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5 Best Business Checking Accounts for 2022 - Top Small Business Online Banking Options

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Posted at 3:42 PM, Aug 29, 2022
and last updated 2022-08-29 15:42:49-04

1. Novo - Best Overall Online Business Checking Account

Our Picks for Best Business Checking Accounts

Novo - ABC Action News - Best Business Checking Accounts.jpg
Knowing which of the best business checking accounts to choose can protect your business from transaction restrictions, high fees, and app malfunctions.

2. NBKC Bank  - Best Business Checking Account for Small Businesses

Novo Business Checking Account Pros:

  • Purchase discounts across apps and services
  • Integrates with more than 15 third-party apps
  • Unlimited ATM fee reimbursements
  • No monthly fee or minimum balance
  • Free transfers

Novo Business Checking Account Cons:

  • No physical branches
  • No APY
  • Minimum opening balance required

If you rely on a wide range of apps to automate processes and manage your business, consider Novo. Not only does it integrate well with popular business apps, but it can also provide discounts for using them. For example, at the time of writing this, it slashed fees for the first $20,000 in credit card transactions via Stripe. It also provided a 40% discount for the first six months of a Quickbooks subscription.

Novo Online Business Bank Account Fees: 4.7/5

Like most of our picks for best business checking accounts, Novo has no monthly account maintenance fees. It does have an overdraft fee of $27.

Novo Business Checking Minimum Deposits or Balances: 4/5

Novo requires a minimum opening balance of $50 to unlock small business banking features on the web and app. However, it has no monthly minimum balance requirement.

Limits on Transactions or Deposits for Novo Online Business Bank Accounts: 4.5/5

Novo does not limit transactions or deposits. In fact, it charges nothing for mailed checks, transfers and incoming wires. However, it does not have provisions for outgoing wires.

Does Your Business on Apps to Automate and Manage Processes?

Novo may be right for you.

Novo Business ATM Access: 5/5

Novo has no internal ATM network and no external partnerships. The benefit of this is that small business owners can use any ATM and receive unlimited reimbursements for ATM fees, even overseas.

International Transactions With Novo: 4.5/5

The Novo business checking bank card works internationally, including at foreign ATMs. It does not, however, have any provisions for international wires.

Novo Business App & Online Experience: 4.7/5

Like most online banks, Novo provides a clean and simple user interface. The app has remarkably high ratings on the Google and Apple app stores.

Novo Customer Satisfaction: 4/5

Novo maintains a customer satisfaction rating of 4 stars or better across most platforms. This is true of both customer reviews and professional product reviews.

Total Novo Small Business Banking Accounts Package: 4.7/5

Novo offers a comprehensive package that competes well, even with brick-and-mortar banks. From its app integrations to its exclusive discounts, it’s no wonder it consistently ranks as one of the best business checking accounts.

Novo Overall Score: 4.5/5

Novo may be right for you.

2. NBKC Bank  - Best Business Checking Account for Small Businesses

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Knowing which of the best business checking accounts to choose can protect your business from transaction restrictions, high fees, and app malfunctions.

3. BlueVine - Best Business Checking Account for Unlimited Transactions

NBKC Business Checking Account Pros:

  • Lower and fewer fees
  • Access to more than 37,000 ATMs
  • Optional business credit cards
  • Multiple customer service options
  • Cashback on cash card

NBKC Business Checking Account Cons:

  • Wire transfer fees
  • No APY

Small businesses often turn to online banks to reduce or eliminate fees. NBKC Bank provides an online small business checking account that meets this expectation in most regards. This award-winning bank also makes it easy for business owners to access business credit cards and earn rewards on qualifying purchases.

NBKC Online Business Bank Account Fees: 4.7/5

NBKC Bank provides a long list of features with no fees attached. These include no overdraft fees, no stop payment fees, no fees for returned items and no monthly fees. Even so, the bank does have a small wire transfer fee and only reimburses up to $12 for out-of-network ATM fees.

NBKC Small Business Checking Minimum Deposits or Balances: 5/5

NBKC Bank does not have a minimum balance to open an account. The bank also does not stipulate a minimum balance.

Limits on Transactions or Deposits for NBKC Online Business Bank Accounts: 5/5

One reason NBKC Bank is a top pick for best business checking accounts is that there are no known limitations on transactions or deposits and no associated fees. It also does not charge a fee for incoming domestic transfers.

Does Your Business Need A Small Business Loan for Building and Growth?

NBKC might be right for you.

NBKC ATM Access: 4.7/5

NBKC Bank provides access to 37,000 MoneyPoint ATMs. While some customers complain about the low out-of-network reimbursement, most banks do not reimburse customers at all for ATM fees.

