Minimum initial deposit:
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new business checking account.
Free transactions per month: Unlimited
Chase is a well-known brand with many physical branches and flexible options for business owners. Itâs a good choice if you want to be able to find a chain easily and talk to someone in person. Chase also offers 24/7 support, so you can call and email them anytime of day. From personal experience, if you send them a secured online message, they typically follow up within 24 hours. To learn more, read our Chase Bank review.
Wait, Do I Really Need a Business Checking Account?
Other benefits:
Minimum initial deposit: Sign-up bonus: $!00 if you incorporated after June 1, 2020
Free transactions per month: 250
We also focused on checking accounts for small and medium businesses. If youâre looking for accounts to manage a higher volume, many of the traditional institutions on our list have them, too.
Sign-up bonus: 0 if you incorporated after June 1, 2020
Free transactions per month: 100
Minimum initial deposit:
- Social security number (SSN) or employee identification number (EIN)
- Valid driverâs license or state ID
- An initial deposit
Free transactions per month: 50; afterward, 50 cents each
What You Should Look for in a Business Checking Account
Free transactions per month: 100
Hereâs the lowdown on Chase Business Complete Banking and Chase Performance Business Checking.
- Offer free bank statements?
- Have an app?
- Offer free online banking and/or bill pay?
- Have in-person locations?
- Offer comprehensive customer service, i.e., allow you to talk to someone online and on the phone 24/7?
- Have integration with tools, like invoicing software?
- Offer multiple products, such as business credit cards, small-business loans, etc.?
Sign-up bonus: None specified
Free transactions per month: 200; afterward, 30 cents each
- Require a low minimum initial deposit ($1,000 or less â most require only $25).
- Offer a certain number of transactions for free.
- Either have no monthly service fee or make it easy to have the fee waived.
Other benefits:
Free transactions per month: 300 per statement cycle; 45 cents per excess transaction
The 5 Best Business Checking Accounts for May 2021
SunTrust Primary Business Checking has a monthly fee thatâs waived in the first two statement cycles and after that when you have a ,000 minimum daily balance. Each month, youâll get 150 free transactions and ,000 cash processing.
1. Chase: Best for 24/7 Customer Service and Overall Accessibility
Cash deposits per month: Up to 60 items with remote deposit
- Number of branches: Approximately 4,700
- Number of ATMs: 16,000
Initiate Business Checking (for new and small businesses) at a glance:
Chase Business Complete Banking
This bank has branches in Alabama, Arkansas, Washington, D.C., Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. SunTrust offers three types of business checking accounts: Simple Business Checking, SunTrust Primary Business Checking and SunTrust Business Advantage Plus Checking.
How easy it is to open a business checking account will depend on your business. If youâre a sole proprietor, the process might feel similar to opening a personal checking account. If you have a different legal business structure, youâll likely have to provide additional documentation (like your articles of incorporation). Requirements will vary from bank to bank.
Free transactions per month: 250
Sign-up bonus: None specified
U.S. Bank has no monthly service fees for its Silver account, so no worries about meeting certain criteria to have the fee waived. You can also go to its website and take a short quiz to determine which account would work best for your needs.
Other benefits:
Other benefits:
To open an account, youâll typically need the following:
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.
- Online and mobile banking
- Remote check deposits
- Discount on first check order
- Small Business Visa credit card
- Card payment processing
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.
- A BlueVine Business Debit Mastercard®
- Access to a business line of credit
- Two free checkbooks
- Phone and email customer support
5. Axos Bank: Best for Business Interest Checking
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.
- Pay bills with no charge through the app
- First set of 50 checks is free
- Compatible with QuickBooks
Axos Business Interest Checking
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.
- Earn up to 0.81% APY
- First set of 50 checks for free
The Business Interest Checking Account has no minimum balance requirements, plus youâll earn interest on your balance and have access to a Visa Business debit card.
Regional Business Checking Account Options
Cash deposits per month: Unlimited. You can deposit cash at close to 100,000 retail locations through a partnership with Green Dot. A .95 fee, per deposit, applies.
America First Credit Union
There are also the not-so-great, somewhat messy and complicated parts about operating a business. If you start off solo or small, youâll be tackling a lot of tasks yourself.
To choose the best business checking accounts, we focused on accounts that:
First Horizon
Monthly service fee: ; waived if thereâs an average daily balance of ,000
Business Interest Checking at a glance:
SunTrust, Now Truist
Weâll go into why you need one, what you should look for and several of the best ones available, both in-person and online-only.
The purpose of a business checking account is to keep your business finances separate from your personal finances.
Whatâs the Right Business Checking Account for You?
Chase Performance Business Checking (for medium-sized businesses) at a glance:
There are other considerations. Do you want your bank, credit union or financial institution toâ¦
Free transactions per month: 120 per statement cycle; 50 cents per excess transaction
There are lots of banks for small businesses to choose from, but you want one that will give you the most options. And ideally, save you some money and headaches in the process.