Best Business Checking Accounts, The Top 5 Reviewed in 2022

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If you’re a small business owner, you want an account that provides your business with flexible access to your funds.

The best business checking accounts for small businesses are those that include a range of account options, as well as updated and convenient features that can help manage its revenue streams and keep its finances in order so you can focus on what really matters – growing your business.

However, small businesses that are looking for a business checking account to keep their business finances separate may be overwhelmed by the process. While we feel that BlueVine ticks all of the boxes when it comes to your business – we’ll let you make that decision.

After all, with hundreds of banks offering many, many types of business checking accounts, how are you supposed to decide which is best for you? The good news is that it’s simpler than you think. Any time your business needs a new checking account or a separate business bank account, use our guide to find one that works well for your business.

Best Business Checking Accounts 2022:

  • BlueVine: Best business checking account overall
  • NBKC Bank: Great small business bank account
  • Novo: Offers fantastic business tools
  • NorthOne: Designed for freelancers
  • Lili: Top business account for LLCs

1. BlueVine – Best Small Business Checking Account Overall

BlueVine Pros:

  • No transaction limits
  • Checking account balance earns interest
  • Get two free checkbooks
  • No transaction fees
  • No minimum deposit required

BlueVine Cons:

  • No joint business accounts

Blue Vine Bank is a fintech company and not a bank, but its mobile banking services are provided by the Coastal Community Bank. In addition, all accounts are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000.

The BlueVine Business Checking account is now available in 50 states in the US and the District of Columbia.

BlueVine Business Bank Account Fees: 4.8 / 5

If you want to open a free business checking account online with no deposit that won’t make you worry much about transaction fees, then BlueVine is the best pick. It provides fee-free services for online transactions.

There is no opening deposit required. What’s more, there are also no monthly maintenance fees to pay, minimum balance, and minimum required deposit.

The BlueVine Business Checking Account has no overdraft and NSF fees. However, for the following services, here are the transaction fees you should know about:

  • Online Bill Pay with credit card – 2.9%
  • Outgoing wire fee – $15
  • Out of Network ATM fee – $2.50
  • Debit Card replacement (Express Shipping) – $30

Note that even if you don’t complete the transactions with out-of-network ATMs, the $2.50 will still be deducted from your account. The transaction won’t push through if you do not have the minimum balance to cover this fee.

BlueVine Business Checking Account Features: 4.3 / 5

Aside from no monthly fees, minimums, and even overdraft fees, what makes the BlueVine Checking Account a standout is its high 1.2% annual percentage yield (APY) on balances at least $1000 and up to $100,000.

The business account comes with a MasterCard debit card. Aside from this, you can easily manage your account with the BlueVine mobile app.

The Bluevine Mobile App has a mobile check deposit feature, so you can deposit checks online whenever and wherever you are. It’s also fast and easy to sign up for an account.

During the verge of the COVID-19 pandemic, BlueVine offered the Paycheck Protection Program (PPP), which supported small businesses with 100% federally guaranteed loans that could help them deal with the effects of the pandemic.

BlueVine Transactions and ATM Access: 4.3 / 5

Since the BlueVine Checking Account comes with a MasterCard debit card, you can withdraw cash at more than 37,000 ATM MoneyPass locations. Just be sure not to forget about the non-MoneyPass ATM fee of $2.50.

To deposit cash, you’ll need to visit a Green Dot location, and today, there are over 90,000 retail locations you can go to.

The deposit cash limit for Green dot is $500 to $2,000 daily. The fee to pay to make a deposit is $4.95, and funds should be available in your account within 10 minutes.

BlueVine International Transactions: 4 / 5

BlueVine is continuously working on expanding its foreign and federal invoice factoring policy. As a result, factoring clients are now able to fund invoices with the federal government.

Aside from this, BlueVine is now capable of funding foreign account receivable. However, this is subject to the following eligibility:

  • The business’ customers must be based in Canada, the EU, the United Kingdom, or Australia
  • The customer can generate at least $50 million of revenue each year
  • The foreign accounts receivable can make up a maximum of 50% of the total outstanding funding accounts receivable

BlueVine Customer Care: 4.5 / 5

Know that there is no BlueVine bank that you can walk into for transactions or speak with someone for important concerns.

