Small-business owners know that business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits. Most business bank accounts do impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees.
That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.
But the picture isn’t uniformly bleak.
The best small-business checking accounts have low minimum balance requirements to waive their monthly maintenance fees (or no monthly maintenance fees at all) and enough fringe benefits to keep things interesting for account holders. Some pay interest as well. All are FDIC-insured.
And once you know where to look, you’ll find ample small-business checking options to choose from.
1. Chase Business Complete Checking
$300 Bonus for New Account Holders Who Open With Qualifying Activities
Chase Business Complete Checking has a category-leading bonus opportunity for new account holders: $300 when you open a new account (with no minimum deposit required) and complete the required qualifying activities.
Moving forward, you can avoid the $15 monthly maintenance fee in multiple ways, including maintaining a minimum daily balance or making qualifying purchases on your Chase Ink Business credit card. Plus, enjoy unlimited electronic deposits, ACH, and mobile check deposits via Chase QuickDeposit.
Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.
- Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
- Yield: None.
- Rewards and Incentives: Open a new Chase Business Complete Checking account and complete qualifying activities to earn a $300 bonus. This offer expires April 15, 2021.
- Possible Fees: Chase offers multiple ways to waive the $15 monthly maintenance fee.
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2. BlueVine Business Checking
No Fees; Earn 1.00% APY on All Balances
BlueVine Business Checking is a branchless free business checking account with an excellent yield for account holders and no transaction limits, in-network ATM fees, or NSF fees. It’s also one of the few branchless business bank accounts that comes with free checkbooks. But setting up one-time and recurring payments is a snap with BlueVine too.
- Minimum Deposit and Balance Requirements: There’s no minimum balance requirement or monthly maintenance fee.
- Yield: Earn 1.00% APY on all balances up to $100,000.
- Rewards and Incentives: BlueVine does not impose transaction limits, unlike many business bank accounts. Each new account comes with two free checkbooks. Withdrawals are free at about 38,000 in-network ATMs.
- Overdraft Options: BlueVine may decline overdraft or NSF transactions at its sole discretion but does not impose overdraft or NSF fees.
- Possible Fees: BlueVine has virtually no fees.
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3. Axos Bank Basic Business Checking
Earn a $100 Account Opening Bonus With Qualifying Activities
With no monthly maintenance fee, unlimited ATM fee reimbursements, a fantastic welcome bonus for newly incorporated businesses and long-incorporated businesses alike that open accounts by the stated offer end date and a nice remote deposit feature that you can use just about anywhere, Axos Bank Basic Business Checking is a fantastic alternative to Axos Bank Business Interest Checking. Apply 100% online (no paper forms required) and enjoy paperless statements once you’re signed up.
- Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,000, but there’s no monthly maintenance fee.
- Yield: None.
- Rewards and Incentives: Here’s how to earn the $100 welcome bonus: Apply for your new Axos Bank Basic Business Checking account by the stated offer end date, then maintain an average daily balance of at least $5,000 during the first three months (new funds only). This offer is subject to change or revocation at any time at Axos Bank’s sole discretion.
- Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
- Possible Fees: $0.30 per item processed after the first 200 items each month.
For more information, read our Axos Bank review.
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4. Lili
Totally Free Checking With Automatic Tax Savings and Financial Insights
The Lili Account is a truly free, all-in-one checking solution that’s built with freelancers in mind. In practice, it appeals to a much broader audience: side hustlers and gig workers supplementing W-2 income, established solo professionals (one-person businesses), and full-time freelancers.
With Lili, these folks don’t need separate bank accounts for personal and business needs — just Lili. Its signature benefits include a sub-account that simplifies tax savings, early payday for qualifying account holders, instant expense categorization, and a powerful cache of financial insights and expense management tools to help you spend (and save) smarter. Plus, its “emergency bucket” feature enables savings transfers as small as $1 a day.
- Minimum Deposit and Balance Requirements: Lili has no account fees or minimums.
- Yield: Lili doesn’t pay interest. Check back often for the latest offers.
- Rewards and Incentives: Lili’s referral program pays $25 per successful referral to Lili and promises a bonus of $1,000 when you deliver 10 successful referrals. Plus, Lili makes it easy to set aside funds earmarked for tax payments, has helpful expense management and categorization tools (like quarterly expense reports), promises an early payday for account holders with direct deposit (up to 2 days early), enables cash deposit at more than 90,000 locations around the U.S., and delivers real-time alerts about transactions and other account activities.
- Possible Fees: Lili charges no account fees.
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5. Wise
Earn Up to 1% on Deposits With Qualifying Spend; Get $100 Credit After Sign-up
Wise is a mobile-friendly business banking and payments solution with no hidden fees and a juicy cash back rate that’s more than enough for active users to offset the $10 monthly fee.
