Best Business Checking Accounts – USA

Best Business Checking Accounts

USA flag
USA – August 2022
  • 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 April 2022
  • 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 nearside Mastercard Enhanced Debit FDIC
  • No monthly minimum balance
  • Universal cashback of 2.2% on most purchases
  • Access to deals with Square | quickbooks | yelp
9.8

Payments

Card type
  • Mastercard enhanced debit
ATM withdrawals
  • Unlimited & Free in-networt ATM withdrawals
ACH transfers
  • Free
Insufficient funds
  • Free

Accounting Tools

  • green-check-mark Accounting integration

Security Features

  • Banking Services provided by LendingClub Bank
  • National Association, Member FDIC

Account Access

Based on 17 ratings
Free plan More Info Novo Business Debit Mastercard FDIC
  • Quick approval. Less than 10 minutes to apply
  • Payments with Stripe are processed 95% faster
  • No monthly fee and no minimum balance
9.5

Payments

Card type
  • Business Mastercard
Domestic Transfers
  • Free ACH transfers
  • Wire Transfers
International Transfers
  • Via Wise (Transferwise)

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 Slack, Xero, Stripe & more

Security Features

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

Account Access

Based on 1,067 reviews
Free plan More Info Bluevine Business Debit Mastercard FDIC
  • 1.5% APY interest on eligible customers’ balance
  • Up to 5 sub-accounts with unique account no.
9.1

Payments

Account Types
  • USD
Card type
  • Business debit Mastercard
Domestic Transfers
  • Free ACH Transfers
  • Wire transfers
Incoming Wire Fee: 0$
Outgoing Wire Fee: 15$

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Bookkeeping
  • green-check-mark Savings tools
  • green-check-mark Invoicing

Security Features

  • Deposits are FDIC insured to at least $250,000 through The Bancorp Bank

Account Access

Based on 6,771 reviews
10$ Per Month More Info NorthOne Corporate Mastercard FDIC
  • Deposit / withdrawal at 300,000 fee-free ATMs
  • Automatic savings management by sub-accounts
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 105 reviews
20$ Gift for Funding an account
$15 per month
$2K min. balance More Info
Chase Business VISA card FDIC
  • Accept card payments anytime in the US
  • Same-day 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
  • close-mark-black Money management
  • green-check-mark Payment processing
  • close-mark-black Invoicing

Security Features

  • Member FDIC

Account Access

Based on 852 reviews
Free plan More Info Lili Visa Business Debit Card FDIC
  • Customized banking app for freelancers
  • Real-time transaction notifications
8.2

Payments

Account Types
  • USD
Domestic Transfers
  • Free ACH Bank Transfer
International Transfers
  • Free debit transactions

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark QuickBooks, Venmo & more

Security Features

  • Deposits are insured up to $250,000 via Choice Financial Group, Member FDIC

Account Access

Based on 668 reviews
Free plan More Info Divvy Visa Business Card FDIC
  • Rewards on Business purchases
  • Spend management card
7.9

Payments

Card type
  • VISA Business
Domestic Transfers
  • Free
Rewards
  • Restaurants, hotels, software subscriptions

Accounting Tools

  • green-check-mark Expense Managements
  • green-check-mark Accounting integration
  • green-check-mark Invoicing

Security Features

  • Card issued by Cross River Bank, member FDIC

Account Access

Based on 145 reviews
10$ Per Month More Info Axos Visa Debit Card FDIC
  • $5,000 min. daily balance to waive monthly fee
  • Domestic ATM fee reimbursements
7.5

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 134,292 reviews
1
score 9.8
  • No monthly minimum balance
  • Universal cashback of 2.2% on most purchases
More Info +
2
score 9.5
  • Quick approval. Less than 10 minutes to apply
  • No monthly fee and no minimum balance
More Info +
3
score 9.1
  • Cash deposit & no-fee ATMs in 37,000 areas
  • 1.5% APY interest on eligible customers’ balance
More Info +
4
score 8.8
  • Deposit / withdrawal at 300,000 fee-free ATMs
  • Automatic savings with sub-accounts
More Info +
5
score 8.5
  • $15 monthly fee + $2,000 min. balance required
  • Same-day deposits at no additional cost
More Info +
6
score 8.2
  • Customized banking app for freelancers
  • Real-time transaction notifications
More Info +
7
score 7.9
  • Rewards on Business purchases
  • Spend management card
More Info +
8
score 7.5
  • $5,000 min. daily balance to waive monthly fee
  • Domestic ATM fee reimbursements
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.

Business Bank Accounts – FAQs

Why is it Important to Open a Business Bank Account?

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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?

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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.