Which type of bank account is best for small-business? If you’re tired of earning next to nothing on your business funds, you’re not alone — the average national APY for interest checking accounts is a measly 0.07%!
I’ve spent countless hours reviewing banking options, and let me tell you, there’s a huge difference between settling for a basic account and finding one that actually works for your business. After examining over 250 small-business products and rating 60+ business bank accounts, I’ve discovered some real gems.
While most banks offer pitiful returns, some standouts are changing the game. Grasshopper, for instance, offers an impressive 1.80% APY on eligible balances — the highest among all business checking accounts we researched. American Express isn’t far behind with 1.30% APY on balances up to $500,000.
Beyond interest rates, the right account can save you money in other ways too. Chase allows up to $20,000 in free cash deposits, and U.S. Bank even offers a $500 bonus when you open a Business Essentials Account with their promo code and complete qualifying activities.
In this guide, I’ll break down the 9 best small business bank accounts that will actually save you money in 2025 — no complicated jargon, just practical options that benefit your bottom line.
American Express Business Checking
“Small business owners deserve more from their banks – so we’re giving it to you.” — American Express, Financial services corporation offering business banking solutions
American Express entered the business banking arena in 2021 with a fully digital checking solution that brings a trusted financial brand to the online banking space. Unlike traditional banks that require branch visits, AmEx offers a streamlined digital experience with competitive features.
American Express Business Checking features
The American Express Business Checking account comes with several standout features:
High-yield interest rate – Earn 1.30% APY on balances up to $500,000, significantly higher than the national average for interest checking accounts.
Fee-free banking – No monthly maintenance fees, no minimum balance requirements, and unlimited free transactions.
Membership Rewards integration – Earn 1 Membership Rewards point for every $2 spent on eligible business debit card purchases.
Welcome bonus opportunity – New account holders can earn 30,000 Membership Rewards points by meeting specific requirements.
ATM access – Free withdrawals at over 70,000 Allpoint and MoneyPass ATM locations nationwide.
Business management tools – Access to the American Express Business Blueprint mobile app for cash flow management and QuickBooks integration.
24/7 customer support – Round-the-clock access to specialists via phone or online—a rarity among business accounts.
American Express Business Checking pros and cons
Pros:
- Competitive 1.30% APY on balances up to $500,000
- No monthly service fees or minimum balance requirements
- 24/7 customer support with real people
- Ability to earn and redeem Membership Rewards points
- Simple online account management
Cons:
- Cannot deposit cash directly
- Limited to one debit card per account (no employee cards)
- Daily purchase limits of $5,000 and cash withdrawal limits of $1,000
- No option for joint business owners
- Completely online with no physical branch access
American Express Business Checking pricing
The American Express Business Checking account maintains transparent pricing with minimal fees:
| Fee Type | Amount |
|---|---|
| Monthly maintenance | $0 |
| Minimum opening deposit | $0 |
| Incoming domestic wire transfers | $0 |
| Stop payment requests | $0 |
| Outgoing domestic wire transfers | $25 |
| Same-day domestic ACH transfer | $10 |
| Foreign transaction fee | 2.7% |
Additionally, American Express doesn’t charge overdraft fees because the account simply doesn’t allow overdrafts—your transaction will be declined instead.
Who American Express Business Checking is best for
This account stands out as an excellent choice for several types of business owners:
Small businesses seeking interest on their operating funds will benefit from the 1.30% APY on balances up to $500,000—one of the highest rates available for business checking.
Online-focused businesses that rarely or never handle cash will find the digital-only platform convenient and efficient.
American Express cardholders can maximize benefits by combining their credit card rewards with business checking rewards in the same Membership Rewards account.
Entrepreneurs who value round-the-clock support will appreciate the 24/7 customer service availability—something many competing online business accounts don’t offer.
Nevertheless, businesses that regularly handle cash deposits or require multiple employee debit cards should look elsewhere, considering alternatives like LendingClub or nbkc.
Bluevine Business Checking
“Its business checking account primarily targets small businesses and stands out for its zero monthly maintenance fee and a 1.30% annual percentage yield (APY)†” — Best Money, Financial comparison and review website
Bluevine has emerged as a frontrunner in the digital banking space with a business checking account that prioritizes high yields and fee-free banking. Founded as a fintech company rather than a traditional bank, Bluevine partners with Coastal Community Bank to provide FDIC-insured banking services.
