Top 10 Checking Accounts for Small Businesses

For small business owners, the best checking account is the one that addresses the company’s needs with the lowest cost and the highest level of convenience. For example, a business with a high percentage of cash transactions is served best by a bank with convenient physical locations, as opposed to an online bank. On the other hand, a company that processes only credit card and electronic check transactions may find that an online bank offers the best checking account solutions.

Bank of America Corp.

Bank of America Corp. (NYSE: BAC) offered small business owners the convenience of over 4,000 offices, as of May 2016, combined with online access. However, the bank has been closing offices since 2014, so if access to a physical location is important, be sure to check the status of the local office. The bank’s Business Fundamentals checking account offers online banking, online bill pay and mobile banking for $16 to $18 per month, depending on the state of residence or incorporation. The fee can be waived if the account balance averages $5,000 for the month. The account allows for 200 free transactions per month. Cash deposits over $10,000 are charged 0.2%, with the fee increasing to 0.3% for cash deposits over $25,000. Checking accounts can be linked to QuickBooks for $15 per month.

Wells Fargo & Company

Unlike Bank of America, Wells Fargo & Company (NYSE: WFC) has maintained its count of over 6,200 offices and continues to grow its number of ATMs. The bank’s Business Checking Choice account costs $14 per month, but the fee can be waived if the account balance is maintained with an average of $7,500 per month. QuickBooks can be integrated with the account for $14.95, and paying bills through QuickBooks costs $24.95 per month. The account offers online access, 200 free transactions and mobile banking. Cash deposits over $7,500 per month are charged 0.3%.

JPMorgan Chase & Co.

As measured by assets under management (AUM), JPMorgan Chase & Co. (NYSE: JPM) is the largest bank in the country, with a total of $2.6 trillion in AUM, as of Dec. 31, 2015. The bank has over 5,300 offices and offers mobile, online and phone banking. Its Total Business Checking account cost $10 per month for paperless and $12 per month for paper statements. The fee can be waived by maintaining a $1,500 minimum daily balance. The bank charges 0.3% on cash deposits over $7,500 and allows 200 free transactions. Integrating with QuickBooks costs $9.95 per month.


With just over 800 offices, Citibank, a subsidiary of Citigroup Inc. (NYSE: C), has a smaller footprint than the other big banks on this list. The bank’s Business Checking Plus account costs between $12 and $19, depending on the state. The fee can be waived by maintaining an average balance of $5,000, and the first 250 transactions per month are free. Cash deposits for each month are charged 0.3% over $10,000, and the account can be integrated with QuickBooks.

Capital One Financial Corp.

With 850 locations in nine states, Capital One Financial Corp. (NYSE: COF) has a limited geographic footprint, but offers value for businesses with high numbers of transactions and cash deposits. The Spark Business Unlimited Checking account offers unlimited transactions and cash deposits up to $40,000. The $35 monthly fee can be waived by maintaining a $25,000 balance or by using other Capital One services.

PayPal Holdings Inc.

The one thing PayPal Holdings Inc. (NASDAQ: PYPL) doesn’t offer is paper checks, but for businesses that can operate using a debit card and online payments, this service offers several advantages. Small businesses can execute credit card transactions using a swiper and a mobile phone, with funds being immediately deposited to their accounts. Bills can be paid using FreshBooks, and checks can be deposited through PayPal’s mobile app.

Discover Financial Services

For business owners who enjoy the cash-back feature of the Discover card, Discover Financial Services (NYSE: DFS) offers similar features with its checking account for small businesses. The bank offers free checks for the life of the account and some of the highest money market rates among small business checking accounts.

EverBank Financial Corp.

For sole proprietors, the online Small Business Checking account at EverBank Financial Corp. (NYSE: EVER) offers basic services at no monthly fee. The initial deposit is $1,500, and the bank pays interest on funds in the account. The bank also offers corporate checking services, with 200 free transactions and no monthly fees with a $5,000 minimum balance.

For micro businesses owned by a single person or spouses, offers an online checking account with unlimited transactions at no cost, no minimum balance and no monthly fee. The account also comes with free checks for the life of the account. The online bank serves customers in all 50 states, but it has some restrictions on sole proprietorship and partnership accounts.

Local Credit Unions

For a more personal experience, a local credit union may offer a solution. Generally speaking, credit unions offer the same services as big banks, but they have lower fees and may pay higher interest rates on funds in checking accounts. One advantage of having a banking relationship with a credit union is that the personal element may result in a better chance of getting a business loan, compared to the numbers-based approval processes at big banks.

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