Why you need a small business checking account
Often one of the first thing small business owners need to do is separate out their personal from their business expenses. A business checking account does this and is essential for accounting, taxes, and building credibility. Most offer:
- A dedicated account number for your business.
- Features like ACH transfers, debit cards, online bill pay, mobile deposits.
- Often integrates with accounting tools (QuickBooks, Xero).
Why it matters:
Enables payroll, invoicing, and expense tracking.
Keeps taxes clean and audit-proof.?
Helps you build business credit.
How to Choose
a. Traditional Bank Accounts
Offered by major institutions like Chase, Bank of America, Wells Fargo.
Pros: physical branches, full-service banking, cash deposits.
Cons: monthly fees, higher balance requirements.
b. Online/Fintech Accounts
Examples: Bluevine, Relay, Mercury, Novo, Found, Lili, Grasshopper.
Pros: no-fee structure, high APY, quick signup, digital-first.
Cons: no branches, limited cash deposit options.
c. Credit Union Accounts
Pros: low fees, strong customer service, local focus.
Cons: fewer integrations, limited geographic availability.
Top Business Checking Accounts for 2025
- $300 Sign Up Bonus and no monthly fees
- 3.50% APY on balances up to $3 million
- Free ACH and incoming wire transfers
- $125 bonus – subject to eligibility
- No monthly fees or minimums
- No credit checks
- $300 Cash Bonus
- Unlimited 1% cash back on debit card purchases
- 3.30% APY
- Up to 4.51% yield on Mercury Treasury
- Free ACH and USD wires
- 1.5% back on credit spend