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Best of 2024

7 Best Business Bank Accounts

Compare the best business bank accounts of 2024, ranked by interest rates, speed of the online sign-up process, potential monthly/ongoing fees charged, and past customer reviews.

Updated: June 17, 2024

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Our Business Banking Partners Include But Are Not Limited To

Bluevine, Truist, Chase for Business, Mercury, U.S. Bank, Lili, & Live Oak Bank

Business Banking Badge

PROVIDER

CASH BACK

MONTHLY FEES

INTEREST RATE

WHY WE RECOMMEND

Chase Business Logo
Overall Score
4.9/5

1

Earn Up To A $300 Bonus

CASH BACK

N/A

MONTHLY FEES

$0-$15/mo

INTEREST RATE

N/A

View Site

View Site

Truist Logo
Overall Score
4.7/5

2

Earn $400 Bonus

CASH BACK

N/A

MONTHLY FEES

$0-$20/mo

INTEREST RATE

N/A

Mercury Logo
Overall Score
4.6/5

3

Free Wire Payments

CASH BACK

1.50%

MONTHLY FEES

$0/mo

INTEREST RATE

Up to 5.40%

View Site

View Site

U.S. Bank Logo
Overall Score
4.4/5

4

Limited Time: $800 Bonus

CASH BACK

N/A

MONTHLY FEES

$0-$30/mo

INTEREST RATE

N/A

Visit Site

Visit Site

Bluevine Logo
Overall Score
4.4/5

5

Best 2024 Choice

CASH BACK

N/A

MONTHLY FEES

$0/mo

INTEREST RATE

2.00%

Lili Bank Logo
Overall Score
4.3/5

6

Best For Cash Back

CASH BACK

Up to 5%

MONTHLY FEES

$0-$33/mo

INTEREST RATE

Up to 4.15%

Live Oak Bank Logo
Overall Score
4.1/5

7

Best For Earning Interest

CASH BACK

N/A

MONTHLY FEES

$0/mo

INTEREST RATE

4.00%

#1 Business Checking Account For 2024

Chase Business Logo
Overall Score
4.9/5

CASH BACK

N/A

MONTHLY FEES

$0-$15/mo

INTEREST RATE

N/A

Visit Site

Visit Site

The Best Business Bank Accounts of 2024

Any business, sole proprietorship, freelancer, or corporation should have a business bank account. This type of account offers a range of valuable features, such as compatibility with accounting and point-of-sale software, protection of personal assets, and so much more. 

Understanding the benefits of a business bank account and how it can benefit your business will save you time and money and help you know how your company operates at a more granular level.

What is a business bank Account?

A business bank account is a type of financial account that is specifically designed for use by businesses rather than individuals.

These accounts typically offer features and services tailored to businesses' needs, such as check-writing and debit card capabilities, online banking, and the ability to accept and make electronic payments.
These features help companies manage their financial transactions efficiently and make it easy to track their expenses and income.

Do I need a business bank account?

There are several reasons why you should open a business bank account. Perhaps the most important reason is to separate your personal and business finances.

This will help you track your business expenses and income more easily and make it easier to file your taxes.

A business bank account can also help you build your business credit history, help you manage your finances more efficiently, and make it easier to obtain a loan or credit in the future.

How to choose the best business bank account for your needs

Choosing your company's best business bank account can be challenging.

Still, ensuring that your business has the right tools and resources to manage its finances effectively is essential.

Here are some key factors to consider when choosing a business bank account:

Fees: Look for an account with low or no monthly and minimal transaction fees. Compare the costs of different bank accounts and choose the best value for your business.

Reputation: Research the reputation of the bank. Look for customer reviews and testimonials to see what other businesses have experienced with their accounts.

Support: Find out what kind of customer support the bank offers. Make sure they have a dedicated team to help you with any questions or issues with your account.

