Compare our top business checking account providers of 2020 today.
Last Updated: October 19, 2020
2020 Best Business Banking Services in America
BlueVine started as an online small business lender, offering invoice financing and business lines of credit. It recently launched an online-only business checking account, which stands apart from other business bank accounts with its relatively high interest rate and lack of fees.
It’s easy to set up an account online, and there’s no minimum opening balance or monthly balance requirement.
In fact, BlueVine only charges two potential fees: $15 for outgoing wires and $30 if you want express delivery for a replacement debit card.
BlueVine's 1% annual percentage yield (APY) on balances over $1,000 may be particularly attractive if you tend to keep a lot of cash in your business account. While there are a few other business checking accounts that offer interest, they generally have a higher balance requirement and lower interest rate. Many don’t offer any interest at all.
Setting up a business bank account should be one of the first things you do when starting a business. If you’ve formed an LLC or corporation, you may need a new account for the business or you risk “commingling” your personal and business finances and can put your personal assets at risk.
When you’re a freelancer or sole proprietor, you can use a personal account because there’s no legal distinction between you, the business owner, and your business. However, opening an account for your business can help you separate your personal and business finances. This can help you track your business’s progress and be especially helpful come tax time.
In many ways, choosing a business account can be similar to choosing a bank for your personal finances. You might ask other business owners for recommendations, read reviews online, or make a decision based on your experience with different financial institutions.
However, the bank you use for your personal finances might not offer the best account for your business. Or, you may find the bank you first chose isn’t meeting your business’s needs any longer.
As you compare business bank accounts, consider the following:
We used these same criteria when comparing online business bank accounts to find the best options for business owners.
Opening a business bank account isn’t especially difficult, but you may need to provide a few more documents than you’re used to with a personal account. The specifics can vary depending on the bank, your state, and your type of business. However, common requirements may include:
Here’s an FAQ with common questions that entrepreneurs and business owners may have about business checking accounts:
Considering many options have a low—or no—opening and monthly balance requirement, you should open a business checking account as soon as you start your business.
Personal bank accounts are opened in an individual’s name, while business bank accounts are opened in a business’s name. Beyond that, the largest distinction is that business bank accounts may have business-specific features, such as the ability to send an invoice or get an employee debit card. However, banks may also charge additional or different fees for business accounts, such as transaction fees.
Don’t assume your personal bank offers the best option for your business. Keeping all your accounts in one place can make managing your money easier when you’re starting out or if you’re a freelancer. But having a business account at a different bank may help you avoid accidentally commingling money.
The best business checking account is going to depend on the type of business you run and the services you need. Online accounts can be a good option for businesses that don’t use or get paid in cash, while brick-and-mortar business checking accounts might be a better fit for retailers. In either case, consider the accounts’ benefits, features, and fees.
Yes, you can open multiple checking accounts for your business. For example, you might have one account where you deposit cash, and an online interest-bearing account where you keep most of your money.
The Federal Deposit Insurance Corporation (FDIC) insurance, which insures up to $250,000 per person, per bank, can apply to business bank accounts as well. You can check with the bank to make sure your account is covered. If you open an account with the credit union, you may be covered by similar insurance from the National Credit Union Administration (NCUA) rather than the FDIC.