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Business owners know that every dollar counts. Now that you have some cash flow, your deposits and expenses mustn’t get mixed up with your personal expenditures. A separate business checking account will help organize and streamline all your business financials.
If you’re in the market for a new business checking account, it helps to find one with a cash bonus offer attached. There are a few requirements you’ll need to meet, but extra cash–especially at the beginning of the year–is a wonderful thing.
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
|Up to $2500
|Chase Business Complete Checking®
|PNC Business Checking
|Up to $1000
|Axos Business Checking
|Up to $400
|Bank of America Business Checking Account
|American Express Business Checking
|30000 membership reward points
|Up to $1000
|Up to $800
|BMO Harris Bank
|Up to $100
Best Bonuses for Business Checking Accounts
1. Citigold Checking – Up to $2500 Bonus
Citigold is designed for customers who plan to sustain a combined average monthly balance of at least $200,000. The minimum combined average monthly balance range must be met within three months.
This account has the potential to earn the biggest bonus, but you do need to deposit a minimum of $300,000 to get that bonus. Here are the bonus tier levels:
- $500 with a $30,000 minimum deposit
- $1,500 with a $200,000 minimum deposit
- $2500 with a $300,000 minimum deposit
The balance of your account on the 20th day will determine your eligible bonus. You must maintain this required minimum balance for 60 days, and the cash bonus will be deposited within 30 calendar days after you complete all required activities.
Citigold is designed for clients who maintain a minimum combined average monthly balance of at least $200,000 in eligible linked deposit, retirement, and investment accounts. These clients get services such as complimentary financial planning, travel perks, and up to $200 in cash back a year on subscriptions.
The Citigold bonus expires: 07/08/2024
2. Chase Business Complete Checking Account – $400 Bonus
You can earn up to a $400 bonus when you open a Chase Business Complete Checking account. You’ll give Chase your email, and Chase emails you an offer code. You can either use it online or take it to a branch.
To earn this bonus, you must:
- Fund a minimum deposit of $2,000 in new money within 30 days of offer enrollment, and maintain that balance for at least 60 days
- Complete five qualifying transitions within 90 days of offer enrollment.
Keep in mind this account does come with a $15 monthly service fee, but it can be waived if you maintain an average daily balance of $2,000 or spend at least $2,000 on purchases with a Chase Ink business credit card.
The Chase bonus expires: 04/18/2024
Read our Chase Business Checking Review.
3. PNC Bank – Up to $1000 Bonus
PNC offers four different business checking accounts to choose from, and all offer a bonus.
Basic Business Checking
Get a $200 bonus when you:
- Open a new business checking account by 03/31/2024 and maintain an average daily balance of at least $5,000 for each of the first three statement cycles AND
- Make at least 20 total qualifying PNC Bank Business debit card transactions within the first three statement cycles.
Basic Business Checking carries a $12 monthly fee, but it can be waived if you have a $500 average monthly collected balance or you use a linked PNC credit card to make $500 in purchases each month.
You get 150 free transactions per month, no charge for up to $5,000 cash deposited per month, free online bill pay, and mobile banking.
Business Plus Checking
This account also offers a $200 bonus when you complete the same activities as above, but the account gets you more services, like:
- Up to 500 transactions a month
- No charge for up to $10,000 cash deposited
- Free online banking and bill pay
This account has a $22 monthly fee, but it can be waived if you meet one of the following requirements:
- Have a $5,000 average monthly collected balance OR
- Use a PNC-linked credit card to make $5,000 in purchases OR
- Maintain a Merchant Services account and generate a minimum of $5,000 in qualifying monthly processing deposits OR
- Maintain a $20,000 average combined collected balance in a linked PNC business checking account and business money market account
Treasury Enterprise Plan
Earn a $500 cash bonus when you open a new account and maintain a minimum average ledger balance of $30,000 for the first three statement cycles or earn a $1000 cash bonus when you open a new account by 03/31/2024 and maintain a minimum average ledger balance of $100,000 for the first three statement cycles.
As you might imagine, this account is for businesses with higher cash deposit needs. It offers:
- Up to 2,500 transactions per month
- No charge for up to $50,000 cash deposited per month over the counter, at the night depository, or via QuickDeposit
- Up to four additional business checking accounts with no monthly maintenance fee, a $10 monthly fee for each account after that
- Two investment options for excess cash: Premium Business Money Market Account or MMDA Sweep Account with no Monthly Account Maintenance Fee
- Online banking and bill pay
This account has a $50 monthly fee unless you maintain a $30,000 average combined monthly collected balance in the master and all additional beneficiary business checking accounts.
