When embarking on your journey as a business owner, one of the key decisions you’ll need to make will revolve around your finances and the account you’ll use to pay your business expenses and hold any revenue you generate from your business.
To help make your decision a little easier, the Fortune RecommendsTM editorial team ranked more than 30 different business checking accounts across several major banks, credit unions, and fintechs, and came up with a list of the top 10 picks. We weighed minimum opening deposit requirements, monthly service fees, annual percentage yields (APYs) for interest-earning checking accounts, overdraft fees, branch and free ATM access, monthly transaction limits, business management tools and perks, and customer service options. (Read our full methodology here.)
- LendingClub
- PNC Bank
- U.S. Bank
- CIBC U.S.
- M&T Bank
- Bank of America
- Wells Fargo
- Chase Bank
- Financial Resources Credit Union
- TIAA Bank
The 10 best business checking accounts of February, 2023
Here’s our rundown of the top 10 business checking accounts, including the key figures you should know before you open an account. (Note: minimum opening deposits, APYs, and fees are up to date as of Feb. 7, 2023, but are subject to change.)
1. LendingClub: Tailored Checking Account
About: LendingClub is a fintech company with roots that stretch back to 2007 and since then the company has grown to serve more than 4 million members. LendingClub offers a broad range of financial products and services including personal and business loans, auto refinancing, as well as personal and business banking accounts. In an effort to keep costs low for consumers, LendingClub does not have any brick-and-mortar branches, but customers do have access to a network of more than 20,000 surcharge-free ATMs. LendingClub offers both an online and mobile banking platform that has a three and four star rating, respectively, on Google Play and the App Store.
Minimum opening deposit: $100
Overdraft fee: $0
Free transaction limit: Unlimited
APY: 1.50%
Monthly service fee: $10 (waived in months where the average monthly balance is at least $500.00)
Customer support: LendingClub representatives are available to provide assistance via live chat and telephone from Monday through Friday from 8:30 a.m. to 12:00 a.m. ET and Saturday through Sunday from 8:00 a.m. to 8:00 p.m. ET.
Our verdict: Good for those who want to earn interest on their account balance. LendingClub’s business checking account took the top spot on our list for its APY. At 1.50%, this account’s APY is 25 times the national average for interest-earning checking accounts. What’s more–the Tailored Checking Account comes with several perks for business owners, including the opportunity to earn unlimited 1% cash back on qualified purchases made with your Tailored Checking debit card. Business owners can also sync their LendingClub deposit accounts to Mint®, QuickBooks®, or Quicken®, and more.
2. PNC Bank: Small Business Checking Account
About: PNC Bank is headquartered in Pittsburgh and offers a wide range of services for individuals, small businesses, corporations, and government entities. Its product offerings include checking and savings accounts, credit cards, loans, and investment management services. PNC has more than 2,600 branches and offers customers access to 60,000 fee-free ATMs. Customers can also do most of their banking via the bank’s online platform and mobile app, which has over four stars and is available for download on the Apple App Store and Google Play.
Minimum opening deposit: $100
Overdraft fee: $36
Free transaction limit: No charge for up to 150 transactions per month.*
APY: 0%
Monthly service fee: $12 (can be waived by maintaining an average monthly balance of $500, using a linked PNC business credit card to make a minimum of $500 in eligible purchases, or maintaining a linked PNC Merchant Services account and generating a minimum of $500 in qualifying monthly processing deposits)
Customer support: Customer support representatives are available via telephone Monday through Friday from 7:00 a.m. to 10:00 p.m. ET, and Saturday through Sunday from 8:00 a.m. to 5:00 p.m. ET.
Our verdict: Good for business owners who prefer the in-person experience. PNC’s Small Business Checking account doesn’t earn interest, but for business owners who prefer face-to-face banking, this bank has over 2,600 branches to visit across the U.S. With this account, business owners gain access to PNC’s cash flow management tools, a free PNC Bank Visa® Business Debit Card, Bill Pay, and more.
*Based on the combined volume of deposits, deposited items, paid items, and ACH credits and debits received
3. U.S. Bank: Silver Business Checking Account Package
About: U.S. Bank’s parent company—U.S. Bancorp is headquartered in Minneapolis and has physical branches in 26 states. The bank offers checking and savings accounts, CDs, loans, and more. Customers who bank with U.S. Bank have access to a wide network of ATMs across the nation, as well as the bank’s online and mobile banking platforms. The U.S. Bank app is available for download on the App Store and Google Play and is rated over four stars on both digital storefronts.
