Every small business needs a business checking account to keep track of the money and to process financial transactions. However, lots of small business checking account are similar and it is hard to know which to select. To assist, we looked at a variety of feasible options and narrowed them down into the best little business checking account providers.
Fit Small Business Software Bank of America
The company behind Fit Small Business has been banking with Bank of America for five years and intends to continue to use Bank of America because of its company checking. New customers may qualify for a bonus of around $350.
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Greatest Business Checking Account: Chase Bank
Chase Bank has 5,100 branches,16,000 ATMs, an simple to use site and a great mobile program making them an excellent choice if a business will rely on a physical place or perform most of its banking online. They offer one of the most competitive fees structures, unlimited cash deposits, and you can open an account using a minimum of 25. First-time Chase Total Business Checking account holders are being offered around a $200 bonus.
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Greatest Small Business Checking Account Options
| Finest For | |
|---|---|
| Chase Bank | (Best Overall) Businesses needing flexibility using a sizable network and reduced cost arrangement. |
| Capital One | Businesses wanting a simple, free checking accounts. |
| Bank of America | Businesses with easy access to Bank of America locations looking for a large community and Affordable fees. |
| US Bank | Small businesses looking for a free checking account with a lot of physical branch locations. |
| PNC Bank | Larger companies trying to find a solution that will manage to 1,500 monthly trades. |
| Wells Fargo | Businesses near a Wells Fargo branch that need the flexibility to upgrade their checking as they grow. |
When you are assessing the best of the best business checking accounts, you are really splitting hairs choosing the #1 complete. Every one of the choices on this list give a fantastic solution for companies of all sizes, and none of them would be a lousy choice.
Should you need to produce a lot of money deposits and physical trades, then you need to ultimately first check the provider on this list having the most convenient branch and ATM locations to your business. If you are an internet business without a lot of demand for physical places, then select an online lender with reduced fees and overhead.
When narrowing down the options to this listing and picking which one was best, we considered that the following things:
- Flexibility and dimensions of the bank’s network
- Fees
- Nationwide branches or online accessibility
- Particular features and introductory provides
Many of the choices on our list have multiple business checking account products for companies of different sizes. We’ve so compared the checking account for small businesses throughout the article. If your needs differ, we encourage you to check out the other company checking options provided by the banks on our listing.
Chase Bank is our choice as the greatest small business checking account supplier for business owners. We chose it as the best company checking account since it has a flexible network and lower prices compared to the other options on the list. While banks in this article are good for most companies, Chase delivers a comprehensive solution for small business owners.
If you’re an internet business owner that has no need for physical places then we recommend Capital One as the best lender for you. They have the best fee structure and also you can do 100% of your bank online or in their community of 39,000+ ATMs nationwide.
Best Total Small Business Checking Account: Chase Bank
Chase Bank provides one of the largest networks of all business checking accounts, providing you access to over 16,000 ATMs and 5,100+ branches nationally. They also provide one of the greatest complete business checking account alternatives, Chase Total Checking, that is flexible based on your needs. You only need a minimum of $25 to open an account along with your fees might be as low as $0 in the event that you have $500 in monthly deposits or a daily balance of $1,500+.
Who Chase Bank is Best For
Chase Bank can offer the best checking solution for any business with convenient access to one of the branches or ATMs. Chase offers unlimited money deposits, making it the best option for companies that create a lot of money deposits or that require a branch to run transactions. Additionally, they offer one of the best fee structures overall and assessing solutions for businesses of all sizes.
Bank Network
The Chase Total Business Checking account gives the very best network when you take into account its flexibility. Chase Bank has over 16,000 ATMs for its clients, all of which can withdraw money and deposit checks. What’s more, the bank has over 5,100 branches which can help small business owners who have any banking demand they have.
However, these branches are typically based in high density and urban areas and it’ll be tough to get a Chase branch at a more rural location. You can use their division locator to understand what locations are nearest to you.
Fees
Chase Bank has one of the greatest fee structures of all the business checking account we have researched. They do a fantastic job in keeping fees low for smaller companies, helping you have the solution you desire without you having to pay for it.
