A business checking account can help you keep track of both your personal and corporate accounts if you need to send or receive payments on behalf of your firm.
Researching a few possibilities is always worthwhile. Different small company checking accounts will fit different clients.
This article offers advice on how to pick the best small company checking account as well as some of the top no-fee or low-cost business checking accounts accessible to US entrepreneurs.
Best checking accounts for small businesses
Here are a few of the top small business accounts you should take into account for your company.
Chase Business Complete Banking
According to reports, Chase is the biggest bank in the US, offering a wide selection of over 16,000 ATMs and a robust branch network.
It makes a lot of sense to open a Chase Business Complete Backings account if you already have a Chase Private Client Checking account. There will be no monthly cost, 100 fee-free transactions, and a monthly cap of $5,000 in fee-free cash deposits.
You pay $0.40 for each transaction beyond the initial free ones, including deposits and incoming wires.
You must have a $2,000 minimum deposit in your account or pay a $15 monthly charge if you don’t have Chase Private Client Checking.
Although it shouldn’t be difficult for you to locate a Chase ATM, withdrawals from ATMs outside of the Chase network will cost you $2.50 in the US and $5 abroad. 3% exchange rate adjustment fees are also charged for overseas card transactions and foreign cash withdrawals. ¹ ² ³
Bank of America Business Fundamentals Checking
The company Fundamentals Checking account from Bank of America, the second-largest bank in the US by assets, can be an excellent choice for certain company owners.
The $16 monthly charge is removed if you have a minimum balance and use your connected company debit or credit card to make $250 or more in purchases. If you sign up for the Preferred Rewards for Business program, it is also waived.
It’s important to note that each state may have different requirements for the features and costs of this account. On the Bank of America website, look up the information specific to your area.
You will have access to 15,900 ATMs nationwide as well as 4,600 Bank of America branches and offices with your account. You receive 200 free transactions as part of your monthly charge, and any more transactions cost $0.45 apiece. There is also a $7,500 fee-free deposit limit every month, beyond which there is a $0.30 fee per $1,000 deposited.⁴ ⁵
Wise Business account
If you need to send or receive frequent payments from abroad, the Wise Business account can be an excellent option.
Wise is not a bank, but a provider of financial services. Accounts are subject to the same regulations as bank accounts and employ the same level of protection that you could find in a typical bank. However, Wise accounts are totally online, which reduces costs and enables Wise to offer numerous services at a lower cost.
There is no minimum balance requirement or monthly maintenance cost when opening a Wise Business account online. It’s a multi-currency account, so you may keep your money in a variety of different currencies while receiving payments in most major currencies fee-free using the information from your own local bank account.
When switching between currencies, use the mid-market conversion rate and only pay a little upfront cost.
For corporate customers, Wise corporate additionally offers extra features. To simplify your life, you may upload a batch of payments at once, link with accounting software like QuickBooks, or even automate your payments by integrating with our API.
TD Business Convenience Checking Plus
With 1,200 offices on the East Coast, TD Bank is the Toronto-Dominion Bank’s US affiliate.
The most convenient bank in America, according to TD Bank, provides a variety of small business checking accounts with various terms. This can be a wise decision if you often go to Canada and conduct a lot of business with Canadian clients or suppliers.
One benefit of the account is fee-free ATM withdrawals at TD locations in the US and Canada. At non-TD ATMs, balance checks and withdrawals cost $3.
If you have $1,000 in the account or in a connected TD personal checking account, the $15 monthly charge for the TD Convenience Checking account is eliminated.⁶ ⁷
5. US Bank Silver Business Checking Account
Another of the biggest banks in the nation, US Bank offers a variety of accounts for all kinds of businesses. Over 3,000 US Bank facilities and almost 5,000 ATMs are part of their network.
The Silver account can be a wise choice if you want a straightforward account with a focus on minimal daily expenses. You are not required to maintain a minimum balance or pay a monthly maintenance charge, and you are allowed 125 combined transactions each month without paying a fee. Transactions after that will cost $0.50 apiece.
You may apply for a connected business bank card and make withdrawals at ATMs. It should be noted that there is a price for print statements if you want them in hard form; however, if you would prefer to save this additional expense, you can choose to have your statements delivered to you online.⁸
6. Wells Fargo Initiate Business Checking℠
Even though this is the most basic Wells Fargo business checking account, it still includes up to 100 free transactions each month. When you go above this limit, each transaction will cost you $0.50.
Additionally, deposits up to $5,000 are free of charge; deposits beyond $5,000 are subject to a cost of $0.30 per $100. The account requires a minimum balance of $500 to avoid the $10 monthly maintenance cost.
You can receive a connected bank card as an account holder that is personalized to fit your company’s needs. Additionally, there are 13,000 fee-free ATMs and internet banking.
Outgoing payments to domestic or foreign accounts cost $30 apiece, while incoming local and international wire transfers cost $15–16.
