A photo of a woman holding money

Ensuring finances are properly managed is crucial to starting a business. A free business bank account can be an excellent tool for separating new business finances from personal bills. The trick is finding a provider that won’t charge an arm and a leg for their services. As a new business, every penny matters, and unnecessary costs add up super quickly. We’ll look at a few options for the best small business bank account and compare them.

Our Picks for Best Small Business Bank Accounts

Our #1 Pick

Bluevine Small Business Checking

Free w/ No Fees

Bluevine offers one of the highest interest rates on business checking balances of any banking platform. Earn 2.00% APY on up to $250,000, pay zero fees or minimums to open or maintain an account, tap into a Line of Credit*, and get two free checkbooks yearly. Integrate with Quickbooks and sign up in as little as 90 seconds.

  • Interest Rate: up to 2.00% APY on up to $250,000 in funds
  • No monthly fees or minimum deposits, or daily balances
  • No overdraft fees, NSF fees, incoming wire, in-network ATM fees
  • Two free checkbooks per year
  • Fee-free ATM network of over 38,000 ATMs in the MoneyPass network
  • Free Mastercard debit card with contactless payment capability
  • Sub-accounts (up to 5) allow for better management and budgeting of money
  • Tap into an optional Line of Credit (on approval)
  • Cash deposits are supported, but the limits are low and come with a fee
  • Out-of-network ATM fees
  • No direct invoicing capability
  • Minimum to open: $0
  • Minimum daily balance: $0
  • ATM Fees: $0 (MoneyPass; refunded)
  • Insufficient funds: $0
  • Transaction fees: none
  • Wires: $0
  • Incoming & outgoing ACH: $0
  • Stop payments: $0
  • Checks: $0 for the first two books
Earns Interest: Yes, up to 2.00% APY
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Best for Perks and Freebies

Novo Small Business Checking


Novo is a compelling small business checking solution for an online business that can take advantage of fee-free Stripe transactions and $3,000 worth of additional discounts. Get unlimited transactions and integrations with all the popular e-commerce services like Stripe, Shopify, and more.

  • Almost entirely free-free
  • Thousands of dollars in perks and freebies for services you may already use
  • Deposit checks through the Novo app
  • 100% Free ATM Access (incurred ATM fees are refunded)
  • Invoice your customers directly through Novo
  • An in-depth list of integrations with other business tools
  • No cash deposit
  • No recurring payments using bill pay
  • No support for unique sub-accounts
  • No support for multiple businesses under a single login
Learn More at Novo Our Review
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Best for In-Person Banking

Chase Small Business Checking


We like Chase as our pick for the best bank if you need a physical branch for three reasons: their business offerings cover small and large businesses alike, Chase often has promotions on signup, sometimes as much as $300, and they're located just about anywhere you need them to be, so you're never far away from someone that can help.

  • No minimum deposit to open an account.
  • Optional integrated credit card processing.
  • Deposit checks through the Chase app
  • Occasional account opening bonuses
  • $15 monthly fee (can be avoided)
  • Limited to 20 physical transactions per month.
  • Limited to $5,000 in cash deposits per month.
  • ATM fees for non-Chase ATMs
  • Wire fees are high
  • Minimum to open: $0
  • Monthly fee: $15 ($0 with a $2,000 balance)
  • ATM Fees: $0 (in-network)
  • Overdraft fee: $0 (for overdrafts under $50, otherwise $34)
  • Transaction fees: none
  • Incoming wire fee: $15 ($0 if the source is a Chase account)
  • Incoming & Outgoing ACH: $0
  • Outgoing wire fee: $25-$35
  • Stop payments: $30
Earns Interest:
Learn More at Chase
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This was an option that surprised me to an extent during my search. Chase is no stranger to offering incentives for opening accounts with them. Whether it’s a credit card, checking account, or even sometimes less-trafficked deposit accounts like CDs, you’ll be hard-pressed to find a product that doesn’t have some offer attached.

The Chase mobile app is pretty good and places all your accounts into one area. I have Chase products and have never had difficulty navigating the app to find what I need.

This account has all the typical bank stuff–extensive ATM network, mobile deposit, debit card, wires, ACH transfers, calling and talking to humans, etc.

Chase does have a monthly fee, but it is waived as long as $2,000 remains in the account regularly. Otherwise, the fee starts at $15/month. You can also avoid the monthly fee if your business has a Chase Ink Business card and spends at least $2,000 on that card each month.

Integrated Credit Card Processing

Chase Payment Solutions are great for businesses looking to keep their third-party services to a minimum or like the idea of tight integrations between where they do their banking and accepting credit and debit card payments from customers.

Chase provides its smaller credit card reader (to pair with an existing device like a tablet running the Chase mobile app) for $49. The larger standalone credit card terminal at $399 at the time of writing, sometimes with an additional $100 discount, is also available for in-person retail. In-person transactions will cost you 2.6% plus $0.10 for each event. For online transactions, Chase charges just 2.9% plus $0.25 for each transaction.

Chase doesn’t charge monthly fees or require long-term contracts for most small businesses.

Sign Up Bonuses

Chase also often has sign-up bonuses in effect for new accounts. It’s most often somewhere in the $300 range and requires depositing $2,000 into the account within 30 days of opening and keeping that money in the account for at least 60 days.

