A bank account is an important part of any business in today’s digitized age. It helps you easily manage your funds with minimal visits to the bank. There is no chance of fake currency bills as an online bank-to-bank transfer doesn’t require hard cash. Additionally, you get a free checkbook alongside a bank account in most cases. This is handy as most businesses pay and receive the payments in paper checks.
A business bank account differs from an individual account as you have the freedom to make larger transactions. You also have the advantage of earning interest since you’ll keep lots of money in your bank account. Moreover, USA authorities made it mandatory for every business to have an active bank account. Hence, we are sharing the best business bank accounts offering the best services that you would love.
Unlike individual accounts, where most people choose a savings account, you are better off with a checking account in business. A business checking account is best for financial protection, easy organizing of your expenses, and a huge convenience for tax handling.
Technically speaking, you can still use your personal account for business if you are a sole proprietor. However, you won’t be able to make more significant transactions. That said, business checking accounts are also helpful in separating your personal finances from your business.
Once your account is approved, you are not liable to answer for every massive transaction occurring in your account. Since the bank keeps a record of your work, even if any authority asks questions about your work and its finances, you can show them the bank statement. With all that being established, let’s get right into how we made a list of the best business bank accounts that you can open.
Our Top Picks For Business Bank Accounts On The Market In 2022
- Axos Bank First Checking Account – Overall Best Business Bank Account, Editor’s Pick
- Novo Business Account – Top Rated Bank For Business Accounts
- Xe Business Account – Most Recommended Bank For Account Services
- Wise – Wisest Choice For A Bank Among Customers
- Chase Bank – Most Popular Bank For Quickest Enrolling and Transaction Speed
- Bank of America Business Checking Account – Most Affordable Banking Service For USA Residents
- BBVA Business Connect – Best & Most Accessible Digital Banking Services
#1. Axos Bank First Checking Account – Overall Best Business Bank Account, Editor’s Pick
Axos Bank started its operation in 2000 as the first successful digital bank in the USA. This is one of the best banks for those who are busy making business transactions daily and don’t want to face any interruptions. They even offer a personal checking account for teens under 17, allowing them to take control of their savings using their mobile.
There is no need for any physical visit to prove your identity. You can share everything online and the bank only takes minutes to approve it. You can use Axos services worldwide and create accounts in multiple currencies to send and receive them. They might not offer all the currencies, but the most common ones in the continents like Dollar, Euro, GPB, etc. are all available. Another nifty feature is that even if you have $0.00 in your account for a long time, the company won’t deactivate it.
Earn Up to 1.01% APY: The company mentioned this on its website, but upon further search, we realized this is not a fixed percentage. It varies based on how much money you have in your account and how active it is. To take advantage of this APY, you need to keep a balance of $5000 in your account. This is an excellent option for those businesses who want to increase their reserve funds. However, this option is only available on their business interest checking account. If you opt for a basic account, you won’t be able to enjoy this benefit.
No Monthly Maintenance Fee: Axos bank won’t charge monthly fees regardless of how much you use your account. Even the ATM card and first 50 checks are free. However, they deduct a small maintenance fee from your account after a year, and you are eligible to get a reimbursement if you haven’t used the account in that time frame. There are no charges if you just want to keep the money and earn interest.
Multiple Business Accounts Available: Instead of offering only one account type to every business, Axos bank has a different account to fulfill each of your business needs. They even provide a business savings account if you have a business that won’t earn profit frequently. However, the difference is that unlike a business checking account where you can earn lots of interest, the APY on savings accounts is relatively low. The best they offer is 0.20% on any savings account you open.
Payment Processing Tools: If you own a sale and purchase business, this bank offers to install and manage point-of-sale terminals and equipment without any charges. Additionally, they’ll be linked to your account, so any taxes are directly updated, making it easy for you to create a tax return.
- Unlimited domestic ATM fee reimbursement
- No minimum deposit required
- Free money management tool
- Free ATM card
- Unlimited transactions
- Not the highest online savings rate
- No branch access
#2. Novo Business Account – Most Recommended Bank For Account Services
Novo is a relatively new banking service that started its operations in 2016 but quickly became one of the best. The people behind Novo realized that customers are more interested in online banking than traditional banking. So, they created a portal that makes digital banking easy as well as time and money saving.
Novo is an excellent platform for those who want to grow their business, especially in its early stages. You can connect your business with dozens of tools offered by Novo, and every tool will help expand your business in your desired category. The best part is that all those tools are free, and the bank won’t charge a dime for any service you use. By offering these tools for free, this bank can help you save up to $5000.
