A business bank account can serve multiple functions depending on your business's size, needs and stage of growth. A business checking account is often the first step. Most companies build from there, opening a combination of business banking accounts to capitalize on interest, save for long-term goals, link to a merchant account or tie to a small-business loan.
We rounded up the best bank accounts for small businesses, organized by perks (no fees, earning interest, cash deposits) and preferences (in-person versus online banking). We also break down what business account to use when, and how to choose the best one for your business.
All of our picks for the best business bank accounts are chosen by our editorial team, who follow strict editorial guidelines to ensure fairness and accuracy in our coverage. See our criteria for rating business bank accounts.
Our Nerdy picks for
Best Business Bank Accounts
| Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Min. opening deposit▼ | Learn more |
|---|---|---|---|---|---|
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 Best for Online business bank accounts | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Relay Business Savings Learn more at Relay, Deposits are FDIC Insured | 3.5/5 Best for Earning interest | 1.00% With $1 min. balance for APY | $0 | Learn more at Relay, Deposits are FDIC Insured | |
nbkc Business Account Learn more at nbkc bank, Member FDIC | 5.0/5 Best for Online business bank accounts | $0 | N/A | $0 | Learn more at nbkc bank, Member FDIC |
U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.0/5 Best for Branch access | $0 | N/A | $100 | Learn more at U.S. Bank, Member FDIC |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 5.0/5 Best for Branch access | $15.00 Waived with $2,000 minimum balance | N/A | $0 | Learn more at Chase, Member FDIC |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 5.0/5 Best for Online business bank accounts | $0 | 2.25% With $0 min. balance for APY | $100 | Learn more at Grasshopper Bank, Member FDIC |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for Online business bank accounts | $0 | N/A | $0 | Learn more at Axos Bank®, Member FDIC |
LendingClub Tailored Checking Learn more at LendingClub Bank, Member FDIC | 5.0/5 Best for Earning interest | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | $100 | Learn more at LendingClub Bank, Member FDIC |
Bank of America Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 5.0/5 Best for Cash deposits | $16.00 Waived with $5,000 minimum balance | N/A | $100 | Learn more at Bank of America, N.A., Member FDIC |
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Earning interest | 4.00% With $0.01 min. balance for APY | $0 | Learn more at Live Oak Bank, Member FDIC | |
Mercury Business Bank Account Learn more at Mercury, Deposits are FDIC Insured | 4.5/5 Best for No fees | $0 | N/A | $0 | Learn more at Mercury, Deposits are FDIC Insured |
Wells Fargo Initiate Business Checking℠ Account | 4.0/5 Best for Branch access | $10.00 Waived with $500 minimum balance | N/A | $25 | |
First Internet Bank Business Money Market Savings | 4.0/5 Best for Earning interest | 3.45% With $0 min. balance for APY | $100 | ||
Navy Federal Credit Union Business Checking | 4.5/5 Best for Cash deposits | $0 | 0.01% With $0 min. balance for APY | $255 |
Our picks for
Online business bank accounts
Bank from anywhere with a fully-online business checking account.
Bluevine Business Checking
Read Review
Learn more
at Bluevine, Deposits are FDIC Insured
APY
2.00%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
The Bluevine Business Checking account has no monthly fees, overdraft fees or transaction fees and does not require a minimum opening deposit. This high-yield account also boasts a great interest rate:
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
You also have free ATM access through the MoneyPass network — with the ability to deposit cash (up to $7,500 per month with a $4.95 fee per deposit) at Green Dot locations across the U.S.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
Cons
- Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
nbkc Business Account
Read Review
Learn more
at nbkc bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Sign-up bonus
$0
NBKC’s Business Account is a free business checking account with no deposit and no minimum balance requirement. This account includes unlimited transactions, fee-free ATM access through the MoneyPass network (with the ability to deposit cash) and up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
Unlike other business accounts, NBKC does not limit the amount of cash you can deposit per month, and there are no fees for cash deposits. There are also no incidental fees for incoming domestic wires, overdrafts or stop payments.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft or incidental fees.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Cash deposits via MoneyPass ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
- No third-party app integrations.
Grasshopper Business Checking Account
Read Review
Learn more
at Grasshopper Bank, Member FDIC
APY
2.25%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Sign-up bonus
$0
Grasshopper's online business checking account pays you two ways: You can earn unlimited 1% cash back on qualified purchases and up to
2.25%
APY on the balance in your account. You also get free, built-in access to Autobooks, as well as business tools like invoicing and cash management.The catch: You can't deposit cash and the account requires a $100 minimum opening deposit.
