Best Business Bank Accounts Of May 2024

The PNC Bank Treasury Enterprise Plan is a banking package designed for small and medium-sized businesses with higher transaction volumes. It includes a PNC Analysis Business Checking account and one of two investment accounts—the Premium Business Money Market account or the MMDA Sweep account.

The Treasury Enterprise Plan includes up to 2,500 free transactions and $50,000 in deposits a month, making it a great option for high-transaction businesses. PNC offers Cash Flow Insight tools for accounts receivable and payable, invoicing, payments and more with this package.

You can also have multiple business checking accounts under this plan to consolidate transactions, fees and account management. Four beneficiary checking accounts can be added at no cost, but there is a $10 monthly maintenance fee for each account after that. There is a $100 minimum deposit to open the Treasury Enterprise Plan and a steep $50 monthly fee. To waive this, you’ll need to maintain an average combined balance of $30,000

Read our full PNC Bank Review.

Fees are assessed for additional banking services. This includes the Cash Flow Insight tools (Payables, Receivables and Accounting Software Sync), which require a $20 monthly subscription. The checking account does not earn interest.

We chose the Axos Bank Basic Business Checking account because it has no monthly maintenance fees, no minimum opening deposit or balance requirements and offers unlimited fee-free transactions. You’ll also get unlimited domestic ATM fee reimbursements, up to 60 fee-free remote deposits each month and two outgoing domestic wire fee reimbursements each month.

In addition to being packed with valuable perks, this account regularly offers one of the best business bank account bonuses, so you can potentially earn a cash bonus just for opening a new account.

That said, Axos Bank’s Basic Business Checking account doesn’t earn interest. It also doesn’t offer a long list of business tools or third-party integrations, although it is compatible with QuickBooks. Axos Bank is an online bank, so you won’t have access to branch banking.

Read our full Axos Bank Business Checking Review.

Axos Basic Business Checking has no opening deposit requirement, monthly maintenance fee or minimum balance requirement. Also, your first set of 50 checks is complimentary. The account provides unlimited reimbursements for domestic ATM fees. Dedicated banking relationship managers are available Monday through Friday. There is no limit to the number of transactions—debits, credits or deposited items—that can be processed each month. You also get two reimbursed domestic wires per month. This account charges fees for paper statements, checks, and outgoing wire transfers. Axos also offers business savings accounts, a business money market account, a nonprofit money market account, business CDs and loans. Merchant services are provided through a partnership with Celero Merchant Solutions. Payroll services are provided through a partnership with Roll by ADP.

Axos offers a cash bonus of up to $400 when opening an account and meeting certain requirements by June 30, 2024, using offer code NEW400. To qualify, you must make a deposit within 30 days of opening your new account, and your balance will be used to determine the amount of your bonus. To earn $400, which is paid as $100 for up to four statement cycles, you will need to have an average balance above $50,000 in your new account, a minimum of 10 POS transactions of at least $3 each posted to your account each month and bill pay set up for your account. You need to submit an application by June 30, 2024 to qualify.

Business owners who are also interested in opening a personal checking account can qualify for a bonus of up to $700 when they open a business checking account and a high-yield Rewards Checking account at the same time. To qualify for this bonus, you will use the code AXOS700 to apply for both accounts by June 30, 2024. Then, you must meet individual bonus requirements for each account.

The LendingClub Tailored Checking account is one of the best business checking accounts for earning rewards and saving money. There are very few fees, and LendingClub partners with Autobooks for quick and easy digital invoicing and payments. You can also process unlimited transactions and get ATM fee rebates for out-of-network transactions.

LendingClub Tailored Checking earns 1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000. In addition, signature-based debit card transactions can earn 1% cash back, assuming you meet account requirements and have a balance of at least $500.

There is a $10 monthly maintenance fee for this account, but it’s waived if you keep a $500 average monthly balance. Overall, this is a valuable low-fee, cash-back business checking account.

Read our full LendingClub Bank Review.

If your account has a zero balance for over three months, LendingClub reserves the right to close it without notice. Interest compounds daily and is credited monthly on the last business day of each statement cycle. Cash-back rewards will be credited to your account by the tenth calendar day of the month after the month they were earned. LendingClub Bank offers several savings deposit options for small businesses and commercial applications, including savings accounts, money market accounts and CDs. LendingClub also provides various cash management and business lending solutions, including being a nationwide SBA Preferred Lender. This means it has been authorized by the Small Business Administration (SBA) to process loan applications independently and, therefore, more quickly than other banks.

The LendingClub Tailored Checking account does not have active sign-up or referral bonuses at this time.

First Internet Bank is an online-only bank that offers multiple business checking accounts with low fees. The Commercial Analyzed Checking account is ideal for medium to large businesses that want access to a suite of business bank accounts and services, including:

• Treasury management services
  • Commercial deposit services
  • Payables and receivables capabilities
  • Sweep services
  • Fraud prevention
• Merchant services
  • Credit card processing
• Corporate credit cards

There are no fees for the services listed and no monthly service fee. This account also permits unlimited fee-free transactions and requires an opening deposit of just $100. Because the Commercial Analyzed Checking account emphasizes that every business has different needs, it’s recommended for small business owners who value (virtual) service and customizability.

