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Mercury Business Checking: Best for tech-savvy businesses
Mercury is an online-only banking* platform with a dedicated business checking account tailored to meet the financial needs of online businesses. With no monthly fees or minimum balance requirements, business owners can enjoy cost-effective banking solutions without worrying about unnecessary charges. The account provides access to a user-friendly online banking platform, allowing for easy management of finances from anywhere. Integration with financial tools and software streamlines accounting processes, while features such as API access make it possible for developers to customize your Mercury account with dashboards and other automation processes.
*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC.
Mercury Business Checking: An overview
APY
Min Deposit Required
Fees
N/A
N/A
$0 monthly fee
Mercury Business Checking: Pros and cons
Pros
Cons
✅ No monthly fees or opening deposit ✅ No overdraft fees ✅ Free access to business accounting tools ✅ API access
❌ No cash deposits ❌ No free ATM network ❌ Email-based customer service
Axos Bank® Basic Business Checking: Best for small businesses with few requirements
Axos Bank Basic Business Checking accounts are a solid choice for start-ups and new-to-business entrepreneurs who would rather have lower fees and few hurdles versus lots of bells and whistles. Small Business Banking support is only available certain times, (talk with a business banking representative Monday-Friday, 6 a.m. to 6 p.m. PT, excluding federal holidays.) There’s also a nationwide ATM network, and transactions are either free or eligible for reimbursement.
Look out for promos, like sizeable welcome bonuses. The “NEW400” promotion is available until 6/30/2024. Simply add ‘‘NEW400’’ at checkout to get a 400$ welcome bonus.
Note that Axos also offers a Business Interest Checking option that includes an APY of up to 1.01%.
Axos Bank® Basic Business Checking: An overview
APY
Minimum Deposit
Fees
N/A
N/A
$0 monthly fee
Axos Bank® Basic Business Checking: Pros and cons
Pros
Cons
✅ No initial deposit or minimum balance requirements ✅ Unlimited monthly transactions ✅ Free/automatically refunded nationwide ATM access ✅ Welcome bonus available ✅ Offer Paypal and Venmo integrations
Found Small Business Checking: Best for freelancers
Found is built around a pile of freelancer-friendly features, such as third-party gig app integration, built-in invoicing and automatic tax withholding. But the tradeoff is that Found Small Business Checking is only available to sole proprietors and single-member LLCs. You’ll also be restricted to relatively low deposit limits. On the flip side, you can pay a monthly “subscription fee” to upgrade to a high-yield business checking account with up to 1.50% APY.
Found Small Business Checking: An overview
APY
Min Deposit Required
Fees
N/A for basic; upgrade to a subscription high-yield account for up to 1.50% APY
N/A
$0 monthly fee
Found Small Business Checking: Pros and cons
Pros
Cons
✅ Fee-free account with no minimum monthly balance ✅ Blends daily banking, client invoicing and bookkeeping ✅ Calculates your tax bill in real time ✅ Able to integrate with third-party business, e-comm and payment apps
❌ Limited deposits (max. $2,000/week and $4,000/month cash; max $3,000/week mobile check deposit) ❌ Only available to solo entrepreneurs, freelancers and single-person LLCs ❌ Customer service only available during business hours
Novo Business Checking: Best for solopreneurs
Novo is a solopreneur’s dream with zero overdraft fees, no minimum balance requirements and ATM fee reimbursements. Special welcome offers like $3,000 in Google Cloud credits and money toward Google Ads are quite favorable too, as is the option to sync with platforms like Shopify, Amazon and TransferWise.
All that said, Novo allows for zero cash deposits. With no ATM deposits and no brick-and-mortar locations, the only way to deposit cash is to get a money order and use the mobile deposit option.
Novo Business Checking: An overview
APY
Min Deposit Required
Fees
N/A
N/A
$0 monthly fees
Novo Business Checking: Pros and cons
Pros
Cons
✅ Unlimited fee-free transactions, plus up to $7/monthly ATM fee reimbursement ✅ Accepts payments/transfers via syncs with Apple Pay and Google Pay ✅ Integrations and partnerships with tools that help with team communication, invoicing and marketing
❌ No option to deposit cash ❌ No brick-and-mortar locations
Lili Business Checking: Best for SMBs
Lili’s business banking solutions are tailored to the needs of small and medium-sized businesses run by a single business owner. With a fee-free overdraft, no minimum balance requirement or account fees, Lili makes it sets small business owners up for success with a nurturing approach to business banking.
Recognised as the FastCo 50 Most Innovative Company for 2022, Lili offers features like its Tax Optimizer Tools and DIY Accounting, which make the tricky parts of managing your small business’s finances quick and painless.
