9 Best Small Business Checking Accounts of 2020

Small-business owners know that business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits. Most business bank accounts do impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees.

That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.

But the picture isn’t uniformly bleak.

The best small-business checking accounts have low minimum balance requirements to waive their monthly maintenance fees (or no monthly maintenance fees at all) and enough fringe benefits to keep things interesting for account holders. Some pay interest as well. All are FDIC-insured.

And once you know where to look, you’ll find ample small-business checking options to choose from.

1. Radius Bank Tailored Checking

Radius Bank Tailored CheckingRadius Bank Rewards Checking

Radius Bank Rewards Checking doesn’t have the best yield in the business checking space, but 0.10% APY on balances over $5,000 is better than nothing. Pair that yield with no limits or fees on transactions — ever — and you have an excellent account for active businesses able to keep some cash on hand. Mobile check deposits and a powerful debit card app (which includes a card-locking feature) simplify banking on the go.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. They waive the $10 monthly maintenance fee with a minimum daily balance of $5,000 or more.
  • Yield: 0.10% APY on balances over $5,000.
  • Rewards and Incentives: After your Tailored Checking account has been open for at least 30 days, keep an average balance of $10,000 or more in the account to qualify to earn 1% cash back on signature-based debit card purchases online and in-store. Cash back is automatically credited to your Tailored Checking account at the end of the month following the earning period.
  • Overdraft Options: If you opt in to overdraft protection, there’s a $5 daily overdraft fee as long as your account remains overdrawn (up to 30 days). Fees begin accruing on the fifth calendar day after the first overdraft item hits.
  • Possible Fees: Radius Bank charges between $10 and $40 for wire transfers, depending on origin and destination.

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2. Axos Bank Business Interest Checking

Axos Bank Business Interest CheckingAxos Bank Logo

Axos Bank Logo is the highest-yielding small-business checking account on this list — paying 0.80% annual percentage yield (APY) on all balances up to $5 million. Throw in a nice account opening bonus for newly incorporated businesses and a low minimum opening deposit requirement, and you’ve got a solid choice for business owners looking to earn a real return on working capital.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. You must maintain a $5,000 minimum average daily balance to waive the $10 monthly maintenance fee.
  • Yield: Earn 0.80% APY on all balances up to $5 million.
  • Rewards and Incentives: If you incorporated your business after Jan. 1, 2020, use the promo code “NEWBIZ50” on your application to earn a $50 account opening bonus. Restrictions apply — see terms.
  • Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
  • Possible Fees: $0.50 per item processed after the first 50 items each month.

For more information, read our Axos Bank review.

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3. Axos Bank Basic Business Checking

Axos Bank LogoWith no monthly maintenance fee, unlimited ATM fee reimbursements, and a nice remote deposit feature that you can use just about anywhere, Axos Bank Basic Business Checking is a fantastic alternative to Axos Bank Business Interest Checking. Apply 100% online (no paper forms required).

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,000, but there’s no monthly maintenance fee.
  • Yield: None.
  • Rewards and Incentives: Enjoy remote deposit for up to 60 items per month and your first 50 checks free.
  • Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
  • Possible Fees: $0.30 per item processed after the first 200 items each month.

For more information, read our Axos Bank review.


4. Citizens Bank Clearly Better Business Checking

Citizens Bank LogoCitizens Bank Clearly Better Business Checking is one of the only business checking accounts that never charges a monthly maintenance fee. That’s excellent news for business owners working on thin margins.

This account also boasts a relatively high monthly transaction limit and generous overdraft options. On the negative side of the ledger, it doesn’t pay interest and isn’t available in all areas — Citizens Bank’s trade area is limited to the East Coast. But if you do live in an area served by Citizens Bank, you can hardly do better.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. There’s no ongoing balance requirement.
  • Yield: None.
  • Rewards and Incentives: None.
  • Overdraft Options: Citizens Bank offers two overdraft options, both opt-in: an overdraft line of credit and an overdraft savings transfer program. Both charge $12 for each day an overdraft transfer occurs, regardless of the number of transfers on that day. The savings transfer option is otherwise free, but the line of credit costs $30 per year. The required credit line payment is the greater of $20 or 2% of the balance.
  • Possible Fees: $0.50 per item above the 200 monthly transaction limit.

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5. Novo Powerfully Simple Business Banking

Novo Bank LogoNovo’s Powerfully Simple Business Banking product is another maintenance fee-free option for small-business owners and self-employed people. An easy application process, nice account opening bonus, robust mobile features, integrations with other useful small-business tools, and virtually no fees all count as standouts here. If you’re done with branch-based business banking, put Novo at or near the top of your list.

  • Minimum Deposit and Balance Requirements: The account opening minimum is $50, but there’s no ongoing minimum balance requirement and no monthly maintenance fee.
  • Yield: None.
  • Rewards and Incentives:  Enjoy thousands of dollars in exclusive perks — see Novo’s website for details.
  • Overdraft Options: If Novo chooses to honor an overdraft, there’s a $27 insufficient funds fee per item. The returned-item fee is also $27 per item.
  • Possible Fees: Other than its insufficient funds and returned-item fees, Novo has virtually no fees.

