Best Business Checking Accounts of December 2023

There are a million things to consider when you’re running a small- or medium-sized business, and it’s crucial to have a good handle on your finances.

Between generating invoices, paying out contractors, handling digital and non-digital payment methods and tracking inventory that’s always in flux — today’s business owner needs more than just a standard checking account.

To make your search easier, CNBC Select reviewed dozens of business checking accounts with both digital and in-person access. We considered a range of factors when ranking the best accounts, including invoicing support, payment flexibility, fees and interest rates. (Read more about our methodology below.)

Who’s this for? Chase Business Complete Banking® is an excellent choice for many types of businesses, because of its generous cash bonus, features for fast card and check processing and large network of over 4,700 physical branches.

When you open a new Chase Business Complete Checking account, you can earn $300 with qualifying activities. You can also avoid the $15 monthly service fee if you maintain a minimum daily balance of $2,000, spend $2,000 or more per month on purchases with your Chase Ink Business card or deposit at least $2,000 in QuickAccept per month. The fee can also be waived if you link a Chase Private Client Checking account or provide qualifying proof of military status.

With Chase Business Complete Banking, you can take advantage of QuickAccept and QuickDeposit. QuickAccept allows you to accept card payments with a mobile card reader or through the Chase app. QuickDeposit offers a few options to scan and deposit checks, such as taking a picture of your check in the mobile app or signing up for a multiple-feed scanner to scan as many as 50 checks at once.

Who’s this for? The Novo Business Checking account is worth considering if you want to establish a business presence and separate your personal and business finances.

Novo is an online business checking account that allows unlimited transactions and refunds all ATM fees worldwide, up to $7 per month. Additionally, it doesn’t charge any monthly fees and you don’t need a minimum deposit to open an account.

Further, Novo provides tools for unlimited invoicing, as well as integration with some common business tools, including Stripe, Shopify, QuickBooks and Xero. You’ll also get access to discounts on eligible business services and software.

Note, however, that Novo Business Checking doesn’t allow for cash deposits — you can get a money order and deposit it through Novo’s mobile app instead. If your business involves frequent cash deposits, this can be a major inconvenience.

Who’s this for? Bluevine Business Checking is a great option for small business owners as it doesn’t place any limits on the number of transactions you can make and charges no monthly, minimum daily balances or non-sufficient fund fees. Additionally, it doesn’t charge for overdrafts or ACH payments.

Another appealing feature of Bluevine is the opportunity to earn interest. Namely, Premier customers get 4.25% APY without minimum qualifications, and Premier customers get 2% APY on your balance up to $250,000 if you meet the monthly debit transaction or deposit requirement.

Bluevine also provides several business-centric features. For instance, you can deposit checks from your phone, sync your account with QuickBooks online and share access with your team by giving your employees dedicated logins.

Bluevine Business Checking is a digital account so you won’t have the option to visit a branch. However, you’ll have access to over 38,000 MoneyPass ATMs nationwide for free.

Who’s this for? If your business has higher balances and transaction volumes, you may want to consider the Capital One Enhanced Checking account.

You can open the account if your cash deposits are under $40,000 per month — and you’ll pay no fees on any cash you deposit. For check deposits, you can use a remote scanner service without having to visit a Capital One branch. Plus, you’ll have access to mobile banking and deposits from your smartphone.

Incoming domestic wires are free. There’s a $35 monthly service fee but the bank can waive it if your prior 30- or 90-day balance averages $25,000 or more. Digital transactions are unlimited and come without fees as well.

The Enhanced account also allows you to get up to two Basic Checking accounts with no monthly service fees.

Who’s this for? The Bank of America Business Advantage Relationship Banking can be a good option if you’re handling up to $20,000 in monthly cash deposits.

With the account, you can deposit up to $20,000 in cash per month for free. The Business Advantage Relationship Banking also offers fee-free electronic transactions, such as ACH transactions, debit card transactions, electronic debits and online or ATM deposits.

Additionally, account users have access to digital tools, including Zelle, Cash Flow Monitor and Business Advantage 360. Cash Flow Monitor provides tracking of credits and debits, cash flow projections and support from small-business specialists. Business Advantage 360 lets you pay bills, view and manage statements and transactions and download activity to QuickBooks. You can also connect your account to third-party apps like TurboTax and Expensify.

You can open a checking account, savings account or merchant services account for your business — but since a checking account allows you to manage your regular cash flow, it may be the best place to start.

You need an Employer Identification Number (EIN) to open a business bank account. However, if your business is a sole proprietorship or a single-member LLC, you can use your Social Security Number (SSN).

You can use a personal bank account for your business if it’s a sole proprietorship, but even in this case, it can cause issues with record-keeping and tax preparation.

The minimum deposit to open a business checking account depends on the account: some require none, while others may require upwards of $1,000.

Nearly anyone with a side hustle or small business can qualify for a business checking account — not just large corporations. Opening a business checking account is a simple way to separate your personal finances from your business finances, whether you’re a sole proprietor conducting business under your social security number or you have an LLC with its own tax ID.

Anyone who has a business, small or large, can benefit from a business checking account. It helps you track your revenue and expenses so that you can understand the business’s financial performance before transferring the money to your personal account for spending.

When deciding whether to open an online business checking account or go with a brick-and-mortar bank, consider first how you manage your business on a daily basis.

Plenty of businesses are now mostly digital, meaning that all of the invoicing, payments, accounting and payroll happens electronically. On the other hand, there are businesses that still primarily use cash often enough that they need to bank with a local branch where they can drop off money at the end of every business day.

Online business checking accounts are undoubtedly convenient and come with helpful invoicing features, but it might be worth trading the convenience of these options for the ability to easily withdraw and/or deposit physical cash in large quantities. However, online-only banks have lower fees and usually have lower minimum balance requirements (some as low as $0), so if banking in person is not part of your daily workflow, it might be time to consider a new alternative.

A well-picked business checking account can make a positive impact on the financial operations of your business. And since each business and unique and has its own set of needs, it pays to take your time and compare different accounts before deciding on one. Consider which features are important for your business, pay attention to potential fees and check account requirements before you apply.

To determine which business checking accounts offer the most convenience, CNBC Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.

We compared each checking account on a range of features, including:

• Fees
• Minimum balance requirement
• Mobile banking ease
• Small business tools and support
• Large ATM network
• Account accessibility
• Customer reviews, when available

All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.

The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.

Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can’t transfer money you already had in an account at that bank.

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