Best Business Checking Accounts For Small Business – Knowing which of the best business checking accounts to choose can help protect your business from transaction limits, high fees, and app crashes.
Knowing which of the best business checking accounts to choose from can help protect your business from transaction limits, high fees, and app crashes.
Best Business Checking Accounts For Small Business
If you rely on a wide range of applications to automate processes and manage your business, consider Novo. Not only does it integrate well with popular business apps, but it can also use discounts on them. For example, as of this writing, it has reduced the fee for the first $20,000 in credit card transactions through Stripe. It also offered a 40% discount for the first six months of a Quickbooks subscription.
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Like most of our picks for the best business checking accounts, Novo has no monthly maintenance fees. Its transfer fee is $27.
Novo requires a minimum initial balance of $50 to open online and in-app small business banking. However, it does not have a minimum monthly balance requirement.
Novo does not limit transactions or deposits. In fact, there is no fee for mailed checks, money orders and incoming wire transfers. However, there are no provisions for outgoing wires.
Novo has no internal ATM network and no external partnerships. The advantage of this is that small business owners can use any ATM and get unlimited refunds on ATM fees even abroad.
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The Novo Business Check bank card works internationally, also in foreign ATMs. However, there are no provisions regarding international wires.
Like most online banks, Novo offers a clean and simple interface. The app has remarkably high ratings in the Google and Apple App Stores.
Novo has a customer satisfaction rating of 4 stars or better on most platforms. This applies to both customer reviews and professional product reviews.
Novo offers a comprehensive package that competes well even with brick-and-mortar banks. From app integration to exclusive discounts, it’s no wonder it’s consistently ranked as one of the best business checking accounts around.
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Small businesses often turn to online banking to reduce or eliminate costs. NBKC Bank offers an online small business account that meets this expectation in most senses. This award-winning bank also makes it easy for business owners to get business credit cards and earn rewards on eligible purchases.
NBKC Bank offers a long list of features for free. These include no transfer fees, no stoppage fees, no fees for returned products, and no monthly fees. However, the bank has a small transfer fee and only costs a maximum of $
NBKC Bank does not have a minimum balance to open an account. The bank also does not set a minimum balance.
One of the reasons why NBKC Bank is the best choice for best business checking accounts is that there are no known transaction or deposit limits and no associated fees. It also doesn’t charge a fee for incoming domestic transfers.
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NBKC Bank offers access to 37,000 MoneyPoint ATMs. Some customers complain about low out-of-network refunds, but most banks don’t reimburse customers at all for ATMs.
Incoming and outgoing fees for international wires are a whopping $45. However, NBKC Bank does not charge foreign transaction fees.
NKBC Bank offers a decent online interface that most customers enjoy. It has a 4-star or higher rating in both the Apple and Android stores.
NBKC Bank does a good job of keeping customers happy. However, there have been constant complaints about slow processing times.
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NBKC Bank offers one of the best options for checking business accounts. In addition to audits, the bank also offers real estate and construction loans, credit lines, equipment financing and small business loans online. This reduces the need for small businesses to establish new relationships with different banks when they need additional capital.
BlueVine consistently ranks at the top of lists of best business checking accounts. It offers many great features that entrepreneurs will love. However, it suffers from constant customer complaints, especially in app stores. Coastal Community Bank is the FDIC member behind BlueVine’s banking services.
BlueVine offers a 100% free service to customers who intend to complete all transactions online. There are no monthly maintenance fees. However, it costs $4.95 to make cash deposits at Green Dot merchants and $2.50 to use out-of-network ATMs. While incoming leads are free, it costs $15 per outgoing lead. You can get around this by using its payment function.
The initial deposit has no minimum deposit requirements. It also does not require companies to maintain a minimum balance. It offers up to 1.2% APY on balances up to $100,000 for qualified businesses.
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It offers free ATM at 37,000 locations. That’s more than traditional banks, but less than most of our top online business accounts.
BlueVine offers a MasterCard bank card that works abroad. It does not publish whether it has a foreign transaction fee.
When you log into BlueVine through the app or the web, it has a simple and easy-to-use interface. Unfortunately, customers complain that registration is not always easy and the application often crashes. Its app store reviews range from 1.8 stars to 2.8 stars in the Apple and Android app stores.
BlueVine doesn’t have many customer reviews online outside of app stores. In these reviews, users complain about both the bank and the app. Some of the complaints are related to PPP loan problems, payment processing errors and poor customer service. BlueVine is an online banking service, so app ratings are strongly correlated with customer satisfaction.
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BlueVine may need to focus more on its implementation and customer relations, but it offers plenty of good features. These include digital online tools for managing business returns and taking advantage of financing opportunities. The company now also offers business loans through its financing partners.
Axos offers two business checking accounts: Basic Business Checking and Business Interest Checking. This offers business owners the opportunity to either avoid fees while building their income stream or earn interest on larger balances. Although Axos focuses many of its resources on small business banking, it also offers banking services to large companies. This makes it easier to start small businesses without looking for a new bank.
There are no monthly fees for basic business checking, but there is a $10 monthly fee for checking business rates. The basic checking option also offers 50 checks for free.
The Axos Basic Business Checking option does not have a minimum balance requirement, but has an Initial Balance of $100. Axox Business Interest Checking requires a starting balance of $1,000. It also requires a daily average balance of $5,000 to waive the monthly fee.
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There are no transaction or deposit limits. However, both business checking accounts have fees that exceed a certain threshold. For example, the Business Interest Checking option has up to 200 articles per month for free. After that, the fee is 30 cents per event.
Axos has a relatively low foreign transaction fee of 1%. However, it does have a hefty $45 international wire fee.
Axos has an easy-to-use website. While its personal banking apps rank well, its business banking app performs poorly in both the Google and Apple app stores.
As Axos is an online bank, the performance of its application correlates with customer satisfaction. In the reviews, customers reported app crashes and the inability to deposit mobile checks.
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Axos offers an APY that is lower than BlueVine’s offer at the time of writing. However, unlike BlueVine’s APY, it ranges from 0.81% on $0.00 to 0.1% on balances of $250,000 or more. It also offers merchant services, wealth management, payroll services, corporate CDs, corporate savings and non-profit money market options.
Over the past decade, Chase has successfully attracted new personal and business customers with its sign-up bonuses. At the time of writing, the company is offering a $300 sign-up bonus to its business customers. It also offers one of the most competitive offers compared to its traditional banking competitors.
Like most traditional banks, Chase customers pay their fair share of fees. The company has a $15 monthly fee, but you can waive this. It has high transfer fees and fees for cash deposits and physical rental transactions.
Surprisingly, there is no minimum balance requirement. However, you need a minimum balance of $2,000 to waive the $15 monthly fee.
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There are no restrictions on transactions or deposits. However, the bank charges a fee for cash deposits when the monthly limit is $5,000 per month. In addition, a fee is charged after 20 physical transactions.
Chase customers have access to 4,700 physical bank branches and 16,000 Chase ATMs. This is higher than some other brick-and-mortar banks, but much more restrictive than what most online banks bring to the table.
The Chase Business Check Debit Card works well online and abroad. However, a 3% transaction fee is charged for international purchases and foreign currency purchases. Chase does not charge international wire transfer fees for transactions of $5,000 or more
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