Top Business Checking Accounts for Solo Entrepreneurs, Small Business Owners, and Beyond
Running a small- or medium-sized business involves countless considerations, and it is essential to have a strong grasp on your financial situation.
From generating invoices to managing contractor payments, dealing with various digital and non-digital payment methods, and keeping track of ever-changing inventory, today's business owners require more than just a standard checking account.
To simplify your search, CNBC Select has undertaken a comprehensive review of numerous business checking accounts, both with digital and in-person access. We have taken various factors into account when ranking the best accounts, including support for invoicing, payment flexibility, fees, and interest rates. (Find out more about our methodology here.)
The Finest Business Checking Accounts:
- Best overall
- Best for sole proprietors and contractors
- Best for small businesses
- Best for medium-to-large businesses
- Best for making cash deposits
- Frequently Asked Questions (FAQs)
- Who can benefit from a business checking account?
You might be surprised to discover that almost anyone with a side hustle or small business is eligible for a business checking account, not just large corporations. Opening a business checking account is a simple way to separate your personal finances from your business finances, whether you're a sole proprietor operating under your social security number or you have an LLC with its own tax ID.
Regardless of the size of your business, you can benefit from having a business checking account. It allows you to keep track of your income and expenses, enabling you to understand the financial performance of your business before transferring funds to your personal account for spending.
Do keep in mind that business checking accounts typically come with higher fees compared to personal accounts, and the minimum balance requirements to waive monthly fees are often higher. This is because banks assume that businesses generate more revenue than individuals and involve a higher volume of transactions and administrative costs.
That being said, there is a growing number of online-only business checking accounts available that make opening a business checking account more affordable. These accounts often have no minimum balance requirements or transaction fees.
Online vs. Brick-and-Mortar Business Checking Accounts:
When deciding between an online business checking account or a brick-and-mortar bank, consider how you manage your business on a daily basis.
Many businesses now operate primarily in the digital realm, with invoicing, payments, accounting, and payroll all happening electronically.
On the other hand, some businesses still rely heavily on cash and require a local branch to deposit funds at the end of each business day.
Online business checking accounts offer undeniable convenience and useful invoicing features, such as the ability to deposit checks via mobile, sync with QuickBooks, and connect with Stripe to accept credit card payments. However, it might be worth sacrificing some of these conveniences for the ease of withdrawing or depositing physical cash in large amounts.
However, online-only banks generally have lower fees and minimum balance requirements (some as low as $0). If you don't need to bank in-person regularly, it may be time to consider an alternative option.
In order to determine which business checking accounts offer the utmost convenience, CNBC Select meticulously examined numerous business checking accounts offered nationwide by both physical and online banks. We focused our analysis on no-fee checking accounts or accounts that provide effortless ways to waive monthly maintenance fees.
We meticulously compared each individual checking account across several key aspects, including:
- Minimum balance requirements
- User-friendly mobile banking
- Tools and support for small businesses
- Extensive ATM network
- Access to the account
- Available customer reviews
All of the accounts featured on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through affiliated institutions. This insurance ensures protection and reimbursement up to the balance and legal limit in case of bank or credit union failure.
The rates and fee structures for checking accounts are subject to change without prior notice, often fluctuating in accordance with the prime rate.
Your earnings depend on associated fees and the balance maintained in your checking account. Some financial institutions may require a deposit of new funds when opening an account, preventing the transfer of pre-existing money from another account at the same bank.
Editor's Note: The opinions, analyses, reviews, or recommendations expressed in this article solely reflect the views of the Select editorial team and have not been reviewed, endorsed, or approved by any third party.
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