Category: Finance

If you’re a landlord or a very hands-on property investor, then Baselane has a wide range of features to make your financial management a whole lot easier. With features such as its rent collection and expense management tools, Baselane helps you automate your property management experience.

Why we chose it:

In addition to optimizing your financial management, this real estate investment account offers a range of rental-specific services to make your life as a landlord as easy as possible.

This includes tenant screening, integration with TurboTax, and access to a range of legal document templates and on-call lawyers to assist you with any questions.

By providing a balance of favorable banking terms and specialized real estate digital financial tools, Baselane earns its place as the best business bank account for real estate.

Automated rent collection
Auto-generated tax reports
3.30% APY
Zero ACH transfer fees
No overdraft fees
No ATM fees
Access to several loan options
Up to 5% cash back

Additional cost for online add-ons

Fees

In addition to zero monthly fees, this checking account comes with no overdraft fees and does not require a minimum opening deposit.

Baseline provides zero-fee ATM withdrawals and cash deposits at over 55,000 locations as well as unlimited free ACH transfers. Should you choose to pay your own rent with your Baselane account however, the transaction carries a 2.99% processing fee.

Interest and Benefits

Baselane offers an APY of up to 3.30%, making it one of the highest interest-yielding checking accounts in relation to comparable accounts.

When using your Baselane credit or debit card, you’ll be eligible for up to 5% cashback on purchases with eligible home improvement merchants. After $2,000 worth of purchases, this cashback amount will go down to 1%.

Online Features

Baselane’s online portal offers a rent collection tool that enables you to set automated payment reminders and late fee implementation, while providing a platform for tenants to make direct payments to your bank account.

This checking account’s bookkeeping and reporting tools include an automated consolidated ledger of all your transactions, transaction tagging to help you categorize your expenses, and auto-generate tax reports and schedule E forms to make filing taxes quicker and easier.

While Baselane’s marketplace offers access to additional features such as tenant screening, legal document templates, and TurboTax tax preparation, these add-ons come at an additional cost.

Access to Financing

Baselane offers a wide range of loan options according to the size of your property, ranging from single family to 5+ units, as well as planned unit developments and portfolio loans.

While a minimum 680 FICO is required to apply for a loan, Baselane does not require any income verification. After completing an online application, pre-approval takes about two hours while the finalization of the loan takes up to 10 business days. Loans range from $55,000 to $2 million.

Bank of America: Best for Growing your Savings

Max savings with digital tools

★★★★★

4.9

Depending on the scope of your investments, keeping track of your finances and maximizing your performance can prove challenging. Bank of America’s Business Advantage Relationship Banking account offers a full suite of digital tools to optimize your financial management.

Why we chose it:

In addition to offering a wide array of digital tools to optimize your financial management, Bank of America’s Preferred Rewards for Business are designed to boost your savings, with benefits including its interest rate booster, credit card rewards bonuses and payroll services cash back.

Up to 75% business credit card rewards bonus
Cash flow monitor
Zelle payment platform
QuickBooks accounting software integration
Virtual financial assistant
Loan discounts
Free savings account

Comparatively high monthly fee
High requirements to qualify for Preferred Rewards for Business

Fees

The Business Advantage Relationship Banking comes with a monthly fee of $29.95, however, this fee can be waived if your accounts hold a combined average minimum balance of $15,000. Alternatively, you can become a member of Preferred Rewards for Business, however this requires a three-month combined average daily balance of $20,000.

While a relatively high monthly fee, this business checking account helps you save with zero cash deposit fees at both ATMs and cashiers for the first $20,000 and 500 free teller transactions and check deposits per month. There are also zero ATM withdrawal fees, while wire transfers may be free depending on the recipient’s bank.

Interest and Benefits

With an APY of only up to 0.02%, the Business Advantage Relationship Banking account is not the ideal small business account for those looking to build a passive income with interest. The account does, however, come with a range of money-saving benefits and rewards.

If you have a three-month combined average daily balance of $20,000, then you’ll be able to qualify for Prefered Rewards for Business. This program entitles you to a rewards bonus between 25% and 75% on your credit card, cash back on payroll services provided by Bank of America and discounts on interest rates on loans.

Using Preferred Rewards for Business, you have the opportunity to receive an interest rate boost of 5% to 20% on Business Advantage Savings accounts. Even if you do not have Preferred Rewards for Business, opening a savings account with Bank of America is free.

Online Features

Bank of America offers QuickBooks integration, thereby helping you to keep your accounting up to date and ensure that you don’t leave out any transactions. There is also a cash flow monitor designed to help you monitor your costs and even categorize your costs so that you can understand where your money is going.

The cash flow monitor also includes cash flow projections, thereby helping you to plan your financial activities in advance while Erica, Bank of America’s virtual financial assistant, can help you to transfer or send money and search transactions. This account also comes with a virtual debit card that you can use via the banking app in place of a physical card.

Access to Financing

For Business Advantage Relationship Banking account holders, there are two credit lines that you can apply for. The Unsecured Business Line of Credit provides you with collateral-free loans starting at $10,000. With interest rates starting at 8.75%, this rate can be lowered if you have Prefered Rewards for Business.

This same interest rate discount can be applied to the Secured Business Line of Credit, which offers loans starting at $25,000 with interest rates of 8% upwards.

Stessa: Best for Investment Management

Earn up to 3.85% interest

★★★★★

4.9

With its purpose-built landlord accounting software designed to automate your property accounting and its automatic rent collection system, Stessa is designed to optimize the management of your real estate investment.

Why we chose it:

In addition to helping you reach maximum financial management efficiency, Stessa also offers features aimed at protecting your investment, including a tenant screening service and an insurance quote generator to help you save money on your landlord insurance policy.

This account also offers up to 3.85% interest and cash back on its debit card to help you increase your savings.

Up to 3.85% APY
1.1% cash back on debit card purchases
Automated accounting and expense tracking
Performance dashboards at portfolio and property levels
Tree rental applications
Tenant screening
Automated rent collection

A fintech company; not a bank
No in-house financing options

Fees

In addition to zero monthly fees, Stessa also has zero domestic ATM transaction fees. International ATM transaction fees are 1% of the transaction value. Stessa warns, however, that the owner of the ATM may charge their own fee.

While inbound wire transfers are free, outbound wires cost $5 per transaction. Also, outbound wires must be a minimum of $100. International wire transfers are not offered by Stessa.

Interest and Benefits

With an APY of up to 3.85%, Stessa provides the most high-yield business checking account on this list. What’s more, this account offers 1.1% cash back on all debit card transactions excluding money orders and loan repayments.

Online Features

Stessa’s accounting software is specifically designed with landlords in mind, offering automated expense tracking and importing, categorization, and indexing of both transactions from your Stessa account and external bank accounts and cards so that you don’t have to. What’s more, Stessa offers performance dashboards for both your entire portfolio and individual properties while also organizing your finances so that they’re ready to be submitted for tax purposes.

Finances aside, Stessa makes daily property management easier with its automated rent collection system and tenant screening platform. Stessa’s landlord insurance quotes will help you to obtain better terms on your current policy or find a more favorable alternative.

Access to Financing

As stated on the website, Stessa is a financial technology company; not a bank. With the company’s banking services operated by Blue Ridge Bank N.A, Stessa itself does not offer loans.

Bluevine: Best for New Investors

No monthly or ATM fees

★★★★★

4.8

If you’re just getting started in the real estate investment game, then the Bluevine Business Checking account is certainly worth a look. With minimal fees, fast loan applications and comparatively decent interest rates for a business checking account, Bluevine makes it easy to get started.

Why we chose it: This bank’s fast and easy application process as well as its comparatively low fees make it easy for new investors to get started.

What’s more, Bluevine has no overdraft fees or minimum balances, making it a low-risk bank account for new account holders who are yet to reap the rewards of their investments.

No monthly maintenance fees
No in-network ATM fees
No minimum balance
No overdraft fees
Zero ACH transfer fees
Loan approval in 24 hours

APY declines for accounts exceeding $100,000
No international wire transfers

Fees

In addition to zero monthly maintenance fees, Bluevine Business Checking has no ACH wire fees nor incoming wire fees, making it ideal if you need to conduct a high volume of transactions each month. Furthermore, this business bank account comes with no in-network ATM fees.

Bluevine requires no minimum deposit and also has no overdraft fees, making it a low-risk checking account for new investors who are unsure of their business success. It is important to bear in mind, however, that cash deposits from designated retail locations cost $4.95 per transaction.

Interest and Benefits

Bluevine offers an APY of up to 2.0%, however account holders must either spend at least $500 per month on their Bluevine debit card or receive $2,500 per month in customer payments to benefit from the full interest rate.

Also important to note is that this interest rate only applies to accounts holding up to $100,000, meaning that this checking account is more suitable for real estate investors with lower earnings.

Online Features

Bluevine’s online banking platform and mobile app provide a sub-account feature that enables you to open up to five sub-accounts, all of which are eligible to receive an APY of up to 2.0% under the same terms as mentioned above.

This feature enables you to divide funds among your properties to prevent you from getting confused by a wave of incoming expenses. What’s more, you can determine exactly what accounts are billed by which vendors, making payments easier.

Access to Financing

This business checking account offers credit lines of up to $250,000 at rates starting at 6.2%. To be eligible for such business loans, however, you have to have been in business for at least 24 months, make at least $40,000 in monthly revenue and have a 625+ FICO score.

Should you meet these requirements, then you can apply online and receive a decision in as little as five minutes. What’s beneficial about Bluevine’s credit lines is that you only have to repay the funds that you make use of and there are no fees for opening, maintaining, prepayment, or account closure.

Axos Bank: Best for Financing and Loans

A real estate lending specialist

★★★★★

4.7

Axos Bank Review

No matter the scope of your real estate investing, Axos Bank offers a wide range of financing options to cater to your specific needs.

From small balance lending such as apartment loans and offices to construction loans for major projects including industrial and hospitality complexes, this bank is ideal for investors who are looking to finance their future growth.

Why we chose it:

Aside from this bank’s diverse range of loans, the Axos Small Business Interest Checking account offers a modest APY to help you grow your investments while keeping fees low.

This internet bank has also received warm customer reviews due to the usability and intuitiveness of its mobile app.

$200 welcome bonus
Visa debit card with benefits upon sign up
Free debit card transactions

$5,000 minimum balance required to waive monthly fee
No online financial management tools

Fees

So long as you maintain a minimum average daily balance of $5,000, you won’t have to pay monthly maintenance fees. Otherwise, the monthly fee is $10.

The Small Business Interest Checking account offers unlimited ATM reimbursements at in-network ATMs, meaning that you’ll receive money back on all ATM transactions. To help you make use of the benefit, the Axos Bank website and mobile app offers an ATM locator to show you participating ATMs near you. While Axos Bank requires a $100 minimum deposit, it has no overdraft fees and online transfer fees.

Axos Bank charges $15 per outgoing domestic wire transfer and $50 for international wire transfers.

Interest and Benefits

The Small Business Interest Checking account offers a respectable APY of 1.01% for accounts holding up to $49,999.99, however this rate drops to 0.20% for accounts with higher balances.

Axos Bank offers a $200 welcome bonus upon opening an account while providing account holders with a complimentary Visa debit card with enhanced benefits, including NortonLifeLock to protect you against identity theft and Dovly; a credit management platform to help you boost your credit score.

Online Features

Axos Bank’s online platform and mobile banking app come with QuickBooks integration, meaning that you can keep your account transactions synchronized with your accounting statements.

While Axos does not provide financial management or real estate-specific tools on its digital platforms, it does offer access to external business services aimed at helping you manage your investment, such as payment and billing services from Celero and Treasury Management from the bank itself.

Access to Financing

With loans ranging in amount from $75,000 to $100 million, Axos provides a range of financing solutions specific to real estate investing.

The bank’s Commercial Real Estate Specialty Bridge and Construction Lending focuses on providing loans for construction, renovations, or during the process of finding tenants or closing a sale, from small-scale properties such as condominiums and offices to large scale industrial, warehouse and retail projects.

Axos Bank’s Small Balance Commercial Real Estate loans are aimed at providing flexible, cost-effective loans for smaller real estate projects such as multi-family units, student housing, and mobile home parks.

Relay: Best for Ease of Use

4.4 Score on Trustpilot

★★★★★

4.6

January 19, 2023March 21, 2023

With customers praising its user-friendly interface, Relay is an easy-to-use checking account that enables you to focus less on administrative tasks and more on your real estate investment.

What’s more, opening an account takes just a few minutes and requires no minimum opening deposit on your part.

Why we chose it: Relay’s Accounts Payable feature in the Pro version allows you to pay all of your bills directly from the Relay online platform while all versions have integrations with popular accounting software such as Xero and QuickBooks, thereby enabling you to continue using the tools that you’re familiar with.

Create up to 20 checking accounts
Integration with Xero and QuickBooks
Free ACH transfers
Zero ATM fees at AllPoint ATMs
Complementary bi-weekly webinars on financial management

Accounts Payable only available through Relay Pro
No loan or financing options
No interest or rewards programs

Fees

Relay proves to be an affordable internet bank, charging no overdraft fees, ACH fees, nor incoming wire transfer fees no matter which account you open. Both cash deposits and withdrawals at ATMs are free, so long as the machine is a part of the AllPoint ATM network.

While there are no monthly maintenance fees for the basic checking account, the Relay Pro account costs $30 per month. The Pro version comes with free outgoing wire transfers, while the charge for the basic account is $5 per transaction.

Interest and Benefits

Relay’s main shortfall is that neither of its checking accounts offer an APY. With no credit card rewards or other benefits, this is not the ideal bank account for investors who are aiming to grow their savings by earning interest or rewards.

Online Features

Relay’s simple online banking platform enables you to open up to 20 checking accounts, thereby enabling you to sort your expenses and seamlessly transfer funds between accounts. It also allows you to send ACH transfers and wires automatically, making bill payment easier.

The major online appeal of this checking account is its numerous app integrations, including bookkeeping software QuickBooks and Xero as well as back office software including Gusto, Plaid, and Yodlee. As a result, you’ll be able to continue working with platforms that you are familiar with.

If you’re willing to pay the $30 monthly fee for Relay Pro, you’ll receive access to Accounts Payable; a tool that enables you to make same-day ACH and wire transfer as well as automated bill payments.

Access to Financing

As Relay explains on its website, it is a financial technology company and not a bank. As a result of its different business model, it lacks the financing options of a traditional bank.

Methodology for the Best Business Bank Accounts for Real Estate

Fees: In addition to regular business expenses, bank fees are also costs that limit your investment’s profit margins. Because such fees are often unavoidable and reoccur on a regular basis, we searched for bank accounts with comparatively low fees.
Interest and Benefits: While your investment’s growth may be primarily driven by your properties’ performance, earning interest in your account can passively help to supplement your savings. Benefits such as cash back and credit card rewards can also help to reduce your spending.
Online Features: Financial management and other administrative tasks can be time consuming, while biting into the time you spend on managing your investment. That is why we considered checking accounts that offer digital tools to optimize your financial and investment management, thereby saving you time and maximizing performance.
Access to Financing: given the long-term nature and large scope of real estate investments, access to loans and credit lines may play an important role in financing your projects if you don’t have enough cash of your own on hand.

Real Estate Bank Account Frequently Asked Questions (FAQs)

Are you still unsure about whether or not opening a business checking account for your real investment is the right move for you? Here are the answers to some of the most common questions that could help you determine whether a real estate business bank account is right for you!

Should I open a separate bank account for my real estate investments?

While opening a separate bank account to handle your real estate investments is not a requirement, it will certainly help from a management perspective.

By having a second account, you’ll be able to keep all of your investment’s income and expenses separate from your personal transactions, thereby making it easier when it comes to calculating taxes.

How many bank accounts should I have for rental property?

No matter how many real estate investments you hold a stake in, opening separate bank accounts for each one is not necessary. This is because banks such as Relay, Axos, and Bluevine enable you to set up sub-accounts which you can organize according to your needs.

Baselane and Stessa have financial management tools that analyse each property separately so that you don’t have to organize them yourself.

What is the best real estate investment bank?

Ultimately, the bank you choose to open an account with will depend mostly on your personal investment goals. If your priority is to earn a high interest rate to grow your savings, then Bank of America and Bluevine could be worth considering.

If you’re looking for digital tools to help you optimize your property management and financial planning, then Baselane and Stessa have plenty of tools at their disposal.

Axos is ideal for investors searching for funding for their next project, while Relay is a worthwhile option for those investors who are looking for an easy to use banking platform with minimal changes.

Bottom Line

No matter your investment size and whether you’re a new or experienced investor, there’s a real estate bank account that will be sure to meet your needs. In order to decide where to open a bank account, you’ll need to first determine what benefit is most important for you.

As a real estate-focused bank account with specialized property management tools and good banking terms, Baselane has emerged as the number one choice business bank account for real estate thanks to its benefits across the board. Still, each of the bank accounts included on this list may prove to be ideal depending on the perks that you’re after.

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.

7 Best Banks for Small Businesses in Georgia in 2023

Businessperson performing card transactions on an ATM

The best banks for small businesses in Georgia keep fees low while providing services designed specifically for your venture to succeed. Ready to open an account but not sure where to start looking? This article lists our top picks and explains the logic behind each one.

Best Banks for Small Businesses in Georgia

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Overdraft Protection
Wells Fargo – Best Bank for Growth
Axos – Best Bank for Cash Deposits
Bank of America – Best Bank for Rewards
Chase Bank – Best Bank for Sign-On Bonus
Regions Bank – Best Bank for Traditional Banking

Our Methodology

We weighed several factors when choosing our favorite banks for small businesses in Georgia. Our top considerations fell to fees and minimum balance requirements needed to maintain an account. We also looked at interest rates and access to mobile banking for each account. Finally, it was important for us to make sure each bank was easy to both set up and use.

You can find a more detailed analysis of our methodology here.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

0.20% APY

$2,000 for checking, $300 for savings

Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service

Wells Fargo

$10 (waivable) for checking, $5 (waivable) for savings

Fees for deposited items, excess transactions and cash deposits

0.15% APY

$500 for checking, $300 for savings

Deposit checks, send and receive money, toggle cards on or off

Axos

$5 for savings (waivable)

$35 for outgoing wire transfers

0.20% APY

$2,500 on savings account

Pay bills, analyze spending patterns, monitor accounts

Bank of America

$16 for checking (waivable), $10 for savings (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000 for checking, $2,500 for savings

Manage accounts, pay and transfer, digital wallets, bill pay

Chase

$15 for checking (waivable), $10 for savings (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

$2,000 for checking, $1,000 for savings

Fraud monitoring, card control, pay and transfer, view offers

Regions Bank

$12 for checking (waivable), $5 for savings (waivable)

$3 for excessive withdrawals, $25 for wire transfers, $3 for out-of-network ATM

0.01% APY

$2,500 for checking, $500 for savings

Set alerts and notifications, control your cards, make deposits, mobile payments

Bluevine: Best Overall Bank for Small Businesses in Georgia

Up to 2.0% APY

★★★★★

4.7

Bluevine is one of the few fintech companies offering an interest rate on active funds in your checking account. This account has no minimums, so you can start with whatever deposit you have available and never have to maintain a certain balance. It’s possible to do all your banking without dealing with fees, but Bluevine does charge quite a bit for cash deposits.

