13 Best Small Business Checking Accounts 2019

13 Best Small Business Checking Accounts 2019 12/5/19, 3)24 AM
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13 Best Small Business Checking

Accounts 2019
By Jordan Tarver on November 29, 2019 | Buyers Guide, Financing | Comments (88)
The best small business checking accounts make it easy for owners to avoid a monthly
maintenance fee by setting low minimum balance requirements. They also allow
hundreds of free monthly transactions and cash deposits. The best business checking
account for you may come from an online bank—or one that operates thousands of
branches.
Fit Small Business Uses Bank of America

Fit Small Business has used Bank of America for its business checking for six years.
New clients will qualify for a cash bonus of $450 when they open a small business
checking account, set up bill pay, and use a small business Bank of America credit card.
Visit Bank of America
Chase Bank: Overall Best Small Business

Bank Account
Chase Bank operates nearly 5,000 branches, 16,000 ATMs, an easy-to-use website, and
https://fitsmallbusiness.com/best-small-business-checking-account/ Page 1 of 56
a great mobile app, making it an excellent option whether your small business relies on
a physical location or does most of its banking online. It o"ers a competitive fee
structure, unlimited cash deposits, and you can open an account with no minimum
deposit. First-time Chase Total Business Checking account holders can receive a $200
bonus for opening a new account.
Visit Chase Bank
Top 13 Small Business Checking Accounts

December 2019
Best Bank for Small
Best for
Business
Chase Bank (Best overall) Free checking with low monthly deposits
Bank of America Brick-and-mortar banking, reasonable fees, and an

introductory bonus of up to $450
Capital One Low-cost checking with unlimited transactions
U.S. Bank Low transaction volume
PNC Bank Free introductory checking for three months
TIAA Bank Online-only banking with an account that earns interest
Wells Fargo Flexibility when upgrading account services as a company

grows
Azlo Avoiding all banking fees
First Internet Bank Opening multiple accounts
BBVA Compass Sole proprietors operating in the Southern or Southwestern

United States
Citizens Bank East Coast businesses with limited transaction needs
TD Bank Businesses with significant Canadian operations
Comerica Bank Limited need for cash deposits
For more details on how we evaluate small business checking accounts for this list, see
our methodology.
Chase Bank: Best Overall Small Business

Checking Account
Chase Bank o"ers one of the largest networks of all business checking accounts, giving
you access to 16,000 ATMs and nearly 5,000 branches nationwide. Chase Total
Business Checking requires no minimum deposit to open an account, and your fees
could be as low as $0 if you have $500 in monthly deposits or a daily balance of at least
$1,500. The requirements to earn free checking are lower with Chase than with any
other best bank for small business. This is also our top pick for the best free business
checking account.
Who Chase Bank Is Best For

Chase Bank can o"er the best checking solution for any business with convenient
access to one of its branches or ATMs. Chase o"ers unlimited cash deposits—free up to
$5,000 in deposits each month—which makes it the best option for businesses that
make many cash deposits or that need a branch to conduct transactions. Plus, it o"ers
one of the best fee structures overall and checking solutions for businesses of all sizes.
Chase Bank Introductory Offer
First-time account holders can earn a $200 bonus when opening a Chase Total
Business Checking account. That’s a slightly smaller bonus than some other banks on
our list o"er.
To qualify, business owners will need to do the following:
Deposit $1,000 within 20 business days of account opening

Maintain a $1,000 average daily balance for 60 days
Make at least five qualifying transactions from the business checking account
within 60 days
Because the monthly fee is waived with a minimum daily balance of $1,500, you should
have no problem also receiving the bonus if you’re already able to get the fee waived.
Compare these requirements to Bank of America, which requires account holders to
make a minimum deposit, use a bank credit card, and pay bills online.
Chase Bank Fees

The Chase Total Business Checking account charges the following:
Monthly fee: $15; waived if you have a minimum daily balance of $1,500 or you
maintain a linked Chase Private Client Checking or Chase Sapphire Checking
personal account or $12 if you opt for paperless statements
Transaction fee: 40 cents per transaction after your first 100 transactions each
month made with a teller, incoming wires, and all debits; no charge for electronic
deposits and deposited items made via ATM, automated clearing house (ACH), and
Chase QuickDeposit
Cash deposit fees: $2.50 per $1,000 after the first $5,000 in cash deposited each
month
ATM fee: $2.50 per transaction at any non-Chase ATM in addition to ATM operator
fees, plus free access to more than 16,000 ATMs nationwide
Domestic incoming wires: $15 per transfer at a Chase branch or $0 if the transfer
was sent by using Chase.com or the mobile app
Domestic outgoing wires: $35 per transfer at a Chase branch or $25 per transfer
via Chase.com or Chase mobile
International incoming wires: $15 per transfer or $0 if the transfer was sent via a
Chase banker or by using Chase.com or the mobile app
International outgoing wires: $50 if a banker helps you send a wire; $40 if you
complete the transfer via Chase.com or the mobile app
Chase Bank o"ers one of the best fee structures among the best small business
checking accounts we’ve researched. This account keeps fees in check for small
businesses, helping owners get the solution they need without having to overpay for it.
Bank Network for Chase Bank

The Chase Total Business Checking account o"ers the best network when you take into
account its flexibility. Chase Bank has more than 16,000 ATMs where you can withdraw
cash and deposit checks. The bank also has nearly 5,000 branches in 29 states that
can help small business owners with any banking need they have.
Chase Bank Additional Features

According to Chase Bank reviews, Chase Total Business Checking account o"ers
excellent integrations with the leading accounting software like QuickBooks.
Additionally, Chase Bank o"ers a mobile finance app that lets business owners deposit
checks online, check their account balances, pay bills, and make transfers. In addition
to its checking account, business owners can also choose from several Chase business
credit cards.
What Chase Bank Is Missing

Chase Bank branches are typically found in major markets, so it may be hard to find a
Chase branch in smaller markets. Chase also limits free transactions to 100 per month.
Still, Chase o"ers the best small business checking account with a low monthly fee. It’s
easy to meet the requirements to waive that fee.
How to Open an Account With Chase Bank

