Best Business Checking Accounts Comparison

Best Business Checking Accounts Comparison

As an entrepreneur, one of the first things you should set up is a bank account to manage your startup's finances. You need a business checking account as soon as possible to avoid tax filing concerns or liability (in debt and lawsuits).

This comparison will help you find the best business checking account for your business.

Here are the most significant parameters to consider when choosing your business checking account. Ask each bank the following questions:

  1. Are there any monthly fees for the account itself?
  2. Are there other fees for things like wire transfers, ACH payments, Bill pay, or Zelle payments?
  3. How about the quality of their online banking experience? Is it easy to use, does it display images of cashed and deposited checks? Can you connect your business and personal accounts under one online login if need be?
  4. Do they have a functional mobile app that you can make deposits with?
  5. Do they offer any signup bonuses for opening the account?
  6. Do they offer a companion credit card with any bonuses or a decent rewards program? (It’s often easiest to get your first business credit card from the bank you have a checking account with.)
  7. Do they have ATMs or locations nearby where you can get cash if need be?

Bank of America

Bank of America (BofA) is one of the leading financial institutions in the world. They serve a wide variety of individuals and businesses with a full range of banking services. They will probably be top of your list if you are looking for a trustworthy, long-standing bank for your business checking account.

Their stand-out feature is their easy-to-navigate online banking experience with QuickBooks integration.

Is BofA your best choice for a Business Checking Account? Let's fill in the comparison blanks!

Best Business Checking Account Bank of America

 

  1. Business Fundamentals Checking – $17/month (waived if minimum balance is met). Business Advantage Checking – $29.95/month (waived if minimum balance is met).
  2. Wires are $0-$45, depending on your balance level and reward tier. Incoming wires are free for Business Advantage Checking. Automated Clearing House (ACH) payments are $3, or for $40/month, you get free 3-day ACH payments. Zelle transfers are free up to $3500/day.
  3. I regularly use BofA, Chase, Citi, Capital One, Huntington Bank, and City National Bank. BofA is, hands down, the best online banking experience. You can manage all your business and personal accounts under one login.
  4. The mobile app is user-friendly and enables you to make deposits easily. It even includes a virtual financial assistant named “Erica”!
  5. Signup bonuses depend on what state you are in.
  6. They usually offer a approval friendly credit card with a $500 bonus and 1.5% cash-back (I prefer to use cash-back cards).
  7. They have branches everywhere, with over 16,000 ATMs nationwide.

Chase

Chase is a top competitor of Bank of America. There are some advantages to getting your business checking account from Chase.

For instance, their stand out feature is their $300 sign up bonus!

They have three different types of accounts, depending on your business size. The 3 account types are: Total Business Checking account, Performance Business Checking, and Platinum Business Checking.

Is Chase suitable for your business? Let's check out the parameters.

Best Business Checking Account Chase
  1. The monthly services fee ranges from $15-$95, depending on the account you get. For their Total Business Checking account, it is $15 ($0 with a minimum balance of $1500). Their Performance Business Checking costs $30 (it is waived with a minimum balance of $35,000). Their Platinum Business Checking is $95 (minimum balance for waiver is $100,000).
  2. Chase Total Business is 100 transactions per month at no charge. After that, it’s $0.30 each. Chase Performance Business Checking is 250 per month. Chase Platinum Business Checking is 500 per month. Wire transfers for Chase cost $15 for incoming and $25 for outgoing domestic transactions, but Chase Performance and Chase Platinum Checking offer free incoming wires.
  3. Chase’s online banking platform has all the bells and whistles, however it can be hard to locate certain features at first. The UX is a bit confusing at times.
  4. Their streamlined mobile app also works well and includes mobile deposits.
  5. They offer a $300 sign-up bonus after you complete five qualifying transactions within 60 days and deposit (within ten business days) and maintain a $1,000 balance for 60 days.
  6. They offer 6 credit cards – all with bonuses. You will have to meet specific terms.
  7. Chase has over 5,100 branches and 16,000 ATMs in its network in 28 states.

Capital One

Capital one offers numerous business-friendly products that may be perfect for your business. Unfortunately, they are not currently accepting new customers for their business checking account.

They offer two account options called Capital One Spark Business Checking and Capital One Spark Business Unlimited Checking.

Their stand out feature is their free unlimited everyday business transactions and their free Overdraft Proctection.

We will look at some parameters to check which of Capital One's two business checking accounts is best for your business. This review is bound to help you when they start accepting customers more customers.

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  1. The monthly fee for their business checking account is $15 (waivable).
  2. Unlimited everyday business transactions, no matter how many you make a month. Wire transfers cost $15 per incoming and $25 for outgoing domestic transactions.
  3. They currently have online bill pay, mobile, and online checking. This makes for a pretty sold user experience.
  4. Top-rated mobile app. You can check your balance, deposit checks, transfer money, and manage multiple accounts from your phone.
  5. They offer a $250 bonus on a $25,000 deposit and $1,000 on a $100,000 deposit. They also include free Overdraft Protection.
  6. They offer 3 Spark credit cards with cash and miles bonuses.
  7. Physical operations are limited to a few major cities. You can use Google maps to confirm their ATM availability to ensure it is convenient.

