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Best Business Checking Accounts in Utah of 2022

Katie Stiner

A business checking account helps you keep your business and personal finances separate. If you are the owner of a company, it is vital to have a solid understanding of what you need in terms of financial management and security. You want affordable and easy access to your funds and the ability to make payments and transfers between accounts.

For example, if you are primarily an online business, an online account with a robust mobile and online system is more likely to be a better fit. If you have any cash transactions, then an account with ATM access or a physical location would be ideal. Apart from the services and features of the account, consider also the account fees and requirements. Most banks have monthly maintenance fees and transactional fees. Aim to find an account with no or low fees or accounts with the option of waiving the fees if you meet certain requirements.

Look out for introductory offers and bonuses, together with other business tools and resources offered in the account. Some banks offer invoicing tools and many integrations to connect with other tools you already use.

To help you with the process of finding a business checking account in Utah, we’ve reviewed the top options based on their features, fees, and overall quality.

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

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

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

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

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

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

Why do you need a business checking account?

Here are some reasons why a business checking account is beneficial:

  • Easy access to funds: If you run into an emergency situation with your business, having a checking account will allow you to have easy access to funds, so you can pay bills or vendors on time. You’ll find that most banks offer same-day access to funds from most accounts, ensuring that you can pay employees and other creditors quickly when necessary.
  • Convenience: The convenience of online banking makes it easier than ever before to handle transactions and finances of your company without leaving your home or office. It’s also become easier to deposit checks through mobile banking.
  • Access to a full range of financial services: Businesses often need more than just checking accounts. They may need to make online payments, pay employees, and buy supplies. Having a single financial institution that offers multiple services makes it easier for businesses to handle all of their finances in one place. In addition, you can build your credit profile with the bank.
  • Access to credit line: Businesses can get access to more capital than they could with a personal account because the banks will be able to assess your business. As your relationship progresses with the bank, you’ll be able to get more access to credit.
  • Taxes: You are able to separate your personal and business expenses, so you’re prepared for tax season and will have less stress.

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

In order to open a bank account, you will need to provide the bank with the following documents:

  • Business license: In some states, this is also known as a Certificate of Doing Business Under an Assumed or DBA Name. This document denotes that you are officially in business and allows you to open a separate bank account for your company’s monetary transactions.
  • Federal Tax ID Number: This is the Employer Identification Number (EIN) issued by the IRS. This number is used to identify businesses and corporations for tax purposes.
  • Personal identification: This can range from a copy of your driver’s license to a passport or other government-issued ID.
  • Business information: Depending on the type of business you have, you may need to provide information about your business structure, such as a copy of the Articles of Incorporation or Partnership Agreement.
  • Proof of your address: You can provide a recent utility bill or property tax statement.

Common business checking account fees in Utah

Whether you’re just starting out or have been in business for years, it’s important to understand the fees associated with a business checking account. The following are some common fees:

  • ATM fees: Most bank ATM machines charge a fee, typically around $2 or $3 per transaction, though that amount can vary by location and time of day. Some banks waive this fee if you have a minimum balance and use their own ATMs (though this may not include surcharge-free ATMs). Check with your bank for details.
  • Statement copy fees: Many bank accounts give you free copies of your statements each month. If you want extra copies, some banks charge as much as $2 each
  • Minimum balance fee: Banks typically set minimum balance requirements for business accounts. This can range from $0 – $5,000, depending on the institution’s policies and regulations. If your balance falls below this number, expect to pay service fees.
  • Overdraft fees: If you try to spend money in your account that doesn’t exist, it’s called an overdraft and it can result in fees up to $35 per day or transaction (depending on the bank). Your bank may also charge fees for having insufficient funds in your account (NSF).
  • Check withdrawal fees: This fee is associated with withdrawing funds from an ATM that isn’t owned by the bank.
  • Per-check charge: You can be charged $0.20 per check printed out of your account. This is necessary to cover the cost of processing checks and replenishing inventory. 

How to choose the best business checking account in Utah

When choosing the best business checking account, here are some factors to consider:

  • Bank fees: Banks charge various fees for their products and services. Consider the charge per overdraft, monthly service fees, and online banking fees. And be sure to choose an account that provides easy access to your money when you need it most: ATM withdrawals, check orders and check deposits can help you keep your cash flowing smoothly.
  • Transparency: A transparent bank is one that clearly states all fees associated with a checking account in writing before you sign up for it. Be wary of any bank that makes you agree to more than one set of terms or tries to sell you additional products and services when opening an account as these types of tactics can be used by banks to hide fees.
  • ATM Availability: You will need access to ATMs whenever you need them, so make sure there are plenty of local ATMs for your convenience.
  • Perks: When choosing a business checking account, look for banks that offer perks like rewards programs and ATM reimbursement. You can use these perks to reduce costs, in some cases.