In this post, I will show you the 10 best business bank accounts in America, optimized for entrepreneurs, startups, and freelancers. If you have been asking, “Which is the best business checking account in the U.S.?” or “What banking services are ideal for my small business?”, this guide is for you. Managing finances efficiently is key to scaling any business, and selecting the right bank account tailored to your needs can make all the difference.
This comprehensive guide breaks down the features, fees, and advantages of each account, helping you make an informed decision.
Table of Contents
- Why a Business Bank Account is Important
- Key Features to Consider in a Business Bank Account
- 10 Best Business Bank Accounts in America
- 1. Bluevine Business Checking
- 2. Chase Business Complete Banking
- 3. U.S. Bank Silver Business Checking
- 4. Grasshopper Business Checking
- 5. Capital One Business Basic Checking
- 6. Bank of America Business Advantage Fundamentals
- 7. Axos Bank Basic Business Checking
- 8. Found Business Checking
- 9. Lili Business Checking
- 10. American Express Business Checking
- Detailed Features and Fees for Each Account
- How to Choose the Right Business Bank Account
- Step-by-Step Guide to Opening a Business Bank Account
- Understanding Digital Tools and APY for Businesses
- Tips for Managing Business Finances Efficiently
- FAQs About Business Bank Accounts
- Conclusion
Why a Business Bank Account is Important
For small business owners, a dedicated bank account is more than a financial tool—it’s a legal requirement in many cases. Here’s why having one is vital:
- Professionalism: Keeping personal and business finances separate projects a professional image.
- Accounting and Tax Benefits: Streamlines bookkeeping and tax filing, ensuring clarity in financial records.
- Access to Credit and Loans: A business bank account builds credibility with lenders.
- Legal Protection: Helps protect personal assets in case of lawsuits or liabilities tied to the business.
Key Features to Consider in a Business Bank Account
When selecting a business bank account, weigh these features carefully:
- Monthly Fees:
- Look for accounts with low or no maintenance fees.
- Check if the fees are waivable under specific conditions (e.g., minimum balance or transaction volume).
- Transaction Limits:
- Determine how many transactions (deposits, withdrawals, transfers) are allowed monthly without incurring additional fees.
- APY (Annual Percentage Yield):
- Some business accounts offer interest on deposits. Higher APY can significantly benefit growing businesses.
- Digital Banking Features:
- Mobile and online banking for invoicing, payroll, and bill payments is critical for efficiency.
- Branch and ATM Access:
- Nationwide branch access and a robust ATM network ensure convenience for cash-heavy businesses.
The 10 Best Business Bank Accounts in America
Below is a detailed analysis of the top 10 business bank accounts for 2024. Each option caters to different business needs, from startups to established companies.
1. Bluevine Business Checking
- Monthly Fee: $0
- APY: Up to 1.50% on balances up to $250,000.
- Key Features:
- No minimum deposit or balance requirements.
- Unlimited fee-free transactions.
- Mobile app with check deposit, bill pay, and fund transfers.
- Best For: Entrepreneurs seeking a high-yield, fee-free account.
2. Chase Business Complete Banking
- Monthly Fee: $15 (waivable with specific conditions).
- Sign-Up Bonus: $300 for new accounts meeting transaction requirements.
- Key Features:
- 24/7 customer support.
- Over 4,700 branches and 16,000 ATMs nationwide.
- Tools for integrating payroll and accounting software like QuickBooks.
- Best For: Small businesses requiring extensive branch access.
3. U.S. Bank Silver Business Checking
- Monthly Fee: $0
- Key Features:
- 125 free transactions per month.
- Up to $2,500 in free cash deposits.
- Free mobile banking and online bill pay.
- Best For: Businesses with moderate monthly activity.
4. Grasshopper Business Checking
- Monthly Fee: $0
- APY: 1.80% on deposits.
- Key Features:
- Unlimited fee-free transactions.
- 1% cash back on debit card purchases.
- Free bookkeeping tools like Autobooks.
- Best For: Tech-savvy startups seeking rewards and automation.
5. Capital One Business Basic Checking
- Monthly Fee: $15 (waivable with a $2,000 average balance).
- Key Features:
- Unlimited fee-free digital transactions.
- $5,000 monthly cash deposit allowance.
- Customizable overdraft protection.
- Best For: High-transaction businesses.
6. Bank of America Business Advantage Fundamentals
- Monthly Fee: $16 (waivable with conditions).
- Features:
- Cashback rewards on eligible debit purchases.
- Access to business credit services.
- Nationwide network of branches and ATMs.
- Best For: Established businesses needing comprehensive banking solutions.
7. Axos Bank Basic Business Checking
- Monthly Fee: $0
- Key Features:
- 200 fee-free transactions per month.
- No minimum opening deposit.
- Free nationwide ATM access.
- Best For: Digital-first businesses prioritizing affordability.
8. Found Business Checking
- Monthly Fee: $0
- Key Features:
- Automatic expense categorization.
- No minimum deposit or balance requirements.
- Tax tools for freelancers and gig workers.
- Best For: Solopreneurs needing integrated tax planning.
9. Lili Business Checking
- Monthly Fee: $0 (basic) or $35 (premium).
- APY: Up to 3.65% for premium accounts.
- Key Features:
- Invoicing and real-time expense tracking.
- No hidden fees.
- Tax optimization features.
- Best For: Freelancers and self-employed individuals.
10. American Express Business Checking
- Monthly Fee: $0
- APY: 1.30% on balances up to $500,000.
- Key Features:
- Fee-free domestic wire transfers.
- Round-the-clock customer support.
- Seamless integration with AmEx credit cards.
- Best For: Businesses needing interest-bearing accounts with no fees.
