Curated List of Premium Business Checking Account Offers
- The Revolut Business offers a modern banking experience for businesses of all sizes. With its easy-to-use mobile app and online platform, you can manage your finances, execute international payments, and access a range of additional tools, such as expense management and multi-currency accounts. (See Revolut Business Review)
- Nexo Corporate Account – Elevate your business with tailored institutional-level services and unparalleled security, designed for efficient digital asset management. Enhance and scale your company’s portfolio effortlessly while maintaining peace of mind.
- Axos Business Interest Account provides a unique opportunity for business owners to earn interest on their checking account balances. With low minimum deposit requirements and no monthly maintenance fees, this account is designed to help businesses grow their savings while maintaining easy access to their funds.
- NorthOne Checking is a digital banking platform focused on providing innovative financial solutions for small businesses and startups. With features such as invoice management, integrated bookkeeping, and real-time financial insights, NorthOne simplifies the banking experience for busy entrepreneurs.
- Bank Novo Checking for Business is a digital-first banking solution tailored for small businesses and entrepreneurs. With no minimum balance requirements, free ATM usage, and a suite of integrations with popular business tools, Bank Novo makes it easy for business owners to manage their finances effectively. (See Novo Business Review)
- Axos Basic Business Checking Account is a straightforward, no-frills banking option for businesses seeking simplicity and cost-efficiency. With no monthly maintenance fees, unlimited domestic transactions, and mobile banking capabilities, this account is ideal for businesses focused on streamlining their financial operations.
What is a Business Checking Account?
A business checking account facilitates a range of transactions, including wire transfers, ACH transfers, electronic fund transfers (EFTs), ATM transactions, check payments, and debit card usage. Additionally, you can manage cash deposits and withdrawals by visiting a bank branch or utilizing a digital bank like Novo Bank (online-only bank). Online and mobile banking platforms enable efficient transaction management for businesses.
Upon opening a business checking account, you receive a free debit card and checkbook. If misplaced, replacements can be requested, usually at a nominal fee, with a waiting period of up to 90 days. Many business checking accounts include payroll management features and integrations with bookkeeping services, such as accounting software.
4 Key Features of Business Checking Accounts
Business checking accounts offer numerous advantages but may also impose certain restrictions. Understanding these features is crucial for selecting the right banking partner for your business.
1. Business Checking Transaction Limits
When establishing a business checking account, banks may impose limits on the number of free transactions per month, including cash deposits, withdrawals, and fund transfers. Typically, the limit revolves around 200 free monthly transactions. While some banks have no withdrawal limits, others offer unlimited transactions – usually reserved for personal checking accounts.
Online business checking accounts tend to provide unlimited free transactions. However, due to the absence of physical branches and limited ATM access, cash deposits and ATM transactions might be restricted.
2. Transaction and Monthly Maintenance Fees
Every business checking account entails specific banking fees1. Although advertised as “free,” there are always certain services that incur costs. Exceeding the monthly free transaction limit may result in per-transaction fees, including transfer fees, ATM withdrawal fees, and other charges.
Cash handling fees may apply to cash deposits exceeding a set threshold. To avoid high fees, opt for an account with a higher cash deposit limit if your business primarily handles cash. Most business checking accounts have low or no monthly maintenance fees, but banks may offer ways to qualify for a monthly fee waiver, such as meeting minimum balance requirements, monthly direct deposits, business credit cards, or debit card purchases.
3. Interest Payments
Interest-bearing business checking accounts are rare and generally offer a lower annual percentage yield (APY) compared to other business bank accounts (e.g., savings accounts). Such accounts may not require monthly service fees or minimum balance requirements, but interest earnings might only apply to deposits up to a certain limit.
4. FDIC Insurance Coverage
The FDIC (Federal Deposit Insurance Corporation) provides insurance to eligible business account holders, including corporations, unincorporated organizations, LLCs, and partnerships organized under applicable state law. The coverage extends to total deposits of up to $250,000 in qualified business accounts.
Eligible businesses with multiple accounts at a single FDIC-insured bank will have their accounts combined and insured up to $250,0002. To insure any remaining funds, transfer them to another bank.
Choosing the right business checking account is vital for your company’s financial growth and stability. Carefully evaluate each account’s features, fees, and restrictions to ensure that it aligns with your business needs and goals. Opt for an account that offers seamless integrations, minimizes costs, and caters to your company’s unique requirements.
Business Offers Comparison and Reviews
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Frequently Asked Questions