Why we chose it: Bluevine takes our top spot thanks to its incredible interest rate, simple setup, and lack of monthly fees.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You’re forever free from the burden of monthly fees with Bluevine. The fintech’s biggest pinch point here comes from cash deposits, which cost $4.95 every time you use them. Otherwise, just be sure to use one of Bluevine’s affiliated ATMs to avoid out-of-network fees.

Interest Rates

There’s a 2.0% APY waiting for you the moment you sign up for Bluevine. It’s available to everyone without minimum balance requirements or other stipulations. The rate only applies to funds up to $100,000 in your account, with everything beyond that earning nothing.

Minimum Balance

You can join Bluevine’s ranks with pennies and not have to worry about charges for falling below some minimum balance. The high interest rate becomes immediately available as well, even if your account starts small.

Access to Mobile Banking

Everything you can do from your computer you can also do from Bluevine’s mobile app. From within, you’ll have the tools to pay vendors or schedule payments to go out in the future. Viewing your funds at any time is a cinch, and the software helps you understand where each cent is going.

Capital One: Best Bank for Small Businesses in Georgia for Overdraft Protection

0.20% APY

★★★★★

4.6

Money can be tight with small businesses, and Capital One gets that. Even perfect planning can result in account overdrafts, but the bank will never charge for the lack of funds. Unlimited digital transfers help to ease financial stresses that much more. You may not find any bank locations outside the capital, but Capital One’s extensive ATM network has you covered for withdrawals and deposits.

Why we chose it: Capital One safeguards your account from unnecessary fees with overdraft protection and unlimited monthly digital transfers.

Does not charge overdraft fees
Unlimited digital transactions
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

There may not be fees for overdrafts, but Capital One will hit you with monthly charges on both checking and savings if you don’t meet maintenance requirements. You’ll also have to pay every time you make a cash deposit, so plan accordingly.

Interest Rates

Capital One starts all new members off with a 0.20% promotional interest rate for the first year with your business savings account. There’s no guarantee that this APY will continue past that time, but the bank has kept its current rate since 2020. Your checking account won’t accrue any interest.

Minimum Balance

Keeping certain minimum balances is key to avoiding Capital One’s service fees. For checking, you’ll want to have an average of at least $2,000 over a 30 or 90-day period. Its savings account is a little more forgiving, requiring only $300 over the same window.

Access to Mobile Banking

Capital One comes through in a big way with its mobile banking tools. In addition to standard features like bill pay and account management, you can set up automatic savings from your phone. The app also comes together with CreditWise to inform you of your score and keep it high.

Wells Fargo: Best Bank for Small Businesses in Texas for Growth

0.15% APY

★★★★★

4.6

Wells Fargo has more than 8,000 branches across the country. There are nearly 300 in Georgia alone, ideal for LLCs working out of more than one state. Even if you’re not near a physical location, the bank offers online services to meet your needs. Account tiers feature additional benefits but also have increasing fee schedules. Speaking of fees, you’ll need to monitor your account regularly to stay away from charges for excess deposits or overdraft fees.

Why we chose it: Wells Fargo’s extensive banking network and business services serve to take your venture to the next level.

Several account options and business services
Possible to waive monthly fees
Extensive banking network around the country

Monthly fees
Charges for excess deposits or transactions
Revolving overdraft fee

Fees

While it is possible to navigate Wells Fargo’s fees, doing so is far from easy. You’ll need to keep tabs on transactions and deposits to be sure you don’t surpass your monthly limit. Should your account drop below zero, expect a hefty overdraft fee you can receive up to three times in one day. All this is on top of monthly maintenance fees, but at least you can waive these.

Interest Rates

Wells Fargo’s introductory savings account offers 0.15% interest across the board. Higher tiers can reach the 2.00% mark if you can keep up with balance requirements.

Minimum Balance

The Initiate Business Checking account has a $10 monthly fee you can cast aside with a $500 minimum daily balance. Minimum requirements jump all the way to $10,000 just one tier up.

It only takes $300 in your basic savings account to negate fees, but savings accounts similarly scale very quickly.

Access to Mobile Banking

Wells Fargo boasts banking at your convenience with its comprehensive mobile app. You can use your account as a digital wallet or keep an eye on your funds to ensure you don’t wander into fee territory. If that wasn’t enough, the app also allows you to pay bills, transfer funds, or find the closest ATM.

Axos Bank: Best Bank for Small Businesses in Georgia for Cash Deposits

0.20% APY

★★★★★

4.5

Axos Bank Review

Where most banks charge you every time you deposit cash, Axos makes it free from any MoneyPass or AllPoint ATM location. Its business checking account has no monthly fee, although you will have to watch out for one with savings. You can transfer money around without penalty, and the bank looks away from overdrafts as well. Zelle fans will be disappointed to learn that it doesn’t integrate with Axos software.

Why we chose it: Axos Bank showcases unlimited credits, debits, and cash deposits without costing you a dime.

Cash deposits allowed via MoneyPass and AllPoint ATMs
No monthly fee
Zero overdraft fees

Does not work with Zelle
Below average CD rates
Poor customer service

Fees

It’s not hard to avoid the few fees Axos has for a truly free banking experience. Your first 50 checks are free, and the bank even reimburses your first two wire transfers. At $35, additional wire transfers are costly. There is a $5 monthly fee for havings a savings account, but you can do away with this if you have a high enough balance.

Interest Rates

Axos’s business savings account awards a 0.20% APY for members. This rate remains the same whether your funds are high or low. There’s no option to earn interest on money in your checking account.

Minimum Balance

It’s possible to open a business checking account without initial deposit or balance requirements. This account has no monthly maintenance fees even if funds drop dangerously low. You can waive the service fee on Axos’s business savings account by keeping a $2,500 average monthly balance.

Access to Mobile Banking

Mobile banking with Axos is fast and free from any device. Use the app to manage your portfolios and create a custom dashboard to view them from. It also works well for depositing checks or handling external transfers. Unfortunately, the app does not integrate with Zelle for speedy transfers.

Bank of America: Best Bank for Small Businesses in Georgia for Rewards

Up to 0.04% APY

★★★★★

4.4

Bank of America has locations throughout Georgia and over 4,300 branches from coast to coast. You can either visit in person or online to enroll in the bank’s Preferred Rewards program for a long list of benefits. Perks include higher interest rates, fee-free banking services, and credit card bonuses. Each account has a monthly fee, but you can work around it with some foresight.

Why we chose it: Bank of America complements its impressive traditional banking with a suite of exclusive member rewards.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

It’ll cost you $16 per month for upkeep on your small business checking account if you don’t meet at least one requirement. It will take a $5,000 average monthly balance, at least $250 in debit card purchases, or enrollment into the Preferred Rewards for Business program to remove the fee. Savings works much the same way, needing a $2,500 minimum balance or a Preferred Rewards for Business membership.

Interest Rates

Interest rates on your business savings account start at 0.01%. You can increase this over time by climbing the ranks of the Preferred Rewards program until reaching 0.04% at the Platinum level. Rates don’t apply to funds you have in your checking account.

Minimum Balance

Among Bank of America’s options for removing service fees are minimum balance requirements. The amount you have in each account is also an important factor in determining your Preferred Rewards level and resulting rewards.

Access to Mobile Banking

Bank of America’s excellent mobile app delivers just what you need while out and about. You can schedule and pay bills from anywhere you can connect or use Zelle to send money to friends and family. The software also has a spending and budget tool to keep your funds on course.

Chase: Best Bank for Small Businesses in Georgia for Sign-On Bonus

Up to 0.02% APY

★★★★★

4.2

Chase Review

Chase will hand you $300 just for opening a Business Complete Checking account with a handful of qualifying activities. You can also take advantage of a number of business services to help your business grow. Accounts do have monthly fees, but you can eliminate these in multiple ways. Interest rates aren’t high, but Chase’s other features more than make up for it.

Why we chose it: A $300 bonus for signing up and up to $900 in cash back make Chase Business very appealing to small business owners.

Up to $300 sign-on bonus
Several available business services
Multiple ways to waive the monthly maintenance fee

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Chase accounts have monthly maintenance fees but offer several ways to get around paying them. You’re only allowed 20 free transactions per month, and each beyond that will cost you $0.40. While this may not seem like a lot, it can add up fast.

Interest Rates

Your sign-up bonus doesn’t come with very high interest rates. Chase savings starts at 0.01% APY and only increases to 0.02% over time. With balance requirements on each account, it’s hard to say how much of an impact this will make.

Minimum Balance

Anyone wanting to remove service fees on Chase’s business checking account needs a daily balance of just $2,000. You can also waive fees with $2,000 in net Chase business card purchases or $2,000 in incoming deposits. A savings account must have $1,000 or be linked to your checking account to avoid penalties.

Access to Mobile Banking

Through your phone and the Chase mobile app, you can set up account alerts and transfer money across the country. Chase QuickDeposit and QuickPay work to move money around quickly so you always have an accurate statement. You can also use the app to locate nearby Chase branches or ATM locations.

Regions Bank: Best Bank for Small Businesses in Georgia for Traditional Banking

0.01% APY

★★★★★

4.1

January 16, 2023March 21, 2023

At Regions Bank, different account options allow small businesses of all sizes to pick the one perfect for them. Additional perks like payroll services and business loans work to maximize your company’s chances for success. Applicable accounts can tap into a rewards system, but low interest rates and high overdraft fees leave a bit of a bad aftertaste.

Why we chose it: Regions Bank is traditional banking at its best, with several account options and business services to choose from.

Several checking and savings account options
Rewards system with applicable accounts
Payroll services available

Only three withdrawals per month
Low interest rates
Nasty overdraft fees

Fees

Any transaction leading to an account overdraft will set you back $36, a heavy blow for something that you may not see coming. Any withdrawals past your initial three each month are met with a $3 charge. Out-of-network ATMs will also cost you $3 to use, seeing Regions Bank’s fees stack up ever higher.

Interest Rates

At the time of writing, Regions Bank’s savings account will only let you accrue 0.01% in interest. Money market accounts are similarly low, but even a little bit is better than nothing.

Minimum Balance

It takes an average monthly balance of $2,500 to eliminate monthly fees associated with a Regions Bank checking account. If this isn’t doable, you can make at least $1,000 in Visa purchases or one or more Merchant Services transactions. Regions Bank will waive the monthly fee on your business savings account with a $500 balance.

Access to Mobile Banking

Mobile banking at Regions Bank will help keep your business on track. You can set alerts to know when a check clears or get notified when money comes in. The app taps into Zelle’s functionality for fast transfers and lets you deposit checks with your camera. If you’re really in a hurry, you can request information through a quick text.

Methodology for the Best Banks for Small Businesses in Georgia

Many financial institutions call the Peach State home, so finding the best bank for your small Georgia business can be overwhelming. Below you’ll find the methodology we used when making our selections.

Fees: We always take fees to heart when looking for the best banks for small businesses, as every penny matters. No bank is completely fee-free, but we’ve identified institutions where you can bank for free if you play your cards right. Most have monthly fees, but every Georgia bank on our list has ways to remove these.
Minimum Balance: Maintenance fees often go hand-in-hand with minimum balances. As long as you can meet a set amount, the bank will waive service fees for that month. We opted for banks with easier-to-reach requirements so your small business doesn’t have to come up with funds it doesn’t have.
Interest Rates: If fees are unavoidable, a bank should at least make it up to you through a nice interest rate. Accruing even a little interest each month can offset those fees and perhaps provide something to tuck away for a rainy day.
Access to Mobile Banking: Mobile banking is crucial in modern society, and any bank not realizing this will get left in the dust. In a fast-paced world, there’s not always time to get back to a computer before funds need to move. Having immediate access can also prevent overdraft fees or money from getting stuck where you don’t need it. Many banks take these apps one step further, enabling tools for budgeting and the ability to turn your mobile device into a wallet.
Ease of Use: The best banks for small businesses in Georgia wouldn’t have made our list if they were a challenge to use. From branch/ATM access to online tools, each of these institutions makes banking as straightforward as possible. This ease of use translates to account setup as well. In most cases, you can be up and running in minutes with little more than an EIN.

Best Banks for Small Businesses in Georgia Frequently Asked Questions (FAQs)

Still not sure about the importance of a bank for your small Georgia-based business? This FAQ may have the answers you’re looking for.

Do banks help small businesses?

Banks are instrumental in helping small businesses organize funds and facilitate payments to other organizations. They can also provide services such as loans and fraud protection.

How much money should a small business have in the bank?

Every small business is different, but it’s wise to set aside at least 10% of your profits each month. If you can compile a three to six-month buffer of your operating expenses, you have a much better chance of surviving a mishap should it arise.

Do I need a business bank account for LLC?

A dedicated business account for an LLC is an excellent way to keep personal and business funds separate. Since LLCs offer limited liability protection, a lawsuit shouldn’t be able to touch your private assets. If the two are mixed, explaining where your personal funds end gets much more difficult.

Does the IRS require a business bank account?

The IRS does not require you to have a business bank account, but it does demand that you keep separate records for your business. Having a business bank account greatly simplifies this process.

Bottom Line

Choosing the right bank for your small business doesn’t have to be a chore. Analyze the funds your company has to work with and make a determination from there. Pick accounts with balance requirements you can manage and fees you can deal with. Don’t be afraid to find a bank with additional features you can use, like high interest rates or business services for your industry.

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.

7 Best Banks for Small Businesses in North Carolina in 2023

Finding the perfect bank for your North Carolina-based small business can be quite the challenge. We’ve saved you some trouble by picking out financial institutions known to offer stellar services while keeping fees to a minimum. Read on to learn everything you need to know about our favorites for 2023.

Best Banks for Small Businesses in North Carolina

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Overdraft Protection
U.S. Bank – Best Bank for Low Fees
Bank of America – Best Bank for Traditional Banking
First Citizens Bank – Best Bank for Checking Accounts
Chase Bank – Best Bank for Sign-On Bonus
Truist Bank – Best Bank for Branch Locations

Our Methodology

When choosing the top banks for your small business, we looked at troublesome fees and balance requirements that can help wash them away. We also looked for encouraging interest rates and mobile apps that won’t slow you down. Finally, we gauged overall ease of use when making our final selections.

You can find a more detailed analysis of our methodology here.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

0.20% APY

$2,000 for checking, $300 for savings

Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service

U.S. Bank

$3 (waivable)

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0.01% APY

$500 for business savings

Transfer funds, view documents, find branch/ATM locations, manage cards

Bank of America

$16 for checking (waivable), $10 for savings (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000 for checking, $2,500 for savings

Manage accounts, pay and transfer, digital wallets, bill pay

First Citizens Bank

$5 (waivable)

$15 wire transfers, $2.99 external transfers

0.03% APY

$2,500 for business savings

Check deposits, phone payments, digital wallets

Chase

$15 (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

$2,000

Fraud monitoring, card control, pay and transfer, view offers

Truist Bank

$5 (waivable)

$0.50 per transaction after the first 50, $3 paper statement fee

0.01% APY

$250 for business savings

Receive crucial account insights, transfer funds, Zelle compatibility

Bluevine: Best Overall Bank for Small Businesses in North Carolina

Up to 2.0% APY

★★★★★

4.7

Bluevine may not have a business savings account, but it shows up in a big way with checking. From the moment you sign up, you’ll receive the fintech’s high interest rate and have very few fees to deal with as you bank. Small businesses needing a little more can make use of a line of credit, and Bluevine makes it easy to organize your funds with sub-accounts.

Why we chose it: Few banks can top Bluevine’s high interest rates, minimal fees, and intuitive layout.

High interest rates
Very few fees
Revolving lines of credit available

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You can rest easy knowing that Bluevine will never charge you a monthly fee to keep your account up and running. Most transactions are free, but you’ll want to avoid out-of-network ATMs and wire transfers if at all possible. There is a charge for every cash deposit you make, so plan accordingly.

Interest Rates

At 2.0% APY, you’re going to have a hard time finding a financial institution with a better interest rate. While great for small businesses, this rate only applies to funds up to and including $100,000. Any amount in excess doesn’t earn any interest at all.

Minimum Balance

There’s nothing about Bluevine’s setup requiring any sort of minimum balance. It’s free to open and maintain your account even if funds teeter near $0. You don’t have to reach a certain threshold to start earning Bluevine’s awesome interest rate, either.

Access to Mobile Banking

Bluevine’s mobile app is an extension of everything you can do from your personal computer. You’ll have full access to your business checking account and be able to manage your account accordingly. In addition to standard features, it’s also possible to deposit checks right from your phone.

Capital One: Best Bank for Small Businesses in North Carolina for Overdraft Protection

0.20% APY

★★★★★

4.6

You may not have abundant funds with your small business, and Capital One gets that. As you make payments and move money from one location to another, the bank won’t hit you with overdraft fees if one account gets too low. Unlimited digital transfers allow you to keep funds flowing, while Capital One’s extensive ATM network makes it easy to take some out or deposit more.

Why we chose it: Capital One has your back with unlimited digital transfers and overdraft coverage should your account run a little thin.

Does not charge overdraft fees
Unlimited digital transactions
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

There are no overdraft fees, but Capital One does have a monthly service charge to contend with if you’re unable to meet certain requirements. Transactions are free, as are cash deposits of up to $5,000 each month. The only other fees you’ll likely encounter come from incoming and outgoing wire transfers.

Interest Rates

Capital One offers promotional interest rates for anyone becoming a member. With a savings account, you’ll immediately receive these higher-than-average rates for your entire first year. Afterward, the account earns interest at the standard interest rate in effect at that time.

Minimum Balance

You can waive maintenance fees on your business checking account by keeping an average balance of $2,000 over a 30 or 90-day window. For savings, you’ll need to hold a minimum balance of at least $300 to avoid fees there. The promotional interest rate applies no matter how much you have in your savings.

Access to Mobile Banking

The Capital One mobile app has all the standard features you’d expect to find, from bill pay to mobile deposits and account transfers. It stands out with CreditWise, a feature designed to track your credit score and offer tips for keeping your number high.

