Best Small Business Bank Accounts for July 2024

Bank Silver Business Checking for checking accounts with no minimum balance requirement. The First Internet Bank Do More Business Checking account is an unflashy interest-bearing checking account with no minimum deposit or balance requirements and no monthly maintenance fees. It doesn’t have transaction limits and reimburses up to $10 per month in ATM fees. Plus, you’ll have access to money management tools through the dedicated First IB Business Banking app. The Wells Fargo Business Market Rate Savings account is designed for small businesses that want to earn interest on a little extra cash worry-free. While the rate isn’t too impressive at 0.01% APY, this account offers convenience in the form of check-writing privileges and low balance and deposit requirements.

Best for making cash deposits

1. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
2. You should think carefully about how you’ll use your business checking account.
3. When shopping around for the right business account, look for what fees it comes with, transaction limits and what features the account has to offer.
4. We’ve curated a list of the nine best business bank accounts based on rewards, fees, and features to make choosing the right checking account for your business easy without digging through a bunch of hay.

For small businesses with long-term savings goals, the bank’s business CDs earn anywhere from 4.14% to 5.26% APY. Overall, this bank is ideal for full-service banking and larger balances. TD Bank has several of the best business bank accounts for LLCs, owing in part to the bank’s high customer satisfaction ratings and in-person banking access. TD Bank was ranked as the best bank for customer satisfaction in J.D. National Banking Satisfaction Study and the third-best for the same study in 2022.

Lili: Best Checking Account With Accounting

Find a bank account that doesn’t charge fees for activities you plan to do—such as making cash deposits, withdrawals, wire transfers or performing other transactions. Pay attention to monthly maintenance fees, which are often found with business savings, checking and money market accounts, and how to avoid them. Like a business checking account, a business savings account keeps personal expenses separate from business ones, except it does so with a savings option. It’s a safe place for storing cash, and most earn interest on qualifying deposits.

Best for Rewards

Axos Bank was designed as a digital bank from its inception in 2000. It’s now a publicly traded company with over $18.4 billion in assets. Its Basic Business Checking account is “for the busy business owner with modest checking needs.” The account has no monthly service fees and unlimited domestic ATM fee reimbursement. First and foremost, having a business bank account helps you keep company and personal finances separate. This is important for recordkeeping, taxes and liability protection. It can also help you qualify for other business products down the road, like a business credit card, line of credit or loan.

Bank of America Business Advantage Relationship Banking

To choose the best nationwide checking account for your business, you’ll want to consider a few key factors. Enjoy zero annual or late fees, 1.5% cashback on all business purchases, and a flexible credit limit with the Stripe Corporate Card. In terms of other fees, there are no account minimums, no incoming wire transfer fees, no in-network ATM fees, no foreign transaction fees, and over $200 in overdraft coverage. Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date. Axos Bank is an online bank offering a range of financial products for both consumers and businesses. Bank of America Business Advantage Relationship Banking can be a good option if you’re handling up to $20,000 in monthly cash deposits.

Chase Business Complete Banking℠

Business owners wanting a good return on their savings should look no further than the Live Oak Business Savings, which comes with a strong 4.00% APY. There is no minimum deposit required to open an account, and there are no monthly maintenance fees. Small business owners need a business account that offers the right services at a cost that doesn’t break the bank. Ultimately, choosing the right provider is an individual decision based on what’s most important to you as a business owner, but that doesn’t mean the decision isn’t hard.

Another way accounting and bookkeeping differ is that accounting is a broader field that covers a more comprehensive range of topics. As an accountant, you may be responsible for tax planning, financial statement preparation, and auditing. On the other hand, bookkeepers are typically only responsible for recording transactions and keeping track of financial data. We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.

This includes the Cash Flow Insight tools (Payables, Receivables and Accounting Software Sync), which require a $20 monthly subscription. NBKC Bank offers a combined checking and savings account, a money market account and CD terms from three months to five years. Small business owners who cannot afford to hire a professional may in the meantime consider 3 5 notes receivable financial and managerial accounting automating their small business accounting practices with one of the many cloud-based accounting software applications. When you start a business, open a separate business bank account that will keep your business finances separate from your personal ones. If you’re running a business, it’s likely that you’ll need to open a savings account.

Axos Business Interest Checking earns up to 1.01% APY on balances below $50,000, 0.20% APY on balances between $50,000 and $249,999.99 and 0.10% APY on all other balances. The account limits free remote deposits to 60 items per month and a monthly processing limit of 100, accrued revenue recording including remote deposits. Whether you’re a sole proprietor or the owner of a business with employees, it’s critical to separate your business and personal finances. We’ve done the research to help you find the best business checking account for your small business.

It’s also a good option for in-person banking, with around 3,800 U.S. branches. In addition to the Non-Profit Money Market account, Axos Bank offers personal and business checking, savings, CD and money market accounts. Business bank accounts with fewer fees, better accessibility, higher digital experience and customer experience scores and easier minimum deposit and balance requirements to meet were ranked higher. Whether you’ve run a business for a day or a decade, you know how critical the right tools can be in keeping everything operating smoothly. One of the most important tools is a business bank account to handle your day-to-day financial needs. If you run an LLC and need to keep your business and personal funds separate, an account with helpful features and perks is key.

Business payment apps and devices like Stripe, Square, and Quickbooks Online Mobile process business transactions securely. However, many apps must still integrate with your current bank or work with underlying banks to provide FDIC protection, so these won’t usually serve as a complete alternative to a bank account. Compare business bank accounts based on these features to find an account that fits your financial situation.

If you’re looking for a business checking account, Axos Bank is worth looking into. But if you need a business savings account or CD, you can find higher yields elsewhere. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every bank account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. See our methodology for more information on how we choose the best business savings accounts.

All of the banks and financial technology companies listed here offer outstanding business checking products. Some providers even have full-service banking while others specialize in certain aspects of business banking. Understand what you need from a business bank, compare the offerings and fees of each provider in this guide, and choose the bank that best meets your business’s current and future needs. While you may be able to close a business checking account online, you might need to visit a branch or call the financial institution to close your account. Before shutting down an account and transferring your money elsewhere, make sure all pending transactions have cleared and make other arrangements for scheduled payments and deposits.

Sole proprietors may be more interested in accounts that are as light as possible on fees, with features that can help save money. A business bank account is a bank account designed to meet the needs of a business. Some are designed for self-employed people and small businesses, while others have features more suited to large corporations. As Navigate Business Checking customers grow their business, the bank offers a premium Optimized Business Checking account for larger, more experienced business owners. If you are new to the business world and just starting out, Wells Fargo offers Initiate Business Checking, an account geared towards fledgling small businesses needing digital tools and support. We picked the PNC Bank Treasury Enterprise Plan for small and medium-sized businesses with higher transaction volumes because it includes up to 2,500 free transactions and $50,000 in deposits a month.

A small business checking account account serves as a main operational account. It’s designed for day-to-day business transactions such as paying vendors, collecting revenue and transferring money. This is the most basic bank account you can have for money you’re going to use and add to often. The TD Business Savings account has a low $25 minimum deposit requirement and a $5 monthly maintenance fee that can be waived by maintaining a $500 average daily balance.

If you opt for the cheaper plan, you may face these fees, though BoA is not very forthcoming on exactly how much these fees cost. Blulevine takes the cake for the highest checking APY for businesses, with rates up to 4.25%. With millions journalizing accounting entries! trivia questions quiz of new businesses opening every year, they occupy a significant role in the economy. One final benefit of having a business account, not listed by the Small Business Administration, is taking advantage of tax deductions.