Small business bank account comparison shouldn’t be giving you a headache — but I know it probably is. With monthly fees ranging from $10 to $30 and wildly different features across banks, finding the right fit can feel overwhelming.
I’ve analyzed all the options, and the differences are significant. Bluevine offers an impressive 1.50% APY on balances up to $250,000, while American Express Business Checking provides 1.30% APY on accounts up to $500,000. Some accounts, like Chase Business Complete Banking, charge monthly fees ($15 in this case) that can be waived with minimum balances. Others, like Found Banking for freelancers and Novo Business Checking, have no monthly fees whatsoever.
Beyond basic costs, the perks vary dramatically too. Bluevine offers new customers a $300 bonus when qualifying, U.S. Bank provides welcome bonuses and unlimited free transactions, and Novo includes up to $3,000 in Google Cloud credits plus QuickBooks discounts.
If you’re tired of paying unnecessary fees or earning zero interest on your business funds, you’re in the right place. I’ve done the legwork to compare the 11 cheapest small business accounts for 2025 — no fluff, just practical information to help you make the best choice for your business.
Bluevine Business Checking
Bluevine stands out in any small business bank account comparison thanks to its impressive interest rates and fee-free structure. As a digital-first platform, Bluevine offers one of the most competitive business checking options available in 2025.
Bluevine Key Features
Bluevine Business Checking comes in three tiers: Standard, Plus, and Premier. The standard account earns 1.5% APY on balances up to $250,000 when you spend $500 monthly with your Bluevine debit card or receive $2,500 in monthly customer payments. Furthermore, Bluevine offers extraordinary FDIC insurance up to $3 million through partnerships with multiple banks[32].
Other notable features include:
- Unlimited transactions with no monthly minimum balance requirements
- Free standard ACH transfers and incoming wire transfers
- Fee-free withdrawals at 37,000+ MoneyPass ATMs nationwide
- Mobile check deposits with higher monthly limits than industry average
- Sub-accounts with dedicated account numbers for better budgeting
- Integration with accounting software like QuickBooks and FreshBooks
Bluevine Pros and Cons
Pros:
- High-yield interest rates (up to 3.7% APY with Premier plan)
- No monthly fees with the Standard plan
- No overdraft or NSF fees
- Free standard ACH and unlimited transactions
- Up to $3 million in FDIC insurance protection[32]
- Intuitive online banking tools and mobile app
Cons:
- Cash deposits are limited and come with fees ($4.95 at Green Dot locations)
- Maximum of five debit cards per account (one primary, four employee cards)
- No weekend customer support
- Higher-tier plans require significant balances to waive monthly fees
Bluevine Pricing
| Plan | Monthly Fee | APY | Interest-Earning Balance | Fee Waiver Requirements |
|---|---|---|---|---|
| Standard | $0 | 1.5% | Up to $250,000 | N/A |
| Plus | $30 | 2.7% | Up to $250,000 | $20,000 avg. daily balance + $2,000 monthly card spend |
| Premier | $95 | 3.7% | Up to $3 million | $100,000 avg. daily balance + $5,000 monthly card spend |
Additionally, Bluevine offers discounted payment fees with Plus (20% off) and Premier (50% off) plans. New customers can try either paid plan with a free one-month trial.
Bluevine Best For
Bluevine is particularly suited for digital-savvy small businesses that rarely deal with cash transactions. Specifically, it’s ideal for:
- Online businesses seeking high-yield interest on their checking balances
- Small businesses wanting to avoid monthly fees and minimum balance requirements
- Companies needing enhanced FDIC protection for larger balances
- Businesses that primarily operate through digital payments rather than cash
- Entrepreneurs looking for modern banking tools without traditional bank constraints
Despite lacking physical branches, Bluevine delivers exceptional value through its competitive interest rates and comprehensive digital banking features. For businesses comfortable with online banking, Bluevine represents one of the most cost-effective checking options available in 2025.
