10 Best Business Checking Accounts in 2024

No fees and unlimited transactions are standard for online business checking accounts, but Bluevine raises the bar with its free, high-yield business account. With Bluevine, business accounts can earn 2.00% interest on balances up to $100,000, which is one of the best rates available for business checking. Unlike most online-only accounts, Bluevine account holders can deposit cash, albeit with a fee.

Bluevine, a financial technology company founded in 2013, started offering business checking accounts in 2019. Their banking services are provided by Coastal Community Bank, and all accounts are FDIC-insured up to $250,000.

Why we chose it:  Bluevine’s user-friendliness, minimal fees, and outstanding interest rate make it the top business checking account currently available.

Fees

Bluevine eliminates most fees that other business accounts still have. There are no monthly fees, minimum balance requirements, overdraft costs, or incoming wire fees. However, a $4.95 fee applies to cash deposits, and outgoing wires cost $15.

Bluevine’s new Premier tier helps small businesses earn even higher interest, access priority support, and cut many payment fees in half. The Premier tier offers up to 4.25% APY, making it exceptionally valuable for businesses with high balances and frequent payments.

Interest Rates

Bluevine offers 2.0% interest on business checking accounts if one of two conditions is met: spend at least $500 monthly on the Bluevine Business Debit Mastercard or receive $2,500 monthly in customer payments. Interest is capped at $100,000, with no earnings beyond that.

Lending

While Bluevine doesn’t have traditional lending, they offer a flexible business line of credit up to $250,000, with approval in as little as five minutes. There’s no account maintenance fee, and interest is only charged on the amount used. Current rates start as low as 4.8%.

Rewards

The 2.0% APY is the primary reward, as there aren’t any additional bonuses for joining right now.

Additional Features

Bluevine allows you to pay bills directly from your account or credit card via ACH, check, or wire. There are no transaction limits each month, and multiple sub-accounts enable you to organize and track your finances efficiently.

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With no monthly fees, unlimited ATM fee refunds, and a strong emphasis on digital banking, Novo’s business checking is an excellent choice for small business owners on the move. Novo features an integrated invoicing tool and direct connections with leading business apps, making it perfect for streamlining financial operations and managing multiple accounts.

Although Novo excels in online services, it can’t handle cash deposits, a critical feature for many businesses. In contrast, several competitors offer cash deposit capabilities with their online-based business checking accounts.

Why we chose it: Novo’s minimal fee structure makes it ideal for small businesses. It’s an excellent choice for startups seeking a reliable bank.

Fees

Novo has minimal fees, but they do exist. In addition to offering a maintenance-free checking account, the bank refunds all ATM fees, no matter where you are in the world. By monitoring your account carefully, you can avoid the $27 overdraft fee.

Interest Rates

Novo’s business checking account doesn’t offer interest, and there’s no savings account for excess funds to grow.

Lending

Novo doesn’t provide lending or line of credit options, which may not be a problem for some, but those needing credit will need to look elsewhere.

Rewards

Novo has partnerships with various business apps and offers significant discounts. For instance, Novo users can access HubSpot’s business tools at a 30% discount. Depending on the software used, you can save up to $4,000.

Additional Features

A well-designed dashboard allows you to send and track invoices easily. The virtual debit card enables online and in-person spending via your preferred payment app without needing a physical card. Novo Reserves allows you to allocate funds to different accounts to prepare for future expenses or significant projects.

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Axos Bank made significant updates to its business checking services in March 2022. It now allows cash deposits for all accounts, has removed transaction limits, and has waived deposit requirements for its free business checking account. These updates complement existing features like 24/7 customer support, free nationwide ATM access, and unlimited domestic ATM fee reimbursements.

Axos provides two main business checking accounts: Basic Business Checking and Business Interest Checking, which offer up to 1.01% APY. The basic checking account is free, while the interest-bearing account has a $10 monthly fee that’s waived if the average daily balance is at least $5,000.

Unlike some online business checking accounts that rely on other financial institutions, Axos Bank is a fully FDIC-insured institution that directly offers its own business banking products and services.

This review covers both accounts, but the star rating applies specifically to the Axos Basic Business Checking account.

Why we chose it: Free cash deposits and minimal fees make Axos Basic Business Checking one of the best business accounts available.

Fees

Axos Bank Basic Business Checking doesn’t charge a monthly fee or require a minimum balance. It reimburses ATM fees monthly, making this account effectively free. However, wire transfers cost $35 each, which could add up if you make a lot of them.

Interest Rates

This account doesn’t offer APY, focusing instead on business benefits. For interest, you can open one of Axos’s interest-bearing business savings accounts.

Lending

Axos offers several credit lines and lending options, but qualifications can be strict, such as requiring at least two years in business. This isn’t surprising, given their minimum loan amount is $10 million.

Rewards

Currently, new business owners who open an Axos checking account can earn a $200 welcome bonus. If you’re not new, you can still earn $100 for opening your Axos account.

Additional Features

Axos has over 91,000 ATMs nationwide in its network, but even if you use an out-of-network ATM, you’ll be reimbursed for the fee. They also cover fees for the first two wire transfers each month. Additionally, Axos integrates seamlessly with QuickBooks to help manage your finances.

