Business Simple Checking has the lowest opening deposit and monthly fee, but that doesn’t necessarily make it the cheapest. It’s the only checking account that doesn’t have an option for waiving the monthly fee, and it has higher transaction fees than other accounts. But if you plan on maintaining a low account balance—too low to waive the monthly fees on other accounts—this could be your best option.
Then there’s Business Interest Checking Plus, TD’s interest-bearing checking. You can waive its monthly fee with a $2,500 daily balance, and you’ll get lower transaction fees than with Simple Checking. But the APY on this account is pretty disappointing (0.05% compared to Bluevine's 1%), and you get only 200 free transactions a month. Still, if you just want to earn a few extra dollars with checking, this account works.
With Business Convenience Checking Plus, you can waive the maintenance fee by keeping a $1,500 minimum, spread between your TD business account and your TD personal checking account. That’s a lower balance than the Interest Checking Balance Plus account, and you get more free transactions with this account too—making this a great option for most businesses.
Business Premier Checking gives you the most free transactions and deposits, plus lower transaction fees—but it has the highest monthly fee, and waiving it will cost you, no matter which waiving qualifier you choose. You can maintain a minimum balance of $40,000 between your business account and personal checking account, use TD’s merchant solutions, use the TD Digital Express check scanner, or have an active business loan from TD Bank. If you’re doing any of those things anyway, this account is the obvious choice. Otherwise? You’ll probably get a better deal on a cheaper account.