Top Small Business Bank Accounts for the Month of May 2025
Rewritten Article
In the world of business banking, scoping out the perfect account can be a daunting task. But fear not, as we've done the heavy lifting for you. Based on a comprehensive analysis conducted by Investopedia, American Express' Business Checking stands out as an amazing choice for various business owners. This uncomplicated and inexpensive account packs a punch for businesses with simple requirements, like those that don't frequently visit bank branches.
In their extensive research, Investopedia's dedicated research and editorial teams evaluated 21 popular small business bank accounts across 21 dimensions, gathering over 400 data points. They meticulously examined each account based on fees, transaction limits, annual percentage yields (APYs), availability, and more, ensuring their top picks cater to businesses with a variety of needs – from straightforward accounts to more complex offerings.
Top Small Business Bank Accounts to Consider
- Best Overall, Best Online Business Checking: Amex Business Checking
- Also Great Online Business Checking: Axos Bank Basic Business Checking
- Best for Earning Interest: Grasshopper Innovator Checking
- Best for Large/Frequent Cash Deposits: Chase Performance Business Checking
- Best for ATM Cash Deposits: Capital One Enhanced Checking(And more options!)
Amex Business Checking: A Hidden Gem
- Monthly fee: None
- Minimum balance to open: None
- APY: 1.30% up to $500,000
- Transaction limits: Unlimited free transactions
If simplicity is your mantra, look no further than American Express Business Checking. With minimal fees, a relatively high APY, and the flexibility to make unlimited free transactions, this account shines brightly for businesses seeking a straightforward checking account. Despite being an online-only bank, it boasts 24/7 support to cater to your every query.
The unique advantage lies in the account's APY, which is significantly higher than average interest-bearing checking accounts. Plus, you don't have to satisfy any complex requirements, like regular debit transactions, to earn this interest. And, it offers bonus Membership Reward points upon signing up.
On the downside, American Express is an online-only bank, which means you won't have the option to visit a branch in person. However, this shouldn't pose much of an issue as American Express offers round-the-clock service for customer support. And while it does charge a somewhat high fee for out-of-network ATMs, this drawback is relatively minor compared to the account's other attractive features.
Axos Bank Basic Business Checking: Affordability wins
- Monthly fee: None
- Minimum balance to open: None
- APY: 0.00%
- Transaction limits: Unlimited free transactions
In the market for a low-cost business checking account with a plethora of perks? Look no further than Axos' Basic Business Checking account. This budget-friendly option is perfect for businesses seeking a simple yet versatile account, without the fancy frills associated with brick-and-mortar banks.
As an online-only bank, Axos keeps its costs down. The account comes with zero monthly fees or balance requirements, making it an amazing option for those seeking affordability. The account offers a variety of perks, such as unlimited free transactions, unlimited ATM fee reimbursements within the U.S., and free incoming domestic and international wires.
Be aware, however, that this account does not allow cash deposits, and there's no branch network available if you need in-person assistance. But, if you're a digital-savvy business owner, this account might just be the perfect fit.
Starting a business? Here's everything you need to know about a business bank account.
When setting up a small business, opening a bank account ought to be among your initial considerations. A business bank account is crucial for separating your personal and business funds, potentially shielding you from personal liability for your company's debts.
For a deeper understanding of the importance of business bank accounts, exploring our resources on the topic can prove invaluable. From our comprehensive guides on the best LLC services to insights on how technology affects business, our content aims to help you navigate the complex world of entrepreneurship.
- American Express' Business Checking stands out as an excellent choice for various business owners, serving as an uncomplicated and inexpensive account.
- In their evaluation of small business bank accounts, Investopedia's research and editorial teams meticulously examined each account based on fees, transaction limits, APYs, and availability.
- Axos Bank Basic Business Checking offers a budget-friendly option with zero monthly fees, unlimited free transactions, and unlimited ATM fee reimbursements within the U.S.
- For a startup, opening a business bank account ought to be among the first considerations, as it helps to separate personal and business funds, potentially shielding from personal liability.
- The Grasshopper Innovator Checking account tops in earning interest, making it an attractive choice for businesses that require more complex offerings.
- The Chase Performance Business Checking account is best for businesses that have large or frequent cash deposits, while the Capital One Enhanced Checking account is ideal for ATM cash deposits.
- When starting a business, understanding the importance of personal-finance, education-and-self-development, technology, and general-news is crucial for navigating the complex world of entrepreneurship.
- In addition to business checking accounts, the world of Defi, or decentralized finance, also offers investment opportunities through crypto-currencies and various ico (Initial Coin Offerings).
- Lastly, one must beware of the casino-and-gambling and entertainment industries, which may not be the most lucrative or sustainable options for long-term personal and business finance management.
