Banking – Page 8 – Management Library

July 25, 2022February 15, 2023

The Ultimate Guide to DBA Checking Accounts

Business woman opening a DBA checking account online with her PC

If you decide you don’t want to form an LLC or corporation, you’ll likely want a “doing business as” registered name for your sole proprietorship or partnership. A DBA checking account can be a game-changer for a small company looking to build a brand. It can facilitate business processes, saving time and reducing headaches.

What is a DBA?

In both sole proprietorships and partnerships, the legal name of your business becomes your own name. Because of this, many small business owners wish to file a DBA to showcase themselves under a different name.

DBA stands for “doing business as.” Submitting a DBA allows you to operate your company under a different name even though its legal name does not change. Doing so helps create an image for your venture that you can build a brand around.

For instance, Sam Cutter starts up a sole proprietorship running store. Since he doesn’t want to refer to his business as “Sam Cutter,” he files a DBA for the name Sam’s Running Store. Now he has a clear brand to build his company around.

Some states may have naming restrictions you’ll need to follow. For the most part, you can name your business something serious, funny, or anything in between. In any case, DBAs help separate business and personal at least on paper. A DBA does not protect you from any legal ramifications you may face as a sole proprietor.

Filing a DBA

The DBA process is usually as simple as filling out specific paperwork and submitting it at the appropriate level. Some states require paperwork at the state level, while others only ask you to provide documents to the country. Others mandate submitting paperwork at both levels. After paying the necessary fees, your DBA is ready to go.

Creating a DBA Checking Account

Once you start operating your sole proprietorship or partnership under a DBA, you may need a DBA checking account as well. Fortunately, setting up a DBA checking account is even easier than filing for a DBA in the first place. Some banks may even let you sign up online.

Requirements for opening your DBA checking account may vary from bank to bank. However, financial institutions typically look for the following:

DBA Certificate

You’ll receive a DBA certificate from the state or county once you file your doing-business-as name. The bank will want to see this document if you want to create an account under your DBA name.

Social Security or Employer Identification Number

Sole proprietorship owners often use their social security number for business identification. Partnerships are better off using an employer identification number (EIN), as there are two owners. In either case, the bank will need to know the number you used when starting your business. Here’s how you can open a business account with EIN.

Photo Identification

Any legal photo ID works for proving you are who you say you are. Common options include a driver’s license, state identification card, or passport.

Business License

Bring along any business licenses your city, county, or state required you to obtain when you started up your business. This includes specialized licenses or permits your particular company needs to function legally. Make sure each document lists your name and your company’s name.

Who is a DBA Checking Account Best For?

It is possible for any business type to open a DBA checking account, but it isn’t always practical. LLCs and corporations can create a company name on creation and should have no need to file for a DBA.

DBA checking accounts are best for sole proprietors and partnerships. Upon formation, a sole proprietorship’s legal name becomes your personal name. Partnerships typically take on the last names of the owners. It makes sense to file for a DBA and set up a checking account reflecting this new business name.

Benefits of a DBA Checking Account

Using a DBA as a sole proprietor or partnership allows you to open a business checking account through a service like Bluevine instead of a personal one for your company. This enables your small business to reap the benefits a business checking account has to offer.

Separating Business and Personal

Opening a business bank account makes it easy to keep your personal finances apart from what you’re bringing in on the business side. Avoiding the mess of mingling funds helps with tracking income, expenses, and paying out taxes. It also helps to remove your real name from public advertisements that may compromise privacy.

Fast Transactions

As a business owner, you’re going to be buying supplies and selling products or services frequently. Personal bank accounts don’t always allow quick money transfers and may charge fees. Free business banking accounts are geared around the flow of funds, both expediting the process and making it cost-effective at the same time.

Interest Checking

The best business checking accounts tend to offer interest on funds stored within. The rate can be a significant boost to money you’re waiting to use for payments or holding for tax purposes.

Professionalism

No matter how small your company may be, having a DBA checking account adds a level of professionalism to your interactions with customers. Instead of seeing your name on transactions, your business has an appropriate name and reveals your purpose.

Future Financing

Many banks require you to have a business bank account for a certain number of years before you can request a line of credit or a small business loan. Starting a DBA checking account while you’re running a business solo helps set the stage for future growth.

Multiple DBAs Within a Single Bank Account

In most cases, it is possible to have multiple DBAs within a single bank account. Business owners may choose this route to further differentiate brands, products, or services within one business entity. It can be hard to juggle multiple DBAs unless you stay on top of your books.

If you take this approach, keep a very detailed list of funds moving into and out of your bank account, including the DBA they are moving through. Be sure payments clearly spell out where funds need to go with account numbers for tracking purposes.

Finances can get quite murky, and you don’t want to end up getting sued or audited along the way. It’s paramount to have a well-documented money trail lest you end up suffering through penalties or legal fees.

Alternatives to Using a DBA Checking Account

Using a DBA to open up a bank account isn’t for everyone. Here are a couple of other options you can consider instead.

Personal Checking Account

Sole proprietors don’t have to create a business account when forming their company. There isn’t a legal requirement to have a separate bank account for business purposes, so it’s possible to use your personal account instead. Depending on the type of business you own, it may be very challenging to distinguish funds. If you wish to create a business account, then check out the best business bank accounts for your sole proprietors.

Establish an LLC

Whether a sole proprietor or in a partnership, you can take your business to the next level by establishing an LLC. LLCs separate your personal and business funds, protecting your personal assets in the event of an audit or lawsuit. Your LLC will need a business bank account but doesn’t require a DBA to open.

Joint Bank Account

Partnerships can go the route of a joint bank account to keep business funds in a single account. Both partners receive full ownership of the account to make use of as they please. You will need information from both individuals, but you won’t need a DBA.

Frequently Asked Questions (FAQs) for DBA Checking Account

DBA checking accounts can be a confusing business. This FAQ will help alleviate your most pressing questions.

Can I use my DBA name on checks?

Yes, setting up a DBA checking account allows you to use your DBA name on checks you hand out. This gives an air of professionalism when working with new and established clients.

Does a DBA need its own bank account?

Yes, companies using a DBA need a separate bank account. This allows your business to function as a separate legal entity.

Can I transfer money from my business to my personal account?

Yes, it’s perfectly legal to transfer money between business and personal accounts, essentially paying yourself for your hard-earned money. To facilitate the process, create both accounts at the same financial institution if possible. Be sure to document everything well, as using business funds for personal reasons is illegal.

Can a bank refuse to open a business account for you?

Yes, banks are not required to provide a bank account for you. They don’t have to give a reason, but it may revolve around a lack of funds or a low credit score.

Bottom Line on DBA Checking Accounts

Filing a DBA for your sole proprietorship or partnership is a great way to help your business stand out in a sea of others. DBA checking accounts offer a sense of privacy and professionalism while making it easy to send and receive payments. In the same vein, many banks give added incentives to business owners that you won’t find in personal accounts.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 22, 2022February 15, 2023

7 Best Credit Union Business Accounts of 2023

A credit union business account building

A credit union business account is a friendly alternative to opening a business bank account. It could work for you if you’re looking for the right hub for your business finances to push your venture to the next level.

Similar to banks, credit unions are financial institutions that offer online business checking accounts, savings accounts, loans, and credit cards. However, the advantages of credit unions over traditional banks include personalized customer service, lower loan interest rates, lower fees, and higher APY on savings and checking accounts.

Check out the best credit unions for business banking accounts in 2023 to find the right one for your small business:

Alliant Credit Union – Best Overall
Consumers Credit Union – Best for Checking APY
Digital Federal Credit Union – Best for Savings APY
America First Credit Union – Best for Checking Options
Blue Federal Credit Union – Best for Easy Branch Access
Pentagon Federal Credit Union – Best for Credit Card Rewards
Navy Federal Credit Union – Best for Small Business Loans

Alliant Credit Union

$0/month

0.25%-2.80%

Alliant employment, local proximity, or FC2S membership

Online + ATMs

Android & iOS

Unlimited credit card cashback

Consumers Credit Union

$0/month

0.03%-4.09%

$5 membership fee

Illinois branches + ATMs

Android & iOS

High Interest Checking account

Digital Federal Credit Union

$0/month

0.16%-6.17%

Employment w/ DCU partners, local proximity, or family affiliation

Massachusetts & New Hampshire branches + ATMs

Android & iOS

Primary Savings account

America First Credit Union

$0-$6/month

0.05%-1.10%

Located in Utah, Nevada, Arizona, or Idaho

Utah, Idaho, Arizona & Nevada branches + ATMs

Android & iOS

Multiple checking account options

Blue Federal Credit Union

$0/month

0%-5%

Donation, family affiliation, or work location in Wyoming or Colorado

Colorado & Wyoming full-service branches + Shared branches + ATMs

Android & iOS

In-person banking

PenFed Credit Union

$0-$10/month

0.05%-2.85%

U.S. citizenship or permanent residence

Branches in 15 states + ATMs

Android & iOS

Credit card incentives

Navy Federal Credit Union

Starts at $0/month

0%-3.15%

Military affiliation

Washington, D.C. & international branches + ATMs

Android & iOS

Various loan offers

Alliant Credit Union: Best Overall

Pricing: $0/month

★★★★★

4.5

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Alliant Credit Union Review

Alliant Credit Union is the leading contender in our roundup because it ticks all the boxes for free bank accounts, flexible membership qualifications, reliable online banking technology, and unlimited cashback.

Screenshot of Alliant online banking page — *Source: Alliant*

It provides a full range of financial products and services, with different personal and business banking alternatives you can select from. Plus, you can open up to 19 different supplemental accounts for various goals if you become a member.

Pricing

Alliant offers you free bank accounts, just like most of the credit unions in this list. You don’t need to pay monthly service fees if you open a High-Rate Checking account. Also, there’s no monthly fees for the High-Rate Savings account if you choose to receive eStatements, although you must pay a $1 monthly fee if you prefer paper statements.

APY

These are the annual percentage yield (APY) rates for Alliant banking solutions:

High-Rate Checking Account: 0.25% APY
High-Rate Savings Account: 0.75% APY
Certificates: 2.80% APY
Custodial Account: 0.75% APY

It has the third highest APY among savings accounts, next to Digital Federal Credit Union and Consumers Credit Union. Yet along with Blue Federal Credit Union, it has the third lowest APY among checking accounts, although it’s a little higher than America First Credit Union and Digital Federal Credit Union.

Membership Requirements

You can join Alliant if you work for the institution’s businesses, organizations, or partners within the U.S. You may also qualify for membership if you live or work close to the union’s headquarters in Illinois.

However, the easiest way to join is to seek Foster Care to Success (FC2S) membership for only $5. Alliant will even settle this one-time fee on your behalf. Thanks to the FC2S option, a lot of people beyond the Alliant community have the opportunity to become a credit union member.

Alliant has one of the easiest eligibility requirements among the credit unions in our guide, on par with Consumers Credit Union and PenFed Credit Union. It’s not like America First Credit Union, Digital Federal Credit Union, or Navy Federal Credit Union which are only open to certain people based on employment, location, or affiliation.

Locations

Alliant is completely based online, which makes it the only credit union in this guide without any physical branches. Instead, you can access banking products and financial tools over the internet. Nevertheless, it has a broad network of over 80,000 fee-free ATMs. Plus, you can use ATMs outside the union’s network to make deposits and receive up to $20 refunds.

Online Banking

Because Alliant is an online credit union, it offers one of the most useful mobile banking apps for Android and iOS. You can settle your payments via bill pay, monitor your account balances, and even deposit checks through the app.

Special Feature

You have the chance to earn unlimited cashback simply by using the Alliant Cashback Visa Signature Credit Card. You can receive up to 2.5% cashback on your first $10,000 worth of qualifying purchases.

Why we chose it: We bestowed the title of best overall credit union of 2023 to Alliant Credit Union because it’s a remarkable all-purpose banking platform. It provides free banking solutions, various application methods, practical mobile app features, and cashback rewards.

No monthly service fees
Low membership barrier
Superior online banking
Credit card cashback

$1 monthly fee for paper statements
No brick-and-mortar branches
Relatively low checking APY

Pricing: $0/month

Consumers Credit Union: Best for Checking APY

Pricing: $0/month

★★★★★

4.25

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Consumers Credit Union Review

Consumers Credit Union (CCU) trumps other credit unions in this review because of its impressive checking APY. If you open a Free Rewards Checking account, you have the opportunity to earn as high as 4.09% APY on balances up to $10,000.

Consumers Credit Union home page screenshot — *Source: Consumers*

Founded in 1930, CCU is currently based in the state of Illinois. Aside from its checking account, the financial institution also offers other financial products, including savings accounts, business banking accounts, business lines of credit, credit cards, money market certificates, and loans.

Pricing

The CCU checking and savings accounts are both free, which is similar to the majority of the credit unions in this list. While there is a zero minimum balance for the checking account, you do need to maintain at least $5 in your savings account balance.

APY

Here are the APY rates for CCU banking solutions:

Free Rewards Checking Account: 0.10%-4.09% APY
Savings Account: 0.03%-0.25% APY
Money Market Account: 0.05%-0.25% APY
Certificates: 0.35%-2.30% APY

CCU has the highest APY for checking accounts among all the credit unions in this roundup. Take note that you need to qualify for the highest checking tier to benefit from the top interest rate. Along with Navy Federal Credit Union, it has the second lowest savings APY, only higher than Blue Federal Credit Union.

Membership Requirements

CCU has one of the simplest eligibility criteria in this guide, equal to Alliant Credit Union and PenFed Credit Union. All you need to do is spend a $5 membership fee to join CCU.

Locations

Although CCU is based in Illinois, it accepts customers from all over the nation. It has over 5,000 shared credit union branches spread out in the state, plus a nationwide chain of over 30,000 ATMs that are part of the CO-OP network.

Online Banking

CCU has a mobile app that’s compatible with Android and iOS devices. While the slightly outdated app doesn’t allow check deposits, you can at least conduct basic business functions like bill pay and fund transfers.

Special Feature

The standout feature of CCU is its High Interest Checking account. It comes with unlimited check writing and early direct deposit. Also, you can link your debit card so you can make payments via Google Pay, Apple Pay, and Samsung Pay.

Why we chose it: We acknowledge Consumer Credit Union as the best for checking APY because of its exceptional APY rates for the checking account.

Top-notch checking APY
No monthly fee or minimum balance for checking
$5 membership fee requirement only

Maximum checking APY for highest tier only
Fairly low savings APY
No mobile app check deposits

Pricing: $0/month

Digital Federal Credit Union: Best for Savings APY

Pricing: $0/month

★★★★★

4.0

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Digital Federal Credit Union Review

Digital Federal Credit Union (DCU) beats its competitors when it comes to APY rates for savings accounts. It’s possible for you to earn as much as 6.17% APY if you open a Primary Savings account.

Screenshot of Digital Federal Credit Union free checking account page — *Source: DCU*

Aside from savings solutions, DCU also offers a wide range of financial tools, such as checking accounts, credit cards, loans, and business lines of credit. It also stands out for its equity crowdfunding feature, which equips members to raise capital for investment in local businesses within the community.

Pricing

Both the checking and savings accounts of DCU don’t charge monthly maintenance fees, same as most of the credit unions in the list. There’s no minimum opening balance for the checking account as well, although you need to deposit at least $5 to open a savings account.

APY

See below for the APY rates of DCU banking solutions:

Checking Account: Up to 0.20% APY
Savings Account: 0.16%-6.17% APY
Money Market Account: Starts at 0.20% APY
Retirement Accounts: Starts at 0.20% APY

DCU has the highest APY for savings accounts among the credit unions in this roundup. Keep in mind that this maximum rate only applies to balances up to $1,000. Nevertheless, it has the second lowest APY for checking accounts, only higher than America First Credit Union.

Membership Requirements

You are qualified to join DCU if you work for any of the union’s partner companies or organizations. Also, you are eligible to apply if you worship or attend school in DCU eligible communities. Alternatively, you can earn membership if you have a relative who is currently a DCU member.

Because of its geographical and social restrictions, DCU has strict application requirements compared to Alliant Credit Union and PenFed Credit Union, which are open to more potential members.

Locations

DCU is based in Marlborough, Massachusetts. Plus, it has 23 branches located in Massachusetts and New Hampshire. Also, members have access to more than 80,000 surcharge-free ATMs through the CO-OP network.

Online Banking

DCU offers a digital banking platform via mobile phones or desktops with innovative financial tools for members. The mobile app is available for both iOS and Android smartphones.

Special Feature

The notable feature of DCU is the Primary Savings Account. It helps you grow your funds over time through its generous APY and dividend rates. Plus, the online calculator lets you compute how much you can save through estimated monthly deposits.

Why we chose it: We recognize Digital Federal Credit Union as the best for savings APY because of its phenomenal interest rates for savings accounts.

First-rate savings APY
Equity crowdfunding
Zero monthly maintenance fees

Minimum deposit requirement for savings accounts
Maximum APY applicable up to $1,000 only
Restrictive membership eligibility

Pricing: $0/month

America First Credit Union: Best for Checking Options

Pricing: Starts at $0/month

★★★★★

4.0

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America First Credit Union Review

America First Credit Union gives you the freedom to choose between different types of checking accounts. You can take your pick from Premium Checking, Classic Checking, Regular Checking, Money Market Checking, and HSA Money Market Checking.

America First Credit Union home page screenshot — *Source: America First*

This financial institution meets the banking needs of businesses and individuals through various banking products and services. Aside from checking accounts, it also presents savings programs, investment accounts, and low-rate loans. On top of this, it provides business registration services, which makes it possible for you to open a bank account with EIN only.

