Best Business Checking Accounts in New Mexico of 2022

Katie Stiner

A business checking account can help keep your business expenses separate from your personal spending, prepare for taxes, and to establish your business financial history. Not only that, it can help you with the day-to-day operations to understand your cash flow. We’ve examined account fees, account minimums, features, and overall quality to find the best business checking accounts in New Mexico.

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

Why do you need a business checking account?

Checking accounts are an important part of running any business. They can help you avoid costly mistakes while also keeping your business running smoothly. Here are some of the main reasons why you need a checking account for your business:

  • Separate personal and business finances: A business checking account can be a valuable tool for business owners. It can help you separate your personal and business finances. You can pay employees, purchase office supplies, and do all the other day-to-day tasks that come with running a business and know what your business costs.
  • Track your income: You can easily see all of the money coming in and going out of your business. You can also use it as a way to track the cash flow, which is an important aspect that many business owners overlook. You can set up automatic transfers to pay your bills and to buy inventory.
  • Online banking: Online banking is available to you 24/7 – easy bill pay, transfers between accounts, and online statements make this a great option for those who work long hours or travel frequently.
  • Accessibility: Business checking accounts tend to offer higher interest rates, better security protocols, and more accessibility options for managing your money. This means that if your business needs access to an online banking platform or mobile-based banking options, these options are likely available with your account.

What do you need to open a business checking account in New Mexico?

If you are opening a business checking account, you will need to provide some basic information:

  • Personal Information: Your name and address
  • Name of the business and its address (if it is different than yours)
  • Identification Information: Valid government-issued ID or passport.
  • Articles of Incorporation
  • Articles of organization (for limited liability companies)
  • A business license from your city or town. 
  • Social Security or Employer Identification Number (EIN) assigned by the Internal Revenue Service (IRS).

Common business checking account fees in New Mexico

Before opening any type of bank account for your small business, make sure you thoroughly read all the fine print to avoid being hit by surprise fees in the future.

Here’s a list of the common fees:

  • Minimum balance fees: Banks require a certain amount in your checking account (usually between $100 and $500) to waive their monthly service fee.
  • Maintenance fees: These monthly or annual fees are charged to maintain your account. They’re usually based on the size of your business and can run between $10 and $100 per month in addition to other monthly service fees.
  • Teller fees: Teller fees are the cost of a teller at the bank handling your account. These fees usually range from $3 to $15 per transaction with some banks charging a flat fee while others charge per each transaction made.
  • Overdraft fee: Some banks will charge an overdraft fee, which is essentially a bounced check charge that applies each time you write a check beyond what you have in your account.
  • Paper statement fee: If you want your monthly statement mailed to you instead of viewing it online, you’ll have to pay a fee for every request made.

How to choose the best business checking accounts in New Mexico

Choosing the right business checking account can be surprisingly difficult. There are so many different options, and it’s hard to know where to start. However, there are a few factors to keep in mind that will make the process easier. Here are six things you should look at first:

  • Tiers: Some banks offer tiered plans if your bank balance reaches a certain amount, then you will no longer be charged a monthly fee. For example, if there is a $5,000 balance, your bank may waive the fee.
  • Monthly fees: You likely don’t want to pay monthly fees for a checking account. Look for one that offers free business checking. This is standard at most major banks, but be careful as smaller institutions might charge a fee.
  • Free online banking and bill pay: These features make managing your business finances easier by allowing you to access them from anywhere in the world through your computer or mobile device.
  • Paper statement fee: Some businesses still receive statements in the mail and you may want an option that provides this service at no additional cost.