Best Business Checking Accounts in South Carolina of 2022

Katie Stiner

South Carolina offers a wide range of business checking accounts and choosing the right account can be challenging. 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

Manage funds easier with sub-accounts

$0

Monthly Fee

1.50%

Est. APY

Overview

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.

What we like

  • Unlimited transactions
  • No monthly fees
  • High APY
  • Sub accounts for easier management
  • Integration with business tools

What we don't

  • No APY on balances over $100,000
  • International wire transfers not available
  • Cash deposit fee of $4.95

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?

The following are some of the most important benefits of having a business checking account.

  • More control over your money: This means that you will be able to oversee the flow of money within your company, which will help you save more money in the long run. This is because you will be able to plan for any expenditures that you might make in the future.
  • Ease of use: Business checking accounts are more than just an account into which you deposit checks. They can be used for electronic transactions, which means keeping track of expenses is simpler and more accurate. Having your business bank statements emailed to you also lets you review them at any time and makes it easy to access your business financial information.
  • Overdraft protection: Many business checking accounts come with overdraft protection programs that help you avoid bounced checks and other financial issues. These programs work in different ways, but the bank will protect your account from an overdraft (certain limits) by automatically covering the check for you once your balance drops below a certain level. Some banks charge extra for this service, but it can be well worth the price if it helps you avoid problems with vendors and customers.

What do you need to open a business checking account in South Carolina?

You should have the following ready when you go to open your new business checking account:

  • Proof of address: Proof of address for your business, such as a utility bill or lease agreement
  • Proof of business ownership: A copy of your company’s Articles of Incorporation or Certificate of Formation
  • TIN (Taxpayer Identification Number): If your business is a corporation or an LLC, it will have a TIN number (also called an Employer Identification Number). If your business is an individual, you’ll be using your Social Security Number as your TIN.
  • Business license: If your city or county requires a business license, bring it with you.
  • Identification: A government-issued photo ID, such as a driver’s license or passport (list of documents needed to open a business checking accounts)

Common business checking account fees in South Carolina

Fees are often confusing and even banks that don’t charge account opening fees may charge monthly service charges or other miscellaneous fees. Here are some common business checking account fees you should look out for:

  • Account closing fee: A closing fee is charged to cover administrative costs of closing the account (it’s not for profit). It’s typically charged at about $30 per account, and it can vary by institution.
  • Minimum balance fee: Some institutions require you to maintain a minimum balance in order to avoid the monthly maintenance fee (which can be as high as $20). If you expect to be using your account less often or have a low cash balance, look for an institution that doesn’t have this requirement — or look into online checking accounts and other ways to avoid this type of fee altogether.
  • Monthly maintenance: Many banks charge a monthly maintenance fee for their business checking accounts. This is usually a relatively small amount around $10 or $15.
  • Transaction Fee: Banks typically charge a transaction fee for each transaction such as a check payment or money order withdrawal. Fees vary by a bank but can range from $5-$30 per item or 4% of the amount of the transaction (whichever is greater). Some banks waive the transaction fee if your monthly average balance is maintained at an adequate level or meets certain other requirements.
  • Foreign transaction fee: This fee is typically between 1% and 3% of any transactions that involve foreign currency. If you do a lot of international business, this can really add up.

How to choose the best business checking account in South Carolina

Trying to compare the features of all the accounts available can be overwhelming. To help you narrow your choices, consider these factors:

  • Fees: Fees are one of the biggest considerations when choosing a business checking account. Every bank charges different fees for services and amenities. For example, some banks might charge monthly maintenance fees or ATM withdrawal fees, while others do not charge any monthly maintenance fees but charge for each check you write. Look at the bank’s fee schedule to see what you might be charged for using their account.
  • Online and mobile access: Most banks offer internet banking that allows you to check your balance, transfer money between accounts and pay bills online — without waiting in line at a teller window or calling customer service for assistance. If you prefer doing your banking from your smartphone or tablet, most banks offer apps that allow you to do many of the same tasks as on your computer via their mobile website.
  • Required balance: When determining whether the bank has the right business checking account for you, carefully consider whether the required minimum balance will work with your cash flow. Having to maintain a large amount of cash on hand can make it harder to budget effectively and ultimately hurt your bottom line.
  • Free checks: If you’re looking forward to getting free checks, make sure they fit your needs before committing to an account. If you have employees that will write checks on behalf of your business, look for a bank that offers free checks to business accounts.
  • Perks: If your company handles a lot of payroll or has multiple people traveling abroad, look for perks like direct deposit, international ATM access, and check-writing privileges. You should also see if there is fraud protection or identity theft protection.