The Best Business Bank Accounts

Wednesday, December 11th

2024 Business Bank Account Reviews

Relay

• No account fees, overdraft fees, or minimum balances
• Can have up to 20 checking accounts and 2 savings accounts
• Can send payments via ACH next day (no fee), domestic/international wire ($5/$10 fee), or paper check (no fee)
• Upgrade to $30/month tier for extra perks
• Direct integrations with platforms like Xero and QuickBooks
• Official relationship with Profit First Professionals
• Role-based user permissions
• 24/7 support
• Over 1,500 5-star reviews
• In business since 2018

Ready to be "on the money” with all of your business banking? Relay can help you get there. As a fintech backed by Thread Bank, this service is the ultimate in no-fee finances: you'll never pay an account fee or overdraft fee, and there are no minimum balances required. But wait, there's more!

Perfect for Profit First fans

If you're a big fan of Mike Michalowicz and his "Profit First” methodology, you're going to love Relay. Not only is this business banking option the official platform for Profit First Professionals, it's also set up so that you can use that method for easy-peasy auto-transfers and allocations on autopilot. And, during our most recent visit to the Relay site, there was a banner at the top advertising a webinar with the author himself, on the topic of navigating cash flow chaos.

Up to 20 sub-accounts and 2 interest-bearing savings accounts

Of course, even if you have no idea what "Profit First” is, Relay is an excellent choice for business banking. They knock it out of the park with the features on our must-have list, like allowing for up to 20 separate checking accounts (all connected to one another for easy transfers) and 2 savings accounts that pay 1%-3% APY (based on your balance amount). In our business, it's critical to have multiple "buckets” for cash flow management, and Relay checks that box - and we appreciate being able to earn a little extra when we put money aside for savings.

Several well-known integrations

You've also got direct integrations with many services you might already be using. That includes bookkeeping platforms Xero and QuickBooks, payroll app Gusto, and money management apps Plaid and Yodlee (both of which can then connect with platforms like Venmo, Wave, Expensify, and Freshbooks).

Add users as needed

It's also super easy to set up Relay for multiple users. Whether you've got a co-owner or an accountant who needs to access your business banking account, you can set up role-based permissions so that any users you specify can take care of bookkeeping tasks, manage your Relay debit card(s), help with bill payments, and so on.

No- and low-fee payment options

When it's time to send a payment, Relay gives you plenty of choices. Next-day ACH payments and paper checks can be used with no fees; the only payment format that incurs a fee are wires, with $5 per transaction on domestic and $10 per transaction on international.

Round-the-clock customer service

Finally, Relay offers 24/7 support - which you would think is the default for business banking, but many rivals only provide assistance during traditional business hours. That is actually the case for Relay too, but only when it comes to phone support; you can reach out via live chat on the site anytime.

Upgraded tier with a few extra perks

All that being said, there is an option to pay $30/month for Relay Pro. Most business owners won't need the upgrade, but it does get you faster (same-day) ACH and no-cost outgoing wires. You can also auto-import bills from Xero or QuickBooks, consolidate multiple payments to a vendor into one transaction, create approval rules for bill payments, and a few other more advanced features. But, for the average company, Relay's 100% free business banking is more than enough.

Well-loved by business owners

At the time of this evaluation, Relay's rating with the Better Business Bureau was on hold: the BBB gave Relay a "Not Rated” status while looking into some previously-closed complaints. Fortunately, though, this business banking platform has an excellent track record elsewhere, including more than 1,500 5-star reviews on Trustpilot alone. Clients there say that Relay does everything that their small business needs, praising the ability to have multiple savings and checking accounts, bi-weekly Zoom calls to get a better understanding of the banking features, and fantastic (and accessible) customer service. We were especially impressed by comments from business owners who have used Relay for years and love it - and those from people who own multiple companies and trust Relay with all of their business banking.

#1 pick for business banking

Relay is the ideal solution for most business banking needs. What's not to love about having multiple accounts with no fees, earning interest on savings, round-the-clock customer support, and having a connection with the "Profit First” community? Relay is the first place we would turn for business bank accounts, and it earns our most enthusiastic recommendation.

Chase

• 3 tiers of business checking accounts
• 3 options for business savings accounts
• Fees waived for military members
• Broad range of related banking services, like payroll and credit cards
• Easily linked with personal Chase banking accounts
• Integrates with other platforms (like QuickBooks)
• "A” rated by the BBB
• In business for over 200 years

Chase, officially known as JPMorgan Chase Bank, is a leading national bank and one of the largest financial institutions in the US with over 66 million customers across its financial services and banking products. Chase is particularly well-known for its rewards programs (especially on credit cards) and mobile/online banking capabilities. And, with roots dating all the way back to 1799 (!) as The Manhattan Company, Chase is probably the longest-standing business banking option on our list.

Get help determining what you need

Not quite sure what your business needs in terms of banking? No worries. On the main Business page on the Chase website, just scroll down to where it says, "Let us help you find what you're looking for”. Choose the options in the dropdown boxes that fit your situation, like "I am looking for a checking or savings account to get my business started” or "I am looking for payment processing and merchant services to accept payments on my website”. From there, you'll be given personalized recommendations to consider.

