You can open many business checking accounts online without ever visiting a branch. After you’ve decided which bank or credit union you want to work with and which account is best for your business, you can submit an online application and provide the required personal and business information. You’ll then make your initial deposit, which will mean linking an external account if opening with a new bank. Bank of America charges a $10 overdraft fee per item, up to two times daily. The Bank of America Business Advantage Relationship Banking account has a steep but waivable monthly fee of $29.95. It provides fee waivers for common banking activities as well as other business bank accounts and allows 500 free transactions per month.

Monthly maintenance fees and transaction fees vary by account, but all options offer overdraft protection. It offers many positive features, including a signing bonus, easy cash deposits, cash-back reward cards, and access to a global banking network. If the minimum balance is too high for you, we recommend Axos Bank Basic Business Checking or U.S.

Bank of America® Business Advantage Fundamentals™ Banking

This makes tax filing and reporting simpler, and it protects you in the event of an audit. You’ll have separate records for all money related to your business to justify your deductions. The IRS defines incorporated businesses, including LLCs and corporations, as separate legal entities for tax purposes but suggests that all business types separate business and personal expenses. Bank accounts that are most attractive to LLCs, for example, do more than just allow you to keep personal and business expenses separate.

1. Andy Smith is a Certified Financial Planner (CFP®), licensed realtor and educator with over 35 years of diverse financial management experience.
2. If the minimum balance is too high for you, we recommend Axos Bank Basic Business Checking or U.S.
3. As a larger bank, Bank of America has brick-and-mortar locations as well as a strong online and mobile presence for business owners who prefer the best of both worlds.

Best for High-Revenue Businesses

In addition, signature-based debit card transactions can earn 1% cash back, assuming you meet account requirements and have a balance of at least $500. Bank of America’s Business Advantage Fundamentals Banking account is ideal for small businesses who make frequent deposits thanks to the bank’s network of 16,000 fee-free ATMs. As a larger bank, Bank of America has brick-and-mortar locations as well as a strong online and mobile presence for business owners who prefer the best of both worlds. This business checking account also offers a suite of business management tools, including Zelle, a cash flow management system, QuickBooks integration, and more. To appear on this list, the business checking account must be nationally available.

Novo Bank

Our analysis of fees included monthly fees, excess transaction fees, overdraft fees, ATM fees, deposit fees and early withdrawal penalty fees. Access looked at the number of fee-free ATMs and in-person branches, while digital experience took into account App Store and Google Play ratings. Customer experience considered merchant services, integration with business tools, customer service ratings and live chat availability.

Business savings accounts often earn interest, but there may be a limit to how many withdrawals you can make per month. Many savings accounts allow you to link business checking accounts for one-time or automated transfers. When you need general customer service support, you can call Monday through Friday, 7 a.m. For specific questions about business banking services like remote deposit or online banking, you can call additional dedicated service lines. A business bank account is a necessity for any business owner who takes their venture seriously.

The money in a business savings account can serve as an emergency fund or savings for large future expenses. Axos Bank has a checking account for every business accounting coach cash flow statement type, which is why it’s one of the best banks for small businesses, according to our experts. The Axos Bank Business Interest Checking earns tiered interest with rates up to 1.01% APY on balances below $50,000 and has no monthly fee with a $5,000 minimum balance. It includes up to 100 free transactions and 60 remote deposit items a month.

Can I open a business checking account without an EIN?

Using a software program can also eliminate the need to retain a full-time accountant, which can add to your business expenses. Several financial institutions offer free accounts, although some may require that you fund the account with a minimum amount within the first few weeks or months of having your account to avoid inactivity fees. First Tech also what is net price offers a Business Dividend Checking account with a 0.10% APY for $15 per month (or $0 with a minimum daily balance over $5,000).

This type of account acts as a holding area for card payment funds before they’re transferred to your business’s checking account. While the rate isn’t too impressive at 0.01% APY, this account offers convenience in the expenses: basic definitions form of check-writing privileges and low balance and deposit requirements. We picked the PNC Bank Treasury Enterprise Plan for small and medium-sized businesses with higher transaction volumes because it includes up to 2,500 free transactions and $50,000 in deposits a month.