Every small business needs a business checking account for handling money and processing financial transactions. While many small business checking accounts are similar, some providers have lower fee structures or introductory offers that are better than others. We looked at a range of options and compared them to identify the 10 best small business checking account providers.
Fit Small Business Uses Bank of America
The company behind Fit Small Business has been banking with Bank of America for five years and plans to continue to use Bank of America for its business checking. New customers may qualify for a bonus of up to $350.
Chase Bank: Best Business Checking Account
Chase Bank has 5,100 branches,16,000 ATMs, an easy-to-use website and a great mobile app, making it an excellent option whether your small business relies on a physical location or do most of its banking online. It offers one of the most competitive fees structures, unlimited cash deposits and you can open an account with a minimum of $25. First-time Chase Total Business Checking account holders are being offered up to a $200 bonus.
Best Small Business Checking Account Options
|Chase Bank||(Best Overall) Low fees & intro bonus of up to $200|
|Capital One||Low-cost checking account with unlimited transactions|
|Bank of America||Physical locations, reasonable fees & intro bonus of up to $350|
|US Bank||Small businesses with average monthly balances under $1,500|
|PNC Bank||Larger businesses with 1,500+ monthly transactions|
|Wells Fargo||Flexibility when upgrading account services as a company grows|
|BBVA Compass||Low-cost traditional banking option with a large network|
|Citizens Bank||Businesses with under 200 transactions per month|
|TD Bank||Businesses with significant Canadian operations|
|Comerica||Free online business banking with no need a physical branch|
How We Evaluated the Best Business Checking Accounts
Many small business checking accounts are very similar. However, many banks have introductory offers or include free transactions or cash deposits each month. They also have different cost structures including monthly fees, ATM fees or transaction fees. These are some of the most important things that we considered when deciding on the best business checking accounts.
When narrowing down the options to this list, we considered the following things:
- Ease of use: The ability to use an account for different purposes or types of businesses
- Size of the bank’s network: The number of bank branches, states where they operate and ATM accessibility
- Fees: Monthly account fees, transaction fees and ATM fees
- Special features: Additional perks or plug-ins that come with a small business checking account
- Additional services: Other services offered by the provider in addition to business checking accounts
- Introductory offers: Sign-up bonuses or introductory benefits for new bank clients
Many of the options on our list have multiple business checking account products for different-size businesses. In this article, we’ve compared the best business checking accounts with the lowest costs. If your needs differ, we encourage you to check out the other business checking options provided by the banks on our list.
The parent company of Fit Small Business has been banking with Bank of America for five years and plans to continue to use Bank of America for its business checking. New customers may qualify for a bonus of up to $350.
Chase Bank, with a $200 bonus for new customers, is our pick as the best small business checking account provider. We chose it as the best business checking account because it has a flexible network and lower fees when compared to the other options on the list. While all banks in this article are good for most businesses, Chase offers a complete solution for small business owners.
Chase Bank: Best Overall Small Business Checking Account
Chase Bank offers one of the largest networks of all business checking accounts, giving you access to more than 16,000 ATMs and more than 5,100 branches nationwide. It also offers one of the best complete business checking account solutions, Chase Total Checking, which is flexible based on your needs. You only need a minimum of $25 to open an account and your fees could be as low as $0 if you have $500 in monthly deposits or a daily balance of at least $1,500. Plus, new customers can receive up to $200 in introductory bonuses.
Who Chase Bank is Best For
Chase Bank can offer the best checking solution for any business with convenient access to one of its branches or ATMs. Chase offers unlimited cash deposits, which makes it the best option for businesses that make many cash deposits or that need a branch to conduct transactions. Plus, it offers one of the best fee structures overall and checking solutions for businesses of all sizes.
Chase Bank Introductory Offer
The Chase Total Business Checking account currently offers a $200 bonus for first-time account holders. To qualify, business owners will need to do the following:
- Deposit $1,000 within 10 days of opening the account
- Maintain a $1,000 average daily balance for 60 days
- Make at least five qualifying transactions from the business checking account within 60 days
Since the monthly fee is waived with a minimum daily balance of $1,500, you should have no problem also receiving $200 in bonuses if you’re already able to get the fee waived.