10 best business checking accounts for April 2023

When embarking on your journey as a business owner, one of the key decisions you’ll need to make will revolve around your finances and the account you’ll use to pay your business expenses and hold any revenue you generate from your business.

To help make your decision a little easier, the Fortune RecommendsTM editorial team ranked more than 30 different business checking accounts across several major banks, credit unions, and fintechs, and came up with a list of the top 10 picks.

We weighed minimum opening deposit requirements, monthly service fees, annual percentage yields (APYs) for interest-earning checking accounts, overdraft fees, branch and free ATM access, monthly transaction limits, business management tools and perks, and customer service options. (Read our full methodology here.)

Here's our rundown of the top 10 business checking accounts, including the key figures you should know before you open an account. (Note: minimum opening deposits, APYs, and fees are up to date as of April 20, 2023, but are subject to change.)

About: LendingClub is a fintech company with roots that stretch back to 2007 and since then the company has grown to serve more than 4 million members. LendingClub offers a broad range of financial products and services including personal and business loans, auto refinancing, as well as personal and business banking accounts. In an effort to keep costs low for consumers, LendingClub does not have any brick-and-mortar branches although customers do have access to a network of more than 20,000 surcharge-free ATMs. LendingClub offers both an online and mobile banking platform that has a three and four star rating, respectively, on Google Play and the App Store.

LendingClub representatives are available to provide assistance via live chat and telephone from Monday through Friday from 8:30 a.m. to 12:00 a.m. ET and Saturday through Sunday from 8:00 a.m. to 8:00 p.m. ET.

Good for those who want to earn interest on their account balance. LendingClub's business checking account took the top spot on our list for its APY. At 1.50%, this account's APY is 25 times the national average for interest-earning checking accounts. What's more–the Tailored Checking Account comes with several perks for business owners, including the opportunity to earn unlimited 1% cash back on qualified purchases made with your Tailored Checking debit card. Business owners can also sync their LendingClub deposit accounts to Mint®, QuickBooks®, or Quicken®, and more.

About: Bank of America is one of the most well-known financial institutions, serving individuals, businesses, corporations, and governments with a full suite of banking products and wealth management services. Bank of America has physical branches in most U.S. States and a network of 16,000 fee-free ATMs. Customers can also use Bank of America's online platform and mobile application to do most of their banking. Their mobile app has over four stars on the App Store and Google Play.

Customer service representatives are available via telephone Monday through Friday, from 8:00 a.m. to 10:00 p.m. ET.

Good for business owners who prefer a big bank. Bank of America's Business Advantage Fundamentals Banking account is perfect for small businesses that make frequent deposits thanks to the bank's network of 16,000 fee-free ATMs. As a larger bank, Bank of America has brick-and-mortar locations as well as a strong online and mobile presence for business owners who prefer the best of both worlds. This business checking account also offers a suite of business management tools including Zelle for your business, a cash flow management system, QuickBooks® integration, and more.

About: CIBC's roots can be traced back to the 1800s, when the Canadian Bank of Commerce and the Imperial Bank of Canada were both founded. In the 1960s the two banks merged to form the Canadian Imperial Bank of Commerce (CIBC). CIBC, which has its U.S. headquarters in Chicago, offers commercial, wealth management, personal, and small business financial solutions, among other products and services. CIBC currently has ATMs in only three U.S. states, but customers can still deposit checks, transfer funds, automate bill payments and more, all from their computer or mobile device.

CIBC offers customer support 24/7 via telephone and chat 24/7, as well as email support.

Good for business owners who don't make frequent cash deposits. CIBC is a Canadian bank with a U.S. headquarters, but U.S. customers will have to lean on online and mobile banking tools with this checking account. CIBC also has just three ATMs in the U.S. The business checking account does offer free online and mobile banking and remote deposit capture so that business owners can deposit checks from wherever they are. This account also has a higher free transaction limit than other accounts.