Monthly Fee
Chase charges a monthly charge of $12 for their fundamental business checking account, which can be waived if you have either $500 in monthly deposits or keep a daily balance of $1,500+.
Transaction Charges
Chase provides 100 free trades per month in their Total Business Checking merchandise and boundless electronic deposits. They charge an extra $0.40 per trade after your first 100 per month. These charges are below the industry average.
Money Deposit Fees
Chase Bank delivers free money deposits of around $5,000 each month. If you exceed that amount, every additional $1,000 is charged a fee of $2.50.
Wire Shipping Charges
During Chase’s Total Business Checking, they charge the next wire transfer fees:
- Domestic Incoming Wires: $15
- Domestic Outgoing Wires: $35
- International Incoming Wires: $15
- International Outgoing Wires: $40
The incoming cable charges are waived if you sign up for the Business Premier Platinum Account.
ATM Fees
With any Chase business checking account you can deposit checks or withdraw money at no cost from over 16,000 ATMs nationally. They charge $2.50 per transaction at a non-Chase ATM. Moreover, the ATM operator you use may charge an additional fee that will vary, typically around $2-$3.
Introductory Give
The Chase Total Business checking account currently provides a $200 bonus for first-time accounts holders. In order to qualify, business owners will need to do the following:
- Deposit $500 within 10 days of opening the account
- Keep a $500 average daily balance for 60 days
- Make at least 5 transactions from the company checking account
Since the monthly fee is waived with a minimum daily balance of $1,500, you should have no issue also receiving $200 in bonuses if you’re already able to get the fee waived.
Other Essential Features
The Chase Total Business Checking account provides integrations with the major accounting applications, such as QuickBooks. Further, Chase Bank delivers a mobile finance program that lets business owners deposit checks online, check their account balances, pay bills, make transfers, and much more.
How to Apply to Chase Bank
The quickest way to register for a Chase business account would be to visit a branch location near you. You are able to work directly with a business banker and get signed up and ready to utilize your new business account within minutes.
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Best Free Small Business Checking Account: Capital One
Capital One provides the very best free business checking accounts available today, and they supply a solution that operates entirely online. Their fee structure is the best from the marketplace due to their online attention, though they offer a network of over 39,000 ATMs nationwide. They simply have 700+ physical branch locations, nevertheless, which may make it difficult to utilize for several brick and mortar businesses who make regular cash deposits.
Who’s Capital One is Ideal For
Capital One Spark Business Checking is a fantastic fit for those businesses who desire a free checking account but don’t require a physical branch location. Most e-commerce or online based companies use Capital One’s business checking account since all of their deposits can be made electronically. It is the best free business checking account provider we have researched because they have a large ATM network without a monthly fee.
Bank Network
The Capital One Spark Business Checking account has the largest overall network but also the fewest physical branch locations. Capital One boasts over 39,000 in-network ATMs that don’t charge a service fee but they only have 2,000+ ATMs which in fact accept deposits. Plus, Capital One only has 700+ national branches, that’s the lowest number on the list.
Fees
Capital One has the best fee structure of all business checking account since there are no monthly fees plus they allow an infinite number of monthly transactions.
Monthly Fee
Capital One doesn’t charge a monthly fee.
Transaction Fees
Capital It’s also the only small business account provider that does not charge a payment. Rather, they offer unlimited transactions every month, which makes this checking account a great match for a company with lots of electronic transactions running via their bank accounts.
Money Deposit Fees
Capital One provides you $5,000 in free cash deposits every month. After you meet your threshold of $5,000 for the month that they bill 0.2% commission on each dollar deposited for the remainder of the month.
Wire Shipping Charges
Capital One charges like wire transfer charges to Chase with the exception of national outgoing wires. Their wire transfer fees are:
- Domestic Incoming Wires: $15
- Domestic Outgoing Wires: $25
- International Incoming Wires: $15
- International Outgoing Wires: $40
ATM Fees
Capital One spouses with Allpoint that makes it possible for all account holders to use any Allpoint ATM at no cost. This provides you with access to 39,000+ ATMs nationally without paying anything, and should you get charged, then Capital One reimburses you in the end of your billing cycle.
