If you are an entrepreneur or a businessman who is running your own business, it’s so important to have a business checking account that is separate from your own personal account.
This allows you to keep the finances of the business separate from your personal finances and ensure that you don’t mingle the two.
If you mingle the two, you can put yourself and your business at risk as well.
When running a small business, there are many aspects that you need to think about to make it work.
The last thing that you may want is to mingle those two finances together.
This could lead to a lot of trouble and could even result in liabilities and debts, or worse, issues when filing taxes.
To keep that from happening, we researched the 5 of the best business checking accounts for entrepreneurs to see which is best for you.
But before that, let’s explore what a business checking account for entrepreneurs is anyway.
What is a Business Checking Account?
Before we look into the best business banking account for your business, let’s define first what are business banking accounts or business checking accounts are.
Business checking accounts are special bank deposit accounts specifically designed for businesses and business owners.
It allows business owners to make money transfers to suppliers, vendors, and other business partners.
With a business checking account, all business transactions are tracked on a separate statement so it helps you monitor your business finances and profitability.
The 5 Best Business Checking Accounts
In our research, we looked into one business checking account for entrepreneurs after another and found that we believe are the five (5) best for any business to sign up for.
One of these five bank accounts is what we consider the best bank account for business.
- Bank Novo
- Chase Business Complete Banking
- NorthOne Business Checking Account
- Radius Bank Tailored Checking
We’ll take a look at the banks with business accounts and find out which business bank account is best is really the best for your needs.
BlueVine is an online bank that is focused on empowering small businesses.
Because they are an online business bank, they are able to eliminate the most common checking fees so you are able to keep more money for your business.
There are no monthly fees, incoming wire fees, NSF, or even ATM fees. You can even get a 1.00% APY of up to balances up to $100,000.
It has very business-friendly features such as having no fees, fast application of just 60 seconds, and even a mobile banking app making banking services easily accessible.
BlueVine allows for deposit checks using a photo and arranges payments via ACH transfers, wire transfers, or checks.
Though BlueVine has only been established in 2013, it has created a good reputation and track record in working with businesses.
Other services included are:
- Mobile check deposit
- Free Mastercard debit card
- ACH vendor payments
- Two checkbooks included
- A+ rating with the BBB
- FDIC insured deposits
Another great business checking account for entrepreneurs is the Bank Novo business account.
You won’t have to pay any fees for a Bank Novo business account and they give access to members-only perks and discounts for online business tools such as Google Cloud, Hubspot, Zendesk, Stripe, and Salesforce Essentials.
There is a $50 minimum opening deposit requirement, but you aren’t required to keep a monthly maintaining balance on the account.
Some of the standout features of Bank Novo include:
- No monthly maintenance fees
- No minimum balance needed
- Free mailed checks and transfers
- Free ATM fees and waived or reduced fees from other ATMs.
Bank Novo is also a completely online bank so aside from withdrawing cash, most other transactions can be done online through your app.
You can get approval in minutes and once accepted you can log in to your account from any device.
The app allows you to:
- Transfer funds
- Pay bills
- Deposit checks
- Mail paper checks
- Access integrated business tools like Xero, Zapier, Slack, and TransferWise.
You can even get ACH transfers and incoming wires for free, not to mention, free check mailing as well.
Chase Business Complete Banking
If you want some cash to go with your business banking account, then the Chase Business Complete Banking account is the business checking account for entrepreneurs made for you.
Signing up for this business bank account and you can earn a $300 cash bonus if you also complete the following:
- Make a $2,000 minimum deposit within 20 business days of opening.
- Maintain the $2,000 balance for 60 days.
- You need to complete five qualifying transactions for 60 days.
- Debit Card purchases
- Chase QuickDepositSM,
- ACH (credits)
- wire transfer (credit and debit)
Please do note, however, that there is a $15 a month fee for this account compared to the other accounts that don’t have a monthly charge.
However, in exchange for the monthly fee, you get the following:
- Unlimited electronic deposits
- No charge for 100 transactions per month
- $5,000 in cash deposits per statement cycle without an additional fee
- Access to 16,000 ATMs and more than 4,700 bank branches giving you access to your finances.
NorthOne Business Checking Account
NorthOne is one of the banks with business accounts that may just work for you.
It gives you all the benefits that you can get with other business banking accounts.
Some of the features include easy online transfers, mobile check deposits, and a debit card for local purchases.
But there are also some things that set it apart from the other banks with business accounts.
NorthOne allows you to set up sub-accounts from your business checking account that allows you to separate business funds depending on the purpose, such as for payroll or for tax purposes.
There is also a helpline through chat or scheduled calls whenever you need to speak to a representative.
NorthOne also offers a powerful and intuitive mobile app that offers web banking as well.
This business checking account has the following benefits:
- Account opening takes three minutes
- Mobile and web banking
- Flat fee of $10 includes unlimited transactions and no hidden fees.
- Send and receive ACH payments
- Unlimited debit card transactions
- Order additional extra debit cards for the team within an app
- Mobile check deposits
NorthOne business checking account is designed with businesses and freelancers in mind. The additional features include:
- Reports for each card
- Attach receipts to each transaction
- Automatically categorized expenses
- Limitless views on account history
- Read-only access for accountants
- Easy reporting for lost or stolen debit cards
Radius Bank Tailored Checking
The Radius Bank Tailored Checking account is a great business checking account for entrepreneurs.
The Tailored Checking is specifically designed for small business owners, freelancers, and individuals with side hustles that will help you earn money using unlimited penalty-free transactions.
You can get fee-free checking accounts with 1% cash back for every dollar spent.
You can even earn interest on other checking and savings accounts you open with them.
The following benefits are available with this bank account:
- Paperless application and requires no documentation that takes 10 minutes or less
- 1% cash back on debit card purchases
- 1.5% cash back for purchases on health, food, entertainment, and social goods categories.
- 0.10% APY on the account balance
- Fee-less ATM visits and rebates on third-party ATM fees worldwide
- $10 monthly maintenance fee is waived for deposits of $5,000 or more
- $100 initial opening deposit
- No minimum monthly balance required
As a business owner, you will have access to a variety of convenient features you will find in most business checking account for entrepreneurs such as ACH debit and credit transfers and e-payment solutions.
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