Lots of options for checking/savings

But, since most businesses know they need at least a checking and savings account to start, let's see what Chase provides for both of those types of banking products:

• Business checking
• Business Complete Banking: $15 monthly service fee, but can be waived with a $2,000 minimum daily balance, deposits via Chase QuickAccept, or Chase Ink business card purchases. This tier comes with unlimited debit card and Chase ATM transactions and up to 20 teller/paper transactions per month. You get up to $5,000 in fee-free cash deposits per month. There's no minimum deposit required to open this account.
• Performance Business Checking: $30 monthly service fee unless you have a combined average beginning day balance of at least $35,000. This tier gives you 250 transactions per month at no charge, unlimited electronic deposits and incoming wires, $20,000 in cash deposits fee-free. You can also get your monthly service fees waived on your Business Premier Savings or personal Total Checking accounts if you have this type of checking account.
• Platinum Business Checking: you're going to need to be a much bigger business for this account tier, to the tune of a $100,000 combined average beginning day balance (or a combination of personal banking accounts, linked qualifying deposits and investments, totaling a $50,000 balance) to waive the $95 monthly service fee. This business checking account lets you have 500 transactions per month for no extra fee, unlimited electronic deposits and incoming wires, $25,000 in fee-free cash deposits, and access to Chase Payments Solutions.
• Business savings
• Business Total Savings: $10 monthly service fee unless you have at least $1,000 in the account or a linked Chase Business Complete Banking account. This tier includes up to $5,000 in cash deposits per month and/or up to 15 deposited items; extra transactions are $0.40 each.
• Business Premier Savings: $20 monthly service fee unless you have at least $25,000 in the account or a linked Performance or Platinum checking account. You've got up to $10,000 in cash deposits and/or up to 30 deposited items (and extras are also $0.40 each).
• Business Certificates of Deposit (CDs): $1,000 minimum deposit to open, with terms from 31 days to 10 years. You'll get higher interest rates if you link to a Chase Business Checking account.

Full spectrum of business-related financial services

There's a panorama of other business banking services you can access through a relationship with Chase. Those include business debit and credit cards, payment solutions for accepting credit cards, even retirement plans and foreign exchange capabilities. The only option we didn't see offered was the ability to have multiple accounts for cash flow management (without incurring monthly fees or having to meet the deposit/balance amounts for each sub-account).

Fee waivers for military members

Chase also has a strong commitment to members of the military. If this applies to you, we encourage you to reach out to Chase and see what they can offer with respect to setting up your business banking. You're likely to qualify for fee waivers and other perks that aren't available to regular personal/business clientele.

No problem for integrations and multiple user accounts

We had to dig a bit to find it, but we learned that Chase has no problem with most of the features that are must-haves for business banking. Through Access & Security Manager, you can create unique user profiles and set which accounts they can access and how (determining who can make payments), set daily transaction limits, or even require dual approvals for transactions. And, part of your setup will include connecting your business accounting software with your new Chase business bank account(s) - there wasn't a sample list of integratable platforms, but it's safe to assume that all of the big ones would be included. If you use a lesser-known service, though, you may want to reach out to Chase and confirm that it's included before you open your accounts here.

Great reputation for serving businesses

Of the big banks with a brick-and-mortar presence in our review, Chase has the strongest reputation for business banking. Not only does the company have an "A” rating from the Better Business Bureau (which stems from all of JPMorgan Chase's products, from mortgages to personal banking), but we also found lots of positive comments from long-term business account holders. For companies large and small, Chase seems to be doing a great job of helping them manage their money. While some people did gripe a bit about the minimums required for waiving monthly fees, that doesn't appear to be anything but an annoyance. We found one rant from a business owner whose Chase accounts were closed unexpectedly and without explanation, but due to privacy/security reasons, the details weren't displayed on the BBB site.

Best pick among big banks

With respect to business banking, Chase earns a high rating from us. They offer the spectrum of products and services you'd expect from a large financial institution, while earning the approval of numerous business clients. If you prefer working with a well-known bank with tons of branches you can visit in person if needed, Chase would be the one we'd recommend for your business bank accounts.

Bluevine

• 3 business checking plans to choose from (including one fee-free option)
• 1-month free trial on upgraded plans
• All accounts are interest-bearing
• Can create up to 5 sub-accounts
• "A+” rated and accredited by the BBB
• Over 6,500 5-star reviews
• Over 500,000 customers served
• In business since 2013

For over ten years, Coastal Community Bank has offered Bluevine as its online-only business banking fintech platform. More than 500,000 small businesses have benefited from the features of Bluevine since 2013.

3 business checking plans to consider

We've personally used Bluevine, and we can tell you that there's a lot to love when doing your business banking here. First off, you can choose from three tiers of service:

• Standard: earn interest of 2.00% APY on all balances up to $250,000, free standard ACH and unlimited transactions, and mobile check deposit, all for no monthly fee and no minimum balance requirements. You'll pay a small fee for printed/mailed checks, same-day ACH, and domestic/international wires.
• Plus: $30 monthly fee (waived with an average daily balance of at least $20,000 and a monthly spend of at least $2,000 on your Business Debit or Cashback MasterCard), earns 3.00% APY in interest, and comes with 5 free printed/mailed checks per month. Your fees will also be lower on same-day ACH and wires.
• Premier: $95 monthly fee (waived with an average daily balance of at least $100K and a spend of at least $5,000 on the business debit card), earns 4.25% APR in interest, and gets you priority customer support, access to treasury services like investments, 20 free printed/mailed checks each month, and lower fees on wires and same-day ACH than the Plus tier.

30-day free trial on Plus and Premier

The vast majority of small businesses will do just fine with the no-fee level of banking offered by Bluevine, and we love that even those customers earn interest. But, if you think you might benefit from one of the upgraded tiers of service, Bluevine lets you try it at no cost for 30 days before you decide.

Up to 5 sub-accounts

Another aspect of Bluevine that works really well is the ability to have up to 5 sub-accounts. They're all designated as checking accounts and issued separate account numbers, to make it easier to keep different types of funds separate. You can use them for whatever you need and rename them as you go; maybe you need one sub-account for your marketing budget, but after you've used it, it becomes your "rainy day” fund, for example. Transfers between sub-accounts happen immediately, and it's a fantastic way to manage your cash flow.