Lili Business Checking: An overview
APY
Min Deposit Required
Fees
1%
N/A
$0 monthly fees
Lili Business Checking: Pros and cons
Pros
Cons
✅ No account fees or transaction fees ✅ Built-in financial management features ✅ No fees at MoneyPass ATMs
❌ Does not support payments by check ❌ Free plan does not include some key features
Chase Business Complete Banking℠: Best for anyone more comfortable with local branch banking
Chase Business Complete Banking straddles the line between the convenience of online banking and the comfort of traditional brick-and-mortar branches. Certain features, like no minimum opening deposit, partial overdraft protection and fee-free electronic transactions, are a boon for business owners tired of being nickeled and dimed. But on the flip side, you’ll find a $15 monthly fee, limits on fee-free cash deposits and a 20-transaction cap. You’re likely best suited to a Chase checking account if you’re wary of online-only banking and don’t make too many transactions.
Chase Business Complete Banking℠: An overview
APY
Min Deposit Required
Fees
N/A
N/A
$15 monthly maintenance fee (waived with a minimum balance of $2,000)
Chase Business Complete Banking℠: Pros and cons
Pros
Cons
✅ Generous overdraft policy ✅ Ability to walk into any of 4,700+ Chase bank branches nationwide ✅ Fee-free ATM use at 16,000 Chaste ATMs nationwide ✅ 24/7 access to customer support
❌ $15 monthly fee (waived for account balances of $2,000+) ❌ Free cash deposits max out at $5,000 per month ❌ Maximum of 20 physical transactions per month
NorthOne Business Checking: Best for teams
Designed with small businesses in mind, NorthOne offers features to take your business wherever you go. NorthOne is an online-only business banking platform that offers an easy-to-use business checking account through the app or web. Think of it as a HUB for your business’ financial tasks. You can pay expenses, track invoices and even send notifications that a payment is on the way. It’s FDIC-insured through a partnership with The Bancorp Bank, so your funds are safe. NorthOne offers business management features such as debit cards with individual logins for co-owners, and an app that is designed to work with any payment system. It’s easy to get started with a $50 initial deposit and $0/month for NorthOne Standard. For priority service and lower fees, NorthOne offers NorthOne Plus for $20/month.
NorthOne Business Checking: An overview
APY
Min Deposit Required
Fees
N/A
$50
$0 (NorthOne Standard) $20 (NorthOne Plus)
NorthOne Business Checking: Pros and cons
Pros
Cons
✅ Integrated business tools ✅ $0 monthly fee for Standard account ✅ Supports mobile check deposit and cash deposit ✅Physical and virtual debit card included
❌ $50 minimum deposit ❌ No weekend customer service ❌ High fees for Standard account
Business checking accounts are used primarily for business purposes. You might use yours to pay your vendors and receive payments from your clients. This lets you keep your personal and professional finances separate. A business account also typically operates under the name of your company, which lends your brand an extra dose of legitimacy.
Who should get a business checking account?
Business checking accounts are suitable for anyone who has a business, no matter the size. You can get a business account as a sole proprietor, as a single-entity LLC or as a huge corporation. Even freelancers, nonprofit organizations and professional product resellers could benefit from a business account that draws a firm line between personal expenditures and revenue tied to business income. That is important for anyone who wants to avoid any financial mix-ups, but it’s absolutely essential for companies that answer to stockholders or donors that require complete transparency.
You might want your own business checking account if you:
Are launching a start-up soon
Work as a freelance writer, graphic designer or photographer
Are a gig worker, such as driving rideshares or delivering food
Have an online business, like selling crafts on Etsy
Run a nonprofit, such as a community center or food pantry
Invest in real estate, such as owning rental properties or flipping fixer-uppers
Run a service-based business, like a law or consulting firm
Why should I get a business checking account?
Business checking accounts provide a number of key benefits:
Streamlines your accounting and tax-filing responsibilities
Makes your company more credible
Can help you be in compliance with industry-specific regulations
Helps shield your personal assets from professional debts/lawsuits
Establishes a paper trail for your business, which could be helpful if you later want to apply for a loan or credit card
How to compare business checking accounts
Before you partner up with a new bank, learn how to identify good business checking accounts. To do this, you’ll need to compare accounts using criteria like monthly fees, accessibility and miscellaneous benefits.
How much does a business checking account cost?
An offer for a free business checking account sounds well and good, but what does “free” really mean? Ask about the fees listed below to see whether you’ll be on the hook for a load of extras or if there really is a business checking account with no fees right around the corner.
Checking account fees to look out for:
1
Monthly maintenance fees:
Monthly fees can add up quickly, so look for fee-free accounts or accounts that waive the monthly fee if you maintain a reasonable minimum balance.
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2
Minimum deposits/monthly balance requirements:
High minimum deposits and monthly balance requirements can tie up funds and limit your cash flow.
