Running a business is hard enough. Keeping up with the day-to-day details can be overwhelming, and there’s always something new you need to learn or keep track of.
Business owners are often faced with the dilemma of choosing between having more money in their pocket or keeping control over their finances. And when it comes to your company checking account, this trade-off can be even more difficult because most banks require a hefty opening deposit in order for you to have an account that's easy on your budget.
The balance between convenience and affordability is what led us to develop our list of the 5 best business checking accounts based on fees and features. We hope this information will help make the decision process easier for small businesses who want to access business checking accounts.
Do you own or are thinking about starting a small business? If so, you absolutely need to have a small business checking account. Not having one could put yourself and your company at risk! In this article, we will discuss the 5 best business checking accounts that include features such as low fees, security measures, and rewards.
Which 5 Best Business Checking Accounts earned their keep, and which ones got thrown out? This blog post is all about finding the right account for your business – so use these as a guide to finding the perfect fit! Check them out:
Overview of the best business checking accounts
Account Best for
Bank Novo Accounting and invoicing
Chase Business Complete Banking℠ Sign-up bonus
Lili Tax reporting
NorthOne Business Checking Account Creating sub-accounts
Radius Bank Tailored Checking Brand new businesses
Bank Novo is an easy-to-use accounting platform, designed to simplify the way you manage your financials and invoicing. Bank Novo brings all of this to one central location that integrates seamlessly with both desktop and mobile devices. Whether at home or on the go, now it's never been easier than before.
What makes this product unique? Well, there are many features that help make bank Novo stand out from its competitors:
After opening, there is a $50 minimum opening deposit requirement, but there is no monthly balance requirement for the account.
There are several standout features that really stand out in my mind:
No monthly maintenance fee.
No minimum balance requirement.
Free transfers and mailed checks.
Free ATM including waiving and refunding fees you accrue from lenders that own the ATM you use.
Its point of sale (POS) integration allows for the management tasks to start closing in time while streamlining manual processes such as credit card terminals sales process and managing inventory among other things.
The Bank Novo app allows you to do everything except withdraw cash. You can apply for an account and get approval in minutes. Once your application is approved, you can log in to your account from any smartphone or tablet.
Transfer funds.
Deposit checks.
Pay bills.
Mail paper checks.
Access integrated business tools like Xero, Zapier, Slack, and TransferWise.
We reduce paper waste by using a digital invoice system that is more environmentally friendly than a paper one. Furthermore, we offer free ACH transfers and incoming wire transfers, and we mail checks for free as well.
With Chase Business Complete Banking and sign-up bonus, your business's growth has just been taken to the bank. If you're looking to get some cash with your new business checking account, Chase Business Complete BankingSM has got you covered. You will need to complete the following steps to receive $300 cashback:
Open a Chase Business Complete BankingSM Account.
In the first 20 calendar days after the account is opened, deposit a total of $2,000 in new money.
Maintain that balance for 60 days.
Earn five credit card rewards after completing five qualifying transactions -- debit card purchases, Chase QuickDepositSM, ACH transactions, and wire transfers.
You will get more if you deposit more. However, there are ways to waive the $15 per month fee on this account. In order to get a waiver of the fee, the account must be one of the following:
It must maintain a minimum daily balance of $2,000 per day.
For a Chase Ink® Business Card to qualify, you must charge a minimum of $2,000 in purchases.
QuickAcceptSM and/or Chase Merchant Services transactions generated $2,000 in deposits.
Chase Private Client CheckingSM has been linked to your account.
Business accounts offer the following benefits:
Unlimited electronic deposits.
100 transactions per month at no charge.
$5,000 in cash deposits per statement cycle without an additional fee.
More than 4700 branches and 16000 ATMs are available.
The Chase Business Complete Banking package is designed for entrepreneurs with one business. It includes tools to help your business grow such as no monthly checking fees, interest on deposited funds of 0%, secure access to the mobile app, risk management features like fraud protection alerts, and $15 million in deposit insurance. Enjoy an invitation to join our new customer orientation webinar* featuring financial educational content that could be useful for your business today.
Lili is a debit account specially designed for freelancers. It's perfect for tracking business expenses when you're not dealing with piles of physical receipts because they don't actually exist here! You get a Visa® business debit card so that it can go right into the same place as your personal one, and because Lili takes just three minutes to open they'll even go on and set up free savings account for you.