If your business is related to traveling or you simply travel a lot to get clients, this bank has a 6% cashback on every flight you book through its debit card. Every transfer you make to a local bank is free, and the bank won’t charge much for international transactions. There are no fees as long as the other country bank allows cash transfers from Novo.
Apply in Under 30 Minutes: While this might not be the quickest application, you’ll be done a few minutes after clicking the “Get Started” button. Since this bank only asks for basic requirements to check your identity, no minimum deposit is required to open the account. However, the first transaction might take a bit longer than usual, so we would advise sending a small amount to your account as soon as you open it to finalize everything. Once that is done, you can send and receive money like normal.
Human-Powered Customer Service: Every time you contact its customer support, a real person will greet you and help you solve the problems. However, you might need to choose from the given problems or write your issue first so you’ll get connected to the right person. Rest assured that they won’t ask you for your personal information or credentials about your account. You can complain about those asking for your personal information, and the bank will take immediate action. The only time you’ll get assistance from a bot is when the queue is full, and every customer representative is busy dealing with someone else.
Refunds all ATM Fees: The bank behind the ATM you use charges a small amount on every withdrawal you make. Novo is generous enough to refund all the ATM fees you pay at the end of each year. The best part is that you don’t have to provide the bank with proof. They’ll keep a record of these withdrawals and automatically reimburse them.
Free Insurance: The bank is willing to provide free insurance of up to $250,000 on your deposits. You don’t have to provide additional documents as every business account comes pre-secured with this insurance.
- Bank-grade encryption for ultimate security
- Secured virtual card for online payments
- The debit card comes with an EMV chip
- Simple, easy-to-use mobile apps
- Free transfers, mailed checks, and incoming wires
- No cash deposits
- No recurring payments available with bill pay
#3. Xe Business Account – Most Recommended Bank For Account Services
Xe, previously known as Xenon, started its operation in 1993 and, at the end of 2013, it completed and launched its website that we all see today. By the end of 2016, Xe became one of the most famous money transfer platforms with over 280 million visitors.
This company is not only engaged in monetary transactions but also helps the poor communities of the world. They have a huge team, and every employee gets to choose a charity where the company will donate $1000 annually. Even as their customer, you can select a charity, and the company will donate on your behalf.
If your business requires frequent online transactions, this is the best service as they charge low to zero online transaction fees and have quick approval for sending and receiving requests. The maximum waiting time they take is 24 hours only if your transaction amount is big and the authorities want to know the reason before clearing it.
Strategies for Each Business: It doesn’t matter which type of business you are doing; Xe is always there to help you strengthen it. Its team of advisors can help you improve your business strategies to help you earn profit and utilize your money if there is a lot of currency fluctuation. They can also help you make more profit via speculation, where you covert money into multiple currencies before converting them back to dollars and deposit in your account. You even get free tools to automate your payments for your international suppliers, so you can only focus on your business.
Streamline Your Mass Payments: Xe eliminates the tedious manual process of approving and sending mass payments to your supplier. Simply add those suppliers or businesses to your trusted list, and Xe will make transactions on your behalf. You only need to approve payment and the app will take care of the rest with only one tap. If you want to remove the hassle of approving, remove the notification option, and the app will automatically approve the payments on your behalf. However, we recommend that you keep the approving option enabled.
Transparency on Every Transaction: The company has a calculator on its website to ensure that all its transfers are as transparent as possible. Right off the bat, you can check how much money your recipient will receive if you are sending money to them in a different base currency. You can use the calculator even without opening an account with the company and you’d still get accurate rates. This feature – rates included – is relatively hard to beat for other digital financial service providers.
Supporting 130 Countries: Xe supports over 100 currencies and works within 130 countries, making it the biggest online digital currency transfer platform. They keep adding more currencies and countries to their list.
- Zero monthly maintenance fees
- Easy online and mobile banking
- Personal and business accounts are available
- Backed by Euronet worldwide
- Only Bank transfers and cash deposits are acceptable
=> Click here to visit the official website of XE Business Account
#4. Wise – Wisest Choice For A Bank Among Customers
Wise is a digital bank that was established in 2011, and it started its operations by offering international bank transfers at great conversion rates. Typically, a bank will provide you less than the rate available in the open market, but Wise offers live rates. This platform updates the rates to match the changes in the open exchange market. Freelancers commonly use Wise as it provides a quick deposit from all the famous freelancing platforms.
