Best Bank Accounts for Small Businesses

This account is the full package, offering the enticing combination of a 0.81% APY, a $10 monthly fee that’s avoidable with a $5,000 average daily balance, and 50 free account transactions per month. Needless to say, it’s a great option if you don’t need a physical branch location.
 

Although this account doesn’t offer interest, it’s nevertheless a great option for small business owners who are just getting started, as it also lacks a monthly fee, ATM fees and fees for online bill pay. There is a $5 fee for paper statements, though.
 

With a $300 bonus for opening the account and no minimum deposit or balance requirements, this account really stands out. You also get unlimited electronic deposits and up to $5,000 in fee-free cash deposits per cycle. Plus, the account’s $15 monthly fee can be avoided if you keep your balance above $2,000. Balances do not accrue interest, though.
 

This particular business savings account offers one of the highest APYs on the market: 0.20% on balances up to $5 million (0.1% above that). That’s locked-in for a full year. And you only need a $250 deposit to open an account.
 

This account is good for businesses that will maintain a balance of at least $25,000 and deposit less than $40,000 per month. Its $35 monthly fee is waived if you keep your average 30-day or 90-day balance over $25,000, whichever is greater. An unlimited number of monthly transactions (deposits, withdrawals and transfers) are also free with this account, and you get two Spark Business Basic Checking® accounts without the normal $15 monthly fee. There are no rewards, though, and balances will not accrue interest.
 

If you live in the Carolinas, this is certainly an option worth considering. With no monthly fee as long as you maintain a $1,000 minimum balance ($10 otherwise), it doesn’t have to take money from you. It will, however, give a bit back, as accountholders earn the point equivalent of up to 0.56% cash back on all debit card purchases. But if you want to maximize your earnings on everyday expenses, credit cards offer far superior terms. Some of the best business credit cards provide a full 2% cash back on all transactions.
 

Many small business owners probably don’t realize that banks charge extra for a high volume of transactions, including debit card purchases and cash deposits. This won’t come into play for most companies, but it’s important for cash businesses to find accounts that have high limits and low over-limit costs.

To that end, this account doesn’t charge any fees for the first $20,000 that you deposit each statement cycle. After that, it charges $0.30 for every $100 that you deposit in excess of the account’s $20,000 monthly deposit limit. Furthermore, its $29.95 monthly fee can be avoided in more than one way: by maintaining a $15,000 minimum monthly balance or by enrolling in the Preferred Rewards for Business program.