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9 Best Small Business Checking Accounts for 2019

Want to keep track of your business finances without paying an arm and a leg for a top-tier business account? Low cost and free business checking accounts offer a valuable alternative for small businesses who want to separate personal and business finances. However, with so many options on the market, finding the perfect account for your business can be difficult. That’s why we’re here to help.

In this article, we’ll cover just why you need a business account, how to find the right one, and eight of our favorite options when it comes to price, requirements, and benefits. Want to skip right to the list? Here are our top choices for the best business checking accounts in 2019:

Chase Total Business Checking®
Wells Fargo Business Choice Checking
U.S. Bank Silver Business Checking
Axos Bank Basic Business Checking
Navy Federal Credit Union Business Checking
Radius Bank Tailored Checking
Bank of America Business Advantage Checking
Huntington Business Checking
BBVA Compass ClearConnect for Business

Benefits of Having a Business Checking Account

The main reason to get a business bank account is to separate your personal and business finances. Not only is this important for organizing and budgeting; it also has legal implications. For example, if you only have one account, you need to specify which specific transactions through the year pertaining to your business. Misidentifying a charge can lead to mistakes or miscalculations on your taxes, which can even result in an audit by the IRS-- which no one wants!

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Additionally, if your personal and business money are all in one place, it may lead to trouble in the event of a lawsuit. Without a clear distinction between your finances, it would be easier for a plaintiff to come after your personal money, in addition to going after your business.

With separate bank accounts, you can use your business credit cards and business debit card for all your business expenses, making it easy to tally up the total during tax season. Small business owners can also benefit from having a business bank account for financial analysis. Having your income and expenses listed in one place makes it easier to sort through your financial documents and figure out your revenue, expenses, and ROI on different products, services, and campaigns.

Methodology: How We Chose Our Favorite Bank Accounts

We looked at a range of banks before choosing out top nine business checking accounts for 2019. Among the considerations, we took into account nationwide availability, online banking options, and monthly fees, and limits, promotional offers, and customer service values. We strove to offer options from both national well-known brands, as well as lesser-known national and all-digital banks to cater to a variety of small business types. Finally, we took into account transaction limits and fee-waiving balance requirements to ensure businesses of all sizes can find their perfect fit amid our favorites.

#1: Chase Total Business Checking®

Chase is a perfect choice for small businesses seeking an easy account option from a national provider. With thousands of free ATMs across the country and no transaction fees, plus 24-hour customer service, Chase is here for you whenever you need them. The low fee-free balance is another plus.

Opening Offers: Receive a $200 bonus when you open a new account, deposit $1,000 within the first 20 days, maintain a $1,000+ balance for 60 days and complete 5 business transactions within 60 days.
Minimum to Open: None
Balance Requirement to Waive Fees: $1,500
Monthly Fees: $12 for paperless, $15 for paper statements (waived if daily balance is $1,500+)
Free Transaction Limits: 100 transactions per month

#2: Wells Fargo Business Choice Checking

You only need $25 to open a Business Choice Checking account through Wells Fargo. With multiple ways to waive fees, this is a great free option for businesses that need some flexibility. However, with a cash deposit limit of $7,500, merchants who rely heavily on cash transactions may want to consider another checking account option.

Minimum to Open: $25
Balance Requirement to Waive Fees: $7,500, OR $10,000 in combined balances across business accounts, OR 10 business debit card purchases, OR a linked Direct Pay service
Monthly Fees: $14
Free Transaction Limits: 200 transactions per month
Free Cash Deposit Limit: $7,500

#3: U.S. Bank Silver Business Checking

This is the best bank for small businesses looking for a simple choice with free deposits and transactions, as well as online banking, mobile checking account views, and card payment processing options. You can also deposit checks remotely, so it doesn’t matter if you live near or far from a local U.S. Bank branch. Like the Wells Fargo account, this account does have a limit for cash deposits, although you can get around the issue here by consolidating your cash flow before depositing.

Minimum to Open: None
Balance Requirement to Waive Fees: None
Monthly Fees: None
Free Transaction Limits: 150
Free Cash Deposit Limit: 25 individual cash deposits

#4: Axos Bank Basic Business Checking

If you have $1,000, this 100% free account offers a fantastic option for small business banking. Because the company was founded digitally, its online business checking technology offers some of the best mobile and online features available, including online and mobile banking, secure remote check deposits and mobile payment options. It’s also compatible with Quickbooks, making it easy to run your payroll, invoices and more.