Introductory Give
The Capital One Spark Business Checking account doesn’t now have a special introductory deal.
Other Essential Features
The Capital One Spark Business Checking account may incorporate with the top accounting software, like Xero. Capital One also offers a mobile app a company owner can use to deposit checks, and monitor their accounts, pay bills, make transfers, and much more.
How to Employ Capital One
Capital One’s application process is quite simple and also completely online. If you’re able to make your first deposit electronically then you may be signed within a matter of minutes. Once Capital One Requires your account — which may take a day or two — you are going to be prepared to use your checking account without restrictions.
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Another Small Business Checking Account Choice: Bank of America
Bank of America provides a business checking account that is similar to Chase business checking, with a slightly higher fee structure. They have a large community, providing you with access to over 5,000 physical branches and 16,000+ ATMs nationwide. Their network offers unique advantages, like your ability to make deposits directly at each ATM.
The organization behind FitSmallBusiness.com utilizes Bank of America because of their business checking and they’ve been quite pleased with it.
Who’s Bank of America is Best For
Bank of America is a fantastic fit for virtually any business that’s convenient access to one of their physical locations. When it’s more convenient for you than Chase, then we recommend visiting Bank of America. They can service your business in addition to Chase, even if you’re made to pay marginally more in charges.
Bank Network
The Bank of America Business Fundamentals checking account includes a similar community to Chase. Bank of America has over 16,000 ATMs around the country, all of which have complete capabilities for withdrawals and deposits. Bank of America also has over 5,000 branches, which is similar to Chase Bank. It is possible to see their places using their branch locator.
Fees
Bank of America’s fees are similar to most other large banks offering business checking account. They are not the most affordable, but their fee structure should not break your bank either.
Monthly Fee
Bank of America (BoA) charges $17 per month to use their business checking account. They’ll waive the fee if you fulfill one of four potential waiver requirements throughout the month:
- Spend $250 on internet new purchases with your BoA company debit or charge card
- Keep an average monthly balance of $5,000 or more
- Maintain a minimum daily balance of $3,000 for each day during the month
- Maintain a combined average monthly balance of $15,000 or more in your connected BoA accounts
Though the monthly fee is greater than Chase, Bank of America gives you plenty of chances to receive your monthly fee payable. Most businesses will be able to put $250 of the monthly expenditures in their debit card, which will produce the company checking free for you.
Transaction Charges
Bank of America offers 200 free monthly transactions and charges you $0.45 per extra transaction for the rest of the month.
Cash Deposit Fees
They offer free monthly deposits of around $7,500. As soon as you surpass that amount you will be charged 0.3percent for every dollar additionally deposited.
Wire Transfer Fees
Bank of America also charges similar wire transfer fees, and they’re:
- Domestic Incoming Wires: $15
- Domestic Outgoing Wires: $30
- International Incoming Wires: $16
- International Outgoing Wires: $40 in USD, $35 in overseas currency
ATM prices
They provide over 16,000 ATMs nationally you are able to deposit and draw from free of charge. Should you use an out of network ATM BOA will charge you $2.50 per trade. Plus you could be charged by the ATM operator you use, normally for just another $2-3.
Introductory Give
The Bank of America Business Fundamentals account also now provides a $200 bonus for first-time company checking account customers. To qualify, you must have $1,000 in deposits within the first 60 days of opening your account. The deal can be online-only, so opening a business checking account at a branch will not allow you to receive the bonus.
Other Key Features
The Bank of America Business Fundamentals account can integrate with accounting companies like Freshbooks. Bank of America also has a mobile app which may be used to trace checks, watch accounts, make transfers, pay bills, and much more.
How to Apply to Bank of America
You can completely use for a Bank of America (BoA) company checking account online. When you fill out their online application you’ll need to fax or email supplemental materials and then wait for your signature card in the mail, which takes 3-5 days. Once BoA receives the returned signature card you will be fully approved to utilize your company checking account.
