Best Small Business Checking Accounts 2020

The best business checking accounts are the ones with the most convenience at little to no cost to you.

BY: AUSTIN ANDRUKAITIS ON TUESDAY, DECEMBER 03, 2019
Best Small Business Checking Accounts 2020

If you are a long-time small business owner or a startup, a business checking account is essential.

The best business checking accounts are the ones with the most convenience at little to no cost to you.

The purpose of a business checking account is to pay suppliers and vendors. It is also the perfect way to keep your personal account and business finances separate.

A division in money is a great idea. It is especially important when applying for a small business loan.

To determine which business account is best is by learning how well it meets the company's needs. Bank fees, monthly transactions, and cash deposits must not cause you problems. They cannot create company interruptions, either.

Transparency is also a key factor when choosing a bank to open a checking account. Read the small print and ask questions.

Be aware that many banks will claim they offer free business accounts. When in reality, they end up charging you fees. At some banks, this can happen if you fail to maintain a minimum balance or go over the cash deposit limit.

Fortunately, online banking has generated some changes to the hidden fees. Digital banks often do not have costs, and many offer unlimited transactions.

But digital banking causes some limitations. A prime example is the inability to make cash deposits, for instance.

Your business checking account must-have features that best serve your banking needs.

Different Types Of Small Business Checking Accounts

Small business owners need a bank that offers specific capabilities. It must allow businesses to deposit checks and send direct deposit payments. A bank where you can transfer money between accounts, and send invoices.

The bank account should have a debit or credit card option to make business purchases.

Look for a bank where safety and security are high priorities. Put your investments only in places that offer protection.

Some small businesses do not want to deal with banks at all. They prefer credit unions over banks. But it is vital to consider how credit unions often have higher interest rates than banks.

Both banks and credit unions provide similar services. They offer checking and savings accounts, loans, and business accounts. What you choose depends on what you want to pay.

Choose a bank that has the added convenience of a mobile app.

Take your time. Shop around until you find THE one.

15 Banks Small Business Owners Need To Consider When Opening A Checking Account

Azlo

Business owners can open an Azlo account entirely online with no deposit. It offers free bank-to-bank transfers, incoming wire deposits, and international transactions.

Easily withdraw cash, fee-free, at over 55,000 in-network ATMs.

You can pay your bills for free and make mobile check deposits. Plus, you get unlimited in-app invoicing. Azlo integrates with Stripe and Square. It also offers business owners an Azlo Visa debit card.

Download the Azlo app from Google Play and the App Store. Add it to your mobile device for secure online banking. Your funds are FDIC-insured through our partner bank (BBVA USA, Member FDIC).

Azlo protects your information. All your data is encrypted and never stored on your devices.

Nbkc Bank

Small businesses choose nbkc due to it being like having “Your Bank in Your Back Pocket.”

With nbkc, owners can deposit checks, transfer money, pay vendors, and bills online. There are over 32,000 MoneyPass ATMs available for free in the U.S. and Puerto Rico.

To open an account with nbkc, there is a $5 fee, but online banking is free.

There is no cost to getting cash from your nbkc Debit Mastercard. Plus, you receive up to $12 in monthly refunds for ATM fees other banks charge you from anywhere in the world.

Keep your business information safe and sound with an nbkc bank account. It is FDIC insured, uses standard 256-bit encryption and multi-factor authentication. Nbkc will never ask you for your login credentials or password.

Wise

Wise is 100% digital. A Wise banking account is excellent for businesses that want to earn 2% APY and an easy way to process payments.

Wise offers a suite of web, tablet, and mobile apps to help you get business done from anywhere at any time. The Wise Company Visa Card is issued according to the license from Visa U.S.A.

Wise includes free incoming wire deposits. It also offers digital and mobile account access.

You gain unlimited contact management and a free business debit card. You will have access to 55,000 in-network fee-free ATMs around the U.S.

Checking accounts and banking services are provided by BBVA USA. Deposits are insured up to $250,000 through our FDIC insured partner banks.

