Top Business Checking Accounts for Small Businesses: A Comparison Guide

Starting and running a small business can be a challenging task, and one of the most important decisions that small business owners have to make is choosing the right checking account for their business. This decision is crucial as it can have a significant impact on the financial health of the business. In this article, we will discuss what small business owners need to know when choosing a business checking account.

First, it’s important to understand the difference between a personal and a business checking account. A personal checking account is for individuals, while a business checking account is for businesses. Business checking accounts come with features that are tailored to the needs of small businesses, such as the ability to handle higher transaction volumes and the ability to write checks.

When choosing a business checking account, small business owners should consider the following factors:

1. Fees: Business checking accounts can come with a variety of fees, such as monthly maintenance fees, transaction fees, and ATM fees. It’s important to compare the fees of different accounts and choose one that fits the business’s needs and budget.
2. Minimum balance requirements: Some business checking accounts have minimum balance requirements that must be met in order to avoid additional fees. Small business owners should choose an account that has a minimum balance requirement that fits their business’s needs.
3. Online banking: With the rise of online banking, small business owners should look for a business checking account that offers online banking services. This can make it easier to manage the account, check balances, and make transactions from any location.
4. Customer service: Small business owners should also consider the level of customer service offered by the bank. They should choose a bank that offers 24/7 customer service, as well as a dedicated small business banking team.
5. Overdraft protection: Overdraft protection is a service that prevents a check from bouncing by automatically transferring funds from a savings account or line of credit. Small business owners should consider whether this service is important to their business.

Read more: See the best free business checking accounts here

Business checking account fees you should be aware of

Business checking accounts can come with a variety of fees, including monthly maintenance fees, transaction fees, and ATM fees. It’s important for small business owners to understand these fees and how they can impact their bottom line.

1. Monthly maintenance fees: Many business checking accounts come with a monthly maintenance fee that is charged regardless of the account’s activity. This fee can range from a few dollars to several hundred dollars per month, depending on the account and the bank. Small business owners should pay attention to this fee as it can add up over time, especially if they don’t maintain a high account balance.
2. Transaction fees: Some business checking accounts charge a fee for each transaction, such as checks written, debit card purchases, and electronic transfers. These fees can vary depending on the account and the bank, and can range from a few cents to several dollars per transaction.
3. ATM fees: Business checking accounts may also come with ATM fees, which are charged when using an ATM that is not part of the bank’s network. These fees can range from a few dollars to several dollars per transaction.
4. Minimum balance fees: Some business checking accounts have a minimum balance requirement, and if the balance falls below that threshold, the account holder will be charged a fee. These fees can vary and can be a flat fee or a percentage of the account balance.
5. Overdraft fees: Overdraft fees are charged when a check or electronic transfer is processed and there are not enough funds in the account to cover it. This fee can vary by institution and can be a flat fee or a percentage of the overdraft amount.
6. Returned deposit fee: A returned deposit fee is charged when a deposited check is returned due to insufficient funds or other reasons, this fee can vary by bank and can be a flat fee or a percentage of the deposit amount.

It’s important for small business owners to compare the fees of different accounts and choose one that fits their business’s needs and budget. Some banks may waive certain fees if the account holder meets certain requirements, such as maintaining a certain account balance, or conducting a certain number of transactions per month.

It’s also important to be aware of any fees that may be charged by third parties, such as credit card processing fees, wire transfer fees, and fees for electronic bill payments. These fees can add up and should be factored into the overall cost of the account.

Business checking account minimum balance requirements

Many business checking accounts have a minimum balance requirement, which is the lowest amount of money that must be maintained in the account in order to avoid additional fees. This requirement can vary by account and bank, and can range from a few dollars to several thousand dollars.

When choosing a business checking account, it’s important for small business owners to understand the minimum balance requirement and how it may impact their business. If the account holder does not maintain the minimum balance, they may be charged a fee. These fees can be a flat fee or a percentage of the account balance, and can add up over time, especially if the account falls below the minimum balance requirement frequently.

There are two types of minimum balance requirements:

1. Monthly minimum balance: This is the minimum balance that must be maintained in the account each month in order to avoid additional fees.
2. Average daily balance: This is the average amount of money that must be in the account each day of the month.

It’s important for small business owners to consider their cash flow when choosing a business checking account with a minimum balance requirement. If they are not able to maintain the minimum balance, they may want to choose an account with a lower minimum balance requirement or one that does not have a minimum balance requirement at all.

Some banks may waive the minimum balance requirement if the account holder meets certain requirements, such as maintaining a certain account balance, conducting a certain number of transactions per month, or setting up direct deposit.

Read more: See the best bank sign-up bonuses here

What about ATM fees with business checking accounts?

ATM (Automated Teller Machine) fees are charges that are incurred when using an ATM that is not part of the bank’s network. These fees can vary depending on the account and the bank, and can range from a few dollars to several dollars per transaction.