Easy-breezy integrations and adding user access

Integrations and account access are two more features that Bluevine handles with ease. We've used our business bank account with Gusto, QuickBooks, Wise, Stripe, and Square, and we've never experienced any issues (well, not any that were Bluevine's fault... sometimes there's a learning curve when you're running payroll for the first few times...). And, whether you need to add your business partner as a fully-authorized user or your accountant requires access to get in so she can balance your books, you won't have any trouble doing that with Bluevine.

Use ACH debit controls wisely

One of those issues we had comes from a security tool you may or may not want to use when business banking with Bluevine: ACH debit controls. You can block those debits from your main account or any of your sub-accounts - which sounds like a good idea, until you realize that your payroll comes out as an ACH debit, and you inadvertently blocked yourself from getting paid. (Like we said, not Bluevine's fault...) But, if you're smarter about setting up your processes than we were, you could set up one account as the "holding tank” to protect the bulk of your funds by using the ACH debit block there, transferring money out to non-blocked accounts for payroll or other outgoing needs. (Learn from our mistakes!)

"A+” from the BBB and 6,500+ 5-star reviews

Bluevine is one of the only business banking services on our list to get an "A+” rating and accreditation from the Better Business Bureau. There are over 6,500 5-star ratings on Trustpilot as well, with lots of happy business owners saying that Bluevine reps are helpful and supportive, the account features are as-promised, and that the overall banking experience has gone smoothly.

Accounts closed/frozen without notice

On the other hand, we've kept Bluevine from receiving our highest rating because of some of the issues we've seen cropping up in recent reviews. We found more than a few rants saying that Bluevine unexpectedly froze or closed business bank accounts with little to no explanation (and no warning). That's true of Bluevine rivals as well, particularly the online-only banks, but it's never comfortable thinking of how you'd handle the "what if”.

Technical glitches

And, in our firsthand experience, Bluevine can be glitchy: on one day when we went to sign into our account, all of our sub-accounts were showing balances much lower than what should have been there, even showing some as $0. Bluevine support confirmed that there was a tech issue, and fortunately it was resolved by the end of the day (and we never would have known about it if we hadn't signed in) - but again, "what if?”

Customer support isn't flawless

We also have had some struggles with customer service. On that recent problem we had with running payroll, we were told several times that our case would be escalated; however, each time we asked for an update, a new ticket had to be opened (and nothing had been escalated). There wasn't a lot of coordination across chats on different days, and we got conflicting responses. There was also a bit of a language barrier; only one of the reps we worked with was US-based.

Bluevine is worth considering

All that being said, you might be wondering why Bluevine still gets a relatively-high rating here. When you look at what other business banking options are providing (or not providing, more accurately), Bluevine continues to look pretty solid. Yes, you may encounter some annoyances with customer support, and you'll need to hope you aren't one of the few customers who gets shut down unexpectedly - but those aren't unheard of for any of the business banking services out there today. And, Bluevine does offer a ton of features that, as long as everything runs smoothly, you're going to love. Although it's not our favorite fee-free online business service, Bluevine ranks among our top three.

Novo

• Free business checking account with up to 20 "Reserves” for cash flow management
• No monthly fees or minimum balance requirements
• No overdraft fees
• Reimbursement of ATM fees of up to $7/month
• Easy integrations with Stripe, Wise, Square, PayPal, Gusto, QuickBooks, and 50 other tools
• Used by over 250,000 small businesses
• Fintech backed by Middlesex Federal Savings
• "A-” rated by the BBB

Novo is designed to make banking easier for small businesses. As a fintech backed by Middlesex Federal Savings, Novo connects you with easy-to-understand business checking and debit cards, minus all of the annoying downsides you'll find with bigger banks (like monthly fees and minimum balance requirements). Over 250,000 companies have already benefited from what Novo has to offer.

Nothing complicated

Using Novo is blissfully simple. You don't have to worry about having a minimum balance, encountering overdraft fees, or having to go in to fill out paperwork. You just create your business checking account, fund it with the amount you choose, and you're off.

Create up to 20 sub-accounts

One feature that we consider a must-have for business banking is the ability to have multiple accounts for cash flow management. Novo offers that through what they call "Reserves”: you can identify up to 20 different "envelopes”, if you will, to set aside funds for taxes, future expenses, owner draw, or any other categories that you need for your business. But, unlike some competitors, these are not actually separate accounts; they'll be considered part of your Novo checking account's total balance.

More than 50 integrations offered

As you'd expect from a digital business banking platform, Novo offers hassle-free integrations with over 50 tools you may already be using. Those include Wise, Square, PayPal, Gusto, and QuickBooks. And, if you're a Stripe user, you can opt into Novo Boost for faster payments (although they're capped at $5,000 in outstanding credits).

Create invoices through your account

And, even if you're using a different invoicing system, you can use Novo to create as many customizable, no-cost invoices as you wish, right through your bank account. That's a nice perk for brand-new business owners who might not have gotten around to setting up a third-party platform for accounting or business management yet, too. (Just don't get excited about Novo giving you options for payroll, though; that link at the bottom of the site gave us a 404 error.)

Solid reputation

Novo is generally well-liked by small business owners, and this fintech has an "A-” rating from the Better Business Bureau (with a slight downgrading from the BBB for a previous issue with Novo not making it clear that they're not the actual bank behind the product; they've fixed that and display that very obviously throughout the website now). Sentiment is positive overall; you'll see plenty of five-star reviews on Google and via Trustpilot that say the business banking tools offered by Novo are perfect for mostly-virtual companies who don't need any in-person transactions.

