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Updated June 2, 2024

Best Business Bank Account for Small Business

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Discover the top 10 banks for small businesses. Unlock your business’ potential with the best bank

Which bank is best for small businesses?
Here are the best places for
opening a small business account:

  1. Chase for best national bank
  2. Bluevine for online business
    banking
  3. Found for one-person small
    businesses
  4. Lili for banking and accounting
  5. Bank of America for low minimum
    requirements
  6. Novo for small online startups
  7. Relay for large teams and multiple
    accounts
  8. U.S. Bank for free business
    checking with a national bank
  9. Axos Bank for business checking with
    interest
  10. Wells Fargo for SBA loans
  11. Capital One for high volume
    businesses
  12. Digital Federal Credit Union for best
    credit union

Your business bank is not just a place to keep your hard-earned cash safe. The right bank can also be
a partner in success and reaching those big goals.

But not every bank is a match for every business. A cash-heavy restaurant might need a physical
branch, while a tech startup could thrive with a cutting-edge digital
bank.

CreditDonkey BIZ BANK Rule: Benefits, Integration, Zero fees, Business
support, Accessibility, Necessary tools, Knowledgeable support

The BIZ BANK
rule helps small business owners remember the key aspects to consider when choosing a bank:

  • Benefits: Look for rewards and incentives specific to small businesses.
  • Integration: Ensure the bank integrates well with your accounting software.
  • Zero fees: Aim for accounts with minimal or no fees.
  • Business support: The bank should offer resources and services tailored to small
    businesses.
  • Accessibility: Ensure easy access to branches, ATMs, and online banking.
  • Necessary tools: Look for essential banking tools like merchant services and business credit
    cards.
  • Knowledgeable support: Choose a bank with good customer service and small business
    expertise.

Find your new financial ally with this list of the best banks to open a
business checking account.

What type of business do you have?

Looking for business checking promotions? Jump
down to find current deals and coupons by state.

10+ Best Banks for Business Accounts in 2024

Here are the top picks for small business banking. Discover their pros and cons and what makes each
one unique.

For more small business topics, also read:

1. CHASE:
BEST BRICK-AND-MORTAR BANK

Chase is the best bank for
business owners looking for a traditional brick-and-mortar bank. It stands out for its unique small
business checking account and business credit cards.

Plus, it often offers bonuses for new customers.

Why we like Chase:
The Chase Business Complete Banking account has built-in credit card
processing. This means no need to open a separate merchant account. You can bank and
process payments with the same app.

When you take cards with Chase QuickAccept, you get same-day deposits into your business checking
account. This keeps the cash flow moving so you can reinvest it back into your business sooner.

This account is perfect for small retailers, restaurants, and local services that get paid by card.
If you also take cash, there are thousands of Chase ATMs and branches across the US for easy
deposits.

Plus, Chase has some of the best business credit cards on the market. They come with great cashback
and travel rewards, so you get more for your business purchases.

Pros:

  • Over 4,700 and 15,000+ Chase ATMs
  • All-in-one business checking + payment processing
  • Excellent small business credit cards
  • Highly-rated mobile app
  • 24/7 customer service with real reps

Cons:

  • Minimum requirements to waive monthly fees
  • Many other banking fees like overdrafts and wires
  • Low business savings account APYs

Choose Chase Bank if: You want a large traditional bank with a full range of business
services. It’s also good if you want to accept credit cards with less hassle.

Chase often has bonus offers to new customers for opening new business bank
accounts. Make sure you check out the current promotions so you don’t miss out.

If you don’t need to deposit or withdraw cash, an online bank will probably fit your needs.

2.
BLUEVINE: BEST ONLINE BUSINESS CHECKING ACCOUNT

Bluevine is the best online business
checking account because of the high interest rate. There are no monthly fees, no overdraft fees,
and unlimited transactions. So you can grow your money without being nickel and dimed.