Novo Business Checking
Novo distinguishes itself in the small business bank account comparison landscape as a fintech company partnered with Middlesex Federal Savings to deliver truly fee-free business checking. Founded in 2017, Novo has quickly become a favorite among entrepreneurs seeking simplicity and digital-first banking solutions.
Novo Key Features
Novo Business Checking offers an impressive array of features designed specifically for small businesses:
- Fee-free banking with no monthly maintenance fees or minimum balance requirements
- ATM fee reimbursements up to $7 per month worldwide
- Free invoicing tool to create, send, and manage unlimited customizable invoices
- Extensive integrations with popular business tools including QuickBooks, Stripe, Shopify, Slack, and Zapier
- Mobile check deposits through their intuitive smartphone app
- Novo Reserves feature for setting aside funds for taxes, expenses, or other purposes (up to 20 reserve accounts)
- Free ACH transfers with options for low-cost express availability
Novo Pros and Cons
Pros:
- Zero hidden fees, monthly fees, or minimum balance requirements[72]
- Transparent pricing structure with no overdraft fees
- User-friendly mobile app rated 4.8/5 in Apple Store and 4.7/5 in Google Play
- Exclusive perks including Google Cloud credits and QuickBooks discounts
- FDIC insurance up to $250,000 through Middlesex Federal Savings
Cons:
- No physical branch locations (online-only banking)
- Cannot deposit cash directly (requires purchasing money orders first)
- Limited customer service (available Monday-Friday, 9am-6pm EST)
- No recurring payment options with bill pay
- No credit card offering (debit card only)
Novo Pricing
| Service | Fee |
|---|---|
| Monthly maintenance | $0 |
| Minimum balance requirement | $0 |
| ACH transfers | Free |
| Incoming wires | Free |
| ATM fee reimbursements | Up to $7/month |
| Overdraft/NSF fees | $0 |
Novo Best For
Novo excels for specific business types, making it an ideal choice for:
- Freelancers and contractors who need built-in invoicing capabilities
- Digital-first entrepreneurs who rarely need to deposit cash
- Small businesses seeking integration with accounting and payment processing tools
- Startups looking to avoid banking fees while accessing business perks
- Side hustlers and new entrepreneurs just establishing their business finances
Essentially, Novo provides a straightforward, cost-effective solution for modern small businesses comfortable with digital banking. Moreover, its extensive integrations with popular business tools create a seamless financial management experience that traditional banks often can’t match.
Found Business Banking
For freelancers and self-employed professionals comparing small business bank accounts, Found offers a specialized solution that combines banking, bookkeeping, and tax management in one platform. This digital-first banking option presents a compelling alternative for solo entrepreneurs seeking simplified financial management.
Found Key Features
Found’s business checking account delivers an impressive toolkit specifically designed for independent workers:
- No hidden fees, minimum balance requirements, or account opening charges
- FDIC insurance up to $250,000 through partnership with Piermont Bank
- Automated tax withholding that sets aside money for taxes from income deposits
- Real-time tax calculations that update as you earn and track expenses
- Unlimited free ACH transfers and seamless integration with payment apps
- Professional Mastercard business debit card with both physical and virtual options
- “Pockets” system for organizing funds into categories like “Primary” and “Taxes”
- Automatic expense categorization and receipt capture within the app
Found Pros and Cons
Pros:
- No monthly maintenance fees or minimum balance requirements
- Early direct deposit available up to 2 days before scheduled payment
- Built-in invoicing with unlimited customizable options
- Automated bookkeeping features that categorize expenses
- Integration with popular platforms like PayPal, Stripe, and Square
- Contractor management tools with no per-contractor fee
Cons:
- Limited customer service hours (primarily weekdays)
- $2.00 fee for cash deposits with strict limits ($2,000/7-day period)
- Interest-earning capabilities only available with paid subscription
- No physical branches (online-only banking)
- Cannot create joint accounts; designed for solo entrepreneurs only
Found Pricing
| Feature | Found Free | Found Plus |
|---|---|---|
| Monthly Fee | $0 | $19.99/month or $149.99/year |
| APY | 0% | 1.5% on balances up to $20,000 |
| Tax Features | Auto-saving, estimates | Plus in-app quarterly payments |
| Bookkeeping | Basic tracking | Advanced customization |
| Support | Standard | Priority access |
Found Best For
Found emerges as an exceptional choice for:
- Freelancers and gig workers needing built-in tax management
- Self-employed professionals who want automated expense tracking
- Solo entrepreneurs looking to simplify bookkeeping and tax preparation
- Small business owners who need contractor management tools
- Digital-first businesses comfortable with online-only banking
However, businesses that frequently deal with cash deposits or need joint account access might find Found’s limitations challenging. Nevertheless, for the target demographic of self-employed individuals, Found presents a remarkably comprehensive solution that goes beyond typical business checking accounts.
