Best Business Bank Accounts • Benzinga

Benzinga readers look for business bank accounts with no fees and all-in-one financial management capabilities.

The best business bank account will depend on the specific needs of the business. A business account is essential for separating your personal finances from your business finances, which can help you keep track of expenses, manage cash flow and access financial tools like loans and business credit cards.

Different types of business bank accounts are available, with options ranging from basic checking accounts for small businesses to more advanced accounts for larger businesses. Consider account features such as fees, interest rates and transaction limits. Benzinga reviews the best business bank accounts to help you make the right choice for your company.

Quick Look: The Best Business Bank Accounts

• Best for International Business: Airwallex
• Best for Online Bank with Extensive ATM Network: Axos Bank
• Best for Interest on Account Balance: Grasshopper
• Best for 2,000 Branch Locations: US Bank
• Best for Cash Deposits: NBKC Bank
• Best for Connections to Accounting Software: Relay
• Best for High Interest Rates on Account Balance: Live Oak Bank
• Best for Business Checking Account: Chase Bank

The 8 Best Business Bank Accounts

Most businesses start with a checking account to handle the day-to-day transactions and then look for other financial vehicles to take advantage of the best interest rates, including merchant accounts to collect money with ease and savings accounts for long-term goals. Consider that as you look for the account that is best for you to ensure the bank has the necessary tools to service your needs over the long term. 

1. Best for International Business: Airwallex

Airwallex is not a bank but a service that can aid international businesses in setting up accounts in various countries quickly. It also is a great asset for converting currencies in real-time to pay and getting paid fast. The company has 19 locations worldwide and specializes in multi-currency business accounts, APIs that connect those accounts to software like QuickBooks for easier accounting and employee payment cards.

Why We Love It: With Airwallex, businesses can easily set up local accounts in different countries. This allows them to receive payments in local currencies and avoid costly currency conversion fees.

2. Best for Online Bank with Extensive ATM Network: Axos Bank

Online banks have grown in popularity as digital banking tools have grown and expanded. While that’s great news for business owners, they still face challenges in handling cash. Axos Bank offers a nationwide network of ATMs with unlimited cash deposits and unlimited refunds for fees those ATM operators charge. Plus, it has no monthly fees and no minimum opening deposit.

Why We Love It: We love Axos because of its extensive ATM network. While online banks typically do not have physical branch locations, Axos has partnered with various ATM networks to provide customers with access to a large number of ATMs across the country. This means that customers can easily withdraw cash, make deposits and perform other banking transactions without having to pay additional fees.

3. Best for Interest on Account Balance: Grasshopper

You’ll need a minimum of $100 to get your account going but once you do, you’ll start earning 2.25% APY on the balance you hold in the account, with no monthly fees and overdraft fees. Plus, you can earn 1% cash back on all qualifying purchases to help grow your business funds. Avoid paying for additional services by using the built-in invoicing and cash management tools that you can use to run your business.

Why We Love It: We love Grasshopper because it offers one of the best interest rates on account balances compared to other business banking options. By earning interest on your account balance, you can potentially increase your funds without having to actively invest or take on additional risks.

4. Best for 2,000 Branch Locations: US Bank

When you want an in-person relationship with your business bank account provider, US Bank can be an outstanding option. With over 2,000 locations in 26 states and 4,700 ATM locations, you’ll have easy access to your bank. Whether you want to go in person to set up your account or need to make a deposit, you should be able to find a location near you. Or you can open your account entirely online. New business account holders can earn Up to $800 in welcome bonus when you meet the requirements.

Why We Love It: We love US Bank because of the convenience and accessibility it offers. This makes it easy for business owners to access their funds and speak with banking professionals in person. Whether you’re traveling for work or simply need to visit a branch near your home or office, chances are there’s a US Bank location nearby.

5. Best for Cash Deposits: NBKC Bank

Enjoy a checking account with no deposit required to get started. You can complete unlimited transactions and visit a network of fee-free ATMs. Deposit an unlimited amount of cash at ATMs and enjoy up to $12 in ATM fee refunds per month. This account also doesn’t charge fees for receiving domestic wires, stop payments or overdrafts. This allows businesses to save money by avoiding monthly maintenance fees, transaction fees and other hidden charges that can add up over time.

