Best Accounts For Small Businesses – USA

Best Checking Accounts For Small Businesses

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USA – March 2023
  • No paperwork, fast approval & automated accounting from FDIC insured US banks
  • Save money with low or no fees on transactions
  • Perfect for small businesses & freelancers
Last Updated March 2023
  • No paperwork, FDIC insured banks
  • Low or no fees on all transactions
  • Perfect for small businesses

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Business Banks Pricing Card Regulation Main Advantages Score Open an Account
Free plan More Info Novo Debit Mastercard FDIC
  • Free ACH and Wire transfers
  • No monthly fee and no minimum balance
  • Payments with Stripe are processed 95% faster
9.8

Payments

Cash Deposits

N/A

Checks

Send: unlimited free mailed checks
Recieve: Free in-app check scanner

Domestic Transfers

Free incoming/outgoing ACH
Free incoming wire

International Transfers

Outgoing wire Via Wise (Transferwise)

Payment Integrations

Stripe, Square, Paypal, Wise, Woocommerce, Amazon, Ebay, Etsy, Shopify

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark integration with Xero, Quickbooks & Zapier

Security Features

  • Deposits are insured up to $250,000 via Middlesex Federal Savings, Member FDIC

Account Access

Based on 1,619 reviews
Free plan More Info Relay Debit Mastercard FDIC
  • Human-powered customer support
  • Up to 50 Visa debit cards
  • Free cash deposit & withrawal at Allpoint ATMs
9.5

Payments

Account Types
  • USD
Domestic Transfers
  • Free ACH Bank Transfer
5$ fee for sending Wire transfer
International Transfers
  • Wire transfers
10$ fee for sending Wire transfer

Accounting Tools

  • green-check-mark Bill Pay
  • green-check-mark Accounts Payable Management
  • green-check-mark Budgeting across checking accounts
  • green-check-mark Secure collaboration with accountants
  • green-check-mark integration with QuickBooks, Xero, Gusto and more

Security Features

  • Deposits are FDIC insured to at least $250,000 through The Evolve Bank & Trust.

Account Access

Based on 658 reviews
Free plan More Info Bluevine Debit Mastercard FDIC
  • Eligible customers earn 2.0% APY up to $250k
  • Business loans are available up to $250K
9.1

Payments

Account Types
  • USD
Card type
  • Business debit Mastercard
Domestic Transfers
  • Free ACH Transfers
  • Wire transfers
Standard ACH fee: $0
Same-day ACH fee: $10
Incoming Wire Fee: 0$
Outgoing Wire Fee: 15$

Accounting Tools

  • green-check-mark Bill pay
  • green-check-mark Expense Management
  • green-check-mark Payment approvals

Security Features

  • Deposits are FDIC insured to at least $250,000 through Coastal Community Bank.

Account Access

Based on 7,087 reviews
$10 Per month More Info NorthOne Debit Mastercard FDIC
  • Quick approval. less then 3 minutes to apply
  • Same-day ACH transfers
8.8

Payments

Card type
  • Mastercard Business debit
Checks
  • Deposit checks from phone/web
  • Send a check via mail
Fee free
  • ACH | deposits | transfers | purchases

Accounting Tools

  • green-check-mark Accounting integration
  • green-check-mark Money management
  • green-check-mark Payment processing
  • green-check-mark Invoicing

Security Features

  • Supervised by The Bancorp Bank, Member FDIC
  • Funds insured to at least $250,000

Account Access

Based on 118 reviews
30$ Gift for Funded Account
$15 Per month
$2K min. balance More Info
Chase Debit Visa FDIC
  • Fee-free ATMs at 15,000 locations
  • Same-day cash deposits at no additional cost
8.5

Payments

Card type
  • VISA card
Domestic Transfers
  • ACH transfers: Outgoing: 25$+15¢ per payment
  • Wire Transfers: Incoming: 15$, Outgoing:25$/35$
International Transfers
  • Wire Transfers: Incoming: 15$, Outgoing:40$

Accounting Tools

  • close-mark-black Accounting integration
  • green-check-mark Bill Pay
  • green-check-mark Payment processing
  • close-mark-black Invoicing

Security Features

  • Member FDIC

Account Access

Based on 852 reviews
Free Plan More Info Found business debit Mastercard FDIC
  • Built-in tax calculator and tax-saving tools
  • Automatic expense tracking for self-employed
8.2

Payments

Card type
  • Business Mastercard
Domestic Transfers
  • Unlimited free ACH transfers
  • No outgoing Wire transfer
  • Incoming Wire transfers only
International Transfers
  • No Wire transfers available

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Invoicing
  • green-check-mark Tax estimation and saving tool
  • green-check-mark integration with Stripe, Square, PayPal & more

Security Features

  • Deposits are insured up to $250,000 via Piermont Bank, Member FDIC

Account Access

Based on 78 reviews
$10 Per month More Info Axos Debit Visa FDIC
  • Domestic ATM fee reimbursements
  • APY interest ranges from 0.1% to 1.01% for eligible users’
7.9

Payments

Account Types
  • USD
Automated Payments
  • Direct debits
Domestic Transfers
  • First set of 50 checks free
International Transfers
  • Wire transfers

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • close-mark-black Bookkeeping
  • close-mark-black Invoicing
  • close-mark-black QuickBooks integration

Security Features

  • FDIC-insured financial institution
  • Fingerprints, voiceprints, and facial recognition

