Top 10 Best Business Checking Accounts (2022): Compared & Reviewed
Introduction
A business checking account is referred to as an account that deals with all the monetary transactions in the business.
The account is opened in the name of the business by the owner in order to work on the financial activities of the business. A business checking account separates all the business transactions from your personal transactions.
A business checking account may seem unnecessary to people who don't know the advantages of having it.
Honestly, you may not find any major difference between a personal account and a business account.
The main purpose of having a business account is to segregate your business transactions from your personal financial dealings. This helps you to monitor and keep a track of your business's financial activities.
When you merge your personal and business transactions into one account, it becomes difficult for you to distinguish between your business incomes and expenses from your personal payments.
You may fail to define and evaluate your earnings and expenses of your business. If you lose track of your financial records, you may mess with your business growth.
When you don't know the financial condition of your business, you cannot form policies and strategies to improve your business performance.
You have to check on your business's financial status and know the earning and investments to monitor the progress. The task becomes easier when you separate your business account.
You can effortlessly keep a record of your business transactions and know the profit you are earning. Also, you can enjoy many other advanced facilities and tools that can make your business growth smoother.
Having a business checking account means you don't mingle all your financial transactions in one place.
Your business needs to be handled carefully and the primary task is to ensure safe and seamless monetary transactions between the owner and the clients.
A business checking account handles all the business transactions single-handedly and you don't need to face any hassle to keep a record.
Besides, there are many other facilities that you can enjoy if you make your business account separate. Also, it is mandatory for some particular businesses to have a separate business checking account to make it legal.
Besides, there are some banks that don't allow individuals to deal with business transactions from your personal account.
Therefore, it is both necessary, advantageous, and significant to create a business checking account for regulating financial activities properly and in an organized way.
It does not only secure the pecuniary activities of the business but also provides you an insight into your business performance.
A business checking account verifies your business and it is a much preferred and professional way to deal with financial transactions.
Regardless of the business size, business owners must consider having a business checking account in order to maintain a transparent and secure cash flow.
Having a seamless and secure cash flow facilitates the financial activities and also helps you to gain the trust of the customers.
Moreover, you must have a business checking account to establish your business as a credible, trusted, and reliable one in the market.
Let us now look into some of the best business checking accounts that can provide you adequate facilities and satisfactory results.
BlueVine business checking is mostly compatible with small businesses as it provides a free account and offers basic facilities.
To open a BlueVine business checking account, you would require a single debit card.
Also, you don't need to deposit any amount to open your business checking account. However, monthly, you can deposit less than $7500 in cash.
The biggest advantage is that you can operate and regulate your account online.
You have to avoid physical access to a branch if you go for this option.
BlueVine business checking account allows customers to do unlimited transactions with no fees and maintain a fluid online-based account system.
Account-holders also receive interest in their accounts and they don't require a specific balance to enjoy this facility.
Also, you can make cash deposits in your BlueVine business checking account. The other common amenities of an account are also available.
However, offline mechanisms may not satisfy you as they charge $4.95 per cash deposit. Besides, you don't get any branch access in the BlueVine business checking account.
The major drawback is you can't open joint accounts here. All in all, BlueVine business checking account is best for small businesses and for those who want to operate all their financial activities online.
Medium and large-sized businesses can also opt for this if the criteria satisfy them.
Pros
Cons
2. NOVO
Now comes Novo which is another reliable business checking account. It is another online business checking account that aids smooth cash flow.
It is available for free. But, you need to deposit at least $50 to open a business account. It allows customers to use any ATM in the U.S. or globally without paying any fees.
The processes are quite easy and helpful for small businesses. In order to assist businesses to grow, it offers outstanding integration opportunities.
These integration options provide digital financial tools to organize, manage and operate the financial activities of the business.
It offers unlimited transactions for free with zero ACH transfer and incoming wire fees. It facilitates unlimited invoicing and bill-paying options.
Another exclusive benefit is to access discounts on the business website via this business checking account.
However, there are limitations in offline banking with Novo business checking accounts. Cash deposit is now allowed in Novo and local or global wire sending options are missing. With bill pay, recurring payments are not available.
Besides, it charges $27 for inadequate funds returned. Overall, Novo business checking accounts are profitable for small businesses as it provides some tools to facilitate account management.
But, the offline banking restrictions may repel a lot of customers.
Pros
Cons
3. Chase
The amenities in Chase business checking accounts are limited compared to its competitors.
But it can provide safe and secure services to the clients. Chase business checking account charges a monthly fee of $15 that can be waived on four different conditions.