Why we like Bluevine:
To earn the high APY, just do one of the following:

  • Spend $500 per month with your Bluevine Business Debit Mastercard®, OR
  • Receive or deposit $2,500 per month of customer payments into your account or sub-accounts [1]

That’s it! These targets are totally doable for a small business.

Opting for the paid Plus tier enables you to earn a 3% APY without needing to meet any minimum
qualifications, and also grants you a 20% reduction in most Standard payment fees.

Bluevine also offers a paid Premier business checking account that earns a higher 4.25% APY without
minimum qualifications. With this upgrade, you can cut most of your payment fees in half and gain
access to priority customer support.

Bluevine has no business savings account, but you can open 5 free subaccounts instead. This is even
better, because you can dedicate accounts for specific purposes. And the subaccounts all earn
interest too! – up to $250k combined across all accounts (or up to $3M combined for Premier tier).

Though it’s online-only, it’s still got good traditional features. You get 2 free checkbooks per
year, and you can deposit cash at over 90,000 Green Dot retailers and over 1,500 Allpoint+ ATMs. So
even small physical business can use Bluevine.

You can also order multiple debit cards for your team, increasing your business’s spending
flexibility.

Need some extra funds to ride out a slow season or grow your business? Bluevine
also offers a flexible business line of credit up to $250,000.[2] Decisions take as little
as 5 minutes, so you can keep moving forward.

Pros:

  • Potential to earn a high APY
  • Total of 6 free business checking accounts
  • 2 free checkbooks per year
  • No fees for overdrafts or incoming domestic wires
  • Cash deposit available
  • Multiple users and different access levels
  • Up to 4 free additional debit cards for authorized users

Cons:

  • Fee for cash deposits
  • Limited integrations

Choose Bluevine if: You want a free small business checking account and earn interest
on your everyday business funds.

Bluevine is designed for growing small businesses. The next option may be better if you just started
freelancing or self-employment.

3. FOUND:
BEST FOR ONE-PERSON SMALL BUSINESSES

Doing taxes and managing finances can be stressful for the newly self-employed. That’s where Found comes in. It makes taxes and
bookkeeping a breeze with automated tools.

Why we like Found:
Found tracks your business expenses, so you don’t miss any tax
write-offs. And the cool thing is – whenever you have a business transaction, it estimates your new
tax bill. You’ll always know how much you owe, so no more tax bill surprises.

The money for taxes is automatically set aside in a Tax Savings Account. So you’re already good to go
when it’s tax time.

If you sign up for Found Plus, it
even files your taxes for you. Just fill out a tax profile and Found will send your quarterly tax
payments directly to the IRS – correctly and on time.

And finally, you can send custom invoices right from the app. Found will even send reminders to your
clients for you.

Pros:

  • Automatically track tax write-offs
  • Always see your estimated taxes in real-time
  • Save and pay for taxes straight from the app
  • Free unlimited invoicing
  • No credit check

Cons:

  • No physical checks
  • No savings accounts aside from Tax Savings Account
  • No network of free ATMs
  • Only one physical debit card per account

Choose Found if: You want business expense tracking and tax preparation along with your
business checking.

4. LILI: BEST
FOR BANKING AND ACCOUNTING

Lili is
similar to Found at first glance. It also has tax tools to help you prepare for taxes. While the
basic account doesn’t include invoicing, tax planning, and bookkeeping tools, it does have other
features that Found lacks.

One of the main differences is that Lili lets you mark your expenses as “personal” or “business.” So
it’s possible for single users to use one account and still keep their books organized for taxes.

Lili also supports multi-owner companies. And if you have more than one business, you can even have
an account for each business and manage them all using a single login.

Why we like Lili:
With Lili paid plans, you can automatically save money for taxes. It’ll
help you calculate how much you should save and put aside a percentage of your business income in a
Tax Bucket.

To make taxes easier, it generates quarterly and yearly business expense reports for you. It’ll even
pre-fill your annual 1040 Schedule C, so you can file directly with the IRS.

