The Best Business Bank Accounts

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Bank AccountsProsConsLearn more
  • Business accounts for every size business
  • Bonus incentives on certain accounts
  • Access to branches and ATMs worldwide
  • World class business banking customer service
  • High minimums on certain accounts
  • Complicated fee structure
Visit Chase
  • $300 bonus
  • Built-in card acceptance services
  • Access to branches and ATMs worldwide
  • World class business banking customer service
  • $2,000 minimum
  • $5,000 total monthly deposit limit
Visit Chase for Business
  • No monthly fees
  • Higher-than-average interest rate
  • No minimum balance required
  • Mobile app available for iOS and Android
  • Limited withdrawals per month
  • No checking account offer
Visit LiveOakBank
  • Fully funded by employer; provides a fixed income for life
  • Can replace 30% or more of your average salary
  • Pensions disappear if the providing company goes out of business.
Visit Axos Bank
  • No monthly, NSF, or incoming wire fees
  • 1% interest on balances up to $100,000
  • Mobile app available for iOS and Android
  • Access to 38,000+ MoneyPass® ATMs nationwide
  • No physical branches
  • Cash deposits charge a fee at the ATM
Visit BlueVine
  • No SSN needed to apply
  • Mobile app available for iOS and Android
  • Cash Flow Monitor tool
  • Zelle integration
  • Employee debit cards
  • $5,000 minimum balance (or pay $16 per month)
  • Excess transaction and cash deposit fees
Visit Bank of America

Owning a small business means you’ll wear many hats, from accountant to Chief Financial Officer (CFO). Access to a proper business bank account can help keep your finances organized and keep business operations running smoothly.

To help you find the best option for your business, we’ve put together a list of the top business bank accounts on the market today.

The Best Business Bank Accounts

Business bank accounts offer all sorts of unique features to help your business stay organized and grow. We reviewed dozens of the top bank accounts to find the best business-focused banks with low fees, product selection, and excellent customer service.

Best Bank Overall: Chase

With over $2 trillion in assets and almost 5,000 branches, Chase is one of the largest banks in the world. Chase offers many accounts built for businesses of all sizes, with access to payment portals, business credit cards, and multiple business bank accounts.

Pros

  • Business accounts for every size business
  • Bonus incentives on certain accounts
  • Access to branches and ATMs worldwide
  • World class business banking customer service

Cons

  • High minimums on certain accounts
  • Complicated fee structure

Best Business Checking Account: Chase Business Complete BankingSM

The Chase Business Complete BankingSM account is a small business offering that comes with built-in card acceptance via their QuickAcceptSM program. This is great for businesses that are looking for merchant services which allows seamless payment and management of company revenue.

Chase currently offers a $300 sign-up bonus for accounts that deposit at least $2,000 and maintain a minimum $2,000 balance for 60 days. Qualifying accounts will also need to complete 5 transactions within 60 days.

Pros

  • $300 bonus
  • Built-in card acceptance services
  • Access to branches and ATMs worldwide
  • World class business banking customer service

Cons

  • $2,000 minimum
  • $5,000 total monthly deposit limit

APY: 0%
Account Minimums: $2,000 (to avoid $15 monthly fee)
Fees: $15 per month, unless minimum requirements are met. Chase QuickAcceptSM card payments 2.6% + $0.10 per authorized transaction. Key entered card payments 3.5% + $0.10 per authorized transaction
Transaction Limits: Unlimited electronic deposits, 100 transactions limit per month, $5,000 deposit total per month (without additional fees)

Best Business Savings Account: Live Oak Bank Business Savings

Live Oak Bank offers a business savings account that pays a much higher interest rate than most of its competitors. There is no minimum balance required, no monthly maintenance fees, and the simple mobile app helps keep track of savings.

To open an account with Live Oak Bank, apply online, connect your existing bank, and transfer funds directly into your new account.

Pros

  • No monthly fees
  • Higher-than-average interest rate
  • No minimum balance required
  • Mobile app available for iOS and Android

Cons

  • Limited withdrawals per month
  • No checking account offer

APY: 0.60%
Account Minimums: None
Fees: $15 income wire/$19 outgoing wire transfer fee. $10 for each additional withdrawal after 6 per month
Transaction Limits: Unlimited deposits, 6 monthly withdrawal limit (Regulation D)

Best Online Bank for Business: Axos Bank

Founded in 2000, Axos Bank has been supporting small businesses online since their inception. With multiple checking and commercial banking options, Axos has expanded to assist businesses of all sizes.