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3
ATM fees:
Ideally, your business checking account should have unlimited, fee-free ATM transactions or fee reimbursement.
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4
Overdraft fees:
In the case of an overdraft, will you be charged big bucks, or is there insufficient funds protection and/or a grace period?
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What limits does this business checking account impose?
Small business checking accounts have their benefits, but some limits make it challenging to run your business.
Some limitations include the following:
Transaction limits. Limited monthly transactions could leave you paying fees just to deposit or withdraw money.
No or limited cash deposits. Not all business checking accounts allow cash deposits. If you deal in lots of cash, a no-cash account could be extremely inconvenient.
Withdrawal limits. If you frequently make cash withdrawals, look for accounts with no withdrawal limits and plenty of cash access points.
How do you want to access your money?
Theoretically, you can access your money via cash withdrawal, wire transfer, checks or digital banking to transfer funds without ever touching them, similarly to business money market accounts. However, the exact options you have could depend on the type of bank that hosts your account.
Brick-and-mortar banks are usually the most diverse, but you may be charged for transactions beyond a certain threshold. Online-only banks are more likely to have limited access points, but the fees are often lower and the transaction limits higher.
Does the checking account add value to your business?
Before you decide on a small-business checking account, ask yourself these questions to see if it’s going to add value to your venture:
Does the account offer room for growth so you can scale your account alongside your business?
Does it earn any interest? If so, is the APY competitive?
Does it include tools and app integrations that make sense for your needs?
Are there promotions, such as welcome bonuses or free subscriptions, that you find useful?
How to open a business checking account
To open a business account, you’ll need to provide your:
Registered business name
Business type (e.g., sole proprietorship or LLC)
Business address and phone number
Social Security number (SSN) or employer identification number (EIN)
Ownership information and signed documentation from your partners, if applicable for joint checking accounts
Government identity for account holders
Basic financial information/estimates
You may need to provide other documents too, such as a copy of your business license or incorporation papers.
You can usually sign up for an account online or, if dealing with a traditional bank, in person.
Can you get a business checking account with bad credit?
You can open a business checking account with bad credit, but you may have fewer options. It often depends on what your ChexSystems report says about your overall banking track record. If you have a clean banking history with minimal bounced checks, forced account closures and overdraft fees, you’re far more likely to be approved.
Is a high-yield business checking account worth it?
High-yield business checking accounts operate just like basic checking accounts while also generating interest based on your account balance. Some checking accounts, like the Bluevine Business Checking Premier Plan, can earn up to 4.25% on balances. But in many cases, you’re better off opening a separate high-yield savings account with up to 5.00% APR versus counting on the much lower 1.00% APR you might get through high-yield checking.
If you’re not sure you want to open a business checking account, there are some other options that can help you organize your finances.
Business checking vs. business savings accounts
Business checking accounts are tailor-made for frequent transactions. You can withdraw and deposit money on a regular basis without (hopefully) incurring too many fees. Business savings accounts are places to stockpile money while it generates interest. For that reason, savings accounts tend to have low withdrawal and transaction limits.
Business checking vs. personal checking accounts
Use business checking for business expenses and your personal account for personal expenses, such as rent, groceries and vacations. Keeping personal and professional funds separate makes it easy to tackle your accounting, calculate taxes and safeguard against lawsuits and debt collectors.
Our top picks for the best business checking accounts of November 2024
FAQ: Best business checking accounts
What's the best small-business checking account?
The best small-business checking account is the one that best suits your company’s needs. Those needs could differ significantly based on the type of business you have, how many transactions you do per month and whether you prefer an online checking account or in-person banking. The best way to choose the best checking account is to make a list of your needs and wants and see which account matches up.
What are the most important features of business checking accounts?
The most important feature of a business checking account is that it’s FDIC-insured. Other sought-after features include platform and app integrations, introductory offers, low or no fees, easy ATM access and exciting welcome offers.
What banks offer free business checking accounts?
Many people believe the best business checking accounts are the free ones. Luckily, you can get a free business checking account from banks like Axos, Found and Novo.
Can I open a business checking account without an EIN?
You may be able to open a business checking account with your Social Security number but only if you’re a sole proprietorship or single-person LLC. All other business structures require an EIN.
How many business checking accounts should I have?
Having two business accounts is a smart way to separate income from expenditures. You can also use multiple accounts to maximize FDIC protection, which is otherwise limited to $250,000 per account owner, per account type, per institution.
How do I close a business checking account?
To close your business checking account, you’ll first need to settle any outstanding debts and wait for incoming payments to finish processing. Then, file the paperwork required by your bank for an account closure. If there are funds left in the account, withdraw them or transfer them to a new business account.
Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content.
Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.
She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. To accomplish this, Alana’s writing holds strong three principles – content that educates, engages and entertains.
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