Best Business Checking Accounts for 2021

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If you’re looking for the best business checking accounts, you’re in luck because you’ll find quite a few excellent options on the market right now.

You can even find a variety of free business checking accounts, and that wasn’t always the case. In years past a business account almost always charged hefty fees. This was quite frustrating for small businesses and side hustlers without much money.

So, if you’re looking to cut your business banking costs — or if you’re starting a new business or freelancing gig and don’t need all the extra perks paid accounts offer — opening a free business checking account could be the right move.

Whatever your situation, the accounts below offer some excellent features for anyone looking to move their business banking forward.

Top 9 Best Business Checking Accounts For 2021

Here are best business checking accounts you can open today:

  1. 🏆 Chase Business Checking Accounts: Best Overall
  2. Axos Bank Basic Business Checking
  3. Novo’s Free Business Checking
  4. NorthOne Business Checking
  5. BBVA Business Connect Checking
  6. U.S. Bank Silver Business Checking Package
  7. Citizens Bank Clearly Better Business Checking
  8. Navy Federal Business Checking
  9. Huntington 100 Checking

1. Chase Business Checking Accounts

The Chase Business Complete Banking account is a great option for a small business owner or solopreneur.

There is a $15 monthly fee with ways to waive.

It offers a 100 transactions per month at no charge (40 cents after that), unlimited electronic deposits, plus $5,000 in cash deposits per statement cycle at no charge.

I recommend Chase so highly because it combines online banking with a wide network of in-person banking services — more than 4,700 branches and 16,000 ATMs.

For a limited time, new customers can receive a $300 bonus after completing qualifying activities. Click “Learn More” below for details.

1

Chase Business Complete Banking℠ account

🏆 Our Top Pick
    • Best for: access to a huge number of branches, high-rated mobile banking experience
    • Monthly fee: Variable
    • Highlights: access to 16,000 ATMs and more than 4,700 branches nationwide, Chase Online Bill Pay, Chase QuickDeposit, 24/7 customer service

Chase Business Complete Banking℠ account Logo

2. Axos Bank Basic Business Checking

If you need a basic business checking account, Axos Bank offers one of the best free business checking accounts on the market. The Axos Bank Basic Business Checking account is ideal for a side hustler or a small business owner who has simple banking needs.

You’ll get up to 200 free transaction items (such as debits, credits, or deposits) per month, which is pretty awesome because many of the competitors who charge a monthly fee don’t beat that number.

Each transaction after the first 200 will cost you $0.30, which is less than what other banks charge. You also get access to a surcharge-free ATM network nationwide.

This bank account requires a minimum opening deposit of $1,000 – and the account can be managed only online. It’s best for account holders who don’t need to make cash deposits.

Want to earn interest and are able to maintain a $5,000 balance? Check out Axos Business Interest Checking

BONUS: Millennial Money readers can earn a $100 bonus with the promocode EARN100 when signing up fora new account.

2

Axos Bank Basic Business Checking

Best for modest business banking needs
    • Monthly fee: $0
    • Minimum opening deposit: $1,000
    • Highlights: 200 free transactions; surcharge-free ATM network nationwide
    • Mobile banking: available (2.6 stars on the App Store, 2.7 on Google Play)

Axos Bank Basic Business Checking Logo

3. Novo Bank Business Checking

Novo Bank has created another great option for digital business owners who want a mobile-first business bank account.

You’ll get free incoming wire transfers, free ACH transfers, no monthly fees, all ATM fees refunded — it’s really a great deal if you just want an app to manage your business cash flow that’s separate from your personal finances.

You’d need $50 to open an account, and you’d need to transfer the funds from another bank you connect to Novo through the app.

You won’t be able to deposit cash or send wire transfers with this account, and Novo — like Azlo — offers only mobile business checking — no savings accounts or business loans. You do, of course, get FDIC insurance up to the $250,000 limit allowed by law.

3

Novo Bank Business Checking

Best for businesses that don't handle cash
    • Monthly fee: $0 ($27 insufficient funds fee)
    • Minimum opening deposit: $50
    • Highlights: Free incoming wire transfers, free ACH transfers, free Visa debit card
    • Mobile banking: Novo is a mobile first bank

Novo Bank Business Checking Logo

4. NorthOne Business Checking

Similar to Novo, NorthOne is an online-only, relative newcomer aimed squarely at small businesses and freelancers.

They are tech-focused, with a robust mobile app that is highly rated (4.7 stars in the App Store). They also offer integrations with your accounting, eCommerce and point-of-sales tools (Quickbooks, Expensify, Amazon Pay, Shopify, Stripe, etc) to help streamline your business and eliminate manual data-entry.

NorthOne is FDIC-insured and offers a network of 300,000 ATMs that you can use to withdraw or deposit cash.

They also offer unlimited sub-accounts so that you can have dedicated “buckets” for taxes, payroll, maintenance or capital expenses.

Depending on your business, the sub-accounts, ATM deposits, and more extensive integrations might be important advantages over Novo Bank.

You can open an account in just a couple of minutes with $50.

4

NorthOne Business Checking

Best for integrations
    • Monthly fee: $10
    • Minimum opening deposit: $50
    • Highlights: 300,000+ ATM network; unlimited sub-accounts; save on bookkeeping
    • Mobile banking: NorthOne has a great mobile banking app

NorthOne Business Checking Logo

5. BBVA Business Connect Checking

Brand-new businesses like BBVA Business Connect Checking because you can open this account with only $100. Plus, this bank account has no minimum balance requirements and it charges no monthly service fee.

The account also offers five in-branch withdrawals and two in-branch deposits at no extra cost and has branches in Texas, New Mexico, Florida, Colorado, California, Arizona and Alabama.