A few downsides

However, there are some complaints found there too. More than one person said they wished Novo offered any kind of interest-bearing business bank accounts (and many of Novo's internet-only rivals do). Several complaints referenced slow payment turnaround times (in both directions), as well as having difficulties getting timely help from Novo's customer support reps. That included one business owner who had trouble invoicing a client that had paid several previous times with no issues - and after a month of back-and-forth with Novo, there was still no answer or solution (she finally transferred her business banking elsewhere).

Above average, with room to grow

If your business banking needs are fairly simple, and you're not worried about earning interest on your balances, Novo isn't a bad option. We really like a lot of its features (like "reserves”) and can appreciate how its fee-free structure would help keep money in owners' pockets. Plus, if you're brand new as a company and want a platform that can expand as you do (with integrations as you need them), Novo fits the bill. But, some of those customer issues keep this fintech from earning one of our higher ratings.

Capital One

• 3 types of small business bank accounts: Basic Checking, Enhanced Checking, and Advantage Savings
• Monthly service fees waived with minimum balance
• Access to 70,000 network ATMs
• Integration with QuickBooks
• Can view personal and business accounts in one dashboard
• Merchant services through Worldpay
• "A+” rated and accredited by the BBB

Capital One has over 100 million clients and is the 10th largest bank in the US. It's one of four "big banks” on our list of options for business banking, but should Capital One be in your company's wallet?

3 types of business bank accounts

As is the norm for the larger financial institutions on our list, Capital One's business banking is limited in features and comes with quite a few instances of "you'll pay a fee unless... ” At the time of our review, business owners only had three choices at this bank:

• Basic Checking: $15 monthly service fee (waived with a $2,000 minimum balance), $15 fee on incoming wires and $25 on outgoing wires
• Enhanced Checking: $35 monthly service fee (waived with $25,000 minimum balance), no fees on incoming domestic wires or on up to 5 outgoing domestic wires per month
• Advantage Savings: $3 monthly service fee (waived with $300 minimum balance)

Not enough details offered upfront

That's about the extent of what Capital One can offer you for business banking. We were really annoyed by the lack of details. Integrations? Cash flow management? Other than one mention of being able to connect a Capital One business account to QuickBooks, there's not much to reassure business owners that this is going to be a smooth, integrated way to manage finances. This platform also seems to lack any way to create sub-accounts for cash flow management: we can only assume that, if you wanted to have one "envelope” for operating expenses and another for taxes, you'd have to create separate accounts - which would have the same monthly service fee/minimum balance waivers we mentioned earlier.

Not ideal if you need to deposit a lot of cash via ATM

There's also a pro/con at Capital One if your business deals with a lot of cash. On the positive side, you'll get fee-free access to a network of over 70,000 ATMs. However, if you don't have an actual Capital One branch near you, be aware that you're limited to $5,000 in ATM cash deposits per month.

Convenient if you have your personal accounts here

Of course, if you're already banking with Capital One on the personal side of things, you may like the comfort and convenience of having all of your money in one place. And, we'll give this bank that: you can indeed view all of your accounts on a single landing page, and easily move money from your business to personal and vice-versa (though we hope the flow is almost always the former).

Get a dedicated business banker - if you're big enough

If your business is scaling up or is already on the larger side, you may want to fill out the online form to determine if you're eligible to work with a dedicated business banker. Click on the "Let's connect” button and answer the questions; this could get you access to more money management tools, flexible lending options and special rates (but, again, Capital One doesn't go into detail on those). Here's an inkling, though: when we entered that we were looking for checking, savings, and money management, with an annual revenue of $500,000 to $1 million, we were essentially given the "thanks for playing” dismissal to Capital One's digital products. No dedicated business banker for us!

Mix-and-match extra services on your own

That also means you'll have to cobble together any additional services by clicking around through the Capital One site. That includes merchant services (available through a contract with Worldpay), business credit cards, and so on.

Top marks from the BBB and J.D. Power

Capital One has a perfect score with the Better Business Bureau - well, sort of. The BBB itself gives this big bank an "A+” and accreditation, in spite of the 5,200+ complaints filed in the last year alone, and the 1,700+ negative reviews also left on the BBB platform. Of course, with over 100 million clients, Capital One isn't exactly letting people down left and right even at 5K complaints. And, this bank also earned the highest score in the US Small Business Banking Satisfaction Survey in 2023, according to J.D. Power - so again, there are company owners who have no problem using Capital One for their business banking.

Better for big businesses

On the whole, Capital One may be best for businesses large enough to qualify for their dedicated business banking services (which are probably those with an annual revenue of at least $1 million). If that's you, congrats. However, for small- to mid-sized businesses, sole proprietorships, freelancers, and new startups, Capital One lacks a lot of the features that could help you grow and manage your money effectively. We give this bank a "just average” rating.

NorthOne

• Two business checking plans (one with no monthly fee)
• Seamless integrations with numerous platforms, like ADP, Gusto, Paylocity, QuickBooks, and Shopify
• Built-in accounting and bookkeeping tools
• Unlimited number of "envelopes” for cash flow management
• "A+” rated and accredited by the BBB

North One is one of several fintech options on our list of business banking providers. The company is backed by The Bancorp Bank and is designed to give you a "connected bank account” - integrating budgeting, sales, and payments so that you have everything at your fingertips.

Broad array of integrations on offer

Integrations are no problem at all with a North One business bank account. This company lets you do it all from A(bacus) to Z(oho Books). You'll find all of the available integrations on the North One website, if you want to check for a service you're already using (or planning to).

