Best Business Checking Accounts for Partnerships of 2022

Katie Stiner

A joint business checking account for partnerships provides equal access to deposits and withdrawals for partners of the business. Plus, having a separate bank account helps to keep business and personal finances separate for all stakeholders of the organization. We reviewed the top options based on their features, fees, and overall quality.

Seamless integration with a wide range of business tools

$0

Monthly Fee

0%

Est. APY

Overview

Novo allows easy integration with third-party accounting software, including Quickbooks and Xero. You can also link your Novo debit card to your Google Pay or Apple Pay Wallet. Novo also syncs with your Stripe processing account and easily integrates with Slack to get automated updates on your bank account.

If you are looking for a business checking account that is easy to use and with almost no fees, you might want to consider Novo. The bank account is also accessible in the app store for both iOS and Android devices.

What we like

  • Free ACH transfers, mailed checks, and incoming wires
  • Minimal fees and ATM reimbursements
  • Backed by FDIC insured
  • Integration with other apps
  • Doesn’t check your credit score

What we don't

  • No APY earned on your balance
  • No cash deposit
  • No outgoing wires or checkbooks

Free unlimited transactions and invoicing software

$10

Monthly Fee

0%

Est. APY

Overview

NorthOne helps you manage your finances with its invoicing app, budgeting tool by creating an unlimited number of sub-accounts with the envelope functionality, and integrating with a suite of business tools and software.

What we like

  • Budgeting tool to help manage your finances
  • Smart integrations with business tools
  • Send invoices from the app
  • Low minimum deposit
  • No hidden fees
  • Unlimited transactions with no fee

What we don't

  • $10 monthly fee
  • No in persona customer support

Built for solopreneurs to optimize taxes and finances

$0 - $4.99

Monthly Fee

0% - 1.00%

Est. APY

Overview

Lili’s business checking account was built for freelancers, sole proprietors, and single member LLC with or without a DBA. The account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.

What we like

  • FDIC insured, up to $250,000
  • Optimize taxes to pay less
  • Invoicing software included
  • No maintenance fees
  • Automatic transfers to emergency account

What we don't

  • Only for solopreneurs
  • No wire transfers
  • Interest on lili pro only

Earn a competitive rate on your balance

$0 - $10

Monthly Fee

0.81%

Est. APY

Overview

Axos Bank business interest checking account earns a competitive rate for cash held within the account, and you'll get your $10 monthly fee waived by holding a minimum balance of $5,000. If you keep a decent amount of cash in your account, this could be an ideal account.

What we like

  • Earns a competitive interest rate
  • Unlimited domestic ATM reimbursements
  • 50 free checks when opening an account
  • Low minimum deposit to open account
  • Complete digital experience

What we don't

  • Monthly $10 maintenance fee
  • Limited integration with business tools
  • Limited fee-free transactions per month

Process payments on mobile device and receive same day deposits

$0 - $10

Monthly Fee

0%

Est. APY

Overview

Chase Business Complete Checking comes with Chase QuickAccept which allows card payments to be processed on your mobile device, so you receive deposits the same day to help manage cash flow within your business.

What we like

  • In person customer support (except Alaska & Hawaii)
  • Process payments on your mobile device
  • No fee for electronic depositst
  • $15 monthly fee wavied with $2,000 min. balance
  • No minimum deposit to open account

What we don't

  • Limited fee free paper check transactions
  • Outgoing wire transfer fee of $15 - $50

Business banking that streamlines bookkeeping

$0

Monthly Fee

0%

Est. APY

Overview

Relay offers a simple two-tier pricing plan. You can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.

What we like

  • Streamlines bookkeeping
  • No monthly fees
  • No minimum balance requirement
  • Seamless software connections
  • Set spending limits for employees

What we don't

  • No sign-up bonus or rewards
  • No physical branches
  • No interest earned on balances

What is a business checking account for partnerships?

