Choosing the Best Business Checking Account for Your Business
When running a successful business, all the small details matter, from which font to use to the best business checking account for your money.
Sometimes it can be hard to decide which bank offers the right business checking account with a balance of perks and fees ideal for your unique situation.
You may find yourself asking, “Is Capital One business checking the right choice? Or a Citibank business checking account? How do I choose?”
Image Source: Pexels
That is why we are looking at some of the most popular business checking account options through four top banks: Bank of America, Capital One, Citibank, and U.S. Bank.
Comparison Review List
The list below is sorted alphabetically (click any of the bank names below to go directly to the detailed review section):
- Bank of America business checking account
- Capital One business checking account
- Citibank business checking account
- U.S. Bank business checking account
High Level Comparison Table
Business Checking Account
Interest Earning Account Option?
|Bank of America Business Checking Account|
|Capital One Business Checking Account|
|Citibank Business Checking Account|
|U.S. Bank Business Checking Account|
Table: Best Business Checking Account | Above list is sorted alphabetically
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Bank of America Business Checking Account Review
First up on our search for the best business checking account for your business is Bank of America. There happen to be two Bank of America business checking account levels.
Each of these Bank of America business checking account choices comes with a savings account option at no additional fee.
This Bank of America business checking account is geared for smaller businesses that spend under $250 a month on a business debit card/credit card. It is also good for businesses whose balance is under $5,000 each month.
This Bank of America business checking account will charge a $14 monthly fee unless you do one of the following each cycle:
- Spend $250 in net purchases
- Maintain an average of $5,000 or more
- Maintain daily minimum balance of $3,000
- Maintain a combined average of $15,000 monthly on your linked Bank of America accounts
- Process at least $500 in net Clover® Go On Demand sales each merchant services statement cycle
You can have up to 200 free transactions with the Bank of America business checking account.
This Bank of America business checking account is for larger businesses that spend at minimum $2,500 each month on a business debit card/credit card. It is also good for businesses whose balance is over $15,000 a month.
This Bank of America business checking account will charge a $29.95 monthly fee unless you do one of the following each cycle:
- Spend $2,500 in net purchases
- Maintain average of $15,000 or more
- Maintain combined average of $35,000 on your linked Bank of America accounts
- Actively use Bank of America Merchant Services or Payroll Services
You can have up to 500 free transactions with the Bank of America business checking account.
As the upgraded Bank of America business checking account, Business Advantage also gives you some perks, including:
- QuickBooks integration
- A second Business Advantage account with no additional monthly fee
- No fees for stop payments
- $200 credit statement to credit card customers who make $500 in purchases within the first 60 days
Capital One Business Checking Account Review
Next, we have the Capital One business checking account, which just may be the most simple and straightforward business checking account: Spark Business Checking.
Image Source: Capital One
Capital One business checking only has one option, and it has no limits or restrictions. Here is the breakdown:
- No monthly transaction fees or limits
- No minimum balance required
- No monthly fees
- No fees for Capital One or Allpoint® ATMs
Other benefits of the Capital One business checking account include:
- Next-day deposits
- Free debit card
- Spark Business mobile app for managing money
- SparkSM Business Savings linked to prevent overdraft
- Photo check deposit
- Free electronic invoicing
Citibank Business Checking Account Review
Next up is Citibank. It just so happens that there are four Citibank business checking account options, depending upon the size of your business and how much you spend each month. All four of them get Citibank business checking perks, like:
- Debit card
- Overdraft protection
- Safety checks
- Remote check deposit
- Cash management services
But now let’s look at the individual Citibank business checking account choices.
