Introduction
When it comes to managing your business finances, finding the right checking account is crucial. Not only does it provide you with a platform to handle your day-to-day transactions, but it also offers a multitude of benefits tailored to your business needs. However, with so many options available in the market, choosing the right business checking account can be overwhelming. To help you narrow down your choices, we’ve researched and shortlisted the top five best business checking accounts for small businesses.
1. Chase Total Business Checking
Chase Total Business Checking is an excellent option for small businesses. It offers low monthly fees of $15, which can be waived when you meet a minimum balance requirement. The account provides unlimited transactions, including deposits, withdrawals, and electronic transfers. Furthermore, you’ll get access to over 16,000 Chase ATMs and 4,700 branches across the country. Chase also offers free online banking, mobile banking, and bill pay services.
2. Bank of America Business Advantage Checking
Bank of America Business Advantage Checking is another fantastic option for small businesses. The account offers a wide range of benefits, including zero monthly fees for the first three months, no charge for the first 200 transactions per month, and up to $5,000 in cash deposits per month without any fees. Moreover, you’ll also receive access to online banking, mobile banking, and cash management tools.
3. Axos Bank Basic Business Checking
Axos Bank Basic Business Checking is a free business checking account that offers numerous benefits to small businesses. You’ll receive unlimited domestic ATM fee reimbursements, no monthly maintenance fees, no minimum balance requirements, and no monthly transaction fees. In addition, you’ll receive free online and mobile banking, along with free bill pay services. Overall, this account is an excellent option for businesses looking to save on fees.
4. Wells Fargo Initiate Business Checking
Wells Fargo Initiate Business Checking is designed for small businesses that are just starting. The account offers no monthly maintenance fees for new businesses, and a low $10 fee after the first five months. You’ll receive access to 13,000 Wells Fargo ATMs and 5,400 branches nationwide, along with free online banking and bill pay services. However, the account has a $1,000 minimum opening deposit requirement.
5. Capital One Spark Business Basic Checking
Capital One Spark Business Basic Checking is designed for small businesses that need simple banking solutions. The account has no monthly maintenance fees, and you’ll receive unlimited transactions. You’ll also get access to over 39,000 Capital One and Allpoint ATMs nationwide and free online banking and mobile banking services. However, you may encounter fees for excess transactions, cash deposits, and wire transfers.
Conclusion
Choosing the best business checking account for your small business can be an overwhelming task. However, by considering factors such as fees, transaction limits, and banking services, you can filter out the options and select the best one that meets your business requirements. We hope this article has helped you narrow down your choices and find the perfect business checking account that suits your business needs.
