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Whether you're just starting out or have been in business for years, having a proper small business bank account is essential. Every professional venture, no matter how small, needs one. It's central to your business's financial operations, as it receives deposits from customers and makes payments to your employees and vendors. A small business bank account can also be important for proper bookkeeping, tax reporting, and various legal reasons.
There is no one right type of business bank account. What you need varies based on what type of business you have, its size, and its complexity. Certain common account features exist that all business owners—no matter their field—should consider when shopping for a financial institution. Review this list of the best small business bank accounts to compare your options before making a decision.
Best Small Business Bank Accounts of 2023
- Best for Rewards: Chase Business Complete Checking℠
- Best Online Business Checking Account: Axos Bank Basic Business Checking
- Best Brick-and-Mortar Bank: U.S. Bank Silver Business Checking
- Best Interest-Bearing Business Checking Account: LendingClub Tailored Checking
- Best For Cash Deposits: Wells Fargo Navigate Business Checking
Best for Rewards : Chase Business Complete Checking℠
- Minimum balance: $2,000 (to earn the bonus); $2,000 thereafter
- APY: 0%
- Transaction Limits: Unlimited electronic deposits, ACH, and Chase QuickDepositSM
- Fees: $15 service fee or $0 if you maintain at least a $2,000 daily balance
Chase Bank offers several types of business accounts geared to the size of your venture and incentives for signing up. New Chase Business Complete Checking accounts, for example, can earn a $300 bonus when depositing $2,000 within 30 business days of account opening. The $2,000 balance must be maintained for 60 days, and the account holder must complete five qualifying transactions within 90 days. You can also earn a $500 bonus when depositing $15,000 within 30 business days of account opening. Chase offers generous rewards-earning credit cards and a huge branch network, too.
Generous new account bonuses
Big bank features: rewards-earning credit cards, large branch network
Advantages to linking personal accounts
Must meet balance requirement within 30 days for bonus
Balances cannot dip below minimum for 60 days or bonus will be lost
Low transaction limits before fees are charged
Account holder must complete 5 qualifying transactions within 90 days
Chase Bank is the consumer and banking arm of J.P. Morgan Chase, and it has over $2.6 trillion in assets and operations worldwide. It also has access to 16,000 ATMs and more than 4,700 branches. Its size alone provides big-bank features beneficial to small business owners, such as generous rewards and account bonuses, plus access to brick-and-mortar banks for in-person services around North America. Small business owners can also take advantage of Chase offerings such as small business loans, credit cards, and savings accounts in addition to checking.
Best Online Business Checking Account : Axos Bank Basic Business Checking
- Minimum balance: $0
- APY: 0%
- Transaction Limits: Unlimited debit, credit, and deposited item processing
- Fees: None
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 charges and unlimited domestic ATM fee reimbursement.
No monthly service charges
Unlimited domestic ATM fee reimbursement
First set of 50 checks is free
No branches/in person interaction
Some accounts such as its interest-bearing checking come with a fee
More than 50 checks will cost you
If you don't need a brick-and-mortar branch to do your banking, this leader in online operations may be a good choice, especially for customers on the go. Axos Bank has a robust mobile app that received 4.4 stars from customers using Android and 4.7 stars from iOS users. You can deposit checks, pay your bills, manage accounts, and transfer funds right from your phone, and all domestic ATM fees are reimbursed.
Best Brick-and-Mortar Bank : U.S. Bank Silver Business Checking
- Minimum balance: $0
- APY: 0%
- Transaction Limits: 125 per month, including 25 free cash deposit units per month
- Fees: $2 paper statement fee
Small business customers are U.S. Bank's specialty. The Silver Business Checking Package has no monthly fees and allows for up to 125 transactions, which is adequate for many small businesses.
No monthly fees
No minimum balance requirements
Up to 125 transactions allowed monthly
$0.50 charge for each transaction exceeding 125 monthly maximum
Not located in every state
No interest-earning accounts
U.S. Bank is America's fifth-largest bank, with nearly 77,000 employees and $587 billion in assets. Founded in 1863 and headquartered in Minnesota, it has over 2000 branches in 26 states across the country. It offers no minimum balance, no monthly fees, and allotted monthly transactions go up to 125 for a Silver account. The bank offers gold, platinum, and premium business accounts with a larger allotment of free transactions and deposits, so as your business grows, so can your accounts.
Best Interest-Bearing Business Checking Account : LendingClub Tailored Checking
- Minimum balance: No minimum balance is required but $100 is needed to open an account
- APY: 1.50% with a balance of up to $100,000 or more
- Transaction Limits: Unlimited transactions with no per-transaction fees
- Fees: Accounts with less than $500 average balance are charged $10 per month
The LendingClub Tailored Checking account offers an interest rate of 1.50% on balances up to $100,000. Customer benefits include unlimited transactions with no fees, including free ATM withdrawals (it rebates any incurred surcharge) and bill pay.
Unlimited ATM surcharge rebates
Interest on accounts (currently 1.50% on balances up to $100,000)
Unlimited no-fee transactions
No physical branches
No interest on balances under $500
High minimum balance required to waive monthly fee
LendingClub offers the same FDIC insurance as traditional brick-and-mortar banks and has over $8 billion in assets. Its Tailored Checking account for small businesses is designed to allow accountholders to accrue interest, similar to a savings account.