Bonuses: Check if the bank offers additional perks like cash back, sign-up bonuses, or discounts on business expenses, which can help you save money in the long run.

Integrations: Consider if the bank account can integrate with other software your business uses, such as accounting software or a point-of-sale system.

Top benefits of using a business bank account

Easier Expense Tracking: One of the best ways to save money within your business is by tracking your expenses. This can be difficult and time-consuming, but it's worth it in the long run when the tax season comes around. With a business bank account, you can easily track your expenses to know where your money is going. This way, you can ensure you're staying up to date with the business's books and not mixing personal expenses into these transactions.

Increased Business Credibility: When you have a business bank account, it shows you're serious about your business. This can help you build credibility with potential customers and clients since any checks and invoices will be made to the company name, not your personal one.

Build Business Credit: One of the best ways to build business credit is by using a business bank account. This is because when you use this type of account, your payments will be reported to the major credit bureaus. This way, you can establish a good payment history and improve your credit score. This will come in handy if you ever need to take out a business loan or line of credit.

Accept Credit Cards: In today's world, it's crucial to be able to accept credit cards as payment. This is because more and more people are using this method of payment, and if you're not able to accept it, you could be missing out on sales. With a business bank account, you can easily set up a merchant account so that you can start accepting credit cards. This will help you increase your sales and customer base.

Audit Protection: Businesses are always at risk of being audited by the IRS. This can be stressful and costly, but with a business bank account, you can have peace of mind knowing that your transactions are well-documented and organized. This way, if you are ever audited, you'll have everything you need to prove your expenses and deductions.

Best business bank account: Bluevine Business Checking Account

Bluevine, known initially as an online small business lender, has expanded its offerings by launching an online-only business bank account.

This account stands out from others with its high-interest rate and lack of fees, and setting up an account is simple and can be done online, with no minimum opening balance or monthly balance requirement. 

The only fees associated with this account are $15 for outgoing wires and $30 for express delivery of a replacement debit card. 

Additionally, the 2.0% annual percentage yield (APY) on all balances up to $250,000 may be particularly attractive for businesses with significant cash in their account.

This interest rate is higher than many other business bank accounts, which often have a higher balance requirement and lower interest rate if they offer interest at all.

Pros

Cons

Frequently Asked Questions

What is required to open a business bank account?

To open a business bank account, you will typically need the following items:

Some banks may also require a business plan, financial statements, and tax returns.

It's important to note that the specific requirements may vary depending on the bank and the business account you are opening.

Be sure to check with the bank or credit union you plan to use to verify the specific requirements.

What are the benefits of a business bank account?

A business bank account is designed to meet the financial needs of businesses. This type of account provides access to helpful features such as payroll and accounting integrations. Additionally, keeping business finances separate from personal finances by having a different bank account makes monitoring the company's financial performance simpler. In certain situations, having a separate bank account is necessary to maintain the legal distinctions and protections of operating a business.

When is the right time to transition to a business bank account?

Since many business bank accounts have low or no minimum balance requirement for opening and maintaining the account, it is advisable to open one as soon as you launch your business.

What’s the difference between a personal and business bank account?

The main difference between personal and business bank accounts is that the former is in an individual's name, and the latter is in the business's name. Additionally, business bank accounts may offer features that are specific to companies, such as the capability to send invoices or access employee debit cards. Banks also may charge additional or different fees for business accounts, such as transaction fees.

What’s the best business bank account?

The most suitable business bank account for you will vary based on the nature of your business and the specific services required. Online accounts may be appropriate for companies that do not handle or receive cash payments, while physical bank accounts may be more appropriate for retail businesses. Regardless of the type of account, it's essential to consider the benefits, features, and fees offered.

Can a business have multiple bank accounts?

It is possible to open multiple bank accounts for your business, such as one for depositing cash and another for an online account that earns interest for keeping most of your funds.

Are business bank accounts insured?