All transactions at BlueVine are made online. For immediate concerns, you can call the BlueVine customer service number at (888) 216 9619, Mondays to Fridays from 8 AM to 8 PM ET.

If you have any concerns about BlueVine’s PPP, you may call BlueVine phone number at (650) 338 4012, Mondays to Fridays from 8 AM to 6 PM ET.

For non-urgent issues, you may send them a detailed email via the BlueVine.com contact form.

Unlimited Transactions With BlueVine

2. NBKC Bank – Top Small Business Bank

NBKC Bank Pros:

  • Low to no fees
  • Issues business credit cards
  • Cashback on bank wire transfer fees
  • Unlimited transactions
  • Mobile banking available

NBKC Bank Cons:

The NBKC Bank is known for different services like personal checking accounts, savings accounts, CDs, credit cards, and commercial lending.

Aside from savings accounts, award-winning NBKC offers a checking account best for a small business. It is also very competitive when it comes to online banking fees.

If you’re looking for a bank where you can open both your personal savings accounts and business accounts, then this is something you should consider.

NBKC Bank Business Bank Account Fees: 4.5 / 5

If you apply for an NBKC online business checking account, there is no opening deposit required. 

Aside from that, it has no monthly fees, no minimum balance required, no overdrafts or NSFs, and no fees for online Bill Pay transactions. 

Other transactions, such as check and cash deposits, stop payments, and domestic incoming wires, are also free.

However, not all transactions are free, so here are some fees that are due for certain transactions:

  • Outgoing domestic wires: $5
  • Incoming and outgoing international wires: $45
  • Out of Network ATM withdrawals: Average of $4.64

NBKC Bank Business Checking Account Features: 4 / 5

The NBKC business checking account doesn’t require a minimum deposit, but just be sure to make an initial deposit within 60 days from opening the account – or else the account will be automatically closed.

While other banks and fintech already have competitive APYs, unfortunately, this is something unavailable when you open an NBKC business checking account. So it’s best to go for BlueVine if this is what you’re looking for.

Also, keep in mind that if you want to open a Business Advantage Relationship Banking account, this is only something that Bank of America Business offers.

The banks on our list do not have anything similar, but the ATMs you can get from them are usable anywhere.

NBKC Bank Transactions and ATM Access: 4 / 5

The business checking account from NBKC comes with a MasterCard debit card that you can use for free in 37,000 MoneyPass ATM locations in the US and Puerto Rico.

Out-of-network withdrawals are subject to fees, but the NBKC site says nothing about how much it is.

The average ATM fee for out-of-network withdrawal is around $4.64. However, the bank has an ATM fee reimbursement of up to $12 monthly, which is something that many banks wouldn’t do.

NBKC Bank International Transactions: 4 / 5

The incoming and outgoing international wires are pretty expensive with this bank as the fee is $45 for each transaction. NBKC also has no programs in place regarding international invoices.

In addition, the bank doesn’t charge any foreign transaction fees. So just take note of the ATM fees if you’ll be withdrawing money from non-MoneyPass ATMs.

NBKC Bank Customer Care: 4.5 / 5

If you live in Kansas City, you can always visit an NBKC branch to make transactions and any other concerns. However, for businesses based outside the city, you can only contact NBKC support online and over the phone.

You can send them an email at [email protected] or give them a call at (866) 931 0850, Mondays to Fridays from 8 AM to 7 PM CST. You can also chat with a live representative online, which is available Mondays to Fridays from 8 AM to 7 PM CST.

No Opening Deposit With NBKC Bank

3. Novo – Offers Online Banking Tools

Novo Pros:

  • Unlimited ATM fee reimbursements
  • Integrates over 15 third-party apps
  • Cash Deposits are covered by FDIC 
  • Unlimited transactions
  • No monthly fees and minimum balance required

Novo Cons:

  • No APY
  • No physical branches
  • Opening balance is required

Novo is also a fintech and not a bank, just like BlueVine. The banking services available at Novo are provided by Middlesex Federal Savings. 

It is also a member of the FDIC, which means that your cash deposits will be insured by up to $250,000.

Novo is the best choice if you prefer utilizing different banking tools to easily manage your account – especially if you transact with cash and accept credit card payments.