Read our full First Internet Bank Review.

All treasury management services available include payables and receivables solutions, commercial deposit services, sweep services and fraud prevention tools.

The First Internet Bank Do More Business Checking account is an unflashy interest-bearing checking account with no minimum deposit or balance requirements and no monthly maintenance fees. It doesn’t have transaction limits and reimburses up to $10 per month in ATM fees. Plus, you’ll have access to money management tools through the dedicated First IB Business Banking app.

The account earns 0.50% APY for accounts with an average daily balance of $10,000, which is decent. But the “Balance Optimizer” feature lets you automatically transfer funds between your Do More Business Checking and business savings accounts with First Internet Bank to earn more interest. You’ll set a target checking balance, and the bank will move extra funds to higher-earning accounts.

The Do More Business Checking account is a simple, no-fee account ideal for small business owners who prefer online banking and don’t want to worry about fees or limits.

Read our full First Internet Bank Review.

Interest for this account is compounded and credited monthly on the last day of each month. The Do More Business Checking account has no minimum deposit, balance or monthly maintenance fee. Regardless of your balance, you will be reimbursed up to $10 per month in ATM fees. First Internet Bank also offers several business deposit accounts, including a savings account, money market account and CDs.

The First Internet Bank Do More Business Checking account does not have active sign-up or referral bonuses at this time.

The Wells Fargo Business Market Rate Savings account is designed for small businesses that want to earn interest on a little extra cash worry-free. While the rate isn’t too impressive at 0.01% APY, this account offers convenience in the form of check-writing privileges and low balance and deposit requirements. There’s no pressure to save a lot because all balances earn the same rate, and you only need a balance of $300 to waive the $5 monthly fee. You can also waive it by making $25 in automatic transfers from a Wells Fargo business checking account.

You can use this business account to provide overdraft protection for your checking and make up to 20 deposits, $5,000 in cash, free each statement period.

Interest is earned on all balances over $0. Interest is compounded daily and credited monthly.

The Wells Fargo Business Platinum Savings account offers high APYs for businesses with plenty of cash to save. All accounts earn interest, but those with balances of $1 million or more can earn the higher APY on deposits. Here’s how the interest rates shake out by balance tier:

In addition to earning interest, the Business Platinum Savings account offers overdraft protection for Wells Fargo business checking accounts and the unique ability to write checks directly from savings. There are over 11,000 Wells Fargo ATMs nationwide.

This account has a $15 monthly maintenance fee that can be waived by maintaining a $10,000 average daily balance or opening a linked business checking account. Free cash deposits are limited to $5,000 or 20 transactions per month. This savings account is a worthy option for high balances and convenient cash access, but it’s not ideal for saving on a smaller scale.

Read our full Wells Fargo Bank Review.

Interest is compounded daily and credited monthly. Checking accounts that can be linked to avoid the monthly fee are Wells Fargo Navigate Business Checking® Account and Wells Fargo Optimize Business Checking® Account.

The First Internet Bank Business Money Market Savings account offers a generous APY, especially on higher balances. Balances of less than $5 million earn the lower APY, while balances of $5 million or more earn the higher APY.

This is a stand-out account for its interest rates alone, but it also earns a spot as one of the best business bank accounts because of its low fees and easy-to-meet requirements. With just $100, you can open this money market account and start earning. The $5 monthly maintenance fee is lower than many competitors and waived with a balance of $4,000. Consider this savings option if you want to maximize your interest earnings on excess funds.

First Internet Bank’s Business Money Market Savings account allows no more than six eligible transactions per month before an excess transaction fee is assessed. Like most online banks, First Internet Bank does not have branch locations. This account carries a $5 monthly fee that’s waived if you keep an average daily balance of .

The bank has another business savings option: the First Internet Bank Business Regular Savings account. It pays 0.91% APY, can be opened with as little as $100 and has a $2 monthly fee that you can avoid with an average daily balance of $1,000.

TD Bank’s Business Savings account has low monthly fees, overdraft protection for linked TD Bank business checking accounts and low deposit and balance requirements working in its favor. It also earns interest, but the standard rate is just 0.05% APY. However, yields vary by state, and you may be able to qualify for an adjusted rate by speaking to your branch manager. This account is recommended for businesses with smaller balances that value customer service.

TD Bank often makes best business banking lists, owing in part to the bank’s high customer satisfaction ratings and in-person banking access. TD Bank was ranked as the best bank for customer satisfaction in J.D. Power’s 2019 U.S. National Banking Satisfaction Study and the third-best for the same study in 2022. The bank also offers wider in-person access than many banks analyzed.

ATM withdrawals are free at any TD Bank location, with around 2,600 available in the U.S. (primarily on the East Coast). It’s important to note that TD Bank operates in 16 states on the eastern side of the country. Businesses not in the bank’s service area are out of luck.

The TD Business Savings account has a low $25 minimum deposit requirement and a $5 monthly maintenance fee that can be waived by maintaining a $500 average daily balance.

Read our full TD Bank Review.

To open an account with TD Bank, your business must be located in a state where TD Bank operates: Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, or Washington, D.C. Free cash deposits are limited to $5,000 per statement cycle.