Location is another factor that shouldn’t be overlooked if you aren’t too fond of online banks. It’s equally important that the customer support channels and hours of operation work for you.

“Certain features tend to be universally beneficial,” Delker says. “These include online and mobile banking options, higher transaction limits, a strong network of ATMs, and excellent customer service. If your business deals with many cash transactions, consider a bank with convenient physical locations for easy deposits.”

And don’t forget about the other products and services that could help your business grow.

“Special programs or offerings for small businesses like lending services, merchant services, or discounts on business software can also be beneficial,” Delker says.

How to open a business checking account

To open a business bank account, you typically need an Employer Identification Number (EIN) issued by the IRS. This unique nine-digit number helps identify your business for tax purposes.

While some banks may allow you to open a business account with your Social Security Number (SSN), having an EIN is usually preferred and can help establish your business's credibility.

Opening a business checking account is a straightforward process that can be done in a few simple steps:

1. Research and choose a bank: Begin by researching different banks and comparing their business checking account offerings.
2. Gather the required documents: Typically, you'll need your EIN, business formation documents (such as articles of incorporation or partnership agreement), personal identification information (such as driver's license or passport), and proof of address (utility bill or lease agreement).
3. Visit the bank or apply online: Visit the bank with all your documents or follow the bank's online application process if available.
4. Deposit funds: Once your application is approved, you must make an initial deposit to activate the account. The amount may vary depending on the bank's requirements.

The bottom line

It’s easy to get overwhelmed when exploring business bank accounts. There are so many to choose from, and each could offer attractive features. But you can streamline the process by starting with our top picks, considering the above-mentioned factors, and comparing your top picks to find the right option for your business.

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.