Every business needs a business bank account. Please please please, don’t even think about running your business through your personal checking. Fortunately, business bank accounts are relatively easy to open and can be essentially free if you follow their requirements.
When I was shopping for business checking accounts, I didn’t find a single list of comparisons so I thought I would put one together. A couple caveats – this list consists of “big” banks only, it is not comprehensive, and only takes a look at the most entry-level business accounts. You’ll find there is also a host of “Neobanks” and cloud-based banks only that are very consumer friendly (such as Novo). They are not included in the comparisons below.
Personally, I have business checking accounts with Chase and Wells Fargo, mostly because I already bank with them. I was more focused on keeping things simple and limiting the number of portals and passwords I needed to keep track of.
In almost all situations, you will need an EIN to open a business bank account, which is easy to obtain here.
If you have any other banks you really like, feel free to drop them in the comments.
CitiBusiness Streamlined Checking Account
- 250 transactions/month included
- $1 minimum to open
- $5,000 cash deposits per month included
- $15/mo fee (waived with maintaining $5,000 balance)
PNC Bank Business Business Checking
- 150 transactions/month included
- $100 minimum to open
- $5,000 cash deposits per month included
- $10/mo fee (waived with maintaining $500 balance)
US Bank Silver Business Checking
- 125 transactions/month included
- $0.50 per excess transaction
- 25 cash deposits per month included
- $0 monthly fee
Wells Fargo Simple Business Checking
- 50 transactions/month included
- $3,000 cash deposits/month included
- $500 minimum average balance
- $10/mo fee (waived with minimum balance)
Wells Fargo Business Choice Checking
- 200 transactions/month included
- $7,500 cash deposits/month included
- $7,500 minimum average balance or $10,000 combined balance
- $14/mo fee (waived with minimum or combined balance) or 10 debit card purchase/payment per month
- 100 transactions/month included
- $5,000 cash deposits/month included
- $1,500 minimum daily balance
- $15/mo fee (waived with minimum daily balance) – reduced to $12/mo with paperless statements
Capital One Spark Business Basic Checking
- Unlimited transactions
- $5,000 cash deposits/month included
- $2,000 minimum average monthly or 90 day balance
- $15/mo fee (waived with minimum balance)
