Best Business Checking Accounts For Small Business | June 2020


Side hustlers and business owners have unique needs when it comes to setting up a business checking account. And for years, most banks made the bulk of their fees on business products – including business checking accounts. So, it’s historically been frustrating as a side hustler or business owner to find a checking account because, unlike personal accounts which have lots of free checking account options, businesses typically didn’t have that available.But technology is changing that. And more banks are starting to offer great business checking accounts with low or reasonable fees. 

Based on the criteria we share below, here are our choices for the best business checking accounts available. Some of these accounts are basically free, while others do require some minimum balances and/or other requirements to waive the monthly fees.

is a no-fee digital banking platform for small business owners and side hustlers. This is the perfect online checking account for small businesses. They are very mobile friendly with a great app, photo check deposit, no fees, and they have a bunch of integrations to connect with the other tools you already use! That’s awesome for a business bank account.Why I Like It: Free, easy to use, online business checking.Read our full Novo review here.

Azlo is an online business checking account that is designed for online entrepreneurs. With no monthly fees, no minimum opening deposit, and online invoicing tools built-in, it’s a great online business checking account.They are very mobile friendly with online bill pay, invoicing, no fees, and they have a bunch of integrations to connect with the other tools you already use! That’s awesome for a business bank account.Why I Like It: Free, easy to use, online business checking.Learn more in our Azlo review here.

is an online bank that focuses on simple business banking online. It’s free, but it does have some higher requirements compared to other banks.With AXOS, you get no monthly maintenance fees, a low minimum deposit requirement, and unlimited domestic ATM fee reimbursements.Their free tier comes with 200 transactions (deposits, transfers, ACH, etc) per month.Read our full Axos Bank review here.Why I Like It: Free mobile business banking.Learn more about .

is a lesser known bank nationwide, but they do offer nationwide free business checking! However, where BBVA really shines is in it’s access to ATMs. Furthermore, there is no real requirements to maintain free business checking at BBVA. They do charge for paper statements (and it’s opt-out), but once you opt-out, you don’t have to worry about making enough direct deposits or having a minimum balance. And if you’re a cash-heavy business, do realize that they limit cash processing on their free account to $5,000 per month, and they limit brach transactions each month.But online banking is easy, free, and they have mobile check deposit!Why I Like It: Easy online banking without worrying about minimums.Learn more about .

The Chase Total Business Checking® is one of the more popular business checking account options because Chase has a huge number of branches and great service. It isn’t truly free unless you meet the minimum monthly requirements to make it so, but we list it as a top business checking account because it’s available nationwide, has branches nearly everywhere, and is one of the most robust banking products out there currently. Plus, the minimum requirements are super easy to meet – check it out.has a $12 per month fee when you’re enrolled in paperless statements (or $15 if you’re not) that’s easily waived if you simply do the following:

Why I Like It: A great account opening bonus, with one of the largest, most well known banks in the United States.

Theis one of the best deals in business checking accounts for side hustlers and small businesses. This account has $0 monthly maintenance fees, online banking, mobile check deposit, online bill pay, and more.The big thing about this account is that there are limits. But, most small businesses and side hustlers won’t hit these limits. The limits are:Why I Like It: A pretty much free business checking account option that also has the ability to connect to a business money market (which is rare).Learn more about .

 is one of the best business checking products available, if you qualify to be a member of Navy Federal Credit Union. This account is a basic business checking account with online banking, mobile check deposits and more.But best of all, it pays interest (just a small amount, but that’s something). As of April 26, 2019, the basic business checking earns 0.05% APY. You can get up to 0.45% APY on their Premium Business Checking.NFCU Basic Business Checking is limited to just 30 transactions per month. That’s low. If you need more, you might consider the Premium Business Checking. It does have a $20 per month fee, but that fee is waived with a $5,000 minimum balance.Why I Like It: Interest bearing business checking.Learn more about .

is a well-known brick and mortar bank throughout the midwest and they offer a great free business checking product.They offer free business checking with unlimited transactions per month. They also have no minimum balance requirements and free online statements. They do have a $20 per month service fee which can be waived if you meet the requirements.Why I Like It: Free business checking.Learn more about .

Comerica is a large bank that isn’t as well known for it’s business products, but it does have a great free small business checking product.This account has online banking, a debit card, and up to 75 transactions per month. This should be enough for most side hustlers or solopreneurs. You can also only deposit up to $2,500 on the free tier. Why I Like It: Large bank with free business checking.Learn more about .

When you’re running a business – even just as a side hustle – it’s important to keep your business finances separate from your personal finances. For many people starting out, that can be as simple as having a PayPal account. But as your business grows, you start receiving check and ACH payments, you simply need more.You should keep your business accounts separate from your personal accounts for a variety of reasons. First, it’s simplicity. By keeping all your business stuff in one place, you can easily know what you made, what you spent, and what’s left. Second, by mixing personal and business accounts, you can create bookkeeping, accounting, and tax headaches for yourself come tax time.Third, you can also run into major liability issues – opening yourself up for personal liability if anything should happen to your business. If you’re an LLC, S-Corp, or C-Corp, you definitely need to have a separate business bank account to maintain the liability protections a business offers. Finally, if your business fails and you need to declare bankruptcy, your personal assets become open to being used for your debts because there’s no way for a judge to separate the two. 

Why most people hesitate to open a business checking account is because of the costs and the hassle to open one up.The process to open a business checking account has traditionally be tedious – you need to bring documents, meet with a banker in person, and it takes time. However, technology is changing that and some companies are doing it all online (for example, Radius Bank’s Tailored Checking Account is 100% online). To open a business checking account, you’ll need the following:If you’re a partnership or LLC with more than one member, you’ll also need to have each member present to open the account.

Side hustlers and business owners have unique needs for their checking account. They also might not have a job yet (for direct deposit), or have other accounts at the bank.As such, they have unique requirements that we wanted to share, so that you can see how we based our criteria for the best business checking account options.In order to be one of the best business checking accounts, we put the following criteria in place:

Hopefully you can see that there are good options for free business checking. You can also check out our guide to business saving and money market accounts.You don’t have to pay fees to have a business checking account – you just need to open your account at a good bank. 

Written by Investors Wallets

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