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Best Business Checking Accounts of 2020

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The best business checking accounts of 2020 make it easy for businesses to do their banking online or in a branch, and with minimal ongoing fees. Many of the top business checking accounts even offer unlimited transactions, and some offer free checks, access to a mobile banking app, and cash bonus offers you can earn right away.

As you search for the right business checking account for your needs, take a moment to think about the features you’re looking for. Do you need to be able to make unlimited deposits each month? Do you need access to a broad network of ATMs? Do you need a business debit card? Do you want to avoid minimum balance requirements?

With these questions in mind, start your research to determine which options best meet your requirements. If you need help getting started, however, be sure to check out our list of top business checking accounts, which make it easy to access your money while avoiding costly fees that can chip away at your business earnings.

Important Things to Know About Business Checking Accounts

The 5 Best Business Checking Accounts of 2020

The following business checking accounts have the best to offer when it comes to convenience and ease of use. If you’re on the hunt for a new business checking account, this is a great place to start your search:

Best Business Checking Account Reviews

The following reviews could help you determine which of these accounts may be the right fit for you.

NBKC Bank: Best for No Service Charges

NBKC Bank is known for offering mostly “free” business checking accounts with no service charges, no transaction fees, and no limits. As a business checking customer, you’ll also qualify for no fees on mobile deposits or bill pay.

This business checking account doesn’t require any account minimums either, so you’ll never have to worry about burdensome fees if your account balance gets low. You also get access to more than 32,000 MoneyPass ATMs in the U.S. and Puerto Rico, and you’ll pay $0 to access cash with your NBKC Bank debit card. Finally, this free account offers up to $12 per month in refunds for fees charged by foreign ATMs.

Summary of benefits:

Novo: Best for No Account Minimums

Novo promises “smarter business banking” with features like no account minimums and transparent pricing with no hidden fees. Once you sign up, you’ll be able to download a mobile app that lets you track deposits, keep tabs on your spending, and more. This account comes with access to a debit card you can use to make business purchases directly from your new checking account, and you’ll also receive online account management and support.

You need at least $50 in funds to open a new business checking account with Novo, although this money is yours and remains in your account. Novo also offers free ACH transfers, and even domestic and foreign wire transfers, which can help you save big if you’re currently paying for each transfer made with your bank.

Summary of benefits:

Chase for Business: Best Business Checking Bonus Offer

Chase Bank is popular nationwide, and for good reason. Not only does this bank offer some of the most popular business credit cards available today, but they offer dynamic business banking products and one of the best online platforms you can find.

The Chase business checking account even comes with a $200 bonus when you open an account and deposit at least $1,000 within 20 days of opening it. You have to keep your money on deposit for at least 60 days and complete five qualifying transactions during that same timeline as well.

While Chase does charge a $15 monthly service fee on business checking accounts, this fee is waived when you maintain an average daily balance of at least $1,500 or link your account with a Chase Private Client or Chase Sapphire Checking account. Chase business checking accounts also come with free debit cards, unlimited electronic deposits, domestic and international wire transfers, account alerts, and access to over 16,000 ATMs and nearly 5,000 bank branches nationwide.

Summary of benefits:

Axos Bank: Best for No Minimum Balance Requirement

Axos Bank offers a business banking account with a minimum deposit requirement of at least $1,000 to get started. There are also a few checking limits to be aware of. For example, you can only deposit up to 60 times per month without a fee, and you are limited to just 200 free transactions per month ($.30 per transaction thereafter). Also note that you have to keep at least $5,000 on deposit to have the $10 monthly maintenance fee waived.

You will receive your first 50 checks free, which can be helpful if your business still requires you to use paper checks from time to time. Axos Bank also offers unlimited domestic ATM fee reimbursements with most of their business checking accounts.

Summary of benefits:

Huntington Bank: Best for Unlimited Transactions

Finally, don’t forget to check out the business checking accounts from Huntington Bank. These accounts are offering a $400 bonus when you sign up and deposit at least $5,000 within the first 60 days. You also have to keep your account open for at least 90 days to receive the bonus, and you’ll pay an early account closure fee if you close your account within 180 days of the opening date.

With this business checking account, you’ll qualify for up to $10,000 in deposits per month in a branch or at an ATM with no charge, and your monthly maintenance fee is waived if you maintain a $10,000 minimum balance across your Huntington Bank accounts. You also get access to a Huntington Bank debit card for purchases, and you can use the bank’s mobile app to track business spending and deposits with your mobile device.

Summary of benefits:

How We Found the Best Business Checking Accounts

The best business checking accounts of 2020 all have something in common — they let business owners make the most of their bank accounts with minimal hassle and little-to-no fees. To find the best checking accounts for businesses, we evaluated each of the companies’ accounts based on the criteria mentioned below.

No Unavoidable Monthly Maintenance Fees

It’s difficult to find checking accounts that don’t charge monthly fees, but they do exist. For the purpose of this list, we only considered business checking accounts that come with no fees or let you avoid monthly fees with qualified activities, such as a minimum balance or a specific number of transactions each month.