If you do get paid sometimes in cash or check, Lili supports these kinds of deposits. And you can
withdraw funds at over 40,000 fee-free ATMs.

Lili offers optional paid plans starting from $15.00/mo. These higher plans give
you 3.65% APY on emergency savings, cashback rewards, invoicing, and fee-free overdraft up to $200.

Pros:

  • Free basic account
  • Automatically track tax write-offs (paid plans)
  • Integrates with Etsy, Shopify, Quickbooks, and more
  • Get direct deposits up to 2 days early
  • No credit check

Cons:

  • Most features are only for Lili Pro, Smart, and Premium members
  • Up to $4.95 to deposit cash

Choose Lili if: You want integrated accounting, tax tools, APY on savings, and multi-user
access.

5. BANK OF
AMERICA: LOW MINIMUM REQUIREMENTS

Bank of America is
one of the largest brick-and-mortar banks in the United States. It’s a good option if you’re looking
for lots of physical branch locations.

It offers a flexible Business
Advantage Banking checking account with great built-in digital tools.

Why we like Bank of America:
A new business can start with the basic tier, which lets you
waive the monthly fee with only $250 in new net qualified debit card purchases each statement cycle,
or maintaining a $5,000 combined average monthly balance.

When you outgrow it, just level up to the higher tier account. In fact, you can switch between the 2
tiers as your business needs change.

Compared to other traditional banks, Bank of America offers higher transaction and cash deposit
limits. So it’s good for small businesses with higher activity.

What really sets Bank of America apart, though, are the cash management tools. With its cash flow
projections, you can plan for future expenses and catch potential issues before they become a
problem.

Plus, your account syncs with business apps, like Quickbooks and tons more. Your business metrics
are all in one place, so you get a clear view of how you’re doing.

Pros:

  • Thousands of ATMs and financial centers
  • Switch between the two business checking accounts
  • Many app integrations
  • Access to Small Business Specialists
  • Highly
    rated     mobile app for customer satisfaction

Cons:

  • Many banking fees like overdrafts, stop payments, and wires
  • Less active SBA loans lender
  • Low APY for business savings accounts

Choose Bank of America if: You’re looking for a national bank with flexible requirements and
great online banking features.

While digital solutions are important to the convenience of today’s bank
customers, there is still need for the human touch. The best organizations can balance between
digital and human-to-human interactions to create the strongest customer relationships.

Shep Hyken, customer service/experience expert, keynote speaker and New York Times
bestselling author

6. NOVO: BEST
FOR SMALL ONLINE STARTUPS

Can’t live without your business tools? Novo is high-tech online business banking
platform that seamlessly integrates all your tools. It’s ideal for online startups and eCommerce
businesses.

There are no monthly fees, and it comes with great features and perks.

Why we like Novo:
What makes Novo so cutting-edge? It integrates with thousands of popular
business tools like Shopify, QuickBooks, HubSpot, Google Ads, Slack, and more.

That means you can manage your entire business world from your banking platform. You save time by not
bouncing between different apps and having to do manual data entry. Your whole workflow is synced
with your banking.

All accounts get 20 Reserves. This helps with cash management because you can organize budgets for
things like taxes or big business expenses.

And good news – Novo does not do a credit check. Your credit score will not be affected by having a
Novo account.

Pros:

  • Create up to 20 Reserves
  • Thousands of integrations
  • Free unlimited invoicing
  • Send paper checks for free through the Novo app

Cons:

  • No cash deposits
  • Cannot send wires. You can only send international money transfers through the Wise integration.

Choose Novo if: You use a lot of business tools and software, and want to streamline your
workflow by managing your business operations and banking in one place.

Do banks check your credit when opening a business checking account?
Banks
may run a soft inquiry on your credit. That won’t affect your credit score. But most banks do run
your banking history through the ChexSystem.
If you have had overdrafts or other bad marks, that may go against you.

7. RELAY:
FOR MULTIPLE ACCOUNTS

Is your business growing and your current banking setup just isn’t cutting it? Relay Financial might fit your needs.

