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Fact Checked
A business bank account is a necessity for any business owner who takes their venture seriously. Whether you’re looking for business checking, savings or money market accounts, the best business bank accounts come with low fees, convenient digital tools and competitive rates. Annual percentage yields (APYs) and account details listed below are accurate as of July 3, 2024.
Annual Percentage Yield
N/A
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$50
N/A
$100
$50
We picked the PNC Bank Treasury Enterprise Plan for small and medium-sized businesses with higher transaction volumes because it includes up to 2,500 free transactions and $50,000 in deposits a month. This package also includes Cash Flow Insight tools for accounts receivable and payable, invoicing, payments and more.
This plan includes a PNC Analysis Business Checking account and one of two investment accounts—the Premium Business Money Market account or the MMDA Sweep account.
You can have multiple business checking accounts under this plan to consolidate transactions, fees and account management. Four beneficiary checking accounts can be added at no cost, but there is a $10 monthly maintenance fee for each account after that. There is a $100 minimum deposit to open the Treasury Enterprise Plan and a steep $50 monthly fee. To waive this, you’ll need to maintain an average combined balance of $30,000
Fees are assessed for additional banking services. This includes the Cash Flow Insight tools (Payables, Receivables and Accounting Software Sync), which require a $20 monthly subscription. The checking account does not earn interest.
Annual Percentage Yield
0.01%
Minimum Deposit Requirement
$25
Monthly Maintenance Fee
$5
0.01%
$25
$5
We like the Wells Fargo Business Market Rate Savings account because you can make up to 20 deposits, $5,000 in cash, free each statement period. This account can also serve as overdraft protection for your checking.
Interest is earned on all balances over $0. Interest is compounded daily and credited monthly. While the rate isn’t too impressive at 0.01% APY, this account offers convenience in the form of check-writing privileges and low balance and deposit requirements.
There’s no pressure to save a lot because all balances earn the same rate, and you only need a balance of $300 to waive the $5 monthly fee. You can also waive it by making $25 in automatic transfers from a Wells Fargo business checking account.
Annual Percentage Yield
0.25% to 2.50%
Minimum Deposit Requirement
$25
Monthly Maintenance Fee
$15
0.25% to 2.50%
$25
$15
We picked the Wells Fargo Business Platinum Savings account for customers who have a lot of money to deposit because its tiered interest rate system pays up to 2.50% APY, but you’ll need to maintain a high balance to earn the best rates.
Interest is compounded daily and credited monthly. All accounts earn interest, but those with balances of $1 million or more can earn the higher APY on deposits. Here’s how the interest rates shake out by balance tier:
| BALANCE | APY |
|---|---|
$0 - $99,999.99
| 0.25%
|
$100,000 - $499,999.99
| 1.01%
|
$500,000 - $999,999.99
| 2.00%
|
$1,000,000 or more
| 2.50%
|
In addition to earning interest, the Business Platinum Savings account offers overdraft protection for Wells Fargo business checking accounts and the unique ability to write checks directly from savings. There are over 11,000 Wells Fargo ATMs nationwide.
This account has a $15 monthly maintenance fee that can be waived by maintaining a $10,000 average daily balance or opening a linked business checking account. Checking accounts that can be linked to avoid the monthly fee are Navigate Business Checking and Optimize Business Checking.
Free cash deposits are limited to $5,000 or 20 transactions per month. This savings account is a worthy option for high balances and convenient cash access, but it’s not ideal for saving on a smaller scale.
Annual Percentage Yield
3.46% or 5.48%
3.46% with a daily balance of $5,000,000 or below or 5.48% with a daily balance above $5,000,000
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$5
3.46% or 5.48%
3.46% with a daily balance of $5,000,000 or below or 5.48% with a daily balance above $5,000,000
$100
$5
The First Internet Bank Business Money Market Savings account ranked best for high yields because it earns 3.46% APY with a daily balance of $5 million or below and 5.48% APY with a daily balance above $5 million. This is a stand-out account for its interest rates alone, but it also earns a spot as one of the best business bank accounts because of its low fees and easy-to-meet requirements.
With just $100, you can open this money market account and start earning. The $5 monthly maintenance fee is lower than many competitors and waived with a balance of $4,000. Consider this savings option if you want to maximize your interest earnings on excess funds.