U.S. Bank: Best Bank for Small Businesses in North Carolina for Low Fees

0.01% APY

★★★★★

4.5

U.S. Bank’s minimal fee structure is a blessing for small businesses having to pinch every penny. With a bit of planning, you can do all your banking without ever having to deal with a single fee. In addition, U.S. Bank has thousands of branch locations across the country to serve your needs. If that wasn’t enough, it has a long list of merchant services specifically designed to help businesses in your industry succeed.

Why we chose it: With so few fees, U.S. Bank makes it possible to address all your banking needs without ever paying a cent.

Nearly nonexistent fees
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

U.S. Bank’s checking account set up specifically for small businesses has no monthly fee and allows up to 125 transactions before charges begin. Savings accounts start off at just $4 per month, but you can remove this cost quite easily. As long as you deposit or withdraw funds from one of U.S. Bank’s 4,700 ATMs around the country, you’ll never have to deal with fees there either.

Interest Rates

Interest rates are the one chink in U.S. Bank’s strong armor. There’s no way to earn any with your checking account. What’s more, most savings and money market accounts don’t go higher than 0.01% APY. You’ll only find higher interest rates with U.S. Bank’s Platinum Money Market account, which has some rigid maintenance requirements.

Minimum Balance

You’re free to have as much or as little as you want in your business checking account without having to deal with fees. Keeping at least a $500 daily balance in U.S. Bank’s small business savings account will remove monthly fees there. Other accounts to consider as your business grows require at least $10,000 to maintain.

Access to Mobile Banking

While logged into U.S. Bank’s mobile app, you can easily complete everyday banking tasks with the intuitive U.S. Bank Smart Assistant. With just your voice, you can deposit checks, pay your bills, or send money from place to place. There are also tools for handling your business credit cards.

Bank of America: Best Bank for Small Businesses in North Carolina for Traditional Banking

Up to 0.04% APY

★★★★★

4.4

Bank of America has a presence almost everywhere with over 4,300 branches and 17,000 ATM locations. There are a number of checking and savings account options to fit whatever stage of life your business currently resides in. Interest rates are competitive, and a robust rewards system offers even more perks.

Why we chose it: With multiple account options and a long list of merchant services, Bank of America has the tools a small business needs to succeed.

Over 17,000 ATMs and 4,300 branches
Multiple checking and savings account options
Preferred rewards to boost interest rate

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

All of Bank of America’s checking and savings accounts have monthly fees, but there are ways around them. On the checking side, you can maintain an average monthly balance of $5,000, spend at least $250 in debit card purchases, or enroll in the Preferred Rewards program. Similarly, your savings account is free to use if you keep at least a $2,500 balance or become a Rewards member.

Interest Rates

You’ll earn 0.01% APY when you become a Bank of America member, but you can grow this rate through the rewards program. As you move up the ranks, it’s possible to increase your rate to 0.04% along with the other perks the service brings. If you want to earn even more, you can lock away funds in a CD and earn up to 3.51% APY over time.

Minimum Balance

As explained above, there are minimum balance requirements to avoid paying fees every month on your checking and savings accounts. Your balance also plays a role in your rewards tier, with more available funds potentially moving you to a higher level.

Access to Mobile Banking

It’s easy to perform account maintenance through the Bank of America mobile app. The software also has a spending and budgeting tool to help you reach financial goals along the way. Furthermore, you can set up custom alerts to flag you when balances reach a certain level or you need to make a payment.

First Citizens Bank: Best for Small Businesses in North Carolina for Checking Accounts

0.03% APY

★★★★★

4.4

First Citizens Bank has no less than six checking options to choose from when opening a bank account. Whether you’re pinching every penny or have some money to burn, there’s a plan for your business. Most accounts have easily waivable monthly fees, and you’re free to deposit up to $5,000 in cash monthly without penalty. First Citizens Bank may only be in 21 states but has nearly 500 branches in North Carolina alone.

Why we chose it: First Citizens Bank appeals to all types of small businesses with multiple checking account options and ways to waive monthly fees.

Multiple checking account options
Up to $5,000 in cash deposits each month
Waivable monthly fees

Some fees are difficult to work around
Locations in only 21 states
Subpar interest rates

Fees

Depending on the account, you can take care of maintenance fees by enrolling in paperless statements or keeping up with a low balance requirement. There aren’t many other fees to worry about, but First Citizens Bank does impose a $2.99 charge for any transfer to an external bank.

Interest Rates

A business savings account will earn you 0.03% APY on any money stored within. Money market options don’t fare any better at the present time. CDs in 12, 24, and 36-month intervals can earn you a little more.

Minimum Balance

First Citizen’s Bank’s introductory checking account has no monthly fee if you enroll in paperless statements. Other checking accounts require at least $25,000 to avoid charges. The bank’s savings account fares a little better, but you’ll still need $2,500 to be safe.

Access to Mobile Banking

You can use First Citizen’s app to deposit checks using nothing more than your camera. With digital wallets, it’s also possible to pay with your phone while out and about. Alongside these features, the mobile app can handle transfer requests and let you see balances wherever in the world you find yourself.

Chase: Best Bank for Small Businesses in North Carolina for Sign-On Bonus

Up to 0.02% APY

★★★★★

4.2

Chase Review

Chase Bank knows how to treat members right. Qualifying accounts receive a $300 bonus just for signing up, and you can earn up to $1,000 in cash back just for using your credit card. The bank also has several cool services like fraud protection and business loans to keep your company in top form. There’s not much in the way of APY, but these other features more than make up for it.

Why we chose it: A $300 sign-on bonus is just the tip of the iceberg regarding Chase’s generous perks for your small business.

Up to $300 sign-on bonus
Several available business services
Multiple ways to waive the monthly maintenance fee

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

You can kick monthly service fees to the curb on both checking and savings account. With checking, this requires keeping a certain monthly balance, making deposits from Chase QuickAccept, or through Chase Ink Business Card purchases. Removing fees from savings is as easy as linking it to your checking account. You’ll want to watch your transactions, as Chase only allows 20 free ones each month.

Interest Rates

Chase’s savings accounts aren’t strong in the interest rate category. You’ll start at 0.01% APY but can boost this to 0.02% over time. Anyone wanting to accrue some serious interest should look into Chase’s certificates of deposit.

Minimum Balance

If you’re not into deposits or purchases with your business card, you’ll want to have a $2,000 monthly balance to do away with service fees on your checking account. There are no monthly requirements for savings, so long as you link it to your checking. To qualify for the sign-on bonus, you’ll need to hit a $2,000 balance within the first 30 days and then keep it for the next 60.

Access to Mobile Banking

Chase QuickPay on the mobile app uses Zelle to send and receive payments quickly. You can also use the software to transfer money in a more traditional way or schedule upcoming payments. For those in a time crunch, you can use texts to check balances and transaction history.

Truist: Best Bank for Small Businesses in North Carolina for Physical Locations

0.01% APY

★★★★★

4.2

January 11, 2023February 16, 2023

No matter where in North Carolina you call home, you’re likely not too far from one of Truist’s 500+ locations around the state. The bank makes every effort to be accessible to new businesses with varying account levels and member perks. You’ll also receive protection from overdrafts and a negative balance buffer if things go sideways.

Why we chose it: Top-notch banking services and more North Carolina locations than any other bank make Truist an excellent option for residents of the Tar Heel state.

Nearly 500 locations in North Carolina alone
No overdraft fees
Easily accessible for new businesses

Limited no-fee transactions
No free incoming wires
Low interest rates

Fees

Truist’s Simple Business Checking doesn’t have a monthly fee and is ideal for startups. Other accounts require certain balance requirements to get rid of their service fees. You’ll get up to 50 transactions per month for free, but any beyond this will set you back $0.50. It’s best to avoid paper statements so you don’t get hit with a $3 charge each month.

Interest Rates

There are a lot of fantastic perks for using Truist’s savings account, but interest rates aren’t one of them. You can only earn 0.01% on funds in this account, no matter your current balance.

Minimum Balance

Balance requirements for removing service fees start out high and only get higher. You’ll need at least $2,500 to ward off charges on savings, and checking accounts must have $5,000 starting at tier two.

Access to Mobile Banking

You can log off your PC and pick right up where you left off on the Truist mobile app. Additional features include access to a digital wallet and integration with Zelle. The app also provides intuitive insights into your spending patterns and alerts you to unusual account activity.

Methodology for the Best Banks for Small Businesses in North Carolina

In this section, we share the reasoning behind the methodology we chose for selecting the best banks for small businesses in North Carolina. The following five criteria were at the forefront of our decision-making process:

Fees: The whole purpose of using a bank is to simplify your finances, not add in a bunch of unnecessary fees. We strove to identify the best banks for small businesses that make it possible to handle funds without breaking the bank.
Interest Rates: Money is that much sweeter when it goes to work for you. We opted for banks that pay out some form of interest rate among savings and checking accounts so you can earn a little extra cash just for doing what you do.
Minimum Balance: As a small business, you may not have an abundance of funds to work with. It was our goal to choose banks with low or nonexistent balance requirements to avoid unsightly fees.
Access to Mobile Banking: In a digital world, we switch between electronic devices at a moment’s notice. We looked for banks with full-featured mobile banking apps you can use whether at home or on the go.
Ease of Use: No one likes a bank that’s a pain to use. We selected banks with intuitive interfaces and easy-to-use mobile apps that won’t slow you down along the way. It was also important to select financial institutions that are easy to set up, with some requiring little more than an employer identification number (EIN) to get going.

Best Banks for Small Businesses in North Carolina Frequently Asked Questions (FAQs)

We understand that choosing the right bank for your small business is no easy task. This FAQ serves to answer some of the most prevalent questions on the subject.

Which bank is best for opening a small business account?

After careful consideration, we’ve identified the seven banks on this list as the best options for opening a small business account in North Carolina. Our favorite is Bluevine for its flexibility, high interest rates, and minimal fees.

What bank is popular in North Carolina?

Bank of America and Truist Bank are among the most popular in North Carolina. These two financial institutions see the most deposits and have hundreds of locations across the state.

What four documents do you need to open a business bank account?

In most cases, banks will ask for your employer identification number (EIN) and your Articles of Operation should you want to open a bank account. You’ll also need to present an Ownership Agreement and business license to complete the process.

Do I need a business bank account for an LLC?

It’s wise to have a business bank account for your LLC, even if you’re currently a one-person show. Doing so keeps your personal and business assets separate, allowing you to take full advantage of an LLC’s limited liability protection.

Bottom Line

When it comes down to opening a bank account for your small business in North Carolina, don’t rush into your choice. Take the time to find one with fees, interest rates, and balance requirements that your business can handle. Consider also how the bank’s services will grow with your business over time to maximize your potential. We’re excited about what Bluevine brings to the table, but we feel any of the banks on this list can serve you well.

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.

5 Best Business Bank Accounts for Freelancers in 2023

A freelancer working at their home office

As a freelancer, you’ll understand how complex running your business can be. While chasing your clients down for payments, you’ll want to remain on top of your finances constantly. So whether your priority is minimal fees, easy-access digital banking, or reward programs to maximize your profit, here are the best business bank accounts you can open.

Best Bank Accounts for Freelancers

Novo – Best overall
Lili – Best for customer experience
Bluevine – Best for earning interest
Found – Best for financial management
Axos – Best for cutting costs

Methodology Summary

We reviewed each bank account’s fees to determine their affordability as well as their annual percentage yields and rewards programs that could help freelancers to increase their savings.

Features that could assist in business activities including online banking and other digital tools were also assessed, as were customer reviews given by existing account holders. Learn more about our methodology here.

Monthly Fee

$0 for basic
$9 for pro

$0 for basic
$10 for Small Business Interest Checking

ATM Fees

No fees

No in-network fees
$2.50 for out-of-network withdrawals

No in-network fees

$2.50 for out-of-network withdrawals

No ATM fees (Unlimited domestic ATM fee reimbursements)

No fees unless charged by ATM

Incoming transfer fees

2.9% charged by Stripe plus $0.30 processing fee

Transaction Fees

0% for regular ACH
1.5% for Express ACH

2.9%

Cash Deposit Fees

Depends on price charged by vendor

Varies depending on location ($4.95 maximum)

$4.95

Depends on price charged by vendor ($4.95 maximum)

N/A

APY

N/A

N/A for basic
Up to 1.5% for Pro

Up to 2.0%

N/A for basic
Up to 1.01% for Small Business Interest Checking

N/A

Online Features

Virtual card
Apple Pay & Google Pay
Automated budgeting
Invoicing submission and tracking
Multiple app integrations

Accounting features
Tax optimizer
Invoicing software
App center

Expense tracking
Sub-accounts
Quickbooks integration

Quickbooks integration

Expense tracking
Financial reporting
Tax estimates
Unlimited invoicing

Novo: Best Overall

Fully automated financial management solution

5.0

★★★★★

4.7 Star Rating on Trustpilot

Novo Review

In addition to offering an affordable fee structure, Novo’s multiple app integrations, automated budgeting, and invoicing platform enable you to run your business’s finances from a single platform. Add its multiple rewards into the mix, and Novo offers one of the most well-rounded freelance bank accounts that provides you with benefits across the board.

Why we chose it:

By enabling account holders to integrate numerous online payment and ecommerce apps while also automating your budgeting and payments through its Reserves feature, this business bank account streamlines your financial management activities while minimizing manual labor on your part. Due to its built-in invoicing software, you can take care of all your business finances without having to seek out any external software.

Automate fund allocation with Reserves
Unlimited free check deposits
Unlimited free ACH transfers
No debit card transaction fees
Virtual debit card
Built-in invoicing
Up to $4,000 in perks

No APY

Fees

Novo has no monthly charge nor ATM withdrawal fees. It is important to note, however, that there is a $1,000 daily limit on ATM withdrawals.

While Novo offers unlimited free standard ACH transfers, express ACH transfers come at a cost of 1.5% of the transaction amount. For cash deposits, you may be charged depending on the policy of the ATM you use, however check deposits via the Novo mobile app are always free of charge.

Another noteworthy perk is that unlike many competitors, Novo’s debit card does not charge any transaction fees for domestic and international purchases.

APY And Rewards Programs

Although Novo does not offer interest to account holders, it is still an ideal bank account for freelancers who are looking to maximize their savings due to its wide range of rewards.

This bank account’s business perks include $5,000 in fee-free processing when clients pay you via Stripe, $500 in credits when you spend $500 to advertise your business using Google Ads, and six months free on any customer service software offered by Zendesk Suite.

Online Features

By integrating with a variety of payment and ecommerce apps, Novo’s online banking platform directs your entire cash flow to one place. With Novo Reserves, you are given the ability to automatically allocate incoming funds into different reserves while also setting automatic payments so that your expenses are paid for without any human interaction needed.

Novo’s invoicing feature enables you to submit and track invoices while also providing the option to set up Stripe payments on your invoices so that your clients can pay you as soon as they receive the invoice. If you prefer going cashless and cardless, then you can make payments using your virtual debit card on Novo’s mobile banking app, compatible with both Apple Pay and Google Pay.

Lili: Best for online features

4.9

★★★★★

Lili Review

Designed with freelancers and small business owners in mind, Lili ranks among the best banks for freelancers due to its online banking features that are tailored to make it easier for you to run your business.

In addition to its customizable invoices, Lili also has a receipt scanner that you can use to upload all of your expenses that don’t appear in the mobile app. Lili’s tax optimizer is built to help you file your taxes with ease, with features including quarterly and yearly expense reports, a write-off tracker, and a pre-filled annual 1040 Schedule C form, ready to be filed.

Why we chose it:

Lili has received a vast volume of positive customer reviews, with plenty of praise being directed at the layout and intuitiveness of its mobile app. With a user-friendly online banking platform such as Lili at your fingertips, you’ll be able to perform crucial freelance activities such as tracking expenses, issuing invoices and preparing taxes with minimal hassle.

Cashback rewards for Pro Account holders
Zero overdraft fees for Pro Account holders
Tax optimizing services
Expense categorization
Invoicing software
Strong customer reviews

No lending services
Some benefits only accessible to Pro Account Holders

Fees

While the Lili basic account has no monthly fee, the Lili Pro Account comes with a fee of $9 per month. No matter what account you choose, you’ll benefit from zero ATM transaction fees so long as you use an ATM within the MoneyPass network.

It’s important to note, however, that use of an out-of-network ATM comes with a $2.50 fee, while there is a $5.00 fee for withdrawals from international ATMs. One major benefit of using this freelancer bank account is that there are no overdraft fees if you sign up for the Pro Account.

APY And Rewards Programs

While a regular checking account does not offer interest, Lili does provide an APY of up to 1.5% should you open a savings account. To earn this rate, however, account holders are required to set up a Pro Account and transfer at least $1 to their savings account daily. If you aren’t prepared to jump through these hoops, then Lili would not be your ideal account if saving is your priority.

Lili does offer worthwhile rewards through its Lili Business Debit Card, however, this once again requires signing up for a Pro account. Upon receiving this card, account holders not only benefit from zero card fees but are also eligible to receive cashback rewards at participating merchants.

Online Features

If your priority is to remain on top of your income and expenses while making your administrative duties such as submitting invoices and accounting easier, then Lili offers a comprehensive solution via its desktop platform as well as its mobile app.

Lili’s accounting features include expense categorization, which will help you to organize and keep track of your costs, as well as a receipt scanner, so that you can upload expenses that you did not incur through your Lili account. Lili can also be integrated with numerous payment and ecommerce platforms including Paypal, Shopify, and Etsy, so that your income can all be combined in one place.

Lili’s tax optimizer makes it easier for you to pay your taxes, with its write-off tracker, expense reports, and prefilled Schedule C, while it also provides invoicing software so that you can perform all of your freelance financial activities on one integrated platform.

Bluevine: Best for earning interest

Earn up to 2.0% interest

4.8

★★★★★

For freelancers, as with any business, maximizing profit is a top priority. With its relatively high APY and minimal fees, Bluevine does just that, making it the best business checking account for you if you’re on the hunt for a bank account that will boost your savings.

Why we chose it:

Bluevine offers up to 2.0% APY; one of the highest interest rates available. What’s more, this bank account charges no monthly fees, incoming transaction fees, nor in-network ATM fees, thereby eliminating extra costs for your business.

High-yield interest earnings
Unlimited transactions
No monthly fees
No minimum deposit
No in-network ATM withdrawal fees
No incoming transaction fees

2.9% transaction fees
$4.95 cash deposit fee
No international wire transfers

Fees

Bluevine’s checking account comes with zero monthly fees, no incoming transaction fees, and zero in-network ATM fees. What’s more, you don’t require a minimum deposit in order to open an account here.

Bluevine does, however, charge a 2.9% credit card transaction fee as well as a cash deposit fee of $4.95 per deposit. Should you wish to use an ATM that is out of network, you will be charged $2.50 per transaction.

APY And Rewards Programs

Aside from your main source of income, Bluevine also offers you a prime opportunity to grow your savings by offering you a relatively high APY of 2.0% on accounts worth up to $100,000.

