Business Checking Accounts
Compare the best business checking accounts.
Whether opening a new business bank account or switching providers, comparing accounts is an essential part of the process.
Compare the business account fees and features you might need from your bank now - and also any features you may want in future as your company grows.
The first table on this page outlines the features business checking accounts have from each bank regardless of plan.
For more detailed plan breakdowns, check out our comparisons of starter plans for startups and the self employed or of second and third tier plans for small business and SMEs further down the page.
To compare by specific features, we’ve also got breakdowns of the best business banks for international banking and for managing foreign currency.
The best business checking accounts.
| Bank | Monthly maintenance fee | Daily balance required to wave the fee | Electronic direct debits | Outgoing wire transfers | Incoming wire transfers | No. of free monthly transactions | FDIC/ NCUA insurance? | Additional business services | Learn more about... |
|---|---|---|---|---|---|---|---|---|---|
Chase | Free to $95 | From $2,000 | Free | $5 - $50. Waved for wires over $5,000 USD | Free | 20 - 500 then $0.40 / each | Yes | Online Bill Pay | |
Wells Fargo | Free to $75 | From $500 | $0 - $3 / each | $30 - $45 / each | From free to $15 - $16 / each | 100 - 250 then $0.50 / each | Yes | Online & mobile banking | |
Bank of America | Free to $29.95 | From monthly balance required to $3,000 | Free | $30 - $45 / each | $15 - $16 / each or waved | 200 - 500 then $0.40 / each | Yes | Business & employee debits cards | |
Capital One | $15 or free | Monthly balance required | Free | $25 - $50 / each | $15 / each | Unlimited electronic transactions within the US | Yes | Free overdraft protection | |
Navy Federal | Free to $20 | From $0 - $5,000 | Free | $14 - $25/each | No charge | 30 - 100 then $0.25 / each | Yes | 2 - unlimited signers allowed | |
PNC Bank | Free to $20 | Monthly balance required | Free with Bill Pay | $70 - $125 / each | $5 - $20 / each | 100 - 500 then $0.50 / each | Yes | Online banking & overdraft protection | |
PayPal | Free | Varying fees | Doesn’t support wire transfers | Doesn’t support wire transfers | Unlimited w/ varying fees | Licensed as a money-transmitter | Integration with shopping cart systems | ||
Wise | Free | Free (unless its international transfer) | $5.34 / each | $7.50 / each | Unlimited w/ a small fixed fee | Regulated by FINCEN | Hold 50+ currency balances/ Pay invoices abroad |
Wise Business: Get paid and accept payments for less.
The Wise Business account will give you a lot for free, you’ll be able to send and receive international payments at the mid-market rate. Purchase goods and services internationally with no sneaky hidden fees, use the batch payments tool to pay suppliers and staff and integrate with accounting software like Xero to save you time as well as money.
If you upgrade your free Wise Business account for a one-time fee of 31 USD, you’ll have everything you need for international banking: get local bank account details US, UK, euro area, Canada, Australia and New Zealand to receive fee-free payments from these regions.
Give your customers an easy way to pay. Get paid faster on invoices by adding your Wise local account details. Add up to 10 currency accounts, and see all your currencies in one place.
Learn more about Wise Business
Sign up today and do Business without borders.
Business checking account features explained.
Maintenance fee
It’s common to find that business checking accounts come with a monthly maintenance fee. What you pay will depend on the specific provider and account, and can run up to tens of thousands for a big business account. However, there are often ways to reduce or waive the fee, such as holding a minimum balance, or using your business debit card a fixed number of times.
Minimum balance requirement
Check if your chosen bank has a minimum monthly balance requirement. If you don’t hit this balance during the course of the month you could have to pay additional fees, or lose the option to waive the monthly service charge. In effect this means you reduce your usable funds, impacting cash flow - or face higher costs overall.
Electronic (ACH) & Wire transfers
Some business bank accounts have fees for electronic payments such as direct debits and standing orders. You may also pay a fee to use your business debit card online or in stores.
No. of free monthly transactions
Many banks have caps on the number of free transactions you can make, so you need to check your account offers the services your business needs. If the caps are set below your average requirements, you may be hit by unnecessary and excessive costs.