You can apply for a business checking account with Chase directly on its website within
minutes to take advantage of its introductory o"er. You can also visit a local branch to
work directly with a business banker and apply for an account.
Visit Chase Bank
Bank of America: Best Bank for Small

Businesses for Cash Deposits
Bank of America o"ers a business checking account that is comparable to Chase

business checking. It is best for businesses that are near the more than 4,300 physical
branches and about 16,000 ATMs nationwide. Its network o"ers unique advantages like
your ability to make deposits directly at every ATM.
Who Bank of America Is Best For

Bank of America is a good fit for any business that makes significant monthly cash
deposits. Pay 30 cents per $100 after the first $7,500 each month. You’ll start paying
for cash deposits with Chase after $5,000 in deposits each month. If Bank of America is
more convenient for you than Chase, then we recommend going with Bank of America.
Bank of America Introductory Offer

Bank of America’s introductory o"ers include:
$100 if you deposit $1,000 within 60 days of opening your small business bank
account
$50 if you pay at least two bills through online bill pay within 60 days
$300 if you apply for and are approved for a Bank of America small business credit
card, and you make $3,000 in purchases within 90 days of account opening
The Bank of America Business Fundamentals account o"ers a $450 bonus for first-
time business checking account users. To qualify, you must meet certain minimum
initial deposits, pay bills online, and obtain a Bank of America business card.
Bank of America Fees

The Bank of America Business Fundamentals checking account charges the following:
Monthly fee: $14 to $18, depending on the state in which your business is based;
waived if you meet certain criteria
Transaction fee: 45 cents per transaction after the first 200 transactions each
month
Cash deposit fee: 30 cents per $100 after the first $7,500 each month
ATM fee: $2.50 per transaction on out-of-network ATMs, in addition to operator
fees, plus free access to more than 16,000 ATMs nationwide
Domestic incoming wires: Fees vary; see your banker
Domestic outgoing wires: Fees vary
International incoming wires: Fees vary
International outgoing wires: Fees vary
Bank of America’s fees are comparable to most other large banks o"ering business
checking accounts. It isn’t the most a"ordable, but its fee structure isn’t a deal-breaker,
either. Even though the monthly fee may be higher than Chase, Bank of America gives
you plenty of opportunities to get your monthly fee waived. Most businesses will be
able to put $250 of their monthly expenses on their debit card, which will make the
business checking free.
Ways you can get your Bank of America monthly fee waived include:
Spend $250 on net purchases with your Bank of America business debit or credit
card
Maintain an average monthly balance of $5,000 or more
Maintain a minimum daily balance of $3,000 for every day during the month
Maintain a combined average monthly balance of $15,000 or more in your linked
Bank of America accounts
Bank of America Bank Network

The Bank of America Business Fundamentals checking account has a comparable
network to Chase. Bank of America has more than 16,000 ATMs across the nation, all of
which have full capabilities for deposits and withdrawals. Bank of America also has
more than 4,300 branches, slightly fewer than Chase Bank operates.
Bank of America Additional Features

The Bank of America Business Fundamentals account can integrate with accounting
companies like FreshBooks. Bank of America also has a mobile app that can be used to
deposit checks, watch accounts, make transfers, and pay bills. These features are
similar to what Chase o"ers its small business checking account holders.
What Bank of America Is Missing

Bank of America has a giant branch network but, like the other biggest banks on our
list, it doesn’t have a footprint in all states, according to Bank of America reviews. There
are 13 states with no Bank of America branch, most of which are in the South and
Midwest. Still, Bank of America has the best small business checking account if you
deposit up to $7,500 in cash monthly.
How to Open a Business Account With Bank of

America
You can apply for a Bank of America business checking account online through its
website. Once you fill out the online application, you may need to email or fax additional
materials, which can take three to five days. Once Bank of America receives your
signature card, you’ll be approved to use your business checking account.
Visit Bank of America
Capital One: Best Checking Account for

Unlimited Transactions
Capital One o"ers a low-cost business checking account—a $15 monthly fee—that’s
best for owners who make many transactions per month as there is no transaction fee.
Although it o"ers a network of more than 39,000 ATMs nationwide, Capital One has
around 750 physical branch locations across eight states—far fewer than other large
banks on our list.
Who Capital One Is Best For

Capital One Spark Business Basic Checking is a great fit for businesses that need a low-
cost checking account. You’ll pay $15 a month with several options to waive that fee,
and there are no transaction fees. Ecommerce or online-based businesses may favor
this account since deposits can be made electronically.
Capital One Introductory Offer

You may be targeted for a $100 or higher bonus based on the market in which your
business operates, but you must visit a branch to apply. Branches are located in
Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and
Washington, D.C.
Capital One Fees

The Capital One Spark Business Basic Checking account charges the following:
Monthly fee: $15; waived if you maintain a $2,000 minimum 30- or 90-day
average balance or if you have two other Capital One accounts
Transaction fee: None
Cash deposit fee: $0 for the first $5,000 in monthly deposits; $1 for every $1,000
deposited after that
ATM fee: Free access to more than 39,000 Allpoint ATMs nationwide
Domestic incoming wires: $15
Domestic outgoing wires: $25
International incoming wires: $15
International outgoing wires: $40
Capital One charges no monthly fees if you maintain a balance of $2,000, and it allows
for an unlimited number of monthly transactions. Other banks o"er a limited number of
free transactions. PNC Bank, for example, charges 50 cents per transaction after the
first 150 transactions each month.
Capital One Bank Network

The Capital One Spark Basic Business Checking account has the largest overall
network, but the fewest physical branch locations. Capital One boasts more than
39,000 in-network ATMs that don’t charge a service fee, but it only has around 2,000
ATMs that accept deposits. Plus, Capital One only has about 750 national branches,
which is fewer than other big banks.
Capital One Additional Features
The Capital One Spark Basic Business Checking account can integrate with top
accounting software like Xero. Capital One also has a mobile app that a business owner
can use to deposit checks, track their accounts, pay bills, and make transfers. What’s
more, business owners who want to open a credit card and checking account with the
same bank can apply for a Capital One business credit card.
What Capital One Is Missing