Relay is specifically designed for large teams and larger financial needs, so you can level up your
business without any roadblocks.

Why we like Relay:
Relay lets you open up to 20 individual business checking accounts and
issue up to 50 debit cards at no extra cost.

You can assign each account and debit card to a specific purpose (like marketing, business trip,
etc). This gives you complete control over how you manage your money.

Plus, you can give team members access to help with banking tasks. User permission settings will make
sure everyone has the right level of access.

As a bonus – Relay gives you interest on your savings balances. It can even automatically move idle
cash into your savings so they can grow.

And that’s not all. Relay streamlines your bookkeeping by directly integrating with accounting tools
such as Quickbooks, Gusto, Expensify, Xero, and more.

Pros:

  • Up to 20 checking accounts and 50 debit cards
  • Different user permissions
  • Bookkeeping and payroll integrations
  • Higher transaction limits than other banks
  • Free cash deposits and withdrawals at Allpoint ATMs
  • Earn APY on savings balances

Cons:

  • No paper checks
  • Doesn’t support Zelle as of now

Choose Relay if: You need multiple checking accounts and debit cards for your business. It’s
also good if your team is growing and you’re ready to share banking responsibilities.

8. U.S.
BANK: NATIONAL BANK WITH FREE CHECKING

It’s hard to find free business checking accounts at a big financial institution. U.S. Bank is one of the few
large physical banks with a no-fee business checking option.

Why we like US Bank:
The Silver
Business Checking Package has no monthly service charges or account minimum balance. It’s
ideal for new small businesses and startups looking to save money on bank fees.

US Bank has over 2,000 branches and more than 4,500 U.S. Bank ATMs across the country. But even if
you don’t live near a branch, you can also use approximately 40,000 MoneyPass ATMs with no
surcharge.

And you can easily do your business banking on their highly-rated mobile app, with features like bill
pay and mobile check deposit.

Pros:

  • Free basic business checking account
  • Nonprofit and premium checking options
  • One of the more active SBA lenders among big banks

Cons:

  • Many other banking fees like overdrafts and wires
  • Checking accounts have less features than other big banks

Choose US Bank if: You want a free small business checking account with a traditional bank.

9. AXOS BANK:
BUSINESS CHECKING WITH INTEREST

Axos Bank offers online-only business checking and savings accounts with
competitive interest rates.

Why we like Axos:
Axos Business Interest Checking account offers a decent interest rate.
Unlike Bluevine, there are no deposit or activity requirements to earn the APY. You get a high
interest rate on all balances below $50,000.

You can use any ATM you want. Axos will give you unlimited domestic ATM fee rebates. And you can
deposit cash for free via MoneyPass and AllPoint ATMs.

But the business interest checking account requires an average balance of $5,000 to waive the monthly
fee.[3] Another downside is that
it only gives you 100 free transactions per month. So it’s only ideal for small businesses with less
banking activity.

Axos also has a Basic Business Checking Account with $0 minimum opening deposit, $0
monthly fees, and unlimited transactions. But it has no interest.

Pros:

  • Offers higher interest rate than most other banks
  • Unlimited domestic ATM fee rebates
  • First set of 50 checks free

Cons:

  • The business interest checking account requires a higher minimum to waive the monthly fee
  • Only integrates with Quickbooks
  • No physical locations

Choose Axos if: You’re looking for a business checking account with decent interest.

10.
WELLS FARGO: BEST FOR SBA LOANS

Wells Fargo has the largest national footprint. It has a wide range of
services and convenient locations. It’s a good choice if you want everything in one place.

It’s also one of the top SBA 7(a) lenders. If you need startup capital or plan on expanding your
business, it’s smart to go with a bank known for approving these loans.

What are SBA loans? SBA loans are backed by the Small Business
Administration. The SBA guarantees a portion of the loan and sets a maximum interest rate
(though you can negotiate with your lender on a lower rate). This helps small businesses that may
not qualify for a traditional bank loan.