About: TIAA Bank is a subdivision the Teachers Insurance and Annuity Association (TIAA) which is headquartered in New York. TIAA has 134 offices in the United States, and customers have access to a network of more than 80,000 fee-free ATMs. Its products include personal, business, and commercial banking products, as well as investment services. Customers can manage their accounts online or via the TIAA Bank mobile app is available for download for both Apple and Android users and has a four star rating on both platforms.

TIAA representatives are available via email and by telephone, Monday through Friday from 8:00 a.m. to 5:00 p.m. ET.

Good for more seasoned business owners. TIAA's business checking account made our list for its wide range of business management tools, including Bill Pay, remote deposit capture, mobile check deposits, access to a leading merchant services provider, Positive Pay, and more. However, this account also had the highest opening deposit on our list at $1,500. For newer business owners, this could be an account to consider once they’ve gained their financial footing.

About: U.S. Bank's parent company—U.S. Bancorp is headquartered in Minneapolis and has physical branches in 26 states. The bank offers checking and savings accounts, CDs, loans, and more. Customers who bank with U.S. Bank have access to a wide network of ATMs across the nation, as well as the bank's online and mobile banking platforms. The U.S. Bank app is available for download on the App Store and Google Play and is rated over four stars on both digital storefronts.

U.S. Bank representatives are available 24/7 via telephone.

Good for business owners with limited transaction activity. U.S. Bank's Silver Business Checking Account Package is ideal for small business owners who don't have hundreds of transactions each month, but still want all of the benefits that a business checking account can offer to help them grow their businesses and manage their finances. This account includes 125 free transactions per statement cycle, which is on the lower end compared to some of our other accounts. The good news: business owners can benefit from Bill Pay services, check fraud prevention tools, remote check deposit, among other benefits.

About: PNC Bank is headquartered in Pittsburgh and offers a wide range of services for individuals, small businesses, corporations, and government entities. Its product offerings include checking and savings accounts, credit cards, loans, and investment management services. PNC has more than 2,600 branches and offers customers access to 60,000 fee-free ATMs. Customers can also do most of their banking via the bank's online platform and mobile app, which has over four stars and is available for download on the Apple App Store and Google Play.

Customer support representatives are available via telephone Monday through Friday from 7:00 a.m. to 10:00 p.m. ET, and Saturday through Sunday from 8:00 a.m. to 5:00 p.m. ET.

Good for business owners who prefer the in-person experience. PNC's Small Business Checking account doesn't earn interest, but for business owners who prefer face-to-face banking, this bank has over 2,600 branches to visit across the U.S. With this account, business owners gain access to PNC's cash flow management tools, a free PNC Bank Visa® Business Debit Card, Bill Pay, and more.

*Based on the combined volume of deposits, deposited items, paid items, and ACH credits and debits received

About: United Federal Credit Union was founded in 1949 and has since grown to serve more than 186,000 members across the U.S with $3.8 billion in assets. This credit union is headquartered in St. Joseph, Michigan, and has 35 branches in Arkansas, Indiana, Michigan, Nevada, North Carolina, and Ohio. Its products include checking accounts, savings accounts, credit cards, mortgages, auto loans, and business products. To join this credit union, you must live, work, worship or attend school near one of our branches in Arkansas, Indiana, Michigan, Nevada, North Carolina, and Ohio. If this doesn't apply to you, you may also qualify if you work for or retired from one of UFCU's 900+ corporate members or you are related to an existing member.

Customer service representatives are available via telephone, Monday through Friday between 8:00 a.m. and 9:00 p.m. ET, as well as Saturday from 8:00 a.m. to 4:00 p.m. ET. Representatives can also be reached via live chat or text, Monday through Thursday between 8:00 a.m. and 8:00 p.m. ET, Fridays from 8:00 a.m. to 6:00 p.m. ET, and Saturday between 8:00 a.m. and 4:00 p.m ET. You can also write to United via email.

Good for business owners who want all of the customer service options—and then some. United Federal Credit Union's business checking account scored a spot on our list for its zero-dollar minimum deposit and service fee, as well as its customer support options. Compared with other banks and credit unions on our list, United offers five different methods for getting in touch with a representative, as well as weekend hours. This credit union also offers a relatively high free transaction limit at 200 free transactions per month.