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Another Free Small Business Checking Account Option: US Bank
US Bank provides a free business checking option known as their silver business bundle. This is meant for small companies with few monthly trades and cash deposits. US Bank offers a large network of 3,200+ physical branch locations along with 5,000+ ATMs nationally.
Who US Bank is Best For
US Bank is a fantastic fit for small companies who need both a totally free checking account and a physical division when they want it. They’re also big enough to be available throughout the nation if your business travels or has multiple locations. It’s also a fantastic match if their branches and ATMs are geographically convenient to your enterprise.
Bank Network
US Bank has a large network nationally but it is not as big as Chase or Bank of America. US Bank has 3,200+ physical branch locations and over 5,000 ATMs for you to access for either withdrawals or deposits. US Bank also has free access to the MoneyPass ATM network, which gives their business account holders free ATM withdrawal accessibility at 25,000+ ATMs nationally. You can use their online branch locator to find the nearest one to you.
Fees
US Bank offers a very competitive fee structure for each of their company checking account alternatives, but their free business checking tops all of the banks with nationwide branches.
Monthly Fee
US Bank does not charge a monthly maintenance fee for their silver business checking accounts.
Transaction Charges
The initial 150 transactions are free of US Bank, but you are going to be charged $0.50 for each additional transaction every month.
Cash Deposit Fees
US Bank gives you 25 free”cash deposit units” every month. A device is calculated by dividing your deposit by 100 and rounding to the nearest whole number. So basically, this is giving you $2,500 of free cash deposits. This is low compared to the other options in this article but is fine for businesses who don’t accept many cash payments.
They don’t disclose their charge for additional money deposits before you go through the application process. This is something we recommend asking before you employ at a branch location, but if you want to deposit a large dollar amount every month then that probably is not the ideal checking account for you.
Wire Transfer Fees
US Bank fees the next cable charges:
- Domestic Incoming Wires: $20
- Domestic Outgoing Wires: $30
- International Incoming Wires: $25
- International Outgoing Wires: $50
ATM Fees
They offer free deposits and withdrawals in their 3,200+ ATMs nationwide, and totally free withdrawals from MoneyPass’ community of 25,000+ ATMs. They do not charge a fee for using from network ATMs, but the ATM processor will probably charge you a fee of about $2-3.
Introductory Give
US Bank provides a 50% reduction on your initial check order around $50, regardless of how long it takes you to order your first checks. They also offer the following introductory offers for company checking account holders:
- An in-branch only offer of a discounted mobile card reader for $49 or a Complete terminal for $399 when you sign up for their clear and simple pricing plan
- 50% discount for you on a US Bank Gold Personal Package checking account
- An undisclosed bonus fee to a US Bank Platinum Business Money Market account
Other Essential Features
Having a US Bank business checking account you get access to ADP Payroll, which you may access directly from the bank dashboard. You also can take advantage of digital invoicing and payment methods throughout Viewpost, which can be incorporated into your online dashboard. They also integrate with many leading accounting software platforms
US Bank also offers a mobile banking app which can be utilized to oversee all of your accounts, transfer money between accounts, and deposit checks online.
How to Apply With US Bank
You can’t apply online for a US Bank business checking account. You have to contact a US Bank specialist via telephone or internet form, or you may walk into any of the nationwide branches.
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Another Small Business Checking Account Choice: PNC Bank
PNC Bank offers a business checking account you can start with as small as $100 and they will waive your monthly maintenance charge of $12 for the first few months after you start your account. While they do not have as many physical locations as other banks within this list (only 2,800+), their ATM network is 6,000 strong, and they waive all ATM charges for any ATM if you carry a balance of $2,000+.
Who PNC Bank is Ideal For
PNC Bank offers an aggressive checking account that’s a good fit for small companies who are convenient for their place and process a lot of transactions every month. They offer you a very low fee structure and a huge enough network to be competitive with other monies, and they become more competitive the more trades you process.
Additionally, in case you don’t know whether or not you’ll meet the requirements to waive monthly fees for the initial 90 days, then this could be your very best fit.