Their Basic Business Checking account offers a simple no-fee checking account for small businesses. With no minimum balance requirements and ATM reimbursements nationwide, Axos is a seriously competitive online bank option for smaller companies.

To open an Axos Bank account, sign up for their online Basic Business Checking account and connect an existing account to deposit funds.

Pros

  • No monthly fees
  • Unlimited domestic ATM reimbursements 
  • No minimum balance required
  • $100 bonus for new businesses

Cons

  • Only 200 transactions per month
  • $1,000 deposit required to open

APY: 0%
Account Minimums: None
Fees: $0.30 per transaction after 200 transaction limit reached (per month). After using the first 50 free checks, checkbooks must be ordered from a 3rd party site.
Transaction Limits: 200 transactions per month, $0.30 per transaction after limit reached

Best Business Bank Account Without Fees: BlueVine

BlueVine is a newer online business bank with a specific focus on small businesses. They’ve eliminated most of the fees associated with the bulk of business checking accounts. With no account minimums, no non-sufficient funds (NSF) fees, and no incoming wire fees, BlueVine outshines its competitors as the low-cost business checking option of choice.

To open an account with BlueVine, you can apply online, then deposit checks via their mobile app (or connect to your existing bank to transfer funds).

Pros

  • No monthly, NSF, or incoming wire fees
  • 1% interest on balances up to $100,000
  • Mobile app available for iOS and Android
  • Access to 38,000+ MoneyPass® ATMs nationwide

Cons

  • No physical branches
  • Cash deposits charge a fee at the ATM

APY: 1.00%
Account Minimums: None
Fees: $15 outgoing wire transfer fee
Transaction Limits: None

Business Bank Account Without a SSN: Bank of America

If you don’t have a Social Security Number (SSN), you can still open a business bank account using an Individual Tax Identification Number (ITIN) or an Employer Identification Number (EIN). Bank of America offers this option to their customers without SSNs, though you may need to apply in person.

The Bank of America Business Advantage Fundamentals™ Banking account allows nonresident aliens with an ITIN or EIN to apply for an account, and its customers have access to a wide array of business features. With their proprietary Cash Flow Monitor tool, employee debit cards, and Zelle functionality, this checking account is a great choice for growing businesses.

Pros

  • No SSN needed to apply
  • Mobile app available for iOS and Android
  • Cash Flow Monitor tool
  • Zelle integration
  • Employee debit cards

Cons

  • $5,000 minimum balance (or pay $16 per month)
  • Excess transaction and cash deposit fees

APY: 0%
Account Minimums: $5,000
Fees: $16 per month (if certain conditions not met), $0.45 per excess transactions (over 200 per month), $0.30 per $100 in excess deposits (over $7,500 per month)
Transaction Limits: 200 transactions per month. $7,500 deposit limit per month

What Should I Look For When Choosing a Business Bank Account?

Business checking accounts should cater to your business needs without “nickel and diming” you to death. Here are a few things to look for when shopping for a business bank account.

Services Available

Your business is unique and you need the right services to make your business operate better. This may include nationwide ATM access, mobile check deposit, or accepting payment from card readers. You may also need a bank with physical locations for in-person meetings.

Low Fees

Business bank accounts typically have some fees associated with them, but make sure they’re reasonable, based on how your business operates. If there are usage limits and fees for too many transactions, avoid that bank. You shouldn’t have monthly fees, or you should – at the very least – be able to waive them by meeting balance/transaction criteria. Always review the fee schedule of business bank accounts before signing up.

Third Party Integration

Most banks don’t offer accounting services, but the best business bank accounts can seamlessly integrate into your favorite accounting software. Whether it's Quickbooks or Wave, finding an account that can automatically sync with third party software is a huge plus.

Customer Service

Finding a bank that has 24/7 customer service is a big deal. Whether it’s online chat support or over the phone, good customer service and availability is a big deal. Before signing up for a bank account, try giving the customer service line a call to see how the experience is.