Chase Business Complete Banking
In contrast to the digital-first options, Chase Business Complete Banking represents a traditional brick-and-mortar approach to small business bank account comparison, offering the security of an established financial institution with a substantial physical presence.
Chase Key Features
Chase Business Complete Banking delivers a blend of in-person and digital banking features:
- Access to more than 4,700 branches and 15,000+ ATMs nationwide
- Quick Accept feature for accepting credit card payments through the Chase Mobile app with same-day deposits at no additional cost
- Up to 20 fee-free teller and paper transactions monthly
- Cash deposits up to $5,000 per statement cycle without additional charges
- Multiple business debit cards with separate PINs for partners and employees
- 24/7 customer support for account assistance
- Integration with Zelle for Business for seamless money transfers
Chase Pros and Cons
Pros:
- No minimum opening deposit requirement
- Unlimited electronic and debit card transactions at no charge
- Integrated credit card processing with same-day deposits
- No overdraft fee unless account is overdrawn by more than $50, with 24-hour grace period
- Extensive branch and ATM network for businesses needing in-person banking
Cons:
- $15 monthly maintenance fee unless waived
- Limited to 20 free paper transactions per month with $0.40 fee per additional transaction
- Cash deposits capped at $5,000 monthly before additional fees apply
- $3 fee for withdrawals at non-Chase ATMs within the U.S. ($5 internationally)
- No interest earned on account balances
Chase Pricing
| Fee Type | Amount | Notes |
|---|---|---|
| Monthly Maintenance | $15 | Multiple waiver options available |
| Paper Transaction | $0.40 | After first 20 free transactions per month |
| Non-Chase ATM (US) | $3 | For withdrawals at non-network ATMs |
| Non-Chase ATM (Int’l) | $5 | For international withdrawals |
| Outgoing Wire Fees | Up to $50 | For international transfers |
The $15 monthly fee can be waived by maintaining a $2,000 minimum daily balance, spending $2,000 monthly on a Chase Ink Business Card, depositing $2,000 in QuickAccept/payment solution transactions, or linking a Chase Private Client Checking account.
Chase Best For
Chase Business Complete Banking is ideally suited for:
- Small businesses depositing $5,000 or less in cash monthly that still need occasional branch access
- Startups and freelancers looking for a full-service bank with business loans and credit cards
- Businesses that process credit card payments and want integrated merchant services
- Companies making 20 or fewer in-person transactions monthly
- Entrepreneurs who can easily maintain the $2,000 minimum daily balance or meet other fee waiver requirements
As a bonus, new Chase business checking customers may qualify for up to a $500 welcome bonus with qualifying activities, making this traditional banking option more appealing for businesses transitioning from personal accounts.
American Express Business Checking
American Express brings its renowned membership rewards program to the small business bank account comparison arena, offering a compelling digital-only option that’s now available to all eligible U.S. businesses.
