Best Business Bank Accounts Of 2023
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If you’re planning to launch a new venture or are looking for a better banking situation for your company, you’ll need to open a new business bank account — ideally, one that offers unique advantages.
Account bonuses, low fees, better interest rates, and high transaction limits are just a few of the many perks you’ll want to consider before partnering up with a new bank and trusting them with your business’s finances.
Best Business Bank Accounts
Your business keeps you busy enough — don’t waste time and money with a bank that isn’t helping you succeed. Check out these banking options to see which one is right for you.
Novo Business Checking
Check out Novo, an online bank that allows you to perform all banking functions right from your smartphone or computer—whether it’s depositing a check or communicating with human-powered customer support!
Monthly fee: $0
Minimum balance: $0
Why we like it: Award-winning online and mobile banking for businesses. No hidden fees, transaction fees, or cash deposit limits. Transfers are free and easy. Accepted worldwide and all ATM fees are refunded. Account can be synced with Apple Pay and Google Pay.
Additional features: Can be integrated with Slack, QuickBooks, and other small business tools. Users get access to up to $5,000 in savings with partnering companies.
What Factors Should I Look at When Choosing a Business Checking Account?
When you’re looking to open a new checking account for your business, there are a handful of factors you’ll want to consider:
- Interest rates
- Minimum opening deposits
- Minimum balance requirements
- Transaction limits
- Cash deposit limits
- ACH and wire fees
- Check fees
- FDIC insurance
- Online and mobile banking capabilities
- Branch locations
- ATM networks
- Monthly maintenance fees
Which Is the Best Bank for Small Business?
If you have a small business, the best bank for you is largely determined by your banking needs.
Do you want to earn interest on your balance? Are you able to maintain a large balance? How many transactions and deposits do you make each month? Do you need online, mobile, or in-branch services?
These are all questions you will want to ask before narrowing down your pool of options. Fortunately, all of the banks on our list are well suited for businesses of all sizes, but especially for startups and small businesses.
Can I Use a Personal Checking Account for My Small Business?
You shouldn’t use a personal checking account for your business.
One of the biggest advantages of forming a corporation or LLC is the legal protection it affords you; and by using a personal checking account for your business, you could lose that.
A corporation or LLC is treated as a separate legal entity, and therefore you can’t be personally sued unless you have personally guaranteed something. But by mingling your personal finances with business finances, you can pierce the corporate veil and lose the protection you have. This is because the company now looks less like a separate entity and more like you and the business are the same.
On a similar note, keeping your personal and business accounts separate will save you a great deal of trouble come tax time. Not only will you have greater clarity when tracking incoming and outgoing funds but you will likely have an easier time with the IRS when claiming business expenses.
A personal check can also look very unprofessional when coming from a business. If you’re looking to maintain credibility with clients, using a business account for checks and payment will help your company look top-notch.
Give Your Business an Advantage by Opening a Top Bank Account
No two businesses have the exact same financial needs. While your competitor’s bank account might be a good fit for them, it may not be a great product for your business.
With a few top options on the table and a better understanding of what to look for in a business bank account, however, you’re in a great position to open up a new account that will accommodate your business’s needs!