Wise might not be the best option for well-developed businesses, but it is the cheapest for startups and small-scale businesses. However, you might need to confirm if Wise has a business account for your country as they are not offering it everywhere. A personal account is free to open no matter where you are from, but you have to deposit some money to ensure it works.
Instant Money Despist to Your Local Account: You can add your local account in Wise and deposit the money within seconds. While the amount from another bank takes a maximum time of 24 hours to reach you, it only takes seconds to send it into your account. You’ll get the money in your account as soon as you see the “Sent” on the screen. Another nifty thing about this platform is letting you know how much you’ll get before depositing. That way, if you are not interested in that amount, you can wait until the open market rate changes.
Separate Account for Each Currency: Wise doesn’t have quite as many currencies as some of its counterparts, but you have the option to send or receive in dollars, GBP, Euro, and many others. The best part is that you can make an account for each currency. Share that account with the person sending you money, and they can add it without issues. You only need to deposit the money once and create as many accounts as you want.
Invite and Earn 50 GBP: Share your referral code to your friends, and if three of them transfer over 200GBP (or equivalent), you’ll get a bonus of 50GBP in your account. Moreover, all your friends will get free transfers of up to 500GBP.
Available in 144 Countries: Wise has support in over 144 countries. Since it has cheaper rates, the platform is willing to help those countries where international transactions are not cheap.
- Remarkable customer service experience
- Easy-to-use dashboard
- Wise accounts are borderless
- Process batches of up to 1,000 payments
- Little fees on each transaction
- Cap on maximum transfer
#5. Chase Bank – Most Popular Bank For Quickest Enrolling and Transaction Speed
Chase is the most famous banking service considering its $3.3 trillion in assets and operations worldwide. It has more than 16,000 ATMs and 4700 branches to help its customers. This is the only banking service with an excellent online platform and physical offices to help sort customer problems. If you are new to digital banking and have access to Chase bank, we highly recommend you choose it.
Chase bank offers business accounts based on your revenue and transactions, so you only pay the fees for necessities. They only charge $15, but if you fulfill any qualifying activities the bank offers, they’ll stop taking the fees. Instead of providing you APY, the bank is willing to give you $300 if you choose Chase business complete banking. You can visit their website to learn more about this program, but you can only opt for it after opening a business checking account.
Deposit and Earn Bonus: With a deposit of at least $2000 within 30 days of opening your account, you are eligible to get a bonus. With an additional five qualifying transactions within 90 days, you can remain on the bonus list. The only problem, however, is that you must keep a minimum balance of $2000 for 60 days in your account, or you’ll lose the bonus. While the bonus amount is generous, these conditions make it complicated to grab it.
Rewards-Earning Credit Cards: Chase credit cards are available for everyone with a good credit score. Those with a Chase bank account can get this credit card for free, and you can use it for personal and business purposes. However, the limit will differ based on your bank account, and the company offers no extension once you cross the limit unless you are ready to pay the charges. The best part is that you’ll earn rewards on each transaction you make with these credit cards. Those rewards could be anything from cashback to discounts.
Quick Loan Services: Chase has got you covered with its multiple loan services if you want a loan for your house or car. Those with a Chase account get an edge here since they don’t have to provide additional documents for the loan. The bank will check your transactions and profit to offer you a loan instead of taking anything as a guarantee. The interest rate will also vary based on what loan you take. Read the details thoroughly before opting for a loan.
Unlimited Electronic Deposits: There is no limit on electronic deposits, and there are no fees as long as you make deposits within the USA. However, some deposits might require clearance from the bank if the amount is enormous.
- Large branch network
- Mobile app available
- Online bill pay without any charges
- Only $25 is required to open an account
- Non-interest account
- Monthly maintenance fee
#6. Bank of America Business Checking Account – Most Affordable Banking Service For USA Residents
Bank of America was created in 1906, making it one of the oldest banking services on our list. This is the best bank to choose if you want a customized account for your business. They don’t offer specific services like all other banks, but they try to help you, the customer, as much as possible. If you are a permanent resident of the USA, you can expect to enjoy lots of perks after opening an account with this bank.
If you want to invest your money, this bank has tools and professionals that can help guide you towards the right path. Additionally, they are partnered with many businesses, and they can invest your money on your behalf and deposit the profit directly in your bank. You are not liable to pay any loss during the interaction between the bank and its partners.
