Best Business Checking Accounts in Tennessee of 2022

Katie Stiner

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. 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. To help you with this process, we’ve 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

Why do you need a business checking account?

Business checking accounts offer many benefits to business owners. These include:

  • Tax: Business checking accounts allow you to separate business and personal expenses. Its advantages include personal liability protection and fewer headaches during tax time. 
  • Availability: As online business checking accounts can be accessed online, most transactions can be carried out online as well, even if you are away from your office.
  • Convenience: It can give you access to many different services and facilities that will help you run your business smoothly, without any hassles or inconveniences.
  • Saves time: Businesses save time by using one account to deposit both cash and checks. Also, having all company paychecks go directly into the company bank account saves time when paying employees and vendors.
  • Cash management tools: Businesses have a lot of expenses, and they need ways to oversee these expenses and keep track of receipts and other documents related to spending. Business checking accounts often come with cash management tools that help businesses do this. These tools allow businesses to view statements online, so they can keep track of where their money is going and make adjustments if necessary.

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

The following is usually required when you try to open a business checking account:

  • Business tax ID number (either your EIN or your SSN)
  • Business owner identification (if required)
  • Business identification. You’ll need to provide a certified copy of your business license or articles of incorporation (the document that officially establishes your company).
  • Personal identification. You’ll need two forms of personal identification, such as a driver’s license, passport, or Social Security card, as well as a copy of either your tax return from the previous year.
  • DBA certificate, if applicable

Common business checking account fees in Tennessee

Here are some common business checking account fees:

  • Account maintenance fees: Some banks charge a small monthly fee to maintain your account. These fees vary based on the size of the bank and what services it offers. For example, some banks offer unlimited check writing and reimbursements for out-of-network ATM fees.
  • Overdraft fee: If you attempt to spend more money than you have in your account, your transaction will be declined. However, this doesn’t mean your bank won’t allow you to spend more than your account has available — they might just charge you an overdraft fee instead.
  • Minimum balance fee: You may have to keep between $500 and $1,000 in your checking account each month to avoid a monthly or per-check fee. Some banks waive this if you maintain an average monthly balance of $5,000 or more.
  • Check processing fee: Some banks charge this fee per check when paying from your account. In other words, it’s based on the number of checks you write. Most banks offer paperless options for processing checks without paying this fee.
  • Non-sufficient funds (NSF) charge: Some banks charge a fee for transactions that overdraw your account. In general, this is a small fee — usually $25 or less — but it can add up over time if you’re not careful about monitoring your balance.

How to choose the best business checking account in Tennessee

Deciding on the best checking account depends on several factors, including how you want to access your money. If you want to get the most value out of your checking account, consider these tips:

  • Location of bank branches: Some banks have more branches than others, so if you need quick access to your cash or a deposit, you might want to choose a bank with a few more locations nearby. However, digital banks also have access to ATMs, so it’s best also to consider online banking institutions.
  • Fees: The cost of maintaining your checking account will usually depend on the balance value held within it. However, some banks charge per transaction fees as well as fees for overdrafts or bounced checks. Be sure to check all the fees associated with the account.
  • Features: Most business checking accounts come with some standard features: a checkbook, a debit card (for ATM use), and online banking. Look for one that fits your needs and offers any additional features that suit your business’s specific needs. For example, if you have employees who often travel to other states, check if there is free nationwide ATM access included in your business checking account.
  • Ease of Use: You want to ensure that the online banking services offered by the bank are user-friendly, easy to navigate through, and have an integrated mobile app for convenience. You don’t want to struggle with your online banking service or be annoyed because you can’t easily access it from your mobile device.