Robust built-in tools

But, if you're not already using a particular bookkeeping or accounting software, North One has some impressive built-in tools. You can see a detailed history of every transaction (like who approved an expense and any notes attached), attach invoices or bills to any transaction to create a paper trail, and so on.

Unlimited number of sub-accounts

And, one of the features North One offers that's a must-have on our list is the ability to divide funds into "envelopes”. You can create separate places to store funds for payroll, expenses, taxes, or any other category you like - and North One doesn't place a limit on how many envelopes you create. That feature was designed to let you follow Mike Michalowicz's "Profit First” method of accounting, and there are even instructions on North One for how to set a portion of each sale as profit, taxes, owner's compensation, and operating expenses.

A bit nickel-and-dime like big banks

However, North One can feel a little like "all of the fees of the big banks with none of the in-person benefits”. It doesn't quite measure up to its online-only rivals when you look at what you get and how much you'll have to pay for it:

• North One Standard: this is your basic business checking account, with no monthly fees. You get up to 2 free ATM withdrawals per month and 1 free cash deposit per month. You'll pay $1 for every physical check you send out via bill pay, and $20 on every domestic wire you send. And, when you need to make same-day ACH payments, you'll pay a 1.5% fee.
• North One Plus: you'll pay $20/month for this tier (and there's no way we could see to get that fee waived with a particular balance or relationship with the service). The benefits for that monthly fee include $0 on same-day ACH payments/physical checks/receiving domestic wires, up to 6 free ATM withdrawals per month, up to 3 free cash deposits per month, and priority customer support.

That's it. If you're looking for any kind of business savings account or interest-bearing options, you won't find it with North One.

Support is disappointingly limited

We're also not thrilled with the way North One does support: if you need to speak to a live agent, you'll have to go into your dashboard, click on Support, and then schedule a call. Here's what the bot told us in the chat: "We do not have an inbound phone line or a number for third parties to reach us at.” Does that sound like how you'd want to get support if you can't get into your account or you suspect something fraudulent has happened?! But hey, if you're paying $20/month, at least you'll get "priority” responses via chat and email, right? But, by the way, although North One offers "customer support on your terms”...it's only available Monday-Friday, 9A-6P. Because no businesses do any banking on the weekends...

Reputation on the upswing

We're happy to report that North One has improved its standing with the Better Business Bureau since our last review, going from a mid-tier "B” to a perfect "A+” and accreditation, and just 7 complaints filed with the BBB in the last year. That's impressive. Those improvements are also reflected in NorthOne's reputation on Trustpilot: although those reviews are still at about a 60/40 split between 5-star and 1-star ratings, the more recent ratings are almost all 5-stars (which is reflected in Trustpilot's 4.4-star average: they give the company credit for improving its reputation, weighing the older, lower reviews less).

Not the best or the worst business banking out there

Do you get the impression that North One leaves us feeling a little "meh” about its business banking options? At first, it's got some attractive features, especially with all of the integrations on offer. And, if you're looking for fee-free business checking, this fintech checks that box. However, there are some big limitations when using North One for your business, not the least of which is only being able to get customer support during weekday business hours. We're glad that there are still some company owners who have had a good experience here, but we'd recommend checking out North One's more well-rounded rivals before opening an account.

US Bank

• 4 types of business checking accounts
• 2 types of business savings accounts
• Business money market accounts and CDs also available
• Can connect you with merchant services and payroll services
• Accredited by the BBB

With about 19 million customers, US Bank is one of the largest financial institutions in the nation, offering a full portfolio of services for individuals, small companies, and large corporations. Even if you don't have one of their 2,200 branch locations near you, you can easily access all of your business banking needs online.

Not just checking and savings accounts

Whatever your business banking needs are, there's probably an option at US Bank. While some of its rivals limit their offerings to basic checking and savings, this financial institution gives you access to money market accounts and CDs designed for businesses as well. Here's a look at what you can choose from at US Bank:

• Business checking
• Silver: designed for new/small businesses with basic needs. $0 monthly fee, 125 free transactions per statement cycle ($0.50 fee for each additional transaction)
• Gold: US Bank's mid-tier plan has a $20 monthly fee unless you meet the criteria to waive it (with a payment solutions merchant account or hitting $10,000 to $50,000 in checking/deposit balances). 350 free transactions per statement cycle ($0.45 fee for each additional)
• Platinum: $30 monthly fee (unless you meet the waiver criteria like a payment solutions merchant account, or $25,000 to $75,000 in checking/deposits balances)
• Premium: $30 monthly fee, 24/7 live support, designed for businesses with high balances and more complex needs
• Business savings
• Basic: $500 minimum balance (to avoid fees) and $100 minimum opening deposit
• Business Savings Sweep: can be used to automatically move excess balances in $500 increments from business checking to savings, accrues interest daily, requires a minimum of $10K in business checking, can only be set up via appointment (virtual, phone, or in person)
• Business money market
• Platinum: $100 minimum opening balance, $15 monthly maintenance fee (unless you have a $10K minimum daily balance), first 25 monthly deposits are free ($0.25 for every additional deposit)
• Premium: designed to be paired with a Premium business checking account, $0.25 fee for every deposited item, can offset checking and transaction fees with earnings credit
• Business certificates of deposit (CDs): flexible terms from 14 days to 5 years, your choice of deposit amount and term length

Typical fees and limits

So, as you can see, US Bank's business banking options come with what's typical from a big financial institution: lots of details you need to be mindful of, with respect to fees, minimum balances, and so forth. And, there doesn't seem to be an easy or affordable way to have multiple sub-accounts. That's not unusual, but it's also not what we really like to see when deciding where to open an account, especially for newer/smaller businesses.