Multiple Visa Cards: Depending upon your nature of business, you can get a visa card that suits you the most. BOA is offering four different cards without any annual fee. You can get one for 1.5% cashback on all purchases or 3% cash back on particular purchases. A travel visa card not only gets you discounts but also offers you reward points that you can redeem later. All these cards are available for free, and you even get to save on interest with a 0% intro APR.
Smart Money Management Tools: If you are into savings, these money management tools can be helpful. Set a particular amount for savings and the time when you want to use it, and these tools won’t let you withdraw before the due date. Moreover, you can set a specific percentage to go into savings. These tools will automatically do it for you. You can set custom alerts to get notified as you reach your desired goals or if you receive a cashback from the bank for using their services.
Fraud Protection: The bank has your back if someone makes an unauthorized transaction using your debit/credit card. However, you must inform the bank within 24 hours if you lose the card or someone stole it. The bank will instantly block the card and refund the transactions made from it after it is stolen. For better security, you can tell the bank to add the approval request before making a transaction from the card.
$100 Bonus Offer: This is one of the most straightforward bonus offers you can find. Instead of asking to complete complicated activities, you just need to open any of the three accounts with BOA and get an instant $100 bonus in your account.
- About 4,100 branches and 16,000 free ATMs
- Robust savings tools and mobile app
- Access to physical branches
- Debit card shopping rewards
- Automatic savings program available
- Monthly fee
- $35 overdraft fee can be charged up to four times daily
=> Click here to visit the official website of Bank Of America
#7. BBVA Business Connect – Best & Most Accessible Digital Banking Services
BBVA is one of the top 25 commercial banks in the USA, serving customers since 1857. In 2007, the bank introduced online banking services and has been improving them since then.
BBVA business connect bank account is best for those who want a vast ATM network and prefer mobile banking. BBVA has over 64,000 ATMs and one of the best mobile banking apps. While their savings rates are low, they offer quality money management tools. The best part is that they offer 0.01% APY on the money you have in your savings account.
You’ll get a free customized Visa debit card based on how you like to utilize it without any charges. They also won’t charge you any withdrawal fee if you withdraw money from the 64,000 ATMs they have across the USA.
Mobile Check Deposit: BBVA allows you to take a picture of the check and deposit it on the mobile app. You’ll need to take clear images of the check’s back and front while ensuring that the amount, check number, and signatures are clearly visible. The bank will take some time to process the check, and once it passes, you’ll get the amount in your account. Keep in mind that that only works for depositing. You cannot send money by taking pictures of a check.
Small Business Checking Accounts: You can quickly open a small business checking account at BBVA with only your ID card. The bank won’t ask for additional details about your business at the initial stages. However, once your account is made and you want to make transactions, the bank requires you to provide proof of your business and its operations. There are no minimum balance requirements to keep the account active.
No Fee on ATM Withdrawals: You can use a BBVA card at any ATM and get the money without paying any extra fee.
Free Digital Banking Services: You’ll get all the digital services for free as you open an account on BBVA. They won’t charge annual fees for using the services they offer by default. However, the bank might start charging you if you opt for additional services to facilitate your business.
- No monthly service fee
- Five free in-branch withdrawals
- Ability to set up account alerts
- Complimentary online statements
- The website is difficult to navigate
=> Click here to visit the official website of BBVA Business Account
How We Made This List Of Banks That Provide Business Bank Accounts?
Finding the correct bank account is difficult as it comes with costs and services you might not want or like. Of course, you can always get the basic services like a free checkbook, ATM-supported card, etc. However, things get significantly more complex when you have to dig a little deeper to find charges on transactions, interest, transaction limits, etc.
So, we did our best to find those banks that are flexible in such services. Even if you exceed the transaction limit, they can extend it for you so that you can make an extra transaction or two. Additionally, we preferred bank accounts that decreased transaction charges’ percentage as the amount got bigger. With all these things in mind, here are our criteria for choosing the business accounts.
What We Looked For:
- Account Features and Services: All businesses are different, and not everyone gets the same profit, so the account features must vary based on your business. We opted for banks that allow even the most basic business checking account and still offer all the features. Apart from this, they should offer a free online business checking account and a mobile app so you can manage the account from anywhere. A deposit box is also necessary for business as you might need to keep some documents safe. Before choosing a bank, we also checked for wire transfer, debit card access, and bill payment services. Only those that offered this without hassle were added to our list.
