Business Fundamentals Checking is BoA’s basic business checking account. It has the lowest monthly maintenance fee, which you can get waived if you make $250 of purchases on a business card (either credit or debit), maintain an average monthly balance of $5,000, or keep at least $3,000 in your account at all times.
Business Advantage Checking has a higher monthly fee, but it gives you perks like more free transactions, a higher free cash deposit limit, free account management, and a free additional checking account. You can waive its monthly fee if you make $2,500 in purchases on your business credit card, have an average monthly balance of $15,000 in your account, keep a monthly balance of $35,000 across your business accounts, or use Bank of America’s payroll or merchant services.
Only sole proprietorships, nonprofits, and government entities can sign up for a Business Interest Checking account. BoA doesn’t list the APY on this interest-bearing checking account—but based on how low the APYs are on its savings accounts and CDs, we suspect it’s quite low. You can waive the monthly fee in several ways, most simply by keeping a $5,000 minimum daily balance in your account.
If you like, you can add an Additional Checking account to either a Fundamentals or Advantage checking account. Additional Checking has similar fees to Business Fundamentals, and you can have the fee waived with an average monthly balance of $3,000.
Finally, Bank of America offers Full Analysis Business Checking for big spenders, but you’ll have to talk to your banker to get any details. It’s all very hush-hush.