International Transactions with NBKC: 4/5

The incoming and outgoing fees on international wires are a whopping $45. NBKC Bank does not, however, charge foreign transaction fees.

NBKC Business App and Online Experience: 4/5

NBKC Bank provides a decent online user interface that most customers enjoy. It maintains a 4-star or greater ranking on both the Apple and Android stores.

NBKC Customer Satisfaction: 4/5

NBKC Bank does a good job of keeping its customers happy. However, there are consistent complaints of slow processing times.

NBKC Total Online Banking Account Package: 4/5

NBKC Bank offers one of the best business checking accounts options. In addition to checking accounts, the bank also provides real estate and construction loans, lines of credit, equipment financing and online small business loans. This reduces the need for small businesses to build new relationships with several different banks when they need extra capital.

NBKC Bank Overall Score: 4/5

NBKC might be right for you.

3. BlueVine - Best Business Checking Account for Unlimited Transactions

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Knowing which of the best business checking accounts to choose can protect your business from transaction restrictions, high fees, and app malfunctions.

Bluevine Business Checking Account Pros:

  • No limits on monthly transactions
  • Interest on checking account balance
  • Fee-free payments
  • Two free checkbooks

Bluevine Business Checking Account Cons:

  • Fees for out-of-network ATM use
  • Cash deposit fees at Green Dot
  • Complaints of poor customer service

BlueVine consistently ranks at the top of lists for best business checking accounts. It offers a lot of great features that business owners have come to love. However, it does suffer from consistent customer complaints, especially on the app stores. Coastal Community Bank is the FDIC member behind BlueVine’s banking services.

Bluevine Online Business Banking Account Fees: 4/5

BlueVine provides a 100% fee-free service for customers who intend to complete all transactions online. There are no monthly maintenance fees. However, it charges $4.95 for cash deposits at Green Dot retailers and $2.50 for using out-of-network ATMs. While incoming wires are free, it charges $15 per outgoing wire. You can get around this by using its payment feature.

Bluevine Business Checking Minimum Deposits or Balances: 5/5

There are no minimum opening deposit requirements. It also does not require businesses to maintain a minimum balance. It provides up to 1.2% APY on balances up to $100,000 for qualifying businesses.

Limits on Transactions or Deposits for Bluevine Online Banking Accounts: 5/5

BlueVine offers unlimited transactions with no restrictions. It also does not limit the size of deposits.

Does Your Business Conduct a Large Number of Transactions?

BlueVine might be right for you.

Bluevine ATM Access: 4/5

It offers fee-free ATM access at 37,000 locations. This is more than traditional banks but less than most of our best business checking accounts online.

International Transactions with Bluevine: 4/5

BlueVine provides a MasterCard debit card that works overseas. It does not publicize whether it has a foreign transaction fee.

Bluevine Business App and Online Experience: 2.5/5

Once you log into BlueVine via the app or web, it has a simple and easy-to-use interface. Unfortunately, customers complain that logging in isn’t always easy and that the app crashes often. Its app store reviews range from 1.8 stars to 2.8 stars on the Apple and Android app store, respectively.

Bluevine Customer Satisfaction: 2/5

BlueVine does not have a lot of customer reviews online outside of the app stores. In those reviews, users complain about both the bank and the app. Some of the complaints involve PPP loan issues, payment processing errors and poor customer service. BlueVine is an online-only banking service, so app reviews correlate strongly with customer satisfaction.

Bluevine Total Online Banking Account Package: 4/5

BlueVine may need to focus more on its execution and customer relationships, but it offers a wealth of good features. These include digital online tools for managing business revenue and access to funding opportunities. The company now also offers business lines of credit via its financial partners.

Bluevine Overall Score: 3.8/5

BlueVine might be right for you.

4. Axos Bank  - Best Business Checking Account for Earning Interest

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Knowing which of the best business checking accounts to choose can protect your business from transaction restrictions, high fees, and app malfunctions.

Axos Business Checking Account Pros:

  • Potential high APY on balances
  • Unlimited domestic ATM fee reimbursements
  • Two business checking options
  • $200 sign-up bonus
  • Low fees

Axox Business Checking Account Cons:

  • No third-party integrations
  • No cash deposits
  • High opening balance

Axos provides two business checking accounts: Basic Business Checking and Business Interest Checking. This provides business owners with the option of either dodging fees while they build their income streams or earning interest on higher balances. While it does focus a lot of its resources on small business banking, Axos also provides banking services to large corporations. This makes it easier for small businesses to scale up without looking for a new bank.