Opening Offers: None
Minimum to Open: $1,000
Balance Requirement to Waive Fees: None
Monthly Fees: None
Free Transaction Limits: 200 transactions per statement cycle
Free Cash Deposit Limit: None

#5: Navy Federal Credit Union Business Checking

This no-fee business checking account is perfect for small businesses with limited monthly transactions. In addition to their basic checking option, the NFCU also offers Business Plus and Premium Business options with more free transactions included. A low dividend interest rate keeps your money growing while you focus on your business.

Opening Offers: None
Minimum to Open: None
Balance Requirement to Waive Fees: None
Monthly Fees: None
Free Transaction Limits: 30 transactions per month
Free Cash Deposit Limit: None

#6: Radius Bank Tailored Checking

While Radius requires a higher balance to waive the monthly service fee, the low fee amount makes this an affordable choice for any small business. Balances above $5,000 also earn 0.75% annual interest, which is higher than most other business accounts. Unlimited transactions and reimbursed ATM transactions make it easy to put your money where you need it, any time.

Opening Offers: None
Minimum to Open: $100
Balance Requirement to Waive Fees:: $5,000
Monthly Fees: $10
Free Transaction Limits: Unlimited
Free Cash Deposit Limit: None

#7: Bank of America Business Advantage Checking

Bank of America offers free transactions mobile and online checking apps, and a national network of branches that are perfect for live transactions for those who prefer an in-person experience. The generous opening offer, high limit on free transactions, and flexible ways to waive the service fee are ideal for mid-sized businesses with larger account needs. You can also add a savings account or a second checking account for no additional fee!

Opening Offers: New business credit card associated with your checking account qualifies for a $300 statement credit when you spend at least $3,000 in the first 90 days.
Minimum to Open: $25
Balance Requirement to Waive Fees: $15,000 average balance per month, OR combined average balance of $35,000 across accounts, OR $2,500 in purchases using a Bank of America Business credit card, OR use either Bank of America Merchant Services or Payroll Services, OR enroll in the Preferred Rewards for Business Program
Monthly Fees: $29.95
Free Transaction Limits: 500
Free Cash Deposit Limit: None

#8: Huntington Unlimited Business Checking

This small business checking account offers $400 for new accounts that deposit at least $5,000 in the first 60 days. In addition to unlimited free transactions, you can also choose a “bonus” service at no extra cost, such as the Fraud Tool or 10% of Paychex Payroll Services. Huntington’s “Hub” feature also helps manage your business finances, with tools such as spend analysis, cash position view, and forecasting for your cash flow.

Opening Offers: Earn $400 when you open a small business checking account by September 30, 2019, and deposit at least $5,000 total in the first 60 days.
Minimum to Open: None
Balance Requirement to Waive Fees: $10,000 balance across all accounts
Monthly Fees: $20
Free Transaction Limits: Unlimited
Free Cash Deposit Limit: $10,000

#9: BBVA Compass ClearConnect for Business

BBVA’s no-fee business checking account offers a concise, simple option for small business and sole proprietors. While other banks charge fees up to thousands in balances, BBVA offers free banking at every level. The $25 minimum opening requirement offers a reasonable entry point even for brand new businesses. Keep in mind, while most transactions are unlimited, withdrawals and check processing is limited to 5 combined instances per month.

Opening Offers: None
Minimum to Open: $25
Balance Requirement to Waive Fees: None
Monthly Fees: None
Free Transaction Limits: 5 withdrawals or checks per month, all other transactions are unlimited

What to Look For in a Small Business Checking Account

When searching for the perfect account, keep in mind your overall budget, the number of transactions you expect per month, and whether you’re comfortable with the minimum balance requirement. You’ll also want to think about convenience for your business finance needs. Is there a mobile or online business bank account option? Does the bank have local branches in your area? Will it integrate with your payments and accounting software?

Take all these ideas into account, and make sure to ask plenty of questions before opening your account. And remember, if you are ever dissatisfied, you can always switch! In the end, the best business bank account is the one that works best for you.

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Lindsey McGee