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.25% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Axos Bank® Basic Business Checking
Read Review
Learn more
at Axos Bank®, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$25
Bonus
$200
Requirements to qualify
This free online business account delivers 24/7 customer support and includes free, unlimited cash deposits via compatible AllPoint and MoneyPass ATMs — a feature matched by few other business checking accounts. Plus, you get truly free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via MoneyPass and AllPoint ATMs.
- 24/7 customer support.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Our picks for
Earning interest
Relay Business Savings
Read Review
Learn more
at Relay, Deposits are FDIC Insured
APY
1.00%
With $1 min. balance for APY
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Sign-up bonus
$0
Relay’s high-yield business savings account earns
1.00%
on balances up to $50,000 and up to 3% if your balance exceeds that amount. Relay’s savings account does not include an ATM card and you can’t make external transfers, so you’ll need a Relay business checking account to access your funds.Pros
- No monthly fee or minimum opening deposit.
- No minimum balance to earn interest.
- Earns 1.00%-3.00% APY.
Cons
- Tiered interest structure.
- Balance of $1 million needed to unlock the highest rate.
- No ATM or debit card access.
- Only allows internal transfers to a linked Relay Checking account.
LendingClub Tailored Checking
Read Review
Learn more
at LendingClub Bank, Member FDIC
APY
1.50%
With $0 min. balance for APY
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Sign-up bonus
$0
LendingClub Tailored Checking has several standout features, including unlimited, fee-free cash deposits and free ATM access worldwide.
Earn
1.50%
APY on balances up to $100,000 and 0.10% APY on all balances after that. Maintain a balance of $500 or more and you unlock additional benefits, including unlimited 1% cash back on online and signature-based credit transactions. The monthly service fee ($10) is also waived if you have an average monthly balance of $500.
Pros
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
- Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
- Cash deposits via MoneyPass and SUM ATMs.
- Earn unlimited 1% cash back on debit card purchases.
Cons
- $10 monthly fee.
- $100 minimum opening deposit requirement.
- Minimum $500 balance required to earn cash-back rewards and waive monthly fee.
Live Oak Bank Business Savings
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
4.00%
With $0.01 min. balance for APY
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Sign-up bonus
$0
Live Oak is an online business savings account that, as of this writing, earns
4.00%
APY on balances as low as 1 cent. The account has no monthly fee or minimum balance requirements.Live Oak does not accept cash deposits and does not offer ATM access. You can fund your account via ACH payment, mobile check deposit, mailed check or wire transfer.
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
First Internet Bank Business Money Market Savings
4.0
NerdWallet rating APY
3.45%
With $0 min. balance for APY
Min. opening deposit
$100
Free cash deposits
N/A
Overdraft fees
N/A
Sign-up bonus
$0
The First Internet Bank Money Market Savings account requires a $100 opening deposit and carries a $5 monthly fee (waived with an average daily balance of $4,000). In return, account holders earn
3.45%
APY on daily balances up to $5 million. Businesses with a daily balance of more than $5 million earn 5.20% APY.Our picks for
Branch access
U.S. Bank Silver Business Checking
Read Review
Learn more
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$800
Requirements to qualify
U.S. Bank is one of the few brick-and-mortar banks that lets you open an account online. You can also call or visit a branch — U.S. Bank has more than 2,000 branches in 26 states — to get your account started.
The U.S. Bank Silver Business Checking account has no monthly fee and includes 125 transactions and up to $2,500 in cash deposits per statement cycle at no additional cost.
Pros
- No monthly service fee for Silver Business Checking account.
- Business accounts can be opened entirely online.
- Optional payment processing services ranging from mobile apps to in-store payment terminals. Additional fees apply.
- Welcome bonus for new customers (terms apply).
Cons
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
Chase Business Complete Banking℠
Read Review
Learn more
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$34
Bonus
$300
Requirements to qualify
Chase Business Complete Checking is a digital-friendly small business bank account that includes access to over 4,700 branches and 16,000 ATMs across 48 states.
This Chase business checking account carries a $15 monthly service fee, which is waived if you maintain a daily minimum balance of $2,000 or meet other designated criteria. Account holders receive unlimited electronic deposits and can earn a $300 sign-up bonus.
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- Welcome bonus for new customers (terms apply).
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Wells Fargo Initiate Business Checking℠ Account
APY
N/A
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$25
Free cash deposits
Yes
Up to $5,000.
Overdraft fees
$35
Sign-up bonus
$0
Wells Fargo has 4,900 branches across more than 40 states, plus Washington, D.C. The Initiate Business Checking account has a $10 monthly fee that can be waived with a minimum daily balance of only $500.
