Best Business Checking Accounts for 2022

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 2022

Here are the best business checking accounts you can open today:

  1. 🏆 Bluevine: Best Overall
  2. Axos Bank Basic Business Checking
  3. Novo’s Free Business Checking
  4. Chase Business Checking Accounts
  5. NorthOne Business 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. Bluevine

BlueVine is an online-only business bank founded in 2013 with a focus on business that are growing. The platform offers a bank account, lines of credit and business loans, and a payment processor. They also are committed to offering the highest APYs you’ll find on a business checking account.

BlueVine only offers one checking option: its Business Checking account. The account has no minimum balance requirements or monthly service fees, and you can earn with 2.00% APY on balances up to $100,000.

BlueVine Business Checking also offers easy ACH transfers between your external accounts, unlimited transactions, and the ability to schedule one-off or recurring payments. The account comes with a Mastercard business debit card, two free checkbooks, and fee-free withdrawals from MoneyPass ATMs.

BlueVine is partnered with Coastal Community Bank, so all of its accounts are FDIC-insured.

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.

BONUS: Millennial Money readers can earn a $200 bonus with the promocode NEWBIZ200 when signing up for a new account.

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 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.

4. 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.

5. 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.

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.

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.

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).

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).

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 2022.

Read Comments

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