Finding the best business bank account for your business can help you both save money and make money. But because every business is unique, not all banks are designed to meet your needs.
Your business may operate 100% online and the person next to you might take nearly half of their payments in cash. It’s difficult to expect that the same bank would offer the right products for both of those customers.
To help you find the right fit, we’ve scoured the options available to give you a rundown of the best business bank accounts. We looked specifically for accounts with zero to low fees and starting deposits. We also selected a few banks that have unique features, like a high APYs, sign-on bonuses, and digital tools.
Best Business Bank Accounts for 2021
Minimum Opening Balance
Chase Business Complete Checking
$15 or $10
Lending Club Tailored Checking
$0 or $10
Kabbage by American Express
1. Chase Business Complete Checking
- $15 or $0 monthly fee
- $0 minimum opening deposit
- $300 new customer bonus for qualifying accounts
- Unlimited electronic transactions, ACH, and Chase QuickDeposit
Chase Bank is the consumer division of JPMorgan Chase & Co., which is a leader in the global consumer and commercial banking industry with over $3.6 trillion assets globally. The Chase Business Complete Checking account is one of our picks for best business bank account because it offers built-in card acceptance, a low to $0 monthly service fee, and no minimum opening deposit.
New Chase business customers can earn a $300 bonus when they open an account and deposit $2,000 within 30 days of opening the account. You must maintain that balance for 60 days and complete 5 qualifying transactions within 90 days.
Again, there is no minimum opening deposit required, and Chase will waive the $15 monthly service fee if you meet one of the following during each statement period:
- $2,000 minimum daily balance
- $2,000 in purchases on your Chase Ink Business Card(s)
- $2,000 in deposits from QuickAccept and/or other eligible Chase Merchant Services Transactions
- Link a Chase Private Client Checking account
If you’re looking for a small business bank account with built-in card acceptance, you’ll get Chase Quick Accept with this account. There are no monthly contracts, and you pay 2.6% + 10¢ for tap, dip, or swipe transactions. However, you will need to purchase the QuickAccept Reader for $49.95. You can also accept payment through the Chase Mobile app at 3.5% + 10¢.
Chase QuickAccept also lets you access same-day deposits at no additional costs
Sign up for a new Chase business account and earn $300
Chase Business Complete checking has no minimum deposit requirement, and they will waive the $15 monthly fee for some account holders.Learn more at Chase
2. Lending Club Tailed Checking
- APY of 0.10% on accounts with an average balance of $5,000
- No account minimum, but $100 is needed to open an account
- Unlimited transactions with no-per transaction fees
- 1.00% cash back on transactions with a LendingClub issues debit card
Lending Club might not have the big name recognition as Chase, but they offer one of the best business bank accounts if you want an interest-bearing checking account. Lending Club is a fintech marketplace bank that was founded in 2007 and has over 3 million members.
There is no monthly minimum balance requirement, but Lending Club Tailored Checking offers a 0.10% APY on accounts with balances of at least $5,000. Keeping a $5,000 balance will also waive the $10 monthly service fee.
If you use a LendingClub issued debit card, you can also earn 1.00% cash back on your transactions. This account doesn’t have any on the number of debit card transactions, ATM deposits, or checks you write. You also get free ATM access worldwide, and LendingClub rebates ATM fees charged by other banks.
3. Mercury Business Bank Account
- $0 minimum balance
- $0 monthly fee
- $0 transaction fees
- Digital tools including API access, integrations, and user permissions
Mercury is an online banking platform that’s one of the best business bank accounts for startups. It’s a little different from the other banks I’ve mentioned so far because it also offers digital tools, like API access, integrations, user permissions, and more.
There is no monthly service fee and $0 minimum balance to open a Mercury account. There’s also no overdraft fees, transaction fees, or incoming wire fees. A Mercury account includes checking, savings, and debit card access. And there’s fee-free access at over 55,000 ATMs in the AllPoint network.
There are no limits to the number of users you can add to your Mercury business bank account, and there are three levels of user permissions — admin, bookkeeper, and custom — you can apply to each user. Bookkeeper access, for example, doesn’t allow users to move money or have debit card access; they’re limited to only what’s needed for keeping the books.
Mercury is a digital banking platform, and they work with FDIC-insured banks like Evolve Bank & Trust to store your deposits.
Accounts with over $250,000 in deposits gain Tea Room access, which adds dedicated phone support, Tea Room events, and partner rewards.