Novo

Novo is another fee-free digital bank for small business owners. Applying for a Novo checking account online takes minutes. There are no fees or minimum balances, but you do have to make a $50 opening deposit to activate the account.

With a Novo bank account, owners can make payments. They can send and transfer money from their smartphones. The Novo app is available for both Android and iOS devices.

If your business needs to send a physical check, Novo will handle the processing. It sends the check on your behalf.

Your Novo checking account is FDIC-insured. It also comes with a Mastercard debit card that is compatible with Google Pay and Apple Pay.

Axos Bank

When you choose an Axos business checking account, there is no fee for online banking.

Axos Bank offers several business checking options. But it is their Basic Business Checking account that offers one of the best values.

You will have to pay an opening deposit of at least $1,000. However, there are no average daily balance requirements and no monthly fees.

With an Axos account, your first set of 50 checks is free, and you receive 200 free transactions per month. Business owners have free bill pay and a free app for their iPhone, iPad, or Android.

You get up to 60 remote deposits included for free each month and free access to ATMs across the country.

It is also Quickbooks compatible.

Bank of America

Bank of America’s Business Fundamentals Checking account charges an $18 monthly fee. The bank waives this fee only if you maintain a daily balance of at least $3,000, or an average monthly balance of $5,000.

You will be charged a handling fee if your small business processes a lot of transactions or high dollar value of deposits.

The fee can be anywhere from $0.30 per $100 over the first $7,500 in cash deposits. There is also a fee of $0.45 for each transaction after the first 200.

Bank of America’s online banking is user-friendly. It offers fingerprint sign-ins and the option to pay with a digital wallet.

The bank enrolls cardholders in a Business Advantage Relationship Rewards. It works similarly to credit cards that earn rewards points for spending.

Chase

Chase is perfect for business owners looking to open a traditional checking account.

The Chase Total Business Checking account has a minimum account balance of $1,500 per day. This is how to avoid the $12 monthly maintenance fee.

If you are not enrolled in paperless statements, you will have to pay a service fee of $15. It allows for up to 100 monthly transactions without a charge. Plus unlimited electronic deposits (excluding wires). You also get $5,000 in cash deposits each month without a fee.

Chase has more than 5,000 branches and 16,000 ATMs nationwide. You will get 24/7 virtual account access with the Chase Mobile App.

For multiple business owners, each will get their own debit card and bank PIN.

But, if your business is rapidly growing, you may want more than a basic business checking account. Chase does offer other types of checking accounts that might better suit your needs.

Wells Fargo

Wells Fargo is another name that makes the list of best banks for small businesses. It offers a healthy small business loan program and a free company checking account.

There is a $10 service fee, but it is waived if you maintain a balance of $500 per month in your account. You also need $25 as your minimum opening deposit. Take note: fees vary according to location. Be sure to search with your zip code to know exactly which charges you may incur.

Wells Fargo’s customized financial services offer convenience and flexibility for your business.

TD Bank

TD Bank provides a “Personalized Approach To Your Business Banking.” You can choose to open a personal checking account or an interest-bearing savings account.

When you choose a business checking account with TD Bank, you will work with a local TD specialist.

TD Bank’s Small Business Money Market Accounts is the best way to maximize savings. You earn rewards from the TD business credit card.

Business owners can access tailored products and services, along with tools and resources. You will also enjoy the convenience of over 1,300 TD Bank locations.

Manage your small business accounts with Online Banking and the TD Mobile Banking App. You can even access all your personal and business accounts with one login. You can choose payment options, including ACH, Online Bill Pay, and Wire Transfers.

Citibank

The Citibusiness Streamlined Checking Account has a $15 monthly fee. You can waive it by maintaining an average monthly balance of $5,000.

This account does have a transaction limit. It offers 250 free transactions a month. If you go over the limit, there is a fee for each extra transaction of $0.30.

Citibank does offer a business credit card that allows you to gain rewards. It also has the Citi Mobile App, which enables you to do banking while on the go.