Pricing

Most of the America First checking accounts are free, with the exception of Premium Checking where you need to pay $6/month. Along with PenFed Credit Union and Navy Federal Credit Union, it’s one of the few credit unions in this review that charges a monthly fee for bank accounts. On the bright side, the savings account is free as long as you maintain a minimum balance of $1.

APY

Take a look at the APY rates for America First banking solutions:

Checking Accounts: 0.05% APY
Savings Accounts: 0.05%-0.50% APY
Money Market Savings Accounts: 0.05-0.15% APY
Certificates: 0.25% to 1.10% APY

America First has the lowest checking account APY among the credit unions in this guide. At least it ranks somewhere in the middle when it comes to its savings accounts APY.

Membership Requirements

Unfortunately, not everyone qualifies to join America First Credit Union, in contrast to PenFed Credit Union and Alliant Credit Union which have more lenient requirements. You must work, live, volunteer, or worship in Utah, Nevada, Arizona, or Idaho to become a member. Aside from this, you may be eligible for membership if you have a relative or spouse who is a member of America First.

Locations

America First has 128 full-service branches in Utah, Idaho, Arizona, and Nevada. It also has a network of over 5,600 shared branches and more than 60,000 ATMs via CO-OP‘s shared network.

Online Banking

America First has you covered if you like the convenience of mobile and online banking features. You can deposit checks, transfer funds, and schedule bill payments through the digital banking portal. The Android and iOS mobile apps also provide live update alerts and account balance information.

Special Feature

The standout feature of America First is the multiple types of checking accounts. It ranges from simple checking to advanced money market checking so you can select the one that perfectly fits your banking purpose.

Why we chose it: We commend America First Credit Union as the best for checking options because it has a wide array of checking accounts to meet different checking needs.

Rich checking options
Business registration services
Feature-packed digital banking portal

Lowest checking APY
$6 fee for Premium Checking
Membership limited to a few states

Pricing: $0-$6/month

Blue Federal Credit Union: Best for Easy Branch Access

Pricing: $0/month

★★★★★

4.0

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Blue Federal Credit Union Review

Blue Federal Credit Union excels when it comes to availability of in-person banking. On top of 18 full-service branches, you can also visit thousands of CO-OP shared branches to perform banking transactions.

Screenshot of Blue Federal Credit Union solutions page — *Source: Blue Federal*

This credit union showcases business and personal financial products, including loans and credit cards. You can even earn points through the membership reward program, which you can use to waive fees or earn loan discounts.

Pricing

Blue offers free business checking and savings accounts, like most of the credit unions in this review. While there’s no monthly maintenance fees or minimum balance for basic checking and savings, the higher tiers of business checking do require certain daily balance amounts.

APY

These are the APY rates for Blue banking solutions:

Business Checking Accounts: 0%-0.25% APY
Business Savings Account: 0.05% APY
Savings Accounts: 0.15%-5% APY
Business Tiered Money Market Accounts: 0.05%-0.25% APY

It has the second highest savings APY in the bunch, only next to Digital Federal Credit Union. Along with Alliant Credit Union though, it has the third lowest APY among checking accounts, but it’s higher than America First Credit Union and Digital Federal Credit Union.

Membership Requirements

Blue Federal Credit Union has versatile eligibility requirements, which is the opposite of Navy Federal Credit Union and America First Credit Union. First, you are qualified to join if you have a relative with a Blue membership. You are also eligible to apply if you work in Wyoming or Colorado. The third and most straightforward way to become a member is to donate $5 to the Blue Foundation.

Locations

There are over 5,000 CO-OP shared branches where you can receive in-person Blue financial services, unlike most of its peers which only have branches in certain states. Plus, the credit union has over 30,000 fee-free ATMs through the CO-OP network. However, you have to visit one of the 18 full-service branches in Colorado or Wyoming if you wish to open a bank account.

Online Banking

You can access your Blue account through the convenient mobile app available for iOS and Android. You can also send money, pay bills, and check your loan status through the online banking portal.

Special Feature

The standout feature of Blue is the wide availability of in-person banking. This could come in handy for you if you prefer to perform banking transactions in a brick-and-mortar branch assisted by staff whom you can directly interact with in real life.

Why we chose it: We acknowledge Blue Federal as the best for easy bank access because it brings face-to-face banking within reach of many people in the U.S.

5,000+ shared branches
High savings APY
Flexible membership requirements

Minimum balance for high-tier checking accounts
Relatively low checking APY
Account opening unavailable in shared branches

Pricing: $0/month

Pentagon Federal Credit Union: Best for Credit Card Rewards

Pricing: Starts at $0/month

★★★★★

3.75

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Pentagon Federal Credit Union Review

Pentagon Federal Credit Union, also known as PenFed, has an edge over its competitors when it comes to credit card incentives. You have the chance to earn big rewards if you use the PenFed Platinum Rewards Visa Signature Card to pay for everyday purchases.

Screenshot of Pentagon Federal Credit Union online savings account page — *Source: PenFed*

This credit union was established in 1935. At present, it offers a full suite of financial services, such as checking accounts, savings accounts, money market certificates, and CDs. It also provides different kinds of loans, including mortgages and auto loans.

Pricing

There is a $10 monthly service charge for most of the checking accounts of PenFed, except the free checking one. Along with America First Credit Union and Navy Federal Credit Union, it’s one of the few institutions in our list that charges maintenance fees for bank accounts.

Still, you can waive this fee if you have a monthly direct deposit or daily balance worth $500 or more. At least you don’t have to pay a monthly fee if you open a savings account, although you need to deposit and maintain a balance of at least $5.

APY

Check out the APY rates of PenFed below:

Access America Checking Account: 0.15%-0.35% APY
Savings Accounts: 0.05%-0.75% APY
Money Market Savings Account: 0.15% APY
Money Market Certificates: 2.85% APY

Its checking APY falls somewhere in the middle of the group. Nevertheless, it has the second highest savings APY alongside Alliant Credit Union, next to Digital Federal Credit Union.

Membership Requirements

At first, PenFed membership was limited to those who served in the federal government or military. Today, anyone who is a U.S. citizen or permanent U.S. resident can join PenFed and benefit from its financial products.

That’s why it’s now more inclusive than America First Credit Union, Digital Federal Credit Union, or Navy Federal Credit Union. Take note that you have to be at least 18 years old to apply as a PenFed member.

Locations

PenFed has 48 full-service branches spread across 15 states. Members can conduct banking transactions at over 85,000 fee-free ATMs through CO-OP and Allpoint ATM networks.

Online Banking

PenFed allows you to access your account and perform a range of banking tasks from your smartphone or tablet. It has an intuitive app available for iOS and Android which lets you make check deposits, access bill pay tools, locate nearby ATMs, and instantly transfer funds between PenFed accounts.

Special Feature

The PenFed Platinum Rewards Visa Signature Card grants you the opportunity to gain bountiful rewards. By powering up your company cars, you could earn up to 5x points per dollar spent on gas at pump and EV charging stations. Plus, you will get 3x points when you shop at supermarkets, dine in restaurants, and pay tech bills.

Why we chose it: We recognize PenFed as the best for credit card rewards because it generously grants points for common business and personal purchases.

Credit card incentives
High savings APY
Open to U.S. citizens & permanent residents

$10 monthly fee for most checking accounts
Mediocre checking APY
Steep requirements to waive checking fees

Pricing: $0-$10/month

Navy Federal Credit Union: Best for Small Business Loans

Pricing: Starts at $0/month

★★★★★

3.5

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Navy Federal Credit Union Review

Navy Federal Credit Union sets itself apart from other credit unions because of its small business financial solutions. If you’re an eligible member, you can expand your venture and build your inventory with the help of business-friendly loans.

Navy Federal Credit Union home page preview — *Source: Navy Federal*

This full-service financial institution was founded in 1933. It offers checking accounts, savings accounts, credit cards, and loans. You can even open as many savings accounts as you like. However, while it’s considered as the largest credit union in the U.S., its strict membership requirements lock out most people from eligibility.

Pricing

Most of the Navy Federal checking accounts are free, except for the Flagship Checking account which has a monthly service fee of an unspecified amount. Similar to America First Credit Union and Blue Federal Credit Union, it’s one of the few institutions in this review which involves a monthly fee for bank accounts. Still, there’s no monthly service fee for the Navy Federal savings account, although you need to deposit at least $5 to open an account.

APY

Take a peek at the APY rates of Navy Federal banking solutions:

Checking Accounts: 0.01%-0.45% APY
Savings Accounts: 0.25% APY
Money Market Savings Account: 0%-0.45% APY
Jumbo Money Market Savings Account: 0.25%-0.50% APY
Certificates: 0.40% to 3.15% APY

It has the second highest checking APY compared to its peers, only next to Consumers Credit Union. Yet alongside Consumers Credit Union, it has the second lowest savings APY, only higher than Blue Federal Credit Union.

Membership Requirements

Military affiliation is a non-negotiable requirement for membership with the Navy Federal Credit Union. The main requirement to join the credit union is active duty with any department of the U.S. armed forces. Also, you may qualify for membership if you’re a military retiree, veteran, or an immediate family member of an eligible member.

Its membership criteria is very restrictive, in contrast to Alliant Credit Union, Consumers Credit Union, and PenFed Credit Union. If you’re interested in a checking account but aren’t eligible for Navy Federal Membership, you may check out other checking accounts like the one we discussed in our Bluevine review.

Locations

Finding a Navy Federal full-service branch shouldn’t be a problem because the credit union has 350 offices spread across Washington, D.C. and abroad. Members can also access their funds through over 30,000 ATMs in the CO-OP network.

Online Banking

Navy Federal digital banking allows you to manage your account anytime, anywhere. Through the mobile app for Android and iOS, members have full access to financial tools that enable them to transfer funds and view account activities.

Special Feature

Navy Federal provides a suite of small business financing solutions at low-interest rates and a flexible repayment plan of up to 60 months. This makes it convenient for entrepreneurs to address short-term cash flow issues and make urgent commercial equipment purchases.

Why we chose it: We commend Navy Federal Credit Union as the best for small business loans because it provides funds to help entrepreneurs start a new business or grow their existing one.

Cost-effective business loan options
High checking APY
National & international branches

Very limited membership eligibility
Flagship Checking monthly fee
Low savings APY

Pricing: Starts at $0/month

Methodology for the Best Credit Unions for Business Banking Accounts

We analyzed the offerings of different credit unions, plus rates and fees, to pick out credit unions that soar high in various categories. Here are the main features we considered:

Pricing: First, we researched if the checking and savings accounts offered by the credit unions are free or not. In case there are maintenance fees, we confirmed how much you need to pay each month.
APY: Next, we checked how much APY you can potentially earn with the checking and savings accounts. Since the rates may vary per category, we gave an overview of the APY ranges for each banking solution.
Membership Requirements: We evaluated the eligibility requirements for all the credit unions. Also, we assessed if the membership criteria of each institution is welcoming or restrictive.
Locations: We examined if there are available physical branches or not, as well as where these spots are located. In addition to this, we indicated if members have access to ATM networks or not.
Online Banking: We took a look at the mobile app and/or digital banking portal of every credit union. Plus, we explained which banking transactions you can perform online.
Special Feature: Last but not least, we highlighted what the standout feature is for each credit union, as well as what makes it unique.

Note: The pricing and APY rates in this guide are based on available information in June 2022.

Frequently Asked Questions (FAQs) for Credit Union Business Accounts

Is a Credit Union Business Account Better Than a Traditional Bank Account?

Yes. A credit union business account typically offers more favorable terms and higher APY rates compared to a conventional bank account, which can be beneficial for owners of small businesses and startup companies. These member-centric financial institutions usually provide attractive features, including a business line of credit and low-interest rates on loans. If your traditional bank lacks these options, you should consider switching to a business account with a credit union.

Which Is the Best Type of Credit Union Bank Account For Small Businesses?

In general, it’s best to opt for a business checking account if you want to open a credit union account for your small business. It’s designed to help entrepreneurs like you separate your business and personal finances. Moreover, the account has numerous features which can help you manage your cash flow and track your expenses. Just be aware that some online banks may be better than credit unions in terms of third-party integrations, such as the business account we discussed in our Novo review.

What Are the Perks of Opening a Credit Union Checking Account?

The checking accounts provided by credit unions usually have far more benefits than most checking accounts offered by traditional banks. For instance, you can receive more personalized services if you become a credit union member. Plus, you can expect lower fees to open and maintain an account. Finally, you can look forward to higher interest rates on your funds.

Final Thoughts on the Best Credit Union Business Accounts

The number of businesses and individuals joining credit unions has been steadily rising over the past few years. In 2020, credit unions in the United States boasted 126.6 million members, which is a significant leap from the 98.4 million members it had back in 2013. Today, these financial institutions have less stringent eligibility requirements. Plus, members enjoy lower fees and higher APY rates, as well as the power to influence the organization.

Now that you’ve read our comparative guide to the best credit union business accounts, we hope you’re confident enough to pick the credit union business account which will best meet the needs of your small business.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 21, 2022March 23, 2023

5 Best Online Business Checking Account (No Credit Check)

Person checking an online credit check form

Managing your business’s finance is no easy task–but it’s easier when you work with the right tools. An online business checking account with no credit check is one of the essential resources you need for your business to operate.

Opening a business bank account is necessary if you want to separate your personal finances from your company’s finances. It’s also a must if you want to get your business registered. The good news is that there are low-cost and efficient options to do it: Many banks offer business checking accounts that cost very little–or nothing at all–while also offering a broad set of banking services that fit small businesses’ needs just right.

Best Online Business Checking Account (No Credit Check)

Novo – Best Overall
BlueVine – Best for Earning Interest
LendingClub – Best for Cashback
Lili – Best for Tax Optimization
Wells Fargo – Best for Full Banking Services

Novo

Checking account integrates with other business tools

$50 minimum opening deposit
$0 monthly service fees

No credit check when opening an account

It doesn’t offer

E-mail only

Bluevine

Checking account with best Annual Percentage Yields (APY)

$0 minimum opening deposit
$0 monthly service fees

No credit check for LLC or corporation

Up to 1.5% interest for eligible customers

Phone or e-mail

LendingClub

Checking account with up to 1% cashback

$100 minimum opening deposit
$10 monthly service fees

Only when applying for loans

0.10% APY on balances of $5,000 and up

Online chat, phone or e-mail

Lili

Checking account with tax optimizer

$0 minimum opening deposit
$0 monthly service fees

No credit check when opening an account

Savings with 1% APY

E-mail only

Wells Fargo

Checking account with over 12,000 ATMs across the US

$25 minimum opening deposit
$10 monthly service fees

Second chance account available

It doesn’t offer

Phone or local branches

Novo: Best Overall

Pricing: $0/month

★★★★★

4.5

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Novo Review

If you are looking for a cost-efficient business checking account with no credit checks, Novo is the best fit for you. Its features cover all the basic banking services your small business might be looking for, all at a very low cost. In addition, Novo discloses all its fees.

Users can easily access the checking fee schedule on the website. While your business won’t benefit from an APY interest rate, the Novo checking account offers a broad set of features that will take your business’s finances to the next level, without adding any complexity to it.

As far as credit checks go, Novo makes it very clear that it will not check your credit history once you apply for an account. In addition, having an account with Novo does not affect users’ credit scores.

What really sets Novo aside is its integrations. Businesses can connect Novo with a number of tools, such as Shopify, Stripe, QuickBooks, and Xero. These features help businesses track their sales within payment platforms, sync transactions to accounting software, and easily send money overseas. Novo is also supported by Google Pay and Apple Pay–you won’t need to carry your plastic around when shopping for your business.

Also, Novo users get access to discounts and credits with partner companies such as Stripe, Booking.com, Google Cloud, and Gusto. However, Novo requires a minimum of $50 as an opening deposit. Also, there are charges for NSF (Non-Sufficient Funds) and UCF (Uncollected Funds) of $27 each.

Why we choose it: Novo is the best overall for small businesses as it offers an affordable business checking account, integration with business tools, and discounts with partner companies.

Low costs and no hidden fees
Easy transfers
A broad set of integrations and discounts with partner companies

Requires a minimum opening deposit
A $27 fee for insufficient funds charges
A $27 fee for uncollected funds returned

Pricing:

$50 minimum opening deposit
$0 monthly fees

Bluevine: Best for Earning Interest

Pricing: $0/month

★★★★★

4.0

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Bluevine Review

Ranked as the best small business bank account for LLCs, the BlueVine business checking account comes in a close second in our ratings, as it offers a broad set of banking features at nearly zero costs–the company doesn’t require a minimum deposit to open an account and doesn’t charge monthly fees, insufficient funds fees or incoming wire fees.

One of the main benefits of the BlueVine business checking account is its competitive APY interest rate. While most services won’t even reach 1%, BlueVine allows businesses to earn up to 1.5% interest. This means that eligible users can earn 50x the US average on balances up to and including $100,000.

BlueVine lets you easily schedule one-time and recurring payments and manage bills. Furthermore, the mobile app allows you to check your balance, deposit checks and set up transfers. BlueVine can also be integrated with QuickBooks Online and sync your business’s bill information. The company also allows you to lock your card if it gets lost or stolen.

BlueVine falls short in a few things–the number of users for a single account. In other words, there’s no joint account, which might be a problem for multi-owner businesses.

Also, since it’s an online-only bank, account holders have no access to a physical branch, and in case you need to issue a deposit, there’s a $4.95 fee per deposit.

Why we chose it: BlueVine offers a free business checking account with interest-earning for users and unlimited transactions at no extra cost.

No monthly fees, minimum opening deposit or minimum balance requirements
Unlimited, fee-free transactions
Up to 1.50% interest rate

No joint accounts
It charges a fee per deposit
No branch access

Pricing:

$0 minimum opening deposit
$0 monthly fees

LendingClub: Best Online Business Checking Account for Cash Back

Pricing: $10/month

★★★★★

4.0

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LendingClub offers a comprehensive business checking account. In addition to the complete set of banking services, it also offers APY–although its interest rate is lower than its competitors.

