Best Business Checking Accounts of May 2021

Katie Stiner

When choosing a business checking account, shop around, and compare the available options. Start by looking at the basic services offered. These may include ATM services, online and mobile banking access, check-writing, bill payment, and easy access to customer service support.

Second, consider the service fees — service fees may include monthly maintenance fee, minimum balance fee, ATM fees and surcharges, and overdraft fees. 

Another factor to consider is the transaction limits. Some banks have limits on the number of checks you can write in a month or the amount of money you can move in a single transaction. Others impose limits on the number of transactions you can post in a single day, after which they may apply a fee on excess transactions.

Take advantage of introductory bonuses and offers. Also, the interest on deposits, ease of integration with your business accounting software, payroll software, and other systems you use, to streamline the business financials.

We reviewed some of the available options based on their features, fees, and benefits. Here are our top recommendations for the best business checking accounts.

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