American Express Key Features
Unlike traditional banks, American Express Business Checking delivers several standout features:
- 1.30% APY on balances up to $500,000
- No monthly maintenance fees or minimum balance requirements[192]
- 24/7 customer service by phone
- American Express Business Debit Card earning 1 Membership Rewards point for every $2 spent on eligible purchases
- Free cash flow management through the Business Blueprint app
- Access to 70,000+ MoneyPass and Allpoint ATMs nationwide with no fees[191]
- Integration with QuickBooks accounting software
American Express Pros and Cons
Pros:
- High interest rate on large balances (1.30% APY up to $500,000)[192]
- Complete absence of monthly maintenance fees
- Round-the-clock customer support[191]
- Welcome bonus of 30,000 Membership Rewards points with qualifying activities[221]
- Points can be converted to cash deposits into your account
Cons:
- Currently unavailable for nonprofits, money service businesses, and cryptocurrency-related enterprises
- No cash deposit capability[192]
- Single debit card per account (no employee cards)
- 2.7% foreign transaction fee on debit card purchases
American Express Pricing
| Fee Type | Amount |
|---|---|
| Monthly maintenance | $0[211] |
| Minimum balance | $0 [201][97] |
| Outgoing domestic wire | $25 |
| Same-day domestic ACH | $10[223] |
| Foreign transaction | 2.7%[223] |
American Express Best For
American Express Business Checking works especially well for:
- Existing American Express card holders looking to consolidate business finances
- Small businesses needing interest on large account balances
- Digital-first businesses comfortable with online-only banking
- Companies that rarely or never handle cash transactions
- Entrepreneurs who value 24/7 customer support
- Businesses that can benefit from Membership Rewards points
Although this account doesn’t accommodate cash deposits, it stands out with its competitive interest rate and rewards program. Consequently, it provides excellent value for businesses generating significant digital revenue.
U.S. Bank Business Essentials
U.S. Bank takes an integrated approach to small business bank account comparison with its Business Essentials offering, which uniquely combines standard checking features with built-in payment processing capabilities.
U.S. Bank Key Features
U.S. Bank Business Essentials stands out with its comprehensive package:
- Premier checking account with no monthly maintenance fee
- Card payment acceptance with same-day access to funds, seven days a week
- Unlimited digital transactions including electronic deposits, withdrawals, and transfers
- Free mobile card reader for accepting payments on-the-go
- Integrated fraud prevention tools
- Single digital dashboard for simplified money movement
- Integration capabilities with accounting and budget management software
U.S. Bank Pros and Cons
Pros:
- Zero monthly maintenance fees with no minimum balance requirement
- Unlimited fee-free electronic and debit card transactions
- Free same-day access to card payment funds, including weekends
- Access to one of the largest ATM networks in America
- Dedicated business specialists for personalized support
Cons:
- Limited to 25 teller/paper transactions per statement cycle before $0.50 per-transaction fees apply
- Cash deposits capped at 25 units ($2,500) per month before additional fees
- $1.00 fee for outgoing domestic ACH transfers
- High overdraft charges of $36.00 per item over $5.00
- Wire transfer fees ranging from $14.00 to $75.00
U.S. Bank Pricing
| Feature | Cost |
|---|---|
| Monthly maintenance fee | $0.00 |
| Minimum opening deposit | $100.00 |
| Electronic transactions | Free |
| Teller/paper transactions | 25 free/cycle, then $0.50 each |
| Cash deposits | 25 units ($2,500)/cycle, then $0.33 per $100 |
| Paper statement | $6.50-$9.00 |
| ATM fees (non-network) | $2.50 |
U.S. Bank Best For
U.S. Bank Business Essentials is particularly well-suited for:
- Small businesses seeking integrated payment processing without additional software fees
- Entrepreneurs who primarily conduct business electronically
- Companies needing same-day access to card payment funds
- Small retailers requiring modest cash deposit capabilities
- Businesses wanting access to physical branches while maintaining digital flexibility
Indeed, this account shines for businesses that need both traditional banking services and modern payment processing capabilities in one streamlined solution. According to a U.S. Bank survey, 80% of small business owners prefer bundled banking and payment services, making this offering particularly relevant.
