The best business checking accounts for startups

Which banks and platforms offer the best business checking accounts?

Choosing the right business checking account depends on your business needs. For example, traditional banks may offer branch access, cash deposits, and business loans. In contrast, fintech platforms often focus on online banking, fee-free transactions, and integrations with bookkeeping tools.

Here’s a comparison of various business checking accounts for startups and small business owners:

Rho

Rho provides a modern, all-in-one business banking platform with zero ACH fees, mobile check deposits, and no monthly maintenance fees. You can manage operating cash seamlessly and get reliable support around the clock.

Rho also offers a business savings account with FDIC insurance up to $75 million. This platform is especially useful for businesses that need flexible cash management, invoicing automation, and integration with accounting software.

Pros

• $0 monthly fees with no hidden costs.
• No transaction fees, including ACH and wire transfers.
• Automated bill pay and expense management for streamlined cash flow management.
• Dedicated customer support with 24/7 availability.
• Integrations with major accounting tools like QuickBooks and NetSuite.

Cons

• No physical branch access—entirely online banking.
• Limited to businesses and startups (not ideal for sole proprietors or freelancers)

Mercury

Mercury is a startup-friendly banking platform designed for businesses that need flexibility, automation, and global payment capabilities. Unlike traditional banks, Mercury offers free FDIC-insured checking and savings accounts, seamless integrations with accounting tools, and automated financial operations, making it a great fit for tech companies, e-commerce businesses, and startups. 

Pros

• Free checking and savings accounts, ACH transfers, and USD wires.
• Set up auto-transfers, approve payments via Slack, and integrate with QuickBooks and Xero.
• Pay vendors in their preferred currency with a flat 1% foreign exchange fee.

Cons

• No cash deposits, making it unsuitable for businesses that handle physical cash.
• No traditional business loans, with financing mainly through venture debt.

Bluevine

Designed for modern businesses, it provides unlimited transactions, sub-accounts for budgeting, automated bill payments, and mobile check deposits, all managed through a digital-first platform. With advanced security features and ACH fraud protection, Bluevine guarantees a secure and seamless banking experience.

Pros

• Earn up to 3.7% APY without moving funds to a savings account.
• Free standard ACH, no overdraft fees, and unlimited transactions.
• Automate payments, manage sub-accounts and set spending limits on employee debit cards.

Cons

• Only available through third-party services, often with fees.
• Unlike some competitors, Bluevine charges for outbound wire transfers.

Lili

Lili is a financial technology company offering business banking solutions designed for freelancers, entrepreneurs, and small business owners. Backed by Sunrise Banks, N.A., Member FDIC, Lili provides a business checking account with no hidden fees, built-in accounting tools, tax preparation features, and high-yield savings up to 3.00% APY. 

Pros

• No overdraft fees, minimum balance requirements, or foreign transaction fees.
• Automates bookkeeping, expense categorization, and tax savings.
• Get paid via ACH, wire transfers, invoicing, or mailed checks.

Cons

• Available only to Pro, Smart, and Premium users with eligibility requirements.
• Higher APY, accounting tools, and tax automation are locked behind premium tiers.

Found

Found is a business banking platform designed for freelancers, small businesses, and entrepreneurs. It offers an all-in-one solution to track expenses, manage cash flow, send invoices, and automate tax calculations—without hidden fees. With seamless integrations, real-time tax estimates, and built-in bookkeeping, Found makes managing business finances effortless.

Pros

• No minimum balance, overdraft, or maintenance fees.
• Tracks expenses, finds write-offs, and auto-saves for taxes.
• Accepts ACH, direct deposit, and integrates with PayPal, Venmo, and more.

Cons

• Not ideal for larger companies with complex banking needs.
• No physical branches – all banking services are digital-only.

U.S. Bank

U.S. Bank offers business checking accounts designed to help business owners manage their finances confidently. With a range of tools like fraud protection, bill payment services, and seamless integration with third-party accounting software, U.S. Bank supports businesses of all sizes.

Pros

• Fraud protection tools that minimize financial risks with advanced security features.
• Affordable transaction fees with several maintenance fee waivers based on account activity.
• Easily connects with accounting, tax, and budgeting tools for better financial oversight.

Cons

• Charges apply after surpassing the free transaction limits.
• Maintenance fee waiver criteria may be difficult for smaller businesses to meet.

Axos Bank

Axos Bank offers digital-first business checking accounts designed to simplify banking for both new and established businesses. With features like low fees, competitive rates, and convenient mobile banking through the Axos All-In-One Mobile App, Axos is committed to helping small business owners succeed. 

Pros

• No monthly fees for the basic business checking account, ideal for new businesses.
• Earn up to 1.01% APY with the Business Interest Checking account.
• Access your business finances anytime, anywhere with the Axos All-In-One App.

Cons

• $5,000 minimum balance requirement for the Business Interest Checking account to avoid monthly fees.
• As a digital bank, Axos lacks physical branches, which could be inconvenient for those preferring in-person assistance.

Wells Fargo

Wells Fargo’s clear access banking account is designed to offer a straightforward, fee-free banking experience, ideal for teens, students, and those seeking a second chance at banking. With no overdraft fees, easy mobile access, and features like Zelle® and mobile deposit, it’s a convenient way to manage money.

