Best Small Business Checking Account 2019

Priority: Opening a small business checking the account for anyone starting a business. From this account, you pay suppliers, vendors, and keep track of daily deposited money.

To qualify for loans one of the requirements is that you have a separate bank account for your business.

Small business bank accounts are a need to operate. It’s best to separate personal and business finances. Every business should have its own checking account for starters.

Businesses enjoy from opening bank accounts in the early phase. It’s important to keep cash safe while building a financial record for the business.

It is tempting to open an account with the bank that manages your personal finance. Don’t. At least not before you research exactly what that bank has to offer.

Business account tends to charge higher fees than personal checkings. Consider the features each bank can offer your business.

To help you shop around, here’s a list of all the best business checking accounts and their features. Business checking accounts vary from fees, services, policies, and convenience. Use this as a starting point to find your best business checking account option.

Why you need a Business Checking Account

The ultimate reason to open a business checking account is to keep your personal and business finances separate. Mixing business and personal finances can complicate end of the year budget reports as well as completing taxes.

This eliminates the possibility of running into legal problems making you liable if someone sues your business.

As mentioned before having a business bank account increases your chance at securing a small business loan. A business checking account makes owning a business simple.

No fee,  no minimum balance checking accounts

BBVA Compass Clear Connect for Business

For around the clock banking BBVA provides online banking, mobile banking, and bill pay. Designed for small businesses in the start-up phase.

Benefits include:

  • No monthly service charge
  • No minimum daily balance
  • No annual service charge
  • No ATM fees
  • Free online bank statements

There is a minimum opening deposit of $100. If you are a Sole Proprietor you can apply online for a new business checking account.

Open a free business checking account with no deposit

First National Bank

Providing easy banking services for small businesses and corporations. Ideal for businesses in the idea stage. Minimum to open is $0, no monthly service charge, no minimum balance.

First National Bank provides new business owners with basic financial solutions.

Best for low transaction volume

U.S Bank Silver Business Checking Package

Designed for Businesses with lower transaction volume.  There are no monthly fees for this package. Account holders receive the same everyday benefits as gold members. This account does not allow funds to collect interest.

Best for high transaction volume

Chase Total Business Checking 

Perfect for small and growing businesses with the convenience of online and mobile banking. To avoid the monthly service fee account users must meet the minimum daily balance of $1,500.

The monthly service fee is reduced to $12 when account users enroll in paperless statements. There is a $25 minimum deposit to open an account.

Best for established businesses

Wells Fargo Business Simple Business Checking 

Allows you to open a Simple Business Checking account online. Opening deposit of $25 is sent to Wells Fargo.

Avoid monthly service fee by maintaining a $500 balance each fee period.

Provides the security against unwanted transactions. Account users are notified about unauthorized card activity.

How to Find the Best Business Checking Account for Your Small Business

When searching for a business checking account consider:

  • The average number of monthly transactions
  • Average daily and monthly account balance
  • Online banking features
  • Opening deposit amount

You’ll need to consider these attributions to make the most of your business checking account. Your final decision should provide you with a business checking account designed for your needs.