The company also goes beyond digital banking: it offers fee-free ATM access and point-of-sale (POS) solutions, which can be great for small local businesses.

Applying to LendingClub is quick and easy: Users can open an account in about 10 minutes. Regarding credit checks, LendingClub only pulls a hard inquiry when users apply for a credit card, mortgage, small business loans, or other sorts of credit–and only once the loan is approved. Being declined for a loan does not affect the user’s credit score. Users can also run a soft inquiry and check their credit score with LendingClub. However, check out this article if you’re interested in bad credit loans.

LendingClub offers a perk that not many checking accounts offer: a cashback of up to 1%. Users can earn back up to 1% of their money on online and signature-based transactions made with their debit cards. In addition, users can earn 0.10% interest on APY. However, both of these benefits are only available for users that maintain an average monthly balance of $5,000 or more.

Why we chose it: LendingClub offers 1% cashback, unlimited transactions, and no fee for ATM withdrawals.

1% cashback and 0.10% APY interest rate
Unlimited transactions and fee-free ATM access
Digital invoicing and POS

A $100 minimum opening deposit
A $10 monthly fee, waived with a $5,000 minimum balance
Charges for both incoming and outgoing wire transfers

Pricing:

$100 minimum opening deposit
$10 monthly fees, waived with $5,000 minimum balance

Lili: Best for Tax Optimization

Pricing: $0/month

★★★★★

4.0

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Lili Review

The Lili Business checking account is perfect for one-person businesses who just need essential banking services. Lili has all the checking account features a small business might be looking for and a competitive APY interest rate.

But more than that, it also offers features that help small business owners manage their companies, such as tax optimization features and accounting tools. A fee-free overdraft of up to $200 is also available, which is excellent for managing cash flow.

The drawback of Lili’s business checking account is that it is only eligible for sole proprietors and single member LLCs. As an account with essential banking services, users won’t be able to access additional banking services such as additional debit cards and third-party integration. Like most online-only banks, users can’t make cash deposits.

Lili stands out from other checking accounts thanks to its exclusive features. The tax optimizer provides users with a write-off tracker, an estimated tax calculator, and automatic tax savings. In addition, Lili also comes with accounting tools such as invoicing software, transaction categorizations, quarterly expense reports, and receipt scan and save.

Concerned about bad credit or credit checks? Don’t worry–Lily discloses right up front on its homepage that opening an account will not hurt your credit score.

Why we chose it: Lili offers fee-free overdrafts at zero costs, no minimum balance requirements or minimum opening deposit, and exclusive features such as a tax optimizer and accounting tools.

No account fees and no minimum balance
Up to $200 fee-free overdraft
Tax optimization tool

Eligible only for sole proprietors and Single Members LLC
No cash deposits
No additional banking services

Pricing:

$0 minimum opening deposit
$0 monthly service fees

Wells Fargo: Best for Full Banking Service

Pricing: $10/month

★★★★★

3.5

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Wells Fargo offers a comprehensive set of banking services, which is a good option for businesses looking for broader features. The bank has different account plans too–you can start with the basic account and move up as your business grows. Its convenient payment options also allow businesses to pay vendors, employees, and bills using its full set of payment services.

With Wells Fago, businesses have access to a full range of services at the tip of their fingers: its mobile banking allows any time access to the account. Don’t want to carry around your wallet all day long? Simply add your debit card to your digital wallet and get access to fast and secure payments, as well as a variety of ATMs. Also, if you’re often on the go, Wells Fargo moves along with you–it offers alerts that help you monitor account balances, track purchases and cash withdrawals.

Finally, Wells Fargo offers “second chance” business checking accounts, meaning you can get access to basic banking services no matter your credit score.

For small businesses that are looking for a wider range of banking services, Wells Fargo is the way to go. In addition to a number of digital banking services, Wells Fargo also comes with the traditional perks small business owners might value: there are over 12,000 ATMs across the USA and approximately 4,900 branches from coast to coast in case there is any need for in-person attention. Withdrawals have a charge fee when using a non-Wells Fargo ATM.

However, the cons of opening a business checking account at Wells Fargo are the fees. As opposed to its online-only competitors, the bank charges a $10 monthly fee, unless users have at least a $500 minimum daily balance. Also, to open a business checking account at Wells Fargo, there’s a deposit of a minimum of $25.

Why we chose it: Wells Fargo makes an excellent option for businesses of any type and size that need several banking services and features at hand, it offers thousands of ATMs and branches across the country.

12,000 ATMs and 4,900 branches
24/7 fraud monitoring
Customized cards and checks

$10 monthly fee, waived with $500 minimum daily balance or $1,000 average leger balance
$25 minimum opening deposit
Charges fees when using non-Wells Fargo ATMs

Pricing:

$10 monthly fee
$25 minimum opening deposit

Methodology for the Best Business Checking Account with no Credit Checks

There are a number of online business checking accounts out there that companies in their early stages can rely on – some offer free business accounts. When writing this review, we chose the criteria on what we think are the most relevant aspects a business checking account should meet to cater to small companies’ needs.

Small businesses usually work on a budget, so fees we’re highly taken into account. Obviously, we took into consideration checking accounts that don’t run credit checks or don’t run a pull a heavy inquiry. Let’s dive into each one of them and the other criteria we considered for this rating.

No Credit Checks

Credit checks are exactly what their name suggests. It is a process that involves checking your credit score and credit history.

Some banks offer a “second chance” business checking account that does not run a hard credit check. Checking accounts are usually meant for everyday access to your own money and do not offer any sort of credit, applicants can easily open an account within minutes without facing any hurdles.

Low Costs & Transparency

Costs were highly taken into consideration–the lower the monthly fees, the better. We also took into consideration a low minimum deposit, as we understand small businesses don’t usually start off with high capital.

Another major criterion was transparency. Business checking accounts that ditch small letters and are open about their fee schedule got extra points.

Access to Basic Services

A good checking account should properly allow you to pay bills, make purchases, receive deposits, and carry out withdrawals. However, since most businesses these days are going fully digital, not offering these perks wasn’t considered eliminatory. We’d rather favor checking accounts that offer mobile banking with good UI/UX to get you going.

Extra Features

Managing a small business can be tough. So, one of the criteria we considered for this review was business checking accounts that offer features that help businesses manage their business, either via a wide set of integrations or other types of resources.

Business checking accounts that are able to connect and sync information with other software and services were highly considered, such as e-commerce platforms, accounting tools, and PoS machines.

Interest

We did take into consideration if the business checking account offered APY earnings. However, we consider this more of a perk.

Frequently Asked Questions (FAQs) for Business Checking Accounts

Do you have questions regarding business checking accounts? Here are a few Frequently Asked Questions answered.

What is a checking account?

A checking account is a tool that provides easy everyday access to your money. It usually comes with a debit card and allows you to easily move money around. It is different from a savings account, as not all have earning features.

What’s the point of a business checking account?

While personal accounts are meant for personal finances — such as deposits, payments, purchases, transferring money to a linked personal savings account, withdrawals at ATMs, and peer-to-peer (P2P) payments — business accounts are meant for managing businesses finances.

This includes receiving deposits from customers, paying suppliers and employees, paying taxes, and covering the business’s expenses. The main reason for opening a business checking account is to manage your business’s finances separate from your personal life.

What type of account is best for small businesses?

Business checking accounts are the best option for small businesses, as they offer the basic banking services every company needs. In addition to separating business from personal finance, these types of accounts allow companies to move money around and prepare for taxes and establish a financial presence.

How much does it cost to open a business account?

We have good news if you are a small business looking for a checking account. The cost to open an account can be next to zero. Many online banking services, such as those listed here, do not require a minimum deposit opening and don’t charge monthly fees.

However, depending on the type of financial service you are looking for, you might want to go with a business checking account with a broader set of services, which might incur fees.

What are the requirements for a business checking account?

When applying for a business checking account, you might have to provide some of your personal ID, such as a government-issued photo ID or Social Security Number or EIN. You might also have to provide some of your business’s documents, like your Taxpayer Identification Number (TIN) for the business or licenses.

Do I need a credit check to open a business bank account?

Most banks don’t often run a credit check to open a business checking account — but they will likely run a ChexSystems report. However, the bank might run a credit check and score check when applying for a loan or business line of credit.

Can you be denied a business bank account?

Yes, a bank can deny your business to open a business checking account if your history with checking and savings accounts doesn’t match the bank’s criteria.

So What’s the Best Online Business Checking Account (No Credit Check)?

For small companies that want to separate their personal finance from their company’s finance, a business checking account with no credit checks is the simplest, most efficient way to go. The options listed in this rating offer a complete set of banking services with low, near-to-zero costs–and they fit perfectly for the job.

We selected Novo as the Best Overall checking account because it has overall low costs and, most importantly, it is transparent about its fee schedule, which can be easily accessed via the Novo website. In addition, Novo does not run credit checks and offers a broad set of integration options, which take its service to another level.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 18, 2022March 21, 2023

6 Best Banks in California in 2023

The best banks in California offer a combination of low account fees, convenience, and comprehensive banking tools. If you’re in California and want to find a new bank, this guide discusses your best options. Each bank is federally insured and carries a variety of products, including checking accounts, investment accounts, and loans.

Best Banks in California

Bank of America – Best Overall Bank
Chase Bank – Best for Checking Account
Wells Fargo – Best for Small Business
Ally Bank – Best for Savings Account
US Bank – Best for Customer Service
Bank of the West – Best for Regional Banking

In ranking the best banks of California, we looked at the factors most important to consumers, including fees (and whether they’re waivable), opening deposit requirements, and annual percentage yield (APY) on savings accounts. There’s more to consider when choosing a bank and we detailed our methodology below.

Bank of America

Starts at $4.95 per month

Checking accounts, savings accounts, credit cards, home loans, car loans, investing

$25 to $100

0.01% to 0.04%

854

Chase Bank

Starts at $12 per month

Checking accounts, savings accounts, money market accounts, CDs, custodial accounts, home loans

0.01% to 0.05%

967

Wells Fargo

Starts at $10 per month

Checking accounts, savings accounts, money market accounts, CDs, custodial accounts, home loans

$25

0.01% to 0.02%

932

Ally Bank

$0 per month

Checking accounts, savings accounts, auto loans, home loans, personal loans

0.90%

US Bank

Starts at $6.95 per month

Checking accounts, savings accounts, money market accounts, CDs, custodial accounts, home loans

$25

0.01%

481

Bank of the West

Starts at $10 per month

Checking accounts, savings accounts, CDs, IRA CDs, credit cards, loans

0.01%

224

Bank of America: Best Overall Bank

Pricing (or other important bit): Starts at $4.95 per month, but is waivable if you meet the requirements below

4.91

★★★★★

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Bank of America Review

Bank of America is a national bank with an extensive network of free ATMs and branch offices. Although Bank of America offers weak savings rates, you get access to premium traditional banking services and support. Bank of America offers a host of different checking and savings accounts, making it easy to find the best solution for your needs.

Why we chose it: Bank of America is the best overall bank in California because of its complete range of online and mobile banking tools. Furthermore, Bank of America makes it easy to waive the monthly fee on all three of its checking account plans and it’s also one of the best mortgage lenders.

Three checking account options
No overdraft fees
Many physical branches

Low annual percentage yield (APY)
Low transfer limits
Paper checks included for free only on Advantage Relationship

Pricing:

Bank of America offers three different checking accounts:

SafeBalance: $4.95 per month, waivable if you are under 25 and qualify as a student, are under 18, or are enrolled in Preferred Rewards.
Advantage Plus: $12 per month, waivable if you have at least one qualifying direct deposit of $250 or more, maintain a $1,500 minimum daily balance, or are enrolled in Preferred Rewards.
Advantage Relationship: $25 per month, waivable if you maintain a combined balance of $10,000 in eligible linked accounts or are enrolled in Preferred Rewards.

Checking and Savings Options

Bank of America has three checking account plans and one savings account. The Advantage Plus account is $12 per month, but you can waive the service fee if you have at least one qualifying direct deposit of $250 or more, maintain a $1,500 minimum daily balance, or are enrolled in Preferred Rewards.

Fees and Requirements

Every Bank of America checking and savings account has a monthly maintenance fee, while Ally has none. However, you can waive each monthly maintenance fee if you meet Bank of America’s requirements. Furthermore, you can access Bank of America’s vast network of fee-free ATMs. There’s a $3 out-of-network ATM withdrawal fee.

Interest Rates

The Bank of America Advantage Savings account offers a low APY of 0.01% to 0.04% if you’re a Platinum Honors Tier Preferred Rewards Member.

ATM and Branch Access

Bank of America has hundreds of branches and ATMs across California. Therefore, it’s convenient to withdraw cash or get in-person help at a Bank of America branch.

Banking Experience

Bank of America stands out because of its easy online banking experience and digital tools. The website and mobile app are straightforward and offer everything you need to manage your bank account and make payments.

Chase Bank: Best for Checking Account

Pricing (or other important bit): Starts at $12 per month but is waivable if you meet requirements below

4.83

★★★★★

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Chase Bank Review

Chase Bank is the largest bank in the United States with over $3 trillion of assets. This bank offers a robust menu of banking products and services. Chase Bank’s website and mobile experience can compete with online-only banks. Furthermore, Chase offers five different checking accounts and two savings account plans. We have also review articles for other business banks like Novo Review and Bluevine Review

Why we chose it: Chase Bank is the best California bank for checking accounts because it offers five different account options. It also offers three additional checking account plans for kids and students.

Wide range of checking accounts
Regular cash bonuses for opening an account
Many ATMs and branches

Above average monthly fees
Low rates on CDs
Low rates on savings

Pricing:

Chase Bank carries five different checking accounts:

Chase Total Checking: $12 per month, waivable if you have $500 in electronic deposits, maintain a $1,500 minimum daily account balance, or maintain an average beginning day balance of $5,000 or more in any combination of this account and link qualifying Chase accounts.
Chase Secure Banking: $4.95 per month fixed fee.
Chase Premier Plus Checking: $25 per month, waivable if you have an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase accounts.
Chase Sapphire Banking: $25 per month, waivable with an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying Chase accounts.
Chase Private Client Checking: $35 per month, waivable with an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying Chase accounts.

Checking and Savings Options

Chase Bank offers eight total checking accounts and two savings accounts. Therefore, there’s a good chance you’ll find a plan that meets your banking needs.

Fees and Requirements

Every Chase Bank account has a monthly service fee that can be waived if you meet the requirements outlined above.

Interest Rates

Chase offers low 0.01% to 0.05% APY on its savings account–Ally offers a slightly higher APY. Therefore, Chase Bank isn’t a great option if you want to earn interest on your account balance.

ATM and Branch Access

Chase has over 900 branches in California and 16,000 ATMs throughout the United States. Even if you’re not located near a Chase branch, you can handle all of your banking duties through Chase’s mobile app or online website.

Banking Experience

Chase has an excellent banking experience because of its many branch locations and great online banking tools. Furthermore, Chase customer support is easy to reach and helpful.

Wells Fargo: Best for Small Business

Pricing (or other important bit): Starts at $10 per month but waivable if you meet requirements below

4.71

★★★★★

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Wells Fargo Review

Wells Fargo is another major US bank offering a full array of banking services. These include checking and savings accounts, investing and wealth management services, home loans, auto loans, and credit cards. With nearly 1,000 branches in California, you won’t have trouble depositing money, withdrawing cash, or getting in-person help.

Why we chose it: Wells Fargo is the best bank for small businesses because it is one of the nation’s top lenders to small businesses, with transparent interest rates on loans.

Many branches in California
Wide range of savings options
Comprehensive banking tools

Low APYs
Minimum opening deposit
Service fees

Pricing:

Wells Fargo has four checking account options:

Clear Access Banking: $5 per month, waivable if the primary account owner is 13 to 24 years old.
Everyday Checking: $10 per month, waivable with a $500 minimum daily balance, $500 or more in total.
Prime Checking: $25 per month, waivable with $20,000 or more in statement-ending qualifying linked balances.
Premier Checking: $35, waivable with $250,000 or more in statement-ending qualifying linked balances.

Checking and Savings Options

Wells Fargo carries four unique checking accounts and two savings accounts. Wells Fargo is best for individuals who prefer access to branches and want to keep multiple accounts at the same bank. It also offers one of the best business checking account options on the market.

Fees and Requirements

Although each account has a monthly maintenance fee, you can waive them by following the guidelines above.

Interest Rates

Wells Fargo offers a low APY of 0.01% to 0.02% across both savings accounts.

ATM and Branch Access

Wells Fargo has hundreds of ATMs and branches across California. Therefore, you don’t need to worry about finding somewhere to withdraw or deposit cash.

Banking Experience

Similar to Bank of America and Chase Bank, Wells Fargo offers a complete suite of physical and digital banking tools. With Wells Fargo, you get access to contactless debit cards, 24/7 fraud monitoring, and 12,000 ATMs across the United States.

Ally Bank: Best for Savings Account

Pricing (or other important bit): No monthly maintenance fees; free to open an account

4.65

★★★★★

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Ally Bank Review

Ally Bank is a widely popular online bank for people seeking strong rates and an extensive set of digital banking features. Since Ally Bank is online only, it saves money on its overhead and can pass it on to customers in the form of minimal fees and high interest rates. The bank also offers convenient customer service options. Don’t forget these reviews as well; NBKC Bank Account Review and Axos Review.

Why we chose it: Ally Bank is the best California bank because it offers 0.90% APY on the Online Savings Account. You can also earn 0.25% APY on an Ally Interest Checking Account.