Bluevine Business Checking features
Bluevine’s business checking account comes packed with features designed to maximize value:
High-yield interest rates – Earn 1.5% APY on balances up to $250,000 with the Standard plan when you meet simple monthly activity goals.
Fee-free banking – No monthly maintenance fees, no minimum balance requirements, and no overdraft fees.
Expanded FDIC insurance – Deposits are protected with up to $3 million in FDIC insurance through Coastal Community Bank and partner banks.
Unlimited transactions – No limits on the number of transactions you can perform.
Sub-accounts – Create additional accounts with dedicated account numbers for better budgeting and expense tracking.
ATM access – Withdraw cash at over 37,000 no-fee ATMs in the MoneyPass network nationwide.
Enhanced plans – Premium options offering even higher APYs—2.7% with Plus and 3.7% with Premier.
Bluevine Business Checking pros and cons
Pros:
- No minimum deposit or balance requirements
- Impressive high-yield interest rates (up to 3.7% APY with premium plans)
- $3 million in FDIC insurance coverage—12 times the standard amount
- Ability to create multiple sub-accounts for budgeting
- Unlimited fee-free transactions
- Free standard ACH transfers and incoming wire transfers
Cons:
- Cash deposits incur fees ($4.95 through Green Dot) and have limits ($7,500 per month)
- Limited to four employee debit cards per account
- No joint account options for business partners
- No weekend customer support available
Bluevine Business Checking pricing
Bluevine offers three distinct business checking plans:
| Plan Feature | Standard | Plus | Premier |
|---|---|---|---|
| Monthly fee | $0 | $30 (waivable) | $95 (waivable) |
| APY | 1.5% | 2.7% | 3.7% |
| Balance cap for APY | $250K | $250K | $3M |
| Sub-accounts | Up to 5 | Up to 10 | Up to 20 |
| Free checkbooks/year | 1 | 2 | 3 |
The Plus fee is waivable with a $20,000 average daily balance and $2,000 monthly card spend. Similarly, the Premier fee can be waived with a $100,000 average daily balance and $5,000 monthly card spend.
Who Bluevine Business Checking is best for
Bluevine shines as an ideal choice for several business types:
Small businesses seeking higher returns on their operating capital will benefit from Bluevine’s impressive interest rates—over 15x the national average.
Digital-first businesses that rarely handle cash will find the online-only platform convenient and feature-rich.
Businesses with substantial cash reserves can take advantage of the expanded $3 million FDIC insurance coverage.
Companies needing organized financial management will appreciate the sub-account features and automatic transfer rules.
Conversely, businesses that frequently deposit cash, require weekend banking support, or need joint account access should explore other options. Likewise, companies needing more than four employee debit cards may find Bluevine’s limitations restrictive.
Chase Business Complete Banking®
Chase stands out as a banking giant with over 4,700 branches and 16,000 ATMs nationwide, making it an excellent choice for businesses that value physical banking locations alongside digital tools. Chase Business Complete Banking® delivers essential services for small businesses seeking both in-person and online banking options.
Chase Business Complete Banking® features
Chase Business Complete Banking provides several notable features for small business owners:
Built-in card acceptance – Process credit card payments through Chase QuickAccept in the mobile app and receive funds the same day at no additional cost.
Fraud protection services – Protect cash flow with check monitoring, payment limits, and account alerts to track account changes.
Multiple banking channels – Access your account through Chase Business Online, the Chase Mobile app, or visit any of the 4,700 physical branches.
Transaction flexibility – Enjoy unlimited electronic deposits and debit card purchases with no fees.
Employee card access – Request multiple associate debit cards for business partners and employees, each with customizable daily limits.
Chase Business Complete Banking® pros and cons
Pros:
- Extensive ATM network with over 16,000 Chase ATMs nationwide
- Up to $5,000 in fee-free cash deposits per statement cycle
- Multiple debit cards with separate PINs for business partners
- Same-day deposits from card payments at no extra cost
- 24/7 customer support accessibility
Cons:
- $15 monthly service fee unless waived through qualifying activities
- Limited to 20 free teller and paper transactions per month
- No interest earned on account balances
- $3 fee for withdrawals at non-Chase ATMs
Chase Business Complete Banking® pricing
Chase Business Complete Banking comes with straightforward pricing:
| Fee Type | Amount | Notes |
|---|---|---|
| Monthly maintenance | $15 | Waivable through qualifying activities |
| Minimum opening deposit | $0 | No minimum required to open |
| Cash deposits | $0 | Free for first $5,000 per cycle |
| Paper transactions | $0 | Free for first 20 per month ($0.40 each after) |
| Outgoing wire transfer | Variable | Fees apply based on transfer type |
The $15 monthly fee can be waived through several methods, including maintaining a $2,000 minimum daily balance, making $2,000 in purchases on Chase Ink Business cards, or processing $2,000 in QuickAccept deposits.
