Businesses have a lot of choices when it comes to checking accounts, but it’s vitally important to choose the right one. You want to be sure you have all the services your business needs, but you don’t want to pay for anything extra.
Here are some of the best business checking accounts and what makes them great.
Santander Business Checking
Santander Bank offers three business checking accounts, and the one you chose will depend on how many transactions you typically complete in a month.
Basic Business Checking is a good starter account for businesses that don’t have a lot of transactions. You get 50 free transactions per month, and after that, you pay $0.60 for each one. There’s a monthly fee of $7.50, but it is waived if you maintain an average daily balance of $1,500.
Santander’s Business Checking allows you 300 free transactions, after which you pay $0.60 each. The $15 monthly fee is waived if you maintain a $5,000 average daily balance or have $10,000 in combined business deposit balances or have three or more purchases using a Santander Business Debit card posted to your account in a month.
Larger businesses may want to open a Business Checking Plus account, which allows you 750 free transactions per month, with additional transactions at $0.60 each. The monthly fee of $50 can be waived if you have an average daily balance of $40,000 in your checking account or $60,000 in combined business deposit accounts.
Chase Business Complete
Chase has three business checking accounts to choose from.
The Chase Business Complete Banking checking account provides unlimited debit card and Chase ATM transactions, plus up to 20 teller or paper transactions. You can also deposit up to $5,000 in cash per statement cycle without a fee. You can waive the $15 monthly service fee if you have a $2,000 minimum daily balance, or $2,000 in deposits from Chase QuickAccept or Chase Ink Business credit card purchases.
Chase Performance Business Checking gives you 250 transactions per month plus unlimited electronic deposits and incoming wire transfers, and you can make $20,000 in cash deposits per statement cycle. The $30 monthly fee is waived if you have a combined average beginning day balance of at least $35,000.
Chase Platinum Business Checking offers 500 transactions, plus unlimited incoming wire transfers and electronic deposits at no charge, plus $25,000 in cash deposits per statement cycle with no fee. When you maintain a combined $100,000 average beginning day balance, you’ll waive the $95 monthly service fee.
When you open a new Chase Business Complete checking account, you can earn a $300 bonus. Deposit at least $2,000 in new money — not from another Chase account — within 30 days, maintain a minimum balance of $2,000 for 60 days and complete five qualifying transactions within 90 days.
PNC Business Checking
PNC Bank offers a choice of business checking accounts. The right one for your business will depend on the size of your business and the volume of transactions.
Business Checking is a basic account that offers up to 150 transactions per month, no ATM transaction fees at PNC Bank ATMs, and cash back with PNC Purchase Payback. You only need $100 to open it, and you can avoid the $10 monthly maintenance fee by maintaining a $500 balance.
Business Checking Plus gives you up to 500 transactions per month and $10,000 in cash deposits per month at no charge. As a business owner, you get a personal Virtual Wallet with Performance Spend checking without a monthly service charge.
Both Business Checking and Business Checking Plus include Cash Flow Insight tools to help you track cash in and out, spend analysis and more.
Larger businesses with higher transaction volume can choose the Treasury Enterprise Plan, Analysis Business Checking, or opt for one of PNC’s special purpose checking accounts.
You can earn a bonus of as much as $500 when you open a new account at PNC Bank. If you open a new Business Checking or Business Checking Plus account, maintain a minimum average ledger balance of $5,000 in each of the first three statement cycles, and make at least 20 total Visa debit card transactions in the first three statement cycles, you get $200.
Or, if you open a Treasury Enterprise Plan or Analysis Business Checking account and maintain a minimum average ledge balance of $30,000 for the first three statement cycles, you’ll get $500.
BlueVine is an online-only provider of banking services for small businesses. It’s a great bank for startups, because the BlueVine business checking account charges no monthly fees, has no minimum balance requirements and offers unlimited transactions.
You can earn interest on your BlueVine business checking account. Right now, the interest rate is APY on any balance. You’ll need to meet one of two requirements every month to continue to earn interest. You can either spend $500 per month on your BlueVine Business Debit Mastercard, or you can receive at least $2,500 in customer payments by ACH transfer, wire transfer, mobile check deposit or merchant processing service, into your BlueVine business checking account.
BlueVine is a financial technology company that offers banking services through Coastal Community Bank. Deposits are FDIC insured.
Capital One offers a Basic Checking account and an Unlimited Checking account for businesses.
The Capital One Basic Checking account offers an unlimited number of digital transactions, plus up to $5,000 in cash deposits each month — you’ll pay $1 for each $1,000 in cash you deposit after $5,000. You’ll pay $15 for each incoming domestic wire transfer and $25 for each outgoing domestic wire transfer. There’s a $15 monthly service fee, but Capital One will waive it if your prior 30-day or 90-day balance averages at least $2,000.
The Capital One Unlimited Checking account gives you unlimited transactions, including cash deposits with no fee — though the account is designed for small businesses and the bank recommends contacting it for a more suitable account if your business exceeds $40,000 in transactions monthly. You also get free incoming wire transfers and five free outgoing wire transfers each month. The $35 monthly service fee will be waived if your balance over the previous 30 or 90 days averages at least $25,000.
Kabbage is now backed by American Express and is not currently accepting applications for new accounts.
It offers an online-only checking account with no monthly maintenance fee, no minimum balance requirement, free access to ATMs in the network, mobile deposit, and more. Plus, you earn APY on your balance — up to $100,000.
You can make deposits into your Kabbage checking account using mobile deposit or by transferring funds from another institution. To deposit cash into your Kabbage business checking account, you need to go to one of 90,000 retail locations nationwide.
The Kabbage Checking Account is provided by Green Dot Bank, Member FDIC.
Your business checking account can be an important part of your business’s cash flow, so be sure to do your research and choose the right one.
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