Mercury Business Checking
When evaluating the small business bank account comparison landscape, tech startups often gravitate toward Mercury for its modern approach to banking. This fintech platform, though not a bank itself, provides banking services through partnerships with Choice Financial Group, Column N.A., and Evolve Bank & Trust.
Mercury Key Features
Mercury delivers a tech-focused banking experience with several standout capabilities:
- Enhanced FDIC protection up to $5 million through partner banks and sweep networks
- Free domestic and USD international wire transfers
- Mercury Treasury for balances over $500,000 earning up to 4.43%
- Developer-friendly API access for automating transactions and customizing workflows
- Intuitive mobile app for on-the-go banking management
- Integration with QuickBooks, Xero, Stripe, and other business tools
- User-level permissions for controlled team access
Mercury Pros and Cons
Pros:
- No monthly fees, minimum balances, or overdraft charges
- Free ACH transfers and unlimited transactions
- High-yield Mercury Treasury option for larger balances
- Robust security with SOC 2 compliance and multi-factor authentication
- Dedicated relationship manager with Pro plan or $10M+ balance
Cons:
- Cannot accept cash deposits
- No interest on standard checking/savings accounts
- 1% currency exchange fee for non-USD international wires
- Limited support options on lower-tier plans
Mercury Pricing
| Plan | Monthly Fee | Features |
|---|---|---|
| Standard | $0 | Basic banking, unlimited transactions, integrations |
| Plus | $35 | Advanced invoicing, 20 user reimbursements, ACH debit ($1 per transaction) |
| Pro | $350 | Premium support, 250 user reimbursements, free ACH debit transactions |
Mercury Best For
Firstly, Mercury excels for tech startups seeking banking tailored to their unique needs. The platform’s sleek interface and modern tools particularly benefit digital-first businesses handling minimal cash transactions. Similarly, growing companies that need customizable banking setups with multiple users find value in Mercury’s permission structure.
On balance, Mercury serves as an ideal solution for incorporated startups, particularly those seeking investor connections through Mercury’s network. Above all, businesses requiring enhanced FDIC protection for substantial balances should consider Mercury’s $5 million coverage option.
Grasshopper Business Checking
Grasshopper, launched in 2019, distinguishes itself in the small business bank account comparison field by offering high-yield checking with cash-back rewards and specialized startup support—all through a digital-first platform.
Grasshopper Key Features
The Innovator Business Checking account delivers several noteworthy advantages:
- Interest-earning checking with tiered APY structure—earn up to 1.80% APY on balances between $25,000 and $250,000
- Unlimited 1% cash back on qualifying debit card purchases (online and signature-based)
- Free ACH transfers, incoming domestic wires, and unlimited fee-free transactions
- Access to 45,000+ fee-free MoneyPass and SUM network ATMs
- Virtual and physical Visa debit cards with instant-issue capabilities
- Built-in accounting through Autobooks, plus QuickBooks integration
- Tailored startup support including help with accelerator applications and pitch presentations
Grasshopper Pros and Cons
Pros:
- No monthly maintenance fees or minimum balance requirements after opening
- High-yield APY structure that doesn’t cap interest-earning potential
- Unlimited cash-back rewards on qualifying purchases
- Extended customer support hours (9am to 11pm ET weekdays)
- Enhanced FDIC insurance up to $125 million
Cons:
- No cash deposit capabilities
- Requires $100 minimum opening deposit
- No weekend customer support
- Some industries excluded from eligibility
Grasshopper Pricing
| Fee | Amount |
|---|---|
| Monthly maintenance | $0 |
| Minimum opening deposit | $100 |
| ACH transfers | <citation index=”19″ link=”https://www.grasshopper.bank/innovator-business-checking-fee-schedule/” similar_text=”Online & Mobile Banking Services |
| Domestic wire (incoming) | Free [332] |
| Domestic wire (outgoing) | <citation index=”19″ link=”https://www.grasshopper.bank/innovator-business-checking-fee-schedule/” similar_text=”Online & Mobile Banking Services |
| International wire (incoming) | <citation index=”19″ link=”https://www.grasshopper.bank/innovator-business-checking-fee-schedule/” similar_text=”Online & Mobile Banking Services |
| International wire (outgoing) | <citation index=”19″ link=”https://www.grasshopper.bank/innovator-business-checking-fee-schedule/” similar_text=”Online & Mobile Banking Services |
Grasshopper Best For
Grasshopper works exceptionally well for digital-first small businesses and startups seeking banking without traditional fees. Given its specialized support for entrepreneurs, it’s ideal for venture-seeking startups that want help navigating investor meetings and raising capital. Likewise, businesses that process many incoming wire transfers benefit from the free incoming domestic wires. Meanwhile, e-commerce companies and businesses that don’t handle cash transactions will appreciate the digital-focused tools and high-yield structure.