Detailed Features and Fees for Each Account
Bluevine Business Checking
Bluevine stands out for its high APY (Annual Percentage Yield) and user-friendly digital features. It’s ideal for startups and small businesses that don’t require physical branch access.
Features:
- APY: Up to 1.50% on balances under $250,000.
- No minimum deposit or balance requirements.
- Free bill payment and mobile deposits.
- Direct integration with tools like QuickBooks for easy bookkeeping.
Fees:
- Monthly Fee: $0
- Overdraft: No overdraft protection fees.
- ATM Use: Free within the MoneyPass network; out-of-network fees may apply.
Chase Business Complete Banking
Chase’s robust branch and ATM network make it an excellent choice for businesses needing in-person services. It also offers various benefits, including promotional bonuses and payroll support.
Features:
- $300 bonus for new customers meeting deposit and transaction criteria.
- Access to business credit cards with cashback and rewards.
- Payroll and accounting software integrations (QuickBooks, Zelle).
Fees:
- Monthly Fee: $15 (waivable with qualifying activities).
- ATM Access: Free at 16,000 ATMs; out-of-network fees may apply.
- Transaction Limits: Unlimited electronic deposits, but fees for additional cash deposits beyond monthly limits.
U.S. Bank Silver Business Checking
Designed for small businesses, U.S. Bank’s Silver Business Checking has fee-free options for startups with limited monthly transactions.
Features:
- 125 free transactions per statement cycle.
- Mobile app includes budgeting and payment tools.
- Cash deposits of up to $2,500 free monthly.
Fees:
- Monthly Fee: $0
- Additional Transactions: $0.50 per transaction beyond the free limit.
Grasshopper Business Checking
Grasshopper Bank blends digital efficiency with attractive rewards. It caters to tech-savvy startups and online businesses.
Features:
- Earn 1.80% APY on all balances.
- Unlimited free ACH and wire transfers.
- Built-in invoicing and bookkeeping tools.
Fees:
- Monthly Fee: $0
- Overdraft Protection: Not available, which requires businesses to monitor balances.
Capital One Business Basic Checking
Capital One’s business accounts provide extensive support for high-volume businesses with regular cash deposits and transactions.
Features:
- Unlimited digital transactions.
- Overdraft protection and business savings accounts available.
- Cash deposit allowance: $5,000 per month for free.
Fees:
- Monthly Fee: $15 (waivable).
- Additional Cash Deposit: $1 per $1,000 after the free limit.
Bank of America Business Advantage Fundamentals
Bank of America offers comprehensive solutions for growing businesses, including rewards programs and credit-building options.
Features:
- Customized business credit cards with cashback.
- Discounts on merchant services and loans.
- Integration with Zelle for business transactions.
Fees:
- Monthly Fee: $16 (waivable).
- APY: 0.01%-0.04%, lower than competitors but offset by other services.
Axos Bank Basic Business Checking
Axos delivers a fully online experience for business owners who value convenience and no hidden fees.
Features:
- Free ATM access nationwide.
- 200 free monthly transactions.
- Unlimited bill pay and transfers.
Fees:
- Monthly Fee: $0
- Overdraft: Free transfers from linked accounts.
Found Business Checking
Freelancers and gig workers can benefit from Found’s built-in expense tracking and tax tools.
Features:
- Automatic expense categorization.
- Tax savings accounts integrated into the app.
- No minimum balance or overdraft fees.
Fees:
- Monthly Fee: $0
- International Use: Not ideal due to exchange rate fees.
Lili Business Checking
Lili caters to freelancers, combining banking with accounting tools.
Features:
- Premium plan offers up to 3.65% APY.
- Real-time expense tracking and invoicing.
- Tax optimization tools for self-employed users.
Fees:
- Monthly Fee: $0 (basic) or $35 (premium).
- Out-of-Network ATM: $2.50 per transaction.
American Express Business Checking
American Express excels with a mix of high APY and seamless credit card integration.
Features:
- Earn 1.30% APY on balances up to $500,000.
- Free domestic wires and transfers.
- Ideal for businesses already using AmEx credit products.
Fees:
- Monthly Fee: $0
- Cash Deposits: Not supported, which may limit cash-heavy businesses.
How to Choose the Right Business Bank Account
To make an informed decision, prioritize:
- Transaction Volume: Choose accounts offering free transactions that match your needs.
- Fee Structures: Look for waivable fees to minimize costs.
- Digital vs. Physical Access: If you require regular cash deposits, choose banks with extensive branch networks like Chase or Bank of America.
Check Now: Small Business Loans for Startups in California
Step-by-Step Guide to Opening a Business Bank Account
- Research Your Options: Compare features and fees.
- Gather Documentation: Required documents include EIN, business license, and personal ID.
- Apply Online or In-Branch: Choose the method based on the bank’s offerings.
- Activate Online Banking: Set up invoicing, payment, and monitoring tools.
7. Tips for Managing Business Finances Efficiently
- Track Expenses: Use integrated tools provided by banks like Found or Lili.
- Automate Payments: Set up bill pay to avoid late fees.
- Monitor APY Growth: If using accounts like Bluevine, ensure you meet deposit activity requirements to maximize interest.
FAQs About Business Bank Accounts
Can I open a business account with no EIN?
Yes, some banks allow sole proprietors to use their Social Security Number (SSN).
What’s the best account for freelancers?
Lili and Found are top options due to their built-in tax and expense tools.
Which account has the highest APY?
Grasshopper offers up to 1.80%, while premium Lili accounts go up to 3.65%.
Conclusion
Choosing the right business bank account ensures your financial operations run smoothly. Whether you’re a startup needing rewards (Grasshopper), a high-volume business (Chase), or a freelancer (Lili), there’s an account tailored for your needs. Explore the full range of benefits to grow your business effectively.