Who Chase Business Complete Banking® is best for
This account is particularly suitable for:
Small businesses requiring both physical and digital banking options, especially those with employees who need branch access.
Companies making moderate cash deposits, as the account allows up to $5,000 in free cash deposits monthly.
Business owners wanting integrated payment processing without a separate merchant account, as QuickAccept is built directly into the mobile banking app.
Organizations needing multiple debit cards for different partners or employees, as Chase allows for separate cards with individualized daily limits.
Businesses that can maintain a $2,000 minimum balance or meet other requirements to avoid the monthly fee.
Overall, Chase Business Complete Banking serves as an excellent middle-ground option for businesses transitioning from cash-heavy operations to digital banking while still valuing physical branch access.
Grasshopper Innovator Business Checking
Grasshopper Innovator Business Checking stands out in the crowded digital banking marketplace with its impressive interest rates and cash-back rewards. As a digital-first bank that launched in 2019, Grasshopper caters specifically to small businesses and startups with a feature-packed checking account.
Grasshopper Innovator Business Checking features
The Innovator Business Checking account offers several compelling features:
Tiered interest structure – Earn 1.00% APY on balances up to $25,000 and above $250,000, with a higher 1.80% APY on balances between $25,000 and $250,000.
Cash back rewards – Receive 1% unlimited cash back on qualifying debit card purchases when maintaining a $10,000 average monthly balance.
No transaction limits – Enjoy unlimited transactions with no caps or fees.
Mobile check deposits – Deposit checks instantly through the mobile app without visiting a branch.
Free integrations – Connects with Plaid, Autobooks, and QuickBooks Online at no additional cost.
Fee-free ATM access – Use over 45,000 MoneyPass and SUM ATMs nationwide without fees.
Grasshopper Innovator Business Checking pros and cons
Pros:
- No monthly maintenance fees or minimum balance requirements after opening
- High-yield interest rates compared to traditional banks
- Unlimited cash back on debit card purchases
- Enhanced FDIC insurance available up to $125 million
- Expert support for startups raising capital
Cons:
- No cash deposit capabilities
- $100 minimum opening deposit requirement
- Customer service unavailable on weekends
- No physical branches for in-person banking
Grasshopper Innovator Business Checking pricing
Grasshopper maintains transparent, minimal fees:
| Service | Fee |
|---|---|
| Monthly maintenance | $0 |
| Minimum opening deposit | $100 |
| ACH transfers | <citation index=”42″ link=”https://www.grasshopper.bank/innovator-business-checking-fee-schedule/” similar_text=”General Account Services |
| Incoming domestic wires | $0 [171] |
| Outgoing domestic wires | <citation index=”42″ link=”https://www.grasshopper.bank/innovator-business-checking-fee-schedule/” similar_text=”General Account Services |
| Incoming international wires | <citation index=”42″ link=”https://www.grasshopper.bank/innovator-business-checking-fee-schedule/” similar_text=”Physical Debit Card Replacement |
| Outgoing international wires | <citation index=”42″ link=”https://www.grasshopper.bank/innovator-business-checking-fee-schedule/” similar_text=”General Account Services |
| Stop payment | $25 each [171] |
Who Grasshopper Innovator Business Checking is best for
This account works best for:
Small business owners seeking interest-bearing checking without fees, particularly those maintaining balances between $25,000-$250,000 to maximize the 1.80% APY.
Startup founders looking for specialized support, as Grasshopper offers expert help with investor opportunities, pitch presentations, and accelerator program applications.
Digital-first businesses comfortable with online-only banking that rarely or never handle cash transactions.
Entrepreneurs wanting to bundle banking services, since Grasshopper also offers a high-yield money market savings account with rates up to 3.55% APY.