Get the flexibility you need from a bank. Manage your business and personal finances on your own time. With Citibank, you gain access to a suite of powerful financial tools and features.

Capital One

Capital One offers an easy to use and simple business checking account. It is perfect for owners to process a high volume of transactions.

The Capital One Business Checking account comes with unlimited transactions. It is not a free account, for it has a monthly service fee of $15. Waive this fee by maintaining an average balance of $2,000 or more. $5,000 of deposits are free cash deposits.

Receive unlimited rewards on purchases made with the Capital One Walmart Rewards Card. Capital One charges interest rates on credit card cash advances and transfers.

Citizens Bank

The Clearly Better Business Checking is a free checking account. It has a $0 monthly maintenance fee. You can get up to 200 check transactions per statement period at no charge. If you go over the limit, there is a $0.50 charge.

This account is ideal for smaller businesses that do not do much banking. It has many great and useful features like Online, Mobile, and Phone Banking. You also gain access to more than 1,100 branches and over 3,100 ATMs.

You can choose to use the Everyday Points Business Mastercard. There is no annual fee and 0% introductory APR for 6 months. Plus, you earn unlimited rewards. Your business rewards card comes to travel, purchase protection, and account management.

PNC Bank

There are many reasons why business owners choose the PNC free checking account. You will not have to pay a monthly service charge if you meet any one of the following:

  • $5,000 or more average monthly balance in your Spend + Reserve. Up to 6 additional PNC Bank consumer checking accounts you have chosen to link.
  • $5,000 or more in total qualifying monthly direct deposits to the "Spend Reserve."
  • $25,000 combined average monthly balance in PNC consumer deposits and investments

Otherwise, the service charge is $25 per month.

There is no fee for using non-PNC ATMs. Plus, PNC will reimburse you for other banks' surcharge fees.

PNC Bank offers free transactions at approximately 9,000 PNC ATMs. There are also many ways to avoid monthly service charges.

The PNC SmartAccess Prepaid Visa gives you a secure way to access money.

The card lets you make deposits, purchases, pay bills, get cash, and more. To learn more about interest rates, visit the Interest Rate Center.

You can also manage your money online with the PNC Virtual Wallet.

U.S. Bank

U.S. Bank offers owners flexible and convenient business checking and savings accounts. It has the Silver, Gold, Platinum, and Premium accounts for you to compare.

The U.S. Bank Silver Business Checking account is ideal for small businesses. It has a $0 maintenance fee.

You get 150 free combined transactions per month. If you go over, the fee is $0.50 per transaction.

Deposit checks remotely and securely from your office or on the go. You also get 25 free cash deposit units per month.

The U.S. Bank has several business credit cards, including a cashback and travel credit card.

First-Citizens

There are benefits to opening a First-Citizens Free Checking account. It has a minimum opening deposit of $50. But there are no monthly fees or balance requirements. Plus, you get overdraft protection options.

Those who choose this account also get Free Digital Banking with unlimited Bill Pay. You can link your First Citizens card to Digital Wallets. Including Apple Pay, Google Pay, or Samsung Pay.

First-Citizens offers a Visa Debit and Credit Card, as well.

Opening a small business checking account is essential for money management. And, there are plenty to choose from today.

When comparing checking accounts, look for the ones with the best accessibility. It needs to provide features, security, merchant services, and low-costs.

The right bank may be the one that offers the best free business checking accounts. One with no average balance or monthly service fees or transaction fees.

On the other hand, you may consider the best business checking account to be a part of an online bank. Instead, you want to use the internet to do regular mobile banking.

Depending on your preference, you might want to use a physical branch instead. A traditional bank that operates thousands of branches.

The bottom line is, the best business checking bank accounts for your small business can only be defined by you.

About the Author

Austin Andrukaitis

Austin Andrukaitis is the CEO of ChamberofCommerce.com. He's an experienced digital marketing strategist with more than 15 years of experience in creating successful online campaigns. Austin’s approach to developing, optimizing, and delivering web based technologies has help businesses achieve higher profit, enhance productivity, and position organizations for accelerated sustained growth.

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