When choosing a business checking account, it’s important for small business owners to understand the ATM fees associated with the account and how they may impact their business. For example, if the business frequently uses ATMs that are not part of the bank’s network, the ATM fees can add up quickly and have a significant impact on their bottom line.

There are two types of ATM fees:

1. Surcharge Fees: This fee is charged by the ATM owner/operator, usually when the ATM is not affiliated with the business owner’s bank.
2. Foreign transaction fees: This fee is charged by the business owner’s bank for using an ATM that is not part of their network.

It’s important for small business owners to consider their cash flow and how they will access cash when choosing a business checking account with ATM fees. Some banks offer ATM fee waivers or reimbursement when the account holder meets certain requirements, such as maintaining a certain account balance, conducting a certain number of transactions per month, or using in-network ATMs.

Small business owners can also look for business checking accounts that offer free ATM access or reimbursement of ATM fees. Some online-only banks and credit unions offer free ATM access at all ATMs, while others reimburse ATM fees up to a certain amount per month.

Read more: Best Chase Bank Bonuses

The importance of online banking with business checking accounts

Online banking is a feature that allows small business owners to access and manage their business checking account through the internet. With online banking, small business owners can check account balances, view transaction history, make payments, and transfer funds from any location, as long as they have an internet connection.

There are several reasons why online banking is important for small business owners:

1. Convenience: Online banking allows small business owners to access their business checking account from anywhere, at any time. They can check account balances, view transaction history, and make payments without having to visit a physical bank branch. This can save small business owners time and make it easier to manage their account.
2. Improved cash flow management: Online banking allows small business owners to track their cash flow in real-time. They can see when payments are received and when bills are due, which can help them manage their cash flow more effectively.
3. Increased security: Online banking typically uses advanced security measures, such as encryption and multi-factor authentication, to protect account information and transactions. This can help small business owners to protect their business from fraud and unauthorized transactions.
4. Reduced paperwork: With online banking, small business owners can view and download account statements and transaction history. This can help them to keep accurate records and reduce the amount of paperwork they need to manage.
5. Cost-effective: Online banking can be a cost-effective solution for small business owners, as it eliminates the need to visit a physical bank branch. This can save small business owners money on transportation costs and other expenses.

When choosing a business checking account, small business owners should look for one that offers online banking services. They should also make sure that the online banking platform is easy to use and offers the features they need to manage their account effectively.

Read more: Best Robo-Advisor Promotions, Offers

What are the customer service options?

Customer service is an essential aspect of any business, and it is particularly important for small business owners when it comes to their checking account. Having access to quality customer service can make a significant difference in managing and maintaining a business checking account.

Here are several reasons why customer service is important for business checking accounts:

1. Assistance with account issues: Small business owners may encounter issues with their business checking account, such as unauthorized transactions or account errors. Having access to a dedicated customer service representative can help small business owners to quickly and effectively resolve these issues, minimizing any negative impact on their business.
2. Help with account setup and management: Small business owners may need assistance setting up and managing their business checking account. A dedicated customer service representative can provide guidance and advice on how to use the account, how to set up online banking, and how to resolve any issues that may arise.
3. Technical support: Small business owners may encounter technical issues with their business checking account, such as difficulty logging in to the online banking platform. A dedicated customer service representative can provide technical support and help small business owners to resolve these issues.
4. account information: Small business owners may need information about the account such as fees, balance requirements and other important details, a dedicated customer service representative can provide the necessary information in a timely manner.
5. Fraud protection: Small business owners may encounter fraudulent activity on their business checking account. A dedicated customer service representative can help to quickly identify and resolve these issues, minimizing any negative impact on the business.

When choosing a business checking account, small business owners should look for one that offers quality customer service, including 24/7 availability, and a dedicated small business banking team. They should also look for a bank that has a reputation for providing excellent customer service.

Read more: Best Stock Broker & Investing Promotions

Does the account have overdraft protection?

Overdraft protection is a feature that can be added to a business checking account and is designed to prevent checks or electronic transfers from bouncing due to insufficient funds in the account. When the account holder writes a check or initiates an electronic transfer and there are not enough funds in the account to cover it, the overdraft protection will automatically transfer funds from a savings account or line of credit to cover the shortfall.

There are several types of overdraft protection:

1. Overdraft transfer: This type of overdraft protection allows the account holder to link a savings account to the checking account. When there are insufficient funds in the checking account, money is automatically transferred from the savings account to cover the shortfall.
2. Overdraft line of credit: This type of overdraft protection allows the account holder to borrow money from a line of credit to cover the shortfall. This line of credit is usually provided by the bank and can be used to cover overdrafts in the checking account.
3. Overdraft protection loan: This type of overdraft protection allows the account holder to borrow money from the bank to cover the shortfall, this loan is usually a short-term loan with a higher interest rate than a line of credit.