Account Access

Based on 33 reviews
Our top choice
1
  • Free ACH and Wire transfers
  • No monthly fee and no minimum balance
More Info +
2
  • Human-powered customer support
  • Up to 50 Visa debit cards
More Info +
3
  • 2.0% APY interest on eligible users’ balance
  • Quick & easy migration of existing bank accounts
More Info +
4
  • Quick approval. less then 3 minutes to apply
  • Same-day ACH transfers
  • Human powered customer support
More Info +
5
  • 4,700 physical branches nation-wide
  • Fee-free Chase ATMs at 15,000 locations
More Info +
Best for sole proprietors
6
  • Built-in tax calculator and tax-saving tools
  • Automatic expense tracking for self-employed
More Info +
7
  • Domestic ATM fee reimbursements
  • APY interest ranges from 0.1% to 1.01% for eligible users’
More Info +

Why is it Important to Open a Business Bank Account?

A personal bank account is not intended to confer the same benefits as a business bank account. As a freelancer, sole trader, partnership, or corporation, it’s important to establish a separate identity for your business. Personal accounts are not geared towards business activity. For privacy reasons, your personal account should not be mixed with your business activity.

Debtors, creditors and their banking institutions are much more comfortable dealing with business to business accounts for transactions processing purposes, taxes and invoices. A business bank account establishes credibility, professionalism, and trust. When payroll is needed, a business bank account is a must-have. Separation of personal and business finances is always recommended, especially when business debit cards and/or credit cards are issued to company personnel.

Tax reporting is significantly easier to manage with a business bank account. When a personal account is used for business activity, co-mingling of income and expenses takes place. This complicates matters. Besides, business bank accounts make it much easier for you to effectively control incomes and expenses with your business.

Why is it Important to Open a Business Bank Account?

A personal bank account is not intended to confer the same benefits as a business bank account. As a freelancer, sole trader, partnership, or corporation, it’s important to establish a separate identity for your business. Personal accounts are not geared towards business activity. For privacy reasons, your personal account should not be mixed with your business activity.

Debtors, creditors and their banking institutions are much more comfortable dealing with business to business accounts for transactions processing purposes, taxes and invoices. A business bank account establishes credibility, professionalism, and trust. When payroll is needed, a business bank account is a must-have. Separation of personal and business finances is always recommended, especially when business debit cards and/or credit cards are issued to company personnel.

Tax reporting is significantly easier to manage with a business bank account. When a personal account is used for business activity, co-mingling of income and expenses takes place. This complicates matters. Besides, business bank accounts make it much easier for you to effectively control incomes and expenses with your business.

How Do I Compare & Choose the Best Bank account for My Business?

Accordeon button
Features Icon
Banking Features
At the core, check for payment options, local and international money transfer services, corporate cards, account types and currencies available as well as invoicing and bookkeeping tools.
Fees Icon
Fees
Look for accounts offering simple & clear-cut plans, minimal or no fees on transfers & payments and free withdrawal options. Note that fees may vary depending on the plan you choose (free plans will often incur higher fees than premium plans).
Corporate card
All business accounts include corporate cards for you & your employees – either through MasterCard or Visa. Check how many cards are included for free in your chosen plan & how much each additional card will cost if required.
Security Icon
Security
The banks we compare & review on Top10BusinessBanks.com are regulated by local authorities. Check for regulations such as FCA (Financial Conduct Authority) or the FCS (Financial Compensation Scheme) in the UK & FIN-FSA, BaFin, DNB, ECB & ACPR in Europe.
Accounting Icon
Accounting tools
Look for built in expense reporting, scheduled/recurring payments & direct debits. Most banks also offer seamless integration with bookkeeping & accounting tools. For example, Qonto integrates with Sage and QuickBooks.
Access Icon
Account Access
Today, some banks offer account access 24 hours a day, 7 days a week. While the majority of providers offer access via both mobile and desktop/web apps, some business banks only offer one or the other so check you have the access you need when selecting your preferred bank.

How Do I Compare & Choose the Best Bank account for My Business?

Features Icon
Banking Features
Accordeon button
At the core, check for payment options, local and international money transfer services, corporate cards, account types and currencies available as well as invoicing and bookkeeping tools.
Fees Icon
Fees
Accordeon button
Look for accounts offering simple & clear-cut plans, minimal or no fees on transfers & payments and free withdrawal options. Note that fees may vary depending on the plan you choose (free plans will often incur higher fees than premium plans).
Corporate card
Accordeon button
All business accounts include corporate cards for you & your employees – either through MasterCard or Visa. Check how many cards are included for free in your chosen plan & how much each additional card will cost if required.
Security Icon
Security
Accordeon button
The banks we compare & review on Top10BusinessBanks.com are regulated by local authorities. Check for regulations such as FCA (Financial Conduct Authority) or the FCS (Financial Compensation Scheme) in the UK & FIN-FSA, BaFin, DNB, ECB & ACPR in Europe.
Accounting Icon
Accounting tools
Accordeon button
Look for built in expense reporting, scheduled/recurring payments & direct debits. Most banks also offer seamless integration with bookkeeping & accounting tools. For example, Qonto integrates with Sage and QuickBooks.
Access Icon
Account Access
Accordeon button
Today, some banks offer account access 24 hours a day, 7 days a week. While the majority of providers offer access via both mobile and desktop/web apps, some business banks only offer one or the other so check you have the access you need when selecting your preferred bank.