Your entrepreneurial spirit has brought your business to life. Now that you have some cash flow, it’s crucial that your deposits and expenses don’t get mixed up with your personal expenditures. A separate business checking account will help organize and streamline all your business financials.
Before you apply at the bank with the most familiar name to you, consider these business checking accounts that offer a little financial reward just for signing up.
Overview of the Best Bonuses for Business Checking Accounts
|Business Checking Account||Best For|
|Huntington Unlimited Plus Business Checking||Highest bonus payout ($750)|
|BMO Harris Bank Elite Business Checking||Businesses with a high volume of transactions|
|Chase Business Complete Checking℠||Accepting payments for your business|
|PNC Business Checking||Customizing business checking features to fit your business size and needs|
|Axos Basic Business Checking||No maintenance fees and no minimum balance requirements|
|Brex Cash Management Business Account||Recurring rewards points|
Huntington Unlimited Plus Business Checking $750 Bonus
Huntington Bank offers three ways to earn a bonus for opening your new business checking account. But, if you’re going for the maximum bonus of $750, you’ll need to open an Unlimited Plus Business Checking account.
This account offers:
- Unlimited transactions
- No fees for up to $25,000 in deposits each month (30 cent fee for each $100 after that)
- No monthly maintenance fee
- Your choice of two complementary services (such as a payroll discount or two free incoming wires per month)
To be eligible for the bonus, you’ll need to open your new Unlimited Plus Business Checking account in a local branch or online by July 7, 2022. Within 60 days of opening your account, you must deposit at least $20,000. Then, after your account has been open for at least 90 days, you’ll receive the $750 bonus payment.
Huntington is also offering a $200 bonus when you open a Business Checking 100 account and a $400 bonus for opening an Unlimited Business Checking account. You can compare all three accounts on Huntington's website.
BMO Harris Bank Elite Business Checking $400 Bonus
Usually, an abundance of transactions throughout a statement period is a good sign that your business is flourishing. But those transaction fees can add up when you have an account that doesn’t suit your business transaction volume.
The BMO Bank Elite Business Checking account supports businesses with a high volume of transactions.
You’ll also enjoy these additional features with your account:
- Minimum deposit is $100
- Waive monthly maintenance fee with $5,000 collected deposits or $15,000 rollover balance
- 500 free transactions per statement period
- No fee for the first $20,000 in deposits per statement period (40 cents after that)
To be eligible for the $400 bonus, open a new BMO Digital Business Checking, BMO Simple Business Checking, BMO Premium Business Checking, or BMO Elite Business Checking account between February 1, 2022, and April 29, 2022. Then by Day 31, your balance must be $10,000 and it cannot drop below $10,000 for the next 90 days.
You can visit BMO Bank online to learn more about this offer.
Chase Business Complete Checking℠: $300 Bonus
Business owners who open a new Chase Business Complete Checking℠ account are eligible to receive a $300 bonus (offer expires 5/18/2023).
Chase business checking account features include:
- Waived monthly service fee by maintaining a $2,000 minimum balance
- Easy card payment acceptance with Chase QuickAccept
- No-cost, same-day deposits
- Transaction fees: 2.6% + 10 cents for tap and swipe; 3.5% + 10 cents for manual transactions
To get the bonus you must deposit $2,000 of new money within 30 days, maintain an average daily balance of at least $2,000 for 60 days, and complete five qualifying transactions.
PNC Business Checking: $200 or $500 Bonus
Whether you’re a small startup with modest working capital or a blossoming midsize business with a healthy rollover balance, PNC has a business checking option for you. For both the $200 and $500 bonus amounts, you can start the process by opening a qualifying account online or at your local PNC branch.
Basic business checking features:
- $100 minimum deposit to open
- $10 monthly maintenance fee (waived by $500 monthly collected balance)
- No fee for the first 150 transactions
To qualify for the $200 bonus, small business owners who open a Business Checking or Business Checking Plus account by March 31, 2022, must meet a minimum $5,000 balance for the first three statement cycles and make 20 PNC Bank Visa debit card transactions during the same period.
Larger business owners can choose between the Treasury Enterprise Plan or the Analysis Business Checking account and follow the same guidelines, except they must maintain a minimum $30,000 balance for the first three statement cycles to be eligible for the $500 bonus.
Axos Basic Business Checking: $200 Bonus
If your business is just a year old or less than a year old and you’re looking for a convenient, entirely online banking system, then Axos likely has the perfect bank account for you.
The Basic Business Checking account includes:
- New business owners get a $200 welcome bonus with promo code NEWBIZ200. Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.
- ADP Payroll Services - Axos clients receive first 4 months free
- Zero monthly maintenance fees
- Unlimited Transactions
- Unlimited domestic ATM fee reimbursements
- $0 Minimum Opening Deposit requirement
- 2 Free Domestic Wires, monthly
- Cash Deposit capability via MoneyPass and AllPoint networks
To qualify for the $200 bonus, applicants must prove they incorporated their business after June 1, 2020, and use the code NEWBIZ200.
Brex Cash Management Business Account: Up to 30,000 Rewards Points
Maybe the best way to store your business cash flow isn’t in a bank at all. Brex is registered as a broker-dealer and allows Brex account owners the option to earn a return on their business deposits through money market accounts. The features of the Brex business account are easy to remember there are virtually no fees:
- Monthly maintenance fees: $0
- Transaction fees: $0
- Minimum balance: $0
You can accumulate points through cleared transactions and when you open a new cash management business account. To immediately begin earning points, spend $3,000 on a Brex card for 10,000 Brex points. When you link payroll or e-commerce accounts in the first three months, you’ll earn 20,000 points.
