Top 10 Business Checking Accounts You Need to Know for December 2024!

Discover the most incredible business checking accounts tailored for your everyday transactions!

For ages, banks have raked in substantial fees from business products, especially business checking accounts. That’s why it has been a hassle for side hustlers and small business owners to find a suitable checking account. Unlike personal accounts that offer a plethora of free checking options, business accounts rarely provide the same luxury.

But here’s the exciting news: technology is shaking things up! More banks are rolling out excellent online business checking accounts with low or no fees, paving the way for a smoother banking experience.

Top Business Checking Account Options

Check out our carefully curated selections for the best business checking accounts available. Some are practically free, while others come with some minimal balance requirements or other stipulations to waive the monthly fees.

1. Chase Business Complete Banking^®

The Chase Business Complete Banking^® account is a favorite among business owners, thanks to Chase’s extensive branch network and exceptional service. While it’s not entirely free unless you meet certain monthly requirements, its availability across the nation and robust features make it a top choice. Plus, the criteria to waive the fee are super manageable!

With Chase being the nation’s largest bank, having your funds here means peace of mind compared to lesser-known banking services. Here’s how you can easily waive the $15 monthly fee:

• Maintain a minimum daily balance of $2,000.
• Receive $2,000 in deposits from eligible transactions.
• Spend $2,000 on your Chase Ink Business Card.
• Link to a qualifying Chase account.
• Meet military banking requirements.

Bonus Alert: Open a new Chase Business Complete Banking^® account now and score a $300 bonus with qualifying activities!

2. U.S. Bank Silver Business Checking

The U.S. Bank Silver Business Checking account is your go-to for a straightforward business banking experience.

This account suits businesses with limited transaction activities and boasts a $0 monthly maintenance fee. It consistently makes it to top lists for business checking accounts.

Enjoy features like a U.S. Bank Visa Debit Card, mobile banking, online bill pay, and 125 free transactions monthly—only $0.50 for any additional ones!

Right now, score up to a $400 bonus when you open a new U.S. Bank Silver business checking account online with promo code Q4AFL24, valid through January 15, 2025. Requirements apply.

3. Novo

Novo is a game-changer in digital banking for small business owners and side hustlers. This fee-free platform is designed for the modern entrepreneur. Novo partners with banking institutions to offer secure services while giving you the flexibility you need.

They’re mobile-friendly, with a fantastic app, photo check deposit, and numerous integrations to enhance your business operations. Plus, sub-accounts are available, making it ideal for those using the Profit First method.

Why Choose Novo? It’s free, easy to use, and perfect for online business checking!

4. Bluevine

Bluevine has pivoted from lending to offer free business checking accounts that are truly impressive.

Forget about minimum balance requirements or transaction limits; Bluevine provides unlimited transactions and a competitive interest rate on balances up to $100,000. Right now, you can earn a stellar 4.00% annual percentage yield (APY) for Premier Customers!

Plus, they are offering a $300 sign-up bonus for new account holders. Just meet some simple requirements after opening your account!

5. Mercury

Mercury is an innovative financial technology company focused on startups and small businesses. Their business checking account offers all the bells and whistles you could want without monthly fees or transaction requirements.

Enjoy features like mobile check deposits, online bill payments, and an impressive $5 million in FDIC insurance. Just keep in mind, they are an online-only bank.

6. Grasshopper

Grasshopper stands out as a fee-free business checking account packed with perks! With no monthly fees and unlimited cashback on all debit purchases, it’s perfect for proactive business owners.

Plus, enjoy unlimited free transactions, including ACH and incoming wires, along with the opportunity to earn up to 1.80% APY on your balance.

7. Navy Federal Business Checking

If you’re eligible, the Navy Federal Credit Union Business Checking is a serious contender. This account earns dividends and offers online banking, mobile check deposits, and more!

With options for low transaction costs and competitive APYs, this is a smart choice for those who qualify.

8. Live Oak Bank Business Essential Checking

Live Oak Bank is dedicated to supporting small businesses. Their Business Essential Checking account offers a $10/month fee that can easily be waived, no transaction fees, and a simple online application process.

9. AXOS Basic Business Checking

AXOS is an online bank that champions simplicity in business banking. With zero monthly fees and unlimited transactions, it’s a fantastic option for busy entrepreneurs.

Plus, take advantage of their current offer of up to a $400 welcome bonus with promo code NEW400!

10. Relay

Relay is a fee-free online business checking account that offers a wealth of features to help your business thrive. You can open multiple accounts, manage ACH transfers, and even set up recurring payments, all at no cost!

Why Choose a Business Checking Account Over a Personal Account?

When you’re managing a business—no matter how small—keeping your business finances separate from your personal ones is crucial. This not only simplifies tracking your income and expenses but also protects your personal assets in the event of liabilities or bankruptcy.

How to Set Up a Business Bank Account

Opening a business checking account often seems daunting, but it doesn’t have to be! Modern technology has simplified the process, allowing for online applications with minimal hassle.

To get started, you’ll typically need:

• Your employer identification number (EIN) or SSN
• Business documents like Articles of Incorporation
• A government-issued ID

What to Look for in a Business Checking Account

As a business owner, you have unique banking needs. Here’s what to look for:

• No Monthly Maintenance Fees: Choose accounts without monthly fees or with easy ways to waive them.
• Low or No Balance Requirements: Seek options that don’t penalize you for low balances.
• Generous Transaction Limits: Account for how often you’ll use the account—unlimited transactions are ideal.
• Excellent Online Access: Ensure you can manage your banking easily through an app or website.
• ATM Fee Waivers: Look for accounts that reimburse ATM fees, allowing you to access your funds stress-free.

Common FAQs About Business Checking Accounts

Does my business need a checking account? Yes! It’s highly recommended to separate business and personal finances.

What’s the best business checking account? It varies based on your business needs—frequent transactions, online operations, etc.

Do I need an LLC to open an account? No, but you do need an EIN.

Can I open a business checking account at a credit union? Absolutely! Many credit unions offer excellent business checking accounts.

Do business checking accounts charge fees? While many do, the accounts on our list are designed to be fee-free!

Why You Can Trust Us

With a wealth of experience in financial products since 2009, we’ve meticulously reviewed and compared banks to help you find the best options available. Our team knows firsthand the challenges of finding the right banking solution and is dedicated to providing insights tailored to your needs.

Final Thoughts

You don’t have to pay hefty fees for a business checking account—there are plenty of great, fee-free options out there just waiting for you to discover them!