If you aren’t comfortable handling most or all of your banking online, Capital One
reviews indicate this may not be the right provider for you if you’re not located near a
physical branch. The bank’s branch network is small—eight states—compared with
other big banks. Capital One has the best business bank account for unlimited
transactions and o"ers access to a vast network of ATMs.
How to Open an Account With Capital One

Capital One currently requires a branch visit to complete an application. Online, it o"ers
handy information for what you’ll need to bring when you apply, including the legal
name of your business, your tax ID number, ownership structure, number of employees,
percent of ownership, and annual gross revenue.
Visit Capital One
U.S. Bank: Best Small Business Checking

Account for Limited Transactions
U.S. Bank’s free business checking option, the Silver Business Checking package, is
best for businesses looking for a free account that make fewer than 150 transactions
per month. Few banks on our list o"er a fee-free option with no requirements. U.S. Bank
o"ers an extensive network of more than 3,000 physical branch locations and more
than 5,000 ATMs in 28 states.
Who U.S. Bank Is Best For

U.S. Bank is one of the best banks for small businesses for owners that make fewer
than 150 transactions a month as you’ll pay 50 cents per transaction after that.
Compare that to Bank of America, which o"ers 200 free transactions. U.S. Bank also is
a good fit if its branches and ATMs are geographically convenient to your business.
U.S. Bank Introductory Offer

U.S. Bank o"ers a 50% discount on your first check order up to $50, regardless of how
long it takes you to order your first checks. It also o"ers the following introductory
o"ers for business checking account holders:
50% discount for you on a U.S. Bank Gold Personal Package checking account
An undisclosed bonus rate on a U.S. Bank Platinum Business Money Market
account
These o"ers aren’t nearly as lucrative as what other banks o"er. Bank of America, for
example, o"ers a $450 bonus on its Bank of America Business Fundamentals account
for first-time business checking account users.
U.S. Bank Fees

The U.S. Bank Silver Business Checking account charges the following:
Monthly fee: None

month
Cash deposit fee: No fee on the first $2,500 in cash deposits each month
ATM fee: No charge for out-of-network ATMs, although operator fees apply, plus
free access to more than 3,200 ATMs nationwide and free withdrawals from
25,000-plus MoneyPass ATMs
U.S. Bank reviews show the bank o"ers a very competitive fee structure for all of its
business checking account options, but the free business checking it o"ers tops all of
the banks with branches in multiple states. Chase, for example, doesn’t o"er a totally
free checking account as you have to meet deposit requirements to earn a waived
monthly fee.
Bank Network for U.S. Bank

U.S. Bank has a large network nationwide, but it’s not as big as Chase or Bank of
America. U.S. Bank has 3,000-plus physical branch locations and more than 5,000
ATMs for you to access for either withdrawals or deposits. U.S. Bank also has free
access to the MoneyPass ATM network, which gives its business account holders free
ATM withdrawal access at 25,000-plus ATMs nationwide.
U.S. Bank Additional Features

U.S. Bank o"ers the following features for business checking account holders:
Access to ADP Payroll: Get direct access from your bank account dashboard
Access to Viewpost: Take advantage of digital invoicing and payment systems,
which are integrated into your online dashboard
Mobile app: Oversee all of your accounts, move money between accounts and
deposit checks online
Like U.S. Bank, Comerica Bank also o"ers payroll processing. Most banks, including
Chase and Bank of America, o"er mobile apps that allow for remote check deposits.
What U.S. Bank Is Missing

U.S. Bank limits free accounts to minimal monthly activity, so if you need to make more
than 150 transactions per month, look to another account like the Bank of America
small business checking. It also doesn’t disclose its fee for additional cash deposits
before you go through the application process, so be sure to ask as you go through the
application process.
How to Open an Account With U.S. Bank
You cannot apply online for a U.S. Bank business checking account. You must contact a
U.S. Bank specialist via telephone or online form, or you can walk into any of its
nationwide branches.
Visit U.S. Bank
PNC Bank: Best Business Bank Account for

Introductory Savings
PNC Bank’s business checking account is best for small businesses looking for cost
savings in the first few months. You can open an account with as little as $100, and
PNC will waive your monthly maintenance for the first three months. While it doesn’t
have as many physical locations as other banks on this list with more than 2,400
branches in 21 states, its ATM network is 6,000 strong.
Who PNC Bank Is Best For

PNC Bank o"ers a competitive checking account that is a good fit for small businesses
that want an initial price break. You’ll pay nothing for the first three months, and then
$10 per month after that, although you can have the fee waived when you meet certain
conditions. It has a wide enough network to be competitive with each best bank for
small businesses on our list.
PNC Bank Introductory Offer

PNC introductory o"ers change regularly. The current o"er is $200 when you open a
PNC Business Checking account. This o"er is valid if you apply online or get a coupon to
apply at a branch. You must maintain minimum balances and debit card transactions to
qualify. That’s less than the $450 o"ered by Bank of America but matches the $200
bonus that Chase o"ers.
PNC Bank Fees

The PNC Business Checking account charges the following:
Monthly fee: $10 per month; waived when you meet certain conditions
month
Cash deposit fee: 25 cents per $100 deposited after $5,000 in monthly deposits
ATM fee: $3 out-of-network fee
Domestic incoming wires: $12.50
PNC Bank’s fees are very competitive with similar checking accounts from each best
bank for small business on our list, and it leads the way with larger businesses through
its Business Checking Plus account. The fees disclosed here are for introductory
business checking accounts and are comparable with other accounts covered in this
article.
PNC will waive the monthly fee for the first three months of your account being open.
No other bank on our list includes an introductory o"er like this.
After the introductory period expires, the bank will waive the monthly fee if you meet
one of three waiver requirements:
Maintain a linked PNC merchant services account and deposit at least $500 in
card payment proceeds into your PNC business banking account
Make $500 or more in purchases with your linked PNC business credit card
Maintain a minimum average monthly balance of $500
Bank Network for PNC Bank