Lili Business Checking
For solopreneurs and freelancers seeking streamlined financial management, Lili stands out in the small business bank account comparison with its tax-focused checking solutions housed entirely on a digital platform.
Lili Key Features
Lili offers banking fundamentals plus financial management tools across four tiers:
- All-digital banking via web or mobile app with immediate transaction alerts
- Fee-free ATM access at over 38,000 in-network locations
- Early deposit access for paychecks (up to two days early)
- Cash deposits at 90,000+ retail locations nationwide
- Tax bucket feature that automatically sets aside funds for taxes
- High-yield savings earning 3.00% APY (available with paid plans)
- BalanceUp overdraft protection up to $200 with no fees (for paid plans)
- Multiple business accounts management (up to 4) under a single login
Lili Pros and Cons
Pros:
- Zero minimum balance requirements across all account tiers
- No overdraft or hidden fees with transparent pricing
- Role-based permissions for co-owners and team access
- Global money transfers completed in as little as 24 hours
- Strong security with real-time alerts and instant card freezing
Cons:
- No physical branch locations (digital-only banking)
- Cash deposits incur a $4.95 fee at retail partners
- Higher-tier features require monthly subscription payments
- Limited weekend customer support options
- Mobile check deposit limitations ($50,000 monthly maximum)
Lili Pricing
| Plan | Monthly Fee | Key Additional Features |
|---|---|---|
| Basic | $0 | Standard banking features, no minimum balance |
| Pro | $9 ($15 standard) | Cashback rewards, savings account, overdraft protection |
| Smart | $21 ($35 standard) | All Pro features plus tax preparation software |
| Premium | $33 ($55 standard) | All Smart features plus accounting software |
Lili Best For
Altogether, Lili serves as an excellent option for freelancers and independent contractors who need built-in tax management tools. Generally, digital entrepreneurs who rarely handle cash will find the most value. Notably, businesses with multiple owners benefit from the collaborative features and permission settings. Ultimately, Lili works best for solopreneurs seeking an all-in-one financial platform that eliminates the traditional barriers between banking, accounting, and tax preparation.
nbkc Business Checking
Taking a different approach in our small business bank account comparison, nbkc Bank (stylized as “nbkc”) emerges as a champion of truly fee-free banking with its straightforward online business checking account that eliminates virtually all common banking costs.
