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7 Best Small Business Checking Accounts

In the bustling world of entrepreneurship, one decision can mean the difference between streamlined success and a financial fumble. That’s why we’re here at BizBuddy to make one vital choice a little simpler: selecting the right bank for your small business checking account. But why these seven banks – US Bank, Wells Fargo, Capital One, BlueVine, First Internet Bank, Chase Bank, and Bank of America?

The banking world is diverse, with a plethora of options, each with its own unique offerings. So, we’ve chosen these seven banks, each renowned for their business banking services, to compare their small business checking accounts. Why? Because these banks, large and small, traditional and digital, represent a varied cross-section of what’s out there.

Before talking about all the payroll services, I want to share my experience using ADP, Gusto, Paychex, and QuickBooks services. It’s important to find a good payroll service that will make doing payroll a breeze for you:

Some of the banks mentioned in this video have affiliate links that help us support our channel. You still receive the best possible price and promotions.

Each of these banks offers unique advantages that could potentially suit your business needs. Our goal is to assist you, the diligent entrepreneur, to discern the subtle differences and choose the best fit for your business. Let’s dive in, shall we?

Business Checking Accounts: The Important Factor

A business checking account serves as the financial bedrock of any small business. It helps separate personal and business expenses, making accounting, tax filing, and financial tracking significantly easier. It also adds professionalism to your business, facilitating transactions with clients or customers under your business name.

Moreover, a business checking account is often a prerequisite for obtaining business loans or credit lines. It helps build a credit history for your business, which can be crucial for future expansion. Now, let’s consider what unique factor each of these banks offers for opening a business checking account with them.

Let’s review the most critical factors of each of the seven banks we’re analyzing today:

Wells Fargo

A banking titan with a robust portfolio, Wells Fargo presents three tiers of business checking accounts: Initiate, Navigate, and Optimize. Each tier offers a distinct blend of services, including a specific number of free transactions and cash deposits, ideal for businesses of all sizes. With its comprehensive online banking services, it’s easy to manage your account from anywhere.

Additionally, Wells Fargo has a strong physical presence across the US, making it convenient for local banking needs.

Wells Fargo’s small business services are extensive. In addition to their tiered business checking accounts, they offer business savings accounts, credit cards, and a variety of lending solutions. Wells Fargo also provides payroll services, merchant services, and a comprehensive suite of online and mobile banking tools. They offer resources for business planning and management, including a Business Plan Center and Cash Flow Calculator.

With one of the largest banking networks in the US, physical accessibility is a major advantage for Wells Fargo customers. If your business prefers in-person banking or has high cash deposit needs, Wells Fargo can be a great fit. Additionally, they offer an extensive range of business services beyond just checking.

Pros and Cons

PROSCONS
Branch accessibility.Account fees may apply.
Variety of account options.
Online banking tools.

Wells Fargo Complete Review

And the second in the row is…

US Bank

As a leader in small business banking, US Bank offers solutions tailored to help drive businesses forward. Their Silver Business Checking Package stands out, providing 125 free transactions per month and a no-fee allowance for depositing up to $5,000 in cash each statement cycle. This account is an excellent fit for startups and smaller businesses that don’t require a large volume of transactions. Plus, their extensive ATM network is a bonus.

Flexibility is the key here. US Bank provides a variety of business banking products that can grow with your business, making it a strong long-term partner for your financial needs. They also offer a comprehensive suite of additional services like merchant services, payroll services, and business credit cards.

Pros and Cons

PROSCONS
Free transaction allowance.Account fees may apply.
No-fee cash deposit allowance.
Wide ATM network.

US Bank Complete Review

The third one on our list is…

Capital One

Capital One shines with its unlimited business transactions on their Spark Business Unlimited Checking account, a boon for businesses with high transaction volumes. The account also offers free cash deposits up to $40,000 per month, a feature that makes it a compelling option for cash-heavy businesses. Coupled with their award-winning mobile app, Capital One creates a seamless banking experience for the modern entrepreneur.

High-volume businesses will find Capital One’s unlimited transactions appealing. This can save considerable costs in the long run. Plus, their robust online and mobile banking platforms provide a modern and convenient banking experience.

Pros and Cons

PROSCONS
 Unlimited transactions.Account fees may apply.
Generous cash deposit allowance.
User-friendly mobile app.