You don't require to deposit any amount to open an account with Chase.
Most works are performed online in Chase but some activities are required to be done offline, in person.
The Chase business checking account offers a $300 sign-up bonus along with some integration to facilitate credit card payments. A few more integration options are offered by Chase too.
Chase business checking accounts offer unlimited electronic deposits but restricted cash deposits. With a Chase business checking account, you get access to 16000 Chase ATMs and 4700 branches.
Also, it allows seamless online banking and bill paying opportunities. Chase business checking account also provides online banking amenities and tools.
The free cash deposit limit is $5000 per month, and Chase allows only 20 or fewer transactions per month. To deposit more, you need to pay a fee.
Free wires don't come with the Chase business checking account. Overall, Chase can be a suitable option for medium and large-sized businesses. Considering the expenses, it may not be compatible with small businesses.
Pros
Cons
Here comes another highly recommended business checking account capable of providing an outstanding online banking experience.
It provides you a free business checking account and you will not require any fee to open an account in NBKC.
No monthly fees are needed in the NBKC business checking account. NBKC business checking accounts allow unlimited transactions.
It is an option for digital banking lovers who want all the tasks to be done online.
The NBKC business checking account allows fee-free ATM access for withdrawing and depositing cash. Thus, these two tasks can be done via ATM.
NBKC business checking account provides customization options in bank services. No fees are needed in the cases of overdrafts, stop payment, domestic wire fees, etc.
However, outgoing domestic wires cost $5 which soars to $45 for international wires. Online banking and mobile banking are free of cost in NBKC business checking accounts with the option of add-ons.
Branch access in NBKC business checking accounts is limited, which makes offline banking inconvenient and difficult. Also, integration options are not available.
Thus, you may not enjoy any extra facility or opportunity apart from those provided by the bank itself. NBKC business checking account is a competent option and useful for small and medium-sized businesses.
The customization option also makes it compatible with large businesses to some extent.
Pros
Cons
5. BBVA Bank
For the best banking experience, BBVA is famous to the clients. It is an online-based bank that can provide satisfactory services.
It provides you access to countless local, national, and international ATMs. The saving rate is considerably low but it is well-known for its CD facilities.
It provides a great deal on CDs, but the CD rate is pretty low. You don't need to pay a service charge for checking and you may enjoy it for free.
The review and feedback on overdraft fees are substantially bad. It means the fee policies are not always compatible.
The banking experience is top-notch in BBVA bank.
All the tasks are done professionally and flawlessly to ensure a secure and prompt service. The online facilities are highly appreciated by the clients and the mobile app of BBVA bank is very popular among people.
The demerits of having a business account in BBVA is you don't receive any interest in checking. Also, the online savings rate is pretty low.
Thus, BBVA bank is a good match for small businesses that require basic banking amenities and online facilities.
Pros
Cons
6. AXOS Bank
Axos Bank is another online-based bank offering a wide range of amenities to clients.
The most exclusive factor of Axos Bank's business checking account is the feature of rewards checking. This option is not available in most banks and acts as a unique selling point for Axos Bank.
The bank does not charge any fees for checking or saving, making them free for all the customers having business accounts.
The Axos Bank also offers a domestic ATM fee reimbursement facility to its customers.
The overdraft fee policies and procedures are top-notch in this bank and customers are quite satisfied. Also, the interest rate is convincing.
The checking rate and rewards are also highly appreciated by the clients. Banking experience is outstanding with Axos Bank as it provides maximum assistance to the clients.
Customers are convinced and satisfied with the checking, APY rate, and saving facilities of Axos Bank. Besides, Axos Bank provides 24/7 online customer service facilities to the customers.
However, the CD rate is not satisfactory and can be improved. Also, it has limited branches making offline activities difficult for the customers. Overall, the facilities are adequate for a small or medium-sized business.
Pros
Cons
Citizens Bank is for people living in the Northeast and Midwest. It does not facilitate online banking and is operated offline.
People living in a particular locality can get access to the services of this bank.
It has many branches and ATMs available in the location that can facilitate the banking processes.
It is one of the best banks that offer standard services and is a cost-effective option to go for.
By following the terms and conditions, you can bypass the monthly fees on checking and saving. It is a convenient option for people living in a particular area.
The account handling is easy with Citizens Bank and the facilities are helpful for business growth.
Citizens Bank is a responsible and professional entity offering standard services. The surprise is that Citizens Bank provides smooth and quality online and mobile banking services besides its excellent offline services.
