10 Best Small Business Checking Accounts in 2024
Opening a business checking account is recommended for business owners when establishing their first enterprise to build credibility, simplify bookkeeping, and protect personal assets. However, in a sea of choices, it can be challenging to find the most suitable account. The best small business checking accounts will offer interest earnings, no monthly fees, and no ATM charges. It will also provide more business support products and services to keep your company operation running smoothly. We compiled a list of financial providers to help you narrow down your choice. Here is a list of our 10 best small business checking accounts. Best overall small business checking account: Chase Member FDIC Best for high APY and line of credit: Bluevine Provider is a fintech platform, not a bank. It provides FDIC insurance and deposit services through a partnership with Coastal Community Bank. Best for unlimited daily transactions: Capital One Member FDIC Best for free checking account and high welcome bonus: U.S. Bank Member FDIC Best for teams seeking more accounts and debit cards: Relay Provider is a fintech platform, not a bank. It provides FDIC insurance and deposit services through a partnership with Thread Bank. Best high-yield bundled business accounts and free payment software: Grasshopper Bank Member FDIC Best for robust startup services and high FDIC coverage Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. : Mercury Provider is a fintech platform, not a bank. It provides FDIC insurance and deposit services through a partnership with Choice Financial Group and Evolve Bank & Trust. Best for speedy fund access and express payments: Novo Provider is a fintech platform, not a bank. It provides FDIC insurance and deposit services through a partnership with Middlesex Federal Savings. Best for budgeting and multiple software integrations: North One Provider is a fintech platform, not a bank. It provides FDIC insurance and deposit services through a partnership with The Bancorp Bank, N.A., Member FDIC. Best for freelancers and self-employed professionals: Found Provider is a fintech platform, not a bank. It provides FDIC insurance and deposit services through a partnership with Piermont Bank. SPONSORED Software Spotlight: Bluevine Earn up to 4.25% APY with Bluevine Business Checking. Unlimited transactions, no overdraft fees, and no fees on ACH & incoming wires Add up to 5 sub-accounts, each with unique account numbers FDIC coverage up to $3 million Save with no monthly fees Best small business checking quick comparison The table below shows the top factors we evaluated for the 10 best small business checking accounts. Chase: Best overall small business checking account Our rating: 4.35 out of 5 Image: Chase A household name in the banking industry, Chase provides small businesses with three checking options that scale as your business grows. As a full-service bank, Chase offers small businesses savings accounts, credit cards, and other lending products, including payment solutions and collection services. What we like about Chase is that small businesses can bank online and in person. Its ubiquitous presence in 48 states makes it convenient to visit one of its branches. Under its basic tier checking product, you can deposit cash fee-free up to $5,000 each month, which is often unavailable or limited for many fintech providers. Why we chose it Chase Complete Business Banking® is our overall best checking account for small businesses because it has a waivable monthly fee and easy waiver conditions. You will get 20 free teller and paper transactions and unlimited debit card and ATM transactions, including solid accounting software integrations. We named Chase our top bank for QuickBooks integration. In addition, Chase’s basic tier account uses a built-in payment processor (QuickAccept) that lets you accept your customer’s credit card payments for free via the Chase mobile app. With a Chase account, you can send digital invoices and secure payment links. Opening a Chase Complete Business Banking® account also entitles eligible customers to a $300 welcome bonus by meeting qualifying conditions. Monthly fees Chase Business Complete Banking®: $15; waivable by having any of these: $2,000 average daily balance (ADB). $2,000 Chase Ink Business Cards spend. $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions. Chase Private Client Checking account. Qualifying proof of military status. Chase Performance Business Checking®: $30; waivable by meeting a $35,000 or greater combined ADB in qualifying business deposit accounts. Chase Platinum Business CheckingSM: $95; waivable by meeting a $100,000 combined ADB across qualifying business deposit and investment accounts. With a linked Private Client Checking account, the required ADB is $50,000. Features Free associate and employee debit cards upon request. Digital banking and branch locations in 48 states. Chase Bank QuickBooks integration. Built-in card acceptance through its mobile app. Low to no fees for FX transactions made via online or Chase’s app. Fraud protection services. Payment and invoicing services via Chase Payment Solutions. Online and branch customer support. Pros and cons Pros Cons No required opening deposit and minimum balance for basic checking No interest earnings Unlimited debit card and ATM transactions Only 20 fee-free teller and paper transactions $300 cashback bonus for new accounts (conditions apply) High balances to waive the monthly fees for premium checking accounts Bluevine: Best for high APY and line of credit Our rating: 4.25 out of 5 Image: Bluevine Ranking high on this list is a popular fintech company, Bluevine. It has excellent checking products that promote high-yield earnings, including an outstanding line of credit. Aside from its competitive rates, Bluevine edges many providers with its robust business integrations, fast international payment option, and reduced fees for ACH and outbound wire transfers. You also get five fee-free subaccounts and a high FDIC insurance coverage of up to $3 million. What we like about Bluevine is its interest-earning business checking accounts, which is uncommon. Typically, financial providers
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