Choosing the right business bank accounts is a key step for any entrepreneur. Whether you’re a freelancer just starting out or a seasoned business owner looking for better features, the right account can simplify your finances and help your business thrive.
But with so many options available, how do you know which one to choose? This guide breaks down what to look for in a business bank account and highlights some of the best options available in 2024, so you can make an informed decision that fits your needs.
What to Look for in a Business Bank Account
Not all business bank accounts are created equal, and what’s right for one business may not be right for another. Consider these key features when evaluating your options.
1. Low or No Fees
Many business accounts come with monthly maintenance fees, transaction fees, or fees for cash deposits. Look for an account that aligns with your typical transaction volume to avoid being penalized unnecessarily. Some banks even offer fee-free accounts with certain conditions, such as maintaining a minimum balance.
2. Simple Online and Mobile Banking
Today’s businesses need bank accounts that keep up with modern technology. A user-friendly online platform and mobile app are essential for tracking your finances, making transfers, and depositing checks without hassle.
3. Flexible Banking Features
Your business’s financial needs will grow as it scales. Look for accounts that offer features like higher transaction limits, multiple account users, and integration with accounting software like QuickBooks or Wave.
4. Small Business Benefits
Some banks offer specific benefits designed for small businesses, like business credit cards, loans, or rewards programs. These perks can be a great help and provide added value.
5. Customer Support When You Need It
Reliable customer support is critical if you encounter any issues. Whether it’s 24/7 phone support or a local branch nearby, make sure you’ll have access to help when you need it most.
Best Business Bank Accounts for 2024
Based on features, fees, and feedback from users, here are some of the best business bank accounts in 2024 to consider for your business.
1. Chase Business Complete Banking
Chase’s Business Complete Banking account is a well-rounded option for small to medium-sized businesses.
Key Features:
- $15 monthly fee, waived if you maintain a minimum daily balance of $2,000.
- Unlimited electronic transactions.
- Access to over 16,000 ATMs and 4,700 branches nationwide.
- $300 bonus offer for new accounts (terms apply).
- QuickBooks and accounting integration.
Best For: Businesses looking for a versatile account backed by excellent customer service and a robust mobile app.
2. Blue vine Business Checking
Blue vine offers a fee-free business checking experience with a high-yield APY feature that stands out.
Key Features:
- No monthly fees or transaction fees.
- Earn 2.0% interest on balances up to $250,000 (with qualifying requirements).
- Free cash deposits at Green Dot locations.
- Dedicated customer support through phone and email.
Best For: Small businesses and freelancers wanting to grow their savings with no maintenance fees.
3. Bank of America Business Advantage Fundamentals Checking
Bank of America’s small business account offers flexibility and plenty of added value.
Key Features:
- $16 monthly fee, waived with $5,000 in monthly spending or $3,000 average balance.
- Up to 200 free transactions per month, with $0.45 per transaction afterward.
- Cash deposit allowance of up to $7,500 per month.
- Small business credit programs and rewards.
Best For: Businesses that handle cash deposits regularly and value in-person banking options.
4. Novo Business Banking
Novo is a digital-first bank designed to meet the needs of modern small businesses.
Key Features:
- No monthly fees or minimum balance requirements.
- Unlimited refunds on ATM fees.
- Easy integration with popular tools like example, Square, and Shopify.
- Instant transfers between Novo accounts.
Best For: E-commerce businesses and tech-savvy entrepreneurs looking for fee-free, online-focused banking solutions.
5. Wells Fargo Initiate Business Checking
Wells Fargo offers a solid choice for startups and small businesses looking to stay local.
Key Features:
- Low monthly maintenance fee of $10, waived with a $500 minimum daily balance.
- 100 free monthly transactions, with $0.50 for each additional transaction.
- Cash deposit limit of $5,000 per month.
- Access to a vast network of branches and ATMs.
Best For: Small businesses that want affordable banking with convenient branch access.
Bonus Tips for Choosing the Right Account
Still overwhelmed? Here are a few additional tips to help narrow down your options.
- Create a Checklist
Write down the specific features your business needs, such as low ATM fees, accounting integration, or a high cash deposit limit. Use this checklist to compare accounts.
- Ask for Recommendations
Talk to other business owners in your industry. Their experiences can provide valuable insights into which banks are the most business friendly.
- Test Online Portals or Apps
Before committing, ask for a demo of the bank’s online portal or app to ensure its intuitive and suits your workflow.
- Read the Fine Print
Review all terms and conditions for hidden fees or limitations on transactions, withdrawals, or electronic transfers.
Set Your Business Up for Success
Opening the right business bank account doesn’t have to be complicated. By prioritizing features like low fees, user-friendly technology, and tailored small business perks, you can streamline your finances and focus on growing your business.
With options like Chase, Blue vine, and Novo, it’s easier than ever to find an account that meets your unique needs. Remember, investing time upfront to choose the right banking partner can save you countless hours and stress down the road.
Take control of your business finances today by exploring the accounts listed above. Who knows? The right account might just be a game-changer for your business.
FAQs
1. What should I look for in a business bank account?
When choosing a business bank account, consider factors such as monthly fees, transaction limits, online banking features, integration with accounting software, and any additional services like credit lines or payment processing that could benefit your business.
2. Can I open a business bank account online?
Yes, many banks offer the option to open a business bank account online. Be prepared to provide essential documentation, such as your business registration, EIN (Employer Identification Number), and personal identification.
3. Are there business bank accounts with no fees?
Yes, some banks provide fee-free business accounts or accounts with minimal fees if specific requirements, like maintaining a minimum balance, are met. Always check the terms to ensure they align with your financial needs.
4. Do I need a business bank account for a small business?
While not always legally required, having a dedicated business bank account helps separate personal and business finances, simplifying bookkeeping, tax preparation, and maintaining professional credibility.
5. Can I switch my business bank account later?
Absolutely. If your current account no longer meets your needs, you can switch to a different bank or account. Be sure to review alternatives carefully and plan the transition to minimize disruptions to your business operations.