Pros

• No overdraft fees, offering peace of mind when managing funds.
• Mobile and online banking capabilities, including easy access to Zelle®, mobile deposit, and bill pay.
• Over 10,000 Wells Fargo ATMs available for easy withdrawals and banking.

Cons

• $10 monthly fee unless a $10,000 balance is maintained.
• Limited free transactions per month (fees apply beyond the limit).
• Only available to customers within the U.S.

American Express

American Express offers a powerful, branchless Business Checking account designed to simplify banking for small businesses. With a focus on transparency, it provides no monthly maintenance fees, 24/7 support, and the ability to earn Membership Rewards® points.

Pros

• Earn points for every $2 spent on eligible business debit card purchases, with various redemption options, including direct deposits.
• Earn up to 1.30% APY on balances up to $500k, offering strong growth potential for your business funds.
• Enjoy no monthly maintenance fees, which guarantees predictable and straightforward banking costs.

Cons

• Being a fully online account, there's no access to in-person banking, which could be a drawback for businesses that prefer face-to-face support.
• While withdrawals are free at 70,000+ ATMs nationwide, fees may apply at some ATMs.

What features and types of business checking accounts are available?

Choosing the right business checking account is essential for managing your cash flow efficiently. Different accounts come with various features, monthly maintenance fees, and transaction limits. Here's what you need to know to pick the best business account for your banking needs.

Key features to consider

Some primary features of business checking accounts are:

• Transaction limits: Many small business checking accounts have a set number of free transactions per statement cycle, after which transaction fees apply. Check the limits on automated clearing house (ACH) payments, wire transfers, and cash deposits.
• Monthly fees and minimum balance requirements: Some accounts charge a monthly service fee, which can often be waived by maintaining a minimum balance requirement or meeting other eligibility criteria. Fee-free accounts are available, but they may have restrictions on cash management features.
• Online and mobile banking: Online and mobile banking allow you to manage your business bank account remotely. Look for features like bill pay, mobile app access, and integration with bookkeeping tools. Some banks provide business debit cards linked to your account for easy withdrawals and card payments.
• Overdraft protection and cash management: Some accounts offer overdraft coverage to help avoid declined transactions or penalties. Cash management tools help with budgeting, ACH processing, and expense tracking.

Types of business checking accounts

After considering the features, you should decide on the type of business checking account you need. You can choose from:

• Traditional business checking: These accounts, offered by major banks, include full-service banking services, in-person support, and business debit card access. Some require a minimum opening deposit and may have a monthly maintenance fee.
• Online-only business checking: Digital banks offer fee-free accounts with strong mobile banking features. They typically include unlimited transactions, higher annual percentage yield (APY), and easy access to business savings accounts. However, cash deposits might be limited.
• High-yield business checking: Some accounts provide interest on your account balance, with interest rates varying by provider. These accounts work well for business owners with higher balances looking for additional returns.‍
• Specialized accounts for startups and small businesses: Some banks and credit unions offer accounts tailored to new businesses, with features like free transactions, waived service fees, and lower minimum balance requirements.

How do business checking accounts differ from personal accounts?

Managing your business finances separately from personal funds is important for business owners. A business checking account offers tools tailored for businesses, such as tax reporting support, business debit cards, and integration with bookkeeping software. Here’s a comparison of key differences:

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What should startups consider when comparing costs and benefits?

Startups need a business checking account that supports their cash flow needs without excessive costs. When comparing accounts, look beyond basic fees and consider factors like scalability, digital tools, and customer support. Here’s what you should evaluate:

• Fees and transaction limits: Look at monthly maintenance fees, transaction fees, and ATM access costs. Some banks offer fee-free accounts for startups, while others may waive the monthly service fee if you maintain a certain account balance.
• Bonuses and perks: Many providers offer sign-up bonuses, business debit card rewards, or discounts on banking services. Review disclosures carefully to understand the terms before choosing the best business account.
• Digital banking features: A strong mobile banking platform is essential for managing finances on the go. Look for online banking tools, bill pay, ACH transfers (Automated Clearing House – electronic payments), and wire transfers.
• Scalability for growth: Your small business's banking needs will evolve. Choose a business bank account that offers upgrades such as business credit cards, a line of credit, or access to business loans.
• Minimum balance and interest: Some accounts require a minimum balance requirement to avoid fees, while others offer APY (annual percentage yield—interest earned on deposits). If you hold excess funds, a business savings account or money market account could be useful.
• Integrations and bookkeeping: Seamless connections with personal finance tools, accounting software, and credit score monitoring can simplify bookkeeping and cash management.

Conclusion: Aligning your business checking accounts with startup goals

Choosing the right business checking account is essential for managing cash flow, reducing transaction fees, and accessing features that support growth. A well-suited account can help startups handle daily banking needs, integrate with bookkeeping tools, and plan for expansion without unnecessary costs.

Rho's scalable platform offers an end-to-end solution encompassing corporate cards, expense management, AP automation, business banking, and more under one roof—all with zero platform fees.

This means startup businesses do not have to juggle multiple services as they grow, saving time and streamlining operations. 

Schedule time with a Rho expert today to learn more about Rho!