It is important to note, however, that you must either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to be eligible for this rate.

Online Features

Bluevine offers access to its digital banking services via its website as well as its mobile banking app.

With features such as expense tracking, and sub-accounts, and integration with Quickbooks accounting software, existing account holders have praised Bluevine’s app for its functionality as well as quick and helpful assistance from customer support. As a result, this app is rated 4.6 stars on the App Store.

Axos: Best for cutting costs

Free $200 welcome bonus on sign up

4.7

★★★★★

Axos Review

Named one of the best business checking accounts by Forbes and Wallethub, Axos’ Basic Business Checking account is ideal for freelancers who are looking to safeguard their earnings. Through its low fees, complementary business services, and mobile banking app, Axos is geared towards freelancers who are looking to run their business in a cost-effective manner.

Why we chose it:

In addition to the $200 welcome bonus that you’ll receive upon sign up, Axos provides access to small business services such as payroll and treasury management along with QuickBooks accounting software integration. Such benefits, along with the account’s low fees, make Axos an ideal freelance bank account if cutting costs is your priority.

$200 welcome bonus
Multiple SBA loans
On-demand small business services
Unlimited domestic ATM reimbursements
Free debit card transactions and replacement

Limited online business management tools
No APY for checking account
No payment nor ecommerce app integrations

Fees

Axos is a leader when it comes to affordable banking, considering that its Basic Business Checking account comes with no monthly fee or hidden fees, unlimited ATM fee reimbursements, and free online transfers.

While this account also offers two reimbursed domestic wire fees, take note that additional outgoing wire transfers cost $35 each for domestic transfers and $45 each for international wire transfers. All incoming wire transfers, however, remain free. A worthwhile perk of this bank is that this bank does not charge any transaction fees on its debit card nor card replacement fees.

APY And Rewards Programs

The Basic Business Checking account does not offer interest, however, account holders do have the option to switch to the Small Business Interest Checking account which offers up to 1.01% APY.

Take note, however, that unlike the basic checking account, Axos’ Small Business Interest Checking account includes a $10 monthly fee for accounts with a balance under $5,000, so the better account for you really depends on your personal financial situation.

Online Features

When compared with other freelance bank accounts, Axos offers a limited range of digital tools to automate or at least ease your financial management. While Axos does provide QuickBooks integration, its website and mobile app do not offer integrations with ecommerce and online payments platforms.

Despite its more traditional, bare-bones layout, the Axos banking app has been lauded by customers for its ease of use as well as its intuitiveness when it comes to features such as automatic bill payments and transfers between accounts. The mobile app also has a useful expense breakdown on its Account Insights page so that you can understand where your costs lie.

Found: Best for financial management

One-stop shop for tax and accounting tools

4.7

★★★★★

January 11, 2023March 21, 2023

Offering what it calls “the card for the self-employed”, Found provides an all-in-one banking solution for freelancers, enabling them to submit invoices, prepare their taxes, and perform regular banking activities all from one convenient banking app.

Why we chose it:

Financial management activities such as tracking income and expenses, invoicing, and paying taxes are time-consuming tasks. By having an integrated freelance business account that offers support for these activities, you can spend less time on administrative tasks and focus more on the work that generates your income.

Automated tax estimates
Tax write-off tracking
Financial reporting
Invoicing software
Automatically-generated financial reports

1.75% fee for transfers to external debit cards
2.9% fee + 30 cents processing fee for invoices
No cash or check deposits
No APY

Fees

With zero monthly fees, ACH transfer fees, and no ATM fees except for those charged by the ATMs themselves, Found offers relatively affordable banking for freelancers.

The main fees that account holders need to watch out for come in the form of a 1.75% fee for instant transfers to external debit cards as well as invoicing fees, which come in the form of a 2.9% fee from Stripe on top of a 30 cent processing fee.

APY And Rewards Programs

Although Found does not offer an interest-earning account, this bank makes up for this shortfall by eliminating common fees such as ACH transfer fees. Found also offers unlimited transactions and a quick sign-up process, with no credit checks or minimum amounts required to open an account.

Online Features

Priding itself on providing all-in-one banking for freelancers and small businesses, Found’s main selling point appears to be the integrated financial management tools offered via its website and mobile app.

Found’s bookkeeping platform offers automatic expense tracking, up-to-date financial reporting, and seamless integration with its invoicing system, meaning that you can keep constant track of your expenses and income without additional manual labor. The banking app also enables you to view your tax estimate and financial reports as well as pay your taxes directly from the app. What’s more, its invoicing system enables you to issue unlimited invoices while receiving payment from multiple payment apps directly to your account.

Methodology for the Best Bank Accounts for Freelancers

Fees: As a freelancer, the success of your business is a priority. While earning a good salary is important, your financial success also depends on being able to limit your costs. In order to save you from incurring unnecessary costs, we looked at the banks with the lowest ATM, monthly, and transaction fees.
APY And Rewards Programs: While the work you do as a freelancer may be your main form of income, having a passive form of income can increase your savings. We looked to identify bank accounts that are able to either provide you with interest or that offer rewards that will help you save money or reduce costs.
Online Features: Aside from the day-to-day running of your business, being a freelancer means having to submit your own invoices, file taxes, and manage your businesses finances constantly. For this reason, we searched for bank accounts with digital banking tools to optimize and automate the financial management of your business.

Freelancers Checking Account FAQs

Do Freelancers Need Separate Business Bank Accounts?

As a freelancer, there is no legal requirement for you to open a separate business account for your venture. Still, opening a business account that is separate from your personal accounts can be beneficial as this allows you to separate your business expenses from your personal ones. As a result, it will be easier to track your business expenses when the time comes to prepare your taxes.

How Do I Open A Business Bank Account?

Each of the banks listed enable you to apply for a checking account through their website. While Lili typically approves new accounts within minutes of applying, Novo typically takes between two and three days while Bluevine takes up to five days. Found can take up to seven days to approve new accounts. While Axos enables online applications, its application process is that of a traditional bank, meaning that you will need to submit legal business documentation.

Is It Better To Open A Business Checking Account Or Personal Account?

As a freelancer, opening a dedicated business checking account has several advantages over simply splitting your personal and business finances between several personal bank accounts.

Checking accounts for freelancers such as Novo, Lili, and Found also provide financial management tools such as expense tracking, invoicing software, and tax assistance through their online banking platforms, making the financial management of your business easier.

Can You Open A Business Bank Account Without A Business?

As a freelancer, there are numerous business checking accounts that you can open without registering your business as an LLC. Found, Lili, Bluevine, Axos and Novo all offer business accounts designed for freelancers and other small businesses without requiring applicants to have an LLC.

Can You Open A Business Bank Account Without A Source Of Income?

Yes, you can. Each of the business checking accounts mentioned have no minimum opening deposit required on your part to open an account. What’s more, both Lili and Found enable you to open an account without any credit check being conducted.

Bottom Line

While freelancers may all view profitability as a priority, the main advantages that you are looking to derive from your business bank account may be different from other freelancers.

Bluevine offers a relatively high APY for freelancers looking to earn some interest on the side, while Axos is a low-cost option that enables you to cut out unnecessary banking fees. If a rich selection of financial and budgeting tools is what you’re looking for, then Found and Lili may be options worth considering. Ultimately, Novo emerged as the bank with benefits covering the most bases, making it number one in our list of best bank accounts for freelancers.

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.

7 Best Banks for Small Business in Massachusetts in 2023

Businessperson checking their business' bankbook

The best banks for small business in Massachusetts simplify fund management through a rich list of features and minimal fees. Finding that perfect bank, however, can be quite the ordeal. If you’re a Massachusetts-based company and in need of a bank, this guide has what you’ve been looking for.

Best Banks for Small Business in Massachusetts

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Traditional Checking
Eastern Bank – Best Local Bank
U.S. Bank – Best Bank for Low Fees
Bank of America – Best Bank for Rewards
Citizens Bank – Best Bank for Branch Locations
Chase Bank – Best Bank for Sign-On Bonus

Our Methodology

When coming up with our favorite Massachusetts banks, we studied monthly pricing and additional fees you’d have to deal with as a small business owner. Our research also considered interest rates you can earn and any minimum balance requirements to keep your accounts in order. Finally, we looked at mobile banking options and overall ease of use from account creation to everyday use.

You can find a more detailed analysis of our methodology here.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for cash deposits

0.20% APY

$2,000

Access credit card accounts,
transfer money,
deposit checks,
access bank statements,
access to CreditWise service

Eastern Bank

$0 to $18 (waivable)

Up to $30 wire transfers, overdraft fees

0.1% to 0.5% APY

$2,500 for savings
$10,000 (for higher tier checking)

View account statements, links with Zelle, debit card controls, deposits and transfers

U.S. Bank

$4 (waivable)

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0.01% APY

$500 for business savings

Transfer funds, view documents, find branch/ATM locations, manage cards

Bank of America

$16 for checking (waivable), $10 for savings (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000 for checking, $2,500 for savings

Manage accounts, pay and transfer, digital wallets, bill pay

Citizens Bank

$4.99 (waivable)

$0.50 fee for each excessive transaction, $39 overdraft fee

Up to 0.02% APY

$500 for savings account

Custom business alerts, check balances, transfer funds, find branch locations

Chase

$15 (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

$2,000

Fraud monitoring, card control, pay and transfer, view offers

Bluevine: Best Overall Bank for Small Business in Massachusetts

Up to 2.0% APY

★★★★★

4.7

It’s not often you see a checking account with an interest rate, but Bluevine takes things one step further with a 2.0% APY. Bluevine foregoes a savings account as a result, allowing you to manage all your funds through one location. If that wasn’t enough, there’s no need to worry about keeping a minimum balance and fees are few and far between.

Why we chose it: A fantastic interest rate, minimal fees, and an easy-to-use system all play a role in making Bluevine the best bank for small businesses in Massachusetts.

High interest rates
Very few fees
No minimum balance required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You never have to worry about a monthly service fee with Bluevine, no matter how much you have in your account. Small businesses working with a lot of cash will want to plan ahead, as every cash deposit will set you back $4.95. Otherwise, make a point to use one of Bluevine’s in-network ATMs to avoid any charges there.

Interest Rates

Funds up to $100,000 in your checking account earn 2.0% interest on a regular basis. Any amount above this number doesn’t accrue any interest at all. Smaller businesses shouldn’t need to worry, but there’s no savings account to funnel access cash into with Bluevine.

Minimum Balance

There are no minimum balance requirements for Bluevine’s services. Whether you have $5 or $5,000, you’ll never get charged a monthly fee for using your account. Bluevine doesn’t adjust your interest rate depending on your balance, either.

Access to Mobile Banking

The Bluevine mobile app keeps all this banking power right in front of you no matter where you go. You can keep an eye on cash flow, pay your bills, or deposit checks with the click of a button. Best of all, it’s incredibly simple to use.

Capital One: Best Bank for Small Business in Massachusetts for Traditional Checking

0.20% APY

★★★★★

4.6

Small businesses deal with a lot of cash management, and Capital One gets that. Its checking accounts allow for unlimited digital transfers while protecting you from overdraft fees should you bite off more than you can chew. The extensive ATM network extends well beyond the state’s borders, giving you access to funds wherever you may be. A stellar mobile app simply rounds out the package.

Why we chose it: Capital One provides all the traditional checking tools a small business needs to succeed.

Unlimited digital transfers
Does not charge overdraft fees
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

Capital One’s introductory business checking account has a waivable $15 service fee to contend with. You can deposit up to $5,000 in cash every month for free, but every $1,000 after that comes with a $1 charge. The only other fees you need to concern yourself with come in the form of wire transfers.

Interest Rates

When you sign up for a Capital One savings account, you’re locked into a high 0.20% promotional rate for the next 12 months. Although there’s no guarantee of this rate remaining after that point, Capital One hasn’t changed its APY in over two years.

Minimum Balance

To avoid Capital One’s $15 maintenance fee on your checking account, you’ll need to hold an average balance of $2,000 over the past 30 or 90 days. The same logic applies to your savings account, but a minimum balance of just $300 removes the $3 fee.

Access to Mobile Banking

With the top-rated mobile banking app, you can make payments or schedule them to go out as you see fit. It also works well for mobile deposits and digital payments through a partnership with Zelle. The CreditWise feature tracks your credit and shares ways to get or maintain a high score.

Eastern Bank: Best Local Bank for Small Business in Massachusetts

0.1% to 0.5% APY

★★★★★

4.6

Eastern Bank has locations scattered throughout Eastern Massachusetts, extending both north into New Hampshire and south to Rhode Island. It has a number of checking and savings options to pick from while offering the vast majority of its services entirely for free. There are some transaction limitations, but incredible interest rates more than compensate for them.

Why we chose it: Eastern Bank is your quintessential local option, both popular throughout the state and offering some extraordinary interest rates.

Popular throughout Massachusetts
Fee-free checking account
Good interest rates

Low monthly transaction limit
High monthly balance requirements
Lack of presence outside Massachusetts

Fees

Small business owners can take advantage of a free business checking account geared toward sole proprietors. Other businesses have to make the jump to a handful of checking accounts starting at $11 in monthly fees if your balance isn’t high enough. Savings accounts only charge $2 per month if you can’t meet waiver requirements.

Interest Rates

It’s only possible to earn 0.01% APY with Eastern Bank’s business savings account. Better options for earning interest come with the money market account, starting at 0.10% and jumping as high as 2.50% should you reach a $250,000 account balance.

Minimum Balance

There’s no minimum balance to worry about with Eastern Bank’s free checking account, but all other checking options require at least $10,000 to wipe away fees. Its savings account only requires a $500 balance, but savvy business owners will want the APY from a money market account with a $2,500 minimum.

Access to Mobile Banking

Through the Eastern Bank mobile app, you can check your account balances, transfer funds, or make payments. The software integrates seamlessly with Quicken for customers wanting to monitor spending and create budgets. You can also set the app to notify you of important events through email or text.

U.S. Bank: Best Bank for Small Business in Massachusetts for Low Fees

0.01% APY

★★★★★

4.5

U.S. Bank’s Silver Business checking account has no monthly fees, making it perfect for new or small businesses. The only other fees you’ll encounter come with excess transactions or out-of-network ATM use, making it feasible to bank for free. In addition, there are over 2,400 bank locations around the country and a variety of merchant services designed with your business in mind.

Why we chose it: With U.S. Bank, you can manage your entire operation’s funds without ever having to pay a penny.

Nearly nonexistent fees
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

While there are waivable monthly service fees for higher tier checking accounts, U.S. Bank’s setup for small businesses has no such issue. Savings accounts do start with a maintenance fee, but you can waive this as well. As long as you count your monthly transactions and limit ATM use to in-network machines, you shouldn’t deal with any fees while banking.

Interest Rates

U.S. Bank doesn’t come through in a big way for interest rates, offering only 0.01% APY across its savings account options. Money in your checking account won’t accrue any interest at all.

Minimum Balance

There’s no upkeep to worry about with your U.S. Bank Silver checking account. If your business upgrades to the Gold package or beyond, you’ll need at least $10,000 in your account at all times. To negate the $3 service fee for a savings account, you’ll want to maintain a $500 or higher balance.

Access to Mobile Banking

Through your mobile device, you can use the U.S. Bank app to handle bills and transfer money between accounts with the push of a button. The app goes above and beyond by providing timely insights specific to your account that help you make strategic financial decisions.

Bank of America: Best Bank for Small Business in Massachusetts for Rewards

Up to 0.04% APY

★★★★★

4.4

Bank of America has an entire Preferred Rewards program with the sole purpose of showering you with perks just for participating. These bonuses can boost your interest rate, remove deposit fees, or offer extra incentives for using a credit card. With branch locations and ATMs throughout Massachusetts and the rest of the country, your banking needs are always a stone’s throw away.

Why we chose it: Bank of America gives back to your business with a comprehensive rewards system.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

Bank of America charges a service fee on each of its accounts, but you can remove each one with careful planning. For Fundamentals checking, you must maintain a $5,000 average monthly balance, spend at least $250 in debit card purchases, or become a Preferred Rewards member. You’ll need $2,500 in your savings account or be a Preferred Rewards member to do away with fees there.

Interest Rates

There’s no way to earn interest with a Bank of America checking account, so savings is where the action’s at. Rates start at 0.01% APY with low balances but can grow to 0.04% as you build rewards.

Minimum Balance

As mentioned above, you’ll need $5,000 in checking or $2,500 in savings to eliminate service fees on each account, assuming you don’t qualify any other way. Your monthly balance also plays a role in your rewards bracket and the accompanying perks you can have.

Access to Mobile Banking

The benefits don’t stop with Bank of America’s rewards program. The #1-rated mobile app puts you in complete control of your accounts from the convenience of your smartphone. Alongside account management, you can create custom alerts when payments come due or a balance falls dangerously low.

Citizens Bank: Best Bank for Small Business in Massachusetts for Branch Locations

Up to 0.02% APY

★★★★★

4.3

Citizens Bank has a real presence in the region, with over 1200 branches in New England. Introductory checking accounts come without monthly maintenance fees and feature an overdraft line of credit when surprises occur. If you ever find yourself in need of help, Citizens Bank has people standing by 24/7 to assist.

Why we chose it: With over 200 branches in Massachusetts alone, Citizens Bank has a solid corner on the New England market.

Over 1200 branches in New England
24/7 customer service
No monthly maintenance fee on some accounts

Low interest rates
High overdraft fees
Some accounts charge ATM fees

Fees

There are zero service fees on Citizen Bank’s small business checking account, allowing you to step in without fear of unsightly charges. Savings accounts experience a $4.99 monthly fee if you can’t keep up with balance requirements. Citizens Bank automatically waives this fee for the first four months to help you settle.

Interest Rates

The best Citizens Bank can do when it comes to interest rates is 0.02%, and that’s on a higher-tier money market account. As a small business owner, it’s more likely you’ll accrue 0.01% on any funds you can set aside.

Minimum Balance

You won’t have to worry about upholding a minimum balance on your small business checking account unless your company is ready to move to a higher tier. At entry level, keeping a $500 minimum balance on your Citizens Bank savings account removes the monthly fee. APY remains the same no matter how many dollars you have stored away.

Access to Mobile Banking

Using the Citizens Bank mobile app lets you bank from anywhere at any time. Handle payments, move money around, and receive account insights all from your mobile device. Within, you can also manage debit cards and make use of the document center.

Chase: Best Bank for Small Business in Massachusetts for Sign-On Bonus

Up to 0.02% APY

★★★★★

4.2

January 11, 2023March 21, 2023

Chase Review

Chase is well-known for quality banking and an abundance of business services to keep your business in top form. To go one step further, the bank hands you $300 just for signing up with qualifying activities. There is a monthly fee, but you have multiple ways to remove this at the end of each cycle. Most locations are in the Boston area, but Chase’s online banking options make up for the lack of branches.