Minimum opening deposit: $100
Overdraft fee: $36
Free transaction limit: 125 free transactions per statement cycle
APY: 0%
Monthly service fee: $0
Customer support: U.S. Bank representatives are available 24/7 via telephone.
Our verdict: Good for business owners with limited transaction activity. U.S. Bank’s Silver Business Checking Account Package is perfect for small business owners who don't have hundreds of transactions each month, but still want all of the benefits that a business checking account can offer to help them grow their businesses and manage their finances. This account includes 125 free transactions per statement cycle, which is on the lower end compared to some of our other accounts. The good news: business owners can benefit from Bill Pay services, check fraud prevention tools, remote check deposit, and more.
4. CIBC U.S.: Simplified Business Checking
About: CIBC’s roots can be traced back to the 1800s, when the Canadian Bank of Commerce and the Imperial Bank of Canada were both founded. In the 1960s the two banks merged to form the Canadian Imperial Bank of Commerce (CIBC). CIBC, which has its U.S. headquarters in Chicago, offers commercial, wealth management, personal, and small business financial solutions, among other products and services. CIBC currently has ATMs only in three U.S. states, but customers can still deposit checks, transfer funds, automate bill payments and more, all from their computer or mobile device.
Minimum opening deposit: $100
Overdraft fee: $5
Free transaction limit: First 500 transactions included at no cost
APY: 0%
Monthly service fee: $10 (can be waived by maintaining a monthly average ledger balance of $2,500)
Customer support: CIBC offers customer support 24/7 via telephone and chat 24/7, as well as email support.
Our verdict: Good for business owners who don’t make frequent cash deposits. CIBC is a Canadian bank with a U.S. headquarters, but U.S. customers will have to lean on online and mobile banking tools with this checking account. CIBC also has just three ATMs in the U.S. The business checking account does offer free online and mobile banking and remote deposit capture so that business owners can deposit checks from wherever they are. This account also has a higher free transaction limit than other accounts.
5. M&T Bank: Simple Checking
About: M&T Bank is headquartered in Buffalo, New York, and has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. The bank offers checking and savings accounts, insurance, credit cards, and investment services for personal, business, and commercial customers. M&T also has mobile and online banking platforms that allow customers to deposit checks, monitor their spending habits, and more.
Minimum opening deposit: $0
Overdraft fee: $0
Free transaction limit: No usage charges for the first 100 transactions per month and first $5,000 deposited
APY: 0%
Monthly service fee: $10 (Can be waived by maintaining a monthly average ledger balance of $2,500)
Customer support: Customers can speak with a representative from M&T 24/7 via telephone.
Our verdict: Good for new business owners who don’t have a lot of money saved yet. M&T Bank’s Simple Checking account has a $0 minimum deposit which could make it a lot easier for newer business owners to get started. Although, this account does have a lower free transaction limit at 100 free transactions per month, which could be reasonable for a business that is still getting off the ground, but may not work for a more established business. Some of the perks business owners can benefit from by choosing this account include BizPay (which helps owners manage their cash flow, process transactions, and more), mobile payment processing solutions, mobile check deposit, and more.
6. Bank of America: Business Advantage Fundamentals Banking
About: Bank of America is one of the most well-known financial institutions, serving individuals, businesses, corporations, and governments with a full suite of banking products and wealth management services. Bank of America has physical branches in most U.S. States and a network of 16,000 fee-free ATMs. Customers can also use Bank of America’s online platform and mobile application to do most of their banking. Their mobile app has over four stars on the App Store and Google Play.
Minimum opening deposit: $100
Overdraft fee: $10
Free transaction limit: 200 transactions per month
APY: 0%
Monthly service fee: $16; Can be waived by maintaining a $5,000 combined average monthly balance or spending at least $250 in new net qualified debit card purchases each statement cycle. The monthly maintenance fee can also be waived if you become a Preferred Rewards Business member.
Customer support: Customer service representatives are available via telephone Monday through Friday, from 8:00 a.m. to 10:00 p.m. ET.
Our verdict: Good for business owners who prefer a big bank. Bank of America’s Business Advantage Fundamentals Banking account is perfect for small businesses who make frequent deposits thanks to the bank’s network of 16,000 fee-free ATMs. As a larger bank, Bank of America has brick-and-mortar locations as well as a strong online and mobile presence for business owners who prefer the best of both worlds. This business checking account also offers a suite of business management tools including Zelle for your business, a cash flow management system, QuickBooks® integration, and more.