Novo Business Bank Account Fees: 4.3 / 5

Novo promises that they don’t charge any hidden fees. Hence, the Novo online business checking account has no monthly fees or minimum balance requirements.

If Novo charges a fee for anything, it’s for the overdraft or NSF fees, which is $27. So ensure that your account has funds if you’re always making transactions because Novo doesn’t offer overdraft protection.

Novo Business Checking Account Features: 4.5 / 5

If you need a business checking account that allows you to integrate useful tools like Square, Stripe, and Zelle, this might fit your business needs the most.

Aside from tools integration, you won’t have to worry about ATM charges because Novo gives unlimited refunds for this.

Novo allows you to send unlimited electronic deposits and invoices with your online and mobile account for free. You may also accept ACH and check payments to avoid transaction fees.

Unlike the other banks and fintech listed in this guide, Novo bank doesn’t have Bill Pay. However, this isn’t really an issue because if you’re focused on tool integration, this is where Novo stands out.

Novo Transactions and ATM Access: 4 / 5

Your Novo business checking account will come with a MasterCard debit card that you can use anywhere. In addition, the daily withdrawal limit is only $1000 a day.

If you ever get charged for an out-of-network withdrawal or withdrawal fees from other banks, Novo will refund any amount and simply credit it back to your account at the end of the month. This also includes international ATM fees.

There are daily transaction limits to keep in mind, especially the ATM withdrawal limit of $1000.

Novo International Transactions: 4.2 / 5

International ATM transactions have no fees. You can also send money internationally via Wise with low fees.

Note that the fees you’ll pay for this are not charged by Novo but by Wise (formerly TransferWise), which is a tool you can integrate into your online account.

Novo Customer Care: 4 / 5

The Novo bank login page has no live chat support available. Therefore, the best way to reach the Novo support team is through the Novo app or by sending them an email at [email protected]

You can also check the back of your Novo debit card for a phone number you can call. Novo support operating hours are from 9 AM to 6 PM EST on Mondays to Fridays.

No Monthly Fees With Novo

4. NorthOne – Great For a Startup

NorthOne Pros:

  • Fast deposits
  • Compatible with any merchant payment processing provider 
  • Offers referral bonuses
  • Live chat available
  • It can be integrated with Shopify, Stripe, etc.

NorthOne Cons:

  • Minimum opening deposit required
  • Charges monthly fees
  • No APY

NorthOne is a fintech company that offers one of the best start-up business bank accounts you can choose to open an account with. The company is not a bank, but its banking services are provided by The Bancorp Bank.

Overall, it’s a good choice if you’re after a simple business banking experience while managing your small business.

NorthOne Business Account Fees: 4 / 5

A NorthOne business checking account requires an opening minimum balance of $50. You’ll also need to pay a monthly maintenance fee of $10.

This opening deposit and monthly service fee are justifiable since you can take advantage of free unlimited transactions and all of NorthOne’s business banking features and services, including unlimited app integrations and zero overdraft fee.

That said, it’s still a cheap business banking account you can open. Requiring $50 as an opening deposit isn’t really too bad.

Incoming domestic wires, domestic wires, and Green Dot deposits are subject to a $15 fee each.

NorthOne Business Checking Account Features: 4.5 / 5

Your NorthOne account is compatible with PayPal, Stripe, Square, Etsy, and more regarding tools integration.

It also works with Freshbooks, Gusto, and ADP. Of course, NorthOne works with all payment processors and point-of-sale terminals as well.

The NorthOne app is also handy as you can do most of your business banking transactions with it, including paying invoices, doing payrolls, and sending ACH or wire payments.

NorthOne Transactions and ATM Access: 4 / 5

Your NorthOne business checking account comes with a free Small Business Debit Card (MasterCard).

NorthOne won’t be charging any fees for ATM transactions when you’re traveling. However, the merchant and other ATMs may do so.

Unlike Novo, this bank doesn’t do ATM reimbursements, so be sure to keep that in mind.

You can only make ATM withdrawals up to 5 times a day and up to $2000 per transaction or $2000 a day. ATM deposits are also not available.