High APY
No fees or minimums
Excellent customer service

No physical branches
No way to deposit cash
30 days to fund account

Pricing:

Ally doesn’t charge monthly maintenance fees and doesn’t have a minimum opening deposit

Checking and Savings Options

Ally offers one checking account and one savings account. However, Ally also offers a Money Market account and high-yield CDs.

Fees and Requirements

Ally shines because it doesn’t have monthly maintenance fees, overdraft item fees, or minimum balance requirement fees. The only fees Ally has are returned deposit item fees, expedited delivery fees, and outgoing domestic wire fees.

Interest Rates

Ally’s Online Savings Account offers 0.90% APY, and its Interest Checking Account offers 0.25% APY. These interest rates are well above the standard rates we see from most California banks.

ATM and Branch Access

Ally is an online bank without physical branches. However, account holders can access 43,000 fee-free Allpoint ATMs across the United States. You also receive $10 per month in ATM fee reimbursements if you withdraw from out-of-network ATMs.

Banking Experience

Since Ally is an online bank, it offers a comprehensive suite of digital banking tools. Furthermore, you get access to Zelle to easily send and receive payments.

U.S. Bank: Best for Customer Service

Pricing (or other important bit): Starts at $6.95 per month, but waivable

4.39

★★★★★

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U.S. Bank Review

U.S. Bank is the fifth-largest bank in the US by assets. As a well-known national bank, U.S. Bank offers convenient access to thousands of branches and ATMs across the United States. Furthermore, US Bank carries five different checking accounts, making it easy for you to find an option that suits your needs. Since you have read the U.S. bank review you might be interested as well to Lili Review and Capital One Review.

Why we chose it: US Bank is the best California bank for customer service because it offers 24/7 live phone support. You can get in-person help at one of the 500 California US Bank branches.

Excellent customer service
Wide range of banking services
Hundreds of branches in California

Low APYs
Monthly fees
Not as many branches as other banks

Pricing:

US Bank carries five checking account plans:

Easy Checking: $6.95 per month, waivable if you have combined monthly direct deposits totaling $1,000 or more, you keep an average account balance of $1,500 or more, or you or another person on the account are age 65 or greater.
Gold Checking: $14.95 per month, waivable if you have an open U.S. Bank personal loan, line, mortgage, or credit card
Platinum Checking: $24.95 per month, waivable if you have $25,000 or more in combined personal deposits, credit balances with U.S. Bank investments through U.S. through Bancorp Investments.
Student Checking: $0 per month
Safe Debit Account: $4.95 per month, non-waivable

Checking and Savings Options

US Bank is unique because it offers five different checking accounts and five different savings accounts. These range from basic student accounts to a Platinum Checking account that includes all of US Bank’s banking tools.

Fees and Requirements

Easy Checking, Gold Checking, and Platinum Checking have monthly maintenance fees that are waivable if you meet the requirements. Furthermore, the Student Checking account is $0 per month, and the Safe Debit Account is a non-waivable $4.95 per month.

Interest Rates

US Bank offers low interest rates at a 0.01% APY. For this reason, we recommend Ally bank if you’re looking for a savings account with a high interest rate.

ATM and Branch Access

US Bank has a large physical presence across Los Angeles, Orange County, South Bay, Inland Empire, San Diego, and many surrounding communities.

Banking Experience

US Bank excels as one of the best banks in California when it comes to reach and access. In addition to the wide selection of branches and ATMs, US Bank’s customer service is available 24 hours a day by phone or social media.

Bank of the West: Best for Regional Banking

Pricing (or other important bit): Starts at $0 per month if you meet requirements

4.25

★★★★★

Visit

Bank of the West Review

Bank of the West is headquartered in San Francisco and is owned by BNP Paribas, a French international banking group. The bank has more than 500 branches in 19 states and mainly operates on the west coast. Bank of the West offers a wide range of banking and investment products for personal and commercial banking needs.

Why we chose it: Bank of the West is the best California bank for regional banking because it has a strong presence on the west coast and midwest.

Convenient customer service
Wide range of banking tools
Good for small businesses

Low rates
Some accounts can’t be opened online
Not available everywhere in USA

Pricing:

Bank of the West provides three different checking accounts:

Any Deposit Checking: $0 monthly service fee with any deposit per statement ($0.01 or more) or if you’re under 25
1% For The Planet Checking: $0 monthly service fee with any deposit per statement ($0.01 or more) or if you’re under 25
Premier Checking: $25 monthly service charge waived with minimum $25,000 average balance in eligible accounts

Checking and Savings Options

Bank of the West carries a wide range of checking accounts and one savings account. The downside of these accounts is the low interest rates they offer.

Fees and Requirements

You can waive the monthly maintenance fee on the Any Deposit Checking and 1% For The Planet Checking by making any deposit per statement. This can be as little as $0.01. However, the Premier Checking account has a monthly service fee of $25 that can be waived with a $25,000 minimum average balance in eligible accounts.

Interest Rates

Bank of the West savings account only offers 0.01% APY, which is relatively low compared to other options on this list.

ATM and Branch Access

Bank of the West has over 200 branches in California. We recommend checking if there’s a Bank of the West branch near your home.

Banking Experience

Bank of the West offers various ways to conduct your banking duties, including at physical branches, online, and in the Bank of the West mobile app.

Methodology for the Best Banks in California

In this section, we discuss the crucial factors offered by the best banks in California. By breaking down each feature into its own section, you can easily discover which bank has the right solutions for your needs.

Checking and savings options: The most important feature of the best banks in California is their checking and savings account options. The best banks in California offer checking and savings accounts with low fees and
Fees and requirements: Each bank has unique monthly service fees, which can be waived if you meet certain requirements. Choose a bank in California with a monthly maintenance fee you can easily waive. Furthermore, each California bank has a unique minimum deposit requirement.
Interest rates: Some checking accounts pay interest while most savings accounts pay some interest. If you’re interested in earning interest on your account balance, you need to find a California bank with an above average annual percentage yield (APY).
ATM and branch access: If you mostly use cash, you need a bank that makes it easy to withdraw cash at an ATM or branch. Furthermore, banks with many branches in California make it easy for you to manage your account and perform your banking duties in person.
Banking experience: Banking experience describes how easy the bank makes it to perform different actions. For example, the best banks in California offer great mobile apps, excellent online websites, and simple ways to deposit checks, pay bills, send money, and monitor account activity.

Frequently Asked Questions (FAQs) for Best Banks in California

Choosing the best bank in California is an important decision as you’re looking to open a new account for a business. If you are an entrepreneur there are top banks for startups also. So let’s discuss a few questions you may have about California banks.

Which California bank is best?

Bank of America and Chase Bank are the best California banks. These are both national banks with an extensive range of account options, features, and convenience. Both banks offer easy-to-use mobile apps and ATMs to make your banking experience more practical.

What is the most popular bank in California?

Chase Bank and Wells Fargo are the most popular banks in California. Both of these banks have nearly 1,000 physical branches in California. Furthermore, Chase and Wells Fargo have thousands of accessible ATMs in California.

What’s the safest California bank to put my money in?

As long as the bank is insured by the Federal Deposit Insurance Corporation (FDIC), then your money is safe. Each bank on today’s list is federally insured. Therefore, your individual account is insured for up to $250,000. Furthermore, joint accounts are insured for up to $500,000. This means that if the bank goes under, you won’t lose all your money.

Bottom Line on the Best Banks in California

Bank of America, Chase Bank, and Wells Fargo are the best banks in California if you prefer traditional banking and a wide range of services. If you want to open a digital bank account, Ally and CIT Bank are great options. There are also banking accounts in the market that are free. Either way, you can’t go wrong with any bank on this comprehensive list. Look for features that suit your needs before making your decision. We also have other reviews like Kabbage Review and Oxygen Review that may help you create the right decision.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 13, 2022February 15, 2023

9 Best Banks & Credit Unions of 2023: Bank Vs Credit Union

Are you looking for a suitable financial institution for your business banking needs? With a range of online and traditional banks offering different interest rates, fees, and lending options, enter credit unions, making the choice much more complicated. We bring you the best banks and credit unions for small businesses to help you choose the right place to house your money.

Best Banks & Credit Unions of 2023

Bluevine – Best Overall
Axos Bank – Best Full-service Online Bank
Alliant Credit Union – Best Overall Credit Union
Consumers Credit Union – Best for Eligibility Requirements
America First Credit Union – Best for Business Lending
PenFed Credit Union – Best for Federal Insurance
Capital One – Best for Unlimited Digital Transactions
Wells Fargo – Best for Biggest Branch Network
Bank of America – Best for Traditional Banking

We considered several different factors when evaluating the best banks and credit unions to create this list. These include fees, deposit and lending interest rates, lending options, and accessibility. Check out our complete methodology below for a closer look at how we pick the best financial institutions.

Bluevine

No monthly fee

Checking – up to 1.5%

Lines of credit up to $250K

Bill payment, unlimited transactions

Business hours phone support & email

Axos Bank

No monthly fee

Interest Checking – up to 1.01%

SBA loans

Free cash deposits, unlimited ATM fee reimbursements

24/7 phone support

Alliant Credit Union

No monthly fee

Checking – 0.25%
Savings – 0.75%

Auto loans, mortgages

Extensive ATM network

24/7 phone support

Consumers Credit Union

No monthly fee

Power Checking – 0.05%
Money Market – up to 0.75%

Commercial mortgages, secured lines of credit, equipment financing

60,000 free ATM locations, competitive APY

24/7 live chat, business hours phone support

America First Credit Union

No monthly fee

High-Yield Checking – 0.05%
Savings – 0.05-0.15%

Lines of credit, SBA, term, & commercial vehicle loans

Wide range of lending options, 30,000+ free ATM locations

Business hours phone support & email

PenFed Credit Union

No monthly fee

Access America Checking – up to 0.35%
Savings – 0.15 to 0.75%

Only personal lending options

NCUA-insured, easy to join

Business hours phone support, 24/7 online support

Capital One

Basic Checking – $15/month*

Savings – 0.2% APY

Lines of credit up to $5m

Unlimited digital transactions

Full-service support

Wells Fargo

Starting at $10/month*

Business Market Rate Savings – 0.01%

Lines of credit up to $500K, SBA loans

4900+ branches across the US

24/7 phone support

Bank of America

Starting at $16/month*

Savings – 0.01%

Lines of credit, loans, SBA loans

Integrated with Zelle money transfer, offers payroll services

Small business specialists, plus resources

Bluevine: Best Overall

No monthly fee

★★★★★

4.8

Visit

Bluevine Review

If you want a well-rounded business checking account that comes with very little limitations, Bluevine is one of the best fintech companies you can choose to bank with. Although it’s not a full-service bank, Bluevine offers all the services a business might avail of from a regular bank plus a wide range of benefits.

All Bluevine deposits are FDIC-insured which gives you peace of mind. Apart from no monthly fees, no transaction limits, and a very high APY, Bluevine also lets you pay all your bills online. However, note that Bluevine only has a checking account offering. It doesn’t offer savings accounts.

Why we chose it: With no monthly fees, a very lucrative interest rate, and no minimum balance requirements, Bluevine is our top pick for small business banks.

No minimum deposit
Unlimited transactions
Two free checkbooks/year

Virtual bank (through Coastal Community Bank).
Only allow cash deposits through Green Dot Services
No business savings accounts

Fees

Bluevine charges no monthly maintenance, NSF (non-sufficient funds), or overdraft fees, which go well beyond the industry standard. With unlimited transactions, you will never incur additional fees no matter how many transactions you initiate. It has no minimum deposit or minimum balance requirements either.

Interest Rates

Bluevine’s lucrative checking interest rate is one of its strongest selling points. You will rarely find another bank offering an APY as high as 1.5% on balances up to $100,000. Note that users must meet a monthly activity goal to avail of this.

Lending Options

Bluevine’s Business Loans offers business lines of credit of up to $250,000 on rates as low as 4.8%. The application process is fast and easy and you can have your application decision within five minutes.

Axos Bank: Best Full-service Online Bank

No monthly fee

★★★★★

4.7

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Axos Bank Review

One of the best free business banks, Axos Bank is a unique financial institution in that it’s a full-service bank in its own right but has no physical locations. You can only avail of its wide range of business banking and lending services online. It offers several types of business bank accounts including small business checking, savings, and money market accounts.

This online bank is a great choice if you often have to deposit cash into your business account. You can make free cash deposits from any one of the MoneyPass and AllPoint ATMs across the US.

Axos is an FDIC-insured bank which means it offers greater deposit protection than other non-FDIC-insured fintech companies. Being an online-only bank, Axos online and mobile banking is very easy to use. If you’re looking for a combination of banking services and want to keep your business banking digital, go for Axos.

Why we chose it: Axos is a full-service online bank and is a great option for any business that wants to bank online. With low fees, free cash deposits across MoneyPass and AllPoint locations, and a great online presence, it’s the best online bank on this guide.

No monthly fee and unlimited transactions
Cash deposits allowed via MoneyPass and AllPoint ATMs
Wide range of interest-bearing options

No physical locations
Limited integrations
Doesn’t offer the highest APY

Fees

Just like Bluevine, Axos Basic Business Checking has no monthly fee, but Business Interest Checking will cost you $10 per month. The basic Savings account has a monthly fee of $5 while its Premium version is free.

Interest Rates

Axos offers a range of interest-bearing accounts however the APYs it offers aren’t as high as some of the other competitors on this list. It can go up to 0.20% on Basic Business Checking and up to 1.01% on Business Interest Checking accounts. Axos’ Savings and Money Market options all offer 0.20% APY.

Lending Options

Axos Bank partners with Centerstone SBA Lending to offer SBA loans. They come with a federally backed guarantee and flexible terms. But that’s about it when it comes to lending options for small businesses. Axos offers commercial lines of credit and term loans but these work for large businesses only. Read the full Axos review to learn more about its lending options.

Alliant Credit Union: Best Overall Credit Union

No monthly fee

★★★★★

4.5

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Alliant is a Chicago-based online credit union with more than 80,000 ATMs across the US. Joining the credit union is fairly straightforward. You can join it if you donate to Foster Care to Success, Alliant covers your $5 joining fee so you don’t have to pay the charity directly.

You can also join if you’re an employee, retiree, or member of select organizations, live in particular areas in Illinois, or are a relative of an existing Alliant member. While Alliant has a vast network of free ATMs, it will also reimburse up to $20 per month if you use out-of-network ATMs.

Note that Alliant has no physical branches and operates entirely digitally. Its mobile and online banking platforms are well-developed. Members can use a range of features with Alliant’s mobile app. The fact that Alliant provides no business-specific services may put you off, but you can still find a way around it to benefit your business from its low fees and high APYs.

Why we chose it: Alliant has one of the most extensive ATM networks when it comes to credit unions. Plus, its competitive APYs on checking and savings accounts make it a lucrative institution to bank with.

Extensive ATM network
High APYs
Easy to join

No special offerings for businesses
No physical branches
No lines of credit or SBA loans

Fees

Alliant Credit Union’s most business-relevant products, its High-Rate Savings, and High-Rate Checking accounts, have no monthly fee. The credit union also refunds up to $20 per month in ATM fees.

Interest Rates

You get one of the highest savings and checking account APYs with Alliant. High-Rate Savings let you earn up to 0.75% APY which is much higher than the savings rates offered by any bank. High-Rate Checking has an APY of 0.25% which comes with minimal or no fees.

Lending Options

Alliant Credit Union offers no business-specific lending options like lines of credit or SBA loans. However, you can still find auto loans and mortgages.

Consumers Credit Union: Best for Eligibility Requirements

No monthly fee

★★★★★

4.3

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Consumers Credit Union has more than 15 branches in and around Chicago and Illinois, and access to more than 5600 shared branches and 60,000 free ATMs via the Co-op network. The credit union offers different types of business checking and savings accounts plus business loans, and other services.

It stands out because of the many attractive rewards it offers for using its checking account. If you frequently use your debit card, you can earn a higher APY on your checking deposit. The interest rate can go even higher if you use Consumer Credit Union’s credit card but note that is only offered for personal accounts.

Joining the credit union is very easy. All you have to do is pay a nominal $5 membership fee and keep $5 in your Consumers savings account. Consumers CU offers several different checking and savings accounts including a Community Checking account for Non-Profits.

Why we chose it: Consumers Credit Union is a great choice for its extensive Co-op shared branches and ATM network. It’s one of the easiest credit unions to join and offers competitive APYs on deposits.

No monthly service fee
Unlimited ATM fee reimbursements
Competitive APY

$10 overdraft transfer charge
Limited customer support
Interest compounds monthly

Fees

The basic Freedom Business Checking account has no monthly fee and offers up to 100 free transactions per month. The more advanced Power Business Checking has a monthly fee of $20 but it can be waived off with an average daily balance of $5000.

Interest Rates

Consumers Credit Union offers competitive interest rates on checking and savings accounts. Freedom Business Checking doesn’t offer an APY but Power Business Checking does offer a 0.05% yield. Its money market accounts offer an APY of up to 0.75% on balances exceeding $100,000.

Lending Options

You can avail of a handful of lending options including commercial mortgages at competitive rates, secured lines of credit, and equipment financing.

America First Credit Union: Best for Business Lending

No monthly fee

★★★★★

4.2

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Ranked among the best credit unions for business banking, America First is a Utah-based credit union. As a part of the Co-op ATM network, it has more than 30,000 ATM locations across the country which members can use for free. Unlike Alliant Credit Union, America First does offer business-specific accounts and lending options albeit with lower APYs.

America First Credit Union’s range of business lending options makes it stand out among others. Be it a line of credit, auto loan, unsecured capital, equipment and machinery, business acquisition or franchise, or a commercial real estate loan, you can find all types of financing with America First.