Wells Fargo

Wells Fargo is another option for your business with four business checking account options. They have a Simple Business Checking, Business Choice Checking, Platinum Business Checking, and Analyzed Business Checking account.

Their stand out feature is their 24/7 fraud monitoring and Zero Liability Protection.

Each of their accounts has its unique benefit. Let's take a look at them and see which is better for your business.

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  1. The monthly service fee for their Simple Business Checking account is $10 (waivable). The Business Choice Checking costs $14 (waivable). The Platinum Business Checking has a $40 (waivable) monthly fee. The Analyzed Business Checking account has allowances that can cover extra costs.
  2. Simple Business Checking has first 50 total transactions per fee period at no charge. Then $0.50 each. Business Choice is 200 transactions per month. Platinum is 500 transactions per month. You will have to contact them for other fees for wire transfers, ACH, Zelle, and more.
  3. It does the job but is not as robust as other similarly sized banks.
  4. Mobile app to pay bills, manage recurring payments, transfer funds, send and receive money with Zelle, and deposit checks.
  5. No sign up bonuses.
  6. They offer 3 business credit cards, all with cashback bonuses.
  7. Extensive access. They have more than 13,000 accessible ATMs, and they send you alerts that help you monitor your account quickly.

US Bank

US Bank offers five business checking accounts with different benefits. Their checking accounts include the Silver Business Checking Package, Gold Business Package, Platinum Business Package, Non-Profit Checking Account, and Premium Business Account.

Their stand out feature is that they have the lowest maintenance cost ($0) for the Silver Business Checking Package and Non-Profit Checking Accounts.

Let's look at the parameters of what makes a checking account the best for your business to see if the US Bank works for you.

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  1. The maintenance of each account could cost you between $0 to $30 monthly. The Silver Business Checking package and Non-Profit Checking Account are free. Gold Business Package has a $20 (waivable) monthly fee. The Platinum Business Package costs $30 monthly (waivable). The Premium Business Account's cost is based on a case-by-case analysis.
  2. The transaction fee for the Silver Business checking package is $0.50 after 125 transactions a month. Gold Business package has a $0.45 fee after 300 monthly transactions. The Platinum Business package costs $0.40 per transaction after 500 transactions. The Non-Profit checking account has a $0.50 fee after 1800 annual transactions.
  3. Online banking offers a decent user experience in my opinion.
  4. Mobile app features a voice-activated “Smart Assistant” to pay bills, manage recurring payments, transfer funds, send and receive money with Zelle, and deposit checks.
  5. No sign up bonuses.
  6. 3 business credit cards are available, with no fees, and 2 have cashback.
  7. 4,842 ATMs, primarily in the Western and Midwestern United States.

Huntington National Bank

Huntington National Bank is perfect for small businesses in the Midwest. Also, they have 4 options for business checking accounts. Their checking accounts are: Unlimited Plus Business Checking, Unlimited Business Checking, Business Checking 100, and Business Analyzed Checking.

Their stand out feature is their 24-Hour overdraft grace period for businesses. Businesses have until the next day to correct an overdraft and avoid fees.

Take a peek at this list to see if any of their 4 business checking accounts are for right for your business.

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  1. The monthly maintenance fee ranges from $0 to $30, depending on the type of account you open. Unlimited Plus Business Checking costs $40, (but was waived in 2020 and could be waivable again). Unlimited Business Checking costs $20, (also waived in 2020). Business Checking 100 is free. Business Analyzed Checking is $20, but can be waived.
  2. Unlimited transactions for Unlimited Plus Business Checking and Unlimited Business Checking. Business Checking 100 is 100 monthly transactions and you can deposit up to $5,000 in cash or currency monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after. Business Analyzed Checking is a per transaction fee. Wire Transfers are $10-25.
  3. They have a online banking platform called Business Online. It's generally fine, but not super robust. That said, the way the system delivers information for business credit lines is awful.
  4. Their mobile banking app is also generally fine, and offers mobile deposits.
  5. No cash bonuses, but they offer one bonus service when you sign up, (such as fraud tools, discounts on payroll services, two free incoming domestic wires per month, or Huntington Deposit Scan).
  6. The Huntington Debit Mastercard BusinessCard is free when you open a business checking account.
  7. They have over 1,800 ATMs across Ohio, Illinois, Kentucky, Wisconsin, Missouri, West Virginia, Indiana, and Pennsylvania.

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Kristin McCasey is a partner and editor at Play Louder! She is a former award-winning film editor turned work-at-home-mom blogger. Three years after their son was born, she and her husband left their Los Angeles careers to have more time as a family. She now works with her husband, Joe, on their finance blog, teaching others how to achieve financial independence.