Why we like Wells Fargo:
The Initiate
Business Checking Account is ideal for growing small businesses. It’s pretty easy to waive
the monthly fee. But you only get 100 free transactions per month.

All business account holders can customize your business debit card and checks with your own logo.
This will make you look more professional to clients and suppliers.

Wells Fargo doesn’t have the most unique business checking accounts, but they offer full-service
business banking. If you need more down the road, they’ve got you covered with options like business
loans, payroll services, tax programs, merchant services, and insurance.

Pros:

  • Approximately 4,700 branches in 36 states + D.C.
  • 3 business checking accounts for different needs
  • A large range of business services
  • Active SBA lender

Cons:

  • Not as many business banking features as other banks
  • Many other banking fees like overdrafts, stop payments, and wire transfer fees

Choose Wells Fargo if: You’re looking for a full-service bank and if you may need a small
business loan.

11.
CAPITAL ONE: BEST FOR HIGH VOLUME BUSINESSES

For businesses with a lot of monthly transactions, Capital One is worth looking into. The Basic
Business Checking account is free and gives you unlimited free digital transactions.

Why we like Capital One:
Capital One doesn’t have a lot of physical locations, but it has a
very big ATM network. You get fee-free access to more than 70,000 ATMs in the Allpoint and MoneyPass
networks.

Another thing Capital One is known for is their business credit cards. It has a strong
lineup of cards offering cashback or travel rewards. Plus, all Capital One credit cards have no
foreign transaction fees.

Pros:

  • Unlimited fee-free transactions
  • Free ATM access to Allpoint and Moneypass ATMs
  • Excellent small business credit cards

Cons:

  • Business checking accounts require higher minimum balance
  • Only have branches in a few states
  • You may need to apply in person

Choose Capital One if: You make a lot of transactions each month.

12. DIGITAL
FEDERAL CREDIT UNION: BEST CREDIT UNION

Consider a credit union if you don’t like the idea of a big bank. Credit unions are often more
affordable and offer more personalized service.

Why we like Digital Federal Credit Union:
It offers a Free
Business Checking account with no monthly maintenance fees or minimum balance requirements.
It’s ideal for new businesses with low activity.

Digital Federal Credit Union lets anyone join by becoming a member of one of their participating
organizations (membership fee starting from $5). Or you can join if you or a family member
works for one of the many participating employers.

Pros:

  • Free access to 80,000+ Allpoint, SUM, or CO-OP ATMs
  • Up to 4 debit cards per account (upon approval)
  • Several business savings accounts, including IRA options for your employees

Cons:

  • Limited services compared to the big banks
  • Less small business loans
  • Physical branches only in MA and NH

Choose Digital Federal Credit Union if: You want to use a credit union instead of a bank, and
if you’re looking for a free business checking account.

Are credit unions better for business banking?
A local credit union may
have less fees and more personalized service. However, their services may be more limited than the
big banks. Think about what you need (not only now but also down the road) to find what’s best for
you.

Best Regional Banks for Small Business

If you have a local business, a regional or community bank may fit your needs. It gives you the
chance to build a personal relationship with your banker. They also have more interest in helping
small businesses succeed.

Here are some of the best business checking accounts from regional banks:

Huntington Bank
Huntington Bank offers three business checking
accounts depending on the size of your business. It even has a free account with no minimum balance.
All accounts come with digital tools to help you manage income and expenses. This bank has a large
presence in the Midwest.

Huntington business banking is only available to those with a local branch. You
must be present at a branch to open an account. Huntington Bank is most prominent in Ohio and
Michigan, with other locations in IL, IN, KY, PA, WV, CO, FL, WI, and MN.

PNC Bank
The basic Business
Checking lets you waive the $12 monthly maintenance fee by maintaining a $500 average
monthly balance. The opening deposit is just $100.