Axos Online Business Bank Account Fees: 4/5

The Basic Business Checking option has no monthly fees but the Business Interest Checking has a $10 monthly fee. The Basic Checking option also provides 50 checks free.

Axos Online Business Checking Minimum Deposits or Balances: 4/5

The Axos Basic Business Checking option has no requirement for a minimum balance but has an opening balance of $100. The Axox Business Interest Checking requires an opening balance of $1,000. It also requires an average daily balance of $5,000 to waive its monthly fee.

Limits on Transactions or Deposits for Axos Accounts: 4/5

There are no known transaction or deposit limits. However, both business checking accounts include fees beyond a certain threshold. For example, the Business Interest Checking option has up to 200 items per month with no fees. Thereafter, the fee is 30 cents per transaction.

Does Your Business Rely on Apps to Automate and Manage Processes?

Axos Bank might be right for you.

Axos ATM Access: 5/5

Axos provides access to 91,000 ATMs. This is more than all traditional banks and most online banks.

International Transactions with Axos: 5/5

Axos has a relatively low foreign transaction fee of 1%. However, it has a high $45 fee for international wires.

Axos Business App and Online Experience: 3/5

Axos has an easy-to-use website. However, while its personal banking apps rank well, its business banking app performs poorly on both the Google and Apple app stores.

Axos Customer Satisfaction: 3/5

Because Axos is an online-only bank, its app performance correlates with customer satisfaction. In the reviews, customers have reported app crashes and an inability to deposit mobile checks.

Axos Total Online Banking Account Package: 4/5

Axos provides an APY that is lower than BlueVine’s offering at the time of writing this article. However, unlike BlueVine’s APY, it extends in tiers from 0.81% for $0.00 to 0.1% on balances of $250,000 or more. It also provides merchant services, treasury management, payroll services, business CDs, business savings and non-profit money market options.

Axos Overall Score: 4/5

Axos Bank might be right for you.

5. Chase Bank  - Best Business Checking Account Sign-Up Offer

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Knowing which of the best business checking accounts to choose can protect your business from transaction restrictions, high fees, and app malfunctions.

Chase Bank Business Checking Account Pros:

  • Cash bonus for new accounts
  • Remote check deposits
  • More than 16,000 branches
  • No minimum deposit
  • Available to unincorporated businesses

Chase Bank Business Checking Account Cons:

  • Monthly fees
  • No APY
  • Limited fee-free transactions

Over the past decade, Chase has successfully attracted new personal and business customers with its sign-up bonuses. At the time of writing this, the company offers a $300 sign-up bonus for its business checking customers. It also offers one of the most competitive offers when compared to its traditional banking rivals.

Chase Online Business Banking Account Fees: 2/5

Like most traditional banks, Chase customers face their fair share of fees. The company has a $15 monthly fee, but you can have this waived. It has high overdraft fees and fees for cash deposits and physical location transactions.

Chase Bank Business Checking Minimum Deposits or Balances: 4/5

Surprisingly, there is no minimum balance requirement. However, you do need a minimum balance of $2,000 to waive the $15 monthly fee.

Limits on Transactions or Deposits for Chase Online Bank Accounts: 4/5

There are no limits on transactions or deposits. However, the bank charges a fee on cash deposits after reaching a monthly limit of $5,000 per month. There is also a fee after 20 physical transactions.

Does Your Business Prefer to Work with a Big Bank?

Chase might be right for you.

Chase Bank ATM Access: 4/5

Chase customers have access to 4,700 physical bank branches and 16,000 Chase ATMs. This is higher than some other traditional banks but much more restrictive than what most online banks bring to the table.

International Transactions with Chase Bank: 4/5

The Chase business checking debit card works well online and overseas. However, there is a foreign transaction fee of 3% for international purchases and purchases involving foreign currency. Chase charges no outgoing international wire fees for transactions of $5,000 or more and only $5 for transactions under $5,000.

Chase Business App and Online Experience: 4.7/5

Chase provides an easy-to-use website that allows customers to access most of what they need without walking into a physical branch. Its app also provides comprehensive functions. It has millions of reviews on the Google and Apple app stores and maintains high ratings.

Chase Bank Customer Satisfaction: 4/5

Chase maintains good satisfaction ratings from its customers. Most customers report fast processing times and friendly service.

Chase Bank Total Online Business Banking Package: 5/5

Chase provides a one-stop solution for business owners who want to do personal and business banking in one location. It also offers business savings, business loans, business debit cards, business credit cards, retirement plans, businesses services and merchant services.

Chase Bank Overall Score:

Chase might be right for you.