7. Wells Fargo: Initiate Business Checking
About: Wells Fargo has been serving customers since 1852 and has since grown to offer a wide range of personal and business banking products. Their products include personal and business savings and checking accounts, certificates of deposit (CDs) lending services, investing and wealth management services, commercial and corporate banking products, and more. Wells Fargo has over 4,000 banking locations across the U.S. and customers have access to a network of more than 12,000 ATM locations. Wells Fargo customers can opt to do their banking online or via mobile app which is available for Apple and Android users and has over four stars on both digital storefronts.
Minimum opening deposit: $25
Overdraft fee: $35
Free transaction limit: No transaction fee for the first 100 transactions
APY: 0%
Monthly service fee: $10 (can be waived by maintaining a $500 minimum daily balance or $1,000 average ledger balance during each statement cycle)
Customer support: Customer service representatives are available via telephone, Monday through Friday, between 8:00 a.m. and 8:00 p.m. CT, as well as via secure email within the app or by logging into your account online.
Our verdict: Good for business owners who are careful about overdrafting their account. The Wells Fargo Initiate Business Checking account requires just $25 to get started and a low monthly service fee of $10 which can be waived if you meet certain requirements. This account does, however, charge one of the higher overdraft fees on our list at $35. The good news: business owners can enroll in online banking and set up alerts to monitor their business account balances and track recent purchases, cash withdrawals, and more. Other perks include 24/7 fraud monitoring, customized cards and checks, and payment solutions to make paying vendors, employees, and bills easier.
8. Chase Bank: Chase Business Complete Banking
About: Chase Bank serves millions of customers across the U.S. online or in-person at one of the bank’s 5,000 branches. Its product offerings include credit cards, checking accounts, savings accounts, certificate of deposits (CDs), home and auto loans, investment, and business products. Customers have access to a network of 16,000 ATMs across the U.S. and four star online and mobile banking platforms for both Apple and Android users.
Minimum opening deposit: $0
Overdraft fee: $34
Free transaction limit: Unlimited
APY: 0%
Monthly service fee: $15 (can be waived if you achieve a $2,000 of minimum daily balance, make $2,000 in net purchases on your Chase Ink® Business Card(s), receive $2,000 in deposits from Chase QuickAccept℠ or other eligible Chase Payment Solutions transactions, link a Chase Private Client Checking℠ account, or provide qualifying proof of military status)
Customer support: Customer service representatives are available 24/7 via telephone, they can also be reached on Twitter during the week between 7:00 a.m. and 11:00 p.m. ET and weekends between 10:00 a.m. and 7:00 p.m. ET. Chase customers can send a secure email to a representative by logging into their account online or via mobile app.
Our verdict: Good for business owners who anticipate a higher number of transactions per month. The Chase Business Complete Banking checking account took a spot on our list for its unlimited free transaction limit. For larger businesses who anticipate frequent transaction activity, this account removes the worry of accruing transaction fees that eat into their overall profit. This account also has a $0 minimum deposit to open the account and business owners have access to Chase Business Online and Online Bill Pay, Associate Debit and Employee Deposit Cards, and more.
9. Financial Resources Credit Union: Business checking account
About: The Financial Resources Credit Union, which is headquartered in Bridgewater, New Jersey, has been serving customers for over 100 years and has over 20,000 members across the United States. Their products and services include personal and business checking accounts, savings accounts, CDs, lending services, and more . You can become eligible to join the credit union if you are related to an existing member, are employed by an eligible company or are involved with a participating association, live, worship, or attend school in the greater New Brunswick Area (New Jersey) or Flemington Borough (Hunterdon County), New Jersey, or become a member of the American Consumer Council for a lifetime fee of $15. The credit union has a handful of branches in New Jersey, as well as a network of more than 55,000 surcharge-free ATMs through Allpoint.
Minimum opening deposit: $25
Overdraft fee: $30
Free transaction limit: Unlimited
APY: 0%
Monthly service fee: $0
Customer support: Customer service representatives are available to assist you via email and by calling them on weekdays between 9:00 a.m. and 5:00 p.m. ET, and Saturday from 9:00 a.m. to 5:00 p.m. ET.
Our verdict: Good for business owners who don’t need all of the bells and whistles. The Financial Resources Credit Union’s business checking account doesn’t come with the same digital tools and business-related perks that some of the other accounts on our list offer, however, this account does offer unlimited free transactions, a zero-dollar monthly service fee, and a low minimum opening deposit. For business owners who prefer banking with a credit union over a bigger bank, this account could be the right fit.
10. TIAA Bank: Business Checking
About: TIAA Bank is a subdivision of TIAA, or the Teachers Insurance and Annuity Association which is headquartered in New York. TIAA has 134 TIAA Offices in the United States, and customers have access to a network of over 80,000 fee-free ATMs. Its products include personal, business, and commercial banking products, as well as investment services. Customers can manage their accounts online or via the TIAA Bank mobile app is available for download for both Apple and Android users and has a four star rating on both platforms.