TD Bank
TD Bank has a
large footprint on the East Coast with over 1,100 locations. It’s known for extended banking hours
and 24/7 live customer service.

First Horizon Bank
First Horizon Bank offers a BizEssentials
Checking account with no minimums or monthly service fee. This bank has a large presence
across 12 southern states.

KeyBank
KeyBank has 3 business checking account options for businesses in different stages.

The Basic
Business Checking lets you waive the monthly fee of $5 with only $1,000 average daily
balance. All accounts let you deposit up to $25,000 each month for free, so it’s great for small
businesses that take cash.

Best Type of Bank to Open a Business Account

The first step is to decide what kind of bank you want to use for your small business. There are
three main types:

  • National bank: These are the big banks with a lot of branches and ATMs across
    the nation. They’re convenient and usually offer more services and products. This could be a
    good choice for more established businesses.

  • Local bank: Micro businesses may benefit more from a local bank or credit union. A
    smaller bank is more likely to take a greater interest in helping local businesses grow.

  • Online bank: This option is good for online businesses or freelancers who
    don’t need cash deposits. Online banks have less fees
    and requirements. As a bonus, they often offer higher interest rates.

What kind of bank do you want to use for your small business?

32% National bank

29% Local bank

39% Online bank

Source: CreditDonkey poll, October 10, 2024

How to Choose the Right Bank for Your Business

When choosing the best business bank account for your needs, think about what perks or features you’d
like. Consider these things:

  • Fees and account balance requirements
    We have free accounts on
    our list. But many banks have a minimum balance requirement to waive the monthly service fees.
    Can your business comfortably meet that requirement?

  • Transaction limits
    How many monthly transactions do you expect? Some accounts give you
    a certain number of free transactions per month. Beyond that, they charge a fee for each one.

    Transaction items include debits, credits, ACH bank transfer, and deposit
    checks.

  • Cash deposit
    If your business takes in a lot of cash, look for an account with a
    higher amount of fee-free cash deposits. Also note that some online accounts don’t allow for
    cash deposits.

  • Size of bank
    Large national banks are more convenient. On the other hand, local banks
    or credit unions offer more personalized service. They may be able to get you a better deal on a
    loan or provide more aid if something happens.

    One of the best resources for entrepreneurs is the Small Business Development Center. This nonprofit organization can
    help you with marketing, business loans and more.

  • Accessibility
    If you need to deposit and withdraw cash often, a brick-and-mortar bank
    may be better for you. Check that your bank has branches and ATMs near you.

    If you’re okay with purely online and mobile banking, then an online bank can help
    you save. You can bank from anywhere on your smartphone.

  • Cash management
    Does the account have features to help manage your cash? For example,
    Bank
    of America     has built-in tools. Novo has Reserves for you to set aside
    funds for business savings goals.

    Read more about cash management solutions.

  • Software integration
    See if the business checking account integrates with accounting
    software like QuickBooks, Freshbooks, or Xero. This matters because it could make your life
    easier.

  • Small business loans
    Even if you don’t need a loan now, you may later. Having a
    personal relationship with your bank may help you obtain these resources or get a better
    interest rate.

    You may want to see if the bank provides SBA loans. These loans give
    financing opportunities to businesses that can’t get a traditional bank loan.

  • Customer support
    It’s important to get help from a real person when you need it. Read
    other customers’ bank reviews to get an idea of how responsive they are.

Why Have a Business Bank Account

If you’re running an LLC or corporation, you must have a separate business bank account. You’re
considered a separate legal entity, so you also must separate your finances. This will protect you
from personal liability in case of lawsuits or debts.

If you’re a freelancer or sole proprietor, you don’t legally need a business checking account. You
could technically use your personal bank account. But separating finances will make your life
easier.

Here are some good reasons why all businesses should have a
business bank account:

  1. Easier to calculate business expenses during tax time and leave a clear trail for the IRS.
  2. Present a more professional image to clients and vendors.
  3. Be able to apply for small business loans.
  4. Accept credit card payments from customers.
  5. Give debit cards and access to team members.

