7 Best Business Banking Accounts in the US for 2022
Choosing the right business bank account is essential for the success of your small business. The best business bank accounts offer low fees, high-interest rates, and valuable perks like free transactions and cashback rewards. To help you find the best business bank account for your needs, we've compiled a list of the seven best options in the US for 2022.
2022-04-11 21:05:59 - Boaz Sanuel
This online account has no APY.
The monthly fee is $10. This small fee is worth it for the account's many features. The other fee is $15 domestic wire transfer which is a bit high.
Currently, there is no sign-up bonus.
DETAILED FEATURES
i. No Additional Fees for
Transfers, purchases, deposits, envelopes, app integration, and ACH payments. The NorthOne Business Account also allows you to hold and manage multiple currencies. For a limited time, you can receive a free international ATM withdrawal each month. You can also open a NorthOne Borderless Account, which is a multi-currency account that allows you to hold and manage multiple currencies in one place with no monthly fee.
ii. Mobile Check Deposit
Deposit checks using the NorthOne app. With this feature, you can deposit checks anywhere, anytime. You do not have to wait in line or go to the bank. It saves you time and money.
iii. Invoicing and Billing
With NorthOne, you can create and send invoices from your phone or computer. You can also set up recurring payments so you never have to worry about missing a payment. NorthOne also allows you to accept credit card payments. There is no fee for this service.
iv. Cancel Anytime
You can cancel your NorthOne account at any time with no penalty. If you decide to cancel, you will receive a refund for any unused months. For example, if you cancel after two months, you will receive a refund for the remaining two months.
v. No Commitment
There is no commitment with NorthOne. You can sign up for a free trial and cancel at any time. This is a great option for businesses that are just starting out and do not want to commit to a long-term contract. Compared to other business accounts, NorthOne is very flexible.
vi. No Minimum Balance
There is no minimum balance with NorthOne. This is great for businesses that do not have a lot of money to put into an account.
vii. Get Paid Fast
With NorthOne, you can get paid fast with direct deposit. You can also receive payments through ACH, PayPal, and Stripe. NorthOne also offers same-day ACH for an additional fee.
PROS
-No additional fees for transfers, purchases, deposits, envelopes, app integration, and ACH payments
-Mobile check deposit
-Invoicing and billing
-Cancel anytime
-No commitment
-No minimum balance
-Get paid fast
CONS
-The monthly fee is $10
-The other fee is $15 domestic wire transfer which is a bit high
-Currently, there is no sign-up bonus
NorthOne was picked as the best online business account because it has no monthly fee, no minimum balance, and no commitment. It also offers mobile check deposits, invoicing and billing, and the ability to cancel anytime. NorthOne is a great option for businesses that are just starting out and do not want to commit to a long-term contract.
2. Novo - Free Business Checking Account
None
The monthly fee is $0. This account has no monthly fee, which is great for businesses that do not have a lot of money to put into an account. This allows you to keep more of your money in your business.
Currently, there is no sign-up bonus.
i. No Hidden Fees
Novo has no hidden fees. This is great for businesses that do not want to worry about unexpected fees. Novo also offers a free debit card and free ATM withdrawals. Other accounts may charge for these services.
ii. Mobile Check Deposit
Deposit checks using the Novo app. With this feature, you can deposit checks anywhere, anytime. You do not have to wait in line or go to the bank. It saves you time and money.
iii. No Monthly Fees
As mentioned before, Novo has no monthly fees. This is great for businesses that do not have a lot of money to put into an account. This allows you to keep more of your money in your business.
iv. No Minimum Balance
There is no minimum balance with Novo. If an account has no monthly fee, it is common for there to be a minimum balance. This is not the case with Novo, which is great for businesses that do not have a lot of money to put into an account.
v. Human Powered Customer Service
Most banks have automated customer service. With Novo, you will talk to a real person when you call customer service. This is great for businesses that want personal attention.
vi. Refunds All ATM Fees
If you use an ATM that is not in the Novo network, you will be refunded the fee. This is great for businesses that travel often or do not have a lot of Novo ATMs in their area.
vii. Get Paid Fast
With Novo, you can get paid fast with direct deposit. You can also receive payments through ACH, PayPal, and Stripe. Novo also offers same-day ACH for an additional fee.