Why we chose it: Chase complements its excellent banking features with up to $300 in cash just for opening an account.

Up to $300 sign-on bonus
Several available business services
Multiple ways to waive the monthly maintenance fee

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

If you can’t manage the minimum daily balance, Chase will charge a $15 monthly service fee for doing business with you. Savings accounts also have fees, but the bank waives these if you link a qualified checking account. Wire transfers are a bit pricey, and Chase only allows 20 transactions before they start charging.

Interest Rates

When it comes to savings accounts, the best you can do with Chase is 0.02% interest after you’ve built a relationship with the firm. Business CDs can reach up to 3.00% APY if you can afford to tuck money away for 3 to 12 months.

Minimum Balance

It takes a minimum balance of $2,000 to wash away the monthly maintenance fee on Chase’s small business checking account. To qualify for your sign-up bonus, you’ll need to bring your balance to at least $2,000 within your first 30 days and then hold that amount for the next 60.

Access to Mobile Banking

Chase lets you set and manage alerts on your accounts when you expect funds to come in or need to send some out. The app works well for transferring money or finding the ATM nearest to your current location. There’s also a QuickPay option with Zelle to send cash in a matter of moments.

Methodology for the Best Banks for Small Businesses in Massachusetts

It was our goal to find the best banks for small businesses in Massachusetts, whether you’re in the greater Boston area or living in the western part of the state. After careful consideration, we used the following factors to determine our favorite banking options:

Fees: Money makes the world go round and is a crucial component of any small business. When every cent matters, keeping banking fees to a minimum can significantly impact your bottom line. We factored this into our selections and made sure to note how to waive fees if they are applicable.
Interest Rates: The direct inverse of fees, having a bank willing to pay you for using their services can be a huge win. When it feels like so many financial institutions are moving away from offering interest, we strove to find the best ones that still do.
Minimum Balance: If you’re just starting out, chances are you don’t have a lot of money to play with. Many banks require a monthly balance to circumvent monthly charges, so we focused on options for keeping this amount to a minimum.
Mobile Banking: Everyone owns a smartphone, and few of us have time to stop and bank at a traditional brick and mortar. Banks with excellent mobile apps make it possible to handle all your financial needs as long as you have a wireless signal.
Ease of Setup and Use: Most financial institutions on our list can have you up and banking in a matter of minutes, whether you visit in person or through the mobile app. Some require little more than an EIN, but all of them make the process easy. We also looked at how easy it was to take care of your banking after becoming a member.

Best Banks for Small Businesses in Massachusetts Frequently Asked Questions (FAQs)

Finding the perfect bank for your small business is no easy task. This FAQ serves to answer some of the most common questions about identifying the best banks for small businesses in Massachusetts.

What kind of bank account should I open as an LLC?

It makes sense to open a business bank account for your LLC to maximize the number of features your company can ultimately use. Having a separate account for your LLC also provides personal liability protection to keep personal finances safe.

Is a local bank better for small business?

Many local banks offer the benefit of having intimate knowledge of your area. Those with a more online presence have the luxury of being available no matter where you are in the country.

Can I open a bank account with my EIN number?

Yes, you can open a bank account with your EIN number There’s no doubt you’ll need some sort of tax identifier when opening a bank account for your business. An EIN allows you to do so without mixing in your personal information.

What four documents do you need to open a business bank account?

In general, you’ll need to provide your business license and employer identification number (EIN) to open a business bank account. In addition, most banks will require your ownership agreement and your articles of organization.

Bottom Line

Finding a good bank in Massachusetts can be challenging, with so many options in a relatively small area. When making a selection, watch out for fees or balance requirements that may cause the financial institution to do more harm than good. It doesn’t hurt to find easy-to-use companies willing to give something back for doing business with you. We believe any of the options on our list could serve as a great choice to help you keep your finances in line.

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.

7 Best Banks for Small Businesses in Florida in 2023

Businessperson working on their computer at a desk

Creating a bank account for your small business allows you to keep tabs on money flow so you can effectively manage your bottom line. The best options have additional features to keep your company’s finances in tip-top shape. Read on to learn more about our favorite picks in this comprehensive review.

Best Banks for Small Businesses in Florida

Bluevine – Best Overall Bank for Small Businesses
Capital One – Best Bank for Digital Transfers
U.S. Bank – Best Bank for Lending Options
Bank of America – Best Bank for Rewards
Suncoast Credit Union – Best Bank for Interest Rates
Chase Bank – Best Bank for Business Services
City National Bank of Florida – Best Bank for Transactions

Our Methodology

When nailing down the best banks for small businesses in Florida, we looked into fees for keeping an account open minimum balances required to keep those costs at bay. We also checked out additional costs for using a bank’s various services and any interest rate bonuses that come with signing up. In an increasingly digital world, it was also crucial to find banks with excellent mobile banking services.

Click here for a more detailed explanation of our methodology.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Capital One

$15 (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire

0.20% APY

$2,000

Access credit card accounts,

transfer money,

deposit checks,

access bank statements,

access to CreditWise service

U.S. Bank

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0.01% APY

$500 for business savings

Transfer funds, view documents, find branch/ATM locations, manage cards

Bank of America

$16

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000

Manage accounts, pay and transfer, digital wallets, bill pay

Suncoast Credit Union

$0 to $20

$1.50 for out of network ATMs, $29 per returned check, up to $35 for wire transfers

From 0.25% to 3.55% APY

$0 to $100,000

Pay bills, transfer funds, deposit checks, set up savings goals

Chase

$15 (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

Fraud monitoring, card control, pay and transfer, view offers

City National Bank of Florida

$25 (waivable)

$40 for wire transfers

0.05% APY

$5,000

Pay bills, transfer money, set up digital wallet, mobile deposit

Bluevine: Best Overall Bank for Small Businesses in Florida

2.0% APY

★★★★★

4.7

Bluevine’s online-only banking is perfect no matter what part of Florida you call home. Its business checking account offers some of the highest interest rates you’ll find anywhere, making up for the lack of a savings plan. You can start a Bluevine account at any time, thanks to no minimum deposit or balance. There are very few fees to work around; you’ll just need to keep cash deposits to a minimum.

Why we chose it: High interest rates, minimal fees, and a lack of maintenance requirements make Bluevine the best business bank account for LLCs or other business types.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You won’t find any monthly fees when using Bluevine, making it possible to bank without ever paying a dime. Expect charges for using out-of-network ATMs, making the mobile app a valuable tool for finding free withdrawal sites. Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all.

Interest Rates

Bluevine comes through in a big way with its 2.0% APY. The rate is 50 times the current national average and applicable on balances up to $100,000. Once your small business’s balance grows beyond this amount, those extra funds won’t accrue any interest.

Minimum Balance

There’s no minimum balance requirement for using Bluevine, no matter how much you have in your account. Small businesses can start with next to nothing and take immediate advantage of the high interest rate.

Access to Mobile Banking

The Bluevine mobile app makes banking from anywhere a breeze. The thoroughly-designed tool makes it easy to manage your accounts and see where your money is going. It’s also possible to pay vendors by wire or check and schedule payments for fulfillment down the road.

Capital One: Best Bank for Small Businesses in Florida for Digital Transfers

0.20% APY

★★★★★

4.6

Capital One’s business checking account allows an unlimited number of transfers between your accounts so you never have to worry about having funds where you need them. Even if you do overdraft an account, Capital One won’t charge you for the mistake. The bank does have a number of Capital One Cafés in select Florida cities, but you won’t find these everywhere. There is a monthly fee, but you can waive this with a high enough balance.

Why we chose it: With no limits on digital transfers, Capital One gives you the freedom to keep funds moving.

Unlimited digital transfers
Does not charge overdraft fees
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

Capital One’s business accounts come with a $15 monthly fee that can be hefty for a small business. Luckily, you can waive this fee by keeping an average balance of $2,000 over a 30 or 90-day window. There’s no charge for using one of Capital One’s 70,000 ATMs nationwide.

Interest Rates

Opening up Capital One’s business savings accounts unlocks interest rates of up to 0.20% for your first year. This amount applies to balances up to $5 million, giving small businesses plenty of wiggle room. None of the bank’s checking accounts offer any interest, making free digital transfers that much sweeter.

Minimum Balance

You don’t need to keep a minimum balance with Capital One to keep your account open. It is in your best interest to maintain at least $2,000 in your checking to avoid the $15 monthly service fee. Keeping extra funds in your savings account allows you to generate some interest on money not currently in use.

Access to Mobile Banking

Since you won’t find many physical Capital One locations, the bank’s top-rated mobile app comes to the rescue. With it, you can do all your transfers, make digital payments, and deposit money with your device’s camera. The app also gives you access to Capital One’s CreditWise service to monitor your credit score and hear cool tips.

U.S. Bank: Best Bank for Small Businesses in Florida for Lending Options

0.01% APY

★★★★★

4.5

When your small business needs a cash injection, U.S. Bank has you covered. You can make use of several loan and line of credit options to upgrade your venture and not go under trying to pay it all back. The bank also has specialized merchant services for most business types that provide additional tools to help you succeed. There are even physical locations in Orlando and some coastal cities if you like banking in person.

Why we chose it: Small businesses in need of extra funds can turn to U.S. Bank for a plethora of lending options.

Lending to fit your needs
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

You’ll never have to worry about monthly fees when using U.S. Bank’s silver checking package for small businesses. Higher-tier accounts do have waivable monthly fees to contend with as your company grows. You’ll just need to keep tabs on monthly transactions to ensure you don’t incur charges for exceeding the monthly limit.

Interest Rates

U.S. Bank’s checking accounts do not come with any options to generate interest. While savings plans come with different perks, the current maximum interest rate is just 0.01%. Although a minimal amount, there is no balance cap to what you can earn.

Minimum Balance

There’s no minimum balance requirement when starting off with U.S. Bank’s silver account package designed specifically for small businesses. Other checking accounts have waivable fees should you keep up with the necessary balance amounts. Savings accounts start at a $500 minimum balance to remove service fees.

Access to Mobile Banking

If you find yourself away from one of U.S. Bank’s physical locations, you can perform all your banking through the mobile app. It’s possible to seamlessly transfer funds from one account to another and stay up to date with your financial status. U.S. Bank will also keep you informed with customized alerts.

Bank of America: Best Bank for Small Businesses in Florida for Rewards

Up to 0.04% APY

★★★★★

4.4

Bank of America’s rewards system is second to none, offering valuable benefits and rewards while growing alongside your business. Bonuses include higher interest rates and waived fees on select banking services. Over 4,300 branches dot the country, with several locations in Florida cities. While there is a monthly fee, savvy business owners can waive this amount with careful banking.

Why we chose it: Bank of America’s rewards come with several perks to make banking a win-win for all parties involved.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

Bank of America’s introductory checking account comes with a $16 monthly fee. You can negate this amount by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or by becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month.

Interest Rates

Most small businesses opening a savings account will earn 0.01% interest out of the rate. It is possible to increase this to 0.04% with enough activity in Bank of America’s rewards system. There’s no option to accrue interest with a Bank of America checking account.

Minimum Balance

Keeping an average monthly balance of $5,000 in your checking account will remove the $16 service fee. Similarly, you’ll want to have at least $2,500 in your savings account to avoid a $10 monthly charge there.

Access to Mobile Banking

Bank of America’s mobile app consistently earns high honors for its functionality. Within, you can manage your accounts, pay bills, or transfer funds from any location. You can also make use of the budgeting tool to monitor expenses and control spending.

Suncoast Credit Union: Best Bank for Small Businesses in Florida for Interest Rates

From 0.25% to 3.55% APY

★★★★★

4.4

Suncoast Credit Union serves the Sunshine State through a number of physical branches and a stellar free online banking app. Monthly fees are few and far between, but you will need to keep high balances on some accounts to avoid them. Incredibly high interest rates help offset fees you can’t prevent and provide a small source of additional funds.

Why we chose it: This Florida-based credit union has some of the highest interest rates of any institution in the state.

Very high interest rates
Free online banking
Minimal monthly fees

High minimum balances on some accounts
Significant returned check fee
All locations on the west coast

Fees

Depending on your plan, you may have to contend with monthly fees if you can’t maintain minimum balance requirements. Introductory plans do not have this issue, allowing small businesses to bank without fear. Additional fees come in the form of out-of-network ATM fees and charges for returned checks.

Interest Rates

You won’t find any interest rates for Suncoast’s checking accounts, but there are some great options in the savings department. On the low end, you can generate 0.25% APY for basic savings and work up to 3.55% through share certificates. If you have some money to set aside, the paybacks can be worth it.

Minimum Balance

You’ll need $50 to open an account with Suncoast, but there’s no minimum balance for its Smart Checking plan. You’ll need at least $2,000 to avoid fees at higher levels. Savings accounts and share certificates have balance requirements from $5 to $100,000 depending on what interest rate you’re shooting for.

Access to Mobile Banking

It’s possible to use the SunMobile banking app to do anything from open an account to transfer funds to any financial institution. You can pay suppliers, set up savings goals, and deposit checks as well. Best of all, the app is very intuitive and takes moments to master.

Chase: Best Bank for Small Businesses in Florida for Merchant Services

Up to 0.02% APY

★★★★★

4.2

Chase Business Bank Review

Chase goes above and beyond, providing a number of merchant services you can use to improve your business. Fraud protection and cash management tools are just the tip of the iceberg for bonus features. New account owners receive up to a $300 bonus just for signing up, and there are several ways to earn bonus points on purchases. Although monthly fees are present, there are plenty of ways to work around them.

Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.

Several available merchant services
Multiple ways to waive the monthly maintenance fee
$300 sign-on bonus

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Monthly fees start at $15 for Chase Business Complete Banking. You can do away with this charge by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or through Chase Ink Business Card purchases. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.

Interest Rates

As with most banks, Chase doesn’t provide any interest for money you have in a business checking account. To earn a rate, you’ll need to start up a business savings account that accrues up to 0.02%.

Minimum Balance

If you want to avoid Chase’s monthly service fee, you’ll want to keep at least $2,000 in your checking account at all times. Dipping below this amount even once per month is enough to merit the charge. Savings accounts have no fee as long as you have an active checking account with Chase.

Access to Mobile Banking

In addition to standard banking procedures, you can use the Chase mobile app to lock or unlock your credit card should you misplace it. There’s also a budget planning feature to set aside funds for a large purchase and credit monitoring tools to protect your credit health.

City National Bank of Florida: Best Bank for Small Businesses in Florida for Transactions

0.05% APY

★★★★★

4.2

January 10, 2023March 21, 2023

City National Bank of Florida has over 75 years of experience serving customers throughout Florida. The bank allows up to 200 transactions and $10,000 in free cash deposits each month, a considerable step up from many other institutions. Understanding APY rates among various accounts is unclear and can lead to a frustrating experience. A great mobile app helps lessen some of the sting.

Why we chose it: City National Bank of Florida allows a wide margin for transactions and cash deposits where other banks fall short.

Up to 200 transactions per month
$10,000 in free cash deposits per month
Great mobile app

Requires a monthly balance
Branches are primarily in the Miami area
APY rates are not transparent

Fees

New small business owners will face a $25 monthly fee when signing up for City National’s business checking account. You can work around this expense with proper planning, and the only other charges come with domestic and international wire transfers.

Interest Rates

City National Bank of Florida is not transparent about its interest rates anywhere on the website. There’s no hope for APY with checking, but savings accounts can earn up to 0.05% after meeting a monthly minimum balance.

Minimum Balance

It takes an average minimum monthly balance of $5,000 to avoid City National’s $25 maintenance fee on your checking account. If that wasn’t enough, you’ll need to keep at least $3,500 in your savings account to be eligible for the bank’s interest rate.

Access to Mobile Banking

City National’s mobile banking setup marries well with Zelle for quick transactions and transfers. You can also use the app as a digital wallet for payments or organize finances with money management tools. There’s even free credit reporting and tips for improving or maintaining your score.

Methodology for the Best Banks for Small Businesses in Florida

We considered several facets for opening a business bank account and managing your finances once you’re up and running. Below are the top factors we used for determining the best banks for small businesses in Florida.

Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
Interest Rates: We realize business bank accounts function primarily for the purpose of organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.

Best Banks for Small Businesses in Florida Frequently Asked Questions (FAQs)

Have more questions about opening a bank account for your Florida business? This FAQ may have the answers you’re looking for.

How do I open an LLC bank account in Florida?

Opening an LLC bank account in Florida requires your business’s operating agreement and articles of organization. You’ll also need to show some form of identification proving you’re a resident of the state and an employer identification number (EIN) for tax purposes. With these documents in hand, starting up your account shouldn’t take more than a few minutes.

Can I open a bank account with my EIN number?

Yes, it’s a good idea to open a bank account with an EIN number. Any business with at least one employee requires an EIN for tax purposes, and banks will use this when registering your account. If you’re the only employee of your venture, the alternative is to use your social security number (SSN). However, using your SSN can blur the line between personal and business finances.

Do I need a Florida ID to open a bank account in Florida?

Most Florida banks require proof of residency in Florida before letting you open an account. You can work around this by choosing an online-only bank account that’s manageable no matter where you currently live.

How much should a small business have in a bank account?

It’s wise to hide away at least six months’ worth of operating expenses in case you hit a snag with your business operations. This is money you can fall back on while you recover from whatever slowdown you currently face. If possible, add at least 10% of your profits each month in order to grow these savings.

Bottom Line

Business bank accounts can work wonders for small businesses trying to manage funds and stay on top of debits and credits. The best banks for small businesses in Florida minimize fees to your organization while making it easy to transfer money and keep your suppliers happy. Look no further than these banks for all the tools your Florida-based company needs to meet your financial goals.

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.

7 Best Banks for Small Businesses in Texas in 2023

A work desk with a monitor screen displaying the words "Texas bank account"

In this day and age, banks do so much more than hold onto your finances. The best banks for small businesses in Texas offer comprehensive services while keeping your costs to an absolute minimum. Read on to hear about our favorite picks for the Lone Star State and why we liked each one.

Best Banks for Small Businesses in Texas

Bluevine – Best Overall Bank
Wells Fargo – Best Bank for Branch Locations
Capital One – Best Bank for Transactions
U.S. Bank – Best Bank for Lending Options
Bank of America – Best Bank for Rewards
PNC Bank – Best Bank for Withdrawals
Chase Bank – Best Bank for Business Services

Our Methodology

When creating our list of favorite Texas banks, we considered monthly pricing for account maintenance and any other fees that could slow your business down. We studied minimum balance requirements and which banks feature the best rates in the state. Finally, we picked institutions with solid mobile apps and all-around easy-to-use systems.

You can find a more detailed analysis of our methodology here.

