Best Business Checking Accounts in Vermont of 2022

Katie Stiner

If you are searching for a business checking account in Vermont, there are a wide range of options available. Most banks charge a monthly maintenance fee, transactional fees, and others. Assess each account’s fee structure and aim to find an account with no or low fees or with an option to waive the fees once you maintain certain requirements. 

Some banks have transactional limits such as the number of free deposits per given period, maximum amount per transaction, and other limits. The bank may apply a fee for any transaction above the limit.

The account’s extra perks and benefits are other factors to consider. Why pay more for a service if you can get it for free when you choose an account? Some banks offer business tools and resources for free, including budgeting and cash flow management software. Other banks allow for ease of integration of the account with third-party software that you may already have in use.

To help you with the process of finding the best business checking account in Vermont, 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?

Business checking accounts offer a number of advantages Here are the top benefits:

  • Online banking: Online banking allows you access to your bank accounts from your office or home computer, 24 hours a day, 7 days a week. It is convenient because you can quickly check on your balance and monitor transactions. You’ll also be able to pay bills electronically as well as transfer funds between accounts without having to wait in line at the bank.
  • Easy access to funds: When you run your own business, the last thing that you want is to have your money tied up in multiple accounts by different creditors. Instead, you want all of your money available in one place, so it is easier for you to handle your daily expenses and make purchases when necessary. By using a business checking account, you can keep all of your money in one place so that it is automatically transferred into another account for use at the appropriate time.
  • Tiered interest rates: Most business checking accounts offer tiered interest rates, meaning the more you keep in the account, the higher your interest rate.
  • Convenience: Electronic banking makes your life easier in many ways, including faster access to information, fewer trips to the bank, and money deposited directly into your account by check recipients.
  • Security: A business account offers a number of safety features and fraud protections, including daily online banking activity and transaction monitoring.
  • Track spending: Businesses can track their expenses by inputting spending into the bank’s online system or mobile app.

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

The following list identifies the documents needed to establish a business checking account.

  • A signed application form
  • Proof of ID (passport or driver’s license)
  • Proof of address (utility bill or personal check with name and address)
  • Proof of your company’s existence (articles of incorporation or partnership agreement)
  • Proof of business ownership.
  • Tax ID number- You will need to have a tax ID number, also known as an EIN.

Common business checking account fees in Vermont

There are several fees to look out for:

  • Service fees: Businesses might have to pay monthly service fees if they don’t meet certain balance thresholds or if they exceed their transaction limits.
  • ATM withdrawal fees: If you plan on making a lot of ATM withdrawals from your business account, it may make sense to open an account with an institution that has low ATM withdrawal fees rather than paying for each transaction at a time when cash flow could be better spent elsewhere.
  • Minimum balance fees: Banks typically require you to keep a certain amount of cash in your account at all times, but this can be waived if you agree to certain conditions — for example, if you provide direct deposits on a regular basis, this can offset the balance requirements in your account.
  • Check order fee (non-recurring): Banks will often charge you extra if you order a lot of blank checks.
  • Stop payment on check fee (non-recurring): Banks charge you if you want to stop payment on a check you’ve already written.

How to choose the best business checking account in Vermont

Here are some important factors that you should consider when choosing a business checking account:

  • Fees: You want to make sure that there are no unexpected fees associated with using the account. You also want to avoid paying monthly maintenance fees or transaction fees on the account unless they make sense to your business.
  • Service: A good business checking account should provide 24-hour service for deposits, withdrawals, transfers, and other services that you require for your business.
  • Free ATM withdrawals: Your bank may offer free ATM withdrawals, which is an excellent benefit. You don’t want to be charged every time you withdraw cash or check your balance outside of your bank’s network.
  • Online banking services: Online banking is convenient for business owners and employees. Especially when it comes to managing their accounts and paying bills. Most business checking accounts offer online banking, but you should make sure that it is available before you sign up for the account.