Our account won't make changing your business ownership a headache. We know you have no time for that. Get everything you need to manage finances in one place with Lili's Visa® business debit card and easy check cashing services — all without any extra fees. Plus, there are plenty of conveniences only small businesses deserve, like access to over 38,000 free ATMs accepting the Visa symbol worldwide and an online checking account that is totally connected (procrastinators rejoice!). Our goal: Maintaining financial good health while keeping our sanity! Here are some of Lili’s standout features:
Easily transfer funds.
Mobile check deposit.
Visa® business debit card.
Free cash withdrawals.
Automatic savings.
Early access to direct deposits.
Integration with digital wallets.
Account controls, including account freeze and unfreeze.
The last thing you need is to be hit with a lot of fees and hidden charges. Lili is fee-free, requiring no minimum balance or opening deposit requirements. It's hassle-free because we take care of tax reporting for other business needs, so all you have to worry about is creating great work. The application process takes just 3 minutes so you can get back on the job ASAP.
Your Lili account comes with a range of powerful business management tools.
Establish “buckets” to save for emergency expenses or estimated tax payments.
Spend tracking helps track where your money goes.
Organizing expenses to help with tax deductions is easy.
Report generation for taxes.
Also, Lili does not charge fees for overdrafts or international transactions, which allows you to keep more of your money.
NorthOne Business Checking Account. The current rate is a low .06% in an industry where competitors have started to offer savings rates at .2%. Northlane will beat your competitor's interest rates and save you money on overdrafts, making this a great option for businesses that take payments online and process credit cards.
Business checking accounts from NorthOne include these benefits:
Getting an account is simple and only takes a few minutes.
Using a simple mobile banking app.
Web banking.
There is no hidden fee on a flat fee of $10 due to unlimited transactions.
Transact with ACH payments.
Transactions with debit cards are unlimited.
You can order extra debit cards for your team within the app.
Mobile check deposit.
Small businesses and freelancers are well-served with NorthOne Business Checking. You'll benefit from the following features:
Pull reports for each card on your account.
Easily attach receipts to transactions.
Expenses are automatically categorized.
No limits on viewing your account history.
Give read-only access to your accountant.
Easily report debit cards as lost or stolen.
Keep your business laid-back with our NorthOne Business Checking Account, where you’ll always know exactly what to expect. Predictability is key for any business, and we offer the same monthly fee with no transaction limits so it's easier than ever to find a balance in your budget.
Radius Bank Tailored Checking is a question bank where you can take your pick from thousands of questions. You're not going to want to answer the same old questions like "What does your company do? You may be able to meet your next first date with this customized profile that meets all your needs and is available online.
Wake up and smell the savings. With Radius Bank Tailored Checking, you'll love managing your budget with a personalized account of your own that's tailored to fit YOUR lifestyle.
A Tailored Checking account includes the following benefits:
Simple, paperless online application; you will not need any documents to complete it.
Unlimited 1% cashback on all debit card purchases.
For a limited time, get 1.50% cashback on every dollar you spend in the health, food, entertainment, and social good categories.
Earn 0.10% APY on your account balance.
Fee-free ATM visits worldwide, including discounts on ATM fees from third parties.
You will no longer have to pay the $10 maintenance fee after your balance reaches $5,000.
$100 opening balance requirement.
No minimum monthly balance required.
A modern banking experience where saving is easier. Use Radius Bank Tailored Checking to avoid conversations about what you do for work or if you're still in school--or maybe even why they still call it checking when the money doesn't actually check!
Additional features include:
Free membership to Autobooks, an online banking service for small businesses.
ACH debit and credit origination.
Professional invoicing.
Remote deposit capture.
ACH debit/block filters.
Merchant services.
Free bill pay.
E-payment solutions.
Reporting and accounting integrations.
Owning a small business can be a huge undertaking, so the last thing you need is having to worry about your checking account. If you’re looking for an easy and friendly banking service that keeps your expenses low while giving you rewards, Radius Tailored Checking just might be the perfect fit.
Access never-ending checking account features with the 5 Best Business Checking Accounts. Long gone are those days of limited transactions, high balances that you have to deposit every few days, and annual fees. Nowadays there is endless money in your Endless Easy & Free Checking Account. Plus that means no more waiting for access to funds or limits on withdrawals. Access all the cash you need without any trouble, hassle, or monthly charges with this easy-breezy business banking experience!
