Choosing the Best Business Checking Account: Our Top Recommendations and How to Decide

Business owners looking to manage their company’s finances efficiently and effectively may find a business checking account to be a valuable tool. These accounts are designed for everyday income and spending, offering features like interest-bearing options, rewards, budgeting tools, and account management perks.

Financial institutions typically charge fees for business checking accounts, but these fees can often be waived by meeting certain requirements. Choosing the right business checking account involves considering how your business manages its funds and what features are most important to you.

Some top recommendations for business checking accounts include Axos Bank, which offers interest-earning options with no monthly fees and unlimited transactions, Live Oak Bank, which provides money management tools and Quickbooks integration, Wells Fargo, which is best for cash deposits with a large branch and ATM network, Chase Bank, which offers new customer bonuses and fee-free cash deposits, Capital One, which is great for free transactions and overdraft protection, Lili, which offers debit card rewards and free overdraft protection, and U.S. Bank, which is ideal for nonprofit organizations.

When choosing the best business checking account, it’s important to consider factors like minimum deposit requirements, monthly fees, interest rates, access to branch locations, cash deposit needs, transaction volume, and desired features like mobile check deposit and ATM reimbursement.

Opening a business checking account requires documentation like an EIN, business formation documents, and a business license. While using a personal bank account for business purposes is possible, it’s not recommended due to the benefits of maintaining a separate business account, such as establishing a transaction history and simplifying tax reporting.

In addition to business checking accounts, alternatives like business money market accounts and business credit cards can also be considered for managing business finances. Ultimately, choosing the right business checking account involves assessing your business’s needs and preferences to find the account that offers the most value and benefits.