You can redeem your Brex points for cash back, gift cards, airline miles, or even cryptocurrency. One hundred Brex points equal 70 cents. So, 30,000 Brex points equal $210.
What Is a Business Checking Account?
If you’re familiar with how a personal checking account works, then you’ll understand how a business checking account operates it’s virtually the same. But there are several reasons for separating your personal and business funds with a dedicated business checking account.
Whether you’re the sole owner of a hobby LLC or you have a few folks on your payroll, keeping your business funds in a separate account helps you see exactly how much money you have to pay people, buy merchandise, or spend on advertising. With a business checking account, you’ll never accidentally dip into your business funds for your grocery bill.
The IRS may require you to show bank statements supporting certain transactions to receive business deductions. Providing these statements from a business checking account is easier and more accurate than sifting through all your personal transactions and picking out which ones apply to your business.
Protecting Your Personal Account and Your Business
A business checking account will likely offer limited personal liability protection, keeping your personal assets safe if your business gets tied up in legal action. And a business account means that your customers can make payments and deposits directly into the business account, so you’ll never have to share your personal checking account information.
Most Important Features to Look for in a Business Checking Account
Businesses come in all shapes and sizes. Your unique business and how you run it will ultimately determine essential features to look for in a business checking account. However, these business checking account features should be on every business owner’s radar:
Minimum Balance Requirements
You’ve poured your time and energy into your business and want to see it succeed in the future. While this may be the case, you shouldn’t pick a business checking account that’s too big for your business venture’s current britches.
If your business is barely bringing in $10,000 per month, don’t try and select a business checking account that requires $15,000 worth of new deposits each cycle, even if the other perks are fantastic. You may get there one day and have the opportunity to upgrade, but don’t suffer from minimum deposit fees on the journey there.
Many business checking accounts have a stipulation that allows account holders to waive the maintenance fee if specific requirements are met, such as a minimum deposit amount or minimum transaction frequency per statement cycle.
Make sure to read the fine print regarding maintenance fees for your selected business checking account. If these fees are firm and written in stone, it’s an expense you’ll have to budget for going forward.
Promotions and Cashback Perks
If you’re reading this article, then you’re probably already interested in setting up a business checking account with the best possible bonus for your business. While these incentives should not be the only determining factor when selecting your business checking account, it’s also important that you don’t leave money on the table.
Wherever you choose to bank, make sure to thoroughly read up on how to redeem promotions and bonus money.
Beyond a sign-up bonus, many banks will give a certain percentage of cash back if you use their business credit card for certain transactions. These little perks can add up and bolster your business’s bottom line.
How Did We Choose the Best Business Checking Account Bonus?
While the sign-up bonus was a necessary feature, we also considered fees, customizable accounts based on business size, and transaction volume limits. You can trust the integrity of our selections as some of the best business checking accounts for businesses of any size.
Which Business Checking Account Is Best for You?
As the creator of your business, you will know best which features will be most beneficial to your daily operation. It’s essential to select the account tailored to the type of business you have so you don’t end up paying for features that go unused.
Physical, In-Person Vendors
For example, if you are a vendor that sells a product in-person, the Chase Business Checking account makes it easy to accept payments from anyone, anywhere, right from your phone with the QuickAccept feature. If your business is primarily online, then this feature wouldn’t be as helpful.
Freelancers Who Offer a Service
A business checking account isn’t just for those businesses with a large payroll. Sole proprietorships and independent contractors can also benefit from keeping their business income separate from their personal accounts. Whether you’re a freelance writer, editor, or digital designer, your service-oriented business can also benefit from particular business checking accounts.
Chances are since you’re working more on a project basis rather than selling products, you won’t need a checking account with a high frequency of transactions. Look for a checking account with low or no maintenance fees, such as the Axos Business Checking account.
If your business is more established and earning a steady flow of deposits, your business needs may have evolved beyond those associated with startups. For example, add-on features like payroll compatibility, such as the one offered by the Huntington Unlimited Plus Business Checking account, may be more appealing. Their unlimited transactions and high deposit threshold are also significant considerations for a healthy midsize business.
What documentation do I need to open a business checking account?
Your chosen banking institution will need to verify that you’re running a legitimate business before allowing you to open an account. Normal requests for verification include:
An employer identification number or Social Security number
Contact information for anyone who owns more than 10% of the business, sometimes 25% of the business
Could I be denied when applying to open a business checking account?
Yes. The reason you have to apply for a business checking account is so the financial institution can evaluate and vet your financial history. Issues like a record of fraudulent check writing, unpaid balances, and repeated overdrafts can cause a bank to reject your application for a business checking account.
Also, if the bank is unable to verify the legitimacy of your business based on the documents provided, you may not be approved.
Can I set up a business account if I'm a 1099 freelancer or contractor?
Absolutely. It’s a wise financial decision to keep your self-employed expenses and credits separate from your personal bank account. However, first, you must establish your self-employed or contractor services as an LLC, S corp, or sole proprietorship. Without these official federal and state tax designations, you will not be able to get past the application process for a business checking account.
There’s not a business out there big or small that wouldn’t benefit from a little more capital in the bank. Since you’ve invested so much time, energy, and money into getting your business up and running, why not take advantage of a business checking account bonus?
With the right business checking account, you’ll also have the peace of mind that all your hard work is safe in the business checking account most suited for your venture.