- Interest Rates for Deposit Accounts: You’ll earn interest on the money you keep in your account, but each bank’s rate differs. We checked multiple banks before deciding on those that offer higher interest rates than others. A bank account with the best rate possible provides more opportunities for your money to grow. Another thing we kept in mind is to check that your interest rate is getting you more money than the fees you pay for your account. Also, the frequency of interest payment was our priority. In that regard, we opted for banks that pay it twice a year at least.
- Transaction Limits: You’ll likely make frequent transactions with a business account, and having a small transaction limit can cause a lot of inconveniences. While some banks keep a transaction limit, providing an extension is also necessary. We opted for banks that offer an extended transaction limit on your account.
- Ease of Integration: Easy integration with financing software is preferable to make things easier. You can easily create online payrolls or prepare your employee taxes, so we checked for this feature in each bank we chose.
Factors to Consider When Choosing A Bank For Business Bank Account
Here are a couple of factors you should consider while choosing a business bank account.
Before opening a business bank account, note the requirements you want and open an account based on them. Sometimes a basic business checking account is all you need, but the bank compels you to choose a different account. You don’t want to end up paying charges for services you never use.
Minimum Balance Requirements
You can’t always keep money in your account. Sometimes you make a transaction that costs you additional charges that empty your account. If your account is empty or you don’t meet the minimum balance requirement, the bank keeps adding a small fee. The bank will deduct the fee as you deposit the money in your account. Finding a bank that asks for zero minimum balance requirement is better to avoid this hassle.
Getting something for free as you open an account is always delightful and getting money for free is the best. Some banks like Chase offer introductory bonuses to facilitate their customers, and you should look for a bank that offers such bonuses without complicated steps.
Fund Protection and Insurance
In online banking, top-notch security is always needed. If you use your debit/credit card online for purchases, the chances are that someone will steal the data. Choose a bank that offers fraud protection if you inform them about theft within 24 hours. A bank that refunds the money lost in unauthorized purchases would be preferable.
It is difficult to find a bank that works with zero charges. After a year, you have to pay them to continue using their services. However, a bank that offers flexibility in these charges is a huge convenience. Consider this point when choosing a bank to open a business account, as paying fewer charges for premium services is always a priority.
Frequently Asked Questions (FAQs) For Best Business Bank Accounts
Q1. What type of account is best for small businesses?
A checking account is best for small businesses since it provides all the basic features and the option to make large-scale transactions. A business savings account won’t help in more significant transactions as banks won’t allow savings accounts to engage in large-scale activities.
Q2. Should I get insurance for my business bank account?
Yes, it is always better to have insurance for your business bank account, especially if you want to make online transactions. Thousands of fraudulent businesses are available online, waiting for people to make mistakes. Novo is one bank to offer free insurance but if you want another option, try opting for a bluevine business checking account.
Q3. What bank do most small businesses use?
Chase bank is one of the most popular when it comes to offering accounts to small businesses. While it is our recommendation, you can check all other banking services we shared above and decide based on your requirements and preferences. If you are more into cash transactions than digital, Bank of America is the best option as it has many branches throughout the USA. On the other hand, if you want to grow your money without working much, Axos bank offers the best APY rates.
Q4. Which bank is best for the self-employed?
Novo business checking account is the best for self-employed people, simply because you’ll get free insurance for your money and can open an account within minutes. However, if you want a complete banking package, Chase business complete banking is the best. Just remember that they start charging if you ask for customized services.
Q5. Do I have to deposit cash to open a business bank account?
You don’t have to deposit the cash to open an account, but you’ll be required to pay a small sum as an initial deposit. It won’t necessarily have to be cash. You can use a check or money order for such purposes. Some banks prefer cash over these, and some online banking services require you to use a debit/credit card to deposit money for opening a bank account.
Q6. Can I get a loan using my business bank account?
That depends on which bank you are dealing with. Some banks might check your account report and offer you the necessary loan, while some follow the same traditional ways before processing a loan. Getting a loan from the bank where you have your account is better since they already have your information and won’t ask for it again, reducing the processing time.
Final Words: Best Business Bank Accounts On The Market In 2022
A business bank account can remove the inconvenience of manually checking, counting, and depositing cash. You can share the bank number with every party you deal with, and they’ll send money in it directly. Additionally, you can earn interest on your money and keep your bank deposit growing without much effort. We shared the best business bank accounts that won’t charge obnoxiously in their services and facilitate the customer as much as possible. We recommend using Bank of America for better cash transactions and Axos bank for the best digital transaction management.