However, businesses in certain industries (adult entertainment, gambling, illegal substances, virtual currency, weapons) are ineligible for accounts.
Axos Basic Business Checking
As a digital-first financial institution, Axos Bank offers a Basic Business Checking account that eliminates traditional banking fees while maintaining comprehensive features. Founded as an online bank, Axos provides streamlined services designed for modern business owners who prefer managing finances digitally.
Axos Basic Business Checking features
Axos Basic Business Checking delivers several standout capabilities:
Fee-free structure – Enjoy banking without monthly maintenance fees or minimum balance requirements.
Unlimited transactions – Process as many transactions as needed without incurring extra charges.
ATM reimbursements – Receive unlimited domestic ATM fee reimbursements, allowing cash withdrawals from any ATM nationwide.
Wire transfer benefits – Get two reimbursed domestic wire fees each month, reducing costs for businesses that frequently transfer funds.
Remote deposit – Deposit up to 60 items monthly via Remote Deposit Anywhere, with additional deposits available at $0.50 per item.
QuickBooks compatibility – Sync your account automatically with QuickBooks to streamline bookkeeping and accounting tasks.
Axos Basic Business Checking pros and cons
Pros:
- No monthly maintenance fees whatsoever
- No minimum balance requirements after opening
- Unlimited domestic ATM fee reimbursements
- Two free domestic wire transfers monthly
- Unlimited transactions with no caps
Cons:
- $200 early closure fee if account is closed within 180 days
- Limited third-party app integrations beyond QuickBooks
- Mobile banking app receives mediocre reviews, particularly from Android users
- No physical branches for in-person banking
- Cash deposits limited to MoneyPass and AllPoint networks
Axos Basic Business Checking pricing
| Fee Type | Amount |
|---|---|
| Monthly maintenance | $0 |
| [Minimum opening deposit | $0](https://www.axosbank.com/business/business-checking-accounts/basic-business-checking) |
| Early account closure | Up to $200 (if closed within 180 days) |
| Remote deposits | Free for first 60 items/month, then $0.50 each |
| Domestic wire reimbursements | First two per month free |
Who Axos Basic Business Checking is best for
This account serves as an excellent choice for:
Business owners seeking simplicity without fees, as the account has no monthly maintenance charges or minimum balance requirements.
Digital-focused entrepreneurs comfortable with online banking who don’t require frequent cash deposits or in-person services.
Businesses that frequently use ATMs, since Axos provides unlimited domestic ATM fee reimbursements regardless of location.
Small businesses looking to separate personal and business finances for security, credit-building, and tax purposes.
Furthermore, Axos works exceptionally well for eCommerce merchants and businesses that operate primarily online due to its 24/7 digital accessibility.
Despite its benefits, businesses handling large amounts of cash or requiring regular in-person banking assistance should consider other options, as Axos lacks physical branch locations.
NBKC Business Account
NBKC Bank takes a refreshingly straightforward approach to business banking with its zero-fee philosophy. Originally established in Kansas City, this online-focused bank has made simplicity its defining characteristic in a complicated financial world.
NBKC Business Account features
The NBKC Business Account delivers several standout capabilities:
Fee-free foundation – Enjoy no monthly maintenance fees, no minimum balance requirements, and no fees for countless standard services including overdrafts and incoming domestic wires.
ATM accessibility – Access over 37,000 MoneyPass ATMs nationwide with no fees, plus receive up to $12 monthly in automatic rebates for fees charged by out-of-network ATMs.
Cash-friendly services – Unlike many online banks, NBKC allows unlimited fee-free cash deposits at compatible MoneyPass ATMs with no monthly limits.
Mobile banking – Deposit checks through the NBKC mobile app, rated 4.4/5 on Apple Store and 4.1/5 on Google Play.
Optional add-ons – Access desktop deposits, ACH transfers for payroll and vendor payments, and fraud management tools for additional monthly fees.
NBKC Business Account pros and cons
Pros:
- No monthly fees or minimum balance requirements
- Unlimited free transactions with no caps
- Up to $12 monthly in ATM fee rebates
- Unlimited fee-free cash deposits
- No overdraft or NSF fees
Cons:
- Physical branches limited to Kansas City area
- Outgoing wire transfers cost $5 each
- International wire transfers cost $45 each
- Business loans only available in Kansas City
- Limited weekend customer support
NBKC Business Account pricing
| Service | Fee |
|---|---|
| Monthly maintenance | $0 |
| Minimum opening deposit | $0 |
| Basic account services | $0 |
| ACH credits and debits | $15/month |
| Desktop deposit | $15/month |
| Business fraud tools | $5/month |
| Outgoing domestic wires | $5 each |
| International wires | $45 each |
Who NBKC Business Account is best for
This account works exceptionally well for:
Small businesses prioritizing minimal fees, particularly those concerned about unexpected charges eating into profits.