But joining AmFirst Credit Union isn’t as easy as joining Alliant. The membership eligibility criteria are more constrained. Only people who live, work, volunteer, worship, or go to school in particular areas of Arizona, Idaho, New Mexico, Nevada, Oregon, and Utah qualify.

Why we chose it: America First Credit Union stands out with its wide range of business services including a variety of financing options. It’s definitely a top choice for anyone who qualifies for eligibility.

30,000+ free ATM locations
Wide range of lending options for businesses
Offers business accounts

Limited groups eligible for membership
Money Market checking account has a high minimum balance requirement
$25 overdraft fee

Fees

America First’s Basic Checking account is free. It offers 250 free transactions per month and any extra transactions are charged at $0.15 each. If you go with Premier Business Checking, you incur a monthly fee of $8 which can be offset by the interest you earn on your deposit.

Interest Rates

The credit union offers no interest yield on its Basic and Premiere Business Checking accounts. The High-Yield Checking account yields up to just 0.05% and only if you have a minimum opening balance of $10,000. When it comes to savings accounts, its Business Share Savings offering has an APY of 0.05%. It can go up to 0.15% if you go with Business Money Market Savings.

Lending Options

As mentioned above, America First offers a range of lending options for small businesses just like a traditional bank would. You can get SBA secured lines of credit from $50,000 to $100,000, SBA unsecured lines from %15,000 to $50,000, term loans of up to $15,000, and SBA commercial vehicle loans worth millions of dollars.

PenFed Credit Union: Best for Federal Insurance

No monthly fee

★★★★★

4.0

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Also known as the Pentagon Federal Credit Union, PenFed was originally a military-affiliated credit union. Today, you no longer have to be military-affiliated to join this credit union and can easily be a member by opening a PenFed savings account with a $5 deposit and maintaining a minimum account balance of $5.

With branches in 13 states, the credit union also has branches in US military bases in Puerto Rico, Guam, and Japan. PenFed is federally insured by the NCUA and offers one of the highest savings APYs in the market.

Although it’s a good option for its competitive interest rates and low minimum balance requirements, PenFed has a few cons. It doesn’t reimburse ATM fees for out-of-network ATMs and doesn’t allow transferring from your savings account to your checking account for overdraft protection.

Why we chose it: PenFed is one of the few federally insured credit unions that are easy to join and offer some of the most attractive interest rates.

Competitive APY
$5 opening deposit
No monthly fee

No ATM fee reimbursements
Compounds interest monthly
No business accounts or lending options

Fees

PenFed’s Free Checking account has no monthly fees and no minimum balance requirements. If you go with the more advanced Access America Checking account, you have to pay a $10 monthly fee but it can easily be waived.

Interest Rates

The Free Checking account doesn’t yield interest but Access America Checking does. It offers a high interest rate of 0.15% on daily balances up to $20,000. The rate goes even higher to 0.35% on daily balances of $20,000 to $50,000.

PenFed’s savings offerings also have very lucrative APYs. The Regular Savings account offers an APY of 0.05%, while its Money Market Savings and Premium Online Savings accounts offer 0.15% and 0.75% APY.

Lending Options

PenFed has a variety of lending options available but none of them are for businesses. It offers mortgages, home equities, personal loans, and lines of credit. Check out the best mortgage lenders available if you’re interested in mortgages.

Capital One: Best for Unlimited Digital Transactions

Basic Checking – $15/month

★★★★★

3.8

Visit

Capital One Review

If you’re looking for a combination of attractive online bank features and a strong network of physical branches, Capital One is a good choice. The bank offers two business checking options including Basic and Unlimited Checking.

The Basic account offers unlimited digital transactions, online and mobile banking, and a low minimum balance to waive the monthly fees. If you go with Unlimited Checking, you get two Basic Checking accounts, free cash deposits, and free domestic wires. This makes it a great choice for businesses with complicated finances.

Although it’s a traditional bank, Capital One does really well when it comes to ease of use and an intuitive app interface. The bank’s experienced and robust customer service is a stand-out feature. If you’re interested in banking with Capital One, note that it has branches in a few states only. Since you must visit a branch in-person to apply for a business checking account, the service is only available in a few states.

Why we chose it: Like other well-established banks, Capital One offers a wide range of services and does a good job of providing them online. It’s an excellent option if you prefer banking via physical branches, only if it has a branch close to you.

Experienced support from a large bank
Self-service escrow services
Unlimited checking includes two Basic accounts

Relatively higher monthly fees
Only available in some states
Have to visit a branch to apply for a business account

Fees

Capital One’s Basic Checking account has a monthly fee of $15. It’s quite high compared to others but it can be waived if your balance averages $2,000 or more. You can deposit up to $5000 per month in cash for free. Standard wire transfer fees ($15/incoming and $25/outgoing) apply.

Unlimited Checking comes at a monthly fee of $35 which can also be waived with an average balance of $25,000. This includes unlimited cash deposits. All incoming wires are also free. When it comes to Business Savings, the offering has a low monthly fee of $3 which can easily be waived off with a minimum balance of $300.

Interest Rates

You will find no APY with Capital One’s Business Checking accounts. Its savings account, however, has a 0.2% promotional interest rate for the first 12 months.

Lending Options

Capital One offers business lines of credit and small business loans to its Business Checking customers. The bank offers one of the largest lines of credit of up to $5 million. It also has SBA 504 and SBA7(a) loans you can take if you’re looking for longer repayment terms, fixed rates, and low equity requirements.

Wells Fargo: Best for Biggest Branch Network

Starting at $10/month*

★★★★★

3.5

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Wells Fargo is a well-established banking institution with more than 4,900 locations across the US. Not only is it well-established, but its comprehensive set of business banking services makes it quite an attractive choice.

The bank offers a handful of different business checking and savings account options. It offers business lines of credits, loans, merchant services, and even payroll services. However, Wells Fargo charges monthly and ATM fees which makes it a relatively high-cost option compared to its competitors.

Although it’s primarily a brick-and-mortar bank, you can easily open a business bank account online. This along with easy access provided by its vast branch and ATM networks makes it a good institution to bank with. However, some customers are wary of banking with Wells Fargo because of a recent scandal.

Why we chose it: Wells Fargo’s wide range of business banking products and services plus its vast network of branches and ATMs make it a good choice for any business that’s looking for a well-established institution to bank with.

4900+ branches across the US
Wide range of banking services
Robust customer service

Costs more than other options
No ATM fee reimbursement
Struggling reputation

Fees

Banking with Wells Fargo is set to cost you more than Bluevine and Axos. The most basic checking account, called Initiate Business Checking, has a $10 monthly fee. Fees go up to $75 for checking accounts. Wells Fargo’s Business Market Rate Savings has a monthly fee of $5. Waiving these fees off has fairly high requirements making Wells Fargo a more pricey option.

Interest Rates

None of Wells Fargo’s business checking options bear interest except for Navigate Business Checking. Still, the rates vary based on your location. All Savings options share a 0.01% interest rate. Still, the interest rate is not as high as Bluevine or Axos.

Lending Options

The bank offers business lines of credit from $5000 to $500,000 and offers fairly low interest rates on lines. Wells Fargo also lends SBA Term Loans including SBA (7a) and SBA 504 up to $5 and $6.5 million respectively.

Bank of America: Best for Traditional Banking

Starting at $16/month

★★★★★

3.2

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Bank of America Review

Just like Wells Fargo, Bank of America is a traditional bank with a vast network of ATMs and branches. It offers a variety of business checking accounts among several other products that BofA offers for small businesses. Similar to Capital One, Bank of America offers two different levels of service for smaller and larger businesses respectively.

Bank of America is the most traditional bank you’ll find on this list. While it has developed online capabilities, we recommend it only for in-person banking. The apps and websites are still not as intuitive as those of Bluevine or Axos. We also note that the bank has a particularly costly fee structure and has high balance requirements to waive off fees.

Why we chose it: Bank of America is more of a traditional bank and lacks when it comes to digital banking. However, it’s a great option if your business deals with heavy cash flows.

Integrated with Zelle money transfer
Online account integrates with accounting apps
Payroll services

High balances to waive fees
App isn’t as easy to use as other options
High monthly service fees

Fees

Bank of America’s banking fees are the most expensive of all banks in this list. With a $16 monthly fee on its Fundamentals checking account, it also requires a high balance of $5000 to waive it off. However, the advanced checking account has no monthly fee but you have to maintain an average monthly balance of $15,000.

Interest Rates

Like all traditional bank accounts, BofA offers no APY on its checking accounts. When it comes to business savings, it has a low interest rate of 0.01%.

Lending Options

Bank of America offers several different lending options for businesses ranging from unsecured lines of credit and loans to secured ones. The bank also offers SBA loans, commercial real estate loans, and franchise financing.

Bank Vs Credit Union: What’s Better for Your Business?

You may be wondering what’s the difference between a bank and a credit union. For starters, you should understand that a bank is a for-profit financial institution and hence offers its services to everyone. On the other hand, a credit union is a nonprofit institution that only offers its services to particular groups.

Services

When it comes to services, both banks and credit unions offer the same products and services. This includes checking and savings accounts, credit cards, business loans, and other investment and insurance services. The exact product range can vary.

Monthly Fees

Generally, credit unions are cheaper than banks. Most credit unions have no monthly fees on their checking account offerings and those that do, don’t charge more than $20. On the other hand, banks are much more expensive with average checking account monthly fees going as high as $35.

Interest Rates

Credit unions offer higher APY on both checking and savings accounts. And they charge much lower interest rates on loans. This is all because credit unions are not-for-profit. Banks offer lower APYs and charge more interest on loans.

Accessibility

Credit unions are not as accessible as banks. Banks usually have a more extensive branch and ATM network which makes them more accessible.

Methodology for the Best Banks & Credit Unions

Choosing the bank or credit union to bank with is one of the most important financial decisions you will make for your business. Since the financial industry is not the easiest to understand, new business owners face a fair amount of difficulty when reviewing different options.

In this section, we spell out the most important factors we consider when evaluating the best banks and credit unions for small businesses. This will help you understand what to look for and how to compare financial institutions.

Fees: You can see this as the price of banking. The higher the monthly fee for a banking product, the more it will cost you. Banks with no monthly fees rank higher than those that charge a fee.
Deposit interest rates: Also known as the APY, this is the rate of interest at which you earn from your checking or savings deposits. The higher it is, the more advantageous it is for your business.
Lending interest rates: Each bank or credit union offers different rates on the loans or lines of credit you acquire. The lower it is, the more you pay for a lending service.
Lending options: What are the lending options that are available with a bank or credit union? Financial institutions with a wider variety of lending options give businesses more flexibility.
Accessibility: Some banks operate entirely digitally, while others have physical branches and ATM networks. Banks with larger ATM networks are more accessible and are more convenient to bank with.

Frequently Asked Questions (FAQs) for Best Banks & Credit Unions

What is the best credit union to bank with?

We ranked Alliant Credit Union as the best overall credit union to bank with. It charges no monthly fee on its basic checking account and offers a highly attractive APY of 0.25% on checking and 0.75% on savings accounts. Consumers and America First are also two very good credit unions to bank with.

Are credit unions better than banks?

Credit unions charge lower fees than banks and offer better APYs. From a profitability standpoint, credit unions are a better choice than banks but they’re not as accessible as banks.

Are banks safer than credit unions?

Banks are federally insured by the FDIC. Similarly, credit unions are insured by NCUA which means credit unions are just as safe as banks.

Bottom Line on Best Banks & Credit Unions

Bluevine is the best overall bank while Alliant Credit Union is our top pick among credit unions. Whether you go for a credit union, an online bank or a traditional bank for your business’s banking needs depends on your preference. If a credit union is easily accessible to you and you are eligible for membership, we recommend you capitalize on its low fees and high APY offerings.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 13, 2022February 15, 2023

7 Best Prepaid Debit Cards in 2023

The best prepaid debit cards act as an alternative to a credit card or standard debit card. Prepaid debit cards allow you to conveniently make purchases without needing to open a credit card or checking account. They also act as a low-risk way to manage your money. Learn which prepaid debit card is best for you.

Best Prepaid Debit Cards

Bluebird by American Express – Best Overall Prepaid Debit Card
Netspend Visa Prepaid Card – Best for Account Management
Serve Cash Back by American Express – Best for Rewards
Serve Free Reloads by American Express – Best for Cash Reloads
FamZoo Prepaid Card – Best for Families
PayPal Prepaid Mastercard – Best for PayPal Users
Walmart MoneyCard – Best for Walmart Shoppers

The following table describes the key features and fees of the best prepaid debit cards we selected. These include monthly fees, reload fees, and ATM fees. Learn more about our rating methodology below.

Bluebird by American Express

No monthly fees

$0 at Walmart and up to $3.95 at other participating retailers

Free ATM withdrawals at over 30,000 MoneyPass ATMs

$100,000

None

Netspend Visa Prepaid Card

Starts at $5/month

Up to $3.95

$2.95

$15,000

Payback Rewards program

Serve Cash Back by American Express

$7.95/month

Up to $3.95

$0 at MoneyPass ATMs

2.7%

$100,000

1% cash back

Serve Free Reloads by American Express

$6.95/month

$0 at over 45,000 locations

$0 at MoneyPass ATMs

2.7%

$100,000

None

FamZoo Prepaid Card

Starts at $2.50/month

$4 to $6

Standard ATM operator fees

$5,000

$0 for first 4 cards

PayPal Prepaid Mastercard

$4.95/month

Up to $3.95

$2.50 per withdrawal

$15,000

PayBack Rewards program

Walmart MoneyCard

$5.94/month, waived when you direct deposit $500 or more in previous monthly period

$0 at Walmart and up to $5.95 at other retailers

$2.50 per withdrawal

$10,000

3% cash back at Walmart.com, 2% cash back at Walmart fuel stations, and 1% cash back at Walmart stores

Bluebird by American Express: Best Overall Prepaid Debit Card

No monthly fees

★★★★★

4.9

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The Bluebird prepaid debit card is offered by American Express. It’s an FDIC-insured prepaid debit card with effectively no fees. This prepaid debit card functions similarly to a checking account, making it a great alternative for those without a bank account. It also offers several ways to deposit money onto the card and an extensive free ATM network.

Why we chose it: Bluebird by American Express is the best overall prepaid debit card because it doesn’t have any monthly fees, cash reload fees, or ATM withdrawal fees.

No monthly fees
No activation fees
Can load up to $100,000

No cash back
Not available to Vermont residents
ATM withdrawal fees at non-MoneyPass ATMs

Pricing: There are no monthly fees for the Bluebird prepaid debit card.

Fees

There are virtually no fees with a Bluebird prepaid debit card, unlike Netspend, which charges $5 per month. However, you are subject to fees if you use out-of-network ATMs and cash reload retailers.

Maximum Balance

You can add up to $100,000 to your Bluebird prepaid debit card. This is one of the highest maximum account balances in the prepaid debit card niche.

Reload Options

Bluebird offers several ways to deposit money into your prepaid debit card. These include direct deposit, mobile check deposits, cash reloads at Walmart, and transfers from a linked debit card or external bank account.

Membership Rewards

Bluebird doesn’t offer cash back or any type of rewards program. Therefore, Bluebird isn’t an excellent option for those looking for membership rewards. However, the Serve Cash Back prepaid debit card by American Express offers 1% cash back on in-store and online purchases.

Additional Features

Uncommon to most prepaid debit cards, Bluebird offers low balance alerts and family subaccounts. It also doesn’t let your prepaid card go negative, so you won’t get charged overdraft fees.

Netspend Visa Prepaid Card: Best for Account Management

Starts at $5 per month

★★★★★

4.78

Visit

Netspend makes it easy to sign up for a Netspend Visa Prepaid Card because there’s no banking or credit checks required to open an account. However, Netspend is unique because it offers two different fee payment options. You can either pay a monthly fee or pay a fee every time you make a purchase.

Why we chose it: The NetSpend Visa Prepaid Card is the best prepaid debit card for account management because of its easy-to-use and highly extensive mobile app. It allows you to manage your money 24/7 from any location in the world.

Comprehensive mobile app
Refer a Friend feature
Simple to use

Monthly fees
High inactivity fees
Low maximum balance

Pricing: The NetSpend Visa Prepaid Card carries two different payment options:

Monthly Plan: Starts at $5 per month if you receive at least $500 a month in payroll checks or government benefits each month
Pay-As-You-Go Plan: No monthly fee, but pay a flat $1.50 on purchases

Fees

The NetSpend Visa Prepaid Card has higher fees than most of its competitors. Furthermore, the monthly plan costs up to $9.95, but you can lower it to $5 if you receive at least $500 a month in payroll checks or government benefits each month.

Maximum Balance

You can deposit up to $15,000 maximum on your NetSpend Visa Prepaid Card. Although this is a low amount compared to the $100,000 maximum balance allowed on a Bluebird prepaid debit card, it should be enough for most individuals.

Reload Options

You can deposit cash at over 130,000 locations, including gas stations, grocery stores, check cashers, and convenience stores. Some examples are Jewel, Circle K, CVS, Speedway, and U.S. Bank.

Membership Rewards

The NetSpend Visa Prepaid Card offers a 5% APY (Annual Percentage Yield) savings account on balances up to $1,000 and 0.50% APY on any amount over $1,000. NetSpend also offers a Payback Rewards program which provides customized offers based on your spending habits

Additional Features

If you refer a friend to NetSpend, you and your friend receive $20 if your friend deposits $40 or more onto their card. NetSpend also provides useful iOS and Android apps that help you manage your account and budget your spending.

Serve Cash Back by American Express: Best for Rewards

$7.95 per month

★★★★★

4.69

Visit

Serve Cash Back by American Express is a unique prepaid debit card because it offers 1% cash back on in-store and online purchases. This is a similar feature to most credit cards. Therefore, a Serve Cash Back prepaid debit card is a great alternative for those who want to earn cash back but don’t want to open a credit card.

