Best Business Checking Accounts for 2019

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

What’s even better is that there are now a lot more free business checking accounts available, and that wasn’t always the case. Businesses often had to pay a hefty fee for banking, which was quite frustrating for businesses without much money.

So, if you’re looking to cut down on your business banking costs, or are just starting out and don’t need all the extra perks that paid-for accounts offer, opening a free business checking account could be the right move.best business checking accounts

Top 7 Best Business Checking Accounts for 2019

Whether you’re a side hustler looking to separate your personal finances from your business spending, or a small business owner looking to make a switch to a checking account that’s more suitable for your business needs, the accounts listed below offer some excellent features for anyone looking to move their business banking forward.

Here are the top business checking accounts that are great for side hustlers and small business owners:

  1. Huntington 5 Checking
  2. Axos Bank Basic Business Checking
  3. Chase Total Business Checking
  4. BBVA Business Connect Checking
  5. U.S. Bank Silver Business Checking Package
  6. Citizens Bank Clearly Better Business Checking
  7. Navy Federal Business Checking

Huntington 5 Checking

If you’re looking for an account that does not only allow you to perform standard banking tasks but also earns you interest, Huntington 5 Checking is a solid option. You’ll earn 0.05% APY on all balances, and there’s no minimum opening deposit requirement.

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

Huntington 5 Checking Price: 0-$5
Best for: earning interest on your money
Monthly fee: $5 or $0
Minimum opening deposit: $0
Highlights: 05% APY on all balances; 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
Learn More
Huntington 5 Checking

Axos Bank Basic Business Checking

 If all you’re looking for is basic business banking, Axos Bank offers one of the best free business checking accounts on the market. Axos Bank Basic Business Checking account is ideal for a side hustler or a small business with non-complex banking needs.

You also get up to 200 free transaction items (such as debits, credits, or deposits) per month, which is pretty awesome because many of the competitors don’t beat that number. Any transaction after the first 200 will cost you $.30, which is less than what other banks charge. You also get access to surcharge-free ATM network nationwide.

Bear in mind that there is a minimum opening deposit of $1,000 – and the account can be managed online-only, so it’s best for those who don’t mind doing all their banking electronically.

Axos Bank Basic Business Checking Price: FREE
Best for: modest business banking needs
Monthly fee: $0
Minimum opening deposit: $1,000
Features: 200 free transactions; surcharge-free ATM network nationwide
Mobile banking: available (2.6 stars on the App Store, 2.7 on Google Play)
Learn More
Axos Bank Basic Business Checking

Chase Total Business Checking

 Chase Total Business Checking is another popular bank account for small businesses – though it isn’t free account unless you meet the monthly requirements. If you don’t, the maintenance fee will be $15 per month.

To avoid the fee, you’ll need a minimum daily balance of at least $1,500 or a linked Chase Sapphire® Checking personal or Chase Private Client Checking account. If you don’t qualify for a free account, you can reduce your monthly service fee to $12 just by opting to receive paperless statements.

Chase Total Business Checking offers a 100 transactions per month at no charge (40 cents after that), unlimited electronic deposits, plus $5,000 cash deposit per statement cycle free.

Chase Total Business Checking Price: 0-$15
Best for: access to a huge number of branches, high-rated mobile banking experience
Monthly fee: $15, $12 or $0
Minimum opening deposit: $0
Highlights: access to 16,000 ATMs and 5,000 branches nationwide, Chase Online Bill Pay, Chase QuickDeposit, 24/7 customer service
Mobile banking: available (Chase Mobile app – 4.8 stars on the App Store, 4.4 on Google Play)
Learn More
Chase Total Business Checking

BBVA Business Connect Checking

BBVA Business Connect Checking is also one of the best small business checking accounts because it has a small opening deposit ($100), no minimum balance requirements, and 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. Bear in mind that 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 the fee.

BBVA Business Connect Checking Price: FREE
Best for: those looking for a very affordable checking option with a small opening deposit
Monthly 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)
Learn More
BBVA Business Connect Checking

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 afterwards) make it a fantastic choice for start-ups and side hustlers.

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 finances on-the-go.

U.S. Bank Silver Business Checking Package Price: FREE
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
Learn More
U.S. Bank Silver Business Checking Package

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.

Citizens Bank Clearly Better Business Checking Price: FREE
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)
Learn More
Citizens Bank Clearly Better Business Checking

If you’ve served in a branch of the U.S. armed forces, the Navy Federal Business Checking account offers some excellent features to small business owners. There’s no service fee nor a minimum opening deposit, plus you get an 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).

Navy Federal Business Checking Price: FREE
Best for: military-based membership + growing your money
Monthly fee: $0
Minimum opening deposit: $0
Highlights: 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
Learn More
Navy Federal Business Checking

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 ones that aren’t free are willing to waive the fee if you meet the monthly requirements.

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

For example, if you already have a more substantial sum that you want to use to grow your business, then you should probably opt for an account that earns interest. You’ll know that your money is growing without you having to move a finger.

Alternatively, if you know that you’ll need to use the checking account to make a substantial number of transactions each month, you might prioritize banks that offer the biggest number of transactions at no cost.

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? 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 2019.

Grant Sabatier

Creator of Millennial Money and Author of Financial Freedom (Penguin Random House). Dubbed "The Millennial Millionaire" by CNBC, Grant went from $2.26 to over $1 million in 5 years, reaching financial independence at age 30. Grant has been featured in The New York Times, Wall Street Journal, BBC, NPR, Money Magazine and many others. He uses Personal Capital to manage his money in 10 minutes a month.

Latest posts by Grant Sabatier (see all)

Posted in: Checking

No Comments

Post A Comment

[PDF]
[PDF]