Online-focused enterprises that occasionally handle cash, as NBKC offers unlimited fee-free cash deposits while maintaining an online-first approach.
Entrepreneurs seeking treasury management solutions, as NBKC offers optional features like ACH credits for vendor payments, payroll processing, and fraud management tools.
Businesses using ATMs frequently across various networks, benefiting from both fee-free MoneyPass access and monthly rebates for other ATMs.
Nonetheless, businesses requiring extensive in-person banking services or those seeking built-in interest earnings should consider alternatives, as NBKC’s physical presence is limited and its business checking doesn’t pay interest.
Capital One Enhanced Business Checking
For businesses requiring robust cash management features, Capital One Enhanced Business Checking delivers premium services with transparent fee structures and expanded capabilities beyond basic account offerings.
Capital One Enhanced Business Checking features
Capital One Enhanced Business Checking comes equipped with several business-friendly features:
Free wire transfers – Incoming domestic wires are free, plus the first five outgoing domestic wires each month incur no fees.
No-fee digital transactions – Conduct unlimited free digital transactions including mobile deposits, ACH payments, and select online bill pay options.
Expanded account access – Access funds at over 70,000 fee-free ATMs across Capital One, MoneyPass® and Allpoint® networks nationwide.
Free overdraft protection – Link to a Capital One Business deposit account for automatic overdraft coverage at no additional cost.
Additional accounts – Receive up to two Basic Checking accounts with no monthly service fees as long as the Enhanced account remains open and in good standing.
Capital One Enhanced Business Checking pros and cons
Pros:
- Extensive fee-free ATM network with 70,000+ locations
- No limit on cash deposits with no fees
- Five free outgoing domestic wire transfers monthly
- Free incoming domestic wire transfers
- Two complimentary Basic Checking accounts included
Cons:
- Relatively high monthly maintenance fee of $35
- Substantial $25,000 minimum balance required to waive monthly fee
- No interest earned on account balances
- Limited physical branch locations (fewer than 300 nationwide)
- Designed for businesses with cash deposits under $40,000 per month
Capital One Enhanced Business Checking pricing
| Fee Type | Amount | Notes |
|---|---|---|
| Monthly maintenance | $35 | Waivable with $25,000 minimum 30 or 90-day average balance |
| Minimum opening deposit | $250 | Required to establish account |
| Wire transfers (incoming) | $0 | All incoming domestic wires are free |
| Wire transfers (outgoing) | $0 | First five outgoing domestic wires free per month |
| International wire transfers | Up to $50 | Fee varies based on transfer type |
Who Capital One Enhanced Business Checking is best for
This account is primarily suited for growing businesses with higher transaction volumes that can maintain substantial account balances. Accordingly, businesses regularly sending or receiving wire transfers will benefit from the free wire transfer allowances.
Furthermore, companies managing multiple financial accounts may appreciate the inclusion of two free Basic Checking accounts, essentially saving $30 monthly in potential fees.
Essentially, organizations that can consistently maintain the $25,000 minimum balance requirement to waive the monthly fee will extract maximum value from this account.
Bank of America Business Advantage Fundamentals™
Bank of America combines traditional banking stability with modern digital tools in its Business Advantage Fundamentals™ account, offering a blend of physical branches and online capabilities for small business owners.
Bank of America Business Advantage Fundamentals™ features
The Business Advantage Fundamentals™ account includes several noteworthy features:
Digital management tools – Access Cash Flow Monitor and Business Advantage 360 online platform to track credits, debits and get cash flow projections.
App integrations – Connect with third-party applications including ADP, QuickBooks Online, Google Workspace, Google Analytics, Expensify, and TurboTax.
Transaction flexibility – Electronic transactions including ACH transactions, debit card transactions, and mobile check deposits don’t count toward monthly transaction limits.
Zelle for business – Send, request, and receive money using the recipient’s email address or U.S. mobile number.