Thus, customers enjoy a flexible banking experience with Citizens Bank. However, the CD and saving rates are low compared to its competitors.
Besides, the overdraft fees are high depending on the condition. Apart from these two demerits, Citizens Bank is good to go.
Pros
Cons
It is one of the greatest credit unions in operation. As the name suggests, you can be a member if you have some connection with military forces.
If you have served the US military forces or if you are a family member of such a person, you can open a business checking account in the Navy Federal Credit Union.
The main aim is to provide services to those who have served the country.
The overall service of the Navy Federal Credit Union is commendable and worthy. Branches of the Navy Federal Credit Union are spread all over the globe.
The basic savings and checking accounts are available for free.
The CD rate is top-notch providing excellent facilities to the users. The saving and checking amenities are satisfactory. The overdraft fee is minimal.
Most checking accounts enable ATM fee rebate and the bank has over 30000 free ATMs. Undoubtedly, the accessibility of the Navy Federal Credit Union is incredibly extensive.
However, the number of branches is limited. The APY rate on basic savings is lower than many other competitors in the market. Also, the overdraft fees can be reduced a bit to provide a better user experience.
Pros
Cons
9. U.S. Bank
The U.S. bank is one of the most popular banking entities of the U.S. The management and organization costs are a bit higher as it is a large bank.
But the service offered is outstanding and reliable. The quality of banking experience is never compromised. You will receive the best user experience and banking facilities with the U.S. Bank.
The bank has a considerably large number of physical branches and ATMs than other competitors in the market.
It facilitates offline banking procedures increasing the accessibility of the banking services.
The U.S. Bank has around 2700 branches spread all over more than 25 states.
The customer service and support are available 24/7 to assist the customers in any difficulty. According to the customer reviews, the checking and saving facilities are average and satisfactory.
The CD rate is less compared to the other banks. The U.S. Bank, however, provides only 0.01% APY on standard saving accounts.
It should be increased in order to compete with the other banks operating in the market. The overall banking service of the U.S. Bank is satisfactory and praiseworthy.
Pros
Cons
10. Huntington Bank
This bank is recommended to those who are living in the locality. It has limited online facilities and you have to conduct activities offline if you want to get assistance from this bank.
This is a major drawback in the digital age when online cash flow is crucial. Online facilities are limited in this bank.
Huntington Bank, however, has some benefits to offer to the local clients.
The branch network in the locality is strong providing updated and fast service to the clients.
The policies are pretty fluid and transparent. Handling a business account in Huntington is quite easy and convenient. Usability is top-notch and security issues are rare.
No monthly fee is required in this bank. Besides, the saving and checking facilities are satisfactory. Also, there are minor complaints about the banking experience.
Pros
Cons
Advantages of Business Checking Accounts
As you know what a business checking account is, you must be eager to know why it is beneficial for your business.
Now, let us look into the advantages of using a business checking account despite merging your business transactions in your personal bank account.
1. Organizing Monetary Information:
When you keep your business account separate from your personal bank account, you can arrange financial records easily.
You don't have to struggle to segregate your business fund as you have an account used solely for business purposes.
All the updates on your business account will help you to evaluate your performance and know the percentage of profit and loss.
All the financial records and information can be accessed easily when you have a business checking account. The information and transaction data remain organized and arranged in one place.
It helps you to gather the information any time you want to assess your business progress. All the financial records are significant to run the business properly and keep track of the progress.
Thus organizing the monetary records is crucial, which becomes more fluid with a business checking account.
2. Looks Professional:
Opening a business checking account allows you to print checks on your business name that has all the information (address) of your business.
It works as verification to your customers that your business is reliable. Your business becomes more reputed and professional in the market when all the transactions are conducted via a business account.
Regardless of the business size, every business wants to work professionally and establish credibility in the market.
The first step to practice your business professionally and build trust among the customers is to provide a business checking account.
It demonstrates your business as a responsible and accountable entity. Therefore, to present your business as professional and credible, you must consider having a business checking account.
3. Get Special Assistance:
You may get special assistance from a bank representative when you have a business checking account. In case you require financial aid like a loan, you can get that easily.
You develop a strong bond with the banking staff that can help you to receive facilities useful for your business growth.
Certain amenities are provided to business accounts and can't be accessed from a personal account. To enjoy those conveniences, you must have a business checking account.
4. Tax Filing:
When you run a business, accurate tax filing is necessary to make your business transparent and legal. Tax filing requires you to keep all your business transactions separate from your personal monetary expenses.
