We've created scores of firms in a variety of industries and business methods over the years. While each is distinct, they all had one thing in common: they all wanted a business checking account. Based on our experiences, Novo offers the best small business checking account on the market, with no monthly fees, multiple tech connections, and an application procedure that takes less than ten minutes.
The 3 Best Business Checking Accounts You Need to Consider:
When Should a Business Checking Account Be Opened?
A business checking account is required for every company.
Opening a business account is one of the smartest steps you can make, whether you're a startup, small business, freelancer, running a side hustle, independent contractor, worldwide enterprise, or something in between.
You must keep your personal and business finances separate if your company is organized as an LLC or a corporation.
There is no legal necessity for solo proprietors. It is, however, a brilliant idea.
While you are not required to establish a business checking account to manage your funds independently, it is by far the most convenient and secure approach. When you're starting something new, it should be one of the first things you figure out. It also helps your business feel more like a real business (even if it's only a side hustle) and improves your mindset.
Opening one is now easier than ever, thanks to a plethora of fee-free options with low minimum deposit requirements. In most circumstances, you can open one without ever leaving your house in only a few minutes.
As a result, it won't take long to set up and won't cost you anything.
#1 - NOVO - OUR FAVOURITE
Novo is an online-only alternative that is our top recommendation because it offers limitless transactions and no monthly fees.
Even the smallest and newest of enterprises can use it. However, for seasoned freelancers, entrepreneurs, and small to midsize enterprises seeking for a basic, cost-effective checking account, it's a great option.
Novo isn't a bank in the traditional sense. It's a financial technology firm that develops and supports the software you use to manage your account. The other half of the banking equation—FDIC insurance and the financial framework that goes on behind the scenes—is provided by Novo's bank sponsor, Middlesex Federal Savings F.A.
Because Novo concentrates primarily on building and enhancing its customer-facing software over time, the two services work together to provide a great online banking experience.
Your Novo checking account comes with a number of things that others charge extra for, including as ACH transfers and inbound wires.
You can also use your other bank accounts to conduct as many internal transfers as you need and accept payments from anyone without losing money to nickel-and-dime transfer fees.
You may print paper checks directly from your account dashboard when it's time to pay vendors, suppliers, or workers. All you have to do is log in and submit some basic information on the person who will be receiving the payment, and Novo will take care of the rest, including mailing and issuing the check.
There are no limits or fees on how many checks you can send.
There are no limits or fees on how many checks you can send.
If you want to write your own checks, you can do it through one of Novo's partners. If you need to pay businesses or persons outside of the US, a built-in integration with Wise allows you to send international payments for a minimal cost.
It takes fewer than 10 minutes to apply for a Novo account, and the process is totally online. It's so simple that you can do it right on your phone. To get started, all you need is some personal and business information.
If you ever need assistance, the customer service team aims to address difficulties within 60 minutes. As a result, you shouldn't have to wait more than an hour for assistance from a live person.
#2 - BlueVine: Best Business Checking Account
Interest-bearing checking accounts are not available at most banks. And the ones that do, because their interest rates are so low, pay you pennies at the end of the year. In fact, the typical industry rate is roughly 0.05 percent.
BlueVine's checking accounts, on the other hand, pay an industry-leading 1.2 percent annual percentage yield on balances up to $100,000, which is nearly 40 times greater than the national average.
If you keep a lot of money in the bank on a regular basis, you can earn a lot of money in interest. An account with a $100,000 maximum balance would earn $1,200 per year, compared to $100 with LendingClub Bank's 0.10 percent annual percentage yield.
You may even use it as a secondary account with the sole purpose of earning interest without the hassles of a savings account. As a result, it's a good choice for companies having a lot of cash on hand. To earn that interest on your BlueVine checking account, you'll need to complete one of two requirements:
- Use the BlueVine Business Debit Mastercard for at least $500 in monthly purchases.
- Customers pay you a total of $2,500 or more per month.
Aside from the high-yield interest rates, BlueVine is a fantastic online checking account in general.
It's one of the few solutions available that doesn't require a minimum deposit or charge fees for insufficient funds. Incoming wires are also free of charge. The best aspect is that there are no monthly fees and you can make as many transactions as you like.
BlueVine also offers payroll protection forgiveness, lines of credit, and invoice factoring in addition to checking accounts. If you decide to apply for a loan in the future, having a BlueVine checking account will make the shift of cash easier.
#3 - MERCURY: The Best Checking to Help Your Startup Scale
Companies in their early stages may start tiny, but they rarely wish to stay that way. In an ideal world, you'd be able to stick with one business checking solution while achieving your goals—growing and making more money.
Mercury creates the ideal environment for startups.
Mercury is a financial technology business that provides Evolve Bank & Trust with banking services (member FDIC). That means you'll have all the necessities of a checking account, plus Mercury's flexibility and convenience, including no-fee money transfers, no minimum balance requirement, and more.
You can also create and manage physical and virtual debit cards for yourself and your workers.
Mercury keeps you covered regardless of how you spend and receive money, with no hidden fees or costs for moving money around as needed.
It also integrates with common payment processors (like as Stripe and PayPal) and accounting software to make it as simple as possible to keep track of your business finances, no matter how frequently your money moves.
All of this adds up to a fantastic business checking bundle with no monthly costs. Join Mercury and benefit from the greatest banking stack for ecommerce*—one that will stick with you and scale with you over time.
Mercury is not a bank, but rather a financial technology firm. Evolve Bank & Trust provides all banking services and is a member of the Federal Deposit Insurance Corporation.
BEST BUSINESS CHECKING ACCOUNTS - OUR FINAL VERDICT
What is the best checking account for a business? For most firms, we highly recommend Novo.
But that isn't the only option to think about. To identify the best banking system for your business, use the recommendations, reviews, and approach outlined in this book.