Bank of America Business Advantage Fundamentals™ pros and cons
Pros:
- No monthly fee for the first 12 months
- Multiple ways to waive the monthly fee thereafter
- Electronic transactions don’t count toward monthly transaction limits
- Access to Small Business Specialists for guidance
- Preferred Rewards program with additional benefits
Cons:
- $16 monthly fee after promotional period
- Limited to 20 free non-electronic transactions monthly
- $5,000 cash deposit limit before fees apply
- Requires $100 minimum opening deposit
- Lower interest rates compared to online-only banks
Bank of America Business Advantage Fundamentals™ pricing
| Fee Type | Amount | Notes |
|---|---|---|
| Monthly maintenance | $0 for 12 months, then $16 | Waivable through qualifying activities |
| Minimum opening deposit | $100 | Required to establish account |
| Cash deposits | Free up to $5,000 | <citation index=”21″ link=”https://www.bankofamerica.com/smallbusiness/deposits/resources/fees-at-a-glance/” similar_text=”Business Advantage Fundamentals™ Banking Fee Type |
| Transaction fees | First 20 free | <citation index=”21″ link=”https://www.bankofamerica.com/smallbusiness/deposits/resources/fees-at-a-glance/” similar_text=”Business Advantage Fundamentals™ Banking Fee Type |
The $16 monthly fee can be waived by: maintaining a $5,000 combined average monthly balance, making $500 in new net qualified debit card purchases, or enrolling in Preferred Rewards for Business.
Who Bank of America Business Advantage Fundamentals™ is best for
This account works well for small businesses that:
Want traditional banking with physical branches yet value modern digital tools.
Moreover, companies that primarily use electronic transactions benefit from unlimited free electronic deposits and payments.
First-time business owners will appreciate the initial 12-month fee waiver period and access to dedicated small business specialists.
Consequently, the account suits businesses that can maintain the $5,000 balance requirement or regularly use their business debit card to avoid the monthly fee.
U.S. Bank Business Essentials
U.S. Bank recently launched its innovative Business Essentials® account, combining checking capabilities with payment processing in a single streamlined solution. This all-in-one approach aims to simplify banking for small business owners seeking integrated financial tools.
U.S. Bank Business Essentials features
U.S. Bank Business Essentials offers several standout features:
Integrated payment processing – Accept card payments with free same-day access to funds, including weekends, plus receive a free mobile card reader.
Fee-free checking – No monthly maintenance fee with unlimited digital transactions.
Transaction flexibility – Enjoy unlimited electronic deposits, withdrawals, ATM transactions, and debit card purchases at no cost.
Simplified dashboard – Manage money movement within one digital interface.
Software integration – Connect your accounting and budget management software directly to your account.
Fraud prevention tools – Access built-in security features to protect your business finances.
U.S. Bank Business Essentials pros and cons
Pros:
- No monthly maintenance fee
- Unlimited digital transactions
- Free mobile card reader for payment processing
- Same-day access to processed payments
- Single application and streamlined onboarding
Cons:
- Limited to 25 free teller and paper transactions per statement cycle
- Cash deposits limited to 25 units per cycle before fees apply
- $1.00 fee for outgoing digital ACH transfers
- High wire transfer fees ($30-$40 domestic, $75 international)
- $36 overdraft fee (up to three times daily)
U.S. Bank Business Essentials pricing
| Service | Fee |
|---|---|
| Monthly maintenance | $0 |
| Minimum opening deposit | $100 |
| Digital transactions | Free |
| Paper/teller transactions | 25 free/cycle, then $0.50 each |
| Cash deposits | 25 units/cycle, then $0.33 per $100 |
| Outgoing ACH transfers | $1.00 each |
Who U.S. Bank Business Essentials is best for
In essence, this account suits small businesses seeking integrated payment solutions within their banking platform. According to a U.S. Bank survey, 80% of small business owners prefer service providers who bundle digital banking, payments, and operations tools.
The account works particularly well for new or smaller businesses with primarily digital transactions who want to avoid monthly fees. Besides, entrepreneurs who value simplified money management will appreciate the single integrated interface.
Furthermore, businesses with minimal paper transactions and cash deposits will maximize value from this account, as exceeding the monthly limits incurs additional fees.