Capital One’s Complete Review

The fourth one on our list is…

Bluevine

In the digital banking space, BlueVine is a standout with a specialized business checking account that offers 1.0% interest on balances up to $100,000. That’s an incredible opportunity for businesses to earn as they spend. With no monthly fees, unlimited transactions, and two free checkbooks, BlueVine is an excellent choice for businesses looking to maximize their money’s potential while enjoying the convenience of digital banking.

BlueVine offers a high-interest yield on checking accounts, which is quite rare. For businesses looking to earn while they spend, BlueVine provides an excellent opportunity. Also, their fee-free structure can be beneficial for businesses keen on cost-saving.

Pros and Cons

PROSCONS
Interest on checking account balances.Limited physical presence.
No monthly fees.
Digital banking convenience.

Bluevine Complete Review!

The fifth one on our list is…

First Internet Bank

First Internet Bank, as the name implies, is an online-only bank, providing flexibility and convenience. Their Small Business Checking account offers 50 free items per month (with a small fee thereafter), making it suitable for smaller businesses. Notably, they offer the perk of earning interest on your checking balance, adding a nice bonus to your business’s bottom line.

The ability to earn interest on your checking balance is a distinguishing feature. As an online bank, they also offer a highly convenient banking experience, ideal for businesses that prefer digital banking.

Pros and Cons

PROSCONS
 Interest earning on checking balance.Limited physical branch presence
Online banking convenience.
Competitive fees.

First Internet Bank Complete Review!

The sixth one on our list is…

Chase Bank

Chase Bank, known for their customer service and vast network, offers three business checking options: Business Complete Banking, Performance Business, and Platinum Business. The Business Complete Banking account offers a good starting point for many businesses, with unlimited electronic deposits and a range of additional features, including fraud monitoring. Their comprehensive online and mobile banking platforms make managing your business finances a breeze.

Known for stellar customer service, Chase can be an excellent choice for businesses that value strong banking relationships and support. Their variety of account options also make it easy to find an account that matches your business needs, from small startups to growing enterprises.

Pros and Cons

PROSCONS
Strong customer service.Account fees may apply.
Variety of account options.
Extensive online and mobile banking tools.

Chase Bank Complete Review!

The seventh one on our list is…

Bank Of America

Bank of America offers the Business Advantage series of checking accounts. With a widespread network and excellent customer service, they offer an integrated banking experience. Their Business Advantage Fundamentals Checking is a go-to for many, offering 200 free transactions per month and $7,500 in cash deposits free each month. Bank of America also offers specialized account management tools that can integrate with your accounting software, making financial management more seamless.

Offering a wide array of business services beyond checking, Bank of America serves as a one-stop banking solution. Their account management tools integrate seamlessly with accounting software, which can significantly simplify financial management.

Pros and Cons

PROSCONS
Wide range of business services.Account fees may apply.
Account management tools integration.
Strong physical presence.

Bank Of America Complete Review!

As you can see, these banks offer a variety of small business checking accounts, each with unique features and benefits. We hope this detailed comparison helps you find the best match for your business needs.

Now it’s time to compare each bank with their prices, fees and services so you can choose the business checking account that fits the most with your needs.

Complete Comparison

Here’s a complete comparison box of the services, benefits, requirements, fees, and potential hidden fees for the business checking accounts offered by all the banks mentioned:

BANK SERVICES & BENEFITSREQUIREMENTSFEESHIDDEN FEES
US BANK– Silver Business Checking Package
– 125 free transactions per month
– No-fee allowance for cash deposits up to $5,000 per statement cycle
– Extensive ATM network
– Business documentation (EIN, business formation documents, licenses)
– Personal identification
Initial deposit (amount may vary)
– Monthly maintenance fees and
transaction fees (specifics vary by account type)
– Excess transaction fees
– Cash deposit fees for exceeding the no-fee allowance
– Account analysis fees for additional services or features
– Wire transfer fees for outgoing or incoming transfers
– Overdraft or non-sufficient funds (NSF) fees
– Check printing or check image retrieval fees
WELLS FARGO– Initiate, Navigate, and Optimize business checking accounts with varying benefits and transaction allowances
– Wide physical banking network
Online banking and management tools
– Business documentation (EIN, business formation documents, licenses)
– Personal identification
– Initial deposit (amount may vary)
– Monthly maintenance fees,
transaction fees,
wire transfer fees,
and others (specifics vary by account type)
– Monthly maintenance fees if minimum balance requirements are not met
– Transaction fees for exceeding the account’s transaction limit
– Cash deposit fees for exceeding the account’s limit
– Wire transfer fees for outgoing or incoming transfers
– Overdraft or non-sufficient funds (NSF) fees
– Stop payment fees for requesting to stop a check payment
CAPITAL ONE– Spark Business Unlimited Checking Account
– Unlimited business transactions
– Free cash deposits up to $40,000 per month
– Award-winning mobile app
– Business documentation (EIN, business formation documents, licenses)
– Personal identification
– Initial deposit (amount may vary)
– Monthly maintenance
fees and other fees
(specifics vary by account type)
– Monthly maintenance fees if certain requirements are not met
– Wire transfer fees for domestic or international transfers
– Overdraft or non-sufficient funds (NSF) fees
– Check printing or check image retrieval fees
– Account closure fees if the account is closed within a specified time period
BLUEVINE– Business checking account with 1.0% interest on balances up to $100,000
– No monthly fees
– Unlimited transactions
– Two free checkbooks
– Business documentation (EIN, business formation documents, licenses)
– Personal identification
– No monthly fees,
but other fees
(e.g., overdraft or NSF fees)
may apply
– Overdraft or non-sufficient funds (NSF) fees
– Expedited check processing fees
– Check reordering fees
– Incoming or outgoing wire transfer fees
– Account closure fees if the account is closed within a specified time period
FIRST INTERNET BANK– Small Business Checking account
– Earn interest on checking balance
– 50 free items per month
– Online and mobile banking convenience
– Business documentation (EIN, business formation documents, licenses)
– Personal identification
– Monthly maintenance fees and transaction fees (specifics vary by account type)– Monthly maintenance fees for certain account types
– Transaction fees for exceeding the account’s free item limit
– Cash deposit fees for excessive cash deposits
– Wire transfer fees for outgoing or incoming transfers
– Overdraft or non-sufficient funds (NSF) fees
– Account analysis fees for additional services or features
CHASE BANK– Business Complete Banking, Performance Business, and Platinum Business checking accounts
– Range of features including unlimited electronic deposits and fraud monitoring
– Online and mobile banking platforms
– Business documentation (EIN, business formation documents, licenses)
– Personal identification
– Initial deposit (amount may vary)
– Monthly maintenance fees, transaction fees, and other fees (specifics vary by account type)– Monthly maintenance fees if minimum balance requirements are not met
– Transaction fees for exceeding the account’s transaction limit
– Wire transfer fees for outgoing or incoming transfers
– Overdraft or non-sufficient funds (NSF) fees
– Stop payment fees for requesting to stop a check payment
– Account closure fees if the account is closed within a specified time period
BANK OF AMERICA– Business Advantage series of checking accounts
– Business Advantage Fundamentals Checking account with 200 free transactions per month
– $7,500 in cash deposits free each month
– Specialized account management tools
– Business documentation (EIN, business formation documents, licenses)
– Personal identification
– Initial deposit (amount may vary)
– Monthly maintenance fees, transaction fees, and other fees (specifics vary by account type)– Monthly maintenance fees if minimum balance requirements are not met
– Transaction fees for exceeding the account’s transaction limit
– Wire transfer fees for outgoing or incoming transfers
– Overdraft or non-sufficient funds (NSF) fees
– Cash handling fees for depositing large amounts of cash
– Account analysis fees for additional services or features
Remember to visit each bank’s website or contact their customer service for the most up-to-date information on services, requirements, fees, and any other specific details.

Please note that the specific fees may vary depending on the type of account, account activity, and other factors. It’s crucial to review the fee schedules and terms and conditions provided by each bank to have a comprehensive understanding of the potential fees associated with their business checking accounts.

Customer’s Opinions

Opinions about different banks and their services can vary widely among individuals and businesses. However, based on common feedback and customer reviews, let’s take a look at what people generally say about US Bank, Wells Fargo, Capital One, BlueVine, First Internet Bank, Chase Bank, and Bank of America:

US Bank:

  • Positive Feedback: Customers appreciate US Bank’s extensive ATM network, flexible account options, and good customer service.
  • Areas of Improvement: Some customers have mentioned that the fees associated with certain accounts can be higher compared to other banks.

Wells Fargo:

  • Positive Feedback: Many customers value Wells Fargo’s wide physical banking network, convenient online banking tools, and the variety of business services they offer.
  • Areas of Improvement: Some customers have expressed concerns about occasional issues with customer service and have mentioned that fees can be a bit higher compared to other banks.

