To choose the best checking account for your business, you’ll want to consider a few key factors.
First, think about features.
If you prefer in-person banking, for example, you’ll want to check out how many branches are near you. If you plan to withdraw lots of cash, you’ll care more about ATM density.
Basic business checking account features
With pretty much any checking account, you’ll get a free debit card. You should also get access to both online and mobile banking.
You might also care about customer service (what hours you can contact support and how you can get in touch) or other products a bank offers (like credit cards, business loans, and merchant services).
And if you use a certain accounting software or credit card processing service, you should make sure your bank account will integrate with it.
Of course, you should also check out the fees. After all, you don’t want to end up paying way more than you expect for your checking account. Look for these common fees:
- Monthly service fees
- Transaction fees
- Deposit fees
- Overdraft fees
- ATM fees
You should also see if you get a certain number of free transactions, free cash deposits, or reimbursed ATM fees. (Most online banks offer unlimited transactions for free. Most brick-and-mortar banks have a transaction limit, after which you have to pay.)
And remember, most banks have an option to waive your monthly maintenance fees. In some cases, you have to maintain a certain minimum balance requirement. Others look for a certain number of transactions. Of course, if that’s too much hassle, you can just go with a bank that doesn’t charge monthly fees.
Ultimately, how much you prioritize cheap fees over ATM locations will depend on how you bank. But these criteria should give you a good starting point.
Small-business checking FAQ
Can I open a business checking account with no money?
Sure, you can open a checking account with no money―as long as you go with a bank that doesn’t require an opening deposit. You could opt for our favorite bank for checking, BlueVine, or several of the other banks we recommend above.
Can I use my personal banking account for my business?
You might be able to use your personal bank account for your business but you probably shouldn’t. Most banks really dislike this practice, so if they catch on to it, they may insist you open a separate business bank account anyway. But if you just have, say, a freelance writing business on the side, you probably won’t run into many problems.
At any rate, we recommend keeping your personal finances and your business finances separate. It makes your business more legitimate, plus it makes things like accounting and taxes way easier. So go ahead and open a business bank account.
Can I have two business bank accounts?
You can absolutely have two business bank accounts! Many businesses, for example, have both a checking account and a savings account. You might choose to have two accounts if you want an easy way to work toward different financial goals (e.g., cash flow money in one business account, your new employee fund in a different account). Some people also like to spread their money across more than one account as a security measure.
Just keep track of those account numbers and passwords.
What are the best banks with no fees?
Our favorite no-fee bank is BlueVine (thanks mostly to its interest-bearing checking account), but we also like Small Business Bank, NBKC Bank, Axos Bank, and Novo.
For more details, check out our guide to the best free business checking accounts.
What are the best banks like Azlo?
We haven’t found a perfect substitute for the late Azlo yet, but we’ve got a few suggestions.
If you’re after fee-free banking like Azlo had, quite a few online banks offer that. Small Business Bank, BlueVine, NBKC Bank, and Novo all offer business checking accounts with no monthly fees, low (or no) minimum opening deposits, and unlimited transactions.
If you like Azlo for its invoicing tools, you might consider either NBKC Bank or Novo. Both offer some invoicing tools, though we don’t like them as well as Azlo’s. NBKC offers invoicing through Autobooks, but it costs $10 a month after a two-month free trial. Novo’s invoicing is free, but it doesn’t (yet) work on its mobile apps, making it less convenient.