Minimum opening deposit: $1,500
Overdraft fee: $0
Free transaction limit: No transaction fee for the first 200 transactions
APY: 0%
Monthly service fee: $14.95 (can be waived by maintaining a minimum balance of $5,000)
Customer support: TIAA representatives are available via email and by telephone, Monday through Friday from 8:00 a.m. to 5:00 p.m. ET.
Our verdict: Good for more seasoned business owners. TIAA’s business checking account made our list for its wide range of business management tools, including Bill Pay, remote deposit capture, mobile check deposits, access to a leading merchant services provider, Positive Pay, and more. However, this account also had the highest opening deposit on our list at $1,500. For newer business owners, this could be an account to consider once they’ve gained their financial footing.
How to choose a business checking account
When selecting a business checking account, you’ll want to consider how the account will help you manage your finances more efficiently and how that fees, rates, and requirements could impact your overall profit. A few key considerations may include:
- Introductory offers: Some business accounts reward new account holders with a sign-up bonus. This shouldn’t be your only consideration, but it’s an easy way to boost your earnings and offset any initial fees you may have to pay.
- Interest rates: You’ll likely see higher interest rates being offered on other banking products like a CD or high-yield saving account, but even so, many business checking accounts are interest-bearing and can help your balance grow while it’s sitting in your account. This can be a passive way for a business owner to supercharge their earnings.
- Transaction fees: Depending on the nature of your business, you may have a few transactions per month, or hundreds. Some financial institutions set limits on the number of fee-free transactions allotted for business checking accounts per month or statement cycle. Think carefully about how many transactions you anticipate per month and whether or not the account you’re considering will meet those needs or end up costing you more down the line. If you anticipate having upwards of 500 transactions per month, you’re likely better off with a business checking account that offers unlimited free transactions.
- Minimum account balance fees: Your business checking account may require that you maintain a minimum balance in your account each month, and doing so could waive other account fees like your monthly service fee. The downside: it means that you’ll have a strict requirement to adhere to and if your business income fluctuates from month to month, this could pose unnecessary stress.
Frequently asked questions
What do you need to open a business checking account?
The required documents to open a business checking account will ultimately depend on the institution you choose. Some of the most common documents you may be asked to provide may include your Employer Identification Number (EIN), our state-issued driver’s license or passport, your business license or your partnership agreements. Depending on the account type, you may also need to be prepared to make an initial opening deposit.
Do I need an EIN to open a business checking account?
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Most banks, though not all, require that you have an EIN in order to open a business checking account to verify your businesses’ identity, although if you are a sole proprietor (you are a one-person business and operate on your own), you may be able to open an account using your personal Social Security Number.
Can I open a business bank account with no money?
Yes. Several financial institutions offer free accounts, although some may require that you fund the account with a minimum amount within the first few weeks or months of having your account to avoid inactivity fees.
Our methodology
The Fortune RecommendsTM team compared more than 30 business checking accounts across major banks, credit unions, and online-only banks to help you find the best checking account for your business. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account.
To come up with our final list, we we ranked the best accounts on the following categories and weighted each category as set forth in the percentages below:
- Minimum opening deposit (20%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.
- Free transaction limit (20%): Most financial institutions charge a fee for business checking account transactions above a certain limit. We ranked accounts that offered unlimited transactions higher than those that set a certain limit per month or statement cycle.
- Monthly service fees (15%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.
- Annual percentage yield (APY) on your account balance (10%): This percentage represents the real rate of return on your balance; the higher the APY, the better.
- Overdraft fee (10%): Most banks will charge you a fee when you spend more than what you have in your account. We ranked accounts with lower or zero overdraft fees higher on our list.
- Branch and free ATM access (10%): Accounts belonging to financial institutions that have physical branches and a vast ATM network ranked higher on our list than alternatives that were online-only and did not offer ATM access.
- Business management tools (10%): Many business checking accounts include perks for business owners to make managing their finances easier. This may include accounting software, cash flow management tools, merchant processing solutions, invoice processing software, notary services, and more. These business-related perks varied across accounts, but we rewarded each account with one point for each offering.
- Customer service (5%): Top picks offer customers three ways to get in contact: chat support, by phone, or even email. Among the three options, we gave phone support the most weight.
We think that the best business checking accounts offer a low minimum deposit, low or zero monthly service fee, minimum balance requirements, and earn interest on your balance, among other perks. We also ranked accounts with physical branches and free ATM access higher on our list. The deposit requirements, fees, and account perks on these checking accounts may be available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA respectively.
