The 6 best business checking accounts for your small business

Choosing the right business checking account is crucial for managing your company's finances efficiently.

The market is filled with options, each with its own set of features, fees, and benefits. It's easy to feel overwhelmed, but finding the right fit is essential for your company's financial health.

This article will guide you through the key considerations when selecting an account and provide a detailed review of six leading options to simplify your decision-making process.

Key factors in choosing a business checking account

Not all business checking accounts are the same. A suitable account should align with your operational needs and financial strategy. Before committing, it’s wise to assess several key features to ensure you’re getting the best value.

Fee structure: One of the primary goals is to find an account with minimal fees. Paying to access your own money can eat into profits. It's important to look beyond the headline "no monthly fees" and read the fine print for other charges, such as those for transactions, wire transfers, ACH transfers, and ATM use, especially if you don't meet the minimum balance requirements.

ATM access and cash handling: For businesses that handle cash regularly, convenient access to ATMs and branches is non-negotiable. If your operations involve frequent cash withdrawals or deposits, verify the bank's network of free ATMs. Some modern, online-only banks may not accept cash deposits at all, while others might reimburse fees from third-party ATMs.

Digital banking capabilities: In today's business environment, a powerful online banking platform is a must. You should be able to monitor your finances in real time, deposit checks remotely, and access statements easily. The best accounts offer a user-friendly and comprehensive online or mobile experience, including features like bill pay, fund transfers, and customizable account alerts.

Interest and rewards: If your business maintains a significant daily balance, an interest-bearing checking account can be a smart move. These accounts function similarly to savings accounts, offering an Annual Percentage Yield (APY) that allows your money to grow. Additionally, many banks offer perks such as cashback on debit card purchases or exclusive discounts on business software.

A review of the top 6 business checking accounts

Your specific business requirements will ultimately guide your choice. To help narrow the field, here is an analysis of six of the best business checking accounts available, all of which are FDIC insured.

Capital One: Best for unlimited transactions

For small businesses with a high volume of monthly transactions, finding a bank that doesn’t charge per transaction is key. Capital One’s Spark Business Basic Checking stands out by offering truly unlimited transactions without extra fees.

• Key benefits: Enjoy an unlimited number of transactions, deposit up to $5,000 in cash monthly without fees, and easily integrate with accounting software like Xero. The account includes a mobile app for deposits and payments, access to business credit cards, and a network of 39,000 dedicated ATMs and 750 branches.
• Things to consider: This account requires a $250 minimum deposit and must be opened in-person at a branch, which are located in only eight states. There is no sign-up bonus, and a $15 monthly fee applies, though it can be waived with a minimum daily balance of $2,000.

U.S. Bank: Best for limited fees

If your business has infrequent transactions and you prioritize avoiding fees, the Silver Business Checking Package from U.S. Bank is an excellent choice. It’s a straightforward account with no monthly maintenance fee.

• Key benefits: This account features no monthly fees, no minimum deposit, and no balance requirement. You get 125 free transactions per month, can deposit up to $2,500 in cash for free, and receive a 50% discount on your first check order. It also offers payroll integration with ADP and a full suite of online and mobile banking tools.
• Things to consider: There is no sign-up bonus, and overdraft fees can be charged. Exceeding the 125-transaction limit will cost you $0.50 for each additional transaction.

Relay: Best for flexibility

Relay is an online banking platform designed specifically for businesses, offering exceptional flexibility. While it has no physical branches, customers get fee-free access to Allpoint ATMs worldwide for both deposits and withdrawals.

• Key benefits: Relay charges zero monthly fees, has no minimum balance requirements, and no overdraft fees. Customers can open up to 20 separate checking accounts, issue up to 50 debit cards, and receive payments via multiple methods.
• Things to consider: As an online-only provider, it may not be suitable for businesses that frequently handle cash. Accessing premium features like accounts payable and receipt management requires a paid Pro plan.

First Internet Bank: Best for earning interest

Online banks often provide better terms due to lower overhead, and First Internet Bank is a prime example. Its Small Business Checking account is fee-free and allows you to earn interest on your balance.

• Key benefits: This account boasts no fees on banking transactions and unlimited transactions. It refunds up to $10 per month in third-party ATM fees and offers an interest-bearing checking account with a 0.30% APY on balances over $10,000.
• Things to consider: This is an online-only bank with no physical branches or cash deposit options. A $100 opening deposit is required, and there is no sign-up bonus.

Bank of America: Best for a sign-up bonus

A generous sign-up bonus makes Bank of America’s Business Advantage Fundamentals Banking a compelling option. The current offer provides a $500 bonus, combined with a large network and solid features.

• Key benefits: In addition to the bonus, you get 200 free transactions and can deposit up to $7,500 in cash monthly without fees. The account includes access to a mobile app, business credit cards, and 16,000 fee-free Bank of America ATMs.
• Things to consider: A $16 monthly fee applies, which can be waived by maintaining a $5,000 minimum balance or spending $250 on your business debit card monthly. Transactions beyond the 200-limit cost $0.45 each, and a $100 opening deposit is required.

Chase Bank: Best for minimal monthly transactions

For businesses that don't have a high transaction volume but value the security of a large banking network, Chase Business Complete Banking is a strong contender. It offers a sign-up bonus and access to over 4,700 branches.

• Key benefits: New account holders can receive a $300 sign-up bonus with no opening deposit required. The account allows for $5,000 in monthly cash deposits without fees and integrates with tools like QuickBooks. Customers have access to a mobile app and 16,000 Chase ATMs.
• Things to consider: The $15 monthly fee is only waived by meeting specific criteria, such as maintaining a $2,000 balance. The account includes only 20 free transactions per month, with a $0.40 charge for each additional one.