Best Small Business Loans

Sometimes you need to infuse capital into your small business to continue growth, but finding the right small business loan can feel overwhelming. We’ve put together a few of our favorite companies that specialize in helping small businesses like yours get the loan you need.

Best Overall: Kabbage

Kabbage is an online lender that specializes in small business loans. They offer many loan types, including payment processing loans, short-term loans, lines of credit, industry-specific loans, and PPP loans.

Kabbage requires that you’ve been in business for at least one year and have $50,000 in revenue to qualify for a loan. You can apply for loans online and be approved for same-day funding.

Best for Lines of Credit: Fundbox

Fundbox specifically focuses on offering small businesses short-term lines of credit with 12- or 24-week payoff periods. They have built their process to help new businesses qualify without a hard pull on their credit report.

Fundbox requires that you connect your business bank accounts and accounting software to their platform so they can analyze your numbers. This allows them to confidently provide funding without a credit check. Approved funding may be transferred as quickly as the next business day.

Best for SBA Loans: Fundera

Fundera is an online marketplace that specializes in Small Business Administration (SBA) loans. Guaranteed by the federal government, these loans typically offer lower rates and favorable terms.

Fundera offers many types of SBA loans, and qualifications vary by loan type. On their site, you can fill out a single application and compare dozens of different loan options to find the best one for your business.

Let’s Review the Business Banking Basics

How do you find a good bank for your small business? Here are a few questions you need to answer before opening a business bank account.

What Is a Business Bank Account?

A business bank account is meant to be separate from your personal bank account. It should help you manage your business cash flow and tax liabilities, as well as payroll and other financial obligations.

Are Business Bank Accounts Free?

Most business bank accounts are free to open but may require a minimum deposit amount. Once open, many business accounts charge monthly fees , along with other processing fees (depending on your business usage).

Are Business Bank Accounts Tax-Deductible?

From customer purchase deposits to employee payroll to quarterly taxes, business bank accounts typically handle all of your transactions. The bank account itself is not tax deductible, but the account is typically used with accounting software to determine your tax liability by calculating your income minus expenses and deductions.

We recommend consulting a licensed tax professional to help determine your business tax deductions.

Business Bank Account vs. Personal Account: Do I Need Both?

Short answer: Yes.

For legal, tax, and accounting purposes, keeping separate personal and business bank accounts protects your personal assets from potential lawsuits. It will also keep your accounting clean for the IRS should they decide to audit your business tax return.

What Do I Need to Open a Business Bank Account?

To open a business bank account, you typically need to provide the following documentation:

  • SSN, EIN, or ITIN
  • Business license
  • Certificate of assumed name/DBA
  • Ownership agreement docs
  • Photo ID (e.g. driver’s license, passport)
  • Organizing documents filed with the state

You may need to provide additional documentation, depending on the bank requirements.

Small Business Loan vs. Personal Loan

A small business loan is for the purposes of conducting business, typically used for activities such as paying for equipment, covering payroll, and acquiring inventory. 

A personal loan is a form of credit, typically used for making a larger personal purchase and paying off high-interest debt.

When Is It Wise to Take out a Small Business Loan?

When your small business is growing, you may consider a small business loan to help you expand your operations. Hiring additional headcount, purchasing more equipment, and stocking more inventory require substantial up-front investments. For a low monthly payment, a small business loan can help you scale your business and grow your revenue. 

Remember to review the terms of your business loan before borrowing, as some loans may charge additional fees or excessive interest.

Should I Get a Business Credit Card?

Most small businesses would benefit from having a business credit card to manage purchases and other business-related expenses. Many cards have rewards programs and business-specific features to help you manage your cash flow better.

Getting a business credit card can also lower your risk by protecting your cash. If your debit card is compromised, thieves have direct access to your bank account. Because many credit cards include fraud protection, false purchases on a compromised card won’t be charged directly to you or your business.

What Are The Best Business Credit Cards?

While businesses come in all shapes and sizes, most benefit from a good business credit card. Here are a few of our favorite business credit cards on the market today.

Best Overall: Chase Ink Business Preferred

The Ink Business Preferred Card from Chase offers some amazing perks for business owners, including: 3x rewards on travel, shipping, internet, cable, phone services, and advertising purchases. It offers employee cards at no additional cost, as well as a host of purchase protection and insurance options.