>> Check Out Axos Bank Now! >>

Capital One, a major online bank, offers a range of personal and business banking services, including checking and savings accounts, with various features. Its business accounts are free to sign up for but incur a monthly fee if balances fall below a specific threshold.

Its Business Savings Account offers a modest 0.2% APY monthly for those with extra funds, though its checking accounts don’t accrue interest. Capital One waives fees for overdrafts, some wire transfers, and a portion of cash deposits.

What sets this service apart is its unlimited free digital transactions. You can transfer as much as you want each month to other people or organizations.

Why we chose it: Capital One removes limits on digital transfers, allowing you to keep your finances in motion.

Fees

A Capital One Basic Business Checking account has a $15 monthly fee, which is waived if your average balance over the prior 30 or 90 days is at least $2,000. Incoming and outgoing wires incur fees, but digital transfers are free.

Interest Rates

This account doesn’t offer interest, but if you have extra funds, you can move them to one of Capital One’s savings accounts to earn interest.

Lending

Capital One offers many lending options that businesses can benefit from. Applicants need an open business checking account and at least two years in business. Loan and credit lines range up to $5 million each.

Rewards

There aren’t direct rewards for joining Capital One, but this changes with their credit card options. With several to choose from, you’ll likely find a card that suits your business needs and earns rewards on every use.

Additional Features

Unlimited digital transfers allow you to send funds from your bank account to another anywhere in the world. Capital One Basic Business Checking also provides overdraft fee protection and allows up to $5,000 in free cash deposits each month.

>> Check Out Capital One >>

Bank of America’s business checking stands out among national and regional banks due to its unlimited fee-free electronic transactions, high cash deposit limits, and three different account opening methods.

Bank of America provides two small-business checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking. While this review mentions both accounts, the star rating pertains specifically to the Business Advantage Fundamentals™ account.

With 4,200 branches across 37 states and Washington, D.C., Bank of America’s business accounts offer small-business owners digital-friendly banking with the option for in-person services.

Why we chose it: Bank of America offers traditional banking features with thousands of locations and a suite of services.

Fees

Bank of America, being a comprehensive bank, has various accounts with different fee structures. Business Advantage Fundamentals has a $16 monthly fee unless you meet one of its waiver requirements, which include maintaining a $5,000 combined average monthly balance or spending at least $250 per month on debit card purchases.

Interest Rates

There is no APY on the Business Advantage Fundamentals checking account. While you can open a business savings account for $10 per month, it offers only 0.01% interest.

Lending

To qualify for Bank of America’s lending options, specific business and revenue requirements must be met. Both loans and lines of credit start at $10,000, with payments varying based on your account balance.

Rewards

Bank of America doesn’t offer special rewards for joining, but its 4,300 branches and online services offer significant flexibility for various banking needs.

Additional Features

As a large bank, Bank of America provides the security and range of services its size allows. Business services are comprehensive, and the bank works with Zelle to make quick payments and transfers.

>> Check Out Bank of America >>

American Express introduced its fully digital Business Checking account in October 2021, bringing a familiar name to a market dominated by lesser-known banks and fintech companies. Currently, the account is exclusive to Amex customers.

This free business checking account aligns with other online accounts, offering no monthly fees or charges for overdrafts, stop-payment requests, or incoming wire transfers. But American Express goes further than most competitors, providing 24/7 customer support, a competitive interest rate, and a substantial welcome bonus.

Account holders can deposit funds via mobile check deposit (iPhones only), ACH, and wire transfers. Withdrawals are free at any of the 37,000+ MoneyPass ATMs, but you can’t deposit cash, and out-of-network ATM fees may apply.

Why we chose it: American Express offers a competitive interest rate and provides rewards points that can be converted into deposits.

Fees

American Express only charges for outgoing domestic wires, and the fee is quite reasonable. There are no monthly fees, NSF penalties, or charges for receiving money from different sources.

Interest Rates

American Express currently offers an interest rate of 1.3% APY, 43 times the national deposit rate. This rate applies to amounts up to $500,000, with no earnings beyond that point.

Lending

Through Kabbage Funding, American Express provides business loans and lines of credit for companies in need. Your business must be at least a year old, generate at least $3,000 in monthly revenue, and have a FICO score of 640 or higher. You can earn $250 by linking your American Express account to Kabbage. For more details, check out our Kabbage Funding review.

Rewards

New members can earn 30,000 reward points just for signing up. To qualify, deposit at least $5,000 into your account, maintain that balance for at least 60 days, and make at least ten qualifying transactions during that period.

Additional Features

Select debit card purchases earn reward points that you can convert into deposits directly into your bank account. Points can also be used for gift cards, travel, and more. American Express provides 24/7 customer support to assist with any points or account-related issues.

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Lili provides the essential tools needed for precise tax filing. Their online business checking account has no monthly fees or minimum opening deposit, plus various digital tools for managing expenses, tracking tax write-offs, saving for taxes, and accepting customer payments, all in one place.

Initially designed for freelancers and independent contractors, Lili is now available for all business types.