A business checking account for partnerships can simplify business finances while sharing and organizing responsibilities. With a business bank account, you’ll be able to make payments and deposits. In addition, some accounts provide accounting and software integrations to help you to manage your business finances as smoothly as possible. 

Do you need a business checking account for partnerships?

Businesses of two or more owners should consider a business checking account for partnerships. It’s important to have trust and mutual understanding between you and your partner before you open a business bank account. Disagreements and conflict can make it difficult to run your business finances.

What are the pros and cons of a business checking account for partnerships?

There are many pros and cons of opening a business checking account for partnerships. Here are a few for you to consider before applying:

Pros

  • Separation of finances: With two or more owners, the use of personal checking accounts can quickly become very disorganized. A business checking account not only separates personal and business finances but also gives all business partners the ability to track cash flow and expenses in one place.
  • Simplify taxes: Tax season can be a stressful experience. If your business and personal expenses are mixed across multiple accounts, you’ll have a hard time understanding and justifying business expenses versus personal expenses. 
  • Credit history: Opening a joint business account can establish a credit profile for your business. Strong credit history can set you up for taking out a business loan, business credit card, or credit line with preferential rates.
  • Professionalism: A business bank account can add legitimacy to your business and establish trust with your customers. 

Cons

  • Mismanagement of finances: Disagreements over the management of finances can escalate and poor management can affect all partners involved. 
  • Business closure: While the aim is for businesses to succeed, the reality is that many closes down operations. The division of assets during business closure can be hard to manage in a partnership.
  • Minimum balances: You may be required to hold a minimum balance in your business checking account. If your balance falls below the minimum requirements, you could be charged a fee. 
  • Fees: Banks can charge fees for business checking accounts to cover the maintenance and services provided. Look out for monthly accounts, overdrafts, transactions, and ATM fees. 

What are the fees for a business checking account for partnerships?

When researching business checking accounts for a partnership, it’s important to consider the fees imposed and how they might affect you. Here are a few fees for you to consider when looking into an account for your business:

  • Monthly fees: Fees for a business checking account can range between $10 – $15 a month. Some banks waive this fee if minimum balance requirements are met. 
  • Transaction fees: If your business carries out a high number of transactions, you’ll want to pay attention to the transaction limits. Once the limit has been reached, a small fee will apply for each additional transaction during the billing period. 
  • ATM fees: You may be charged a fee for out-of-network ATM withdrawals. Look out for banks that reimburse you for ATM fees if you’re likely to require this service. 
  • Overdraft fees: A fee may be applied to transactions if your minimum balance becomes negative.  
  • Foreign transaction fees: Businesses that accept international payments may be subject to a foreign exchange conversion fee. 

When applying for a business checking account, it’s important to consider the fees versus the features offered. Digital banking tools and software integrations can help streamline your business processes. However, you’ll want to avoid paying for any unnecessary features and tools. 

What are the alternatives to a business checking account for partnerships?

If a joint business checking account is not right for you, consider opening a linked business checking account. This gives partners the option of having two separate bank accounts while connecting the accounts to allow for transfers between them. It provides more control in that you can cut off access to your partner if the partnership dissolves. 

Alongside a business checking account, you may want to consider opening a business savings account to help you save for emergency expenses or put aside funds for future investments. Plus, the interest earned can help offset some of the fees associated with a business checking account. Look out for a high yield savings account where the interest rate is typically above the national average. 

How to choose a business checking account for partnerships

Here are some key factors to consider before you choose a institution:

  • Compare multiple providers: Research your options to ensure you are getting the best services for your business at the lowest cost possible. The right financial institution can help you grow and run your business smoothly.
  • Financial products offered: Additional financial products such as business loans and credit cards can provide a lifeline during hard times or help your business grow. Plus, a long-standing relationship with your bank could help you obtain preferential rates on loan products. 
  • Digital banking tools and integrations: Accounting software and payment integrations can help reduce the stress of managing your finances for your business. Look out for software tools such as Stripe, Wise, FreshBooks, Zapier, and QuickBooks.