This account allows up to six transfers or withdrawals per calendar month or statement cycle before an excess transaction fee is assessed. Interest is compounded and credited monthly on the last day of the month.
Annual Percentage Yield
N/A
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
N/A
$0
$0
We chose the Axos Bank Business Checking account for new small business because it has no monthly maintenance fees, no minimum opening deposit or balance requirements, and offers unlimited fee-free transactions.
This account does not earn interest. You’ll also get unlimited domestic ATM fee reimbursements, up to 60 fee-free remote deposits each month, and two outgoing domestic wire fee reimbursements each month.
In addition to being packed with valuable perks, this account regularly offers one of the best business bank account bonuses, so you can potentially earn a cash bonus just for opening a new account. Welcome bonus offers run for a limited time, and you must meet certain balance and activity requirements to qualify.
This account is compatible with QuickBooks. Accountholders can access up to $175 in insurance coverage through Axos Bank InsureGuard+ Savings from IntraFI Network Deposits.
Axos offers a cash bonus of up to $400 when opening an account and meeting certain requirements by August 1, 2024, using offer code NEW400. To qualify, you must make a deposit within 30 days of opening your new account, and your balance will be used to determine the amount of your bonus. To earn $400, which is paid as $100 for up to four statement cycles, you will need to have an average balance above $50,000 in your new account and a minimum of 10 POS transactions of at least $3 each posted to your account each month. You need to submit an application by August 1, 2024 to qualify.
Business owners who are also interested in opening a personal checking account can qualify for a bonus of up to $700 when they open a business checking account and a high-yield Rewards Checking account at the same time. To qualify for this bonus, you will use the code AXOS700 to apply for both accounts by August 1, 2024. Then, you must meet individual bonus requirements for each account.
Annual Percentage Yield
Up to 1.50%
1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$10
$0 with monthly balance of $500
Up to 1.50%
1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000
$100
$10
$0 with monthly balance of $500
The LendingClub Tailored Checking account ranked highly because it’s one of the best business checking accounts for earning rewards and saving money. It earns 1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000. In addition, signature-based debit card transactions can earn 1% cash back, assuming you meet account requirements and have a balance of at least $500.
There is a $10 monthly maintenance fee for this account, but it’s waived if you keep a $500 average monthly balance. There are very few fees, and LendingClub partners with Autobooks for quick and easy digital invoicing and payments. You can also process unlimited transactions and get ATM fee rebates for out-of-network transactions.
If your account has a zero balance for more than three months, LendingClub reserves the right to close it without notice. Interest compounds daily and is credited monthly on the last business day of each statement cycle. Cash-back rewards will be credited to your account by the tenth calendar day of the month following the month in which they were earned.
The LendingClub Tailored Checking account does not have active sign-up or referral bonuses at this time.
Annual Percentage Yield
0.05%
Minimum Deposit Requirement
$25
Monthly Maintenance Fee
$5
0.05%
$25
$5
We chose the TD Bank Business Savings account for best customer service because it regularly makes best business banking lists, owing in part to the bank’s high customer satisfaction ratings and in-person banking access. TD Bank was ranked third-best in J.D. Power’s 2022 and 2023 U.S. National Banking Satisfaction Studies. The bank also offers wider in-person access than many banks on our list.
TD Bank’s Business Savings account has low monthly fees, overdraft protection for linked TD Bank business checking accounts and low deposit and balance requirements working in its favor. It also earns interest, but the standard rate is just 0.05% APY. However, yields vary by state, and you may be able to qualify for an adjusted rate by speaking to your branch manager. This account is recommended for businesses with smaller balances that value customer service.
ATM withdrawals are free at any TD Bank location, with around 2,600 available in the U.S. (primarily on the East Coast). TD Bank operates in 16 states on the eastern side of the country, so businesses outside the bank’s service area are out of luck.
The TD Business Savings account has a low $25 minimum deposit requirement and a $5 monthly maintenance fee that can be waived by maintaining an average daily balance of $500.
To open an account with TD Bank, your business must be located in a state where TD Bank operates: Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, or Washington, D.C. Free cash deposits are limited to $5,000 per statement cycle.
Annual Percentage Yield
0.50%
with average daily balance of $10,000
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
0.50%
with average daily balance of $10,000
$0
$0
The First Internet Bank Do More Business Checking account won best for unlimited transactions because it doesn’t have transaction limits, any minimum deposit or balance requirements, or monthly maintenance fees. It also earns 0.50% APY for accounts with an average daily balance of $10,000 and reimburses up to $10 per month in ATM fees.