Business bank accounts are also eligible for Federal Deposit Insurance Corporation (FDIC) insurance, which provides coverage of up to $250,000 per person per bank. Verify with your bank to confirm that your account is covered under this insurance. Additionally, if you open an account with a credit union, you may be covered by National Credit Union Administration (NCUA) insurance instead of FDIC.

Disclosures:

 

U.S. Bank:

 

Earn up to $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities1, subject to certain terms and limitations. Offer valid through August 31, 2024. Member FDIC. Complete these steps to earn the offer: 


Earn your $400. 

– Complete $5,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening. 


Earn your $800. 

– Complete $25,000 in new money deposits within 30 days of account opening and maintain for 60 days after account opening. 


Truist Bank:

 

Terms and Conditions for the 2024 Truist Q2 Small Business Checking Affiliate Offer: SB24Q2BIZAFL:

 

Offer Information: Open a new Truist Simple Business Checking or Dynamic Business Checking account online or in a branch from 4/2/2024 through 6/27/2024 and earn $400 by making Qualifying Deposits* of $1,500 or more into your new account within 30 days of account opening.

Enrollment in the promotion is required at the time of account opening using promo code SB24Q2BIZAFL to be eligible for a promotion reward. Refer to the Account Opening & Promotion Enrollment sections below for instructions.

*Qualifying Deposits for new business checking accounts exclude debit card credit transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.


Offer Eligibility: You must be a new Truist business checking client. To be considered a new business checking client, the business cannot have an existing Truist business checking account or have closed a Truist business checking account within 180 days of the promotion start date (i.e., on or after 10/5/2023), with the same Taxpayer Identification Number (TIN), including but not limited to an Employer Identification Number (EIN). The business account holder must be 18 years or older at time of account opening. The account holder cannot be a non-resident alien. The business account holder must have a valid U.S. TIN. The business’s physical address must be located in one of the following states: AL, AR, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC. The qualifying account must be opened in a Truist branch in one of the above-listed states or online.


Reward Processing: The reward will be deposited to the new business checking account within 4 weeks after the qualification requirements have been met and verified. The new business checking account must be open and in good standing with a balance of at least $0.01 at the time of Truist verification and until the reward is deposited in order to receive the reward. Only one newly opened business checking account per client is eligible to participate in this offer. Truist may report the value of any reward received to the IRS, as required by law. Any applicable taxes are the responsibility of the recipient.


Reward Forfeiture: Reward forfeiture will occur if: (1) the business checking account is changed to an account type not included in this offer, (2) the business checking account is closed prior to the reward being deposited, or (3) the new business checking account has a $0.00 or negative available balance at the time of qualification validation.


Other Terms: Minimum opening deposit is $100. A monthly maintenance fee is applicable for Truist Dynamic Business accounts whose combined average relationship ledger balance is less than $5,000; the monthly maintenance fee is waived for accounts with a combined average relationship ledger balance of $5,000 or more. See Truist's Business Deposit Accounts Fee Schedule for additional information.

The offer is non-transferable and may not be combined with any other offers. This offer is subject to change and may be discontinued at any time. All promotional payouts will be processed no later than 12/31/2024, at which point this promotion and any related disbursements will be considered final, and no further disbursements will be made.


Online Account Opening & Promotion Enrollment Instructions: During the online application process, ensure the promo code SB24Q2BIZAFL is entered into the Promo Code field and accept the offer when presented.  Accounts opened online without the Promo Code will not be eligible to participate in the offer.


Branch Account Opening & Promotion Enrollment Instructions: Visit your local Truist branch and ask the Truist representative to open an eligible account and enroll you in the 2024 Truist Q2 Small Business Checking Affiliate Offer using promo code SB24Q2BIZAFL.

Truist Bank, Member FDIC. ©2024, Truist Financial Corporation. Truist, Truist Purple and the Truist Logo are service marks of Truist Financial Corporation


Version 2 02072024 SB24Q2BIZAFL

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