About: American Express has a history that stretches back to 1850 and has since become globally recognized for their credit cards, rewards, personal, and business banking products. It also offers a wide network of more than 37,000 free ATMs.

Customer support specialists are available 24/7 over the phone or via live chat. The Amex app is available for download on the Apple App Store and Google Play and has a 4-star rating on both platforms.

Good for business owners who want to earn rewards for their business spending. The American Express business checking account took the 8th spot on our list for its stellar APY, zero-dollar fee structure, and unlimited free transactions. Additionally, business owners who open a business checking account have the opportunity to earn 1 Membership Rewards® point for every $2 spent on eligible purchases. Rewards points can be redeemed for gift cards, travel, and more.

About: The Financial Resources Credit Union, which is headquartered in Bridgewater, New Jersey, has been serving customers for over 100 years and has over 20,000 members across the United States. Their products and services include personal and business checking accounts, savings accounts, CDs, lending services, and more. You can become eligible to join the credit union if you are related to an existing member, are employed by an eligible company or are involved with a participating association, live, worship, or attend school in the greater New Brunswick Area (New Jersey) or Flemington Borough (Hunterdon County), New Jersey, or become a member of the American Consumer Council for a lifetime fee of $15. The credit union has a handful of branches in New Jersey, as well as a network of more than 55,000 surcharge-free ATMs through Allpoint.

Customer service representatives are available to assist you via email and by calling them on weekdays between 9:00 a.m. and 5:00 p.m. ET, and Saturday from 9:00 a.m. to 5:00 p.m. ET.

Good for business owners who don't need all of the bells and whistles. The Financial Resources Credit Union's business checking account doesn't come with the same digital tools and business-related perks that some of the other accounts on our list offer, however, this account does offer unlimited free transactions, a zero-dollar monthly service fee, and a low minimum opening deposit. For business owners who prefer banking with a credit union over a bigger bank, this account could be the right fit.

About: M&T Bank is headquartered in Buffalo, New York, and has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. The bank offers checking and savings accounts, insurance, credit cards, and investment services for personal, business, and commercial customers. M&T also has mobile and online banking platforms that allow customers to deposit checks, monitor their spending habits, and more.

Good for new business owners who don't have a lot of money saved yet. M&T Bank's Simple Checking account has a $0 minimum deposit which could make it a lot easier for newer business owners to get started. Although, this account does have a lower free transaction limit at 100 free transactions per month, which could be reasonable for a business that is still getting off the ground, but may not work for a more established business. Some of the perks business owners can benefit from by choosing this account include BizPay (which helps owners manage their cash flow, process transactions, and more), mobile payment processing solutions, mobile check deposit, and more.

When selecting a business checking account, you’ll want to consider how the account will help you manage your finances more efficiently and how that fees, rates, and requirements could impact your overall profit. A few key considerations may include:

The required documents to open a business checking account will ultimately depend on the institution you choose. Some of the most common documents you may be asked to provide may include your Employer Identification Number (EIN), our state-issued driver's license or passport, your business license or your partnership agreements. Depending on the account type, you may also need to be prepared to make an initial opening deposit.

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Most banks, though not all, require that you have an EIN in order to open a business checking account to verify your businesses’ identity, although if you are a sole proprietor (you are a one-person business and operate on your own), you may be able to open an account using your personal Social Security Number.

Yes. Several financial institutions offer free accounts, although some may require that you fund the account with a minimum amount within the first few weeks or months of having your account to avoid inactivity fees.

The Fortune RecommendsTM team compared more than 30 business checking accounts across major banks, credit unions, and online-only banks to help you find the best checking account for your business. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account.

To come up with our final list, we we ranked the best accounts on the following categories and weighted each category as set forth in the percentages below:

We think that the best business checking accounts offer a low minimum deposit, low or zero monthly service fee, minimum balance requirements, and earn interest on your balance, among other perks. We also ranked accounts with physical branches and free ATM access higher on our list. The deposit requirements, fees, and account perks on these checking accounts may be available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA respectively.

Follow Fortune Recommends on Facebook and Twitter.

EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.