nbkc Key Features
nbkc Business Checking offers a comprehensive zero-fee structure that includes:
- Complete fee elimination for account maintenance, minimum balance, NSFs, overdrafts, stop payments, and incoming domestic wires
- ATM fee reimbursements up to $12 monthly for any operator surcharges
- Unlimited transactions with no per-item fees including mobile check deposits
- MoneyPass ATM network access with over 40,000 locations nationwide
- Optional treasury management including ACH credits for vendor payments, ACH debits for customer funds, and fraud management
- Automated invoicing through 30-day free Autobooks trial ($10 monthly afterward)
nbkc Pros and Cons
Pros:
- Genuinely free banking with no opening deposit requirement
- Unlimited check deposits and transactions without fees
- Available in all 50 states through online banking
- Outstanding customer satisfaction ratings (4.6/5 stars average across review platforms)
Cons:
- Physical branches limited to Kansas and Missouri
- Non-interest-bearing business checking
- International wire fees relatively high at $45 per transaction
- Some business types explicitly excluded from eligibility
nbkc Pricing
| Service | Fee |
|---|---|
| Monthly maintenance | $0 |
| Minimum balance | $0 |
| Overdraft/NSF | $0 |
| Domestic wire (outgoing) | $5 |
| International wire | $45 |
| ATM fee rebates | Up to $12/month |
nbkc Best For
nbkc Business Checking serves as an ideal solution for digital businesses seeking to eliminate banking fees completely. Therefore, it works especially well for small business owners who primarily operate online and rarely need branch services. Subsequently, entrepreneurs looking for straightforward banking without complex fee structures will find tremendous value here.
Axos Basic Business Checking
Axos Basic Business Checking brings digital banking fundamentals to the small business bank account comparison table with practical benefits that eliminate common frustrations for entrepreneurs seeking straightforward financial management.
Axos Key Features
Axos Basic Business Checking delivers several practical advantages for business owners:
- No monthly maintenance fees or minimum balance requirements
- No initial deposit requirement to open an account
- Unlimited free transactions without caps or additional charges
- Unlimited domestic ATM fee reimbursements nationwide
- Free domestic and international incoming wire transfers
- Two free domestic outgoing wire transfers monthly
- QuickBooks compatibility for seamless accounting integration
- Potential welcome bonus of up to $400 for eligible new customers
- Extended FDIC insurance coverage up to $250 million
Axos Pros and Cons
Pros:
- Completely fee-free business checking with no monthly maintenance costs
- No minimum balance requirement or opening deposit
- Unlimited transactions without per-item fees
- Unlimited reimbursements on domestic out-of-network ATM fees
- QuickBooks compatibility for automated transaction management
Cons:
- No physical branch locations (digital-only banking)
- No interest earned on account balances
- $50 fee for international outgoing wire transfers
- Mobile app receives mixed reviews from users
- Cash deposits limited to partner ATM networks
Axos Pricing
| Service | Fee |
|---|---|
| Monthly maintenance | $0 |
| Minimum opening deposit | $0 [451] |
| Domestic wire (outgoing) | First two free monthly, then standard fees apply |
| International wire (outgoing) | $50 |
| ATM withdrawals | $0 (unlimited reimbursements) |
Axos Best For
In fact, Axos Basic Business Checking works exceptionally well for digital-first small businesses seeking freedom from traditional banking fees. Given that it offers unlimited transactions without per-item costs, it’s ideal for businesses with high transaction volumes. Additionally, companies requiring frequent domestic wire transfers benefit from the two free transfers monthly. Because of its extensive FDIC insurance coverage of up to $250 million, it’s also suitable for businesses with larger balances needing enhanced protection.