Get access to Mercury’s suite of digital tools
Mercury is a truly digital bank with API access, integrations, user permissions and more. They also have top features like no monthly service fees.Get to know Mercury
4. NBKC Business Account
- $0 monthly service fee
- $0 minimum balance requirement
- $0 overdraft fees
- Free ATM access at MoneyPass network ATMs and monthly reimbursement for ATM fees charged by other banks worldwide
NBKC is an online bank based out of Kansas City, MO, and they’re one of the best business bank accounts because they offer a range of fee-free banking services to meet the needs of a growing business.
There’s no minimum balance required to open an account, no monthly service fees, no overdrafts, no incoming domestic wire transfer fees, and more. You’ll get fee-free ATM access at ATMs in the MoneyPass network, and NBKC will reimburse up to $12/month in reimbursed ATM fees charged by other banks worldwide.
NBKC has a few more business banking products you might be interested in, like a business money market account, CDs, and also commercial lending.
Let NBKC take care of your business banking needs
NBKC has straightforward features that can help a variety of business owners. Some of the highlights include $0 monthly service fees, $0 overdraft fees, and $0 balance requirements.Check out NBKC
5. Axos Bank
- $100 bonus for recently incorporated businesses
- $0 monthly fees
- Unlimited domestic ATM reimbursement
- 200 free items per month (debits, credits, and deposited items)
Axos Bank launched as a digital bank back in 2000 under the name Bank of Internet USA. They switched to Axos in 2018 and now offer a full-service banking experience. They hold nearly $14 billion in assets for their customers.
The Basic Business Checking Account through Axos is “designed for small business owners with moderate account activity.” This account has no monthly maintenance fees, unlimited domestic ATM fee reimbursement, a Visa debit card, and ACH payments. It’s also QuickBooks compatible.
Axos Basic Business Checking includes 200 free items per month, including debit, credits, or deposited items. It’s 30¢ per item thereafter.
You can find a number of additional business banking services at Axos, like Basic Business Interest Checking where you can earn 0.81% APY when you maintain a daily balance of at least $5,000. Axos also has small business savings, business money market accounts, and CDs.
Axos is offering a $100 bonus for new customers that are businesses who incorporated after June 1, 2020.
6. Kabbage by American Express
- $0 minimum balance
- $0 monthly service fees
- 1.10% APY on balances up to $100,000
- $300 cash bonus available to new customers
Kabbage is an American fintech company that’s been around since 2009 and has been owned by American Express since 2020. Despite its name, Kabbage is the best business bank account if earning a high APY is your priority. At the time of this writing, Kabbage offers 1.10% APY on balances up to $100,000. New customers will also receive a cash deposit of $300 after you complete a total of 5 debit card purchases within 45 days of account opening.
Besides the high APY, Kabbage account holders receive free in-network ATM access at 19,000 Allpoint ATMs. There are $0 monthly maintenance fees and $0 minimum balance requirements.
The final word on best business bank account
We’ve looked at dozens of the top options and narrowed down the choices to what we feel are the best, but the reality is that there are dozens of options out there.
There are so many banks out there, especially online banks, that have eliminated almost all of their fees — online banks can do that because they have lower overhead costs. I mention this because there is almost no reason that you should pay monthly service fees, or even overdraft charges in this day in age.
In the end, think about what your needs are as a business owner, and look for banks that meet those needs. I know that sounds overly simple, but it’s the truth.
There are a lot of similarities between business and personal bank accounts, and there are some small business owners, like solo-preneurs, who use what’s considered a personal bank account for their business.
Where you’ll see the differences are in the requirements to open an account— business accounts need more information and paperwork. Business accounts also tend to have higher fees and transaction limits.
There are several requirements you’ll need to meet to open a business bank account:
- Employer Identification Number (EIN) or Social Security Number for sole proprietors
- Personal identification for account signers
- Business formation documents
- Business license
- Ownership agreements
Most banks will also require that you bring an initial deposit. However, you’ll notice that most of the best business banks on this list don’t require one — a factor I considered when making this list.
It honestly depends on what your needs are. When you’re comparing banks, look for low fees and the kind of account access you need. For example, if your business does a lot of cash business, a bank with brick and mortar locations or free ATM access will be important.
It depends. If you’re self-employed and operating your business as a separate legal entity or under a fictitious business name, then you do need an account that’s designed for businesses. But if you’re self-employed and running your business under your own name, then you can use a personal-style bank account.
However, it’s highly recommended that you do have a separate, dedicated bank account for your business, and that can be one that’s designed as a personal account. The reason is that a dedicated bank account makes it exponentially easier to keep track of your business income and expenses.