Are small banks better for small businesses?
Small banks generally have
less fees than the big banks. They may also be able to offer better loan terms. Plus, a small local
bank is more likely to support local businesses. However, the trade-off is that they may not provide
as many services.

What Kind of Bank Account Should I Open for a Small Business?

Small business owners definitely need a business checking account
for your day-to-day business activities, like receiving deposits, making business purchases, paying
vendors, and more.

Once you’ve got extra funds, it’s smart to have a business
savings account too. It’s good for stashing your business emergency fund and savings for
future business projects. They can even earn interest to help your money grow.

You can open as many business bank accounts as you want. Having multiple can help you organize your
finances. For example, you can have separate accounts for operation, payroll, taxes.

Juggling accounts at different banks might be a headache. Check out Bluevine Business
Checking. It gives you a total of 6 business checking accounts, so you can manage funds just
how you like. And plus, all accounts are eligible to earn interest.

Methodology

We compared dozens of both traditional and online banks to curate this list of the best banks for
small businesses. To start, we looked at the different kinds of businesses out there.

We looked for unique bank accounts that tackle the challenges faced by various businesses. For
example, a freelancer may struggle with taxes, while a retailer would need credit card processing.
You’re sure to find a bank that fits your needs.

We also made sure these banks are available to everyone nationwide. And of course, we don’t believe
in paying to bank. So these banks have easy ways to waive the monthly fees. Many banks on our list
are even free.

And finally, all the banks have excellent security and are FDIC insured. So you can trust that your
business funds are safe.

Small Business Banking FAQ

Do I need a business bank account as a sole proprietor?
Sole proprietors aren’t required to
have a separate bank account. But it’s still smart not to mix personal and business finances. Or
else it’ll be a big pain during tax time.

Do I need a business bank account as an LLC?
LLCs are legally required to have a separate bank account,
because the owners and the LLC are separate entities. You’re protected from personal liability if
your business gets sued. So you need to maintain the separation with a dedicated business bank
account.

What banks offer free business checking accounts?
A lot of fintech companies offer free
online business checking accounts, such as Bluevine and Lili. If you prefer a physical bank, U.S. Bank
Silver Business Checking is a free business account.

What is the minimum amount to open a business account?
Each bank has their own
requirements. But you can open a business checking account with
$0. Some banks, like Bank of America, only requires $100 to open.

Do I need an EIN to open a business bank account?
Sole proprietors and single-member LLCs
can use their SSN to open a business bank account. But you need an EIN if you hire employees or form
an LLC or corporation. Check if you need an EIN here.

Can I open a business checking account with bad credit?
Yes you can. Some business bank
accounts, like Lili and Novo, have no credit check. Or you can try to
open an account with your local bank or credit union, as they may have more lax requirements.

What Experts Say

As part of our series on small businesses, CreditDonkey assembled a team of industry experts to
answer readers’ most pressing questions. Here’s what they said.

How can a small business owner build a strong banking relationship?

Mickie Lewis Gemici
Regional Director for SE Colorado SBDC

First, you should have at least one solid year of really good history
with your personal bank. If you plan on using your personal bank for your … (Continue
reading)

How can a new business attract customers?

Sunita Maharaj
Associate Director of NorCal SBDC Finance Center

New business owners should partner with the SBDC. You’ll get
matched with an advisor at no cost. Advisors are individuals who have been small
… (Continue
reading)

How should a small business owner choose a bank?

Miriam Hope Karell
Marin SBDC Director

If you can build a relationship with a banker, that’s always the best no
matter which type of bank you go with. It’s important to be comfortable … (Continue
reading)

Joyce Krech
Director, Shenandoah Valley Small Business Development Center (SV
SBDC)

Shop around. (Continue
reading)

How can a new business attract customers?

Larry Johnson
Program Lead Advisor, Small Business Development Center at El
Camino College

It’s important to remember that there are three reasons why customers
buy services … (Continue
reading)

What is the most important thing to consider when choosing a bank?