All the records should be presented and proven cautiously to the IRS to avoid any difficulty. You may also subtract the business spendings from your tax return.
For that, you need to show the bank records which becomes smoother and convenient when you have a business account.
Therefore, as a business account keeps accurate records of the income and expenses of your business, it facilitates tax filing and deduction of business expenses from the tax return.
5. Facilitate Credit Card Usage:
Creating a business checking account will allow clients to make payments using a credit card. It can be a promotional strategy to engage more and more customers.
Also, it will make the payment processes more flexible and convenient. You can easily set up a process in your business checking account to allow customers to pay using credit cards.
You may also create a merchant account with your business checking account to make the transactions easier and more docile.
Especially for large and medium-sized businesses, the facility of credit card usage should be provided to make big transactions. Small businesses should also keep this option to show the professionalism and sincerity of the entity.
6. Several Account Signers:
It might be a hassle for one person to handle all the aspects of the business. Apart from the owner, other employees can get access to the business checking account if they become account signers.
Make sure that you give access to the most trusted and reliable employees. If you give access to the account to more than one person, then during any emergency, any one of them can handle the issue.
Also, the owner can focus on other strategic and business development activities when he hands over the duty to others.
Therefore, the overall efficiency of the organization increases when more than one person becomes the business account signer.
The aforementioned points clearly state that opening a business checking account can provide you benefits and make the monetary processes flexible and reliable.
Also, it helps in the growth and development of the business as the business becomes a trusted, professional and accountable entity in the market.
Types of Business Checking Accounts
There are various types of business checking accounts. Some are free, and some require an annual or monthly payment.
Policies vary from bank to bank and you need to choose very carefully. Some bank policies are much more flexible than others.
You have to know what facilities you want to enjoy from the business checking account. You should check out the criteria first before you choose one.
Most businesses, especially small businesses, prefer to use a free business checking account. If you have a budget, you may also choose to go for the paid business checking accounts for better organization, security, and maintenance facilities.
However, free business accounts provide adequate management tools and satisfactory results to the clients.
Depending on what you need to organize the financial information and maintain an uninterrupted cash flow, you may choose the business checking account.
Filter among the options that are available in the market and pick the business checking account that best suits your requirements.
Let us look into some bank options that are available in the market first so that you can decide on where you want to open your business checking account.
1. Credit Unions or Local Banks
This particular option is compatible with small businesses. Business owners who want to restrict their business within a specific area and aim to attract local customers must go for this opportunity.
These banks and unions function similarly to other banks but you can receive personalized services that help you to engage local clients.
For the best service in a specific locality, you must opt for this option to organize and manage your financial tasks.
However, the restriction of using bank cards and bank branches to a particular region may limit your business reach. If you want to expand your business, you may like to go for other available options.
2. Online Banks:
These banks operate their activities online. In the modern era, while digital platforms have taken over, this is a preferred option for business owners and customers.
You can conduct all your economic activities and financial transactions online when you go to online banks. You can enjoy the tools that are only available on online platforms.
These tools make the cash flow unbroken and help in developing a smooth financial transaction system. As online processes are fast and easy, people prefer regulating financial tasks online.
Though you may not be able to use any branch, you can seamlessly monitor and manage your business transactions using the exclusive digital tools.
This business checking account is not only suitable for online businesses but can be beneficial for others too. It is because the process is smoother, faster, and easier online.
3. Traditional Banks:
Depending on which bank you select, you can open a free or paid business checking account. These banks are the banks that we all are acquainted with.
These banks provide the traditional facilities like a branch and ATM access, opening a savings account, merging credit cards, opening merchant accounts, and so on.
Traditional banks are reliable and trusted by the businessmen as these are operating for so long and have adequate facilities.
If you like to enjoy a package that includes all the facilities to maintain a transparent and secure monetary system, here is the right choice for you.
Factors to Consider Before You Choose A Business Checking Account
What factors should you consider before selecting the right option? How would you know which business checking account suits your business? How can you define the profitable and compatible option?
Let us look into some factors you must consider before selecting the correct choice for your business.
1. Transaction Limit- You must consider the transaction limit to choose the right option. You may have seen various online and offline transaction limits. Depending on your business type and requirements, pick the right one that matches the transaction limit you need.
2. Cash Deposit Limit- Many unions and banks restrict the cash deposit amount. You must check on that so that you don't face any difficulty with depositing cash. Estimate the amount of cash you may require to deposit monthly and select the correct option.