Why we chose it: Lili’s low fees and tax optimization software help businesses retain more income. If you’re seeking an online business checking account without credit checks, Lili is an excellent choice.

Fees

Lili excels with its free tax software, and business owners benefit from no account or overdraft fees. There’s no fee for foreign transactions or at over 38,000 in-network ATMs in the U.S. Out-of-network ATM usage incurs fees between $2.50 and $5.

Interest Rates

Lili’s Business Checking account doesn’t offer interest. Those who pay for the savings account receive 1.5% APY, but you need at least $34,000 to offset the monthly cost.

Lending

Lili doesn’t provide lending options. You’ll need to look elsewhere for loans or lines of credit.

Rewards

Lili debit cardholders earn cashback with participating merchants directly deposited into their business checking accounts. There are no service or transaction fees for debit card usage worldwide.

Additional Features

Lili’s tax optimizer stands out for helping reduce tax expenses. The software lets you categorize purchases, determine your tax bracket, and file seamlessly. The mobile app also helps track personal and business expenses on the go. Enrollment is straightforward, requires no paperwork, and allows banking within minutes.

>> Check Out Lili Now >>

U.S. Bank offers a wide range of loans and lines of credit to address various business needs, from growth opportunities to unexpected expenses. Depending on your business type, specialized merchant services can also benefit you. With 2,400 locations in 26 states, U.S. Bank provides the option for in-person banking if you’re in one of those states.

Why we chose it: U.S. Bank’s lending options accommodate businesses of all sizes, enhancing an already robust business checking account.

Fees

U.S. Bank’s Silver Business Checking account lacks service fees, but transaction fees can add up. The first 125 transactions per month are free, with each additional transaction costing $0.50. Non-U.S. Bank ATMs can also incur fees.

Interest Rates

U.S. Bank doesn’t offer attractive interest rates for checking accounts, but its business savings and money market accounts may be worth considering. If you have spare funds, moving them to savings could earn a return depending on the account type.

Lending

U.S. Bank offers abundant lending options, making it stand out for having some of the best business bank accounts. Small and large businesses alike can request loans ranging from $5,000 to several million dollars, depending on their needs. Lines of credit work similarly, with varying amounts based on intended use.

Rewards

U.S. Bank doesn’t offer rewards for signing up or maintaining an account, but they have multiple credit card options with welcome offers worth exploring.

Additional Features

U.S. Bank allows cash deposits of up to $2,500 per statement cycle, which can be helpful if your business doesn’t handle a lot of cash. They offer 50% off your first check order if you plan to use checks. Beyond lending, U.S. Bank provides several other services worth exploring.

>> Check Out U.S. Bank >>

Oxygen has carved out a niche in the fintech industry, making it an excellent choice for freelancers and boutique sole proprietors. There are no noticeable fees, and purchases from select merchants earn 5% cashback. To enhance security, you can create unlimited single-use debit cards with specific spending limits.

Why we chose it: Oxygen caters to the needs of modern business owners, offering innovative banking features. It’s also one of the best checking accounts for sole proprietors.

Fees

Oxygen claims to be fee-free overall but specifies that out-of-network and international withdrawals might incur charges. ACH transfers and account maintenance are free.

Interest Rates

Oxygen’s business checking account doesn’t offer interest, but they provide a business savings account. Balances of $20,000 or less in savings earn 1.0% interest. Larger amounts still accrue interest but at a lower rate.

Lending

Since Oxygen is a mobile fintech company, it cannot offer lending options.

Rewards

Getting cashback on essential purchases like gas, rideshares, or shipping services makes spending a bit more rewarding. These purchases can earn you 5% cashback automatically.

Additional Features

Oxygen is a great choice for business bank accounts for LLCs and even includes formation services as part of its offering. Freelancers seeking the personal protections of an LLC can expedite registration through Oxygen’s mobile app.

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Chase offers various business services, such as payment collection and fraud protection, plus a $300 bonus for signing up. You can also accept credit card payments directly into your account through the Chase app. Although a monthly service fee exists, there are several ways to avoid it.

Why we chose it: Chase goes beyond basic banking with an extensive list of additional business services.

Fees

Though a monthly service fee may be off-putting, given the availability of fee-free accounts, there are several ways to waive it. You can maintain a $2,000 minimum daily balance, make $2,000 in net purchases with a business card, or receive $2,000 in deposits via the Chase QuickAccept app.

Interest Rates

Chase Business Complete Checking doesn’t provide interest, but there’s still an option. You can open a Chase business savings account, which complements the checking account. The savings enrollment is free as long as your checking account is active.

Lending

As a Chase customer, you have access to loans and lines of credit. Borrowing limits are up to $500,000, and repayment terms are flexible. Lines of credit also extend up to $500,000, allowing you to draw funds as needed.

Rewards

Chase offers plenty of rewards. The bank will deposit $300 into your Business Complete Checking account if specific requirements are met. Chase offers a variety of credit cards that can earn you cashback or points for travel and more.

Additional Features

Opening a business checking account with Chase provides access to a savings plan at no extra charge. You’ll also gain access to numerous business solutions for financial management and protection.

>> Check Out Chase Business >>