This account includes 100 fee-free transactions and $5,000 in fee-free cash deposits per month — making it a great option for a wide variety of small businesses. Wells Fargo business checking also provides access to over 12,000 fee-free ATMs, free online bill pay and mobile check deposit.
Pros
- More branch locations than any bank in the U.S.
- Business accounts can be opened entirely online.
- Extended customer service availability.
Cons
- No free business checking account option.
- Stingy transaction allowance.
- Fees for using out-of-network ATMs.
Our picks for
Cash deposits
Bank of America Business Advantage Fundamentals™ Banking
Read Review
Learn more
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
Waived with $5,000 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Up to $7,500 per month.
Overdraft fees
$10
Bonus
$200
See offer page for more details
Business Advantage Fundamentals™ Banking accountholders have access to thousands of Bank of America branches and ATMs. This business checking account features a generous cash deposit allowance — up to $7,500 per month — along with fee-free electronic transactions and up to 200 non-electronic transactions (checks paid, other debits, deposited items).
The account carries a $16 monthly service fee, which is waived for the first three months. After that, you can avoid the fee by maintaining a $5,000 combined average monthly balance or by spending $250 in net new qualifying purchases on your Bank of America business debit card.
Pros
- Fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Navy Federal Credit Union Business Checking
APY
0.01%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$255
Free cash deposits
Yes
Unlimited
Overdraft fees
$29
Sign-up bonus
$0
Our pick for
No fees
Mercury Business Bank Account
Read Review
Learn more
at Mercury, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Sign-up bonus
$0
Mercury offers a free business checking and savings account with no transaction fees, overdraft fees or minimum opening deposit requirement. The account also offers free domestic and international wires.
The platform offers built-in digital tools that allow you to track and manage your payments and expenses, create virtual debit cards and manage team members. You can also integrate your Mercury account with a variety of other business tools, including Quickbooks and Xero.
The catch: Mercury is not available to sole proprietors and cannot accommodate cash deposits.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- No fees at Allpoint ATMs.
- Free domestic and international wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
Cons
- Limited phone support. Weekend and after-hours support via email only.
- Can’t deposit cash.
Types of business accounts
There are four types of business bank accounts: checking account, savings account, credit card and merchant services. A business checking account is best for everyday cash flow and you’ll need one to open a merchant services account (a must if you accept debit and credit card payments).
Business savings accounts are a good tool to stash idle funds and save for long-term goals. Some high-yield business savings and business money market accounts earn upwards of 3.00% APY.
And a small-business credit card can help you build your business credit history and earn rewards on everyday spending. A business card with a 0% intro APR is a good fit for new businesses, but make sure you earn ongoing cash back or travel rewards, depending on your business needs.
Best for: Everyday use. | Best for: Long-term savings. | Best for: Building credit, earning rewards. | Best for: Accepting debit and credit card payments. |
What to keep in mind:
| What to keep in mind:
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How to choose a business bank account
Consider what type of business bank account you need and whether you want an online business account, an in-person experience or a combination of the two. Then, compare your business bank account options, taking the following factors into account:
- Monthly fees: Recurring fees eat into your bottom line so look for an account with no monthly fees, like a free business checking account or a high-yield savings account with no fees. If an account does carry a monthly fee, make sure you can reliably hit the minimum balance to have the fee waived or that the benefit of any added features outweighs the monthly cost.
- Transaction and deposit limits: Most accounts place some restrictions on transactions and deposits. Brick-and-mortar banks typically limit fee-free transactions — anywhere from 100 transactions to 500 per month for entry-level business accounts. Some banks only limit in-person transactions, while others cap all activity. Online banks rarely limit the number of transactions you can make, but most impose other limits, such as how much you can transfer or deposit each month. Read the fine print to understand what’s included and make sure those limits wont stifle your business activity.
- ATM access: Note the size and location of your bank’s ATM network before opening a business bank account. For savings accounts, also consider whether the account includes ATM access at all (many do not).
- Incidental fees: Additional fees on your business account can add up fast. Check the schedule of fees for your account to understand what extra charges could apply. Common fees include stop payment, nonsufficient funds and overdrafts.
- Value-added features: Some business accounts offer tax-planning tools, which are great for sole proprietors and freelancers. Other accounts offer easy integration with business tools, like QuickBooks Online and Gusto, to streamline your business operations. And some business banks can help you network with investors and workshop your pitch deck, making them some of the best banks for startups.
Last updated on September 8, 2023
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.