Broad ATM Access

ATM access is important for many business owners who want to deposit funds, view their balance, or withdraw cash for business expenses on the road. We gave precedence to business checking accounts that came with sizeable ATM networks. Checking accounts that come with foreign ATM fee reimbursements also earned high marks.

Bonus Cash Offers

While bonus cash offers only benefit business owners for a limited time, we still looked for business checking accounts that offer this benefit. It’s nice to be rewarded for opening a new account, and these offers tend to incentivize consumers to move their business over sooner rather than later.

Reasonable Transaction Limits

We also looked for business checking accounts that offer an unlimited number of transactions, although we included some that have reasonable transaction limits as well. Being able to fully utilize your business bank account is crucial, and nobody wants to get hit with unnecessary fees just for making too many deposits or debits to your account within a month.

How to Choose the Right Business Checking Account

The right business checking account for you could be an option on this list, but that will really depend on how you typically use your business bank account. These tips can help you ensure you wind up with a new account that works with your money management style and offers the benefits you really want.

Check Local ATM Access

If you are someone who uses an ATM for business banking often, you’ll definitely want to make sure the new account you choose offers access to ATMs in your area. Some business checking accounts, like the one we profiled from NBKC Bank, let you use MoneyPass ATMs nationwide free of charge. With a large ATM network, it’s likely you’ll always be close to one you can use.

Other banks that offer business checking accounts, like Chase Business Banking, may or may not have ATMs in your area depending on where you live. There are only a handful of Chase ATMs in the entire state of Kansas, for example, which may make this bank a poor option if Kansas is your home state but don’t live anywhere close to one.

Figure Out Your Average Business Checking Account Balance

Most business bank accounts require a minimum amount of money on deposit in order to avoid monthly maintenance fees. Make sure to read the fine print on each of the accounts listed below to see what this requirement is, then figure out how much you normally keep on deposit in your business checking out.

This step is crucial if you don’t want your business checking balance whittled away by huge fees each month.

Decide Whether You Want Access to a Local Bank Branch

Also, decide whether you want access to a physical bank branch, which could be important if you like to have a personal relationship with a banker or prefer to make deposits in person. An online bank like Axos Bank may not work well for you if you want personal access, but there are plenty of accounts on this list from banks with brick-and-mortar storefronts.

If you love in-person banking and don’t want to give it up when you switch business checking accounts, it’s crucial to see which institutions offer branches in your area.

Business Checking Account “Best Of” Category NBKC Bank Best for No Service Charges Novo Best for No Account Minimums Chase for Business Best Business Checking Bonus Offer Axos Bank Best for No Minimum Balance Requirement Huntington Bank Best for Unlimited Transactions

 

  • While all the business checking accounts on this list are superior in many ways, they’re not created equal or offer the same perks. Make sure to compare each account and their offerings to see which one offers the best benefits for your business needs.
  • Many business checking accounts come with a monthly maintenance fee, but you should strive to avoid it. Most of the time, you can avoid paying monthly fees if you keep a specific amount of money on deposit each month. However, you should check for details and other requirements.
  • Having access to a mobile banking app can make keeping track of your business cash flow a breeze. If you like to bank on the go, check out banks that have a mobile app and offer online support through chat or email.
  • Finally, consider the ATM network you can use for cash withdrawals, balance checks, and more. If you use ATMs frequently for business purposes, you’ll want access to as many free ATMs as possible.
  • NBKC Bank: Best for No Service Charges
  • Novo: Best for No Account Minimums
  • Chase for Business: Best Business Checking Bonus Offer
  • Axos Bank: Best for No Minimum Balance Requirement
  • Huntington Bank: Best for Unlimited Transactions
  • No banking fees and no minimum balance requirements
  • Access a useful mobile app for banking on the go
  • Use over 32,000 fee-free ATMS around the U.S, and in Puerto Rico
  • Pay $0 to access cash with your NBKC Bank debit card at an in-network ATM
  • No account minimums or hidden fees
  • Receive a Novo business debit card
  • $50 required to open an account
  • No fees for ACH transfers or wire transfers
  • Qualify for a business checking bonus of $200 with qualifying activities
  • Access over 16,000 bank branches and nearly 5,000 bank branches
  • Monthly service fee waived with qualifying minimum balance or qualifying activities
  • Robust online platform and mobile banking app
  • No monthly maintenance fees with a minimum average balance of $5,000
  • Minimum deposit of $1,000 to open an account
  • Make up to 60 deposits per month without fees, and qualify for 200 fee-free transactions per month
  • Get domestic ATM fees reimbursed with most of their business checking accounts.
  • Earn $400 in bonus cash when you open an account and deposit at least $5,000 within 60 days and keep your account open for at least 90 days
  • Up to $10,000 in deposits for free each month
  • No monthly maintenance fees with a combined balance of $10,000 across your Huntington Bank accounts
  • Receive a Huntington Bank debit card for purchases