PROS
-No hidden fees
-Free debit card and free ATM withdrawals
-No monthly fees
-No minimum balance
-Human-powered customer service
-Refunds all ATM fees
-Get paid fast
CONS
-Currently, there is no sign-up bonus
Novo was picked as one of the best online business accounts because it has no monthly fee and no minimum balance. It also offers a free debit card and free ATM withdrawals. Novo is a great option for businesses that are just starting out and do not want to commit to a long-term contract. It is also a great option for businesses that travel often or do not have a lot of Novo ATMs in their area.
The APY is 0.05-0.70%. This account offers a higher interest rate than most business savings accounts. This is great for businesses that want to earn interest on their deposited funds.
MONTHLY FEE
The monthly fee is $0. This account has no monthly fee, which is great for businesses that do not have a lot of money to put into an account. This allows you to keep more of your money in your business.
SIGN UP BONUS
Currently, there is no sign-up bonus.
DETAILED FEATURES
i. No Monthly Maintenance Fee
This account has no monthly maintenance fee. When you compare business savings account, you will find that most have a monthly maintenance fee. This account from LendingClub does not have a monthly fee, which is great for businesses that do not have a lot of money to put into an account.
ii. No Minimum Balance
There is no minimum balance with this account. Other accounts may require a minimum balance. This account does not have a minimum balance, which makes it great for businesses that do not have a lot of money to put into an account.
iii. Online and Mobile Banking
You can access your account online or through the mobile app. The mobile app is available for both Android and iOS devices. You do not have to go to the bank to access your account. This is great for businesses that travel often or do not have a lot of time to go to the bank.
iv. No ATM Fees
This account has no ATM fees. Most accounts have ATM fees. This account does not have ATM fees, which encourages you to use your debit card more often.
v. Free Transfers
This account offers free transfers. If you need to transfer money to another account, you can do so for free. This is great for businesses that need to move money around often.
PROS & CONS
PROS
-No monthly maintenance fee
-No minimum balance
-Online and mobile banking
-No ATM fees
-Free transfers
CONS
-Currently, there is no sign-up bonus
OUR EDITOR'S REASON FOR PICKING IT
LendingClub was picked as one of the best online business accounts because it offers a higher interest rate than most business savings accounts. This account also has no monthly maintenance fee and no minimum balance. You can also access your account online or through the mobile app. This is great for businesses that travel often or do not have a lot of time to go to the bank.
The APY is 1.20%. This account offers a higher interest rate than most business checking accounts. This is 40x the national average for business checking accounts.
The monthly fee is $0. This account has no monthly fee, which is great for businesses that do not have a lot of money to put into an account. This allows you to keep more of your money in your business.
Currently, there is no sign-up bonus.
i. No Monthly Maintenance Fee
This account has no monthly maintenance fee. When you compare business checking accounts, you will find that most have a monthly maintenance fee. This account from BlueVine does not have a monthly fee, which is great for businesses that do not have a lot of money to put into an account.
ii. No Minimum Balance
There is no minimum balance with this account. Other accounts may require a minimum balance. This account does not have a minimum balance, which makes it great for businesses that do not have a lot of money to put into an account.
iii. Zero Overdraft Fees
This account has zero overdraft fees. Most accounts have overdraft fees. This account does not have any overdraft fees. The good thing about this account is that you can overdraft up to $100 without any fees. This is great for businesses that need a little bit of help with their finances.
iv. Zero Incoming Wire Fees
This account has zero incoming wire fees. Most accounts have incoming wire fees. This account does not have any incoming wire fees. This is great for businesses that need to receive money from other businesses often.
PROS
-No monthly maintenance fee
-No minimum balance
-Zero overdraft fees
-Zero incoming wire fees
CONS
-Currently, there is no sign-up bonus
BlueVine was picked as one of the best business checking accounts because it offers a higher interest rate than most business checking accounts. This account also has no monthly maintenance fee and no minimum balance. You can also access your account online or through the mobile app. The account also has zero overdraft fees and zero incoming wire fees. This is great for businesses that need a little bit of help with their finances or that need to receive money from other businesses often.
The APY is 0.81%. This account offers a higher interest rate than most business checking accounts. This is nearly 8x the national average for business checking accounts.
MONTHLY FEE
The monthly fee is $0. This account has no monthly fee, which is great for businesses that do not have a lot of money to put into an account. However, you have to maintain a balance of $5,000 for you to earn interest on your account.
SIGN UP BONUS
Currently, there is a $200 welcome bonus which you have to meet the requirements to earn.
