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When it comes to opening a business bank account, side hustlers and business owners have different needs.
And for many years, the bulk of banks based their fees on business products, including business checking accounts.
As a result, finding a bank account has traditionally been difficult for entrepreneurs and side hustlers since, unlike personal accounts, which often offer a variety of free bank account options.
But technology is constantly evolving. And many banks are attempting to offer attractive online business checking accounts with reasonable or cheap costs.
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The top options for business banks
Here are our picks for the best business checking accounts available, based on the criteria we prefer to provide below. While some of these accounts are completely free, some do require minimum balance requirements or other requirements in order to eliminate the monthly fees.
1Customized Checking from Radius Bank
For side hustlers and small business entrepreneurs, the Radius Bank Tailored Business Checking Account is a great option.
This account’s primary plus is that it offers interest! On amounts greater than $5,000, you will receive a 0% APY. Owning a company bank account that pays interest is almost remarkable.
They provide limitless free transactions, which is highly improbable for a commercial bank account (banks usually charge a fee per transaction)
They even offer one of the best online applications, which only takes a few minutes to complete. Most banks lack comprehensive online applications, so customers must mail numerous documents, which takes a lot of time.
There will be a minimal monthly fee for this account, however it may be eliminated with a minimum balance of $5,000.
This account features the same recent options you’d anticipate from an extremely high-quality corporate checking account:
- Banking online
- Free withdrawals from ATMs
- Free bill payment online
- Mobile check deposits
2Novo
For owners of small businesses and side hustlers, Novo offers a no-fee digital banking platform. For small enterprises, this online bank account is frequently the best option.
They have a great app, picture check deposit, no fees, and a ton of interfaces to connect with other tools you already use. They are extremely mobile friendly! that is amazing for a bank account for a business.
Why I like it: It’s free and easy to use for company checks online.
For more details, visit Novo business banking.
3Lili: Banking Designed for Your Business
The one-stop shop for all of your small business’s accounting, banking, and tax needs.
Lili is a web-based business bank account specifically made for independent contractors. It is a wonderful online business bank account because there are no monthly fees, no required minimum gap deposit, and helpful features are included.
One thing that makes Lili different is that she offers customers an Emergency Bucket, which helps users save money for emergencies with daily contributions of little quantities, as well as a good tax saving tool that lets you automatically place money aside for taxes on each financial gain.
With online bill pay, invoicing, no fees, and a ton of integrations, they are extremely mobile friendly and may be connected to other products you already use. That is terrible for a bank account for a business.
Learn more here.
4AXOS Basic Business Checking
AXOS is an online bank that specializes in convenient business banking. Although it’s free, it will have some more stringent requirements than other banks.
AXOS offers limitless domestic ATM cost reimbursements, no monthly maintenance fees, and only sporadic minimum deposit requirements.
Two hundred transactions (deposits, transfers, ACH, etc.) are included in their free tier each month.
A great bonus offer is now being offered by AXOS to all new customers. Associate in Nursing, use the code EARN100 to open an account and receive $100 in cash! This supply is good until March 31st, 2021.
For more details, check here.
5Chase Business Complete Banking
Due to Chase’s extensive branch network and excellent customer service, the Chase Business Complete BankingSM is one of the more popular business bank account options.
Although it is not truly free unless you fulfill the minimum monthly requirements to qualify for it, we list it as one of the best business bank accounts since it is available nationwide, has branches almost everywhere, and is one of the strongest banking products on the market right now. The minimum requirements are also quite easy to meet; take a look.
If you merely complete the following within the month, Chase Business Complete BankingSM’s $15 monthly cost is automatically waived.
- Maintain a minimum daily balance in your account of $2,000 or more.
- Obtain $2,000 in deposits through QuickPay transactions or other services provided to qualified businesspeople.
- Purchases made with a Chase Ink Business Mastercard for at least $2,000.
- Connect a bank account for Chase personal shoppers.
- Cite appropriate, supporting evidence of your military status.
Bonus Offer: Right now, when you open a new Chase Business Complete Checking account, you can earn $300. New Chase business checking customers who have engaged in qualifying activities are eligible for this offer.
More details here.
6US Bank Silver Business Checking
One of the best offers on business checking accounts for side hustlers and small businesses is the US Bank Silver Business Checking. This account offers free online banking, mobile check deposit, online bill payment, and more with no monthly maintenance costs.
The main issue with this account is that there are physical limitations. However, the majority of small enterprises and side hustlers won’t reach these thresholds. boundaries are:
- 50 transactions are allowed every statement cycle (this includes deposits, transfers, etc.)
- No need to go to the bank every day—there are 25 free money deposits per statement cycle!
- The price for hardcopy statements is $5.
Learn more here.