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Best Business Checking Accounts in Wisconsin of 2022

Katie Stiner

Wisconsin has a wide range of business checking account options available. When choosing an account, start by considering the basic features. These include the ability to deposit cash and checks, make withdrawals, check-writing capabilities, and online and mobile banking access.

The next factors to look out for are the account fees, requirements, and limits. Most banks charge account maintenance fees, while others charge transaction fees, and others. If you are starting your business journey, consider keeping costs at a minimum. Also, consider the account minimums, such as balance requirements and the transaction limits, if any. Knowing this will help you avoid incurring extra costs that may come when you go over or below the set limits. 

We reviewed the top business checking options in Wisconsin based on their features, fees, and overall quality.

Built to optimize taxes and accounting

$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

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

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

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

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?

There are various of benefits to having a business checking account. Some of the main benefits include:

  • Check writing: When you have a business account, you can write checks just like you do with an individual account. You can use checks to pay your employees, pay for office supplies, and more. And of course, you can write checks as payments on invoices that you send to clients or vendors.
  • Trouble-free accounting: Most accounts feature online banking, which allows you to access your accounts from anywhere in the world at any time. In addition, online accounts integrate with third-party accounting software to make it easier to bookkeep.
  • Interest-bearing accounts: Some accounts pay interest on all money deposited. The interest return rate is usually low. However, it is still income if you have a large balance.
  • Electronic payment options: Businesses can make payments across town or across borders quickly and easily via online banking services or through other digital payment options.
  • Ease of use: Business checking accounts are easy to use. You can deposit checks by using an ATM or mobile banking app, and you can pay bills using the same method. You can withdraw cash anywhere there’s a bank branch or ATM that’s convenient for you to use.
  • Tax benefits: Many businesses get tax deductions for their business expenses, including checks they write and the fees they pay to maintain their business checking accounts. Taking advantage of these deductions will help reduce your taxes and help keep more money in your pocket. Furthermore, you’ll know your costs and revenue which will make it easier during tax season.

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

The following are the basic requirements:

  • Valid government-issued photo ID: driver’s license, passport, permanent resident card, military ID
  • Proof of address (utility bill, lease agreement, etc.)
  • Business license and articles of incorporation or limited liability company agreement
  • Business’s Articles of Incorporation, Partnership Agreement, Corporate Resolution, or other legal documents that state its address and names of owners or partners
  • Federal Employer Identification Number (EIN) assigned by the IRS

Common business checking account fees in Wisconsin

Here’s a list of common fees associated with business checking accounts:

  • Monthly maintenance fee: This is the most common charge levied against small businesses. Expect to pay between $10 and $50 per month for basic checking services. Some banks don’t levy this charge if you maintain a minimum balance, but that requirement is usually between $500 and $1,000.
  • Statement copy fee: Many banks charge 50 cents to $2 for every statement copy you request from them. If you need monthly statements, this fee can really add up over time.
  • Overdraft fees: This is probably one of the more well-known fees associated with checking accounts. If you don’t have enough money in your account to cover a transaction, your bank will usually cover it, but they’ll hit you with overdraft fees. These can range from $10 to $35 per transaction, so if you’re overdrawn by only a few dollars, it can quickly add up.
  • ATM fees: The majority of banks charge customers a fee when they withdraw money from an ATM out of network. The fees vary by bank and ATM. Some banks charge more than $2 per transaction and others charge less than $1. Check with your bank to determine how much it will cost you to use other ATMs.
  • Wire transfer: Some banks also charge additional fees when you send or receive wire transfers. Check with your bank to see if this applies to your account before sending a wire transfer.

How to choose the best business checking account in Wisconsin

Here are some factors consider when choosing your business checking account:

  • Fees and service charges: Most business checking accounts charge fees. However, there are some that don’t. Fees can include monthly maintenance fees, overdraft fees, ATM fees, and more. Make sure you know how much the bank can charge you for using the account before choosing it.
  • Online banking: A good business checking account should have an easy-to-use online banking platform with features such as e-statements and remote check deposit capabilities. This is the best way to keep track of your money and make deposits without having to visit a branch.
  • Accessibility: The account should be available through multiple channels, including ATMs, and mobile apps. In addition, it should have customer service options such as live chat support or telephone customer service representatives on weekdays during business hours.
  • Free checking: Most banks have free checking accounts where they do not charge any fees. This is definitely something to look into if you have a small business and want to keep all your money in one place without having to worry about paying fees every month.