Andrea Travillian
Owner of Aspirify

These are the two most important for me … (Continue
reading)

Does a sole proprietor need a business checking account?

Joe Sky-Tucker
President and CEO, Business Impact NW

A sole proprietorship does not need to have a separate business checking
account. But it is highly, highly encouraged. The separation of business … (Continue
reading)

What should a small business look for in a bank account?

Bill Smith
Managing Director in the CBIZ MHM National Tax Office

Flexibility and willingness to be a business partner are great traits.
The PPP application process highlighted the importance of knowing your … (Continue
reading)

How can business owners make sure they are prepared for an uncertain future?

Amanda Kennedy
Senior Content Writer at Capterra

Business owners who are prepared to pivot quickly will stay competitive.
We’re now living in a quickly changing world; technology, economic … (Continue
reading)

Should people look past a bank’s promotions when they are considering opening an
account?

Kashif A. Ahmed, CFP
Professor of Finance at Suffolk University and President of
American Private Wealth

Yes. People should most definitely look past them, no matter how
appealing. (Continue
reading)

How should a small business owner choose a bank?

Kristina Mease
MBA, Business Advisor at the Kansas Small Business Development
Center at the University of Kansas

The first step in the process of choosing a bank is to analyze the needs
of your business. Whether you are looking to open a business bank … (Continue
reading)

How important is it for small businesses to have a dedicated business bank account?

Brent B. Clark, PhD
Professor of Strategy and Entrepreneurship, University of
Nebraska Omaha

Having a dedicated bank account for your small business can be
incredibly helpful and in some cases, is essential. Here are three good reasons …
(Continue
reading)

What should a business owner look for in a bank when opening a new account?

Elaine Luther

Elaine Luther
Professor of
Business Management at the Rowland School of Business at Point Park University

As many businesses realized when applying for financial assistance
during the COVID-19 events, having a well established relationship with a bank …
(Continue
reading)

Which bank is best for a startup business?

Anna Sun Choi

Anna Sun Choi
CEO and
Founder of Conscious Business Coaching

I highly recommend a credit union or local community bank where you can
trust that they have your back. Unlike big banks where you can often feel … (Continue
reading)


Bottom Line

Picking the best bank for your small business needs is important to your success and growth. You’ll
need it to manage your business finances. Plus, it’ll help when applying for a business loan or
other services.

The right bank can open more opportunities and help take your business to the next level.

Consider all your options to see what makes most sense for your small business banking needs. Pay
attention to the fine print before signing up. If you’re unhappy with your choice or your business
needs change, you can switch to another bank, but it’ll be a hassle.

Additional Resources


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    • Additional Resources

    References

    1. ^
      Bluevine. Interest
      Earned on Bluevine Business Checking Account      , Retrieved 05/02/2024
    2. ^
      Bluevine. Line
      of Credit      , Retrieved 12/29/2023
    3. ^
      Axos Bank, Business
      Interest Checking      , Retrieved 12/29/2023


    Write to Samantha Tatro at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

    Note: This website is made possible through financial relationships with some
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    Bank of America

    Member FDIC

    Bank of America
    Advantage Banking – $300 Bonus Offer

    Learn More
    Expires 1/31/2025
    • The $300 bonus offer is an online only offer and must be opened through the Bank of
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    • To qualify, open a new eligible Bank of America Advantage Banking account through the
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      into that new eligible account within 90 days of account opening. Bank of America Advantage
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      – using account and routing numbers that you provide to them.
    • Bank of America, N.A. Member FDIC.

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    What type of business do you have?

    24%
    Sole proprietorship

    4%
    Partnership

    55%
    Limited liability company (LLC)

    17%
    Corporation

    Source: CreditDonkey

    What kind of bank do you want to use for your small business?

    32%
    National bank

    29%
    Local bank

    39%
    Online bank

    Source: CreditDonkey

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