PNC has a network of more than 2,400 physical bank locations in 21 states and
Washington, D.C., and 6,000-plus ATMs. It’s not as large as some of the other national
banks in this article, but it’s a good fit for large businesses that either primarily operate
in a single geographic location or online.
PNC Bank Additional Features

PNC Bank o"ers several additional features that are only available on the Business
Checking Plus account at $20 per month like cash flow insight for your receivables and
payables. It also o"ers every business checking account holder the ability to manage its
entire banking process online through its mobile banking app, including depositing
checks as well as free online bill pay. These features are similar to what you’ll find with
Bank of America and Chase.
What PNC Bank Is Missing

PNC Bank reviews agree that PNC o"ers a good small business checking account
option with low fees but has a smaller bank network than many banks on this list. If you
need access to physical bank branches and aren’t located in one of the 21 states plus
Washington, D.C., where PNC has branches, it may not be right for you. Still, the bank
o"ers a good small business checking account option with low fees.
How to Open an Account With PNC Bank

Applying for a PNC business checking account is a three-step process. First, you’ll fill
out an online form about you and your business. Second, a PNC Bank business banker
will call you directly. Third, you’ll physically go into a PNC Bank location to finish the
process. You can also bypass the first two steps by taking care of them inside a physical
branch location.
Visit PNC Bank
TIAA Bank: Best Small Business Checking

Account for Online Banking
Because it has no branch network, TIAA Bank is best for businesses that are
comfortable with online-only banking. Plus, you’ll receive an excellent introductory
interest o"er. You’ll pay few fees on this bank’s Small Business Checking Account and
earn 1.21% annual percentage yield (APY) for the first 12 months on deposits up to
$250,000. This is our top pick for the best online business checking account.
Who TIAA Bank Is Best For

TIAA Bank, formerly known as EverBank, is best for businesses that don’t need brick-
and-mortar service or to make numerous cash deposits. TIAA Bank operates several
branches in Florida but is primarily an online bank. It o"ers nationwide reimbursements
for ATM use if you maintain a minimum balance of at least $5,000.
TIAA Bank is an ideal bank for small business because it o"ers the same number of free
monthly transactions as Bank of America, but you don’t have to maintain account
minimums to earn free checking.
TIAA Bank Introductory Offer

TIAA Bank doesn’t o"er a standard introductory bonus. Instead, you’ll receive an
introductory APY for the first year after account opening. TIAA Bank pays 1.21% APY on
balances up to $250,000. This is the only account on our list that pays interest.
After your first year, you’ll earn the following:
0.20% APY on balances below $10,000

0.36% APY on balances between $10,000 and $24,999.99
0.61% APY on balances between $100,000 and $10 million
TIAA Bank Fees

A business bank account with TIAA Bank has the following costs:
Monthly fee: None

Transaction fee: 25 cents each after the first 200 transactions in a month
ATM fee: None, provides reimbursements if you maintain a balance of at least
$5,000
For balances of less than $5,000, TIAA Bank will reimburse up to $15 in ATM fees per
month. You can deposit up to 50 checks per month for free. If you need to make more
check deposits each month, the bank recommends a monthly remote deposit capture
service that costs $35. Because of these limitations, this account is best suited to
ecommerce businesses and companies that don’t handle many cash transactions.
TIAA Bank Network

TIAA Bank, which is based in Jacksonville, Florida, operates 14 branches, according to
the Federal Deposit Insurance Corporation (FDIC). It is primarily an online bank with no
in-network ATMs. Instead, TIAA Bank will reimburse account holders for all ATM fees as
long as they maintain an average daily account balance of at least $5,000. If you won’t
have a daily balance of $5,000 and need access to free ATMs, Azlo provides 55,000
fee-free ATMs.
TIAA Bank Additional Features

TIAA Bank reviews show the bank also o"ers money market accounts, certificates of
deposit (CDs), investment services online, and remote deposit capture. You also can
take advantage of payment processing services. Most of the other banks on our list
o"er similar accounts and services.
What TIAA Bank Is Missing

TIAA Bank doesn’t o"er many branches or in-network ATMs. This can prove di!cult for
businesses that rely on cash transactions. However, TIAA Bank will reimburse all ATM
fees if you maintain an average minimum daily account balance of at least $5,000.
How to Open an Account With TIAA Bank

You can open a TIAA Bank business checking account through its website. All the
required forms can also be completed online. Once your account is open, you can begin
earning 1.21% APY on deposits up to $250,000.
Visit TIAA Bank
Wells Fargo: Best Business Bank Account

for Scalability
Wells Fargo o"ers a small business bank account that’s best for businesses to grow
with because of the bank’s additional services. It has one of the largest networks with
more physical branches than each best bank for small business on our list at more than
5,600, and Wells Fargo’s Simple Business Checking account at $10 is less expensive
than what Chase o"ers.
Who Wells Fargo Is Best For

Wells Fargo can likely meet your needs regardless of the size of your business and,
because of the numerous additional financing and investment services that Wells Fargo
provides, it’s better than most other banks at helping growing businesses. You can
upgrade your business checking easily as your needs increase in both monthly
transactions and deposits.
Wells Fargo Introductory Offer

Wells Fargo occasionally o"ers in-branch bonuses for opening new business checking
accounts. See your nearest branch for details. The bank does not currently o"er a sign-
up bonus through its website. Many of the other banks on our list do, including Bank of
America, which o"ers up to $450 when you open a new account.
Wells Fargo Fees

The Wells Fargo Simple Business Checking account charges the following:
Monthly fee: $10 per month; waived if you maintain a $500 average daily balance
month
Cash deposit fee: 30 cents per $100 deposited after $3,000 in monthly deposits
ATM fee: $2.50 per withdrawal at out-of-network ATMs in addition to ATM
operator fees; however, there is no charge for using any of the 13,000-plus ATMs
in the Wells Fargo network
Its fees are not as competitive as others with its introductory business bank account.
However, its fee structure improves for larger businesses with upgraded business
checking accounts.
Wells Fargo Bank Network