Comparison Table
| Bank Account | Monthly Fee | Minimum Opening Deposit | APY | ATM Access | Cash Deposits | Notable Features |
|---|---|---|---|---|---|---|
| American Express Business Checking | $0 | $0 | 1.30% up to $500K | 70,000+ Allpoint & MoneyPass ATMs | Not available | 1 point per $2 on debit purchases |
| Bluevine Business Checking | $0 | Not mentioned | 1.5% up to $250K (Standard) | 37,000+ MoneyPass ATMs | $4.95 via Green Dot ($7,500/month limit) | Up to 3.7% APY with premium plans |
| Chase Business Complete Banking® | $15 (waivable) | $0 | No interest | 16,000+ Chase ATMs | Free up to $5,000/cycle | Same-day card payment processing |
| Grasshopper Innovator Business Checking | $0 | $100 | 1.80% ($25K-$250K) | 45,000+ MoneyPass & SUM ATMs | Not available | 1% cash back on debit purchases |
| Axos Basic Business Checking | $0 | $0 | Not mentioned | Unlimited ATM fee reimbursements | Limited to MoneyPass/AllPoint | Two free domestic wires monthly |
| NBKC Business Account | $0 | $0 | Not mentioned | 37,000+ MoneyPass ATMs + $12 monthly rebates | Unlimited free at MoneyPass ATMs | No overdraft fees |
| Capital One Enhanced Business Checking | $35 (waivable) | $250 | No interest | 70,000+ ATMs (Capital One, MoneyPass, Allpoint) | Unlimited free | Five free wires monthly |
| Bank of America Business Advantage Fundamentals™ | $16 (waivable) | $100 | Not mentioned | BofA network | Free up to $5,000/month | First 12 months fee-free |
| U.S. Bank Business Essentials | $0 | $100 | Not mentioned | U.S. Bank network | 25 units/cycle free | Free payment processing tools |
Conclusion
Choosing the right business bank account undoubtedly makes a significant difference in your company’s financial health. After researching hundreds of options, these nine accounts stand out for their ability to actually save your business money through various means. Grasshopper leads the pack with its impressive 1.80% APY, while American Express and Bluevine follow closely with their competitive 1.30% and 1.50% rates respectively.
Fee structures also deserve careful consideration. Notably, five of these accounts charge zero monthly maintenance fees regardless of your balance, essentially putting money back into your business operations rather than bank coffers. Chase and Bank of America offer multiple ways to waive their fees, making them accessible for businesses that meet certain criteria.
Your specific business needs should ultimately determine which account works best. Digital-first operations might benefit from online-only options like Bluevine or Axos, whereas cash-heavy businesses would find better value with Chase or Capital One. Similarly, businesses requiring frequent wire transfers would appreciate NBKC’s straightforward pricing or Capital One’s free wire allowances.
Remember that the highest interest rate doesn’t always equal the best account. Instead, look at the complete package – ATM access, transaction limits, cash deposit capabilities, and additional perks like cash back rewards or QuickBooks integration. The perfect account balances these features against your actual business activities.
I’ve found through years of financial research that most businesses leave money on the table by sticking with basic, low-yield accounts when better options exist. Take time to evaluate these alternatives against your specific needs, and you’ll likely discover significant savings potential that directly impacts your bottom line in 2025 and beyond.
FAQs
Q1. What features should I look for in a small business bank account? Look for accounts with low or no monthly fees, high interest rates, free transactions, ATM access, and digital banking tools. Consider your specific needs like cash deposits, wire transfers, and integrations with accounting software.
Q2. How can I avoid monthly fees on a business checking account? Many banks offer ways to waive monthly fees, such as maintaining a minimum balance, meeting transaction requirements, or using additional bank services. Some online-only banks like Bluevine and Axos offer accounts with no monthly fees at all.
Q3. Are online-only business bank accounts safe? Yes, reputable online banks are typically FDIC-insured and use advanced security measures. However, ensure you choose a known institution and practice good digital security habits like using strong passwords and two-factor authentication.
Q4. Can I earn interest on my business checking account? Some business checking accounts do offer interest, particularly online banks. For example, Grasshopper offers up to 1.80% APY, while American Express and Bluevine offer 1.30% and 1.50% respectively on certain balances.
Q5. How many bank accounts should a small business have? Most experts recommend at least three accounts: one for income, one for expenses, and one for savings or taxes. However, the ideal number can vary based on your business structure and financial management needs.
Leave a Reply