3. Monthly Fees- You have to check on the monthly fee amount of the bank or union. Most banks don't require any monthly fees. But some entities demand monthly fees. You should check that before opening an account.
4. Interest- When you open a business account, you must know the interest rate to earn a profit. A lot of options are available in the market. You must choose the one providing enough interest.
5. Integration- In order to improve the condition of your bank account and promote transparent and seamless cash flow, integration tools are crucial. When you integrate your account with other tools, the management and organizing tasks become faster. You can enjoy advanced facilities if you get the integration options. Don't forget to examine the integration options.
6. Online Facilities- In the modern era, your business client would expect to get enough online banking facilities. Depending on the clients you have, check on the online banking facilities. Try to go for an option that promotes online banking amenities and helps to conduct online banking effortlessly.
7. Offline Amenities- Along with the online amenities, customers may also need offline banking facilities. Do consider the number of branches and ATMs the bank provides. Also, check on the offline amenities to ensure a smooth cash flow.
8. ATM Access- Make sure that the bank or union has enough ATMs and accessing them has to be easy and simple. ATM access is important to do transactions from anywhere, anytime.
9. Wire Transfer Options- Think of the wire transfer option before you reach a conclusion. Wire transfer is a crucial task and should be available.
10. Credibility- Check on the reviews before you jump to a conclusion. Choose the option that is reliable and offers security. You should choose a credible and reliable entity to keep your business funds secured.
11. Credit Card Usage- Make sure to get access to the credit card using an option. The credit card must be promoted to engage more and more customers.
12. Opening Fee- Consider the amount you need to deposit to open a business checking account. Mostly it is free but sometimes it is not. So, know about the fee for opening the bank account.
Now as you know the main factors that you need to consider before selecting the right option, you must evaluate your logic and select the right option. Have you found the right option?
The information in this article reveals that owning a business checking account can be considerably beneficial for a business. The main purpose is to maintain an uninterrupted cash flow that would facilitate the transactions.
The business checking account must keep accurate records of the earnings and expenses to keep track. You must consider the cash deposit and transaction limits as both are crucial for your business.
A business checking account helps you to deal with your business finance seriously and professionally. Professionalism is another major reason for opening a business account.
Your business becomes a brand when your cheque consists of the name of your business. Business checking accounts organize all the financial data and store them for further usage.
When you get the information about the income and expenditure from your business account, you can understand and calculate the rate of profit and loss. All the financial data must be kept securely to ensure safe storage.
You will have to consider your budget too to know the suitable option. Several free business checking accounts are available that can provide you satisfactory services.
However, for upgraded and advanced services, you may require a budget and go for add-ons. So, make sure to evaluate the budget prior to selecting one business checking account.
The information in this article reveals that owning a business checking account can be considerably beneficial for a business.
The main purpose is to maintain an uninterrupted cash flow that would facilitate the transactions. The business checking account must keep accurate records of the earnings and expenses to keep track.
You must consider the cash deposit and transaction limits as both are crucial for your business. A business checking account helps you to deal with your business finance seriously and professionally.
Professionalism is another major reason for opening a business account. Your business becomes a brand when your check consists of the name of your business. Business checking accounts organize all the financial data and store them for further usage.
When you get the information about the income and expenditure from your business account, you can understand and calculate the rate of profit and loss. All the financial data must be kept securely to ensure safe storage.
You will have to consider your budget too to know the suitable option. Several free business checking accounts are available that can provide you satisfactory services.
However, for upgraded and advanced services, you may require a budget and go for add-ons. So, make sure to evaluate the budget prior to selecting one business checking account. Don't forget to read out the article again. Shortlist the options that seem compatible.
Now, you must study more to know the information in detail. You have to note down the opportunities being offered and judge them. You have to be sure about your choice. For that, you need to gather adequate information about the services by the entity.
In the modern era, if you want to run a business effortlessly, you must consider opening a business checking account. It not only allows a fast and seamless cash flow but also builds healthy customer relationships.
When the transactions become easier and smooth, more customers feel attracted. Therefore, in order to attract the audience and ensure a secure cash flow, you must open a business checking account.
Moreover, a business checking account verifies and legalizes your business. Your business looks more professional and sincere when you give checks on the name of your business. It is to go a step ahead and create reliability.
The importance and significance of a business checking account for effortless, uninterrupted, and fluid cash flow and building strong customer relationships can't be denied.
The growth of the business also depends on the business checking account to some extent.
As it is a demand of time to have a business checking account for effective business growth and a seamless transaction system, choose the option that suits your business.