In 2023, choosing the right business checking account is more important than ever. With so many options on the market, it can be challenging to know where to begin. To help you make the best decision for your business, we’ve researched and compiled a list of the best business checking accounts of 2023. These accounts offer a range of features and benefits to meet the needs of different business types and sizes.
- Chase Business Complete Checking: Best for Small Businesses
If you’re a small business owner looking for a straightforward checking account with low fees, the Chase Business Complete Checking account is an excellent option. With a $15 monthly fee that can be waived by maintaining a $2,000 daily balance or by processing $2,000 in purchases with your Chase Ink Business Card, this account is affordable for most small businesses. Additionally, it includes features such as mobile banking, online bill pay, and a debit card.
- Bank of America Business Advantage Checking: Best for Established Businesses
Established businesses looking for a more robust checking account may find the Bank of America Business Advantage Checking account to be the best option. While it does come with a higher monthly fee of $29.95, this can be waived by maintaining a $15,000 combined average monthly balance. The account includes features such as overdraft protection, mobile and online banking, cash management tools, and a debit card. Additionally, Bank of America has a vast network of ATMs and branches across the United States, making it a convenient choice for businesses with multiple locations.
- Axos Bank Basic Business Checking: Best for Online Businesses
For online businesses, a traditional brick-and-mortar bank may not be the best fit. In this case, the Axos Bank Basic Business Checking account is an excellent choice. With no monthly fees, no minimum balance requirements, and unlimited domestic ATM fee reimbursements, this account is a budget-friendly option. Additionally, it includes features such as mobile banking, online bill pay, and a debit card. Axos Bank also offers 24/7 customer support, making it a great choice for businesses that operate outside of traditional business hours.
- Capital One Spark Business Checking: Best for High-Transaction Businesses
If your business processes a high volume of transactions, the Capital One Spark Business Checking account is an excellent choice. With no monthly fees and no transaction limits, this account is an affordable option for businesses with high transaction volumes. Additionally, it includes features such as mobile banking, online bill pay, and a debit card. Capital One also offers cash deposits and withdrawals at Capital One ATMs and branches, making it a convenient choice for businesses with physical locations.
- LendingClub Tailored Business Checking: Best for Cash Back
For businesses looking to earn cash back on their checking account transactions, the LendingClub Tailored Business Checking account is an excellent choice. With a monthly fee of $10 that can be waived by maintaining an account balance of $500 or more, this account is affordable for most businesses. Additionally, it includes features such as mobile banking, online bill pay, and a debit card. Account holders can earn unlimited 1% cash back on qualified debit card purchases (after meeting some eligibility requirements) and earn 1.00% APY on balances up to $100,000.
Also read: 5 BEST SAVINGS ACCOUNTS OF 2023
Conclusion
Choosing the right business checking account is a crucial decision for any business. The above-listed options offer a range of features and benefits to meet the needs of different business types and sizes. By considering your business’s specific needs and comparing the available options, you can find the best account for your business and ensure your finances are in order.