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Opening a business checking account is an esse
Yet, even if you recognize the need to open a dedicated bank account for your business, you still have anothe
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To help you get started, here are six things you should evaluate when choosing a business checking account.
Recommended Business Checking Accounts
Chase Business Complete Checking®
- Our Rating 5/5 How our ratings work Read the review
$300Expires January 18, 2024
Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
The Chase Business Complete Checking® account is an attractive option. It offers the convenience of one of the largest financial institutions in the country, and it frequently offers bonuses that are relatively easy to earn. While it does not allow you to accrue interest on your funds like some other popular small business checking accounts, it's still very much worth considering if you can meet the requirements to waive its monthly fees.
The Chase Business Complete Checking® account comes loaded with a valuable sign-up bonus and an assortment of helpful perks, so long as you can meet the requirements to waive its monthly fees. It’s a good fit for many business checking customers, regardless of business size.
- Generous signup bonus
- Several options to waive monthly fee
- Same-day deposits using QuickAccept℠ service
- Huge network of in-person branches and ATMs
- Monthly maintenance fee
- Overdraft fees are relatively high
- Limit on fee-free cash deposits and physical transactions
U.S. Bank Silver Business Checking Account
at U.S. Bank
- Our Rating 4.5/5 How our ratings work
Up to $800Expires January 8, 2024
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL23 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through January 8, 2024. Member FDIC.
If you're in the market for a basic business checking account, you'd do well to consider U.S. Bank's Silver Business Checking. This account carries no monthly maintenance fee, and features an alluring sign-up offer for new customers who complete qualifying transactions. While the free cash deposit limit is relatively low, it should be enough to accommodate businesses that don't generate many monthly banking transactions.
The Silver Business Checking account is U.S. Bank’s entry-level business account. This account offers customers 125 free transactions per statement cycle, as well as $2,500 of free cash deposits or 25 free cash transactions (whichever comes first) per statement cycle. The Silver Business Checking account has no monthly maintenance fee, and requires a minimum opening deposit of $100.
- Strong welcome offer
- No monthly maintenance fee
- Robust online banking functionality
- Relatively low cash deposit limit
1. Online Banks vs. Traditional Banks
One of the first details to consider when shopping for a business checking account is whether you want to wor
Explore the Best Business Checking AccountsVisit the Marketplace
2. Interest Rates
Once you decide the type of bank that makes the most sense for your company, you may be ready to start comparing small business checking accounts. One of the first details you’ll want to consider wh
When you find a bank that offers your company a higher APY, it means the ca
Not only should you pay attention to the interest rates banks pay out when you’re shopping for a new small business checking account, it’s also wis
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The most attractive small business bank accounts are those that limit the fees charged to customers. Online banks tend
It’s also worth noting that payin
4. Account Features
The account features that different banks offer can also ma
Below are some common bank account features that have the potential to make operating your business a little easier.
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ss Financing Services (e.g., Business Loans, Business Line of Credit, Business CreditCards, etc.)
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Best Business Credit CardsVisit the Marketplace
5. Bank Account Bonuses and Promotions
To earn a bank account bonus, you typically must ope
If you’re interested in earning a business bank account bonus, be sure to re
6. Software Integration
Once you set up small business banking, you may
Quickbooks Online has been a leading name in accounting software for decades. It offers a wide variety of features designed to meet the needs of both large and small businesses. While new users may experience some difficulty with learning how to use Quickbooks, we were impressed with the level of customer support offered. With Quickbooks Online, it's easy to scale your bookkeeping as your business grows, since it offers tiered packages for companies of all sizes.
Quickbooks online offers five different plans that target businesses of all sizes, including a plan tier that’s specifically designed for self-employed individuals. On a basic level, Quickbooks allows you to track your income and expenses, create invoices and collect payments, take advantage of tax deductions, store receipts and more. If you’re a larger business with more complex needs, Quickbooks offers premium tiers that include more authorized users and features like bill management, profitability projections and employee expense management.
- Robust, comprehensive feature set
- Access to assistance, from guided setup to ongoing support
- Access to Intuit's virtual bookkeeping service for an additional fee
- Easy integration with other business software, tools and accounts
- Plans are relatively expensive compared to competitors; in some cases, freelancers and independent contractors can get by with free alternatives
- Limited account users for lower-tier plans; only the highest tier plan allows for more than 5 users
- Steep learning curve; new users may need some time to learn all the tips and tricks
8 Steps to Help You Start a Small Business
Once you’re confident you’ve found the right small business checking account to serve your company’s needs, you’re ready to apply for your new account. You’ll want to gather your basi
The good news is that even if you’re a first-time entrepreneur, opening a business bank account sho