If you are looking for the best business checking accounts to start receiving services, then this guide is for you! We have covered the best companies for you in the following. It is worth noting that there are various factors that you need to consider while picking the best one for yourself.
Although we tried to adopt a more comprehensive approach, factors like making transactions online or in-person, monthly fees, ATM options, cash deposit fees, interest-earning potential, and much more are important. Here are the 5 best business checking accounts we have picked for you!
You can enjoy 1% cash back on all your purchases that you are going to make with your debit card, both online and in-store. Grasshopper also offers Autobooks software to its customers, which is developed for online payments and digital invoicing. You will not have to worry about monthly fees, transaction fees, or minimum balance deposits.
One of the biggest cons of Grasshopper is that the company does not have any physical locations. Unfortunately, it does not accept any cash deposits either.
Bank of America
You can carry out many transactions, such as making transfers, depositing checks, viewing accounts, and paying bills through the Bank of America mobile application. Moreover, you can enjoy payroll services and credit card processing through ADP (Automatic Data Processing).
Once you exceed your monthly allowance, you will be charged for your cash deposits per $100. In addition to this, this business checking account does not offer any ATM fee reimbursements. As the last setback, you need to deposit $100 to open an account.
Thanks to the Capital One mobile application, you can pay your bills, transfer funds, track your accounts, and deposit checks through your mobile device. Of course, Capital One can also be integrated with some of the leading accounting software, such as Xero. If you link your account with another deposit account, you can enjoy free overdraft protection as well.
Starting your account on Capital One can be costly since it requires $250 as an opening deposit. Unfortunately, you cannot open new accounts online. Another important disadvantage of Capital One is that you cannot earn interest on your accounts.
Bluevine is famous for mailing approved debit cards within 10 business days, and it provides this service for free. You can also order checkbooks two times a year for free. It can be integrated with Xero or QuickBooks and connected with Expensify, PayPal, and Stripe. You can enjoy live customer support whenever you need it as well.
Of course, Bluevine also has some drawbacks, such as you will have to pay a fee for depositing cash. In addition, it does not allow you to run other business deposit accounts from a single main account. Moreover, you can only issue one debit card for each account.
Chase lets you manage a wide range of options such as ATM, deposit, and debit cards for each employee. You can also view account balances, deposit checks, make transfers, or pay bills through the Cash mobile application. Additionally, you can integrate Chase with some of the popular accounting software, such as QuickBooks.
The downside of Chase is its limited number of free transactions. In addition to this, the ATM fees are not reimbursed. Moreover, you will have to pay a fee for your cash deposits, which are more than $5,000 in each statement period.