Image Source: Citibank
CitiBusiness® Streamlined Checking Account
This Citibank business checking account is ideal for small business and firms. It includes:
- 250 transactions
- $5,000 minimum balance to waive fee of $15
CitiBusiness® Flexible Checking Account
This Citibank business checking account is ideal for growing businesses that need options. It includes:
- 500 transactions
- $10,000 minimum balance to wave fee (fee varies by state)
CitiBusiness® Checking Account
This Citibank business checking option analyzes the money to make an earning’s credit to offset monthly fees. It includes:
- 0 transactions
- No minimum balance can waive the $22 fee
CitiBusiness® Interest Checking Account
This Citibank business checking account is designed to earn you interest as long as you do not make too many transactions each month. It includes:
- 25 transactions
- $10,000 minimum balance to wave fee (fee varies by state)
U.S. Bank Business Checking Account Review
Now, let’s finish up by looking at U.S. Bank and their U.S. Bank business checking options. These three U.S. Bank business checking account choices all include:
- Discounted card readers
- Viewpost® Invoicing and Payments
- Platinum Business Money Market with a 3-month bonus interest rate
- Quick Loan
- Cash flow manager
- No annual fee for the first year
- And much more…
Silver Business Package
This is the basic U.S. Bank business checking with no minimum monthly balance. Here are the specifics:
- 150 included transactions
- $0.50 for any extra transactions
- 25 free cash deposit units each month
Gold Business Package
This is the U.S. Bank business checking if you are looking to earn interest (rates vary by state). Here are the specifics:
- 300 included transactions
- $0.45 for any extra transactions
- 100 free cash deposit units each month
- $20 monthly fee that can be waved with a $10,000 balance, $20,000 in combined average business deposit balances, or $50,000 combined average collected business deposits and outstanding business credit balances
Platinum Business Package
This premium U.S. Bank business checking has the most rewards and benefits. Here are the specifics:
- 500 included transactions
- $0.40 for any extra transactions
- 200 free cash deposit units per month
- $25 monthly fee that can be waved with a $25,000 balance or $75,000 in combined business deposit and outstanding business credit card balances.
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Best Business Checking Comparison: Fees/Benefits
Now, let’s take some time to do a comparison of these business checking account options.
- When it comes to minimizing hastle… A Capital One business checking account without any fees is a good bet.
- When it comes to avoiding monthly fees for smaller businesses… Capital One business checking has no fees.No matter how little your balance is each month, you should be fine. U.S. Bank business checking also has a no minimum option.
- When it comes to earning interest with your business checking account… If you want the rare opportunity to earn interest on a checking account, you will need to choose Citibank business checking or U.S. Bank business checking.
- When it comes to good perks for bigger accounts… the Bank of America business checking account (Business Advantage), the Citibank business checking account (Flexible), and U.S. Bank business checking account (platinum) all offer perks that bigger businesses with guaranteed high monthly minimums may like to take advantage of.
- When it comes to getting the most transactions… The Citibank business checking account (Streamlined) gives you the most transactions (250) for the lowest monthly minimum balance ($5,000). Citibank business checking “Flexible” account gives you the most transactions (500) for a lower monthly minimum ($10,000). But the Capital One business checking account has no fees.
Best Business Checking Comparison: Location
Another important factor in finding the best business checking account for you is location. Sure, online banking gives you countless options. But most people still want the convenience of a branch near their business.
If you rarely do business in other states, you simply need to find a location nearby. If you do business in other states, you will want to find one with many locations to offer flexibility.
Bank of America Business Checking Account
Bank of America has the third most branch locations in the United States (behind Wells Fargo and JP Morgan Chase). With nearly 5,000 branches in all states, it is always easy to find a Bank of America when you need one.
Capital One Business Checking Account
Capital One is only in a few states:
- District of Columbia
- New Jersey
- New York
If you do not live in one of these states, Capital One business checking won’t be an ideal option for you. Also, if you travel around the country and want to stop at banks along the way, you may want to look elsewhere.
Citibank Business Checking Account
Not only is Citibank all over the United States, it also has many locations overseas. This makes a Citibank business checking account a great option for those who do business internationally.
U.S. Bank Business Checking Account
U.S. Bank is primarily a west coast and mid-state bank. Most of the east coast and the south do not have U.S. Bank locations.
Conclusion – Best Business Checking for You
Now that you have all the basic information on these business checking account options, you can start to see which will be the best business checking account for you and your business.
To find the best business checking for you, the most important thing is to be realistic about what you can expect from these two factors:
- Monthly balance minimums
- Number of transactions
Once you know these two numbers, you can find the best business checking account for you with no problems.
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