A good business account that serves your needs is one of the most important business tools. If you are searching for a business checking account in Maryland, there is a wide range of options available. The challenge is to find the right account for you.
Your current and future business’ needs serve as a basis for determining which bank account features are relevant to you. For example, if your business is primarily online, you would benefit from having an online account. Or, if you are just starting, you may want to find an account that keeps your costs at a minimum.
Apart from the basic services provided, also consider the account fees. These include the monthly maintenance fees, transactional fees, overdraft fees, among others. Keep in mind the minimum account requirements and transactional limits, if any, as they may attract additional fees.
Other factors to consider are account benefits and perks. Some banks offer good introductory offers and benefits. Others offer free business tools and resources, such as accounting and budgeting software to improve your business’s financial management.
We reviewed some of the available options based on their features, fees and benefits. Compare our top picks for the best business checking accounts in Maryland to find the best fit for your business today.
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.
Bluevine business checking comes with no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.
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)
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.
Lili’s business checking account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.
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
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
Why do you need a business checking account?
Most businesses rely on bank accounts to handle their day-to-day finances, which is why it’s important to choose the one that is right for your business. Having a business checking account has the following benefits:
Account management: Business checking accounts typically come with a wide range of options and features to help you manage your money effectively. These might include online bill pay, alerts, and additional security features.
Check-writing: With a business checking account, you have the ability to write checks that are payable to yourself or others. This is useful for paying bills and payroll.
Increased visibility into your finances: Many banks offer features like online banking that allow you to monitor your bank balance, review transaction history and create reports that help you make better financial decisions.
Accountability: When you have a business checking account, you are more accountable for your transactions than if you were just writing checks from a personal checking account. There are reports that you can print out monthly that list all of the transactions that have taken place during the month and the purpose for each one. This makes it easier to find errors or problems that might have been overlooked with a personal account and it helps keep everything in order so there are no surprises at tax time because of mistakes on business expenses or income that may not have been recorded properly.
Overdraft protection: this is ideal if you plan to write checks regularly and don’t want to worry about unpaid checks. Overdraft protection covers checks that would otherwise bounce back or go through as “NSF” (non-sufficient funds).
Online banking: most banks will give you access to your account via the internet so that you can monitor and manage your money from home or on the go.
What do you need to open a business checking account in Maryland?
Opening a business checking account requires you to provide some basic information about the business and its principals, as well as some details about your own personal finances. It is important to note that each bank has its own requirements for opening an account, so it is recommended you visit your prospective banks’ website in advance to get the exact details on how to open an account with them.
In order to start a business checking account in Maryland, you will need to provide the bank with the following documents:
A copy of your driver’s license or state-issued ID
Personal identification for everyone on the company’s bank signature card (driver’s license and SSN for individuals)
Your company’s Articles of Incorporation or other business formation documents
A copy of Articles of Association or Operating Agreement or partnership agreement (if applicable)
Documents evidencing corporate existence such as certificates of good standing or right-to-transact-business certificates issued by the state in which it was incorporated (if applicable).
An original, valid certificate of authority to conduct banking activities issued by the State Corporation Commission (if applicable).
The company’s legal address and Federal Employer Identification Number (FEIN) if applicable.
Bank statement from your previous checking account with at least 30 days of activity (to show sufficient funds to cover initial deposits)
Common business checking account fees in Maryland
The following list details common bank account fees that are charged by most banks, along with tips on how to avoid them:
Monthly maintenance fees: Business checking accounts typically come with monthly maintenance fees that can range from $2 to $10 per month or more. Account-holders who maintain a minimum balance in the account or meet other requirements are often eligible for discounts on these fees. It’s a good idea to check with your bank about what it takes to qualify for fee waivers before you sign up for an account.
Account inactivity fees: Some banks charge inactivity fees if an account holder doesn’t use their account over a period of time – usually one or two years.
Minimum Balance Fee: Some banks charge a fee if your account is below a specified minimum balance. The minimum balance can vary. Commonly, this fee is waived for business checking accounts that receive direct deposits.
ATM fee: This is a fee for using an ATM that is not owned by your bank.
Wire transfer fee: This is a fee for transferring money between banks with a wire transfer.
Stop payment on check fee: If you want to cancel or stop payment on a check, you’ll usually be charged a fee for this service.
NSF (non-sufficient funds) fee If you try to take out more money than you have in your account, your bank will charge you an NSF (non-sufficient funds) fee. This is also charged if your check bounces because of insufficient funds in your account.
How to choose the best business checking account in Maryland
Trying to figure out which business checking account is right for your business can be overwhelming. With so many options available it can be hard to choose the best one. Here are some things to keep in mind when choosing a business checking account:
Fees: Banks charge fees for a lot of things, including maintenance and monthly service charges. You can usually avoid these by having a high balance in the account. But if you only have a small balance, you might be charged a fee. Find a bank that has fewer fees on its services to reduce the charges.
Mobile check deposit: You’ll want to be able to deposit checks from anywhere you have access to the internet. This is one of the best ways to ensure that your business’ finances stay up-to-date, as well as one of the easiest ways to stay on top of your cash flow. Mobile check deposits take only a few minutes, so they’re easy to do in between meetings or before going into the office in the morning.
Mobile banking: Check balances, transfer funds, and pay bills right from your smartphone or tablet with mobile banking. You can also manage your employees’ payroll and track your finances at your own convenience with this feature.
Free online banking: With this type of account you can manage your finances online 24/7 – no matter where you are or what time it is!
Minimum balance requirements: Some banks require a minimum balance of $2,500 in order to waive monthly service fees on a business checking account. If you won’t come close to meeting this requirement, you might be better off with a different account.
How often can you withdraw money?: Some banks charge fees if you take out more than a certain amount of cash per month — $1,000 is common. If you have employees who need access to cash on a daily basis, this could be inconvenient and costly.