The Wells Fargo banking network is competitive with both Chase and Bank of America
with more than 5,600 physical branch locations and 13,000-plus ATMs nationwide. It
has physical locations in 42 states and o"ers banking solutions to any business
nationwide.
Wells Fargo Additional Features

The Simple Business Checking account also includes these additional features:
Card Design Studio: Puts your business logo and tagline on your debit card
Wells Fargo mobile: You can manage your entire bank account from your mobile
phone
Zero liability protection: Wells Fargo reimburses you for any unauthorized debit
card or ATM transactions if you report them promptly
Like other banks on our list, Wells Fargo o"ers a robust mobile experience that includes
remote check deposits. No other bank on our list allows the debit card personalization
that Wells Fargo o"ers.
What Wells Fargo Is Missing

Wells Fargo reviews agree the Simple Business Checking account is fine for new
businesses that don’t need to make frequent transactions, but the account could
become costly for businesses that make more than $3,000 in cash deposits each
month. The bank’s other choices are Business Choice Checking, which allows $7,500 in
free deposits with a $14 monthly fee and Platinum Business Checking, which allows
$20,000 in deposits at a $40 fee.
How to Open a Business Account With Wells Fargo

You can apply for a Wells Fargo business checking account directly on the bank’s
website. You’ll also need to provide certain documents through the mail and make an
opening deposit. If you live in a state without a Wells Fargo branch, then you’ll have to
call its toll-free number at 800-416-8658 to apply.
Visit Wells Fargo
Azlo: Best Small Business Checking

Account for Avoiding Fees
Azlo is best for small business owners who hate paying checking account fees. It
charges no transaction, ATM, or monthly fees. Because the bank has no branches,
however, you can’t make cash deposits or outgoing wires.
Who Azlo Is Best For

Azlo is ideal for small business owners that operate a primarily cashless business.
Because you can’t make cash deposits, this isn’t a good account for someone who
owns a retail operation that deals with both cash and electronic transactions.
Azlo Introductory Offer

Azlo does not o"er a cash bonus or other incentive for opening a new small business
checking account. Many of the other banks on our list o"er sign-up bonuses, including
Chase, which o"ers new business checking account customers a $200 cash bonus.
Azlo Fees
The Azlo small business checking account charges the following:
Monthly fee: None

Transaction fee: None
Cash deposit fee: Cash deposits aren’t accepted
ATM fee: None at 55,000 BBVA Compass or Allpoint ATMs
Domestic incoming wires: None
Domestic outgoing wires: Outgoing wires not available
International incoming wires: None
International outgoing wires: Outgoing wires not available
This is potentially the cheapest small business checking account on our list. But it loses
some points because its level of service is less than other banks on our list. Most other
banks o"er outgoing wires and accept cash deposits. If your business is dependent on
cash transactions, this isn’t the right bank account for you. Consider a bank like Bank of
America, which allows up to $7,500 in cash deposits for free each month.
Azlo Bank Network

Azlo is an online-only subsidiary of BBVA, which has a very large digital bank network
but relatively few bank branches. Azlo customers bank exclusively online but do have
access to about 55,000 ATMs through Allpoint.
Azlo Additional Features

Azlo o"ers mobile deposits, free mobile banking, online banking, and bill pay. Account
holders get a free Azlo Visa debit card to use for transactions and at ATMs. Other banks
on our list o"er similar benefits to business checking account holders.
What Azlo Is Missing

Azlo o"ers access to a huge number of ATMs but no real branches. Even its parent
company, BBVA, only has about 670 branches spread across seven states, including
Texas. Azlo reviews indicate customers are also expected to handle banking
electronically, so conducting cash transactions can be di!cult. Even though it’s
a!liated with BBVA, you cannot use those branches for service. Most other banks on
our list have at least a small branch network.
How to Open an Account With Azlo

To set up an Azlo free business checking account, visit Azlo’s website. You can learn
more about its free business checking account as well as other options and services. If
you want to open an account, you can complete the entire process online through
Azlo’s website.
Visit Azlo
First Internet Bank: Best for Opening

Multiple Online Accounts
First Internet Bank is best for business owners who want to open a business savings
account at the same bank where they have their checking account. Its small business
checking account is free and pays 0.70% APY on balances of at least $10,000. What’s
more, the bank’s business savings account pays up to 1.36% APY based on your
account balance. However, it’s an online-only bank so that you won’t have access to
physical branch locations.
Who First Internet Bank Is Best For

First Internet Bank is best for businesses that don’t need to visit physical branch
locations and want to open multiple accounts. This online-only bank o"ers a business
checking account that pays 0.70% APY on balances of at least $10,000 and a business
savings account that pays up to 1.36% APY. Additionally, through its small business
checking account, you can make unlimited transactions while paying no monthly
account fee.
First Internet Bank Introductory Offer

First Internet Bank doesn’t o"er an introductory bonus like other banks on our list,
including Chase Bank and Bank of America. However, it does pay 0.70% APY on
balances of at least $10,000 from the second you open your account.
First Internet Bank Fees

A First Internet Bank business checking account has costs including:
Monthly fee: None

Transaction Fee: None, allows for unlimited transactions
ATM fee: None
Outgoing wire transfer fee (domestic): $20
Outgoing wire transfer fee (international): $50
Incoming transfers: $15
Stop payment fee: $30
When you open an account with First Internet Bank, you’ll pay no monthly fee. There is
also no minimum balance requirement to maintain the account. Unlike most banks on
our list, First Internet Bank o"ers unlimited transactions every month.
Bank Network for First Internet Bank

First Internet Bank is an online-only bank. This means it doesn’t o"er physical branch
locations, which doesn’t make it a good choice for businesses that handle a lot of cash
on hand. Additionally, it doesn’t provide any in-network ATMs for its account holders.
You can use any ATM with your First Internet Bank debit card, but the bank only
provides reimbursements up to $10 per month.
First Internet Bank Additional Features

Along with First Internet Bank’s small business checking account, you may also want to
open other accounts with the bank. For example, First Internet Bank also o"ers various
business bank accounts, which include savings, money markets, and CDs. We rank its
savings accounts as one of the best business savings accounts because it pays up to
1.36% APY, depending on your account balance.
What First Internet Bank Is Missing

