Category: Finance

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

Product

Service

Fees

Credit Checks

Annual Percentage Yields (APY)

Support

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.

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.

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

Pricing

Services

Opening Deposit

Savings APY

Number of CA Branches

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

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

0.90%

0

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

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

★★★★★

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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. 

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.

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.

Financial Institution

Fees

Interest Rates

Lending

Features

Support

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

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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

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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. 

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.

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. 

Prepaid Debit Card

Monthly Fee

Reload Fees

ATM Fees

Foreign Transaction Fees

Maximum Balance

Rewards

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

$0

$100,000

None

Netspend Visa Prepaid Card

Starts at $5/month

Up to $3.95

$2.95

4%

$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

0%

$5,000

$0 for first 4 cards

PayPal Prepaid Mastercard

$4.95/month

Up to $3.95

$2.50 per withdrawal

4%

$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

3%

$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

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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

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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. 

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.