Bluevine

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

Pay vendors by wire or check, schedule payments, manage cash flow

Wells Fargo

$10 (waivable)

Fees for deposited items, excess transactions and cash deposits

0.15% APY

$500

Deposit checks, send and receive money, toggle cards on or off

Capital One

$15 (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire

0.20% APY

$2,000

Access credit card accounts,

transfer money,

deposit checks,

access bank statements,

access to CreditWise service

U.S. Bank

$4 (waivable)

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0.01% APY

$500 for business savings

Transfer funds, view documents, find branch/ATM locations, manage cards

Bank of America

$16 (waivable)

Out of network ATM fees, fees for excessive deposits

Up to 0.04% APY

$5,000

Manage accounts, pay and transfer, digital wallets, bill pay

PNC Bank

$12 (waivable)

Fees for excess transactions, out of network ATM use

Varies by region (0.01% to 0.03% APY)

$500 – $2,500

Bill pay, cash flow insights, access to merchant services, PINACLE

Chase

$15 (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

Fraud monitoring, card control, pay and transfer, view offers

Bluevine: Best Overall Bank for Small Businesses in Texas

Interest rates: Up to 2.0% APY

★★★★★

4.7

Bluevine provides an online-only service you can access from anywhere. Although there’s no savings account option, Bluevine’s business checking more than makes up for it. The fintech offers incredibly high interest rates for patrons and no monthly fees to keep your account active. There are a number of free ATMs for Texans to use, but charges start to creep in for out-of-network machines and cash deposits.

Why we chose it: Bluevine’s high interest rates, coupled with minimal fees and upkeep, make it the best bank for small businesses in Texas.

High interest rates
Very few fees
No minimum deposit required

No business savings account
No ATM reimbursement
Fee for cash deposits

Fees

You won’t incur any costs for doing business with Bluevine. Opening and maintaining an account is free, allowing you to transfer money and pay vendors without worry. While Bluevine has a large number of fee-free ATMs, you’ll get hit with a charge if you try to use an out-of-network machine. If your business deals with cash, you’ll have to be strategic to limit the number of cash deposit charges you incur.

Interest Rates

Bluevine has one of the best business checking accounts you’ll find, thanks to a 2.0% interest rate. Because of this, Bluevine does not offer a savings account to tuck away extra funds. It’s worth noting that this interest rate only applies to amounts up to $100,000.

Minimum Balance

You can open your Bluevine account at any time and never have to worry about maintaining a minimum balance. Even if your funds drop dangerously low, the financial technology company won’t start charging you a service fee. This is a huge sigh of relief for small business owners who work with limited cash flow.

Access to Mobile Banking

As an online company, Bluevine has to do mobile banking well. It has carefully crafted apps for both Android and iOS to create a simple, all-in-one banking experience. You can manage your cash flows, pay your vendors by wire or check, or even schedule recurring payments so you don’t have to worry about them.

Wells Fargo: Best Bank for Small Businesses in Texas for Branch Locations

Interest Rates: 0.15% APY

★★★★★

4.6

With 560 branch locations across the Lone Star State, Wells Fargo beats out the competition through sheer volume. Its prowess doesn’t end there, thanks to an extensive banking network stretching from coast to coast. You will want to be careful of charges for excess deposits and transactions, but at least you can remove the monthly service fee with a bit of planning.

Why we chose it: Wells Fargo has more branches in Texas than any other financial institution, making it ideal for anyone preferring in-person banking.

560 branch locations in Texas alone
Possible to waive monthly fees
Extensive banking network around the country

Monthly fees
Charges for excess deposits or transactions
Low interest rates

Fees

Wells Fargo’s Initiate Business Checking is ideal for small businesses and only has a $10 monthly service fee. Circumventing this charge is as simple as holding a minimum balance in your account or ledger. Your savings account options function much the same way, but you also negate fees by setting up automatic transfers.

Interest Rates

There’s no opportunity to generate interest through a Wells Fargo checking account, but savings accounts more than make up for this issue. Even the most basic savings plans start you off at 0.15%, with higher-tier options reaching up to 2.00% APY.

Minimum Balance

It only takes $500 to avoid the monthly service fee on the Initiate checking account. As this is a daily minimum requirement, you’ll want to make sure not to dip below this number at any point during the month. Introductory-level savings accounts require $300 to keep things fee-free. Some savings accounts can accrue more interest with higher balances.

Access to Mobile Banking

You can bank conveniently from your phone through Wells Fargo’s mobile app. It’s possible to gather account information, send money from place to place, or track important payments. With a few button presses, the app will even point you to the nearest branch location or ATM.

Capital One: Best Bank for Small Businesses in Texas for Transactions

Interest Rates: 0.20% APY

★★★★★

4.6

Where many banks give only a handful of free transactions each month, Capital One goes the extra mile. You’ll never receive a charge for digital transactions, and the bank also waives overdraft fees should you accidentally pay too much. There are several branch locations in the bigger cities, but those living in other areas are limited to an online service.

Why we chose it: Capital One doesn’t place a limit on digital transactions, allowing you to get money where it needs to go.

Unlimited digital transactions
High promotional interest rates
Does not charge overdraft fees

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

Small businesses will likely choose a Basic business checking account with a modest $15 monthly service fee. Capital One’s Unlimited checking affords more freedoms but has a $35 upkeep. In either case, you can waive these charges with the right requirements.

Interest Rates

Capital One offers promotional interest rates on savings accounts you can lock in for a year at a time. It’s currently possible to snag a 0.20% APY on all your savings, although there’s no guarantee this rate will stick 365 days from now. None of Capital One’s checking accounts generate any interest.

Minimum Balance

You’ll want to maintain a 30 or 90-day balance averaging $2,000 or more if you want to avoid Capital One’s $15 maintenance fee. Those looking at the bank’s Unlimited checking plan will need to average $25,000 in that account instead. There’s a $300 minimum on Capital One’s business savings account.

Access to Mobile Banking

Whether you live near one of Capital One’s Texas branches or not, you can take advantage of its stellar mobile app. From any device, it’s possible to perform all your digital transactions and deposit money through your camera. If that wasn’t enough, using the mobile app gives access to CreditWise for accurate credit assessments and tips on keeping your score high.

U.S. Bank: Best Bank for Small Businesses in Texas for Customer Service

Interest Rates: 0.01% APY

★★★★★

4.5

For a large banking institution, U.S. Bank goes above and beyond with its customer service team. Call any time day or night and you’ll connect with a banker offering fast solutions to your issue. The bank also has a long list of specialized merchant services for your business type and plenty of lending options should you need some extra cash.

Why we chose it: U.S. Bank makes up for a lack of Texas locations with an excellent 24/7 customer service team.

Excellent customer service
Specialized merchant services for restaurants, retailers, and service providers
Lending to fit your needs

Charges for overdrafts
Relatively low APY
Only locations in 28 states

Fees

The U.S. Bank silver business checking account resonates best with small business owners. This plan has no monthly maintenance fee to contend with, whereas the bank’s other options do. You will want to keep track of monthly transactions; you only receive the first 125 for free. U.S. Bank’s savings account does have a waivable service fee.

Interest Rates

None of U.S. Bank’s checking accounts offer any sort of interest rate. Savings accounts do, but the best APY available is 0.01%. This holds true no matter how much money you have, but at least there are no upper limits.

Minimum Balance

You won’t need to worry about a minimum balance if you stick to U.S. Bank’s introductory checking account designed for small businesses. Its savings account requires at least a $300 balance to do away with the $4 fee each month.

Access to Mobile Banking

The U.S. Bank mobile app will help you track down the branch location nearest to you while offering a slew of services on its own. On your device, you can still transfer money and stay up to date on your account balances. It’s also possible to set alerts in case funds drop below a certain level to avoid unsightly overdraft fees.

Bank of America: Best Bank for Small Businesses in Texas for Rewards

Interest Rates: Up to 0.04% APY

★★★★★

4.4

Over 300 of Bank of America’s branches are located right in the Lone Star State, making for easy banking. As you do business, the bank rewards you with higher interest rates and removes fees for some banking services. Perks grow with your business based on your average daily balance. Accounts do have monthly fees, but you can work around these through careful planning.

Why we chose it: Bank of America’s extensive rewards system pays you back any time you do business as usual.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

The Business Advantage Fundamentals checking account comes with a $16 service fee you can remove by meeting one of three criteria. As long as you maintain a $5,000 average monthly balance, spend at least $250 in debit card purchases, or join the Preferred Rewards program, your account will is free to use. Your savings account has similar requirements lest you pay $10 per month for upkeep.

Interest Rates

Your Bank of America interest rate can change depending on your rewards status with the company. Savings accounts start at 0.01% APY, but it’s possible to reach 0.04% at the platinum honors tier. Small businesses may have to work a while to reach this milestone, but the possibility is there.

Minimum Balance

If you’re not a Preferred Rewards member, you’ll need to keep at least $5,000 in your checking account to avoid Bank of America’s monthly maintenance fee. Savings accounts are a bit more forgiving, requiring just $2,500 to negate a $10 per month charge.

Access to Mobile Banking

You’ll be able to view and interact with all your accounts from the Bank of America mobile app. It’s possible to deposit checks, transfer money, or pay bills right from your phone. The app also helps with spending and budgeting as you save up for that next big purchase.

PNC Bank: Best Bank for Small Businesses in Texas for Withdrawals

Interest Rates: Varies by region (0.01% to 0.03% APY)

4.3

★★★★★

PNC Bank has one of the most extensive ATM networks in the nation. Whether you’re in state or on the road, there’s a good chance you’re not far from fee-free withdrawals. If you accidentally take out too much, PNC Bank offers 24-hour overdraft correction to fix your mistake. Business owners new to PNC can qualify for $200 just for opening an account.

Why we chose it: PNC’s impressive network of banks and ATMs make taking out money a walk in the park.

Over 60,000 fee-free ATMs in the US
$200 sign-up bonus
24-hour overdraft protection

High overdraft fee
APY varies by region
Harder to open standalone accounts

Fees

As a thank you for signing up, PNC Bank doesn’t charge any service fees for your first three months as a member. After that, you’ll pay $12 on both your checking and savings accounts to keep them active. You can remove these charges through monthly balances, making purchases, or generating money from deposits.

Interest Rates

PNC Bank’s interest rates are a bit of an enigma. They vary from region to region in the Lone Star State, requiring a phone call to determine your potential earnings. Based on our research, you’ll likely end up somewhere in the 0.01% to 0.04% range, depending on your balance.

Minimum Balance

Monthly balances play an important role in eliminating service fees from your accounts. It only takes $500 to keep your checking account fee-free, but savings accounts require a minimum of $2,500. Your account balance may also play a role in the interest rate you receive.

Access to Mobile Banking

The PNC mobile banking app allows you to pay bills and manage your accounts from the convenience of your smartphone. In the same vein, you can access cash flow insights to visualize the impact of projected transactions and see how spending lines up.

Chase: Best Bank for Small Businesses in Texas for Business Services

Interest Rates: Up to 0.02% APY

★★★★★

4.2

December 9, 2022March 25, 2023

Chase Bank Review

Chase Bank adds a lot to the traditional banking mix through a long list of helpful business services. These tools include safeguarding your company against fraud or managing revenue through payment-collection solutions. Texans will also enjoy the number of Chase locations throughout the state and up to a $300 sign-on bonus with qualifying activities.

Why we chose it: Chase’s business services complement an already substantial list of traditional banking features.

Several available business services
Multiple ways to waive the monthly maintenance fee
$300 sign-on bonus

Monthly maintenance fees
Only 20 free transactions per month
Minimal APY

Fees

Chase’s introductory business checking account comes with a $15 easily waivable fee if you meet one of three criteria. All you need is a $2,000 daily balance, purchases with a Chase Ink Business Card, or deposits from Chase QuickAccept. As long as you have a checking account through Chase, maintaining a savings account is completely free.

Interest Rates

You won’t find the best rates on Chase’s savings accounts, but something is better than nothing. Most small businesses will start at 0.01%, but you can bump this up to 0.02% over time. Checking accounts won’t accrue any interest, so you’ll want to balance your funds accordingly.

Minimum Balance

It’s best to keep a daily balance of at least $2,000 in your checking account to do away with pesky service fees. A savings account requires a $1,000 balance, but you can also avoid this charge by linking it with your checking.

Access to Mobile Banking

Your mobile app dramatically simplifies the banking process. From your device, you can send payments just about anywhere and move funds from place to place between your accounts. If you don’t have time for the app, Chase also has several text prompts you can use to see your balances fast.

Methodology for the Best Banks for Small Businesses in Texas

We looked at several factors when choosing the best banks for small businesses in Texas. Here are the considerations we felt were most important and the reasoning behind each choice.

Fees: Small businesses often have to watch the bottom line as they build sales and rapport among clients. Banks can be a great way to track funds, but a financial institution with lots of fees does more harm than good. In our selection, we focused on companies with minimal fees or at least ways even a new business could waive them.
Interest Rates: The best banks for small businesses in Texas offer incentives in the form of interest just for letting them hold your money. We strove to identify those with easy-to-access above-average rates.
Minimum Balance: Most banks want you to keep a certain balance in each of your accounts or they’ll penalize you. We made sure these required amounts were well within the feasible range for small businesses to avoid charges.
Access to Mobile Banking: As a small business owner, you’re always on the go. Therefore, having access to mobile banking tools allows you to conduct business from wherever you may be. An excellent mobile app saves time while offering extra features to manage your funds.
Ease of Use: No one wants to fumble through enigmatic websites or hard-to-understand mobile apps. We make sure to pick out banks making every step of your experience as simple as can be. Convenience comes into play during the initial setup as well. At some banks, you can even open a bank account with nothing more than an EIN.

Best Banks for Small Businesses in Texas Frequently Asked Questions (FAQs)

Want to learn more about starting a bank account for your small business in Texas? This FAQ answers some of the most common questions about the topic.

What is the most used bank in Texas?

Wells Fargo is currently the most used bank in Texas, with more than 560 locations. There are also more than 1,300 ATMs in the state to deposit checks or withdraw cash from.

Is it better to bank with one bank?

For small businesses, it makes sense to keep all your company funds with one bank. You’ll often need to maintain monthly balance requirements to eliminate service charges, which can be challenging if funds are split too thin. It’s also convenient to manage all your transactions from one location.

How do I choose a bank to open a business account?

When choosing a bank to open a business account, keep in mind each of the factors we listed above. The process should be simple, convenient, and not give you the runaround when trying to access your funds. Your bank of choice should have minimal fees (if any) and offer plenty of ways to help your business succeed.

Should I use a different bank for my LLC?

Whether or not you use a different bank, it’s wise to establish a separate bank account for your LLC. Any of the institutions on our list are some of the best business bank accounts for LLCs in the state of Texas.

Bottom Line

A bank account for your small business can do wonders for money management and watching your bottom line. The best options in Texas put the power at your fingertips while offering methods to work around ugly maintenance fees. We love what Bluevine brings to the table, but we feel any of the selections on this list will do you good.

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.

6 Best Business Savings Accounts for April 2023

Businesses big and small need a savings account to generate interest and pull funds from on a rainy day. That said, some options stand head and shoulders above the rest. This article reveals the six best business savings accounts as we head into the new year.

Quick View on the Best Business Savings Accounts

Capital One Business Savings Account – Best Overall
NBKC Business Money Market – Best for Add-On Services
Bank of America Business Advantage Savings Account – Best for Rewards
Lili Automatic Savings – Best for Tax Optimization
Axos Bank Business Premium Savings – Best for Welcome Bonuses
U.S. Bank Basic Business Savings Account – Best for Lending Options

When checking out the best business savings accounts, we looked for any pesky fees and interest rates that serve to offset them. We also found it important to understand minimum deposit requirements at the time of opening and limitations on drawing money out. Finally, we looked for additional features that made a particular company stand out and how easy it was to use an account.

You can find a more detailed look at our methodology below.

Capital One Business Savings Account

$3 monthly service fee (waivable), $2 for out of network ATMs

0.20% APY

$250 minimum opening deposit

Up to 6 free each cycle

Overdraft coverage if linked to business checking

NBKC Business Money Market Account

None

1.26% APY

$0.01

6 free withdrawals each month

Four physical bank locations, additional banking services available

Bank of America Business Advantage Savings Account

$10 monthly service fee (waivable), fees for excessive deposits

Up to 0.04%

$100 to open account

Up to 6 transfers or withdrawals each monthly cycle, up to $1,000 in cash from ATM

Can set up automatic transfers, overdraft protection, rewards program

Lili Automatic Savings Account

$9 monthly service fee, $2.5 for out of network domestic ATMs, $5 for international

1.50% APY

$0.01

Maximum six withdrawals per month

Tax optimization software, fast enrollment, smart mobile banking, overdraft forgiveness

Axos Bank Business Premium Savings Account

$25 overdraft fee

Up to 0.20% APY

$25,000 minimum opening deposit

Up to 6 free withdrawals per statement cycle

$200 bonus for new business owners, ATM reimbursements, Quickbooks integration

U.S. Bank Basic Business Savings Account

Monthly maintenance fee (waivable), fees at out of network ATMs

0.01% APY

$500 minimum opening deposi

Limited to 6 withdrawals each month

More than 2,400 bank locations in 28 states

Business Checking Accounts That Earn Interest

Sometimes, you don’t have to look to business savings accounts to earn interest on your money. Some of the best business checking accounts offer APY on their own:

Bluevine Business Checking – 2.0% APY on balances up to 100k & Best Bank Account for LLCs
American Express Business Checking – 1.3% APY on balances up to $500k

Capital One Business Savings Account: Best Overall Business Savings Account

Monthly Fee: $3/month

★★★★★

4.7

Capital One Business Savings Account Review

Capital One has a baseline APY of 0.20%, but many businesses can qualify for higher promotional rates for the first 12 months of use. There are only a handful of branch locations around the country, but the bank’s extensive ATM network more than makes up for it.

If you accidentally pull too much from your account, you’ll never have to worry about overdraft fees. Beware of the monthly account fee should you not be able to keep up with the requirements.

Why we chose it: Capital One’s large ATM network, minimal fees, and high promotional interest rates of up to $5 million make it one of the best online savings accounts for businesses.

High promotional interest rates
Does not charge overdraft fees
Large ATM network

Limited physical locations
Monthly account fee
Out-of-network ATM fees

Fees

You’re looking at a $3 per month service fee with Capital One if you can’t meet monthly criteria. Fortunately, this is no more difficult than having at least $300 in your business savings account at all times. For other fees, expect a $2 charge for out-of-network ATMs both in the United States and abroad.

Interest Rates

Capital One advertises a 0.20% interest rate as a current baseline to go off of when setting up your account. It’s possible to grab a promotional rate for your first year with the bank, although this amount seems to be on a case-by-case basis. Whatever rate you end up with, it’s good on balances up to $5 million. Any funds beyond that will receive a lower APY.

