For many business owners, the first concern is establishing a business checking account. Fortunately, there are several top-notch options, including NBKC Bank Business Checking Account and Bank of America Business Advantage Relationship Banking. Axos Bank is an online bank that offers a range of consumer and business financial products, including checking accounts, savings accounts, CDs, mortgages, investment accounts and more. If you have any negative marks on your ChexSystems report, like unpaid fees, bounced checks or overdrafts, this could impact your business account application.
Some are designed for self-employed people and small businesses, while others have features more suited to large corporations. LendingClub offers the same FDIC insurance as traditional brick-and-mortar banks and has close to $9 billion in assets. Its Tailored Checking account for small businesses is designed to allow accountholders to accrue interest, similar to a savings account.
Business Checking vs. Personal Checking Accounts
What got Novo onto our list are the features that make it well-suited for e-commerce, including integration to Stripe, Square, Gusto and Etsy. LendingClub Tailored Checking is a well-rounded business checking account that earns interest on your balance and cash back on debit card purchases. Customers can easily integrate their accounts with Quicken® or Quickbooks® for a more streamlined accounting process.
- Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations.
- Since Brex isn’t a bank account, you cannot deposit or withdraw cash from this account.
- Grasshopper gets our seal of approval as the overall best business checking account because it offers APY on its checking accounts and cashback.
- A chart of accounts is a list of all accounts available for recording transactions in your accounting software program if you use one or a general ledger if you don’t.
Best for Unlimited Transactions
Axos Business Interest Checking is best for business owners open to using Axos’ service partners who plan to keep between $5,000 and $50,000 in the bank. More or less than this and you’re probably better off going with a different account. Found currently offers a $100 bonus to Care.com users who sign up and deposit $1,000 in total earnings into their Found accounts (terms apply). Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
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. Interest for this account is compounded and credited monthly on the last day of each month. The Do More Business Checking account has no minimum deposit, balance or monthly maintenance fee. Regardless of your balance, you will be reimbursed up to $10 per month in ATM fees.
A small business checking account account serves as a main operational account. It’s designed for day-to-day business transactions such as paying vendors, collecting revenue and transferring money. This is the most basic bank account you can have for money you’re going to use and add to often. Do More Business Checking has no monthly fee, but you need to maintain a minimum $10,000 balance to earn interest.
EverBank is best for businesses that need interest-bearing accounts they can open and manage digitally. In addition to the Non-Profit Money Market account, Axos Bank offers personal and business checking, savings, CD and money market accounts. Business bank accounts don’t usually come in specific “types” for certain kinds of businesses. There isn’t a common, designated account type for LLCs, for example (although some banks may offer “LLC bank accounts”). But different business bank accounts come with different features and restrictions, making some better for certain businesses than others.
More on our top online business checking accounts
Have the stockholders equity section of the balance sheet your Social Security number and Employer Identification Number (EIN) ready, as well as certified business documents such as your articles of incorporation, business license or partnership agreement. You may also need to provide your personal ID, like a driver’s license. You can read more about our editorial guidelines and the banking methodology for the ratings below. Chase Bank, based in New York City, is the consumer and banking arm of J.P.
Setting Up Accounting for Small Businesses
All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails. Your EIN is one of a few pieces of information you’ll need to open a bank account. You may need to provide additional information like your business registration, business address and even business website.