Novo’s highly rated business banking app earns 4.8 out of 5 stars on the App Store and 4.6 out of 5 on Google Play. The first 2,500 transactions (including deposits, paid items and ACH transfers) and $50,000 in cash deposits are free each month. They’re often completely digital, with no brick-and-mortar locations, and they may offer a relatively limited range of products and services. With unlimited no-fee transactions, unlimited ATM surcharge rebates, and attached cash-back rewards, this account also comes with a full mobile money management system for business on the go.
This account charges fees for paper statements, checks and outgoing wire transfers. Axos also offers business savings accounts, a business money market account, a nonprofit money market account, business CDs and loans. Merchant services are provided through a partnership with Celero Merchant Solutions.
- Most business bank accounts should have you up and running in a matter of minutes.
- The welcome bonus is given to anyone approved for Axos who applies using the welcome offer promo code before the deadline listed.
- Choose one that fits your needs, and pay close attention to fees and interest rates to get the most value.
- Explore the current Wells Fargo bank bonuses to see what you could earn.
You can open many business checking accounts online without ever visiting a branch. After you’ve decided which bank or credit union you want to work with and which account is best for your business, you can submit an online application and provide the required personal and business information. You’ll then make your initial deposit, which will mean linking an external account if opening with a new bank.
Best for New Small Businesses
Add in unlimited transactions, no monthly fees, no overdraft fees, and a slew of unique features like automated savings and invoicing, and it’s no wonder Grasshopper makes the top of the list. The Financial Resources Credit Union’s business checking account doesn’t offer the same digital tools and business-related perks that some of the other accounts on our list do. However, this account does offer unlimited free transactions, no monthly service fee, and a low minimum opening deposit. For business owners who prefer banking with a credit union over a bigger bank, this account could be the right fit.
Monthly maintenance fees and transaction fees vary by account, but all options offer overdraft protection. EverBank offers several business checking accounts, including ones tailored to small businesses and non-profits. Its small business checking account earns a 0.50% APY on all balances and has no monthly management fees to worry about, but has a relatively high minimum deposit requirement of $1,500. A business money market account is similar to a savings account in that it earns interest and provides a place to build up cash reserves. However, this type of account typically comes with some features of a checking account, such as an ATM card or paper checks, that offer easier access to your funds. Money market accounts may pay higher interest rates than savings accounts but can also have steep balance requirements.
How to choose a business bank account
We don’t like that this account carries a $10 monthly fee and has a low remote deposit limit of 60 items per month. All three of these accounts include no ATM fees at PNC Bank ATMs, no set-up fee overdraft protection, free online banking, free bill pay and cash-back rewards through PNC Purchase Payback. Cash-back promotions change often and vary by location but may help you save on business spending.
Account holders can open up to two Capital capitalized cost definition One Business Basic Checking accounts with no monthly service fee if the Capital One Business Enhanced Checking is open and in good standing. Free overdraft protection is available with a linked Capital One Business deposit account. We like this account because it brings modern features into banking that business owners need.
LendingClub Tailored Checking
This makes tax filing and reporting simpler, and it protects you in the event of an audit. You’ll have separate records for all money related to your business to justify your deductions. The IRS defines incorporated businesses, including LLCs and corporations, as separate legal entities for tax purposes but suggests that all business types separate business and personal expenses. NBKC Bank offers a combined checking and savings account, a money market account and CD terms from three months to five years. A business bank account is a bank account designed to meet the needs of a business.
We like the Wells Fargo Business Market Rate Savings account because you can make up to 20 deposits, $5,000 in cash, free each statement period. With documents in hand, fill out the application online or at a branch. The bank will ask for details about your company, such as your legal business structure, nature of business and operating locations. When you’re done answering these questions, be ready to make a deposit. Around one-third of small businesses use fintechs and online lenders for borrowing.