Honorable Mentions

There are so many great business checking accounts on the market that we think it's worth mentioning a few extras:

  • Capital One Spark Business
  • Wells Fargo Business Checking
  • Bank of America Business Checking
  • LendingClub 
  • Kabbage

How We Select the Best Business Checking Accounts

We spoke to entrepreneurs and combed through online reviews to see what most managers looked for in a good business checking account:

  • Fees
  • Minimum deposits or balances
  • Limits on transactions or deposits
  • ATM access
  • International transactions
  • Online experience
  • Total banking package
  • Customer satisfaction

Guide for Choosing the Best Business Checking Accounts

Choosing the right business checking account is one of the most critical decisions you will ever make for your business. It affects how you receive, store and access business funds — and what these services cost you. So, it’s only natural that you might have more questions. Check out the answers to these FAQs to help you make a solid decision.

Do I Need To Incorporate My Business Before Opening an Account?

Some banks only provide business checking accounts to incorporated businesses. This holds true across both online and traditional banks. However, there are exceptions. If you have not yet incorporated your business and plan to, complete this step before applying for a business checking account. This will make it easier to access a larger pool of business checking accounts. In cases where you have no intentions of incorporating, be sure to verify what the bank's requirements are.

Is It Possible To Use Several Business Checking Accounts?

It is possible to use multiple accounts, but some business professionals caution against it. Business owners with multiple streams of income often break these up across several of their choices for the best business checking accounts. This allows them to better track the cash flow performance of different aspects of their businesses.

If a business has more than $250,000 in cash on hand, splitting up the money across several banks offers better protection for its assets. FDIC insurance only covers $250,000.

What Is the Difference Between a Fintech Company and an Actual Bank?

Fintech is the crossroads where the financial and technology industries meet. Any technology services used in the financial field, such as accounts receivable automation, falls under this header. In the banking world, however, fintech companies are technology companies that provide banking services. These companies then rely on actual banks to back their financial services and hold the deposits. BlueVine is an example of this.

What Are the Benefits of Using a Business vs. Personal Checking Account?

When business owners first launch their businesses, many do rely on personal checking accounts to store money. This is especially likely in instances where people freelance under their legal names. However, there are a few reasons you might want to consider using the best business checking accounts:

  • To keep your personal and business finances separate
  • To build credit for your business
  • To have a more professional appearance to clients and vendors
  • To get discounts on banking services from some providers
  • To cash checks made out to your business

Will the Bank Report My Business Checking Account Transactions to the IRS?

Business checking accounts generally do not report your regular account activity to the IRS. However, if you deposit large amounts of cash or conduct many international transactions, the bank may file a suspicious activity report with the government. Banks also report transactions of $10,000 or more.

Banks don’t file these because of any wrongdoing. They do this to protect themselves from being used for money laundering activities. The best business checking accounts will have procedures in place to prevent these reports from being filed unnecessarily.

Is It Better to Use an Online Bank or a Traditional Bank?

Online banks have revolutionized the banking industry and compelled traditional banks to offer more competitive rates. They do not have the overhead costs of traditional banks, so they can pass these savings on to their customers. They also offer more features and higher interest rates than traditional banks. If you are looking for the best business checking accounts, online banks are a great place to start.

However, some businesses do need services only banks with physical locations can provide safely. One example is a retail business that generates a lot of cash and needs to deposit this lump sum cash on a regular basis.

5 Best Business Checking Accounts Summary

Novo

  • Best Feature: Great API connections
  • Opening Balance: $50
  • Monthly Fees: $0
  • Best For: Businesses that rely on apps to automate and manage processes

NBKC

  • Best Feature: Access to business financing
  • Opening Balance: $0
  • Monthly Fees: $0
  • Best For: Businesses that need loans for building and growth

BlueVine

  • Best Feature: Unlimited free transactions
  • Best For: Businesses with a large number of transactions

Axos Bank

  • Best Feature:High APY
  • Opening Balance: $100 or $1,000
  • Monthly Fees: $0 or $10
  • Best For: Businesses that rely on apps to automate and manage processes

Chase

  • Best Feature: Sign-up bonuses for business checking accounts and credit cards
  • Opening Balance: $50
  • Monthly Fees: $0
  • Best For: Best for businesses that prefer to work with a big bank

Shop Around Before Choosing From the Best Business Checking Accounts

When you open a new business checking account, you're building a relationship with that bank. So, it's important to find one that suits the needs of your business. With this goal in mind, consider two main aspects of the bank: what it offers on paper and how it performs in practice. It is too easy to open a bank account in today's market to put up with poor performance. If your current business bank fails to serve your needs, find a new one.