Decent integrations and user access

On the other hand, US Bank does offer many of the tools that small businesses need. You can easily give shared access to your accountant, your co-owner, or anyone else you choose - and that can be either as a "view-only” user or a "view and transact” user. You're also able to use US Bank's partners to get merchant services, payroll management, and so on. And, it took a little digging, but we did find that US Bank has a "business app marketplace” in the online banking dashboard - that's where you would connect with QuickBooks, TransUnion SmartMove for tenant screening or ShareAble for background checks, and more.

BBB still remembers some old problems

We were surprised by US Bank's "B” rating from the Better Business Bureau. Looking into that further, we discovered it was due to a settlement with the Consumer Financial Protection Bureau back in 2022, on practices related to consumer accounts (not business or institutional) from 2010-2016. In other words, it's probably not something you need to be worried about as a business owner deciding whether or not to open an account with US Bank. Plus, the BBB still gives US Bank its accreditation.

Negative reviews from some business owners

However, as we read through some of the 600+ complaints filed with the BBB against US Bank over the last few months, we spotted several that related specifically to business accounts. One brand-new client listed multiple ways that the bank had let her down, from cutting off the name and address of her business on the checks they printed (and charged her $83 for) to giving her conflicting information on whether or not the bank could provide some necessary documentation. Another person reported logging into her US Bank account as usual and being able to see and access someone else's business/personal transactions and funds. We also saw multiple mentions of being locked out of online account access for up to 48 hours at a time - and that's a no-go if you need to be able to verify that you have the funds to run tomorrow's payroll.

Below-average for business banking

Those reviews are the biggest reason why US Bank gets a lower-than-average rating from us. We don't tend to love what the larger financial institutions offer small businesses (or, more accurately, everything they don't offer), and so we were initially happy to see some of the additional account types and related services available through US Bank. But, what good is that if you're locked out of those accounts and services, or there are glitches with getting your checks printed or with logging into your account (or accidentally logging into someone else's!). Unless you're already a loyal US Bank customer on the personal side of things, you'd do better to look at the higher-ranking business banking options on our list.

Found

• Two plans to choose from: free and Plus ($19.95/month or $149.99/year)
• Both plans come with no minimum balance requirements, unlimited transactions, accountant access, a business debit MasterCard, and more benefits
• Plus tier includes 1.5% APY interest on balances up to $20K, quarterly federal tax payments and filing (Schedule C only), priority customer support, and more
• 30-day free trial on Plus plans
• Create up to four "pockets” for cash flow management
• Easy integrations with accounting, banking, and business tools (QuickBooks, Stripe, CashApp, PayPal, Square, Venmo, and so on)
• "A” rated and accredited with the BBB

Found is on a mission to deliver "all-in-one banking for the self-employed”. It's a fintech company backed by Piermont Bank, and it's a refreshing departure from the "charge you for everything” experience you'll likely get with a business banking account through a big-name financial institution: there are no monthly maintenance fees, no hidden fees, and no minimum deposits at Found.

Use up to six "pockets” to manage cash flow

We were happy to see that Found offers one of our must-have features: a way to set up different sub-accounts for better cash flow management. This platform calls them "pockets”, and automatically starts you out with two: Primary and Taxes. You can create up to four pockets beyond those two default options: maybe you need one for operating expenses, another for owner draw, and yet another as a savings or "rainy day” account. No problem. There are also tons of tools to make those pockets work even harder for you, from linking separate virtual credit cards to each one to setting up automatic deposits of a certain percentage every time money comes into your Primary account.

Choose between free and paid banking

Found offers two tiers of service: the basic, free plan, as well as a Plus plan with additional features. Let's jump in and see what you get with each one. For starters, both options include the following benefits:

• Banking
• Business debit MasterCard
• No minimum balance requirement
• Unlimited transactions
• Getting paid two days early with direct deposit
• Multiple virtual cards with custom limits
• Bookkeeping
• Automated expense tracking
• Receipt capture
• Custom rules, categories, tags (limited with basic, unlimited with Plus)
• One-click business reports
• Unlimited custom invoices
• Management of 1099 contractor payments
• Accountant access
• Taxes
• Auto-saving for taxes
• Auto-generated tax forms
• Real-time tax estimates
• Write-off tracking

When you sign up for Plus at $19.99/month or $149.99/year, you also earn 1.5% APY on balances up to $20,000, auto-import of expenses from receipts, the ability to import activity from bank/credit cards/Venmo/PayPal, in-app quarterly federal tax payments and free tax filing through Column Tax (only for Schedule C filers), and priority customer support. Better yet, you can try the Plus tier for free for a month and see if it's worth it to pay for the extra features.

Use its bookkeeping tools or integrate with other platforms

While Found has a whole host of bookkeeping tools, both on the platform and through its own app, it also integrates with platforms you may already be using. Those include QuickBooks, Stripe, CashApp, PayPal, Square, Lyft, Uber, Venmo, eBay, and others. You've also got the ability to give your accountant access to your Found account.

BBB gives it an "A”

How about reputation? Found is still pretty new, only in business for five years as of the date of this review. But, it still earned an "A” rating and accreditation from the Better Business Bureau, despite having almost 100 complaints filed there in the last three years.

Big issues with the debit MasterCard

However, as we read through the complaints (which did all have a response from Found), they almost all referred to the same issue: fraudulent charges on the business debit MasterCard or from the main account that don't get resolved, leaving the business owner with huge losses (one mentioned a loss of $4,500, another over $13,000, and so on). Those clients also frequently rant about the inability to get in touch with a live representative, being funneled instead to communicate by email and having to retell the issue multiple times.