You can process up to $5,000 per month at no charge, and you’ll also get access to mobile banking on BBVA’s highly-rated mobile app.

You’ll automatically receive a paper statement for $3 a month, so make sure you turn that off as soon as you open an account if you want to avoid that fee.

5

BBVA Business Connect Checking

Best for those looking for a very affordable checking option with a small opening deposit
    • Monthly Service Charge Fee: $0
    • Minimum opening deposit: $100
    • Highlights: Bill Pay, Mobile Deposit; no charge at BBVA, Allpoint, or 7-Eleven ATMs
    • Mobile banking: available (BBVA mobile app – 4.8 stars on the App Store, 4.4 on Google Play)

BBVA Business Connect Checking Logo

6. U.S. Bank Silver Business Checking Package

Another excellent option for small businesses with limited banking activity is the U.S. Bank Silver Business Checking account. No monthly service fees and up to 150 free transactions per month (each item is 50 cents afterward) make this a fantastic choice for start-ups.

The account also offers 25 free cash deposits per month, and a 50% discount on first order checks (though you can get those for free with some other accounts).

What I like the most is that it’s almost entirely free – and there aren’t any minimum balance or opening deposit requirements. The bank also has a solid app for managing your business needs on-the-go.

6

U.S. Bank Silver Business Checking Package

Best for no minimum balances or monthly fees
    • Monthly fee: $0
    • Minimum opening deposit: $0
    • Highlights: up to 150 free transactions per month, including deposits, debit card purchases, online payments and more
    • Mobile banking: available (U.S. mobile app – 4.8 stars on the App Store, 4.3 on Google Play)
    • Rewards, perks and bonuses: 50% discount on Gold Personal Package checking monthly fee

U.S. Bank Silver Business Checking Package Logo

7. Citizens Bank Clearly Better Business Checking

If you’re looking for a bank that allows you to take out a business debit card not only for you but also for your employees, Citizens Bank Clearly Better Business Checking account may be just what you’re after.

There’s no monthly service fee, minimum opening deposit or minimum account balance – and you get unlimited electronic transactions as well as your first 200 check transactions for free (50 cents per transaction after that).

The only downside is that the bank’s mobile app doesn’t get the highest ratings – but if banking on the move isn’t the most important feature for you, then that shouldn’t stand in the way. It offers plenty of other great features.

7

Citizens Bank Clearly Better Business Checking

Best for no fees and no minimum balances
    • Monthly fee: $0
    • Minimum opening deposit: $0
    • Highlights: up to 200 check transactions per month at no charge; access to over 1,100 branches and over 3,100 ATMs in the U.S.
    • Mobile banking: available (Citizens Bank mobile app – 2.6 stars on the App Store, 3.5 on Google Play)

Citizens Bank Clearly Better Business Checking Logo

Veterans of the U.S. armed forces, defense contractors, and Department of Defense employees can open a Navy Federal Business Checking account which offers some excellent features to small business owners.

There’s no service fee nor a minimum opening deposit, plus you get an interest rate of 0.05% APY on all balances.

You can withdraw money for free from any Navy Federal ATM, and Co-op Network ATMs, and make free electronic transactions.

The first 30 non-electronic transactions are also free of additional charge (after that, it’s 25 cents each).

8

Navy Federal Business Checking

Best for military-based membership + growing your money
    • Monthly fee: $0
    • Minimum opening deposit: $0
    • Highlights: 0.05% APY; first 30 non-electronic transactions free
    • Mobile banking: available (Navy Federal Credit Union mobile app – 4 stars on the App Store, 4.2 on Google Play)
    • Rewards, perks and bonuses: none

Navy Federal Business Checking Logo

9. Huntington 100 Checking

Do you want your basic business checking account to pay interest on your balance? Check out Huntington Bank’s 100 Checking. You’ll earn an interest rate of 0.05% APY on all balances, and there’s no minimum opening deposit requirement.

You won’t retire early on that interest rate, but it beats the basic savings account rates at many traditional banks.

You will be charged a $5 monthly maintenance fee – but you can avoid this if your total balance across all Huntington accounts is at least $5,000 (that includes any checking or savings account, CD or IRA with Huntington Bank).

9

Huntington 100 Checking

Best for earning interest on your money
    • Monthly fee: $5 or $0
    • Minimum opening deposit: $0
    • Highlights: $200 opening bonus, access to 1,800 ATMs in the U.S.
    • Mobile banking: available (Huntington mobile app – 4.8 stars on the App store, 4.2 on Google Play)
    • Rewards, perks and bonuses: if you have a Huntington Voice Credit Card, you could get a 10% rewards boost

Huntington 100 Checking Logo

How To Find The Best Business Checking Account for You

As you can see, finding free business checking accounts isn’t difficult – and even the bank accounts that charge a fee let you waive the fee easily.

When you’re looking for the best business checking account, make sure you think about the features that are the most important for your business or side hustle.

For example, if you keep a large balance, look for an account that pays interest (although you will owe taxes on it). If you sell products online, a digital bank can save you a ton of money and time. If you make a lot of small transactions, pay attention to how many free transactions your checking account allows each month.

Maybe you need extra debit cards for your business partner – or to be able to bank primarily on-the-move because you’re traveling the world at the same time?

Here’s my point: Each bank offers distinctive features – so make sure you make an informed decision.

Ultimately, the best small business checking accounts should have no minimum opening deposit and no monthly fee to help you save on the costs of business banking – but many banks offer that plus other excellent features.

And now – check out this list of best small business credit cards for 2021.

Additional Disclosures: Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Read Comments

  • Comment Author image blank REBECCA THOMPSON says:

    Thank you. So tough to have a business and you just helped me a ton. Thank you Grant.

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