NorthOne International Transactions: 4 / 5

Unfortunately, NorthOne doesn’t support sending or receiving international wires yet. When trying to make deposits, know that International cards are also not compatible with your NorthOne account. You can only use US debit cards.

However, what redeems this bank when it comes to international transactions is that NorthOne doesn’t charge any debit card fees when you’re traveling.

NorthOne Customer Care: 4.3 / 5

There are a few ways for you to get in touch with NorthOne’s support team. First, you may log in to the website and chat with a live representative. You can also send them an email at [email protected].

For urgent concerns, you can call them at +1 (332) 205 9253.

Zero Overdraft Fees With NorthOne

5. Lili – Top Business Checking Account for LLCs

Lili Pros:

  • Unlimited fee-free transactions
  • Early payment feature
  • No fees and minimum balance requirements
  • Expense management features
  • Overdraft coverage of up to $200

Lili Cons:

  • Only for mobile use
  • Charges out-of-network ATM and Green Dot deposits fees
  • It doesn’t support domestic or international wire transfers

Lili is one of the newest and most modern business banking companies where you can get a free business checking account.

It was founded in 2018 and is based in New York City, but anyone in the US can open an account with them.

Lili Business Bank Account Fees: 4 / 5

Lili doesn’t charge any transaction fees. However, withdrawals made outside the US have a $5 fee, while non-MoneyPass ATM transactions or out-of-network ATMs are subject to a $2.50 fee.

Other than these, there are no monthly maintenance fees, sign-up fees, and annual fees. 

In addition, Lili debit card purchases and transactions are also free, and an opening deposit is not required as well.

Lili Business Checking Account Features: 4.5 / 5

You can get a Lili bank account for free, but you can choose to upgrade to Lili Pro for only $4.99 a month.

The features you can enjoy when subscribing to Lili Pro that aren’t available on the standard free plan are the following:

  • Premium Visa Business Debit Card with cashback rewards
  • Fee-free overdraft coverage of up to $200
  • 1.00% interest on your savings
  • Advanced expense tracking tool
  • Unlimited invoices

Lili also has excellent features like the Expense Management tool that is useful when filing for taxes.

There is also the Early Payment feature, which makes your money available in your Lili account two days sooner than other traditional banks with direct deposits.

Lili Transactions and ATM Access: 4 / 5

It is unfortunate that Lili is not yet set up for wire transfers, and they do not offer checks yet.

However, it’s good that you can connect your other bank accounts to the Lili App. This could help you transfer money to your Lili account much quicker.

Your Lili account comes with a Visa debit card, which is free to use – even internationally. However, you can only spend up to $3000 a day with your ATM. For withdrawals, the daily limit is $500.

All Lili transactions are only doable on the app, including a mobile check deposit. You can apply for a business checking account with a web browser, but you’ll need to download the app to log in to your account.

Lili International Transactions: 4 / 5

While you can’t send and receive international wire transfers, you’re still free to use your Lili Visa debit card if you’re traveling or doing other international transactions.

Lili Customer Care: 4 / 5

The best way to reach Lili’s support team is through the mobile app under the Help Center. You can also send them an email at [email protected].

If you have pressing concerns, you can give them a call at (855) 454 4380.

Fee-Free Transactions With Lili

How We Ranked the Best Online Business Banking Accounts

We didn’t just randomly select banks and fintech with business checking accounts. Instead, we checked plenty of them and rated them based on the following benchmarks:

Business Bank Account Fees

Every cent matters when you’re managing a business. So, we looked into the different fees that banks charge on certain transactions and if they charge any other fees to keep your account open.

Most of the banks that made our list only charge minimal to no fees, making them worthy of your business.

It’s always wise to go for ones with no monthly fee to pay and just a plus if an opening deposit is not required. After all, you’re running a business, so an opening deposit shouldn’t be a turn-off!

Business Checking Account Features

When reviewing these business checking accounts, we only had one question in mind: What’s in it for the customers who will open an account with them?

Many big banks and financial institutions bombard their customers with so many features, but when it comes to this, we made sure that the ones that made our list offer helpful features that small businesses can actually utilize.

Transactions and ATM Access

Nowadays, online and mobile banking just makes things easier. So, we looked at how convenient and easy it is to make transactions with these banks. We also made sure to include debit card details for ATM transactions.

