Best Business Bank Accounts • Benzinga

The best business bank accounts offer low to no fees and extensive financial management capabilities. Get started with Airwallex or Axos Bank.

Choosing the right business bank account is crucial for managing your finances and supporting the growth of your business. A business bank account serves as more than just a secure place to store funds. It acts as a financial management tool that can streamline your transactions, provide valuable insights into cash flow, and help you save on fees associated with banking services.

With a variety of account types available, from basic checking accounts suitable for small businesses to more complex options for larger enterprises, it’s essential to assess your specific needs and circumstances. Key factors to consider include fees, interest rates, transaction limits, and the accessibility of services like business loans and business credit cards. By evaluating these characteristics, you can identify the most suitable bank account that aligns with your business’s size, requirements, and growth trajectory. To help you make an informed decision, Benzinga reviewed the top banks and financial institutions offering the best business bank accounts for this month.

Quick Look at 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

Best Business Bank Accounts

Most businesses typically start with a checking account for daily transactions and look for other financial options like merchant accounts for easy money collection and savings accounts for long-term goals. It is important to choose an account that suits your needs and has the necessary tools for long-term service.

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 23 office locations worldwide and specializes in multi-currency business accounts and APIs that connect those accounts to software like QuickBooks for easier accounting and employee payment cards.

With Airwallex, businesses can open local currency accounts in over 60 countries, receive payments from over 180 countries, and transfer funds to over 120 countries.

Why We Picked It: With features such as competitive exchange rates, transparent fees and easy integration with various business platforms, Airwallex simplifies the complexities of conducting business on a global scale.

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

Online banking has 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. 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. Users can also enjoy unlimited cash deposits and unlimited refunds for fees those ATM operators charge. Plus, it has no monthly fees and no minimum opening deposit.

With Axos Bank, you can choose from different business bank account types and services including Basic Business Checking, Business Premium Savings and Merchant Services, each with its own perks and unique benefits. New users can get up to $400 welcome bonus when they open a Business Checking account with Axos Bank. With Business Premium Savings, you can grow your money with an annual percentage yield (APY) of 4.01%. New users can get a bonus of up to $375.

Why We Picked It: With its extensive ATM network, Axos Bank allows business owners to easily withdraw cash, make deposits and perform other banking transactions. You’ll have easy access to cash without having to worry about hefty ATM fees.

3. Best for Interest on Account Balance: Grasshopper

You’ll need a minimum deposit of $100 to open an Innovator Business Checking account with Grasshopper. You can earn an APY of 2.25% 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. Grasshopper clients can also have access to an Innovator Money Market account which allows them to earn up to 3.75% APY on account balances of $25,000 and up.

Why We Picked It: Grasshopper 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.

US Bank offers a variety of business checking accounts to help businesses manage their finances effectively and efficiently, each with its unique benefits. From small businesses with basic banking needs to more established businesses with higher balances, US Bank has an account type to offer.

US Bank has other types of bank accounts including checking, savings, money market, and CD accounts.

Why We Picked It: With the convenience and accessibility it offers, US Bank 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 business 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 no 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.

NBKC Bank is also known for its excellent customer service, with a dedicated team of professionals who are ready to assist business owners with any questions or concerns they may have. This level of support can be invaluable when it comes to managing cash deposits and ensuring that businesses have access to the resources they need to succeed.

Why We Picked 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. With Relay, you can set up multiple checking accounts up to 20. By allocating funds to different accounts based on your budget and financial goals, you can track your spending more effectively and avoid dipping into funds that are reserved for other purposes. This can help you stay on track with your budget and save towards your financial goals more efficiently. Plus, you can get up to 50 Visa debit cards that you can allocate to your team.

The best perk the account provides is the ability to connect your business bank account to many leading accounting software and bookkeeping apps, such as QuickBooks Online or Xero, for easier money management.

Why We Picked 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 bank account. You don’t need a minimum to get started and monthly fees are waivable as long as you maintain account balance requirements. The biggest drawback to the account is that you cannot deposit cash and you’ll have no ATM access.

Live Oak Bank has different business bank account products and services including high-yield savings, business checking, CDs and checking with Treasury services.

Why We Picked It: Live Oak Bank offers one of the best APY for business bank accounts. Their high-yield savings 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. Other business bank accounts offered by Chase include Performance Business Checking and Platinum Business Checking.

Why We Picked 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.

Types of Business Bank Accounts

You have a variety of account options when evaluating 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 line of credit than you might get personally and apply for credit 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.

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 services 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.
• Digital banking experience: Online and mobile platforms are now the primary channels for transactions, as opposed to physical bank branches. Therefore, the quality and functionality of a mobile app can directly impact business results.
• 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.

Pros and Cons of Business Bank Accounts

Once you find the best bank account type for your business 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.

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 business bank account for your needs.

Frequently Asked Questions