Minimum Deposit

It takes a $250 initial deposit to open a business savings account with Capital One. Once you’ve opened an account, you don’t need to maintain a set amount. If you can maintain a balance above $300, you won’t have to worry about monthly fees.

Withdrawals

Capital One gives six free withdrawals each payment cycle. Going over the limit can result in unsightly fees. For each withdrawal, you can take up to $600 out through an ATM at a time.

Additional Features

Besides a promotional interest rate for the first year, having a linked business checking account saves you from overdraft fees on your savings. Beyond that, Capital One works with business owners to find banking products that best suit their needs.

>>> Create Your Business Savings Account with Capital One

NBKC Business Money Market Account: Best Business Savings Account for Add-On Services

Monthly Fee: None

★★★★★

4.6

NBKC Business Money Market Account Review

NBKC Bank loves offering a lot for very little. Its money market account has minimal fees to contend with across the board, so your money stays with you. Memberships unlock several add-on services you can build into your account, from fraud protection to invoicing. There aren’t any physical branches outside the Kansas City area, and the app lacks a few features. However, NBKC’s customer service more than makes up for it.

Why we chose it: NBKC Bank goes beyond traditional banking with professional invoicing, cash management, and several other powerful service options.

Many extra service options
Few fees to contend with
Excellent customer service

No physical bank branches outside of Kansas and Missouri
High international wire fees
Mobile app limitations

Fees

Good luck stumbling across a fee while using NBKC Bank. There’s no charge to open an account, maintain it, or if you have an overdraft. Furthermore, you aren’t penalized for returned checks, using a debit card, or depositing money into your business money market account. The only area you have to worry about is international wire transfers, which can set you back $45 a pop.

Interest Rates

NBKC Bank has a high-yield business savings account at 1.26% APY. Best of all, this rate remains whether you have a penny or millions stashed away.

Minimum Deposit

There are no requirements for opening or maintaining your money market account through NBKC Bank. You won’t ever encounter a fee for falling below a certain threshold, nor will your interest rate suffer.

Withdrawals

You can withdraw funds from your money market account up to six times per statement period. It’s possible to pull out up to $1,010 from an ATM each day as long as you have sufficient funds.

Additional Features

This is where NBKC bank really shines. As a traditional bank, it offers a multitude of banking services you can use with your business. These extend to invoice processing, cash management tools, and one-on-one service from industry experts. Anyone living in the Kansas City area can take advantage of these services from a physical branch location.

>>> Set Up Business Savings with NBKC

Bank of America Business Advantage Savings Account: Best Business Savings Account With Rewards

Monthly Fee: $10/month

★★★★★

4.5

Bank of America Business Advantage Savings Account Review

The Business Advantage Savings account gives you the opportunity to level up your interest through various reward tiers based on your monthly balance. There are monthly fees, but it is possible to waive these through a handful of requirements. With thousands of branches and ATMs around the country, chances are you’ll never be far from one. This is a good thing, because transaction fees for using non-Bank of America ATMs can be high.

Why we chose it: Bank of America’s Preferred Rewards program offers interest rate boosts and other incentives to serve your business.

Preferred rewards to boost interest rate
Over 17,000 ATMs and 4,300 branches
Can waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Fees

Bank of America has a $10 monthly service fee for anyone unable to meet the requirements to have it waived. To qualify for free savings, you’ll need to do at least one of the following:

Maintain a $2,500 minimum daily balance
Include one Business Advantage Savings account as part of your Business Advantage Relationship Banking solution
Become a member of Preferred Rewards for Business

Otherwise, there are incremental fees if you deposit more than 25 items or over $5,000 in cash during a statement cycle.

Interest Rates

You’ll start off at 0.01% APY, no matter what your average daily balance is. Should you enroll in Bank of America’s Preferred Rewards program, you’ll be able to increase this rate as you move up the ladder. To be eligible, you must open a Bank of American business checking account and have an average daily balance exceeding $20,000 across your business deposit accounts.

Interest rates at higher tiers are:

Gold: 0.02%

Platinum: 0.03%

Platinum Honors: 0.04%

Minimum Deposit

To open a Business Advantage Savings account, you’ll need to make an initial deposit of at least $100. There’s no penalty for falling below this number, but there are plenty of perks for moving it higher. You can waive the monthly service fee or tap into high-interest rates if your balance is high enough. In case you missed it, we have also guide on how to open an EIN-only business bank account.

Withdrawals

When working with your savings account, you’ll have to limit withdrawals to six per payment cycle. The maximum amount you can withdraw from an ATM at a time is $1,000.

Additional Features

The Preferred Rewards program offers many benefits beyond an interest rate increase. You can earn discounts on auto loans and merchant services while cutting down on ATM fees just by moving up the ranks. Bank of America also protects your account from overdrafts and allows automatic transfers so you can maximize your interest.

>>> Save with Bank of America

Lili Automatic Savings Account: Best Business Savings Account for Tax Optimization

Monthly Fee: None

★★★★★

4.4

Lili Automatic Savings Account Review

Lili’s all-in-one banking app is super simple to set up, rarely taking more than a few minutes to create your account. Although online-only, Lili has many great features, such as tax optimization software to help keep you in good standing with the IRS. To access business savings, you’ll have to sign up for Lili Pro, a premier service with a monthly service fee. Fortunately, this high-yield business savings account puts many other financial institutions to shame. By the way we also have reviews for other business savings accounts such as; Novo Review and Bluevine Review

Why we chose it: Lili’s checking and savings accounts come with personalized tax optimization tools to ensure you can file easily and without issue.

Tax optimization software
High yield business savings account
Quick enrollment

Must transfer money to savings every day
Monthly service fee
Low monthly transfer and deposit limits

Fees

It will cost you $9 per month to subscribe to Lili Pro, the mobile app’s advanced tier of service. There’s no way to remove this fee, and you’ll need a Lili Pro membership to open a business savings account. There are no additional charges for doing business, but watch out for $2.50 fees for domestic out-of-network ATMs and $5 for international ones.

Interest Rates

Lili is one of the top high-interest business savings accounts out there, offering up to 1.50% APY on funds located within. The rate actually went up from 1% at the beginning of the year.

Minimum Deposit

There’s no minimum deposit required to start a Lili business savings account. However, you will need to deposit at least $1 per day into your business savings account to keep it open. You can set this transfer to happen automatically so you don’t forget.

Withdrawals

Lili limits monthly withdrawals from your business savings account to just six. It can be challenging to move funds back to checking, and the process can take up to a week to complete. Make sure to plan ahead if you’re going to need to tap into what Lili calls an emergency savings account. When taking money out through an ATM, the cap is $500 per day.

Additional Features

Lili has cool tax optimization tools to help you save for the season. With it, you can categorize purchases, find your tax bracket, and file all from the app. Enrollment is lightning fast, and the smart mobile app makes it easy to bank from anywhere. There’s also overdraft forgiveness if you overstep the bounds of your account.

>>> Get Started with Lili Banking

Axos Bank Business Premium Savings Account: Best Business Savings Account for Welcome Bonuses

Monthly Fee: None

★★★★★

4.3

Axos Bank Business Premium Savings Account Review

While most financial institutions stifle transfers, Axos offers a lot more leeway with up to 20 per month across your accounts. Anyone setting up an account for the first time can earn a $100 bonus for doing so, and new businesses may see up to $200 in free money. The Premium Savings account does have a hefty $25,000 initial deposit that some small businesses may not be able to afford, however.

Why we chose it: Axos allows more transfers than most other online savings accounts for businesses and has a nice welcome bonus for new owners.

Up to $200 welcome bonus
Allows 20 transfers per month
Integrates with Quickbooks

No cash deposits
High initial deposit required
Poor customer service

Fees

Axos Bank scoffs at fees, charging absolutely nothing for monthly maintenance nor costs should your balance fall below a certain threshold. This makes Axos the best free business bank account for cash deposits.

You’ll want to keep tabs on your finances though, as $25 for over drafting your account can be a punch in the gut.

Interest Rates

You’re looking at a 0.20% interest rate with Axos Bank no matter how high your business savings account goes. The online provider does seem to imply a rate increase if you pass the $5 million mark. If your Premium Savings account falls below $24,000, the rate drops to 0%.

Minimum Deposit

You’ll need at least $25,000 in initial funds to open up an Axos Premium Savings account. Once up and running, there’s no requirement to maintain this balance or fees if you drop below it. If funds dip below $24,000, you won’t earn any interest.

Withdrawals

Like most other business savings accounts, you can perform up to six withdrawals each statement cycle. You can draw up to $1,010 from your account each day.

Additional Features

Axos Bank really stands out for dropping money into your account at startup, making a good bank account for startups. An extra $100 to $200 can mean a lot to an up-and-coming business, and all you have to do is sign up. Additionally, Axos integrates well with Quickbooks software for financial tracking.

>>> Open a Business Savings Account with Axos Bank

U.S. Bank Basic Business Savings Account: Best Business Savings Account With Lending Options

Monthly Fee: None

★★★★★

4.2

U.S. Bank Basic Business Savings Account Review

U.S. Bank has some great lending options to complement its checking and savings accounts for business owners. It’s possible to set up business loans or business lines of credit for an immediate expense or grow your business. The bank has more than 2,400 branch locations around the country in 28 states, so you may have a drive a little to find one. While you’re there, take advantage of the specialized merchant services U.S. Bank offers for your business type. Don’t also forget our review for the other business savings accounts like; Chase Bank Review and SoFI Review

Why we chose it: You can use U.S. Bank’s business savings account to set money aside for a rainy day or make use of a long list of lending options.

Lending to fit your needs
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Nontransparent fees
Only locations in 28 states
Very low APY

Fees

The fee schedule at U.S. Bank is very muddy. You’ll need to visit a branch or call an agent to figure out monthly charges for not meeting your account requirements. It is clear that you can avoid monthly fees if you maintain at least $500 daily. There are also ambiguous fees for transactions and the use of out-of-network ATMs.

Interest Rates

U.S. Bank’s interest rate is 0.01%. It doesn’t matter how much you have in your account; your money will only grow at this rate.

Minimum Deposit

There’s a $500 minimum opening deposit for a U.S. Bank Basic Business Savings account. Should you call below this minimum, you will incur a monthly maintenance fee from the company.

Withdrawals

With U.S. Bank, you’ll have the standard six monthly withdrawals to work with. Within a 24-hour period, it’s only possible to pull out $300 from your business checking account using an ATM.

Additional Features

If you prefer to bank in person, U.S. Bank has more than 2,400 locations scattered throughout the United States. These branches cover 28 states, seemingly without rhyme or reason. The bank does make it easy to view account features through a handy app and detailed monthly statements.

>>> Start Saving with U.S. Bank

Methodology for the Best Business Savings Accounts

We looked into many different factors when selecting the best business savings accounts to populate this list. Here are the top considerations we used when making our decision.

Fees: There’s little point in using a bank that’s going to slowly suck your account dry. We make sure to avoid institutions with hidden fees or high costs for doing business that ultimately put you at risk of losing money instead of growing your account. If there are monthly maintenance fees, we prefer providers with the option to waive these amounts if you meet certain criteria.
Interest Rates: Interest rates are the bread and butter of any savings account. Without a good interest rate, there’s no reason not to leave all your funds in a checking account for quick and easy access. With a national average rate hovering around 0.24%, banks should meet this or have incredible features to make up for it.
Minimum Deposit: Banks requiring a minimum initial deposit can be a barrier for startups or up-and-coming small businesses. Even worse are penalties for failing to maintain a certain threshold over a period of time. Any institution with a high deposit requirement has to have a good reason for doing so.
Withdrawals: Your money only works for you when you have the ability to access it. It’s hard to find a bank without withdrawal limits on a savings account, but knowing how much you can take out and when is half the battle. ATMs should allow withdrawals from your business savings account, and the limit should be on the higher side.
Additional Features: Many banks and fintech companies follow cookie-cutter systems that lead to lackluster service options. The best business savings accounts have features making them stand out from the masses. This can include a large ATM network, access to physical branches, overdraft protection, and financial management tools.
Ease of Use: We wanted to make sure each option making our list was easy enough for the most novice of business owners to understand and use. Access to funds was an important factor, along with the ability to communicate with support staff should the need arise. We also tried to locate organizations with transparent fee structures and clear guidelines on what you can and can’t do.

Best Business Savings Account Frequently Asked Questions (FAQs)

The logic behind a business savings account isn’t always clear. This FAQ answers some of the most popular questions about the benefits of opening one.

Is it good to have a business savings account?

It’s a great idea to have a business savings account to supplement your checking. Most business checking accounts don’t earn interest, whereas savings accounts offer the means to generate income from money not currently in use. It’s also a great place to store away funds for future purposes or money you’ll need in an emergency.

What is the average interest rate on a business savings account?

The current national average interest rate on business savings accounts is 0.24%, according to the FDIC. High-interest business savings accounts can reach numbers in the 1% to 2% range. Banks with low rates should have a long list of features to make up for the lack of interest.

Does money in a business account get taxed?

You’ll pay tax on any profit your business brings in, whether in a business account or not. As a business owner, it’s up to you to carefully track revenue and expenses and file appropriately with the Internal Revenue Service.

Can I use a savings account for a small business?

Small businesses can certainly make use of savings accounts, even if you aren’t seeing a ton of profit yet. Setting aside funds into an account that accrues interest can help your bottom line and get you out of a jam if you need emergency funds.

How much should you keep in a business savings account?

It’s best to save at least 10% of your monthly profits into your business savings account each month. At a minimum, shoot for six months’ worth of operating expenses in case something prevents you from earning revenue for a stretch of time.

Bottom Line

Business savings accounts are just as important as their checking counterparts, serving as a place to accrue interest and put money away for future use. Many of the best savings options have minimal fees and easy requirements for opening.

Having funds set aside can be a godsend in an emergency situation where other business owners would have to take out an expensive loan. Since most banks limit withdrawals, you’ll just have to be mindful of pulling out the money you need.

We do have favorite business checking but we believe any of the options on this list will serve you well. Check our other reviews also to other business bank accounts like Oxygen Review and Kabbage Review.

Not sure how to open a business savings account? Read our guide on how to open a business bank account to find out.

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.

November 30, 2022March 31, 2023

12 Best Business Checking Accounts of April 2023

A businessman filling a form for a business checking account on a desk

Juggling all the components of a business is no easy task. When dealing with finances, a standard bank account simply won’t cut it. The best business checking accounts go beyond traditional banking, providing several tools to help manage your finances while offering a number of features to help you keep everything in the air.

Best Business Checking Accounts On the Market

BlueVine – Best Business Checking Overall
Novo – Best for Small Businesses
Capital One – Best for Digital Transfers
Chase Business – Best for Business Services
Bank of America – Best for Traditional Banking
Axos – Best for Cash Deposits
Lili – Best for Tax Optimization
U.S. Bank – Best for Lending
Oxygen – Best for Freelancers
American Express – Best for Member Rewards
NBKC – Best for Add-On Services
NorthOne – Best for Integrations

When looking into the best business checking accounts, we made sure to consider fees for use and potential upsides in the form of interest rates. Next, we studied lending options, rewards, and how easy it is to transfer funds. Finally, we dig deep to discover any additional features that made a particular checking account stand out.

You can find a more detailed look at our ranking methodology below.

BlueVine Business Checking

$4.95 for cash deposits, $15 for outgoing wires

Up to 2.0% APY

Up to $250,000 line of credit

None

Cash deposits, online payments, multiple subaccounts

Novo Business Checking

$27 overdraft fee

0% APY

No lending options

Up to $5,000 in online perks

Reserve accounts, invoice tracking, virtual debit card

Capital One Basic Checking Account

$15 monthly service fee, $15 per incoming domestic wire, $25 for outgoing domestic wire

0% APY

Loans and lines of credit up to $5 million

None

Unlimited digital transfers, overdraft coverage, $5,000 in free cash deposits

Chase Business Complete Banking

$15 monthly service fee

0% APY

Loans and lines of credit up to $500,000

$300 sign-on bonus, up to $750 in cash back

$5,000 in no-fee cash deposits, waived savings account fee, long list of business services

Bank of America Business Advantage Fundamentals™ Banking

$16 monthly service fee

0% APY

Loans and lines of credit from $10,000

None

Integrates with Zelle payment app, business services

Axos Bank Basic Business Checking

$35 for outgoing wire transfers

0% APY

Loans and lines of credit starting at $10 million

Up to $200 sign-on bonus

ATM reimbursements, first 50 checks free, Quickbooks integration

Lili Business Checking

$2.50 for out of network domestic ATMs, $5 for international

0% APY

No lending options

Cash back with debit card

Tax optimization software, fast enrollment, smart mobile banking

U.S. Bank Silver Business Checking

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0% APY

Many types of loans and lines of credit up to $12 million

None

$2,500 of free cash deposits, 50% discount on first check order

Oxygen Business Checking

No monthly maintenance fees, possible out of network and international fees

1.0% APY in attached savings account

No lending options

5% cash back from various merchants

LLC creation assistance

American Express Business Checking

$20 for outgoing domestic wires

1.3% APY

Available through Kabbage funding

30,000 membership reward points

24/7 support, earn points on most purchases

NBKC Bank Business Checking

$5 for outgoing domestic wires, $45 for incoming or outgoing domestic wires

0% APY

Available to business owners in the Kansas City metro area

None

Four branch locations in the Kansas City area, $12 in ATM reimbursement, several additional service options

NorthOne Business Checking

$10 monthly maintenance fee, $15 for domestic wire transfers

0% APY

No lending options

None

Virtual envelopes to budget money, long list of integrations

BlueVine Business Checking: Best Business Checking Account Overall

Monthly Fee: None

★★★★★

4.9

BlueVine Business Checking Review

BlueVine stands out for a high interest rate that few banks can compete with and doesn’t require a minimum deposit or balance to maintain your account. The only fees you’ll need to worry about revolve around cash deposits and outgoing wire transfers. There are no savings accounts to store excess funds in, and you’ll need to watch for monthly transfer limits.

Fees

BlueVine avoids most fees that other best business bank accounts still have. There are no monthly fees, minimum requirements to maintain your account, or costs for an overdraft or incoming wires. You’ll pay $4.95 any time you make a cash deposit, and each outgoing wire is $15.

Interest Rates

It’s possible to receive 2.0% interest on your business checking account if you meet one of two conditions. You must either spend at least $500 per month on your BlueVine Business Debit Mastercard or receive $2,500 per month in customer payments to your account. The interest caps at $100,000, and anything you have beyond that doesn’t earn a thing.