Interest for this account is compounded and credited monthly on the last day of each month.
The “Balance Optimizer” feature lets you automatically transfer funds between your Do More Business Checking and business savings accounts with First Internet Bank to earn more interest. You’ll set a target checking balance, and the bank will move extra funds to higher-earning accounts.
The Do More Business Checking account is a simple, no-fee account ideal for small business owners who prefer online banking and don’t want to worry about fees or limits. Plus, you’ll have access to money management tools through the dedicated First IB Business Banking app.
The First Internet Bank Do More Business Checking account does not have active sign-up or referral bonuses at this time.
Annual Percentage Yield
N/A
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$0
N/A
$100
$0
We chose the First Internet Bank’s business checking for the treasury management services that come with its Commercial Analyzed Checking account. These include commercial deposit services, payables and receivables, and sweep services. The account also comes with credit card processing and corporate credit cards. There is no fee for the services listed and no monthly service fee.
This account also permits unlimited fee-free transactions and requires an opening deposit of just $100.
To make this list, Forbes Advisor pulled data from business checking accounts, savings accounts, money market accounts and CDs at 154 traditional banks, online banks and credit unions. We used the following metrics to rank each account:
Our analysis of fees included monthly fees, excess transaction fees, overdraft fees, ATM fees, deposit fees and early withdrawal penalty fees. Access looked at the number of fee-free ATMs and in-person branches, while digital experience took into account App Store and Google Play ratings. Customer experience considered merchant services, integration with business tools, customer service ratings and live chat availability.
We gave different weights to each metric depending on the type of account, and subcategories varied slightly. Some accounts were also scored using deposit and transaction limits and business features.
Business bank accounts with lower and fewer fees, wider accessibility, better digital and customer experience scores and lower minimum deposit and balance requirements were ranked higher.
To learn more about our review methodology and editorial process, see How Forbes Advisor Reviews Banks.
A business bank account is a specialized account business owners use to manage their finances. Unlike personal accounts, they’re designed to handle larger volumes of transactions and offer features tailored to business operations, like payroll services or merchant payment processing.
Having a business bank account separates your personal and business finances, simplifies tax reporting and helps you look professional to clients and suppliers. It may also make it easier to qualify for a business line of credit.
Products
Business checking account¹
Monthly Maintenance Fee
$0
Minimum Deposit Requirement
$0
Business checking account¹
$0
$0
The account has no hidden fees, no monthly maintenance fee and no minimum balance requirement. Novo Business Checking offers free transfers, mailed checks and incoming wires and ATM fees are refunded up to $7 per month. The account integrates with other small business tools including Stripe, Shopify and QuickBooks. It also integrates with Zapier and Slack.
Novo’s highly rated business banking app earns 4.8 out of 5 stars on the App Store and 4.6 out of 5 on Google Play.
¹Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated.
Business bank accounts function as a hub for all financial transactions related to a company’s operations. They’re established under a business’s legal name, so business finances stay separate from the personal finances of the owner or owners.
Just like personal accounts, you can access a business bank account online, through an app or by visiting a bank branch. Once you open an account, you can usually:
When it comes to managing your business finances, choosing the right type of bank account is crucial. Each type of account serves a different purpose and comes with unique features to support your business needs.
A business checking account is designed for daily transactions. It’s essential for managing your company’s cash flow. This is where you can deposit and withdraw money, pay bills and make purchases. Most business checking accounts come with a debit card and possibly a checkbook for transactions.
A business savings account helps you build up a cash reserve for your business. It’s where you set aside any funds you’ll need for the future, whether it be to pay taxes, buy equipment or cover your expenses during leaner months. Business savings accounts often earn interest, but there may be a limit to how many withdrawals you can make per month. Many savings accounts allow you to link business checking accounts for one-time or automated transfers.
A business money market account is similar to a savings account in that it earns interest and provides a place to build up cash reserves. However, this type of account typically comes with some features of a checking account, such as an ATM card or paper checks, that offer easier access to your funds. Money market accounts may pay higher interest rates than savings accounts but can also have steep balance requirements.