With unlimited no-fee transactions, unlimited ATM surcharge rebates, and attached cash-back rewards, this account also comes with a full mobile money management system for business on the go.
Best For Cash Deposits : Wells Fargo Navigate Business Checking
- Minimum balance: $25 to open the account
- APY: Rates not available online
- Transaction Limits: 250 transactions per month, then $0.50 per transaction; $20,000 in cash deposits per month, then $0.30 per $100 deposited
- Fees: The monthly fee of $25 is waived with a $10,000 average balance or $15,000 in combined balances (checking, savings, time accounts, and credit)
The Wells Fargo Navigate Business Checking account is best for depositing cash because the first 250 transactions and $20,000 in cash deposits per month are included at no extra charge. The bank's wide network of branches and ATMs, plus its strong online and mobile app, allows for flexible and secure banking, and you won't pay fees for most business services.
High number of monthly transactions allowed
Large branch network
No fees for stop payments, cashier’s checks, and other business services
High monthly service charge/high balance to waive fees
$0.50 per item and $0.30 per $100 over transaction limits
Founded in 1852, Wells Fargo has grown into the third-largest bank in the U.S., with over $1.7 trillion in assets. It has approximately 4,900 locations and more than 12,000 ATMs across the United States. Its Navigate Business Checking account is suitable for small business owners looking to pay no to low fees and access a high number of monthly transactions. Its robust branch network means it is easy to speak in person to a representative about your account concerns, and its newly revamped online banking and mobile app allow you to handle your financial dealings from anywhere.
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.
Chase Bank is our top pick for small business banking. It offers many positive features, including a signing bonus, easy cash deposits, cash-back reward cards, and access to a global banking network. If the minimum balance is too high for you, we recommend Axos Bank Basic Business Checking or U.S. Bank Silver Business Checking for checking accounts with no minimum balance requirement.
Compare the Best Small Business Bank Accounts
|Bank||Minimum Balance||APY||Transaction Limits||Fees|
|Best for Rewards
Chase Business Complete Checking
|$2,000||0%||Unlimited||$15 or $0, depending on activities|
|Best Online Account
Axos Bank Basic Business Checking
|Best Brick-and-Mortar Bank
U.S. Bank Silver Business Checking Package
|$0||$0||125 per month, including 25 free cash deposits||$2 paper statement fee|
|Best Interest-Bearing Account
LendingClub Tailored Checking
|$100 opening deposit, no minimum balance||1.50% on up to $100,000||Unlimited||$10 per month with less than $500 balance|
|Best for Cash Deposits
Wells Fargo Navigate Business Checking
|$25||N/A||250 per month||$25 depending on balances|
Frequently Asked Questions
What Is the Difference Between a Business and a Personal Bank Account?
Although business and personal bank accounts are similar in many ways, they have their differences. A business bank account has more requirements to open than a personal account; its fees and required balances are often higher, but its interest rates are lower than a personal account. Since a business bank account represents the business and not a person, authorized signers can be added or removed at any time without needing to close the account.
What Do You Need to Open a Small Business Bank Account?
Requirements to open a business bank account vary by the financial institution. However, most banks require the following:
- Employer Identification Number (EIN) or Social Security Number for sole proprietors
- Business formation documents
- Ownership agreements
- Business license
Account signers need to bring their personal identification to open the account. Most banks require an initial deposit to fund the account when it is opened; the minimum opening deposit requirements vary by the bank—and can be a key factor, along with ongoing minimum account balances, to consider when choosing one.
Can I Open a Small Business Bank Account Online?
Yes, there are many banks that allow you to open an account online in just a few minutes. Several of these banks are mentioned above. To open your business bank account online, the bank will require all of the same paperwork as if you opened the account in person.
Can I Use My Personal Bank Account for My Small Business?
You can use your personal bank account for a small business, like a sole proprietorship. However, it is best not to. Having a dedicated bank account for your business allows you to keep your business deposits and expenses separate from personal transactions. This is very important when it comes to filing taxes.
Do I Need a Business Account If I Am Self-employed?
You do not need a separate business account if you are operating your business under your own name. However, it is recommended that you have a dedicated, separate bank account to make it easier to track business revenue and expenses. If you are operating your sole proprietorship under a fictitious business name or as a separate legal entity (e.g. C-Corp, S-Corp, LLC), you will want to have a separate business bank account.
Some banks allow you (and, like Chase, even encourage you) to link your personal and business accounts and will allow your business and personal accounts to be viewed on the same online banking screen, making transfers between accounts simple and quick.
Research for this article encompassed business bank accounts from across the U.S. We evaluated the benefits offered, transaction limits, fees charged, and customer service of each business bank account reviewed to determine the "best of" designation for each category.
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JP Morgan Chase & Co. "About Us."
Axos Bank. "Who Is Axos Bank?"
Axos Bank. "Basic Business Checking."
App Store. "Axos Bank."
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U.S. Bank. "Silver Business Checking Package."
Federal Reserve Board. "Large Commercial Banks."
U.S. Bank. "About Us: History."
U.S. Bank. "Fact Sheet."
U.S. Bank. "Compare Business Checking Accounts."
LendingClub. "Business Banking. Tailored Checking."
Lending Club. "Press Release: LendingClub Reports Fourth Quarter and Full Year 2022 Results."
Wells Fargo. "Navigate Business Checking Account."
Federal Reserve Board. "Large Commercial Banks."
Wells Fargo. "Why Wells Fargo."