Their current sign-up bonus offer is 100,000 points after you spend $15,000 on purchases within the first three months of account opening.

Best Travel Business Credit Card: CitiBusiness®/AAdvantage® Platinum Select® World Mastercard®

If you frequently travel for business, the CitiBusiness®/AAdvantage® Platinum Select® World Mastercard® is a great option to earn miles and lower your travel costs. This card offers a free checked bag for you (and up to 4 other passengers) on American Airlines or Oneworld® partner airlines. After the card is renewed, you can also earn a companion certificate after spending $30,000 annually.

The current sign-up bonus is 65,000 American Airlines AAdvantage miles after spending $4,000 in purchases within the first four months of opening the account. The $99 annual fee is waived for the first 12 months.

Best Low-Fee Business Credit Card: American Express Blue Business Cash™ Card

If you’re a new business owner looking for a flexible, low-fee credit card, the American Express Blue Business Cash™ Card is a great choice. It offers a 0% APR on purchases and balance transfers for the first 12 months – plus no annual fee. 

You also earn 2% cash back automatically for the first $50,000 in purchases every year. If you need access to more credit, American Express offers their Expanded Buying Power® option with this card, helping you quickly increase your credit limit.

Best Financial Tips for Small Business Owners

Understanding the financials of your small business is critical to your success. Here are a few tips on managing your money while growing your business.

Know Your Numbers

While your expertise may be in creating products and serving your customers, not knowing your business numbers will result in struggle. Here are a few of the numbers you should know when running a business:

Understanding – and keeping an eye on – these will help you keep a pulse on the health of your business.

Have an Emergency Fund

Business revenue growth isn’t a straight line, and owning your own business can be a financial rollercoaster. It’s critical to have a healthy emergency fund in place to cover your core business expenses. 

For most small businesses, setting aside 6-12 months of expenses in a business savings account will help you survive months when revenue drops or emergencies arise. This can help save your business from taking on excess debt and even going bankrupt.

Build Your Business Credit

Business credit can open doors to attractive financing options for the growth and expansion of your business. Establishing business credit is important, but how do you do it?

Here’s a quick list of ways to build your business credit:

  • Open a business bank account
  • Obtain an employer identification number (EIN)
  • Open and use a business credit card
  • Get incorporated (for legal protection)
  • Review your credit reports annually
  • Always pay on time

Save For Retirement

Running your business can feel like two full-time jobs, but don’t neglect planning for retirement. It can feel like “forever away,” but the longer you invest, the more time compounding interest has to work its magic.

Pro tip: Make sure to find your retirement number and start investing regularly.

Hire an Accountant

Tax laws are always changing, so finding a good accountant that knows your business is a must. A good accountant can help you understand the benefits of incorporation, structure your payroll, and determine everything you can write off as a business expense. A good accountant can be an invaluable asset to any small business – don’t wait until the IRS comes knocking to find one!

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Ask an Expert
All of our content is verified for accuracy by Rachel Siegel, CFA and our team of certified financial experts. We pride ourselves on quality, research, and transparency, and we value your feedback. Below you'll find answers to some of the most common reader questions about The Best Business Bank Accounts and Small Business Financial Tips.

Can I Use My Personal Bank Account for My Small Business?

While you can technically use a personal bank account to conduct business, this can get you in trouble with the IRS. It can also open yourself up to personal liability for business issues.

It’s always best to keep your personal and business finances in separate accounts, giving you cleaner accounting for your business. For incorporated businesses, this will help protect your personal assets from business lawsuits.

Is It Legal To Move Money From My Business Account to My Personal Account?

Yes, but this will be considered “income” for tax purposes. To keep everything organized, transfers to your personal account should be done as part of your payroll accounting.

Rachel Siegel, CFA
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Rachel Siegel, CFA is one of the nation's leading experts at ensuring the accuracy of financial and economic text.  Her prestigious background includes over 10 years creating professional financial certification exams and another 20 years of college-level teaching.

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All of the opinions expressed herein are the author's alone, and not those of any bank, brokerage, credit card issuer, lender, insurance company, outside financial institution, or any other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post or any other third parties.