All Wise balances earn a 0.5% base incentive, credited monthly, and purchases earn an additional cash back incentive of 0.1% per $1,000 spent (up to 0.5% maximum on a $5,000 monthly spend). Wise has an impressive offer for new account holders as well: a $100 credit in your Wise account after you sign up and spend $1,000 on your Wise card within the first 30 days.
- Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
- Yield: Wise balances earn a 0.5% base incentive.
- Rewards and Incentives: For a limited time, earn a $100 credit in your Wise account when you sign up and spend $1,000 on your Wise card during the first 30 days. Moving forward, earn 0.1% cash back incentive per $1,000 purchased on your card, up to a maximum of 0.5% ($5,000 spend) per month.
- Possible Fees: See Wise’s fee disclosure for a full accounting of possible fees.
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6. Brex Cash
50,000 Bonus Points After Account Approval; No Fees or Minimums
Brex Cash is a user-friendly cash account for growing businesses. With no fees or minimums, a generous welcome offer and ongoing rewards program, and an expansive lineup of value-added perks worth $150,000, it’s difficult to find fault here. Take full advantage of the powerful mobile app and don’t miss the super-simple advance payment scheduling tools, either.
- Minimum Deposit and Balance Requirements: Brex Cash has no account fees or minimums.
- Yield: None.
- Rewards and Incentives: Spend $1,000 after your account is approved and open to earn 50,000 bonus Brex Rewards points. Plus, earn points on every purchase and enjoy perks worth $150,000.
- Possible Fees: Brex Cash has no account fees.
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*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.
7. Novo Powerfully Simple Business Banking
Thousands of Dollars in Exclusive Perks Available to Account Holders
Novo’s Powerfully Simple Business Banking product is another maintenance fee-free option for small-business owners and self-employed people. An easy application process, nice account opening bonus, robust mobile features, integrations with other useful small-business tools, and virtually no fees all count as standouts here. If you’re done with branch-based business banking, put Novo at or near the top of your list.
- Minimum Deposit and Balance Requirements: The account opening minimum is $50, but there’s no ongoing minimum balance requirement and no monthly maintenance fee.
- Yield: None.
- Rewards and Incentives: Enjoy thousands of dollars in exclusive perks — see Novo’s website for details.
- Overdraft Options: If Novo chooses to honor an overdraft, there’s a $27 insufficient funds fee per item. The returned-item fee is also $27 per item.
- Possible Fees: Other than its insufficient funds and returned-item fees, Novo has virtually no fees.
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8. Radius Bank Tailored Checking
1% Cash Back on Debit Card Transactions for Qualifying Customers; 0.10% APY on Balances Above $5,000
Radius Bank Tailored Checking doesn’t have the best yield in the business checking space, but 0.10% APY on balances over $5,000 is better than nothing. Pair that yield with no limits or fees on transactions — ever — and you have an excellent account for active businesses able to keep some cash on hand. Mobile check deposits and a powerful debit card app (which includes a card-locking feature) simplify banking on the go.
- Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. The $10 monthly maintenance fee is waived with a minimum daily balance of $5,000 or more.
- Yield: 0.10% APY on balances over $5,000.
- Rewards and Incentives: After your Tailored Checking account has been open for at least 30 days, keep an average balance of $10,000 or more in the account to qualify to earn 1% cash back on signature-based debit card purchases online and in-store. Cash back is automatically credited to your Tailored Checking account at the end of the month following the earning period.
- Overdraft Options: If you opt in to overdraft protection, there’s a $5 daily overdraft fee as long as your account remains overdrawn (up to 30 days). Fees begin accruing on the fifth calendar day after the first overdraft item hits.
- Possible Fees: Radius Bank charges between $10 and $40 for wire transfers, depending on origin and destination.
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9. NorthOne Business Banking
Unlimited Payments, Deposits, Transfers & Debit Card Usage
NorthOne Business Banking is a refreshingly simple business banking platform that prides itself on “radically transparent pricing”. Just $10 per month unlocks its full slate of features, including unlimited payments, transfers, deposits, and debit card transactions; more than 300,000 in-network ATMs; mobile check deposit (and a slew of other mobile-friendly features); and unlimited sub-accounts for payroll, taxes, and more.
- Minimum Deposit and Balance Requirements: The minimum opening deposit is $50.
- Yield: None.
- Rewards and Incentives: NorthOne Business Banking is chock-full of useful features, including more than 300,000 ATMs in-network, unlimited sub-accounts for taxes and payroll (and other functions), mobile check deposit, and unlimited transactions.
- Overdraft Options: NorthOne charges a one-time overdraft fee when your account balance drops below $0. See pricing terms for more details.
- Possible Fees: The monthly maintenance fee is $10. NorthOne may also charge for wire transfers, overdrafts, NSF transactions, and ACH/PAD returns.
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10. Axos Bank Business Interest Checking
Up to 0.81% APY on Eligible Balances
Axos Bank Business Interest Checking is the highest-yielding small-business checking account on this list — paying up to 0.81% annual percentage yield (APY) on qualifying balances. Throw in a low minimum opening deposit requirement, and you’ve got a solid choice for business owners looking to earn a real return on working capital.
- Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. You must maintain a $5,000 minimum average daily balance to waive the $10 monthly maintenance fee.
- Yield: Earn 0.81% APY on balances up to $49,999.999. Earn 0.50% APY on balances between $50,000 and $249,999.999 and 0.20% on all balances above $250,000.
- Rewards and Incentives: Enjoy unlimited domestic ATM fee reimbursements and 50 free checks when you open your account.
- Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
- Possible Fees: $0.50 per item processed after the first 50 items each month.
For more information, read our Axos Bank review.
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11. Citizens Bank Clearly Better Business Checking
No Monthly Maintenance Fees, Ever
Citizens Bank Clearly Better Business Checking is one of the only business checking accounts that never charges a monthly maintenance fee. That’s excellent news for business owners working on thin margins.
This account also boasts a relatively high monthly limit for free transactions and generous overdraft options. On the negative side of the ledger, it doesn’t pay interest and isn’t available in all areas — Citizens Bank’s trade area is limited to the East Coast. But if you do live in an area served by Citizens Bank, you can hardly do better.
- Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. There’s no ongoing balance requirement.
- Yield: None.
- Rewards and Incentives: None.
- Overdraft Options: Citizens Bank offers two overdraft options, both opt-in: an overdraft line of credit and an overdraft savings transfer program. Both charge $12 for each day an overdraft transfer occurs, regardless of the number of transfers on that day. The savings transfer option is otherwise free, but the line of credit costs $30 per year. The required credit line payment is the greater of $20 or 2% of the balance.
- Possible Fees: $0.50 per item above the 200 monthly transaction limit.
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12. NBKC Business Checking Account
Virtually No Fees and No Balance Requirements
The NBKC’s business checking account has no balance requirements, no monthly maintenance fees, and no transaction fees. As part of the MoneyPass ATM network, it offers fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto Rico. And its simple Desktop Deposit feature — with added support from a robust mobile banking app — makes it easy to deposit checks remotely.
- Minimum Deposit and Balance Requirements: There’s no minimum balance requirement.
- Yield: None.
- Rewards and Incentives: Get up to $12 in monthly refunds for ATM fees charged by any other banks worldwide, plus mobile-friendly features like bill pay.
- Overdraft Options: NBKC offers a courtesy overdraft sweep option. See account disclosures for details on how this works.
- Possible Fees: Other than domestic and international wire fees — $5 to send a domestic wire and $45 to send or receive an international wire — NBKC has virtually no fees.
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13. Huntington Bank Unlimited Business Checking
Access to Exclusive, Potentially Valuable Business Perks
Huntington Bank Unlimited Business Checking is for established businesses with relatively large cash stockpiles and relatively frequent transaction needs. Other than a $10,000 monthly limit on free cash deposits (after which a fee applies), there’s no limit on transaction frequency. And customers can select one from a menu of exclusive money-saving perks, such as discounts on payroll services.
- Minimum Deposit and Balance Requirements: Avoid the $40 monthly maintenance fee with $50,000 or more in combined average deposits across all eligible accounts. See Huntington Bank’s website for additional details.
- Yield: None.
- Rewards and Incentives: Choose from one of several exclusive perks, such as 10% off Paychex payroll services.
- Overdraft Options: Huntington Bank offers two opt-in overdraft protection options: an overdraft protection account (with a transfer fee but no annual fee) or deposit-to-deposit overdraft protection (which does charge an annual fee but no transfer fee).
- Possible Fees: $0.30 fee for each $100 in cash deposits above the $10,000 monthly limit. Other fees may apply.
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14. TIAA Bank Business Checking
High Monthly Transaction Limit
TIAA Bank’s business checking account boasts low- or no-cost overdraft protection options and a robust suite of mobile-friendly features. It’s ideal for customers who can make the $1,500 minimum opening deposit and keep enough cash on hand ($5,000 or more) to waive the monthly maintenance fee. A reasonably high monthly transaction limit appeals to businesses with active cash flows.
- Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,500. You’ll avoid the $14.95 monthly maintenance fee if you have a minimum daily balance of $5,000 or more.
- Yield: None.
- Rewards and Incentives: None.
- Overdraft Options: There’s no monthly or per-item fee for TIAA Bank’s overdraft protection services, which include money market transfers (with a qualifying linked account) and a credit line. If you enroll in an overdraft protection line of credit, the late payment fee is $25.
- Possible Fees: $0.25 per item above the 200 monthly transaction limit; $0.50 per item above the 10 monthly online bill payments limit.
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Final Word
These small-business checking accounts aren’t always the stars of the show at their respective online banking institutions. Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot.
So even if you come for the low-cost small-business checking, you could find yourself staying for more. There’s something to be said for doing all your banking under one roof — and your bank certainly won’t mind.
Source: moneycrashers.com