DETAILED FEATURES
i. No Monthly Maintenance Fee
This account has no monthly maintenance fee, which is great for businesses that do not have a lot of money to put into an account. However, you have to maintain a balance of $5,000 for you to earn interest on your account.
ii. Visa Debit Card
This account comes with a Visa debit card. This is great for businesses that need to make purchases often. The good thing about the debit card is that you can use it anywhere that accepts Visa.
iii. First Sets of 50 Checks Free
This account comes with the first sets of 50 checks free. This is great for businesses that need to write a lot of checks.
iv. Remote Deposit Anywhere
This account comes with remote deposit anywhere. This is great for businesses that need to deposit checks often. The good thing about this feature is that you can deposit checks from anywhere.
PROS & CONS
PROS
-No monthly maintenance fee
-APY is 0.81%
-Comes with a Visa debit card
-First sets of 50 checks are free
-Remote deposit anywhere
CONS
-You have to maintain a balance of $5,000 to earn interest on your account
OUR EDITOR'S REASON FOR PICKING IT
Axos Bank was picked as one of the best business checking accounts because it offers a higher interest rate than most business checking accounts. This account also has no monthly maintenance fee. You can also access your account online or through the mobile app. The account also comes with a Visa debit card and the first sets of 50 checks are free. This is great for businesses that need to make purchases often or that need to write a lot of checks.
None. This account does not offer an interest rate.
MONTHLY FEE
The monthly fee is $0. This account has no monthly fee, which is great for businesses that do not have a lot of money to put into an account.
SIGN UP BONUS
Currently, there is a $200 welcome bonus which you have to meet the requirements to earn.
DETAILED FEATURES
i. No Monthly Maintenance Fee
This account has no monthly maintenance fee, which is great for businesses that do not have a lot of money to put into an account.
ii. Visa Debit Card
This account comes with a Visa debit card. This is great for businesses that need to make purchases often. The good thing about the debit card is that you can use it anywhere that accepts Visa.
iii. First Sets of 50 Checks Free
This account comes with the first sets of 50 checks free. This is great for businesses that need to write a lot of checks.
iv. ACH Payments Accepted
This account comes with ACH payments accepted. This is great for businesses that need to make payments often. The good thing about this feature is that you can make payments from anywhere.
PROS & CONS
PROS
-No monthly maintenance fee
-Comes with a Visa debit card
-First sets of 50 checks are free
-ACH payments accepted
CONS
-This account does not offer an interest rate.
OUR EDITOR'S REASON FOR PICKING IT
Axos Bank was picked as one of the best business checking accounts because it has no monthly maintenance fee. You can also access your account online or through the mobile app. The account also comes with a Visa debit card and the first sets of 50 checks are free. This is great for businesses that need to make purchases often or that need to write a lot of checks.
The APY on this account is 0.20%. This is a great interest rate for a business savings account.
MONTHLY FEE
No monthly fee with a $2,500 minimum balance. This account has a monthly fee if you do not have a minimum balance of $2,500.
SIGN UP BONUS
Currently, there is a $200 signup bonus which you have to meet the requirements to earn.
DETAILED FEATURES
i. No Monthly Maintenance Fee with a $2,500 Minimum Balance
This account has no monthly maintenance fee if you have a minimum balance of $2,500. This is great for businesses that do not have a lot of money to put into an account.
ii. Earns Interest
This account earns interest. The APY on this account is 0.20%. This is a great interest rate for a business savings account.
iii. Access to Your Account Online or Through the Mobile App
You can access your account online or through the mobile app. This is great for businesses that need to access their account often.
iv. FDIC Insured
This account is FDIC insured. This is great for businesses that want to know their money is safe.
v. Free Image Interests
This account comes with free image interests. This is great for businesses that need to deposit often.
PROS & CONS
PROS
-No monthly maintenance fee with a $2,500 minimum balance
-Earns interest
-Access to your account online or through the mobile app
-FDIC insured
-Free image interests
CONS
-This account has a monthly fee if you do not have a minimum balance of $2,500.
OUR EDITOR'S REASON FOR PICKING IT
Axos Bank was picked as one of the best business savings accounts because it has no monthly maintenance fee with a $2,500 minimum balance. This account also earns interest and you can access your account online or through the mobile app. This account is also FDIC insured.
These are the 7 best business banking accounts in the US for 2022. When choosing a business banking account, it is important to consider the monthly fee, the signup bonus, the detailed features, and the pros and cons. These factors will help you choose the best account for your business needs.