If you’re looking for the best business checking accounts, you’re in luck because you’ll find quite a few excellent options on the market right now.
Business Interest Checking (0.81% APY) Perfect for growing businesses with cash reserves. No monthly maintenance fees when you maintain an average daily balance of at least $5,000. This account is a great solution for established businesses who are looking to grow their reserve funds. Similar to Ally’s online checking account, Discover’s checking account has few requirements and low fees. To activate an account, you need to make an initial deposit of any amount within 45 days of opening the account. 1 Free Business Checking and free personal checking provide no-cost maintenance and account activity; incidentals on the accounts, such as check purchases, stop payments, etc., are not free. Any Free Business Checking account exceeding stated transaction limits or cash deposited/exchanged limits during any two statement cycles in a 12-month.
You can even find a variety of free business checking accounts, and that wasn’t always the case. In years past a business account almost always charged hefty fees. This was quite frustrating for small businesses and side hustlers without much money.
So, if you’re looking to cut your business banking costs — or if you’re starting a new business or freelancing gig and don’t need all the extra perks paid accounts offer — opening a free business checking account could be the right move.
Whatever your situation, the accounts below offer some excellent features for anyone looking to move their business banking forward.
Top 9 Best Business Checking Accounts For 2021
Here are best business checking accounts you can open today:
1. Chase Business Checking Accounts
The Chase Business Complete Banking account is a great option for a small business owner or solopreneur.
There is a $15 monthly fee with ways to waive.
It offers a 100 transactions per month at no charge (40 cents after that), unlimited electronic deposits, plus $5,000 in cash deposits per statement cycle at no charge.
I recommend Chase so highly because it combines online banking with a wide network of in-person banking services — more than 4,700 branches and 16,000 ATMs.
For a limited time, new customers can receive a $300 bonus after completing qualifying activities. Click “Learn More” below for details.1
Chase Business Complete Banking℠ account
🏆 Our Top Pick
- Best for: access to a huge number of branches, high-rated mobile banking experience
- Monthly fee: Variable
- Highlights: access to 16,000 ATMs and more than 4,700 branches nationwide, Chase Online Bill Pay, Chase QuickDeposit, 24/7 customer service
2. Axos Bank Basic Business Checking
If you need a basic business checking account, Axos Bank offers one of the best free business checking accounts on the market. The Axos Bank Basic Business Checking account is ideal for a side hustler or a small business owner who has simple banking needs.
You’ll get up to 200 free transaction items (such as debits, credits, or deposits) per month, which is pretty awesome because many of the competitors who charge a monthly fee don’t beat that number.
Each transaction after the first 200 will cost you $0.30, which is less than what other banks charge. You also get access to a surcharge-free ATM network nationwide.
This bank account requires a minimum opening deposit of $1,000 – and the account can be managed only online. It’s best for account holders who don’t need to make cash deposits.
Want to earn interest and are able to maintain a $5,000 balance? Check out Axos Business Interest Checking
BONUS: Millennial Money readers can earn a $100 bonus with the promocode EARN100 when signing up fora new account.2
Does Ally Have Business Checking
Axos Bank Basic Business Checking
Best for modest business banking needs
- Monthly fee: $0
- Minimum opening deposit: $1,000
- Highlights: 200 free transactions; surcharge-free ATM network nationwide
- Mobile banking: available (2.6 stars on the App Store, 2.7 on Google Play)
3. Novo Bank Business Checking
Novo Bank has created another great option for digital business owners who want a mobile-first business bank account.
You’ll get free incoming wire transfers, free ACH transfers, no monthly fees, all ATM fees refunded — it’s really a great deal if you just want an app to manage your business cash flow that’s separate from your personal finances.
You’d need $50 to open an account, and you’d need to transfer the funds from another bank you connect to Novo through the app.
You won’t be able to deposit cash or send wire transfers with this account, and Novo — like Azlo — offers only mobile business checking — no savings accounts or business loans. You do, of course, get FDIC insurance up to the $250,000 limit allowed by law.3
Novo Bank Business Checking
Best for businesses that don't handle cash
- Monthly fee: $0 ($27 insufficient funds fee)
- Minimum opening deposit: $50
- Highlights: Free incoming wire transfers, free ACH transfers, free Visa debit card
- Mobile banking: Novo is a mobile first bank
4. NorthOne Business Checking
Similar to Novo, NorthOne is an online-only, relative newcomer aimed squarely at small businesses and freelancers.
They are tech-focused, with a robust mobile app that is highly rated (4.7 stars in the App Store). They also offer integrations with your accounting, eCommerce and point-of-sales tools (Quickbooks, Expensify, Amazon Pay, Shopify, Stripe, etc) to help streamline your business and eliminate manual>How To Find The Best Business Checking Account for You
Ally Bank Open Checking
As you can see, finding free business checking accounts isn’t difficult – and even the bank accounts that charge a fee let you waive the fee easily.
Does Ally Offer Business Checking
When you’re looking for the best business checking account, make sure you think about the features that are the most important for your business or side hustle.
For example, if you keep a large balance, look for an account that pays interest. If you sell products online, a digital bank can save you a ton of money and time. If you make a lot of small transactions, pay attention to how many free transactions your checking account allows each month.
Maybe you need extra debit cards for your business partner – or to be able to bank primarily on-the-move because you’re traveling the world at the same time?
Here’s my point: Each bank offers distinctive features – so make sure you make an informed decision.
Ultimately, the best small business checking accounts should have no minimum opening deposit and no monthly fee to help you save on the costs of business banking – but many banks offer that plus other excellent features.
And now – check out this list of best small business credit cards for 2021.
Thank you. So tough to have a business and you just helped me a ton. Thank you Grant.