Suppose you need a full-service option, including credit card processing, and can manage to limit your cash deposits to $5,000 per month and determine your in-person banking to 20 transactions per month. In that case, Chase is one of the better options on the market.

Chase Small Business Checking

Learn More at Chase
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Also Great

NorthOne Small Business Banking


NorthOne is an online banking service offering a deposit account exclusively built for small businesses. It allows you to manage your money quickly and efficiently without entering a bank branch. True to its slogan, NorthOne is business banking made for America.

  • Almost entirely fee-free
  • Access to over 1 million ATMs for withdrawal and 90,000 for deposits
  • Deposit cash using retail GreenDot locations
  • Integrations with Quickbooks, Stripe, Shopify, and more.
  • Segment and organize money using virtual envelopes
  • Customer support via email, chat, or phone.
  • $10 monthly fee that cannot be waived.
  • Minimum opening deposit, albeit a low one
  • Cash deposit limits are low
  • Fee for cash deposits
  • No support for multiple unique accounts
  • Minimum to open: $50
  • Minimum daily balance: $0
  • ATM Fees: $0 (in-network)
  • Insufficient funds: $27
  • Transaction fees: none
  • Incoming wires: $0
  • Incoming & outgoing ACH: $0
  • Stop payments: $0
  • Cash deposit fee: $4.95
  • Cash deposit limit of $1,500/day, $3,000/week, $5,000/month
Earns Interest: no
Learn More at NorthOne Our Review
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I’m a fan of banks that offer mobile apps that function well, and NorthOne falls squarely onto that list. Over 100,000 customers use NorthOne, America’s fastest-growing business banking app. Their free business bank account makes transferring money, depositing checks, and paying with the NorthOne Mastercard super simple, but what I enjoy about this option is the dedicated tax account(s). If you collect sales or use tax, keeping your taxes aside and available for remittance is essential. Making that an automatic process takes this to the next level.

Regarding money management, NorthOne supports multiple users and integration with bookkeeping options to pass off accounting tasks to others on your team. Need to get an overview of your cash flow? The app presents good-looking graphs to make that happen.

On top of that, NorthOne ties into just about every platform you could ever need: Quickbooks, PayPal, Amazon, Venmo, Shopify, Etsy, Freshbooks, and a truckload of others.

NorthOne is no-fuss, easy banking for businesses. Even if you’re not opening a new business, you’ll find the feature set valuable and a surprising amount of room to grow.

What Does a Great Small Business Bank Account Look Like?

It’s effortless to find any bank to take your money. Within four miles of my home, there are at least 10 bank branches from five different banks and credit unions. There is no shortage of options near me.

However, that doesn’t mean they’re the best for starting a business. Many banks appreciate high deposit balances and don’t offer large transaction allowances. High-dollar e-commerce businesses might see daily deposits from their payment processor and withdrawals for payroll and expenses, but those are scheduled and routine.

Banks focusing on small businesses know that a smaller shop’s needs will differ. When every dollar counts, high deposit balances aren’t likely going to be a thing–at least from the start–and there’ll be a need for a debit card and frequent transactions as the only way to take care of regular expenses until lines of credit and invoice terms are established with suppliers.

A free or low-cost business checking account is critical for all these reasons. While you might not get as many hand-holding-type features and service offerings with some of these banking options, as a startup, you won’t likely need them, anyway.

How These Banks and Fintechs Were Chosen

Anyone can pick random banks off the Internet and slap them into a blog post. I wanted to stay away from such canned content and relive some of what I went through during my research of the bank I use for one of my businesses.

Here is what I wanted to use as criteria for evaluating the options I found:

  • Cost & Fees. There’s no reason a bank should cost a lot of money monthly when you’re starting. Like I said earlier, every dollar counts. The fewer fees, the better.
  • Reasonable feature set. At the very least, the account should be easily accessible, and money should be allowed to flow freely. Bonus points if the bank or service offers perks or tools that small businesses would love.
  • Decent transaction limits. I don’t need to see unlimited transactions, but bonus points to those that offer such a thing. Otherwise, please don’t punish me for swiping and using my money à la carte.
  • Integrations. Integrating accounting and payment processing is essential. Stripe, Quickbooks, etc.
  • Talking to a human. It should be clear that if I need help, I can reach out, and a human will respond. Simple as that.
  • Longevity. Is this operation going to be around in 5 years? For online-only bank options, the financial backing institution is an important player. They should be known for or have experience in being a backing bank.

Wrap Up

When I originally wrote this article, I had ten options. As I went through them, I realized some weren’t that great and not worthy of being offered up as the “best” options.

Some of these might not fit your needs, which is okay. Businesses growing and needing more backing and flexibility from a traditional institution might not find what they need on this list (though Chase is a powerhouse).

These options are solid and worth looking into for most of those operating an e-commerce business or are just starting. I’d be happy with any of them,, and I feel unconditionally comfortable suggesting these 5 options to my readers.

Regardless of your path, the biggest takeaway is to make sure you’re not spending money on a bank that you don’t have to spend. In the early stages, every dollar counts (I’ve said that how many times, now?). Watch out for unnecessary fees and transaction limits that could end up costing more down the road.

Simple might be a good thing. Start small and build. Like an e-commerce business, you might find the bank you choose has many of the same motivations.


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