Why we chose it: Server Cash Back by American Express is the best prepaid debit card for rewards because it offers unlimited 1% cash back on purchases.

No ATM withdrawal fees at MoneyPass ATMs
Unlimited 1% cash back on purchases
No card opening fee when you open an account online

Steep monthly fee
2.7% foreign transaction fee
Mobile check deposit can take up to 10 days

Pricing: Serve Cash Back by American Express has a $7.95 monthly fee.

Fees

The Serve Cash Back card carries a $7.95 monthly fee that you can’t waive. However, Bluebird doesn’t have a monthly fee and the PayPal Prepaid Walmart MoneyCard has a $5.94 monthly fee which you can waive.

If you need to withdraw cash, you can do so for free at MoneyPass ATMs. However, withdrawing cash at non-MoneyPass ATMs costs $2.50 per withdrawal. Furthermore, cash reloads cost up to $3.95 per transaction, depending on the retailer.

Maximum Balance

You can have a maximum balance of $100,000 on your Serve Cash Back prepaid debit card. This is a high maximum balance and should be more than sufficient to suit your needs.

Reload Options

There are over 45,000 cash reload locations in the United States. These include retailers such as Walmart, CVS, Family Dollar, Dollar General, Rite Aid, and 7-Eleven.

Membership Rewards

It’s free to open a Serve Cash Back prepaid card when you apply online. Otherwise, it may cost up to $3.95 at participating retail locations. Furthermore, you can create subaccounts for free for anyone 13 and older.

Additional Features

You receive 120 days of post-purchase protection on eligible items up to $1,000. In addition, Serve offers a comprehensive mobile app that allows you to manage your account from any location. You can view your balance, manage transactions, send money, and add checks with the mobile app.

Serve Free Reloads by American Express: Best for Cash Reloads

$6.95 per month

★★★★★

4.55

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Serve Free Reloads by American Express is a neat prepaid debit card that offers free cash reloads. However, you can only add up to $500 or as low as $20 per cash reload. To deposit cash, visit a participating location and give the cash to a cashier. Then, swipe your card, and the money is immediately added to your account.

Why we chose it: Serve Free Reloads by American Express is the best prepaid debit card for cash reloads because it offers free cash reloads at over 45,000 participating locations.

Free cash reloads at over 45,000 locations
No card opening fee when you open an account online
Get your paycheck up to 2 days faster when you sign up for direct deposit

Above average monthly fee
2.7% foreign transaction fee
Mobile check deposit can take up to 10 days

Pricing: The Serve Free Reloads prepaid debit card carries a non-waivable $6.95 monthly maintenance fee

Fees

The Serve Free Reloads prepaid debit card has a monthly fee of $6.95 that isn’t waivable. Furthermore, there are no minimum balance requirements or hidden fees. Although you’re subject to a 2.7% foreign transaction fee, there aren’t ATM withdrawal fees at MoneyPass ATMs.

Maximum Balance

The maximum balance you can hold on your Server Free Reloads prepaid debit cards is $100,000. However, there are no minimum balance requirements.

Reload Options

Stated right in its name, Serve Free Reloads offers free cash reloads at 45,000 retail locations. These include Walmart, CVS, Family Dollar, Dollar General, Rite Aid, and 7-Eleven. If you want more reload options, the PayPal Prepaid Mastercard offers access to 130,000 NetSpent reload locations.

Membership Rewards

The primary benefit of the Free Reloads prepaid card is the ability to add as much cash as you want without incurring fees. You also get access to a wide range of American Express offers, including shopping and dining.

Additional Features

Serve offers Online Bill Pay which allows you to organize and pay your bills on time. Furthermore, Serve offers FDIC insurance and covers you for fraudulent purchases.

FamZoo Prepaid Card: Best for Families

Starts at $2.50 per month

★★★★★

4.46

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FamZoo offers a distinctive prepaid card dedicated to families. It puts parents in control of their family bank because FamZoo offers automatic allowances and the ability to send interest payments to children based on their savings.

Why we chose it: The FamZoo Prepaid Card is the best prepaid debit card for families because it offers four free prepaid cards when you signup.

Great way to teach children about money
Parents can control kids’ spending
No card opening fee on first four prepaid cards

Up to $5.99 monthly fee
No mobile check deposit
$3 card opening fee after first four cards

Pricing:

FamZoo offers four different payment plans based on the length of your subscription:

Pay Monthly: $5.99 per month (1-month free trial)
Prepay 6 Months: $4.33 per month, $25.99 total (plus an extra free month)
Prepay 12 Months: $3.33 per month, $38.99 total (plus an extra free month)
Prepay 24 Months: $2.50 per month, $59.99 total (plus an extra free month)

Fees

FamZoo starts at $5.99 per month which can be reduced if you subscribe to a longer-term subscription. Although FamZoo doesn’t charge ATM fees, you’re subject to ATM operator fees.

Maximum Balance

Since FamZoo is designed for families, the maximum balance you can load onto a FamZoo prepaid debit card is $5,000. This is the lowest maximum balance out of all the prepaid debit cards on this list.

Reload Options

You can deposit money onto your FamZoo prepaid debit card through direct deposit (free), ACH (free), or cash reload ($4 to $6). You can deposit cash at Green Dot or MasterCard rePower reload agents.

Membership Rewards

You receive a $15 referral bonus when you refer a friend, and they spend at least $15 in subscription fees.

Additional Features

FamZoo offers automated chore charts, chore review options, missed payment tracking, and mobile apps for Android and iOS.

PayPal Prepaid Mastercard: Best for PayPal Users

$4.95 per month

★★★★★

4.32

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The PayPal Prepaid Mastercard does not require a credit check, so approval is guaranteed. This prepaid debit card is unique because it lets you transfer money from your PayPal account in real-time. Therefore, this prepaid debit card is only suitable for frequent PayPal users.

Why we chose it: The PayPal Prepaid Mastercard is the best prepaid debit card for PayPal users because it offers free and quick transfers from your PayPal balance.

Free transfers from PayPal balance
Get cash back for free at retailers
Savings account with up to 5% APY is available

ATM withdrawal fees
Cash reload fees
PayPal transfers limited to $300 per day

Pricing: This prepaid debit card carries a monthly maintenance fee of up to $4.95.

Fees

The PayPal Prepaid debit card offers free ATM withdrawals from in-network ATMs and up to $3.95 for cash reloads. Moreover, the minimum initial load is $10 to $20.

Maximum Balance

The maximum amount of money you can have on your PayPal Prepaid Mastercard is $15,000, which is significantly lower than the $100,000 maximum balance allowed on Bluebird and Serve prepaid debit cards.

Reload Options

You can reload your card via direct deposit, PayPal instant transfers, or the NetSpend reload network of 130,000 retail locations.

Membership Rewards

You receive access to a high-yield savings account, earning you 5% APY on balances up to $1,000. Furthermore, PayPal’s Refer-A-Friend program grants you and your friend $20 for meeting eligibility requirements.

Additional Features

You can download the PayPal Prepaid Mastercard app on both the Google Play Store and Apple App Store. This app lets you monitor your account balance, load checks, review transactions, and receive alerts.

Walmart MoneyCard: Best for Walmart Shoppers

Waivable fee of $5.94 per month

★★★★★

3.51

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The Walmart MoneyCard is the ideal prepaid debit card for frequent Walmart shoppers. It offers 3% cash back on Walmart.com purchases, 2% cash back at Walmart fuel stations, and 1% cash back at retail Walmart locations. However, you can only earn up to $75 in cash back reward per year.

Why we chose it: The Walmart MoneyCard is the best prepaid debit card for Walmart shoppers because it offers cash back on all Walmart purchases.

Waivable monthly fee
Earn rewards on all Walmart purchases
ASAP direct deposit

High foreign transaction fees
$2.50 fee for bank teller and ATM withdrawals
A high deposit amount required to waive the monthly fee

Pricing: $5.94 per month but waivable if you direct deposit $500 or more in previous monthly period

Fees

With the Walmart MoneyCard, you get free cash withdrawals at over 5,000 Walmart locations, free cash reloads at Walmart stores, free online bill pay, and free direct deposit of payroll. Since this debit card has a monthly maintenance fee of $5.94, Bluebird by American Express is a better option if you’re looking for a prepaid debit card without monthly fees.

Maximum Balance

The maximum balance you can have on your Walmart MoneyCard is $10,000, unlike Serve prepaid debit cards which offer a maximum balance of $100,000.

Reload Options

You can deposit money into your Walmart MoneyCard through the Walmart MoneyCard app, Walmart Rapid Reload, MoneyPak, or cash and load checks at Walmart stores.

Membership Rewards

The Walmart MoneyCard prepaid debit card lets you add up to four additional family members aged 13 or older. You can also earn 2% APY on up to $1,000 in your optional savings account.

Additional Features

The MoneyCard mobile app lets you deposit checks, monitor your account, and transfer money. You can also unlock overdraft protection for up to $200 with opt-in and an eligible direct deposit.

Methodology for the Best Prepaid Debit Cards

Choosing the best prepaid debit card shouldn’t be difficult if you know what you want. Each prepaid debit card has unique costs and benefits, so look for an option that maximizes your benefits and minimizes your costs. Here at the key factors to consider when picking the best prepaid debit card.

Fees: Prepaid debit card issuers usually charge fees for various purposes. These fees include ATM withdrawal fees, monthly service fees, foreign transaction fees, per-transaction fees, and cash reload fees. You can’t avoid every fee, but you can minimize your costs by scanning fee policies carefully.
Maximum Balance: Another crucial factor is the maximum balance you’re allowed to load onto the debit card. Prepaid debit cards have various limits, ranging from $300 to over $10,000.
Reload Options: Reload options specify how you’re allowed to load more money on your prepaid debit card. The best prepaid debit cards allow online transfers and in-person reloads with popular retailers like Walmart or CVS.
Membership Rewards: Some prepaid debit cards offer rewards, including cash back, sign-up bonuses, or other specialty items. Other debit cards don’t have reward programs at all.
Additional Features: Additional features in a prepaid debit card include account security features, purchase protection, and fraud protection. The best prepaid debit cards offer peace of mind features to ensure your protection.

Frequently Asked Questions (FAQs) for Best Prepaid Debit Cards

Before you make your decision, it’s essential to address a few common questions we get asked about prepaid debit cards. This way, you can make the most informed decision possible.

What is a prepaid debit card?

A prepaid debit card is similar to a standard debit card. However, the primary difference is that a prepaid debit card isn’t connected to a bank checking account or credit union share draft account. Instead, you load money onto the card, and you can only spend the amount to put into your prepaid debit card.

Are prepaid debit cards worth it?

Prepaid debit cards are convenient because you don’t have to make a bank checking account. Furthermore, it can help you budget properly and stay out of debt because you can’t spend more than the amount you deposit. Even if you already have a standard debit card, you can use a prepaid debit card for certain spending categories, such as coffee and groceries.

How do you put money on a prepaid card?

There are several ways to put money on a prepaid debit card, depending on which issuer you choose. Some issuers offer in-person cash deposits at financial institutions, while other issuers offer in-person cash deposits at participating retail locations. Most issuers allow you to put money on your prepaid card through an online transfer from a checking or savings account.

Bottom Line on the Best Prepaid Debit Cards

Bluebird, Netspend, and Serve offer the best prepaid debit cards in 2023. These prepaid debit cards offer various incentives, such as no monthly fees, cash back, and no cash reload fees. However, Walmart and PayPal offer prepaid debit cards that can be valuable to you if you use those retailers often.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 12, 2022February 15, 2023

Axos Review 2023: Best Online Bank for Business Accounts

Ranked as the best online bank among business bank accounts for LLCs, Axos (formerly BofI (Bank of Internet) Federal Bank) is one of the most well-established fintech institutions in the US. This Axos review will show you the sort of business banking products it offers, which are ideal for entrepreneurs.

Our Verdict

Axos Bank

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Axos offers all-online business banking services where you can open and manage your business accounts without ever visiting a branch. The online bank offers four types of business accounts. These include Basic Business Checking, Business Interest Checking, Business Savings, and Business Premium Savings accounts.

Although it’s a completely virtual bank, unlike its competition, Axos doesn’t depend on any other financial institution. It’s a complete bank in itself. Plus, it allows cash deposits through MoneyPass and AllPoint networks which is a huge advantage. Most accounts are completely free with low minimum deposits. One drawback is that it doesn’t offer the highest yields and its Basic Business Checking account doesn’t offer any APY at all.

No monthly fee and unlimited transactions
Cash deposits allowed via MoneyPass and AllPoint ATMs
Wide range of interest-bearing options

No physical locations
Limited integrations
Doesn’t offer the highest APY

Axos Business at a Glance

Unlike most online business banking services, Axos is an FDIC-insured bank and not just a financial services provider. Apart from its wide range of personal banking products and services, Axos has plenty to offer for businesses.

Its basic business checking account has no monthly fee which makes it one of the best free business banking accounts. Apart from that, Axos Bank also offers Business Interest Checking, Business Savings, and Business Premium Savings accounts. It also offers money market accounts, Small Business CDs, and CDARS.

While Axos’ customers have plenty of interest-bearing options, the yield rates aren’t as high as some of the other banks. That said, Axos Basic Business Checking account is perhaps its strongest selling point. This is because it has no monthly fee or minimum balance requirement and offers unlimited monthly transactions, unlimited ATM fee refunds, the first set of 50 checks for free and QuickBooks integration.

If you are interested in opening a fee-free business account, here is a detailed Bank of America Review, NBKC Bank Account Review, and Chase Bank Review packed with information about the pros, cons, and alternatives.

When it comes to drawbacks, Axos doesn’t have many except that it has no physical locations and is very limited on the integration front. Its QuickBooks integration is perhaps the only compatibility it has with third-party software.

Who Axos Business Banking is Best For

Axos is best for business owners who want to avoid the hassle of visiting a bank branch in person. Its banking services have low maintenance fees or minimum balance requirements but offer low interest rates. So if you’re a business owner who wants to avoid paying account maintenance fees rather than earn interest on your deposit, Axos is a great choice for small business checking.

Axos Business – Pricing

When it comes to business banking offerings, Axos’ spread of business bank accounts beats most competitors. In this review, our primary focus would be on its four checking and savings accounts.

Monthly fee

$10

Minimum opening deposit

$100

$1,000

$25,000

APY

1.01%

0.20%

Transactions allowance

Unlimited

100 free items/month, $0.50/item thereafter

6 transactions/month

$200

No fee balance

N/A

$5,000

$2,500

Security

FDIC-insured

Additional features

50 checks free, unlimited domestic ATM fee reimbursements, QuickBooks integration

Free image statements, free online and mobile banking, with remote deposit anywhere

As the table suggests, Axos business banking services are one of lowest-priced in the market. However, this comes at a cost of low APY. When it comes to features, Axos business bank accounts don’t have a lot to offer except a QuickBook integration and free mobile banking.

That said, Axos Bank is still a top choice for any business that wants to keep its banking online. It has very low minimum deposit requirements and charges zero monthly maintenance fees for its online business checking accounts and premium savings accounts. Even when it does charge a monthly fee, it’s only $5 to $10, which is still fairly low compared to other business bank account services.

Axos Business Banking Features

Let’s take a look at some of Axos Bank’s distinguishing features. Read through this section to understand what features it has to offer, what it means for your business, and how the service provider weighs up against other business banks.

Full-Service Online Bank

Axos Business Banking - Online Banking on phone and pc — ***Source:*** *Axos*

As mentioned earlier, Axos Bank operates online only. But that doesn’t mean it relies on another financial institution to bring its services to you. It is a complete FDIC-insured bank in its own right.

Apart from the usual business checking and savings accounts, Axos Bank’s customers can also avail of other services like money market accounts, certificates of deposits, investment options, and small business loans.

Unlimited ATM Fee Reimbursements

Axos Bank’s unlimited domestic ATM fee reimbursements are one of the biggest advantages of going with this bank. Axos Bank has one of the most extensive ATM networks across the country that customers can use for free.

But if a customer uses an out-of-network ATM, with Axos Business Checking Account, you can use any ATM in the country without incurring ATM fees. Initially, you are charged a fee from the ATM owner, but Axos’ unlimited domestic ATM fee reimbursements mean you’re reimbursed with any deducted fees after a set time period.

Free Cash Deposits

While many claim Axos Bank isn’t the best choice for cash deposits, we find it otherwise. Axos customers can make cash deposits in their account free of charge from any one of the MoneyPass or AllPoint ATMs across the US.

That said, if you anticipate regularly depositing large amounts of cash in your business account, you’d be better off opening a business bank account with an institution that has physical branches near you. Still, Axos is much better than other online banks when it comes to cash deposits.

Other online banks let you make cash deposits, but they only use Green Dot, a third-party service that charges $4.95 per deposit. If you have a MoneyPass or AllPoint ATM near where you live or where your business is, Axos is definitely a great choice.

Merchant Services

Accepting payments from customers is a large part of the day-to-day operations of many small businesses. Axos Bank has a partnership with Celero Merchant Solutions to help your SMB receive payments with ease. With Axos, your business can access POS (point-of-sale) terminals and equipment, ACH and billing solutions, along with mobile and ecommerce solutions to get paid.

QuickBooks Integration

All online banks should offer integrations to other business software to make operations as automated and smooth as possible. Axos Bank’s Quickbooks integration allows users to transfer records and transaction information automatically, hence, saving them the hassle. All in all, it makes paying bills and managing business finances much easier.

Axos’ QuickBooks integration is perhaps the only instance of its compatibility with third-party software. It would be better if there were more integrations.