Analysis Business Checking
Earn a $500 cash bonus when you open a new account by 03/31/2024 and maintain an average daily balance of at least $30,000 for the first three statement cycles, or earn a $1000 cash bonus when you open a new account by 03/31/2024 and maintain an average daily balance of at least $100,000 for three statement cycles.
This account allows you to pay only for the services you use each month and comes with a $25 monthly fee.
The PNC Bank bonus expires: 03/31/2024
4. Axos Business Checking – Up to $400 Bonus
Axos Business Checking allows you to earn a $400 bonus, but it’s distributed over four months.
Open a basic business checking account or a business interest account by 02/29/2024 and get a $400 bonus with the promo code “NEW400.”
$75 will be earned for each statement cycle, up to $300, when you meet these requirements:
- Average daily balance of between $25,000 and $49,999.99
- You have completed 10 point-of-sale transactions a month using your Small Business Checking Visa debit card for signature-based purchases with a minimum of $3 per transaction
- You must have bill pay set up and connected to your Basic Business Checking Account or Business Interest Checking account. The bill pay minimum is $10.
$100 will be earned for each statement cycle, up to $400, when you meet the above requirements, but your average daily balance will need to be over $50,000.
Both accounts feature no monthly maintenance fees, unlimited transactions, and unlimited domestic ATM fee reimbursements.
The Axos Bank bonus expires: 02/29/2024
5. Bank of America – $200 Bonus
Bank of America Business Checking pays a $200 cash bonus offer when you:
- Open a new eligible business checking account by 06/30/2024
- you make deposits of $5,000 or more in New Money within 30 days of account opening AND
- Maintain an average balance of $5,000 during the maintenance period.
There are two accounts to choose from.
Business Advantage Fundamentals Banking
- Access to Business Advantage Checking 360 online and other mobile tools
- Access to small business specialists
- Business debit cards with $0 liability
- $16 monthly fee, but it can be waived if you maintain a $5,000 combined average balance, or spend $250 in net purchases on your business debit card, or become a member of preferred rewards for business.
Business Advantage Relationship Banking
Everything the fundamentals account has plus additional features, only there is a $29.95 monthly fee unless you maintain an average daily balance of $15,000.
The Bank of America bonus expires: 06/30/2024
6. American Express Business Checking – 30000 Membership Reward Points
You can earn 30000 membership reward points with American Express Business Checking after you:
- Deposit a total of $5,000 in eligible deposits within 30 days of opening your first account AND
- Maintain an average daily balance of $5,000 over the next 60 days AND
- Make 5 or more qualifying transactions within 60 days of opening your account
This account features no monthly maintenance fees, 24/7 support, unlimited transactions, and you earn 1.30% APY on balances of up to $500,000. All business checking accounts come with an American Express Business Debit Card.
Membership reward points can either be deposited into your business checking account or you can transfer them to Amex travel partners like Marriott, Hilton, and Delta.
7. Huntington Bank – Up to $1000 Bonus
Huntington Bank offers three business checking accounts to choose from.
Business Checking 100
Earn a $100 bonus when you deposit $2,000 within 60 days of account opening and keep the account open for at least 90 days.
Business Checking 100 gets you:
- 100 monthly transactions
- Deposit up to $5,000 in cash or currency monthly
- No monthly maintenance fees
Business Unlimited Checking
Earn a $400 bonus when you open a new account, deposit $5,000, and keep the account open for at least 90 days.
Business Unlimited Checking offers:
- Unlimited transactions
- Deposit up to $10,000 in cash or currency monthly
- One bonus service
- Waived monthly maintenance fees with $10,000 total deposit relationship balances or with a qualifying personal checking account
Unlimited Plus Business Checking
Get a $1000 bonus when you deposit at least $20,000 in new money within 30 days of account opening.
Unlimited Plus Business Checking offers:
- Unlimited transactions
- Deposit up to $25,000 in cash or currency monthly
- Choice of two bonus services
- Waived monthly maintenance fees with $50,000 in total deposit relationship balances or with a qualifying personal checking account
The Huntington Bank bonus expires: 04/30/2024
8. U.S. Bank – Up to $800 Bonus
Earn up to an $800 bonus when you open a U.S. Bank Business Checking account using the Promo code Q3AFL23 complete these qualifying activities:
- Open a U.S. Bank Business Checking account (Silver, Gold, or Platinum)
- Deposit $5,000 or $25,000 in new money within 30 days of account opening and maintain your balance for 30 days
Earn $350 when you deposit $5,000 or earn $800 when you deposit $25,000.