Strong ratings on the app stores

Then again, as you look through Found's ratings on the app stores, you'll find that it's got an impressive 4.8-star average out of 19,000+ reviews on Apple and 4.6 stars spanning 12,000+ photos on Google. And, business banking clients on Trustpilot have offered over 550 ratings that come in at a comparable 4.4-star average.

Starts out strong but flops later

Here's what we noticed, though: most people love Found at the outset, because it does what it promises. The pockets are handy, there are no minimum fees, and the features are obviously attractive. However, once something goes sideways, it goes there fast: that's why, in our opinion, you'll see either glowing 5-star ratings (usually from brand-new clients) or big rants from 1-star reviewers when their money goes missing, their account gets frozen, or they can't reach customer service.

Sponsoring bank criticized by the FDIC

To top that off, the backing bank of Found (Piermont) has only earned a "C” rating from the Better Business Bureau. That could have something to do with the 2024 order from the FDIC to review all of its transactions dating back to September 2022, due to engaging in "unsafe and unsound banking practices”, particularly with respect to fintechs. And what's the name of at least one fintech that Piermont Bank partners with? Found.

Not confident in this platform's future

In the past, there was a similar business banking option that ranked as #1 on our list. They placed strong emphasis on small businesses, no minimum balances, easy software integrations, and so on. Sound familiar? However, in 2024, account holders there got emails telling them that they should move their money elsewhere because the fintech company was shutting down after just three years in operation, citing problems with operations and finances (including a lack of investor funding). This led to delayed transfers of funds, limited account access, and poor customer support. Sound familiar again? It's hard for us to get excited about Found, when it sounds like they could very well be on track to match that other first-to-worst business banking company we used to have on our list. If, say, five years from now, Found has shored up its own issues and is doing a terrific job of supporting small business owners and sole proprietors, we'll gladly re-evaluate and move them up on our list. But, for now, we can't give this company a higher score as an option for business bank accounts.

Wells Fargo

• 3 tiers of business checking
• Can create multiple linked checking accounts to serve as "envelopes” for better money management (with no additional monthly fees)
• Easy-to-navigate website
• Offers partner connections for merchant and payroll services
• In business since 1852

In operation since 1852, Wells Fargo is one of the biggest names in banking in the United States. Chances are good that there's a branch located near you. As you'd expect from a full-service financial institution, Wells Fargo offers a complete spectrum of options ranging from loans and mortgages to checking and savings accounts, plus everything you might need to manage your business' money.

Site is wonderfully easy to navigate

If there's one immediate win for Wells Fargo as a business banking option, it's the clear layout. Some rivals make it hard to see exactly what services are offered or how they all integrate, but Wells Fargo lays it all out in simple, easy-to-follow ways. For example, when you land on the main business banking page, you'll be invited to read about the five key steps you should know before you even apply. Next, you're told about various products, from checking and savings to merchant and payroll services - and beyond. Still not sure what you need? No problem: use the "Get started” button under the paragraph that talks about the Product Selector, and Wells Fargo will make a personalized recommendation based on your business' size and needs.

Options for business checking and savings

But, since most business owners already know they'll need at least a checking and savings account, let's look at what Wells Fargo offers in those departments:

• 3 tiers of business checking
• Initiate: designed for smaller businesses with lower balances and fewer transactions, this checking account has a $10 monthly service fee (unless you have a $500 minimum daily balance or a $1,000 average ledger balance). The first 100 transactions per month are included ($0.50 for each transaction beyond that), as well as the first $5,000 in cash deposits ($0.30 per $100 deposited after that). This account requires a minimum opening deposit of $25.
• Navigate: this service tier is for slightly larger businesses, with a $25 monthly service fee unless a minimum daily balance of $10,000 or a $15,000 average combined business balance is maintained. It comes with 250 free transactions and no cash deposit processing fees on the first $20,000 each month. This checking account is interest-bearing, and it comes with additional benefits (no fees for cashier's checks or money orders, no fees on incoming wire transfers, and the ability to create multiple linked checking accounts with no additional service fees). You'll also need at least $25 to open this type of checking account.
• Optimize: designed for "the seasoned business owner focused on efficiency”, it comes with a $75 monthly maintenance fee, but there's an earnings allowance that can help bring that cost down. You're still limited to 250 fee-free transactions (which surprised us, given that this is meant for established companies), but the rest of the benefits of the Navigate tier are included. You also get up to 5 linked Optimize checking accounts, access to treasury management services, and five free outgoing wires per month. And yes, once again, you'll have to put in at least $25 to open an Optimize checking account.
• 3 options for business savings
• Business Market Rate Savings: for smaller businesses who might just be starting to save money or to set funds aside for unexpected expenses, this type of account has a $5 monthly service fee unless you maintain a $300 minimum daily balance or have a total of at least $25 in deposit transfers from a connected Wells Fargo business checking account. It requires a minimum opening deposit of $25.
• Business Platinum Savings: this is the right choice if you want higher interest rates and you're going to open a Navigate or Optimize business checking account, because either of those will waive the $15 monthly service fee (or you can keep a $10,000 minimum daily balance). You'll need at least $25 to open this savings account too.
• Business Time Accounts (CDs): there's no monthly service fees on Wells Fargo's business certificates of deposit (CDs), but you'll need to deposit at least $2,500 to start. And, of course, this locks away your funds for a fixed period of time.

We love that all of the banking options with multiple tiers of service are displayed in a convenient side-by-side format, so you can tell at a glance what to expect from each one.

Needs to explain its features more directly

On the other hand, we wish that Wells Fargo made it a little easier to see how business owners can use their banking to integrate with services and platforms they might already be using. Is it possible to connect an account with QuickBooks, for example? Can accountants be added as users? We think so, but from what we could tell, it might take an Optimize-level account to "access advanced features”. What about running payroll through, say, Gusto, instead of using Wells Fargo's partner ADP? It would be helpful if those details were spelled out as directly as the information on the checking and savings accounts.