Lending

While BlueVine doesn’t have lending per se, you can get access to a flexible business line of credit to use as you see fit. Lines reach as high as $250,000, with decisions in as little as 5 minutes. There’s no fee for maintaining the account, and you’ll only pay interest on what you use. Current rates are as low as 4.8%.

Rewards

BlueVine’s 2.0% APY is quite the reward in itself. That said, the business checking account doesn’t offer any other rewards for joining at this time.

Additional Features

You can pay bills directly from your BlueVine account or credit card through ACH, check, or wire. The online bank doesn’t place limits on the number of transactions you perform each month. For organization and finance tracking, multiple subaccounts allow you to drop funds into different buckets.

High interest rate
Very few fees
No minimum deposit or balance required

Checking accounts only
Monthly transfer limits
Fee for cash deposits

Why we chose it: BlueVine’s ease of use, few fees, and incredible interest rate make it the best business checking account currently available.

>>> Visit BlueVine and create your business checking account for free.

Novo Business Checking: Best Business Checking Account for Small Businesses

Monthly Fee: None

★★★★★

4.8

Novo Business Checking Review

Novo has one of the best small business checking accounts, as you can perform all its services fee-free business bank account if you’re careful. You won’t need to pay a thing to keep your account, and the bank will refund ATM fees on out-of-network machines. There’s no way to deposit cash, and you will need to keep a close eye on expenses lest you face the wrath of a hefty overdraft fee.

Fees

You’ll have to look pretty hard to find fees with Novo, but they do exist. In addition to a maintenance-free checking account, the online bank refunds all ATM fees no matter where in the world you find yourself. As long as you watch your account carefully, you should never have to worry about the $27 fee for an overdraft.

Interest Rates

Novo’s business checking account does not have a way for your funds to accrue interest. There’s also no savings account for excess money to grow.

Lending

There are no lending or line of credit options within Novo’s list of features. This may not be an issue for some, but those needing a shot of income will have to look elsewhere.

Rewards

Novo has a relationship with several other business apps and can score you some good deals. For instance, HubSpot’s slew of business tools are 30% off with a Novo checking account. Depending on the software you use, it’s possible to save up to $4,000.

Additional Features

Through a carefully crafted dashboard, you can send and track invoices with ease. A virtual debit card lets you spend funds online or in person through your favorite payment app without the hassle of a physical one. Novo Reserves lets you drop money into various accounts to plan for incoming expenses or a big project.

Zero monthly fees to maintain an account
No minimum balance required
Refunds all ATM fees

Cannot deposit cash
Fee for overdrawn accounts
No savings accounts

Why we chose it: Novo’s nearly nonexistent fee structure speaks well to small businesses. If you’re looking for a bank for your startup, Novo is a great choice.

>>> Sign up with Novo!

Capital One Basic Checking Account: Best Business Checking Account for Digital Transfers

Monthly Fee: $15/month

★★★★★

4.7

Capital One Basic Checking Account Review

Capital One does away with transfer restrictions, allowing you to keep funds flowing from one bank account to the next. There is a small monthly fee to maintain if you don’t need the requirements, but there are no overdraft fees to contend with. You can even deposit up to $5,000 each month via an ATM or one of Capital One’s branch locations.

Fees

Keeping a Capital One Basic Business Checking account requires paying a monthly $15 fee, but the bank will waive the charge if your prior 30 or 90-day balance averages at least $2,000. There are also fees for both incoming and outgoing wires, but it is possible to transfer funds digitally without penalty.

Interest Rates

There is no interest associated with this account, but the money you have in abundance doesn’t have to collect dust. Moving those funds over to one of Capital One’s savings accounts will allow it to generate some annual yield.

Lending

Capital One has a ton of lending options your business can benefit from. You will need an open business checking account and have at least two years in business to apply. Loan and line of credit amounts range greatly, capping at $5 million each.

Rewards

You won’t find any rewards for joining Capital One outright, but the scenario changes once you check out its credit card offerings. With several to choose from, you’ll likely find a card befitting your business needs that will earn rewards for each use.

Additional Features

Unlimited digital transfers allow you to send funds from your bank account to another anywhere on Earth. Capital One Basic Business Checking also protects from overdraft fees and allows free cash deposits of up to $5,000 each month.

Unlimited free digital transfers
Does not charge overdraft fees
Free cash deposits up to $5,000

Limited physical locations
Monthly account fee
No available interest rate

Why we chose it: Capital One eliminates limits on digital transfers, allowing you to keep your finances moving.

>>> Sign up with Capital One!

Chase Business Complete Banking: Best Business Checking Account for Business Services

Monthly Fee: $15/month

★★★★★

4.6

Chase Business Complete Banking Review

Chase introduces a number of business services, such as payment collection and fraud protection alongside a $300 bonus just for signing up. You can even accept credit card payments directly into your account with the Chase app. While there is a monthly service fee, there are several ways to avoid paying it.

Fees

A monthly service fee may be a turn-off with so many fee-free accounts available, but there are several methods of having it waived. All you have to do is keep a $2,000 minimum daily balance, make $2,000 in net purchases on a business card, or receive $2,000 in deposits through the Chase QuickAccept app.

Interest Rates

Chase Business Complete Checking does not offer any interest, but not all hope is lost. It’s possible to open a Chase business savings account to complement what checking can do. Best of all, enrollment in savings is free as long as your checking account is active.

Lending

As a Chase member, you’ll have both loans and lines of credit at your fingertips. You can borrow up to $500,000 at a time, and there’s a lot of flexibility in paying your borrowed money back. Lines of credit similarly go to $500,000 you can pull from as needed.

Rewards

There’s no shortage of rewards at Chase. The bank will deposit $300 into your Business Complete Checking account as long as you meet certain requirements. In addition, Chase has a wide range of credit cards for earning cash back or points toward things like travel.

Additional Features

Signing up for a business checking account with Chase gives access to one of its savings plans at no extra charge. You’ll also have access to an abundance of business solutions for protecting and managing finances to use as you please.

Several available business services
Multiple ways to waive the monthly maintenance fee
$300 sign-on bonus

Monthly maintenance fees
Only 20 physical transactions per month
No APY

Why we chose it: Chase meets your banking needs and beyond with a long list of additional business services.

>>> Check out Chase Business Checking.

Bank of America Business Advantage Fundamentals™ Banking: Best Business Checking Account for Traditional Banking

Monthly Fee: $16/month

★★★★★

4.6

Bank of America Business Advantage Fundamentals™ Banking Review

Business Advantage Fundamentals is a solid business checking option with a low monthly service fee. You can access your account online or from more than 4,000 locations scattered across the country. For such a large bank, it does not have 24/7 customer service or cover out-of-network transaction fees.

Fees

Bank of America is a full-fledged bank with multiple account options and its own list of fees. Business Advantage Fundamentals featured here has a $16 maintenance cost unless you can meet one of the requirements to negate it. To do so, you’ll have to either keep a $5,000 combined average monthly balance or spend at least $250 per month on debit card purchases.

Interest Rates

There’s no APY on Bank of America’s Business Advantage Fundamentals checking account. Although you can open a business savings account for $10 per month, funds within will only earn 0.01%. You can also visit our guide on how to open a business bank account.

Lending

Lending with Bank of America requires you to meet specific revenue and business requirements in order to be considered for a loan or line of credit. Both options start at $10,000, and you can choose to receive funds when needed. Monthly payments vary based on the balance in your account.

Rewards

You won’t find any special rewards for becoming a member of Bank of America. Being able to bank at over 4,300 locations around the country in addition to online adds a lot of flexibility, whatever your current needs may be.

Additional Features

Bank of America is a large bank and has the tools to prove it. You have the benefit of 4,300 branches around the country and the security only something its size can bring. There are a number of business services to make use of, and the bank works with Zelle for quick payments and transfers.

All-in-one business banking services with a low monthly fee
Over 17,000 ATMs and 4,300 branches
Easy to waive the monthly fee

Lacks 24/7 customer service
Monthly fees
Transaction fees when using non-Bank of America ATMs

Why we chose it: Bank of America has all the trappings of a traditional bank, with thousands of locations and several excellent services.

>>> Create a business checking account at Bank of America.

Axos Bank Basic Business Checking: Best Business Checking Account for Cash Deposits

Monthly Fee: None

★★★★★

4.5

Axos Bank Basic Business Checking Review

Companies dealing with copious amounts of cash will find Axos’s free deposits a blessing. There are no fees to contend with outside of outgoing wire transfers to eat away at your bottom line. This makes Axos one of the best free business checking accounts out there. The business checking account does not offer interest, but Axos does have a handful of business savings accounts you can take advantage of.

Fees

Axos Bank Basic Business Checking does not charge a monthly maintenance fee or impose requirements on keeping your account open. You’ll receive back any ATM fees you incur each month, making this account effectively free to use. If you plan to send a lot of wire transfers, be aware of Axos’s $35 charge for each one.

Interest Rates

This particular account does not have an annual percentage yield and instead focuses on business perks. Anyone with extra money can open up one of Axos’s interest-bearing business savings accounts and accrue interest that way.

Lending

There are several line of credit and lending options Axos offers its members. Qualifications can be rigid, requiring at least two years in business, among other things. It’s no surprise, considering the minimum loan amounts are $10 million.

Rewards

At present, signing up for an Axos checking account as a new business owner earns a $200 welcome bonus. Even if you’re not a new business, you can still grab $100 for opening your Axos account.

Additional Features

Over 91,000 ATMs across the country are considered in-network with Axos, but there’s fee reimbursement if you happen to come across an out-of-network one. The online bank will pay you back for the first two wire transfers each month as well. On the financial side, Axos integrates seamlessly with Quickbooks to help with your books.

Cash deposits allowed via MoneyPass and AllPoint ATMs
No monthly fee and unlimited transactions
Interest-bearing savings accounts available

Limited integrations
No APY available
Poor customer service

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

>>> Get started with Axos Business Checking.

Lili Business Checking: Best Business Checking Account for Tax Optimization

Monthly Fee: None

★★★★★

4.4

Lili Business Checking Review

Lili has all the tools you’ll need to file an accurate report at tax time. The account doesn’t earn any interest, but no minimums or monthly fees help remove the sting. It takes no more than a few minutes to create your Lili business checking account, as the site doesn’t require paperwork or a credit check. You’ll need to track transfers and deposits, as there are some limitations on how much you can move around each month.

Fees

While Lili shines for its free tax software, business owners can also rejoice over a lack of account and overdraft fees. You won’t even incur a charge for foreign transactions or at over 38,000 in-network ATMs in the United States. If you end up using an out-of-network machine, expect a charge between $2.50 and $5.

Interest Rates

There is no interest on Lili’s Business Checking account. Those willing to pay can access a savings account with 1.5% APY, but you’ll need at least $34,000 in your account at all times to offset the monthly cost.

Lending

Lili does not offer any lending options to its clients. If you need a loan or a line of credit, you’ll have to look into other options.

Rewards

Your Lili debit card earns cash back on participating merchants, with the money deposited directly into your business checking account. There are no service or transaction fees to use your debit card anywhere in the world.

Additional Features

Nothing compares to Lili’s tax optimizer, designed to help you reduce tax-based expenses. The software allows you to categorize purchases, find your tax bracket, and file without headaches. The online bank also has a smart mobile app to help keep tabs on personal and business expenses while on the road. Enrollment is simple, requires no paperwork, and can have you banking within minutes.

Tax optimization software
No minimum balance or monthly fees
Quick enrollment

0% APY
No wire transfers
Low monthly transfer and deposit limits

Why we chose it: Lili’s minimal fees and tax optimization software help businesses hold onto hard-earned income. Plus, if you’re looking for an online business checking account with no credit checks, Lili is a great option.

>>> Open your business checking account with Lili.

U.S. Bank Silver Business Checking: Best Business Checking Account With Lending Options

Monthly Fee: None

★★★★★

4.3

U.S. Bank Silver Business Checking Review

U.S. Bank has loans and lines of credit for any need your business may face, from expansion to an unexpected expense. Depending on your business, you can also benefit from specialized merchant services for various business industries. Banking in person is possible in one of 2,400 locations if you’re lucky enough to find yourself in one of the 26 states they exist.

Fees

U.S. Bank Silver Business Checking doesn’t have any overt fees for service, but you can quickly find yourself in trouble with transactions. Your first 125 are free each money, with every subsequent one $0.50 a piece. It’s also wise to watch out for non-U.S. bank ATMs, as these frequently come with a charge as well.

Interest Rates

U.S. Bank’s interest rates with checking accounts are a bust, but the institution does have business savings and money market accounts to consider. If you have the funds to float, storing some in savings will earn you an amount depending on what you choose.

Lending

Lending options are plentiful with U.S. Bank, and one of the biggest reasons it stands out for having the best business bank accounts. Small business or large, you can request amounts from $5,000 to several million, depending on your business type. Lines of credit work much the same way, with varying amounts based on what you’ll use the money for.

Rewards

U.S. Bank doesn’t have any rewards for signing up or maintaining an account. There are multiple credit card options with welcome offers and options for you to peruse.

Additional Features

U.S. Bank lets you deposit up to $2,500 in cash every statement cycle, which can be helpful if your business doesn’t use a ton of cash. If you plan to pay out in checks, it’s possible to get 50% off your first order. Besides lending, U.S. Bank has a slew of other services worth investigating.

Lending to fit your needs
Specialized merchant services for restaurants, retailers, and service providers
2,400 branch locations

Charges transaction fees
Only locations in 26 states
No interest

Why we chose it: U.S. Bank’s lending options cater to businesses of all sizes, adding value to an already solid business checking account.

>>> Check what U.S. Bank Business Checking has to offer!

Oxygen Business Checking: Best Business Checking Account for Freelancers

Monthly Fee: None

★★★★★

4.2

Oxygen Business Checking Review

Oxygen carved a space for itself in the fintech niche, acting as a great option for freelancers and boutique sole proprietors. There are no discernible fees across the board, and shopping at select merchants earns 5% cash back just for making a purchase. To keep finances secure, you can create an unlimited number of single-use debit cards with set dollar limits.

Fees

Oxygen claims to be fee-free from top to bottom but does specify that out-of-network and international withdrawals may be subject to a charge. You’ll never have to worry about paying for ACH transfers or keeping your account open.

Interest Rates

While you won’t earn interest for funds in your business checking account, Oxygen remedies the problem by adding business savings account to the mix. Any money hanging out in savings accrues 1.0% interest for balances of $20,000 or less. Amounts in excess still earn interest, but at a much lower rate.

Lending

Oxygen is a mobile fintech company and not a bank. Because of this, Oxygen is unable to offer any lending options.

Rewards

Making necessary purchases feels a little sweeter when you get paid to do it. Buying things like gas, rideshares, or shipping services can earn 5% cash back with no questions asked.

Additional Features

Oxygen is a great option for business bank account for LLCs and even offers formation services as part of its package. Freelancers wanting the personal protections that come with a limited liability company can speed up registration right from Oxygen’s mobile app.

Aimed at trendy business owners
5% Cashback rewards
Create virtual, single-use debit cards

Virtual bank, no cash deposits
Fewer integrations than other options
No lending options

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.

>>> Open your business account with Oxygen

American Express Business Checking: Best Business Checking Account for Member Rewards

Monthly Fee: None

★★★★★

4.0

American Express Business Checking Review

Where most of the best business bank accounts for LLCs forget about interest, American Express shows up with a 1.3% APY. You’ll also have access to a debit card that accrues points you can turn into cold hard cash. Many on-the-go features are only usable on iOS, and there’s no way to deposit cash. Should you ever encounter an issue with your account, customer service is always on hand to help.

Fees

You’ll only find a fee for outgoing domestic wires with American Express, and the price is quite reasonable. There’s no monthly maintenance fee, NSF penalties, or any charge for receiving money from various sources.

Interest Rates

American Express currently flexes an interest rate of 1.3% APY, 43 timeless the national deposit rate. The interest applies to amounts up to $500,000, but anything beyond that point doesn’t earn a penny.

Lending

Through Kabbage Funding, American Express makes available business loans and lines of credit for companies in need. Your venture must be at least a year old, bring in at least $3,000 in revenue each month, and have a FICO score of at least 640. Right now, it’s possible to earn $250 by connecting your American Express account to Kabbage. Check out our Kabbage Funding review for more information.

Rewards

New members can earn 30,000 reward points just for signing up. To be eligible, you’ll need to deposit at least $5,000 into your account and maintain that balance for at least 60 days. In addition, you’ll have to make at least ten qualifying transactions during that same time frame.

Additional Features

Select debit card purchases to earn reward points you can then convert into deposits dropped right into your bank account. It’s also possible to use points for gift cards, travel, and the like. If you have problems with points or any other American Express feature, the company has a customer service team standing by 24/7.

Earn membership rewards on almost every purchase
Up to 1.3% APY
24/7 customer service

Mobile check deposits only available on iOS
Cash deposits not supported
Only available to American Express customers

Why we chose it: American Express offers a generous interest rate and pays you to shop with point-to-dollar deposits.

>>> Get started with American Express Business Checking.

NBKC Bank Business Checking: Best Business Checking Account for Add-On Services

Monthly Fee: None

★★★★★

3.9

NBKC Bank Business Checking Review

NBKC Bank is the perfect blend of large-scale operations and down-to-earth customer service you want in a bank. While it only has four branches in the Kansas City area, NBKC’s online presence will more than suffice. There aren’t many fees to deal with throughout the bank’s many features, but you will want to watch out for international wire costs.

Fees

You can perform just about every one of NBKC Bank’s functions without worrying about a single fee. The one area you’ll want to tread lightly in is international wires, where incoming and outgoing transfers will set you back $45 each time.

Interest Rates

Sadly, there are no interest rate options with NBKC Bank’s business checking account. You can open up a fee-free business money market account and earn 1.25% APY on monies within.

Lending

NBKC Bank works carefully with business owners to determine the best loan option to suit your needs. It also has line of credit options to have on hand in case of emergency. The downside to lending with NBKC Bank is that your business must be located in the Kansas City metro area to be eligible.

Rewards

There aren’t any special perks for joining NKBC Bank. Fortunately, there are several credit cards providing cash back, sign-up bonuses, or point generation to incentivize use.

Additional Features

Anyone in the Kansas City area will have access to the four NBKC Bank branches currently open for business. Whether in-person or online, there are a number of business solutions you can use to better your business. Available services include fraud management, cash management, and professional invoicing.

Many extra service options
Few fees to contend with
Excellent customer service

No physical bank branches outside of Kansas and Missouri
High international wire fees
Zero APR for business checking account

Why we chose it: NBKC Bank acts like a digital provider but has all the add-on services you’d expect from a major financial institution.

>>> Check out NBKC’s business checking offerings.

NorthOne Business Checking: Best Business Checking Account for Integrations

Monthly Fee: $10/month

★★★★★

3.7