Best Business Bank Accounts

As a business owner, you need a reliable banking partner to manage your finances. Not all banks are created equal, so it's important to choose one that is well-suited to your business's needs. Here are the best business bank accounts:

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Chase (Best Bank Account For Branch Access)

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• Monthly Fee: $15.00 (waived with $2,000 minimum balance)

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•  APY: N/A

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• Minimum Opening Deposit: $0

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• FDIC Insured: YES

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• Pros: The Chase Business Account is an attractive option to business owners because it has no minimum opening deposit, unlimited fee-free electronic transactions, integrated credit card processing, access to 4,700+ local branches, access to 16,000+ ATMs, a fully-online business checking account, and an introductory sign-up bonus of $300.

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• Cons: There is a $15.00 monthly fee, a monthly limit on fee-free cash deposits ($5,000), a monthly limit on physical transactions (20), and a fee for using out-of-network ATMs ($3-$5).

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• Best for: A new business that is just getting off the ground and wants to take advantage of a sign-up bonus to help cover some of their initial costs, who also values the convenience of having access to an extensive network of local branches and ATMs. For example, a lawn care company might use the $300 to purchase the equipment needed to start their business.

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Bank of America (Best Account For Cash Deposits)

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• Monthly Fee: $16.00 (waived with $5,000 minimum balance)

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• APY: N/A

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• Minimum Opening Deposit: $0

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• FDIC Insured: YES

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• Pros: The Bank of America Business Account is an attractive option to business owners because it has no minimum opening deposit, a high fee-free cash deposit limit (up to $7,500 per month), unlimited fee-free electronic transactions, access to 4,000+ local branches, access to 16,000+ ATMs, and a fully-online business checking account.

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• Cons: There is a $16.00 monthly fee with a high minimum balance needed to waive that Fee and a fee for using out-of-network ATMs ($5).

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• Best for: A small business with a steady cash flow that requires the ability to deposit large amounts of cash each month but also needs the convenience of fee-free electronic transactions and widespread access to ATMs and branches. For example, a restaurant receives a significant portion of its payments via cash.

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Bluevine (Best Account For Earning Interest)

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• Monthly Fee: $0

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• APY: 2% (Earn 2% interest on account balances up to $250,000. Terms apply.)

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• Minimum Opening Deposit: $0

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• FDIC Insured: YES

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• Pros: The Bluevine Business Account is an attractive option to business owners because it has a fully-online business checking account, no monthly fees, no minimum opening deposit, and no overdraft fees. Additionally, account holders can earn a high-interest rate of 2.00% on balances up to $250,000 (terms apply). There is also free ATM access and the ability to deposit cash (up to $7,500 per month with a $4.95 fee per deposit) at Green Dot locations.

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• Cons: There is a cash deposit limit of $500 per deposit and $2,000 per day, with a service fee of up to $4.95 per deposit. There is also a fee for out-of-network ATMs, and joint accounts are unavailable.

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• Best for: A small business with a low volume of cash transactions looking for a cost-effective, high-yield, and fully-online business checking account. For example, an online retail company that primarily accepts credit or debit cards for payment.

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Mercury (Best Account For No Fees)

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• Monthly Fee: $0

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• APY: N/A

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• Minimum Opening Deposit: $0

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• FDIC Insured: Yes

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• Pros: The Mercury Business Account is an attractive option to business owners because it has no transaction fees, overdraft fees, no minimum deposit requirements, and free domestic and international wire transfers. The platform provides digital tools that allow you to manage your expenses and payments, create virtual debit cards, and manage team members. Integrating the Mercury account with other business tools such as Quickbooks and Xero is also possible.

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• Cons: Mercury does not accept cash deposits, and their service is unavailable to sole proprietors.

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• Best for: A small business with a low volume of cash transactions looking to avoid fees while getting their business off the ground. For example, an online marketplace business that supports companies buying and selling products on their platform via credit or debit cards for payment.

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Methodology

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I evaluated over twenty business bank accounts to help you find the right one for your business. This selection of banks accounts for the largest market share, along with notable emerging players.

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I scored each bank based on 25+ factors (fees, introductory offers, transaction limits, etc.). This information is gathered directly from each bank's website and company representatives.

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The date shown on this article is when I last updated it.

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