Bank Network
Their network is 2,800+ bodily bank locations nationwide and 6,000+ ATMs. It is not as large as some of the other federal banks in this article, but it’s a fantastic fit for big companies that either primarily operate in a single geographical location or online.
Fees
Their fee structures are extremely competitive with similar checking account from different banks, and they also lead the way with larger businesses through their preferred business checking account. The fees revealed here are for introductory business checking account, to be comparable with other accounts covered in this report.
Monthly Fee
PNC Bank charges a maintenance fee of $12 per month. They’ll waive the fee for the first 3 months of your account being open and they’ll waive it each month if you meet one of three possible monthly waiver prerequisites:
- Deposit PNC merchant services card repayment proceeds to a PNC company checking account
- Make $1,000+ in purchases along with your connected PNC company credit card
- Keep a minimum average monthly balance of $1,500
Transaction Fees
PNC Bank provides 150 free monthly transactions and charges $0.50 per extra transaction for the rest of the month.
Cash Deposit Fees
They offer free monthly deposits around $5,000. Once you exceed that amount you’ll be charged an undisclosed fee for every single dollar additionally deposited. They also charge $3 per deposit tote for night deposit processing.
Wire Shipping Charges
PNC charges wire transfer charges of:
- Domestic Incoming Wires: $15
- Domestic Outgoing Wires: $30
- International Incoming Wires: $15
- International Outgoing Wires: $45
These charges are waived for larger companies which use their updated business checking accounts.
ATM Fees
You can deposit or withdraw infinite times at more than 6,000 PNC Bank ATMs nationally. You’re charged a fee by the ATM chip when you use an out of network ATM, but these charges are reimbursed for you by PNC Bank if you take a 2,000+ daily balance.
Introductory Give
At the time of writing this guide, you can earn up to $400 when you open a qualifying PNC company checking account. This offer is only valid for businesses with less than $5 million in annual earnings and you must be in a qualifying branch place when you start the account to qualify.
Other Essential Features
PNC Bank offers a lot of additional features that are only available using the updated business checking account, like cash flow penetration for your receivables and payables. You can get access to the extra insights for an additional $10 — $40 a month if you’re utilizing their opening accounts.
They offer every company checking account holder the chance to handle their entire banking process on line through their mobile banking app, and they provide free online bill pay.
How to Apply With PNC Bank
Applying for a PNC business checking account is a three-step process. First, you’ll complete an online form on you and your company. Second, a PNC Bank business banker will telephone you straight. Third, you’ll physically go into a PNC Bank place to finish the procedure. You could even bypass the first two steps by taking good care of them within a physical branch location.
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Another Business Checking Account Option for Small Businesses: Wells Fargo
Wells Fargo has a business checking account for everyone, with their entry-level checking account being a good fit for small companies and their platinum checking good for bigger ones. They have one of the largest networks with more physical branches than any other lender in the U.S. at over 6,300, and their checking account is aggressive to Chase and the other providers on this list.
Who’s Wells Fargo is Ideal For
Wells Fargo will meet your requirements whatever the size of your business, but they’re far better than most other banks in helping growing businesses adapt to their checking account requirements. They focus on growing businesses and can easily help you update your company checking as your needs increase in the two monthly transactions and deposits.
Bank Network
Wells Fargo banking network is competitive with both Chase and Bank of America with over 6,300 physical branch locations and 13,000+ ATMs nationwide. They’ve a physical place in 39 countries and supply banking solutions to any business nationally.
Fees
Their fees aren’t as competitive as others using their introductory company checking account. But, their fee structure improves for larger companies with updated business checking account.
Monthly Fee
Wells Fargo charges a $14 monthly maintenance fee Which Will be waived if you meet any of the following conditions each month:
- $7,500+ average monthly balance
- $10,000+ in combined accounts
- 10 or more posted company debit card purchases or obligations
- A connected Direct Pay service
- Qualifying trades from a connected Wells Fargo Merchant Services accounts
- Qualifying transactions from a linked Wells Fargo Business Payroll Services account
Transaction Fees
The first 200 transactions are liberated with Wells Fargo Business Choice Checking, but you are going to be charged $0.50 for each additional transaction each month.