Axos Bank Customer Service

Since Axos Bank’s complete focus is on virtual banking, it takes customer services very seriously. It offers 24/7 phone support for its customers along with secure built-in messaging, and mail support.

Moreover, the Axos mobile app carries helpful features including fund transfers, account access, online bill payments, and mobile check deposits so you can get everything done with ease. The mobile app is available for both iOS and Android.

The Axos Bank website has more customer support options. This includes FAQs, calculators, and the Axos Bank blog that answers a lot of questions potential customers might have.

Axos Bank Customer Support - Financial Articles and Tools — **Source:** Axos

Alternatives to Axos

If you feel Axos isn’t the best choice for your business banking needs, you’ve got plenty of alternative options. Bluevine, Novo, and Capital One are some alternative business banks you can look into.

BlueVine

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BlueVine Review

Considered the best free business bank account for small businesses, BlueVine provides a well-rounded banking service which makes it a top alternative for Axos. It offers a decent interest rate of 1.5% APY for balances of up to $100,000 on its business checking account which clearly puts it ahead of Axos.

Don’t forget to visit our detailed US Bank Review and Lili Review to help you choose the right bank account for your small business.

When it comes to ease of use, setting up your business checking account with BlueVine is quite easy. All types of businesses from corporations to sole proprietorships can create their accounts with ease. BlueVine also lets you open a bank account with an EIN only so you can keep personal information private.

High interest rates
Very few fees
No minimum deposit required

Charged cash deposits through Green Dot only
Monthly transfer limits
Checking accounts only

Novo

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Novo Review

Novo is yet another top alternative to Axos. However, just like Bluevine, it only offers checking accounts for businesses. Creating an account on Novo is free and it charges one of the lowest fees in the industry for different services.

Still interested with bank account with low fees? Visit these reviews that will help you with it; Oxygen Review and Kabbage Review.

Novo strikes you with a penalty of $27 any time you exceed the transaction limit. But there are no monthly balance requirements, and the bank also refunds all ATM fees.

Zero monthly fees or minimum balance required
Mobile app
Refunds all ATM fees

Cannot deposit cash
Fee for overdrawn accounts
No savings accounts

Capital One

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Capital One Review

Capital One’s Spark Business is considered one of the best bank options for small businesses. Capital One offers two types of business checking accounts and also offers Spark Business Savings account that gives you 1.75% APY.

The Basic checking account offers unlimited online deposits, online and mobile banking, and a low minimum balance to waive monthly fees. The Unlimited business checking account comes with two Basic accounts, making it a great option for businesses with a complex financial structure.

Experienced support from a large bank
Self-service escrow services
Strong and quick customer service

$250 minimum opening deposit
$35 or $15 monthly service fee if less than the minimum balance
Available only in some states

Frequently Asked Questions (FAQs) for Axos Bank Review

Here are some frequently asked questions about Axos Bank and its business account offerings.

How do you close your Axos bank account?

Axos is an online-only bank. If you want to close your Axos account, you need to send a secure message within the Axos app or website. Request them to close your account. According to Axos, a customer support team member will reach out to complete your bank account closure.

How do I send or receive money using my Axos business bank account?

Axos offers multiple options to send or receive money through your business bank account. These include wire transfers, deposit checks, ATMs, your Visa debit card, and checks.

Does Axos Bank have small business loans?

Yes, Axos Bank does offer small business loans. It partners with Centerstone SBA Lending to support businesses with SBA loans. They provide a federally backed guarantee and offer flexible terms.

Bottom Line on Axos Review

With a wide range of business banking services, Axos Bank is a good choice for any business that wants to keep its finances digital. It’s a great option if you want to open and manage all your finances without ever visiting the bank in person.

Axos business checking accounts offer a combination of flexible spending and interest-earning, however, it doesn’t have the best APY. Several Axos reviews online claim it’s lacking when it comes to cash deposits, but that is far from the truth. You can deposit cash free of charge from any one of the MoneyPass or AllPoint ATMs around the country.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 9, 2022February 15, 2023

Do I Need a Business Bank Account For a Sole Proprietorship?

Young man presenting about the need for business bank account for sole proprietorship

Although you are allowed to use a personal bank account for your business, creating a sole proprietorship account is highly recommended. A dedicated business bank account offers tax incentives, accurate recordkeeping, and improved business credibility. This guide covers why you should never mingle your personal and business funds together.

What is a Sole Proprietorship Bank Account?

If you’re a freelancer or a small business owner with a sole proprietorship, it’s not legally required for you to create a business bank account. Thus, you can legally use your personal bank account to run your business.

However, using your personal bank account is risky and inefficient. Even for sole proprietors, the IRS recommends creating separate personal and business bank accounts.

A sole proprietorship bank account is a separate bank account used to manage your business’s finances. It’s used to pay your suppliers and employees as well as receive payments from your customers. It also allows you to apply for small business loans.

Even if your business is completely new and doesn’t have any sales yet, it’s a good idea to create a dedicated business bank account immediately.

Unless you’re willing to keep meticulous records of your business transactions within your personal bank account, you need a sole proprietorship bank account. In fact, it’s suggested that you should open a business bank account even if your sole proprietorship is a side hustle or hobby.

Business Checking vs Personal Checking Account: What’s the Difference?

Personal and business bank accounts offer features such as debit cards and check writing. However, business checking accounts include an additional set of features to empower your business for future growth.

These tools help your business operate more efficiently. Let’s take a closer look at the key differences.

Check writing

Debit cards

Debit cards for employees

Payroll processing services

Bookkeeping integrations

Financial advisory services

Accurate expense and revenue tracking

Why is it Important to Create a Sole Proprietorship Bank Account?

After creating a sole proprietorship, your first task is to open a business checking account. If you combine your business and personal finances into one bank account, keeping accurate records would be challenging.

So let’s take a closer look into why you need a sole proprietorship bank account.

Tax Benefits

Separate personal and business bank accounts help with sorting out your expenses when tax season rolls around. It’s crucial to create a clear distinction between personal expenses and business-related ones to avoid tax penalties from the IRS.

A sole proprietorship bank account sets an unmistakable line between your business and personal finances. When it’s time to pay taxes, you’ll be able to see a comprehensive record of your business expenses. However, if your business expenses are mixed with your personal expenses, it will be a major inconvenience if you get audited by the IRS.

Tax penalties are a significant headache for anyone, and a dedicated sole proprietorship bank account ensures accurate tax keeping.

Accurate Bookkeeping & Analytics

Using a sole proprietorship bank account ensures accurate bookkeeping. By keeping your personal and business finances separate, you can easily identify your business’s performance. Therefore, a business bank account allows a better financial understanding of your sole proprietorship to empower future growth initiatives and optimizations.

Having a clear view of your business’s revenue and expenses is essential as you’re trying to expand your sole proprietorship. As your business continues to grow, the complexity and volume of your business dealings will also grow.

Keeping track of your books will become nearly impossible if you combine and use your personal bank account for your sole proprietorship.

Business Credibility

Creating a sole proprietorship bank account also boosts your business credibility. Rather than charging payments to a bank account labeled with your name, you can use your company’s name after opening a business bank account.

Image and branding are vital in the modern competitive digital age, and business bank accounts improve the legitimacy of your sole proprietorship. Additionally, a business bank account allows you to affordably accept credit card payments from your customers.

You can’t accept such payments through your personal bank account unless you use a payment service provider. This is suboptimal because payment service providers take a hefty pay cut as a transaction fee. On the other hand, being able to accept all forms of payment increases your chances of getting sales and appearing more professional.

Best Banks for Sole Proprietorship Bank Account

Most banks offer business checking accounts for sole proprietors. To find the best one for your business, you need to consider a few factors.

These factors include:

Cash deposit limits: Your bank might limit the amount of cash you are allowed to deposit into your business bank account for free each statement cycle. If your business primarily deals in cash, we recommend finding a bank account with a high cash deposit limit.
Transaction limits: Your bank may also limit the number of transactions you can process for free each billing cycle. These transactions include ATM deposits, teller deposits, checks, and electronic debits and credits. The standard limit for most sole proprietorship bank accounts is 200 transactions. However, it varies from bank to bank.
Fees: Business bank accounts typically have monthly maintenance fees. However, some banks waive the monthly fees if you meet certain requirements like a minimum account balance.
Interest: Some business checking accounts pay interest on your balance, allowing you to earn more money each month.

Here are the best bank accounts for small businesses and sole proprietorships:

BlueVine

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BlueVine Review

BlueVine is a digital banking solution that offers no monthly fees, no minimum balances, and unlimited transactions. In theory, this is the perfect sole proprietorship bank account. The main drawback is that there are no brick-and-mortar locations. However, you can still deposit cash and checks and Green Dot locations.

There are no minimum deposits with BlueVine, and you can earn up to 1.5% APY on balances up to $100,000.

Novo

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Novo Review

Novo is another simple but robust business checking account provider. Similar to BlueVine, Novo is a digital banking solution that offers a simple online application process, no hidden fees, and free ACH transfers, mailed checks, and incoming wires.

Furthermore, Novo offers FDIC insurance through Middlesex Federal Savings and refunds on all ATM fees. You also get a virtual card immediately, which you can use for secure spending. However, where Novo truly thrives is through its comprehensive mobile app. You can pay bills, transfer money, and request invoices within seconds in the mobile app.

Axos

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Axos Review

Axos is another virtual bank that offers business loans, checking accounts, and savings accounts. There are two small business checking accounts you can choose from, Basic Business Checking or Business Interest Checking. The Business Interest Checking account offers 1.01% APY on account balances up to $50,000.

The Basic Business Checking account does not have an initial deposit requirement, minimum balance requirement, or monthly maintenance fees. You also get your first set of 50 checks for free and unlimited domestic ATM fee reimbursements.

Getting a Loan as a Sole Proprietorship

If you’re interested in receiving a business loan or financing in the future, you’ll likely need a business bank account. Lenders require your sole proprietorship to have a business bank account to verify your business’s cash flow. If they can’t verify your business’s financials, you won’t be eligible to receive a loan.

The main goal of a lender is to ensure you have the needed cash flow or growth projections to pay back the loan.

The best small business loans are provided by:

These lenders offer high credit limits, low-interest rates, and variable repayment periods. Furthermore, these lenders have a fast and easy online application process in which you can get approved the same day.

However, small business loan lenders may require some qualities on your end. For example, to apply for a BlueVine small business loan, you need a FICO score of at least 600, be in business for at least six months, and have a minimum of $10,000 in monthly revenue.

How to Get a Sole Proprietorship Bank Account

It’s easy for sole proprietors to open a business bank account. Many banks allow you to apply online. All you need to provide is the proper documentation. However, requirements vary from bank to bank. So, we recommend contacting your bank to see what information you need to provide.

Generally, you’ll need to provide:

Social Security Number (SSN) or Tax ID Number
Driver’s license or passport
Business address
Type of business you own
When the business was established

Sole proprietorship bank accounts don’t always require formal documentation since your business isn’t incorporated. If you operate your business under your own name, an SSN or Tax ID may be sufficient. You may also need to provide your driver’s license or passport, depending on the bank.

Your Employer Identification Number (EIN) is your SSN as a sole proprietor. As such, you can Open a Business Bank Account With EIN Only for your sole proprietorship using your SSN.

Suppose your sole proprietorship is operating under a DBA. In that case, the bank will ask for additional documents containing your name in relation to the business name and your Trade Certificate Name or Assumed Name Certification.

Frequently Asked Questions (FAQs) for Sole Proprietorship Bank Account

If you want to learn more about sole proprietorship bank accounts, here are a few common questions and answers.

Can I use a personal bank account for a sole proprietorship?

Yes, you can use a personal bank account for a sole proprietorship. There is no legal requirement stating sole proprietors need a business bank account. However, we highly recommend creating a dedicated business account because of bookkeeping and tax benefits.

How do you pay yourself as a sole proprietor?

If you’re using a business bank account as a sole proprietor, you can take a draw on profits which means taking money from the business account and sending it to your personal account. If you use a personal bank account for your sole proprietorship, the money you receive qualifies as your pay.

Can I convert my personal bank account to a business account?

You can’t convert a personal bank account to a business account. These are two completely separate entities. Instead, you need to create a new business bank account at your bank.

Bottom Line on Sole Proprietorship Bank Account

While you aren’t legally required to create a business bank account for a sole proprietorship, we highly recommend it. Creating a sole proprietorship bank account lets you separate your business and personal finances. Therefore, it’s easier to keep your books clean and pay the correct amount of taxes.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 9, 2022February 15, 2023

U.S. Bank Review 2023: Yay or Nay for Small Businesses?

U.S. Bank Review: Yay or Nay for Small Businesses?

U.S. Bank offers a range of business checking accounts, which makes payments, purchases, and deposits easy for business owners. It also offers investment options ideal for anyone wanting to grow their wealth. This detailed U.S. bank review will analyze what makes this best bank for startups and small and medium-sized businesses.

Our Verdict

U.S. Bank

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U.S. Bank offers a range of business-friendly products, including five different checking accounts, savings accounts, Money market accounts, CDs, credit cards, loans, and a business line of credit, among other financial products. The wide array of offerings allows easy scaling. Entrepreneurs can upgrade their business banking packages as their ventures grow.

Screenshot of US Bank Homepage — *Source: U.S. Bank*

Available in all 50 states
Easy access to physical branches for in-person banking
5 unique business checking accounts to suit different business needs

Physical branches are not available in all states (only 26 states)
Overdrafts attract a hefty fee
Middling APY on most accounts

U.S. Bank at a Glance

U.S. Bank ranks as one of America’s top five biggest banks. It offers a good variety of business accounts and financial services and boasts over 3,200 physical branch locations in 26 states, 5,000 plus ATMs, and a convenient mobile app.

Through web support and in-person visits to any of the bank’s branches, users enjoy comprehensive financial solutions. Unfortunately, US bank also has some significant drawbacks, like a lack of extra features even for premium accounts. Also, the bank offers middling interest rates, making it wiser to save your money elsewhere.

Who Is U.S. Bank Best For?

U.S. Bank is one of the best options for small businesses looking for friendly starter accounts. It offers a range of products designed to suit businesses with relatively low transaction volumes and inconsistent balances. More established companies needing advanced banking packages, more features, and better APYs on their balances can find better deals elsewhere.

Pricing

U.S. Bank offers five checking accounts, with the Silver, Gold, and Platinum accounts being the most popular. While the Silver package offers enhanced simplicity and convenience for smaller firms, the Gold package is best for medium-sized businesses that want both flexibility and value.

The Platinum package offers better rewards and benefits but is more suited for well-established businesses that maintain higher balances. U.S. Bank also offers a Premium business checking account for larger businesses. This is ideal for companies with more complex banking needs that want to enjoy credit rates on qualifying balances.

If you want to open a fee-free business account, here is a thorough BlueVine Review, Bank of America Review, and Novo Review with information on the benefits, drawbacks, and alternatives.

Here’s a simplified comparison chart of the most popular checking accounts to help you pick the best option for your business needs.

Monthly maintenance fee

$6.95

$14.95

$24.95

Number of free monthly transactions

125

300

500

Number of free cash deposits monthly

100

200

50% discount on first check order

Free mobile check deposits

Card payment processing

Check fraud prevention

Paper statement fee

Stop payment fee

$35

Overdraft fee

$36

Overdraft protection transfer fee

$12.50

Account Basics

The popular U.S. Bank checking accounts are not interest-bearing products. Even though the Platinum Checking account offers interest rates, they are way below the national average of 0.05%. If you want more attractive interest rates on your business’s balances, you should consider CDs, savings, or money market accounts.

Screenshot of US Bank Business Bank Accounts—Business Savings Page — *Source: U.S. Bank*

Here are the APY rates to expect:

0.00%

0.01%

0.40%-0.70%

0.01%-0.05%

U.S. Bank Features

U.S. Bank does not offer the most feature-packed banking solutions. However, you’ll get access to all the essential services for the smooth running of your business. The following are some things to expect.

Mobile Banking

U.S. Bank offers a user-friendly mobile app packed with secure digital banking tools. The app simplifies everyday banking by giving you the power to pay bills and transfer funds at your fingertips. You can also check on your current balances, deposit checks, access your tax documents, and view your e-statements from your Android or iOS.

Fraud Protection

U.S. Bank is keen on fraud protection. For example, they have put in place measures for securing credit cards, check payments, and all transactions conducted through the mobile app. Also, during digital banking, the bank keeps all wireless communications encrypted to minimize the risk of information, money, or identity theft.

Screenshot of US Bank Online Security Page — *Source: U.S. Bank*

Remote Deposit

Another key feature of all U.S. Bank accounts is remote deposit. This allows you to dodge the hassles of sending paper checks. You only need to capture checks with your smartphone and send the images to the bank for deposits.

EZ Switch Kit

The EZ switch kit makes switching from your old bank a breeze. U.S. bank provides reliable assistance throughout the process to make the transition smooth, fast, and easy. Through the five-step process, you can conveniently open a business account with U.S. Bank and close your old account without your company experiencing any downtime.

U.S. Bank Alternatives

If you put high emphasis on the reputation and stability of a bank, U.S. Bank is undoubtedly an excellent option to consider. However, if you want a bank that comes with more features and higher APYs on your balances, better options are out there. Let’s look at three alternatives.

Chase Bank

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Chase Bank Review

JPMorgan Chase Bank is one of the best alternatives to U.S. Bank because it is reputable and ranks as the largest full-service bank. It is arguably a better alternative because it offers a broader menu of financial services and products, including an extensive range of credit card offerings. The bank also provides decent APYs on business checking, CDS, and business savings accounts.

Who Is Chase Bank Best For?

Chase bank is a solid option for businesses that maintain high balances to waive the monthly fee. While the bank has a robust online presence and is one of the best mortgage lenders, it also has an extensive local presence with over 4,700 branches. This makes it ideal for entrepreneurs who prefer in-person banking.