First Internet Bank reviews show that its small business checking account o"ers an
APY, but you’ll need to maintain a balance of at least $10,000 to earn it. If you can’t
meet those requirements but want to earn interest, consider another bank like TIAA
Bank. That account pays 0.21% to 0.60% APY, depending on your account balance.
How to Open an Account with First Internet Bank

You can open an account with First Internet Bank online. You’ll need to be a United
States resident, provide your Social Security number, your business information, and
have your identification card ready.
Visit First Internet Bank
BBVA Compass: Best Checking Account for

Sole Proprietors
BBVA Compass is best for sole proprietors because it o"ers one of the best free small
business checking accounts with no monthly fee and no minimum monthly balance.
BBVA Compass also o"ers free access to more than 39,000 ATMs nationwide, but only
has about 650 branches in seven states, which is a much smaller footprint compared to
other banks on our list.
Who BBVA Compass Is Best For

The BBVA Compass Business Connect Checking is the best business checking account
if you’re a sole proprietor and want a low-cost account with limited transactions. BBVA
Compass is also ideal if you live near one of its branches or don’t require access to a
physical branch for business banking.
BBVA Compass Introductory Offer

BBVA Compass does not currently have any introductory o"ers. Most of the other
banks on our list do. Chase o"ers new account holders a $200 cash bonus after
meeting minimum deposit requirements.
BBVA Compass Fees

The BBVA Compass Business Connect Checking account charges the following:
Monthly fee: None

Transaction fee: Limits the number of in-branch deposits per month to two, after
which there’s a fee of $4 per in-branch deposit; in-branch withdrawals are limited
to five per month, after which there’s a fee of $1 per in-branch withdrawal
Cash deposit fee: 0.003 of a cent per dollar of cash deposited after the first
$5,000 in cash deposited in a month
ATM fee: Doesn’t charge a fee for out-of-network ATMs and o"ers free access to
more than 43,000 Allpoint ATMs nationwide
International incoming wires: $15.75
BBVA Compass’ fees are very competitive for those business owners who qualify for an
account. BBVA Compass does not charge monthly maintenance fees, no ATM fees, and
has no minimum account balance. Citizens Bank o"ers a similar fee-free account.
BBVA Compass Bank Network

BBVA Compass has one of the smallest networks of physical branches on this list with
650 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
However, clients have free access to BBVA Compass ATMs and more than 43,000
Allpoint ATMs nationwide.
BBVA Compass Additional Features
BBVA Compass free business checking features include:
Free digital banking

No monthly fees or minimum balance
No BBVA fees at any ATMs
Remote deposit available
BBVA Compass is most similar to Citizens Bank, which also charges no monthly fees,
nor does it require a minimum balance.
What’s BBVA Compass Is Missing

BBVA Compass reviews indicate the bank has very few branches, which are in only
seven states and severely limits free in-branch transactions each month. Still, this is
one of the best business bank accounts for no monthly fee and few additional costs.
Only sole proprietors may apply for the BBVA Compass Business Connect Checking
account online.
How to Open an Account With BBVA Compass

Sole proprietors can apply for the BBVA Compass ClearConnect for Business account
through the bank’s website. Others must apply in the branch. You can also learn more
about its o"erings and branch locations. If you decide to apply, the entire process can
be completed online.
Visit BBVA Compass
Citizens Bank: Best Account for 200

Monthly Transactions
Citizens Bank is best for small businesses that need to make 200 transactions or fewer
each month. Its Clearly Better Business Checking account charges no monthly fee, has
no minimum balance requirement, and o"ers 200 free transactions each month.
Headquartered in Rhode Island, Citizens Bank operates in eight states but provides
banking services to more than 5 million customers nationwide.
Who Citizens Bank Is Best For

Citizens Bank is ideal if you’re located near one of its branches and want a low-cost
account for handling up to 200 transactions per month. Citizens Bank also has one of
the best small business checking accounts if you aren’t sure whether you’ll maintain a
minimum balance required by other banks on this list.
Citizens Bank Introductory Offer

Much like PNC Bank and BBVA Compass, Citizens Bank doesn’t currently have an
introductory o"er. Other banks on our list do, including Bank of America, which o"ers
up to $450 when you open a new small business checking account.
Citizens Bank Fees

The Citizens Bank Clearly Better Business Checking account charges the following:
Monthly fee: None

month
Cash deposit fee: $2.50 per $1,000 deposited or withdrawn after the first $5,000
each month
ATM fee: $3 for all non-Citizens Bank ATMs, plus operator fees, and free access to
more than 3,100 ATMs
International incoming wires: $12; $10 in foreign currency
International outgoing wires: $35; $10 in foreign currency
Although its banking products aren’t available everywhere, Citizens Bank’s fees are
extremely competitive compared with other banks on this list. In addition to no monthly
fee, Citizens Bank has no minimum initial deposit and no required minimum balance.
Bank Network for Citizens Bank

Citizens Bank is only present in eight states: Connecticut, Massachusetts, New
Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. Citizens
Bank has one of the smaller bank networks on this list with about 1,100 branches at
3,100 ATMs. While customers can also access Citizens Bank accounts using out-of-
network ATMs, there are fees for doing so.
Citizens Bank Additional Features
A small business bank account with Citizens Bank has features, including:
Funds post same-day for after-hours deposits until 10 p.m.