International Transactions

We also kept small business owners that handle international transactions in mind. While some banks that made our list do not support international wires, we still considered how they could be used in any international transactions.

Customer Care

These companies are dealing with your hard-earned money, so it’s just right that they are there when you need any assistance. However, it is expected that most of them only operate during bank hours, so we looked at how easy it is to reach them instead.

Unlimited Transactions With BlueVine

FAQs: Best Business Accounts for Small Businesses & More

Choosing the right business checking account for your business can be a bit overwhelming, so we want to address any other concerns you may have. Here are some common questions that small business owners usually have:

Who Should Get a Basic Business Checking Account?

All big and small business owners should have personal accounts and business accounts. The law may not require it, but it is a good idea to have a separate bank account for your business as it could help you manage your taxes better and even your personal and business finances.

Should I Go for an Online Bank or a Traditional Bank?

We’ve already entered the digital and mobile era, and the most convenient banking solution for modern business owners is online.

Online banking is easily the better option for both personal and business finances, especially if you don’t enjoy lining up at traditional banks.

However, if you prefer making in-person transactions, go for online banks with brick and mortar bank branches that you can visit, like the NBKC if you’re in Kansas and Missouri.

What Do I Need To Open a Business Checking Account?

This may vary from bank to bank, but they will usually need your EIN and/or SSN, proof of ID, business formation documents, copy of your business license, etc. Since these banks are online, be prepared to upload these documents online.

Do I Need an EIN To Open a Bank Account for an LLC?

For business owners with a single-member LLC or sole proprietorship, an EIN is usually not required to open a business checking account.

Which Business Bank Account Is Best?

The best business bank account is BlueVine.

BlueVine has the most valuable features for small businesses. It also doesn’t charge unnecessary fees – even if they charge fees on specific services, the amounts are reasonable.

Zero Transaction Fees With BlueVine

Should I Open Multiple Bank Accounts?

Opening multiple bank accounts should depend on how your business is doing. However, there are business professionals who would say it may not be a good idea.

This could be more of a preference, but if your bank account is with a fintech company, and your business has more than $250,000 in your account, opening another business checking account is a good idea. Remember that FDIC only covers up to $250,000 of your deposits.

Don’t worry because you can definitely open two business checking accounts or even more! The same even goes for a personal bank account.

Top 5 Best Business Checking Accounts: Summary

BlueVine

  • Best Feature: High-yield interest of 1.2% APY
  • Opening Balance Requirement: $0
  • Monthly maintenance fees: $0
  • Overdraft Fees: $0

NBKC Bank

  • Best Feature: Monthly ATM fee reimbursement up to $12
  • Opening Balance Requirement: $0
  • Monthly Maintenance Fees: $0
  • Overdraft Fees: $0

Novo

  • Best Feature: Unlimited ATM fees reimbursements 
  • Opening Balance Requirement: $0
  • Monthly Maintenance Fees: $0
  • Overdraft Fees: $27

NorthOne

  • Best Feature: Over 15 business tools integration 
  • Opening Balance Requirement: $50
  • Monthly Maintenance Fees: $10
  • Overdraft Fees: $0

Lili

  • Best Feature: Early payment feature
  • Opening Balance Requirement: $0
  • Monthly Maintenance Fees: $0
  • Overdraft Fees: $0

Choosing the Best Online Business Checking Account in 2022

Opening a business account is extremely helpful from a tax perspective, even if you only have a small business. Aside from that, it also helps you manage your business finances better.

It’s crucial that you open a business checking account with banks that can cater to your company’s needs. However, building a relationship with a bank is trial and error. You might have to shop around before finding the best business checking account.

We hope this guide on the best business accounts helped simplify your decision. The banks that made our list are the ones that we’re sure you’ll benefit from, so don’t hesitate to try them out.

Overall, we feel that BlueVine is one of the top choices when it comes to business checking accounts. Not only do they offer zero transaction fees, but you’ll also get unlimited transactions, no overdraft fees and a high-yield interest of 1.2% APY!

No matter which one you choose, make sure it’s compatible with the type of accounting software your company uses and that it helps you keep and manage your money better.

Thanks for reading!

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