Does your business require sending multiple business transfers? Explore Wise for Business and see how you can avoid paying fees for excess transactions.
FDIC/ NCUA Insurance
Traditional banks or credit unions are required to put customers’ money in a financial protection scheme (FDIC/ NCUA). FDIC insurance for business bank accounts typically covers up to $250,000 per depositor per bank. Choosing a bank which offers this means your money is safe, in the event that the bank runs into difficulties. This is because they make profit by lending and risking customers’ money.
Wise isn’t a bank. We don’t lend your money or make high-risk investments with it. So, we don’t insure it in a financial protection scheme. We are regulated as a money transmitter by FINCEN and is licensed in the states listed here.
Business checking accounts for startups and the self-employed.
If you’re self-employed or just starting your business, a business checking account starter plan might work for you. They’re typically very reasonably priced and often have all of the features you need to streamline your business banking.
Get started finding the best startup business checking account by using the table below to compare benefits, features and costs.
It’s worth noting that starter plans might not support multi currency transactions. If you trade overseas, use Wise Business in conjunction with your business checking account to pay and get paid, while saving on sneaky fees hidden in bank exchange rates.
| Bank / Plan | Monthly maintenance fee | Daily balance required to wave the fee | Electronic direct debits | Outgoing wire transfers | Incoming wire transfers | No. of free monthly transactions | FDIC/ NCUA insurance? | Additional business services | Learn more about... |
|---|---|---|---|---|---|---|---|---|---|
Complete Chase Business Checking | $15 or free | $2,000 | Free | $5 - $50. Waved for wires over $5,000 USD | No charge | 20 then $0.40 / each | Yes | Online Bill Pay | |
Wells Fargo (Initiate) | $10 or free | $500 | $0 - $3 / each | $30 - $45 / each | $15 -$16 / each | 100 then $0.50 / each | Yes | Online & mobile banking | |
Bank of America (Business Fundamentals) | $15 or free | $3,000 | Free | $30 - $45 / each | $15 - $16 / each or waved | 200 then $0.40 / each | Yes | Business & employee debits cards | |
Capital One Business Basic Checking | $15 or free | Monthly balance required | Free | $25 - $50 /each | $15 / each | Unlimited electronic transactions within the US | Yes | Free overdraft protection | |
Navy Federal Business Checking | Free | Free | $14 - $25 / each | No charge | 30 then $0.25 / each | Yes | 2 signers allowed | ||
PNC Bank Business Checking | $10 or free | Monthly balance required | Free with Bill Pay | $70 - $125 / each | $5 - $20 / each | 100 then $0.50 / each | Yes | Online banking & overdraft protection | |
PayPal | Free | Varying fees | Doesn’t support wire transfers | Doesn’t support wire transfers | Unlimited w/ varying fees | Licensed as a money-transmitter | Integration with shopping cart systems | ||
Wise | Free | Free (unless its international transfer) | $5.34 / each | $7.50 / each | Unlimited w/ a small fixed fee | Regulated by FINCEN | Hold 70+ currency balances/ Pay invoices abroad |
Business checking accounts for small businesses and SMEs.
Small business owners may find that it’s worth paying for a more comprehensive checking account plan to access additional features as their business grows.
Take a look at the table below comparing second and third tier business checking account plans from the most popular banks in the US.
When choosing the best bank account for your small business, you’ll want to consider the features you need now, but also those you might need in the future.
Pick a provider that will grow with your business. With Wise Business, you'll get a lot for free, but for a one-time setup fee of $31, you'll have everything you need to help your business grow internationally.