Account Basics

Checking Accounts— 0.01% to 0.05% APY
Savings Accounts— 0.01% to 0.05% APY
Certificates of Deposit—up to 0.05%

How Does Chase Bank Compare to U.S. Bank?

Chase and U.S. Bank are large and well-established financial institutions. As expected, they share a lot in common. However, Chase bank is better for entrepreneurs that want an easier means of waiving their monthly account maintenance fees. On the other hand, U.S. Bank offers better CD APYs.

Easy access through the 4,700 branches & 16,000 ATM network
Enticing introductory bonuses for new customers
The monthly fee can be waived

Using ATMs outside the bank’s network will cost you $2.50
No money market accounts
Lacks high-yield savings accounts

Citibank

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Citibank is your best bet if you are searching for a Chase and U.S. Bank alternative that offers all the perks of a big bank coupled with the benefits of a digital financial institution. Its interest rates on balances are more competitive, especially if you are regionally eligible for the high-yield savings account.

Who Is Citibank Best For?

If you live in any of the 41 out of 50 states eligible for Citibank’s Accelerate Savings Account, you are likely to find this alternative ideal for your businesses. Citibank is also a good option for entrepreneurs that prefer digital banking because the institution has less than 700 branches in the U.S.

Account Basics

Checking Accounts—0.01 to 0.03% APY
Savings Accounts—0.04% to 0.50% APY
Certificates of Deposit (CDs) — 0.05% to 0.25% APY

How Does Citibank Compare to U.S. Bank?

Both Citibank and U.S. Bank are large financial institutions better known for their convenience over high APY rates. Both banks use top-shelve technology to provide a reliable online banking experience.

However, Citibank has fewer local branches making U.S. Bank better if you prefer in-person banking. Citibank is a top choice for businesses looking for better interests in their savings account balances.

An extensive network of over 65,000 fee-free ATMs
High-yield savings account
Account service fees are easy to waive

The high-yield savings account is only available in 41 out of 50 states
High monthly fees for those that don’t meet the minimum balance requirement
Less than 700 physical branches in the U.S.

Wells Fargo Bank

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Wells Fargo is a long-standing bank founded in 1852. It is the fourth largest bank in America and has been in the industry for over 170 years. While it has a somewhat tainted image because of the high-profile fraud scandals reported in the mid-2010s, the bank remains a top choice for many businesses because of its technological innovations, reliable customer service, and convenient financial products.

Who Is Wells Fargo Best For?

Wells Fargo is best for entrepreneurs that prioritize convenience over high-interest rates earning potential. The option works well for businesses that prefer in-person banking and are located close to a Wells Fargo physical bank.

Account Basics

Checking accounts—0.00% or 0.01% APY
Savings Accounts— 0.01% to 0.02% APY
Certificates of Deposit— 0.01% to 0.02% APY

How Does Wells Fargo Compare to U.S. Bank?

Wells Fargo is yet another megabank with a massive network of branches and ATMs, just like U.S. Bank. Also, it does not offer the best APYs on savings, making it an ill fit for businesses that maintain high balances. While Wells Fargo provides an easier means to waive monthly fees without maintaining the minimum balances, U.S. Bank offers a lower deposit requirement for CDs.

A massive network of branches (4,900) and ATMs (12,000)
Easy to waive monthly service fees
Tech-forward mobile app

You can find better APYs on your balances elsewhere
Accessing funds through out of network ATMs attracts a fee
Hefty overdraft fees ($35)

Frequently Asked Questions (FAQs) for U.S. Bank Review

If you are considering opening a U.S. Bank business account, you will likely find the answers to the following frequently asked questions helpful.

Can I Expect a Checking Account Bonus With U.S. Bank?

When you open a business checking account for the first time with U.S. Bank, you will receive a bonus of up to $399, deposited into your account within 45 days of deposit verification. Your account must have a positive balance to receive the bonus. Other bonuses include 50% off the first check order of up to $50 and a $49 discounted rate for a mobile card reader.

Are U.S. Bank Business Checking Accounts Federally Insured?

As of 2021, there were 4,914 FDIC-insured financial institutions in the United States, and U.S. Bank happens to be one of them. Checking accounts from the institution are insured for up to $250,000 per person. This assures you of protection against the loss of your insured deposit.

What Documents Do I Need To Open an Account With U.S. Bank?

Under the USA Patriot Act Section 326, financial institutions must obtain, authenticate, and record information identifying persons who open accounts. Therefore, U.S. Bank will require you to provide an EIN or tax ID number for your business, documents showing the formation of your company like Articles of Organization, and your SSN if you also want to register with your business account.

Final Thoughts on U.S. Bank Review

U.S. Bank offers some of the best business bank accounts and is a decent option for small business owners who prefer in-person banking and easy access to thousands of fee-free ATMs. It is also a solid option for entrepreneurs interested in digital banking because it embraces technology and has a well-rated mobile app.

Generally, you can expect a reliable range of financial products that allow enough wiggle room to accommodate growing businesses. The main tradeoff is that most accounts have high fees and low-interest rates, making them unsuitable for larger companies. We hope this comprehensive U.S. Bank business account review helps you make an educated decision.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

July 7, 2022February 24, 2023

NBKC Bank Account Review 2023: Build-Your-Own Business Checking Account

You can build your own NBKC bank account according to your evolving needs as a small business owner or freelancer. This scalable banking solution grows along with your business because of its budget-friendly pricing, customizable add-ons, and personalized services. Take a closer look at the rates, features, pros, cons, and competitors NBKC to discover if it’s a smart choice for you.

Our Verdict

NBKC Bank

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NBKC is an interesting alternative for entrepreneurs like you who want to open a business account that you can tailor to your preferences. First, it’s easy on the pocket because it doesn’t charge you monthly or annual fees for basic banking services.

On top of the freebies, you can also subscribe to a variety of add-ons to expand the functionality of your NBKC bank account. Last but not least, NBKC prides itself on providing customer assistance with a personal touch.

Nevertheless, NBKC has some drawbacks too. To begin with, you won’t automatically get a credit card with your business account, although you will receive a debit card. Also, you won’t gain interest if you choose the checking account, yet you can expect a minimal APY if you select the savings account. Finally, you can contact the support team only from Mondays to Fridays, but not during weekends.

To sum things up, NBKC is a practical business account for you in case you value banking flexibility.

Cost-effective pricing
Many extra service options
In-person assistance available

No credit card
Zero APR for business checking account
Weekday support only

NBKC Bank Account at a Glance

NBKC is an online bank and mortgage lender that offers business and personal accounts. Its goal is to provide simple solutions to make banking accessible to everyone. Founded in 1999, it’s currently based in Kansas City, Missouri. Since 2017, it has gained recognition as the Kansas City Business Journal Best Place to Work.

NBKC has an edge over other banks when it comes to adaptability. Both business checking and savings accounts include built-in features like debit card, check deposits, online banking, Bill Pay, stop payments, incoming domestic wires, security, and customer service. Beyond this, you have the option of selecting additional services to level up your banking experience.

Pricing: Starts at $0/month or year

Who NBKC Bank Account Is Best For

The NBKC bank account is suitable bank for startup entrepreneurs and independent contractors who need a business account they can tweak based on their business development. It already comes with complimentary basic services to get you started on your banking journey. At the same time, you can boost your plan by signing up for extra features as your needs and budget grow over time.

Pricing

NBKC stands out among business bank accounts because of its unique pricing scheme. Unlike other banks that offer different tiers, it only presents you with a single type each of business checking account and business savings account. However, you can customize your account by selecting add-on services.

Take a peek at the chart to find out what’s included in every NBKC bank account:

Monthly/Annual Fees

Minimum Initial Balance

Minimum Maintaining Balance

Without APY: $0
With APY: $0.01

APY

None

0.05%

Debit Card

Free NBKC Business Debit MasterCard

Check Deposit

Free via in-branch or NBKC app

Online Banking

Free for Android & iOS

Bill Pay

Free

Stop Payments

Free in-branch or online

Incoming Domestic Wires

Free within the U.S.

Security

FDIC insurance, multi-factor authentication & customer identification program

Customer Service

Weekday support via phone, email, or in-person

Add-ons

Multiple paid extra services

In short, there is only one type each of NBKC business checking and savings accounts:
Business Checking ($0/month or year): This free business checking account makes it easy for you to issue check payments and perform other business transactions. Aside from having zero monthly or annual fees, there’s no minimum balance required to maintain your account.

If you are interested in opening a fee-free business account, here is a detailed BlueVine Review and Bank of America Review packed with information about the pros, cons, and alternatives to both fintech companies.

Screenshot of NBKC Business Checking account page — *Source: nbkc bank*

Business Money Market ($0/month or year): This free business savings account lets you safely store and grow your professional funds. Again, you won’t be charged any monthly or annual fees. While there’s technically no minimum maintaining balance, you need to have at least $0.01 in your account to receive APY.

Screenshot of NBKC Business Money Market account page — *Source: nbkc bank*

On top of the free services, you can take your pick from paid extra services, which we’ll talk about in the add-ons section.

NBKC Bank Account Features

NBKC business accounts include a free set of essential features, plus paid additional services. Let’s discuss the APY, debit card, check deposits, online banking, Bill Pay, stop payments, incoming domestic wires, security, customer service, and add-ons in this review.

APY

NBKC Business Money Market account APY rate & details — *Source: nbkc*

The annual percentage yield (APY) is the interest that you can earn by keeping money in your NBKC bank account. If you open a Business Money Market account, you have the chance to gain a 0.05% APY on your savings funds. You do need to maintain a balance of at least $0.01 to get interest, but this amount is very minimal. However, don’t expect to receive APY at all if you have a Business Checking account.

Debit Card

No matter which business account you choose, you will receive a free NBKC Business Debit MasterCard. This debit card can come in handy if you plan to buy business supplies and equipment in online shops or brick-and-mortar stores that accept MasterCard.

Take note that neither the business checking nor savings bank account will automatically provide you with a credit card. Still, you can apply for a business credit card separately with NBKC.

Check Deposit

You can deposit checks for free, whether you have a business checking or savings account. You can go to a physical branch of NBKC to personally drop off the check. If there aren’t any NBKC locations in your area, you can perform the check deposit online with the help of the NBKC app.

Online Banking

Aside from check deposits, you can conduct different online business banking transactions via the NBKC app. It’s easy to use the app to transfer funds or check your account balance anytime, anywhere.

You can download the NBKC app from the Google Play Store, which means it’s compatible with Android mobile phones and tablets. It’s also available from the Apple app store so you can install it on your iPhone, iPad, or iPad touch.

Bill Pay

NBKC makes it convenient for you to pay your bills in a central way. It allows you to take advantage of Bill Pay on your smartphone, tablet, or computer. Plus, there’s no extra charge to use this online payment service when you have a NBKC business checking or savings account.

Stop Payments

You can make stop payments for free if you have a Business Money Market or Business Checking account. These requests make it possible for you to cancel check payments, as long as the checks haven’t been deposited, cleared, or encashed yet. NBKC gives you the chance to make stop payments online or by visiting a bank branch.

Incoming Domestic Wires

Both NBKC business checking and savings accounts permit you to accept incoming domestic wires for free. You can receive money that’s transferred from someone else’s bank account into your own business account, as long as the sender is located in the U.S.

However, you do need to pay a $5 fee every time you send domestic wires. Also, you will be charged $45 each time you send or receive international wires. This could potentially set you back major bucks if you often transfer money to other people or companies.

Security

NBKC is a member of the Federal Deposit Insurance Corporation (FDIC). This U.S. government agency ensures the safety of the funds which you stored in the bank. That’s why you can rest assured that the deposits in your business checking or savings account are insured up to $250,000.

In addition to this, multi-factor authentication adds extra layers of security to safeguard your account. You will be asked to enter an access code whenever you login or perform high-risk banking transactions. Lastly, the customer identification program verifies the identity of each person who opens an account to minimize the risk of money laundering.

Customer Service

NBKC makes an effort to provide personalized services to all its clients. You can contact the support team through phone or email. Plus, it has an edge over online banks because it gives you the chance to request for banking assistance in person.

Nevertheless, general account support is only available from 8 a.m. to 5 p.m. CST Mondays to Fridays. This could possibly cause inconvenience if you encounter banking issues on weekends. Also, NBKC only has one main office and four brick-and-mortar branches in Missouri and Kansas.

While this is less than the widespread locations of big banks, it’s still better than most online banks which have zero physical locations. At least, you have the option of visiting physical branches if you need face-to-face support, in case you live in one of the two states.

Add-ons

In addition to the built-in features we discussed, there is a wide range of add-ons you can subscribe to if you have a NBKC business checking or savings account. Some examples of extra services are desktop deposits, ACH transactions, extended archives, and business security tools.

Check out the chart below to get an overview of the add-on rates:

Desktop Deposit

$15/month

$150/year

ACH Credits and Debits

$15/month

$150/year

Extended Archive

$15/month

$150/year

Business Fraud Tools

$5/month

$50/year

Alternatives to NBKC Bank Account

NBKC is a viable option for you if you value banking versatility. However, there are other alternatives you may consider if you prefer to focus on other aspects of banking.

Lili

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Lili Review

Lili is a financial technology company that provides business accounts via its partner bank, Choice Financial Group. It’s suitable for sole proprietors and independent contractors who need extra help in managing their business resources. It’s also considered as one of the best business accounts for LLCs. After all, it comes with a slew of financial management features, which NBKC lacks.

First, the tax optimizer tools make it easy for you to file your taxes and boost tax savings. Next, you can keep track of your expenses through the mobile app. Finally, you may create and edit invoices via the app so you can get paid for your products and services.

Still, NBKC is better than Lili in several ways. It actually has physical locations, in contrast to Lili which offers purely online services. Also, it gives you phone and in-person customer support, while you’re stuck with email support with Lili. Last but not least, the business accounts of NBKC are more adaptable than the Lili accounts, thanks to the add-on options.

Pricing: Starts at $0/month

Tax filing assistance
Built-in expense management
Invoice tool

No brick-and-mortar branches
Limited email support only
Not flexible like NBKC

Novo

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Novo Review

Novo is a financial tech company that offers business banking services with the help of its partner bank, Middlesex Federal Savings. It’s fitting for startup founders and freelance professionals who need a free business checking account that integrates with third-party platforms.

Unlike NBKC, Novo allows you to connect your bank account to PayPal, Stripe, and Square to increase your payment options. Plus, you will receive both virtual and physical debit cards, while NBKC only issues you a physical card. To top things off, you can send ACHs for free, in contrast to NBKC which charges for ACH transactions.

Nevertheless, NBKC is superior to Novo in other ways. For example, it grants you the option of a business savings account, which isn’t available with Novo. Aside from this, you can drop by NBKC brick-and-mortar branches in Kansas and Missouri, while it’s not possible to do so with Novo. Finally, NBKC allows you to apply for a credit card separately, unlike Novo which doesn’t have credit card offerings at all.

Pricing: Starts at $0/month

Third-party integrations
Virtual debit card
Free outgoing ACH

Savings account unavailable
Zero physical locations
No credit card

Kabbage

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Kabbage Review

Kabbage is a financial technology company powered by American Express that specializes in business funding. It’s appropriate for entrepreneurs who need a free checking account, plus loans which equip them to develop their business.

On one hand, Kabbage gives you the opportunity to apply for a line of credit, which NBKC doesn’t offer. In addition to this, you can earn a 1.10% APY by maintaining a business checking account, while NBKC only provides APY with the savings account.

On the other hand, NBKC does have certain advantages over Kabbage. One of these is the ability to perform banking transactions in person, although you can make cash deposits via ATM with Kabbage. Plus, you can take your pick between a checking or savings account with NBKC, while Kabbage only provides a checking account. On top of this, you have more leeway to tweak your NBKC business account through extra services, which isn’t the case with Kabbage.

What Kabbage and NBKC do have in common is that you don’t have to worry about monthly maintenance fees if you open a business checking account with either one.

Pricing: Starts at $0/month

Credit lines
1.10% APY for checking account
Zero monthly charges

No brick-and-mortar branches
No savings account
Less versatile than NBKC

Frequently Asked Questions (FAQs) for NBKC Bank Account

NBKC may not be as well-known as big banks, but its flexibility makes it worth taking a closer look at. Learn the answers to basic questions about NBKC and business banking so you can be prepared to open a business bank account.

What Is NBKC?

NBKC is a bank that provides simple banking solutions through business and personal accounts. The business checking and saving accounts come with free features, but the functionality can be enhanced through additional paid services. It offers online banking services all over the country, but it also has physical branches in two states. Plus, it’s a certified member of the FDIC.

Should I Choose a NBKC Business Checking or Savings Account?

It depends on your purpose for opening a business bank account. If you frequently make check payments, you should select the NBKC Business Checking account which simplifies the way you deposit checks. In case you want to earn interest on your savings, you ought to pick the Business Money Market account so you can gain APY over time.

Why Is Business Banking Important?

Banking is an integral part of any business, given that 93% of companies and brands in the U.S. have their own bank accounts. Business banking is important because it helps you organize your finances by keeping your professional and personal funds separate. Plus, it makes it easy for you to make payments to your suppliers and billers. Lastly, it makes it possible for you to receive payments from your customers for the products or services of your business.

Bottom Line on NBKC Bank Account

NBKC gives you the freedom to customize your business banking account to match the growth of your business. It stands out among online banks because of its scalable add-ons, affordable pricing, and solid customer support.

Now that you’ve read this NBKC bank account review, it’s up to you to decide if it’s the ideal banking solution for you as a small business owner or freelancer. Don’t forget to visit also our detailed Chase Bank Review and US Bank Review that might be really helpful for choosing the right bank.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.