Capital One:

  • Positive Feedback: Customers appreciate Capital One’s user-friendly digital banking platforms, unlimited transactions on certain accounts, and competitive fee structures.
  • Areas of Improvement: Some customers have mentioned that Capital One’s physical branch presence is limited, which may not be ideal for those who prefer in-person banking.

Bluevine:

  • Positive Feedback: Customers praise BlueVine for its high-interest business checking account, fee-free structure, and user-friendly digital banking experience.
  • Areas of Improvement: As an online-only bank, a few customers have expressed concerns about the lack of physical branch locations and limited customer support options.

First Internet Bank:

  • Positive Feedback: Customers appreciate First Internet Bank’s ability to earn interest on checking balances and their convenient online banking services.
  • Areas of Improvement: Some customers have mentioned that the initial account setup process can take longer compared to traditional brick-and-mortar banks.

Chase Bank:

  • Positive Feedback: Customers often mention Chase Bank’s strong customer service, comprehensive online and mobile banking tools, and the wide range of business services they provide.
  • Areas of Improvement: A few customers have mentioned that some of Chase’s account fees can be higher compared to other banks.

Bank of America:

  • Positive Feedback: Many customers value Bank of America’s extensive physical branch network, integrated banking experience, and account management tools.
  • Areas of Improvement: Some customers have expressed concerns about occasional customer service issues and have mentioned that certain account fees can be higher compared to other banks.

It’s important to note that the “best pick” for a business checking account ultimately depends on the specific needs and preferences of each business. Consider factors such as transaction volume, cash handling requirements, accessibility, digital banking features, customer service, and fee structures when making a decision.

Conducting thorough research, reviewing the features and fees of each bank, and comparing them based on your business’s unique needs will help you determine which bank is the best fit for your business checking account.

Each bank offers unique advantages and features. US Bank may be a good fit for businesses looking for flexible account options and an extensive ATM network. Wells Fargo’s wide physical banking network and comprehensive range of services could benefit businesses that value in-person banking. Capital One’s user-friendly digital banking platforms and unlimited transactions may be advantageous for businesses with high transaction volumes. BlueVine’s high-interest business checking account and fee-free structure might be attractive for businesses looking to maximize their earnings.

First Internet Bank’s ability to earn interest on checking balances and convenient online banking services could be beneficial for businesses seeking competitive interest rates. Chase Bank’s strong customer service and comprehensive online tools may be advantageous for businesses that value personalized support. Bank of America’s extensive physical branch network and integrated banking experience might be appealing for businesses that prefer a well-established banking institution.

Ultimately, the best choice for a small business checking account depends on factors such as transaction volume, cash handling needs, digital banking preferences, customer service expectations, and fee structures. It is important for small business owners to carefully evaluate their requirements and compare the features and benefits offered by each bank to make an informed decision that aligns with their specific business needs.

Conclusion

In the vibrant landscape of small business banking, choosing the right institution to trust with your business checking account can make all the difference. After exploring the offerings of US Bank, Wells Fargo, Capital One, BlueVine, First Internet Bank, Chase Bank, and Bank of America, it’s clear that each bank brings its own unique strengths to the table.

US Bank shines with its flexible account options and extensive ATM network, while Wells Fargo impresses with its vast physical presence and comprehensive range of services. Capital One stands out for its user-friendly digital experience and unlimited transaction offerings, and BlueVine catches attention with its high-interest business checking account and fee-free structure. First Internet Bank’s ability to earn interest on checking balances and convenient online banking services make it a contender, while Chase Bank’s renowned customer service and robust online tools make it a popular choice. Bank of America’s wide branch network and integrated banking experience also make it a strong contender in the small business banking arena.

Ultimately, the best pick for your business checking account will depend on your unique needs and preferences. Consider factors such as transaction volume, cash handling requirements, accessibility, digital banking features, customer service, and fee structures. Thoroughly researching each bank, reviewing their offerings, and comparing them based on your business’s specific requirements will empower you to make an informed decision.

Remember, your business deserves a trusted financial partner that not only meets your banking needs but also supports your growth and success. So take the time to evaluate these banks, weigh their pros and cons, and make a choice that propels your business forward. With the right business checking account in your corner, you’ll have the financial foundation to thrive in the ever-evolving entrepreneurial landscape.