| Bank / Plan | Monthly maintenance fee | Daily balance required to wave the fee | Electronic direct debits | Outgoing wire transfers | Incoming wire transfers | No. of free monthly transactions | FDIC/ NCUA insurance? | Additional business services | Learn more about... |
|---|---|---|---|---|---|---|---|---|---|
Chase Performance Business Checking | $30 or free | $35,000 (combined average) | Free | $5 - $50. Waved for wires over $5,000 USD | No charge | 250 then $0.40 /each | Yes | Unlimited electronic deposits | |
Chase Platinum Business Checking | $95 or free | $100,000 (combined average) | Free | $5 - $50. Waved for wires over $5,000 USD | No charge | 500 then $0.40 /each | Yes | Unlimited electronic deposits | |
Wells Fargo (Navigate) | $25 or free | $10,000 | $0 - $3 / each | $30 - $45 / each | No charge | 250 then $0.50 / each | Yes | Online & mobile banking | |
Wells Fargo (Optimize) | $75 (some costs can be offset) | $ 15,000 (combined average) | $0 - $3 / each | $30 - $45 / each | No charge | 250 then $0.50 / each | Yes | Online & mobile banking | |
Bank of America (Business Advantage) | $29.95 or free | Monthly balance required | Free | $30 - $45 / each | $15 - $16 / each or waved | 500 then $0.40 / each | Yes | Business & employee debits cards | |
Navy Federal Business Plus Checking | $8 | Free | $14 - $25 / each | No charge | 50 then $0.25 / each | Yes | Unlimited signers allowed | ||
Navy Federal Business Premium Checking | $0 or $20 per month | $5,000 | Free | $14 - $25 / each | No charge | 100 then $0.25 / each | Yes | Unlimited signers allowed | |
PNC Bank Business Checking Plus | $20 or free | Monthly balance required | Free with Bill Pay | $70 - $125 / each | $5 - $20 / each | 500 then $0.50 / each | Yes | Online banking & overdraft protection | |
Wise | Free (31 USD one-time setup) | Free (unless its international transfer) | $5.34 / each | $7.50 / each | Unlimited w/ a small fixed fee | Regulated by FINCEN | International account details, direct debits, ecommerce platform withdrawals |
Best business accounts for managing foreign currency
If you’re a business owner you may need to deal with customers, suppliers and staff based abroad. In this case, a multi-currency business account can be a real benefit. You’ll be able to manage dozens of currencies in one account, send and receive international payments more easily, and manage exchange rate fluctuations so you don’t lose out when the market dips.
Depending on the account you choose, you could access low fee international transactions which offer the mid-market exchange rate - and get your own bank details for different currencies to receive cross-border payments fee free. You cut your bank fees, and can grow your global footprint for less.
| Bank/provider | International wire transfer (outgoing) | International wire transfer (incoming) | Currencies supported |
|---|---|---|---|
Chase Business Banking | $5-$50 | Free | ~ 120 |
Wells Fargo | $30-$45 | $16 | ~ 70 |
Bank of America | $0-$45 | $16 or waved | ~ 140 |
Navy Federal | $25 | Free | Partners with Western Union |
PNC Bank | $110-$125 | $20 | ~ 50 |
PayPal | Doesn’t support wire transfers | Doesn’t support wire transfers | 25 |
Wise | $5.34 | $7.50 | ~ 70 |
Choosing a business checking account: Things to consider.
Online checking account
An online business checking account is intended to be accessed predominantly using online banking. Traditional banks don’t all have particularly user-friendly online and mobile banking systems - so it’s worth checking out the options carefully. Choosing a modern fintech platform like Wise may work better if you need intuitive and seamless online and mobile access to your account.
Business checking accounts promotions
It’s common for banks to offer opening promotions to new customers, which may reduce fees or give better rates and rewards. These can be useful in the short-term - but it’s crucial to check out the costs once the offers end. Being tied to an account which doesn’t serve your long-term needs, or which has high ongoing costs at a later stage can be an expensive mistake.
Reporting and accounting integrations
The best business checking accounts help to make your professional life easier, offering seamless services and easy integrations, letting you focus on the things that matter to your business.
Wise for Business integrates seamlessly with services like QuickBooks and other accounting software, aimed to be as easy to use as possible.
Business checking account no credit check
It’s possible to open a business checking account without credit history, or if you’ve had poor credit ratings in the past. However, these accounts may not represent the very best business accounts available. Compare the options available carefully before you choose.
Ultimately, building a good credit rating is important as a business owner, and can mean you get better access to investments and services over time.
How to switch your business checking account to another bank?
- Firstly, you’ll need to select the bank you want to switch to. Use our helpful comparison table to see some of the features and fees of key business checking accounts available from major US providers. Go to table
Find a new account provider
Business checking accounts FAQs.
Save time and money with Wise Business
Open a Wise Business account along with your chosen bank account to access low cost international transactions and currency services.