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6. Chase Total Business Checking

Chase Bank Logo is a robust small-business bank account with a slew of mobile-friendly features and fee-free access to more than 16,000 ATMs across the United States. Customer service is available 24/7 — a significant advantage over smaller banks — and nearly 5,000 branches stand ready to serve customers in Chase’s extensive trade area.

Enroll in paperless statements to cut the monthly maintenance fee from $15 to $12 or maintain a minimum daily balance of $1,500 to waive the maintenance fee entirely. They also waive the monthly maintenance fee when you link a valid Chase Sapphire checking account.

  • Minimum Deposit and Balance Requirements: None, but account holders must maintain a $1,500 minimum daily balance or link a Chase Sapphire checking account to waive the $15 monthly maintenance fee.
  • Yield: None.
  • Rewards and Incentives: For a limited time, open a new Chase Total Business Checking account and complete qualifying activities to earn a $500 bonus. First, deposit a total of $2,500 or more in new money (not previously held with Chase or its affiliates) into your new account within 20 business days of account opening. Maintain at least a $2,500 balance for 60 days from the date of deposit. During this period, complete at least five qualifying transactions, such as debit card purchases, ACH credits, and wires. After completing these requirements, the bonus arrives within 10 business days.
  • Overdraft Options: There’s a $34 fee per item (maximum six per day, after which Chase rejects transactions at its discretion) for each overdraft or returned item. They waive the fee for individual or cumulative overdrafts of $5 or less.
  • Possible Fees: $2.50 for transactions at non-Chase ATMs; $0.40 per deposit above the transaction limit of 100 per month.

For more information, read our Chase Business Checking review.

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7. NBKC Business Checking Account

Nbkc bankThe NBKC’s business checking account has no balance requirements, no monthly maintenance fees, and no transaction fees. As part of the MoneyPass ATM network, it offers fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto Rico. And its simple Desktop Deposit feature — with added support from a robust mobile banking app — makes it easy to deposit checks remotely.

  • Minimum Deposit and Balance Requirements: There’s no minimum balance requirement.
  • Yield: None.
  • Rewards and Incentives: Get up to $12 in monthly refunds for ATM fees charged by any other banks worldwide.
  • Overdraft Options: NBKC offers a courtesy overdraft sweep option. See account disclosures for details on how this works.
  • Possible Fees: Other than domestic and international wire fees — $5 to send a domestic wire and $45 to send or receive an international wire — NBKC has virtually no fees.

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8. Huntington Bank Unlimited Business Checking

huntington bank logoHuntington Bank Unlimited Business Checking is for established businesses with relatively large cash stockpiles and relatively frequent transaction needs. Other than a $10,000 monthly limit on free cash deposits (after which a fee applies), there’s no limit on transaction frequency. And customers can select one from a menu of exclusive money-saving perks, such as discounts on payroll services.

  • Minimum Deposit and Balance Requirements: Avoid the $20 monthly maintenance fee with a $10,000 or more average balance. See Huntington Bank’s website for additional details.
  • Yield: None.
  • Rewards and Incentives: Choose from one of several exclusive perks, such as 10% off Paychex payroll services.
  • Overdraft Options: Huntington Bank offers two opt-in overdraft protection options: an overdraft protection account (with a transfer fee but no annual fee) or deposit-to-deposit overdraft protection (which does charge an annual fee but no transfer fee).
  • Possible Fees: $0.30 fee for each $100 in cash deposits above the $10,000 monthly limit. Other fees may apply.

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9. TIAA Bank Business Checking

Tiaa Bank Logo boasts low- or no-cost overdraft protection options and a robust suite of mobile-friendly features. It’s ideal for customers who can make the $1,500 minimum opening deposit and keep enough cash on hand ($5,000 or more) to waive the monthly maintenance fee. A reasonably high monthly transaction limit appeals to businesses with active cash flows.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,500. They waive the $14.95 monthly maintenance fee if you have a minimum daily balance of $5,000 or more.
  • Yield: None.
  • Rewards and Incentives: None.
  • Overdraft Options: There’s no monthly or per-item fee for TIAA Bank’s overdraft protection services, which include money market transfers (with a qualifying linked account) and a credit line. If you enroll in an overdraft protection line of credit, the late payment fee is $25.
  • Possible Fees: $0.25 per item above the 200 monthly transaction limit; $0.50 per item above the 10 monthly online bill payments limit.

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Final Word

These small-business checking accounts aren’t always the stars of the show at their respective banks. Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot.

So even if you come for the low-cost small-business checking, you could find yourself staying for more. There’s something to be said for doing all your banking under one roof — and your bank certainly won’t mind.

Who does your business bank with? Are you ready for a change?