Money Deposit Fees
Wells Fargo comprises $7,500 of money deposits each month for free. They charge $0.30 per $100 for extra money deposits (0.3%).
Wire Transfer Fees
Wells Fargo fees the next cable charges:
- Domestic Incoming Wires: $15
- Domestic Outgoing Wires: $30
- International Incoming Wires: $16
- International Outgoing Wires: $35
ATM Fees
There’s absolutely no charge for using any of the 13,000+ ATMs from the Wells Fargo network. They charge $2.50 per cent and $2 per balance query in a non-network ATM. The ATM chip you select may also charge you an extra fee, generally around $2-3.
Introductory Give
At the time of writing, they don’t have any particular introductory offers for new business checking account.
Other Key Features
The Company choice checking accounts also includes these extra features:
- Card Design Studio: Puts your business logo and tagline on your debit card.
- Wells Fargo Mobile: You can manage your whole bank account from your mobile phone.
- Account Access Supervisor : Helps you provide access to your account to your employees or business partners such as an accountant.
- Zero Liability Protection: Wells Fargo will reimburse you for any unauthorized debit card or ATM transactions if you examine them promptly.
How to Employ Wells Fargo
Wells Fargo encourages new business checking account holders to apply online. You’ll complete an online form with your personal and business information, send them suitable records through the mail, and also create an opening deposit. If you live in a country without a Wells Fargo branch then you’ll need to telephone their toll free number (1-800-416-8658) to apply.
You can also walk into any branch place and start an account with a business banker. Walking into a branch place will really give you faster access to your own account than applying online.
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All Business Bank Account Options
Here are the top 20 low or no commission small business checking account choices:
| Bank | Good For |
|---|---|
| Chase Bank | (Best Overall) Businesses needing flexibility using a sizable network and low cost arrangement. |
| Capital One | Businesses wanting a simple, free checking accounts. |
| Bank of America | Businesses with easy access to Bank of America locations looking for a large community and reasonable fees. |
| US Bank | Small businesses looking for a free checking account with a great deal of physical branch locations. |
| PNC Bank | Larger businesses looking for a solution that can handle up to 1,500 monthly transactions. |
| Wells Fargo | Businesses near a Wells Fargo branch who need the flexibility to upgrade their checking as they grow. |
| BBVA Compass | Businesses wanting a low cost standard bank alternative with a large network. |
| Citizens Bank | Businesses wanting a free traditional bank option and that process less than 200 trades per month. |
| TD Bank | Firms near some TD Bank division that Will Need to deposit up to $30k in cash a month. |
| Comerica | Small businesses wanting a free alternative that do not need a physical division. |
| Citibank | New companies looking for a checking choice that can grow with you as you scale quickly. |
| First National Bank | Firms near an FNB branch which need a free business checking option. |
| Everbank | Launched businesses planning to have a $5k+ monthly balance and do not need physical branch locations. |
| Popular Community Bank | Firms not having physical branch locations that need a checking account to update quickly as the business grows. |
| ANB Bank | Non-profit businesses Searching for a free checking accounts. |
| Bank of the Ozarks | Small companies that procedure few (less than 50) monthly transactions. |
| Iberia Bank | Businesses seeking to grow rapidly that would like to stay with the same lender for the long run. |
| BofI Federal Bank | Small businesses who process few trades (less than 50 per month) that do not need a physical division. |
| Consumers Credit Union | New or young companies who need a payroll option by using their checking accounts. |
| CBC National Bank | Small companies with less than 500 monthly trades. |
Bottom Line
Opening a small business checking account is crucial for handling the cash of a small organization, but is also pretty simple to accomplish. When comparing company checking account options we could narrow the list to the top of the best based on availability, versatility, and cost. You truly can not go wrong with one of these banks, and we recommend the one which is most convenient to your business’s geographic location.
With that said, the best little business checking account apples-to-apples is Chase Bank’s Total Business Checking, due to its flexible network and comparatively lower fees. Visit them now to get more info or to talk to a representative about getting your new business checking account arrangement.
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