A business credit card is a powerful tool for managing expenses and cash flow, as well as building a credit history for your business. These allow for flexible spending and can provide rewards on purchases and even statement credits on spending. But just like personal credit cards, it’s vital to use business credit cards wisely. Taking on high-interest debt can impact your company’s financial health.
If your business accepts credit or debit card payments, you probably need a merchant account. This type of account acts as a holding area for card payment funds before they’re transferred to your business’s checking account.
When looking for the best bank for business accounts, fees should be top of mind. Depending on which institution you go with, you may encounter these common business bank account fees:
Business bank accounts come with a mix of benefits and drawbacks.
Selecting the right bank account is pivotal for managing your business finances effectively. Here’s a streamlined process to guide you:
Opening a business bank account looks a lot like opening any bank account, but it often requires more documentation.
Banks often require a minimum opening deposit. This varies between institutions, so make sure you’re aware of the specific amount needed to fund your new account when applying.
Most banks don’t check your personal credit score when you apply for a business bank account. So having bad personal credit typically won’t prevent you from opening a business checking account.
However, many banks do use ChexSystems when reviewing applications for business checking accounts. ChexSystems is a reporting agency that provides information on how you’ve handled checking and savings accounts in the past.
If you have any negative marks on your ChexSystems report, like unpaid fees, bounced checks or overdrafts, this could impact your business account application. Use these tips to find out if a bank uses ChexSystems for business checking accounts.
If you’re not ready to commit to a traditional business bank account, there are several alternatives that can still help you manage your business finances:
Offer
Receive a $100 bonus for holding $10,000+ in your Relay account within 30 days of account opening.¹
No fees or minimum balances
Open up to 20 no-fee checking accounts under a single login to earmark cash for operations, payroll, taxes, projects, and more.
Earn 1-3% APY
Earn interest on your idle dollars with Relay's high-yield Savings Accounts.
Receive a $100 bonus for holding $10,000+ in your Relay account within 30 days of account opening.¹
Open up to 20 no-fee checking accounts under a single login to earmark cash for operations, payroll, taxes, projects, and more.
Earn interest on your idle dollars with Relay's high-yield Savings Accounts.
¹Limit of one (1) $100 USD cash reward per business. To qualify for this offer, your Relay application must be completed, and your account must have a balance of at least $10,000 USD within 30 days of account approval. An average balance of $5,000 USD or more must be maintained at least until the bonus amount of $100 has been deposited. $100 (‘The Offer’) will be automatically applied to an approved Relay account within 10 business days of fulfilling the eligibility requirement(s). Offer cannot be combined with other offers.
Relay is a financial technology company, not a bank. Banking services and FDIC insurance are provided through Thread Bank2,3; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
On the personal side, you’ll need a valid ID like a driver’s license as well as your Social Security number. For business documents, you’ll need your business license. You may also need an Employer Identification Number (EIN) and business registration if you’re an LLC, and a DBA (“Doing Business As”) certificate if you’re a sole proprietor operating under a different name than your own. Check with the specific bank for its list of required business documents.
At the very least, every business should have a checking account to manage income and expenses. This account is also necessary for separating personal and business finances. Beyond this, you may also want a business savings account to earn interest on the money you’re setting aside for taxes, emergencies, seasonal dips in revenue and other future expenses. The total number of accounts you should have depends on your business needs.
You can open most small business bank accounts online, although some institutions may require you to open one in person. When applying, be prepared with a personal ID and each owner’s Social Security number, as well as business documents that match your business structure, like your business formation documents, a business license and ownership agreements. If your account requires an initial deposit, you’ll complete this step once you’re approved.
There are several reasons why you need a business bank account. First and foremost, having a business bank account helps you keep company and personal finances separate. This is important for recordkeeping, taxes and liability protection. It can also help you qualify for other business products down the road, like a business credit card, line of credit or loan.
It’s best to set aside 30 minutes to an hour to open a business bank account. But the timeframe can be shorter or longer depending on the paperwork you need and whether you’re applying online or in person. Oftentimes, banks will tell you on their website about how long the application process takes.
You’ll use a business bank account similarly to how you use a personal account. If it’s a checking account, you’ll pay bills, receive payments, deposit checks and more. If it’s a savings account, you’ll deposit money that you don’t plan on using right away. The main difference is that your business accounts will only be used for business income and expenses, not personal ones. Also, your account may have extra features not found with personal accounts, like cash management tools.