"F” from the BBB and billion-dollar CFPB penalties

But, maybe none of that matters: Wells Fargo has a shaky reputation overall, with an "F” from the Better Business Bureau and over 6,300 complaints registered there in the last three years. Many of the complaints are related to issues detailed in the Consumer Financial Protection Bureau's 2022 allegations that resulted in a $3.7 billion penalty and settlement - including overdraft fees even when there was enough money in the accounts and freezing more than a million accounts when Wells Fargo's automated filters were faulty. It's hard to say how much of that affected business banking accounts, but it stands to reason that the number is greater than zero. Most of the complaints filed within a couple months of this review were not related to business banking products, but a handful were.

Business owners aren't happy here

We then checked in with Wells Fargo's reputation over on Trustpilot, and there we found rants related to business banking that worry us. One business owner said that their account was closed with no warning when Wells Fargo claimed that they hadn't filled out critical forms - even though the bank had never told the customer that there was a problem, and that form had been turned in properly at a specific Wells Fargo branch. Another ranted about how her company business credit card had been frozen for over two weeks, even though they were still well under their credit limit; all of the issues made it so that payments from recurring partners started bouncing, but Wells Fargo offered no help.

Go somewhere else for business banking

At first glance, Wells Fargo seems like a business banking option that will make your life easier, with simple-to-understand account types and tiers and uncomplicated ways to get monthly fees waived. Unfortunately, though, when you look at how this bank is actually performing for its clients, especially business owners, all you're likely to feel is disappointment. We don't recommend Wells Fargo for business bank accounts.

Axos

• Full panorama of business banking services, including checking, savings, merchant services, payroll services, treasury management, and SBA loans
• No initial deposit or minimum balance requirements
• No monthly maintenance fees
• Free domestic incoming wires
• Unlimited transactions
• Unlimited domestic ATM fee reimbursements
• $400 welcome bonus on business checking
• "A+” rated and accredited by the BBB
• In business since 2000

Axos Bank first opened for business on July 4, 2000 (on a national holiday?) as an online-only bank providing consumers and businesses with the banking products they need. Axos is FDIC-insured, with headquarters in San Diego and offices in Las Vegas and Ohio.

Not very transparent

Axos is a little clunky when it comes to telling small business owners what services they offer in a way that's easy to gather info and compare options at a glance. You'll have to click on the links for each type of service you need, for everything from Basic Business Checking or Business Premium Savings, to Merchant Services, Payroll Services, and Treasury Management. And, even then, the details aren't exactly abundant: there's a push to either jump in and sign up, or request a callback "to inquire about details”. Why not just make those details available on the website, like every other business banking platform out there?

Basic checking, savings, and business-related services

Here are some of the bits and pieces that Axos does put upfront:

• Basic Business Checking: unlimited domestic ATM fee reimbursements, free incoming wires (domestic and international) and two reimbursed outgoing wires per month, no initial deposit or minimum balance requirements, no monthly maintenance fees, unlimited transactions, integration with QuickBooks
• Business Premium Savings: 4.01% APY (as of the date of this review), integration with QuickBooks, free incoming wires and no monthly maintenance fees, no minimum to open or daily balance requirements
• Merchant Services: payment processing through Celero, including shopping cart integration, POS systems, recurring billing software
• Payroll Services: provided as Roll by ADP (and get the first 4 months for free as an Axos customer)

There may be sign-up bonuses

We found a couple of promotions in place when we visited Axos recently. Those included a bonus of up to $375 when opening a new Business Premium Savings account, and a $400 welcome bonus when opening a new Business Checking account.

Missing some key features

But, beyond that, Axos really doesn't go very far to sell you on their business banking. And, from what we could see (or, rather, what we didn't see...), this platform is missing a lot of the bells and whistles we like. There's no apparent way to have multiple "buckets” - so if you want one place to keep operational expenses and another to keep tax payments in reserve, there doesn't seem to be an easy set-up for that with Axos. We also didn't see anything mentioning integrations with some of the most obvious services, like Stripe, PayPal, or really anything beyond QuickBooks and the handful of partner services for payroll and merchant-based transactions.

Mixed feedback with the BBB

And reputation? We're happy to report that Axos Bank has an "A+” rating and accreditation from the Better Business Bureau, with just 16 complaints filed over the last year. That's a sign that this bank's reps are doing a better-than-average job of responding to those issues as they arise. But, aside from the complaints, over 100 people came to the BBB to leave a review, and those average a dismal 1.07 out of 5 stars (almost every single person came to leave the lowest-possible rating). Clients complained about promotions that weren't honored (like that sign-up bonus), overseas call centers that aren't empowered to resolve (or even investigate) problems, 5-day holds on all mobile check deposits, lack of connection with common services like Venmo and PayPal, and the list goes on and on.

Mostly negative reviews

Feedback elsewhere is exactly the same. Axos has an average of 1.8 stars across 200 reviews on Trustpilot, 2 out of 5 on Yelp, and a declining rating average on several well-known financial websites. Those reviews expand on what we mentioned earlier, describing nightmarish experiences with accounts being frozen and getting no help from Axos' customer support, a barely-functional mobile app, you get the idea.

Not a good choice for business banking

For an "online only” bank, you would think that Axos would have fewer issues than some of the big financial institutions with both brick-and-mortar and digital banking platforms. Nope. We hoped to see improvements in this business banking service since our previous evaluation, but unfortunately Axos only seems to have gotten worse. It continues to earn our lowest-possible rating.