Comparison Table
| Bank Account | Monthly Fee | Min. Opening Deposit | APY | ATM Access | Cash Deposits | Notable Features |
|---|---|---|---|---|---|---|
| Bluevine Business Checking | $0 (Standard) | Not mentioned | 1.5% up to $250k | 37,000+ MoneyPass ATMs | $4.95 at Green Dot | Sub-accounts, $3M FDIC insurance |
| Novo Business Checking | $0 | $0 | None | $7/month ATM reimbursement | Via money orders only | Free invoicing, extensive integrations |
| Found Business Banking | $0 (Free tier) | $0 | 1.5% (Plus tier) | Not mentioned | $2/deposit, $2k/7-day limit | Built-in tax management |
| Chase Business Complete | $15 (waivable) | $0 | None | 15,000+ Chase ATMs | Up to $5k/month free | QuickAccept payment processing |
| American Express Business | $0 | $0 | 1.30% up to $500k | 70,000+ MoneyPass/Allpoint | Not available | Membership Rewards points |
| U.S. Bank Business Essentials | $0 | $100 | Not mentioned | Large network (count not specified) | Up to $2.5k/month | Free payment processing |
| Mercury Business Checking | $0 | Not mentioned | Up to 4.43% (Treasury) | Not mentioned | Not available | $5M FDIC coverage |
| Grasshopper Business | $0 | $100 | Up to 1.80% | 45,000+ MoneyPass/SUM | Not available | 1% debit card cashback |
| Lili Business Checking | $0-$33 | $0 | 3.00% (paid plans) | 38,000+ ATMs | $4.95 at retail locations | Tax management tools |
| nbkc Business Checking | $0 | $0 | None | $12/month ATM reimbursement | Not mentioned | Unlimited transactions |
| Axos Basic Business | $0 | $0 | None | Unlimited ATM reimbursements | Limited to partner ATMs | Up to $400 welcome bonus |
Conclusion
After comparing these 11 business checking accounts, one thing becomes abundantly clear: the best banking choice depends entirely on your specific business needs. Consequently, freelancers might gravitate toward Found or Lili for their tax management tools, while tech startups may prefer Mercury’s API capabilities and treasury options.
Traditional banks like Chase and U.S. Bank remain excellent options for businesses needing regular cash deposits or in-person services. Meanwhile, digital-first platforms such as Bluevine and American Express offer compelling interest rates that traditional banks simply can’t match. Those seeking truly fee-free banking should consider Novo, nbkc, or Axos, which eliminate virtually all common banking charges.
The APY differences stand out dramatically across these options. Bluevine offers 1.5% on balances up to $250,000, Grasshopper provides up to 1.80% on qualifying balances, and Mercury Treasury delivers an impressive 4.43% for larger deposits. Your cash flow patterns, transaction volume, and whether you handle physical cash regularly will ultimately dictate which account serves you best.
Monthly fees represent another crucial consideration. Though many accounts advertise zero monthly maintenance fees, several include transaction limits or balance requirements to avoid charges. Chase charges $15 monthly unless you maintain specific balances or spending levels, while most digital-first options truly charge nothing regardless of account activity.
Finding the right business checking account doesn’t need to be overwhelming. This comparison equips you with essential facts to evaluate which features matter most to your business operations. Take time to assess your banking needs honestly before making this important financial decision.
FAQs
Q1. What are the key features to look for in a small business bank account? When choosing a small business bank account, consider features like low or no monthly fees, minimum balance requirements, transaction limits, ATM access, mobile banking capabilities, and integration with accounting software. Some accounts also offer perks like cash back rewards or high-yield interest rates on balances.
Q2. Can I open a business bank account online without visiting a branch? Yes, many banks and fintech companies now offer fully online account opening processes for small businesses. Digital-first options like Bluevine, Novo, and Mercury allow you to open an account entirely online, often with minimal documentation required. However, some traditional banks may still require an in-person visit to complete the process.
Q3. How do cash deposit capabilities differ among business checking accounts? Cash deposit options vary widely among business checking accounts. Traditional banks like Chase and U.S. Bank typically offer free cash deposits up to a certain monthly limit. Online-only banks may partner with retail locations or ATM networks for cash deposits, often with associated fees. Some digital accounts, like Novo and Mercury, don’t support cash deposits at all.
Q4. What types of businesses are best suited for digital-only bank accounts? Digital-only bank accounts are ideal for businesses that primarily operate online, rarely handle cash transactions, and don’t require in-person banking services. They’re particularly well-suited for e-commerce businesses, freelancers, consultants, and tech startups. These accounts often offer advanced features like API access, integrations with business tools, and competitive interest rates.
Q5. How important is FDIC insurance for a business checking account? FDIC insurance is crucial for protecting your business funds. Standard FDIC insurance covers up to $250,000 per depositor, per insured bank. However, some business accounts, like Bluevine and Mercury, offer enhanced FDIC coverage up to several million dollars through partnerships with multiple banks. This can be particularly important for businesses with large cash reserves or those handling significant transaction volumes.
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