Free notary public service
Mobile deposit
Like the bigger banks such as Chase and Bank of America, Citizens Bank o"er mobile
check deposit services. It does not o"er the same level of accounting software
integration as Bank of America does.
What Citizens Bank Is Missing

Citizens Bank reviews show the bank has one of the smaller bank networks on this list.
It also limits businesses to 200 free transactions per month, compared to Capital One,
which has unlimited free transactions. This is one of the best business checking
account providers for no monthly fee and no minimum balance.
How to Open an Account With Citizens Bank

You can learn more about opening a business checking account with Citizens Bank by
visiting the bank’s website. You can also find out whether it has a branch or ATM near
you. If you decide to open a small business checking account with Citizens, you can
begin the process directly on its website.
Visit Citizens Bank
TD Bank: Best for Businesses With

Canadian Operations
TD Bank o"ers low-cost small business checking accounts at $10 per month that are
best for companies with Canadian operations. The bank has branches along the East
Coast and in every Canadian province. TD o"ers low-cost small business checking
accounts that have no minimum balance and easy access to ATMs across the United
States and Canada.
Who TD Bank Is Best For

TD Bank is great for small companies that want a low-cost checking account and easy
account access in both the U.S. and Canada because the bank o"ers branches in 15
U.S. states and every Canadian province. TD is also ideal for companies that have
additional needs outside small business checking, including investment services.
TD Bank Introductory Offer

Like Citizens Bank and BBVA Compass, the TD Business Simple Checking account does
not come with an introductory bonus. Other banks on our list do, including Chase,
which o"ers a $200 cash bonus to new business checking account customers.
TD Bank Fees
The TD Business Simple Checking account charges the following:
Monthly fee: $10; no way to waive the fee

month
Cash deposit fee: 20 cents per $100 deposited after the first $5,000 deposited
each month
ATM fee: $3 per transaction or balance inquiry for any out-of-network ATM, plus
operator fees, and free access to more than 2,500 ATMs across the U.S. and
Canada
While TD Bank has a lower monthly fee than many banks on this list, there is no way to
have this fee waived. However, TD Bank is currently o"ering to waive monthly fees for a
premier checking account if you take out a business loan.
Bank Network for TD Bank

TD Bank has one of the smaller bank networks on this list, with about 1,250 branches
and 2,500 ATMs across 15 East Coast states, Washington, D.C., and in every Canadian
province. It has branches in Connecticut, Delaware, Florida, Maine, Maryland,
Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania,
Rhode Island, South Carolina, Vermont, and Virginia.
TD Bank Additional Features

A small business checking account with TD Bank has features, including:
Online banking
Free mobile banking
Most branches are open seven days per week
Branches and ATMs in the U.S. and Canada
Mobile deposit
Branch access is greater with TD Bank than with other banks on our list because it
keeps its branches open seven days per week. TD Bank also has more Canadian
branches than any other bank on our list.
What TD Bank Is Missing

TD Bank reviews show the bank doesn’t have as many branches or ATMs as many of the
banks on this list. It also charges a monthly fee for basic business checking that can’t
be waived. Still, it has one of the best small business checking accounts for businesses
that do a lot of business in Canada or would like access to additional investment
services.
How to Open an Account With TD Bank

To learn more about TD Bank and its small business bank account options, visit its
website. You can learn more about its fees and other account options. If you decide to
open a business checking account with TD Bank, you can start the process online but
may need to visit a local branch to finish opening an account.
Visit TD Bank
Comerica Bank: Best Business Bank

Account for Limited Cash Deposits
Comerica Bank is best for businesses that can conduct their banking business online
because of its restrictions on free transactions and cash deposits. There is no monthly
fee, but you’ll pay for transactions above 75 each month. While Comerica Bank is a
smaller bank, it o"ers very cost-e"ective small business checking accounts as well as
payroll processing and other features.
Who Comerica Bank Is Best For

Comerica Bank’s Basic Business Checking is ideal if you can do much of your banking
online, and you don’t have many transactions. You’ll pay 55 cents for each transaction
after the first 75 transactions each month, and Comerica Bank also limits the number of
free cash deposits to $2,500, so it’s a good provider if you don’t handle much cash.
Comerica Bank Introductory Offer
Comerica Bank is currently o"ering 12 months of free Comerica Web Bill Pay at no
charge. After the first 12 months, Comerica Bank charges $6.95 for this service. None of
the other banks on our list charges for their online bill payment services.
Comerica Bank Fees

The Basic Business Checking account charges the following:
Monthly fee: None

Transaction fee: 55 cents for each transaction after the first 75 transactions each
month
Cash deposit fee: 18 cents per $100 deposited after the first $2,500 deposited
each month
ATM fee: $2 per transaction or balance inquiry at any out-of-network ATM, in
addition to operator fees, plus free access to more than 440 ATMs
Bank of America o"ers 200 free transactions per month while Chase o"ers $5,000 in
free cash deposits.
Bank Network for Comerica Bank

Comerica Bank has a relatively small bank network compared to other banks on this list,
with 440 branches in five states: Arizona, California, Florida, Michigan, and Texas. In
addition to online and mobile banking, Comerica Bank also has banking centers in
Mexico and Canada.
Comerica Bank Additional Features

A Comerica Bank small business bank account has additional features, including:
Upgrade to other Comerica Bank accounts without changing account numbers or

ordering new checks
Credit card processing
Payroll processing
Mobile deposit
Like Bank of America, Comerica Bank allows payroll processing. As with all of the banks
on this list, you can deposit checks remotely through Comerica Bank’s app.
What Comerica Bank Is Missing

Comerica Bank reviews indicate the bank has one of the smallest bank networks on this
list. If you aren’t located near a Comerica Bank branch, it probably isn’t a good provider
for your small business. Still, it o"ers one of the best business checking accounts for no
monthly fee.
How to Open a Business Account With Comerica

Bank
Visit the Comerica Bank website to learn more about the accounts and other services it
o"ers. If you want to open a small business checking account with Comerica Bank, you
can start the process online by downloading its Business and Personal Deposit Account
Contract. However, you will likely need to visit a local Comerica Bank branch to
complete the process.
Visit Comerica Bank
How We Evaluated the Best Small Business