Having overdraft protection can be helpful for small business owners, as it can prevent checks from bouncing and help to protect their credit score. However, it’s important to note that overdraft protection can also be expensive, as it may come with fees and higher interest rates.

When choosing a business checking account, small business owners should consider whether or not they need overdraft protection, and if so, which type of protection is best for their business. They should also compare the fees and interest rates associated with different types of overdraft protection to ensure that they are getting the most value for their money.

Read more: Best M1 Finance Bonuses: $50, $500, $4000, $10000 Offers

Here Are The Best Small Business Checking Accounts

There are many business checking accounts available nationwide, and the best one for your business will depend on your specific needs and preferences. Some of the top business checking accounts that are available nationwide include:

Chase Business Complete Checking℠

• Chase Business Complete Checking℠ is a business checking account offered by JPMorgan Chase Bank. This account is designed to meet the financial needs of small businesses and offers a range of features and benefits. Some of the key features of this account include:
  • No monthly service fee with a minimum daily balance of $2,000 in your account as of the beginning of each day of the statement period (there are also other ways to waive the fee).
  • Free transactions: With Chase Business Complete Banking, small business owners can make up to 100 free transactions per month, including checks, debit card purchases, and electronic transfers.
  • Online banking and mobile app: This account comes with free online banking and mobile app, which allows small business owners to check account balances, view transaction history, and make payments from anywhere, at any time.
  • Cash management tools: This account offers a range of cash management tools, such as the ability to set up direct deposit and automatic payments, which can help small business owners to manage their cash flow more effectively.
  • Overdraft protection: With Chase Business Complete Banking, small business owners can add overdraft protection to their account, which can help to prevent checks from bouncing due to insufficient funds.
  • Access to a large network of Chase ATMs and branches.

Axos Bank Basic Business Checking

Axos Bank Basic Business Checking is a business checking account offered by Axos Bank. This account is designed to meet the financial needs of small businesses and offers a range of features and benefits. Some of the key features of this account include:

1. No monthly service fee: This account has no monthly service fee, which means small business owners can keep more of their money in their business.
2. Free transactions: With Axos Bank Basic Business Checking, small business owners can make an unlimited number of transactions.
3. Online banking and mobile app: This account comes with free online banking and mobile app, which allows small business owners to check account balances, view transaction history, and make payments from anywhere, at any time.
4. Direct deposit: This account offers direct deposit, which allows small business owners to have their payroll and other payments directly deposited into their account.
5. Access to a large ATM network: Small business owners can access over 55,000 free ATMs across the country.
6. Free check images: With this account, small business owners can view check images for free, which can help them to keep accurate records and reduce the amount of paperwork they need to manage.

Novo Business Checking

Novo is a place for small businesses to do their work online. It helps freelancers, entrepreneurs, and small business owners manage their business finances by putting the focus on digital first. Key features include:

• No monthly fees or minimum balance requirement.
• Unlimited fee-free transactions, no ACH transfer fees and no incoming wire fees.
• Refunds on all ATM fees worldwide.
• Online banking with unlimited invoicing and bill pay, which includes the option to send paper checks for free.
• Integration with top business tools like QuickBooks, Xero, Stripe and Shopify.
• Access discounts on business software and services through your account.

Bluevine Business Checking

BlueVine Business Checking is a business checking account offered by BlueVine, a financial technology company that specializes in providing small business financing. Some of the key features of this account include:

• No monthly maintenance fee: This account has no monthly maintenance fee, which means small business owners can keep more of their money in their business.
• No minimum balance requirement: Small business owners can open an account with no minimum balance requirement, which makes it accessible for small business owners.
• Free online banking: This account comes with free online banking, which allows small business owners to check account balances, view transaction history, and make payments from anywhere, at any time.
• Cash management tools: This account offers a range of cash management tools, such as the ability to set up direct deposit and automatic payments, which can help small business owners to manage their cash flow more effectively.
• Mobile check deposit: With BlueVine Business Checking, small business owners can deposit checks remotely using a mobile device, which can save them time and resources.
• Access to a large ATM network: Small business owners can access over 55,000 free ATMs across the country.

Read more about these top checking accounts and get the latest promotion below.

ADVERTISEMENT

Here are some more small business checking accounts worth considering:

Bottom Line

In conclusion, choosing the right business checking account is a crucial decision for small business owners. By considering the fees, minimum balance requirements, online banking services, customer service, and overdraft protection, small business owners can choose an account that fits their business’s needs and budget.

Summary of guides on business checking accounts:

• Best Free Business Checking Accounts of July 2025
• 6 Things You MUST Consider When Choosing a BUSINESS CHECKING Account
• What’s The Difference Between Personal And Business Checking Accounts?
• The Role of Business Checking Accounts in Cash Flow Management
• Best Business Checking Accounts For Non-Profit Organizations

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.