Best Business Checking Accounts in Tennessee of August 2021

Katie Stiner

Business checking accounts allow you to separate business spending from personal spending. Its advantages include personal liability protection and fewer headaches during tax time. 

Tennessee has hundreds of banks offering business checking account options. The challenge is to find an account that is right for your business, so start by considering your business needs and preferences. For example, if you prefer only online banking, narrow down your search to digital banks with robust mobile and online access.

Typical bank fees include monthly maintenance fees, transactional fees, overdraft fees, and others. Search for accounts with no or low fees or with the option to waive the fees if you meet certain requirements. Some banks have minimum balance requirements, and transactional limits may apply a fee if you go below or above the set limits.

Also, keep in mind the extra services and benefits offered by banks on the account. For instance, some banks offer interest on the balance held, and others provide free or discounted access to business tools like credit card processors, and accounting software.

WalletBrain considered some of the available options and put together a list of the best business checking accounts in Tennessee. Use this list to compare our top picks to find a match for your business today.

Bank Novo Business Checking Account

bank novo logo

$0

Monthly Fee

$50

Min. To Open

N/A

Est. APY

Overview

Novo offers a free business checking account. It has no monthly maintenance fees or other recurring fees. The only fees charged are insufficient funds when sending checks or when a check is returned for insufficient funds. Incoming wires, domestic ACH transfers, ATMs, and paper statements are all free.

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

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$50
  • Min. Deposit For No Fee$0
  • Other Ways For No FeeN/A
  • Paper Statement FeeFree
  • Overdraft Fee$0
  • Negative Balance Fee$27
  • RewardsDiscounts on business tools
  • State RestrictionsNone

ATM & Debit Card

  • In-Network Domestic ATM Fee$0
  • Out-Network Domestic ATM Fee$0
  • ATM Owner Surcharge RebateOffered
  • Foregin ATM Fee1%
  • Debit Card Foregin FeeForeign fee from networks
  • Debit CardMastercard