Depending on where in the nation you reside, the specific conditions and charges for Wells Fargo business checking accounts may change. To discover the precise possibilities available in your state, enter your zip code on the page.⁹ ¹⁰
7. Axos Bank Basic Business Checking Account
Axos, formerly known as Bank of Internet, doesn’t have a branch network but does provide customers who choose to handle their money online with high value business checking accounts.
The benefit of the Basic Business Checking account is that there are no monthly fees. Additionally, there is no requirement for an average daily balance.
You may use free online banking and bill payment services as well as make an unlimited number of withdrawals from US ATMs. You could not care that Axis doesn’t have physical branch locations because of the remote deposit capability.
For more demanding business needs, Axis additionally provides an analyzed checking account and an interest-bearing business account.¹²
8. Comerica Small Business Checking
Depending on the state you live in, there are different fees for the Comerica business account. You must input your zip code on the website in order to receive all the information.
A business debit card, internet banking, up to 300 fee-free transactions per month, and the choice of specialist services like payroll processing are all included with the account no matter where you are. Cash deposits up to $5,000 can be made without incurring a fee; deposits beyond $5,000 will incur a cost.
Although there is a monthly charge to pay if you don’t meet the average monthly balance criteria, the minimum starting deposit amount may just be $50. These depend on where you are, so you’ll need to look them up online to see how they could apply to you.¹³
9. PNC Business Checking account
Nearly 2,500 PNC Bank locations may be found in 19 states and the District of Columbia. The PNC network also has approximately 9,000 ATMs. Consider looking at the business banking possibilities if you reside in one of the states that PNC serves.
The $10 monthly charge for the basic Business Checking account is eliminated if you satisfy a variety of requirements, such as maintaining a minimum balance of $500 or making at least $500 in transactions using a connected bank card. A $100 startup deposit is also required to get started.
Your account allows for 500 free transactions each month; any further transactions will incur a $0.50 cost. Additionally, you may deposit up to $5,000 monthly with no additional fees.
PNC is well recognized for a few things, including its promotions. Checking the website for any new deals is worthwhile.¹⁴
How to choose the best small business checking account for your business
If you have a clear understanding of what you want, selecting the finest checking account for small company will be lot simpler. Although the majority of small business checking accounts on the market will have certain characteristics in common, they will have somewhat different costs, restrictions, and benefits.
You should seek for a small business account that offers the service and assistance you want while not being overly expensive to operate (in terms of maintenance fees or transaction expenses).
Here are some things to think about when deciding what kind of account would work best for you.
Do you need a physical branch nearby, or will you mainly bank online?
Having a branch nearby might be a huge benefit if you run a cash-based business and need to make actual deposits. Finding a bank or provider with a wonderful app and straightforward, clever ways to manage your account from your phone or computer, on the other hand, may be more crucial if you want to handle your money online.
It’s important to think about the kind of service you desire. Smaller banks may provide excellent in-person service while having smaller ATM networks, and the major US banks may provide less individualized service despite having a considerably larger network of ATMs.
How much money will you hold in the account?
A minimum initial deposit and minimum average or daily balance are common requirements for business bank accounts. By maintaining the required minimum average balance, you frequently qualify for free transactions or the waiver of the maintenance cost. However, if you want to reinvest your gains, picking an account with a low minimum balance makes more sense. If you’re willing to keep a significant amount of money in your account, you may find that you unlock some fantastic perks.
What type of transactions will you carry out — and how often?
Many accounts provide a set amount of free transactions as part of the monthly maintenance charge or in exchange for maintaining a set balance throughout the month. You’ll need to consider the kind of transactions you’ll do and how many you anticipate conducting each month to determine whether or not this is beneficial.
Verify that the fee-free offer covers the transaction types you want, and don’t forget to look into the cost per transaction in case your usage exceeds the monthly limit.
Some transactions, like sending or receiving funds from abroad, might be quite pricey. Find a specialized account that gives a good deal on cross-border payments, like the Wise Business account, if you work with clients, suppliers, or employees who are located abroad.
What’s the easiest business bank account to open?
The greatest place to start if you’re searching for the simplest approach to create a business checking account is by creating a business bank account online. You won’t need to make an appointment or stand in line at a bank. This greatly simplifies life, particularly for small business owners.
A lot of banking options, like Wise Business, allow you to create an account with a few simple clicks.
What’s the best small business account? Summary
There are many alternatives to pick from when looking into the finest small business checking accounts, as you’ll quickly discover. It’s a good idea to focus on the things that are most important to you because this might be a little overwhelming.
Consider the fixed recurring fees as well as the additional transaction fees you’ll incur if you use more than the predetermined amount included in your plan. Planning for the future makes sense because if your business expands, you could discover that you need more from your account than you need right now.
If you’re developing a company that will operate with foreign clients or suppliers, don’t forget to consider the cost of international payments.
These might be expensive and drastically reduce your revenues. You can focus on growing your business and satisfying your clients wherever they may be by using an account like the Wise Business account to ensure you don’t spend more in cross-border bank fees than you need to.