Why We Love It: NBKC Bank offers a variety of options for making cash deposits, making it easy for customers to access their funds quickly and easily. You can deposit cash as often as you need to without worrying about extra fees eating into your funds.

6. Best for Connections to Accounting Software: Relay

Another online bank option is Relay. It offers great perks, including no overdraft fees, fee-free cash deposits and an unlimited number of free transactions each month. The best perk the account provides is the ability to connect your bank account to many leading accounting apps for easier money management.

Why We Love It: Whether you are using QuickBooks, Xero, or any other accounting software, Relay can easily integrate with them, allowing you to sync your financial data in real-time. This eliminates the need for manual data entry and reduces the chances of errors, ultimately saving you time and ensuring accuracy in your financial records.

7. Best for High Interest Rates on Account Balance: Live Oak Bank

If you’re looking for the best interest rates on your account balance, Live Oak Bank is a leading option. Its business savings account has a high-yield interest rate at 4.00% APY as long as you have a penny or more in your account. You don’t need a minimum to get started and there are no monthly fees. The biggest drawback to the account is that you cannot deposit cash and you’ll have no ATM access.

Why We Love It: Live Oak Bank’s high-yield business savings account allows you to grow your savings at an impressive APY of 4.00%, one of the best APY for business bank accounts. This high-yield account is a great option for businesses that want to make the most of their idle funds while keeping them easily accessible.

8. Best for Business Checking Account: Chase Bank

Chase is one of the biggest financial institutions in the United States, offering a wide range of banking and financial services to its customers. With its Business Complete Checking account you can make unlimited electronic deposits, withdrawals and transfers, allowing you to access your funds whenever you need them. Additionally, you can deposit up to $5,000 in cash each month without incurring any fees, making it easy to keep your business finances organized. It has a monthly service fee of $15, which can be waived if you meet the requirement.

Why We Love It: Chase offers a variety of business checking account options to meet the needs of different types of businesses, from small startups to large corporations. Their accounts come with competitive fees and features like free online bill pay, mobile check deposit and account alerts.

What Is a Business Bank Account?

A business bank account makes it simple to accept payments under your business name and separate your business and personal transactions. These accounts work similarly to what you’re used to with your personal bank accounts with the benefit of operating under a business name and with compliance and protection for your business.

You have a variety of account options when evaluating the which type of bank account is best for your business. Here’s a look at each and how they function.

• Business checking accounts: Complete transactions with checks and a debit card for easy access to funds.
• Business savings accounts: Store your business assets with some accounts offering interest on the amount you hold in the account but you’ll have limits on the number of transactions you can complete monthly.
• Cash management accounts: These accounts bring together the benefits of business checking, savings and investment accounts. They generally come with higher-than-average interest rates while still allowing owners to access their funds with ease. These accounts are good when you have large volumes of idle cash you want to invest but keep access to.
• Business credit cards: Enjoy a larger credit line than you might get personally and apply for cards for authorized employees to make managing the business simpler.
• Merchant accounts: Process electronic payment card transactions by creating a linked merchant account to your business checking account.

Pros and Cons of Business Bank Accounts

Once you find the best business bank account and get started, there’s mostly only upside for your business. But be sure to review these pros and cons before opening your account for the best results and to avoid surprises.

How to Choose the Best Business Bank Account

The key to getting the most from your business bank account is to choose the one that best fits your business size, structure and financial needs. Consider the following factors before opening a business bank account:

• Products available: Review whether the bank offers checking, savings, merchant and credit card accounts. Even if you don’t need all account types now, consider future-proofing your business.
• In-person vs. online banks: If you need in-person banking services, avoid an online bank. But if you want to easily manage your funds around the clock from anywhere, you can freely choose an online-only bank.
• Fees: Review the fees carefully to avoid eating into your business profits. Make sure the fee structure works for you and you can keep minimum account balances and complete your required number of transactions each month without fees.
• Perks: It’s great when you can get perks from your account to get more than you give from your account. Consider accounting tools, interest on account balance and more.
• Ability to meet adapting needs: Ensure that the account will serve your business and its needs long-term. Look for scalability so you can grow your business easily, such as including lending options and merchant services.

Manage Business Finances with Ease

Business banking offers tools and resources that make managing your business finances simpler. You’ll never question what transactions were related to your personal finances and can complete your taxes each year with greater clarity and simplicity. When you start accepting business transactions, it’s time to select a good account for your needs.

Frequently Asked Questions