Checking Accounts
The best banks for small businesses o"er free business checking accounts or easy
ways to avoid monthly service charges. They also o"er 100 or more free transactions
and thousands of dollars of cash deposits per month. Opening a small business
checking account and business credit card is an excellent way to separate your
personal and business finances. SEE METHODOLOGY IN DETAIL.
How to Find the Best Checking Accounts

for Small Business
Find the best small business checking accounts for small business by looking for banks
with branch networks near you. The best accounts charge no monthly fee or o"er ways
to avoid a fee. The top banks also o"er opportunities to make at least some cash
deposits and transactions for free.
When deciding where to open a small business checking account, consider the
following:
Minimum balance: Some providers require that you maintain a minimum balance
to waive monthly fees.
Transaction fees: Many free business checking accounts limit business owners to
a certain number of free transactions each month, after which transaction fees
apply.
Cash deposit fees: Businesses also are typically limited to a certain amount of
free cash deposits each month, with fees charged after you exceed the limit.
ATM fees: Many banks charge ATM fees for accessing your account through out-
of-network ATMs.
Bank network: Some of the best free business checking accounts are online-only
products, so if you need access to physical bank branches, your options may be
more expensive.
The best small business checking account for you should o"er the features you value
the most, whether that be low fees or high transaction limits.
Best Free Small Business Checking

Accounts
Some business owners specifically want a free business checking account. Although
many banks o"er free business checking under certain conditions, most of these
accounts still have fees. If you want a free business checking account, be sure to
consider some of these account providers, and check out our guide on the best free
business checking accounts.
Top 7 Free Business Checking Accounts

Bank Best for
Chase Total Business Checking (Best overall) Average daily balances of

$1,500
TIAA Bank Earning interest on checking account

deposits
Capital One Spark Business Basic Unlimited transactions
Bank of America Business Earning an introductory bonus

Fundamentals Checking
Azlo Online-only banking
U.S. Bank Silver Business Checking Free checking with no strings attached
First Citizens Bank Earning free checking by opting for

paperless statements
Chase Total Business Checking
Chase o"ers free checking for businesses that maintain a monthly balance of at least
$1,500. Chase Total Business Checking provides businesses with up to 100 free
transactions per month and unlimited electronic deposits. Accounts can be opened
with no minimum deposit, and it currently o"ers a $200 sign-up bonus.
TIAA Bank Small Business Checking Account
The TIAA Bank Small Business Checking Account charges no monthly fee and
reimburses all ATM fees if you maintain a balance of at least $5,000. You’ll also earn
1.21% APY for the first 12 months on deposits up to $250,000. After that, you’ll earn an
ongoing APY of 0.20% to 0.61% based on your balance.
Capital One Spark Business Basic Checking
Capital One’s free business bank account features unlimited transactions and is a good
option for small businesses that don’t need a physical branch. While free cash deposits
are limited to $5,000 per month, a free business account with Capital One can be ideal
for ecommerce businesses and many service-based companies.
Bank of America Business Fundamentals Checking
Bank of America’s business account is free so long as you maintain a $3,000 minimum
daily balance or spend $250 or more a month on your Bank of America debit or credit
card. Bank of America isn’t ideal for businesses making several cash deposits. New
customers may qualify for up to $450 in bonus cash.
Azlo
Azlo o"ers a free business checking account online with no deposit. However, the bank
is online-only, which can make it di!cult to handle cash transactions and get help on
complex account administration issues. Still, the account gives clients access to more
than 55,000 ATMs, has no monthly fee, and requires no minimum account balance.
U.S. Bank Silver Business Checking
U.S. Bank o"ers a free business checking account and is a great option for businesses
that will make fewer than 150 total transactions and $2,500 in cash deposits per billing
cycle. New businesses that will have a slow ramp-up time or those who typically don’t
have many transactions will find a good deal at U.S. Bank.
First Citizens Basic Business Checking
First Citizens Bank o"ers a checking account that charges no monthly fee if you sign
up for paperless statements. The Basic Business Checking account o"ers 175 free
monthly transactions and $5,000 in free cash deposits. First Citizens has a small
branch network with 500 branches in about 20 states.
Bottom Line
Opening a small business checking account is essential for managing the money of a
small business. When comparing checking accounts, we’ve narrowed down the list to
those with the best accessibility, features, and cost. These are the best business bank
accounts for small businesses.
About the Author
Jordan Tarver

13 Best Small Business Checking Accounts 2019

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13 Best Small Business Checking Accounts 2019 12/5/19, 3)24 AM

13 Best Small Business Checking

Fit Small Business Uses Bank of America

Visit Bank of America

Chase Bank: Overall Best Small Business

Visit Chase Bank

Top 13 Small Business Checking Accounts

Bank of America Brick-and-mortar banking, reasonable fees, and an

Capital One Low-cost checking with unlimited transactions

U.S. Bank Low transaction volume

PNC Bank Free introductory checking for three months

TIAA Bank Online-only banking with an account that earns interest

Wells Fargo Flexibility when upgrading account services as a company

Azlo Avoiding all banking fees

First Internet Bank Opening multiple accounts

BBVA Compass Sole proprietors operating in the Southern or Southwestern

Citizens Bank East Coast businesses with limited transaction needs

TD Bank Businesses with significant Canadian operations

Comerica Bank Limited need for cash deposits

Chase Bank: Best Overall Small Business

Who Chase Bank Is Best For

Chase Bank Introductory Offer

To qualify, business owners will need to do the following:

Deposit $1,000 within 20 business days of account opening

Chase Bank Fees

Bank Network for Chase Bank

Chase Bank Additional Features

What Chase Bank Is Missing

How to Open an Account With Chase Bank

Visit Chase Bank

Bank of America: Best Bank for Small

Bank of America o"ers a business checking account that is comparable to Chase

Who Bank of America Is Best For

Bank of America Introductory Offer

Bank of America Fees

Bank of America Bank Network

Bank of America Additional Features

What Bank of America Is Missing

How to Open a Business Account With Bank of

Visit Bank of America

Capital One: Best Checking Account for

Who Capital One Is Best For

Capital One Introductory Offer

Capital One Fees

Capital One Bank Network

Capital One Additional Features

What Capital One Is Missing

How to Open an Account With Capital One

Visit Capital One

U.S. Bank: Best Small Business Checking

Who U.S. Bank Is Best For

U.S. Bank Introductory Offer

U.S. Bank Fees

Monthly fee: None

Bank Network for U.S. Bank

U.S. Bank Additional Features

What U.S. Bank Is Missing

How to Open an Account With U.S. Bank

Visit U.S. Bank

PNC Bank: Best Business Bank Account for

Who PNC Bank Is Best For

PNC Bank Introductory Offer