Silver Business Checking
Best for new or small businesses with basic banking account needs.
- $0 monthly maintenance fee
- 125 free transactions a month
- $0.50 for each additional transaction
Gold Business Checking
Best for businesses with more banking activity
- $20 monthly maintenance fee, waivable
- 300 transactions a month
- $0.45 for each additional transaction
The fee can be waived with U.S. Bank Payment Solutions Merchant Banking OR $10,000 average collected balance OR $20,000 combined average collected business deposit balances OR $50,000 combined average collected business deposits and outstanding credit balances.
Platinum Business Checking
Best for mature businesses with higher balances
- $30 monthly maintenance fee, waivable
- 500 transactions a month
- $0.40 for each additional transaction
The monthly fee can be waived if you have a $25,000 average collected balance, OR $75,000 combined average collected business deposits and outstanding business credit balances.
The U.S. Bank bonus offer expires: 04/23/2024
9. BMO Harris Bank – Earn Up to $100
BMO Harris has four different business checking accounts and the amount of your bonus depends on your average daily balance in the account for the first 120 days after account opening.
If you maintain an average daily balance of $4,000 you can earn $300. With an average daily balance of $10,000 you can earn $500, and with an average daily balance of $30,000 or more, you can earn $100.
You must also make 10 transactions on your account within the first 90 days.
BMO Simple Business Checking
With the Simple Business Checking you will get up to 100 transactions per month and each additional transaction is 40 cents each. You can also deposit up to $2,000 a month in cash. Each additional $100 will be charged 25 cents.
There is a monthly service fee of $10 but you only need to keep an average daily balance of $100 to avoid that fee. Note that to get the welcome bonus you’ll need to keep an average daily balance of $4,000 for the $300 bonus, $10,000 to receive the $500 bonus, and $30,000 for the $100 bonus.
BMO Premium Business Checking
With the Premium Business Checking you get up to 200 transactions per month, with each additional transaction costing 40 cents each. You can deposit up to $5,000 in cash per month and each additional $100 will be charged 25 cents.
There is a monthly service fee of $15 but you only need to keep an average daily balance of $1,500 to avoid that fee. Note that to get the welcome bonus you’ll need to keep an average daily balance of $4,000 for the $300 bonus, $10,000 to receive the $500 bonus, and $30,000 for the $100 bonus.
BMO Elite Business Checking
With the Elite Business Checking you get up to 500 transactions per month, with each additional transaction costing 40 cents each. You can deposit up to $20,000 in cash per month and each additional $100 will be charged 25 cents.
There is a monthly service fee of $25 which is waived if you meet one of the following requirements:
- An average daily balance of $10,000 in your checking account
- $25,000 average daily balance in combined business balances
Note that to get the welcome bonus you’ll need to keep an average daily balance of $4,000 for the $300 bonus, $10,000 to receive the $500 bonus, and $30,000 for the $100 bonus.
BMO Digital Business Checking
With the Digital Business Checking you get unlimited transactions per month. You can deposit up to $1,000 in cash per month and each additional $100 will be charged 25 cents.
There is a monthly service fee of $10 but you only need to keep an average daily balance of $500 to avoid that fee. Note that to get the welcome bonus you’ll need to keep an average daily balance of $4,000 for the $300 bonus, $10,000 to receive the $500 bonus, and $30,000 for the $100 bonus.
Non-BMO or Allpoint ATM transactions will cost $3.
The BMO bonus expires: 04/30/2024
Why Open a Business Checking Account?
As a business owner, you’ll want to keep your business and personal money separate. This means opening a business checking account and depositing all revenue from the business into the account. You would also pay all business expenses out of the account.
This is beneficial for a couple of reasons. One, it will let you know if your business is making money or not. If you keep running out of money in your checking account it’s a good indication that your income isn’t keeping up with your expenses. This can be surprisingly hard to keep track of if you don’t have a separate checking account for your business.
Two, it will make tax time much easier. You’ll have a separate list of income and expenses that you can refer to instead of trying to dig through your personal checking account for all your business expenses. Link this account to a bookkeeping software and you can simply pull reports at tax time.
Third, if you have an LLC or corporation you’ll want to avoid “co-mingling” your accounts. The point of an LLC is to limit your liability. If the company gets sued they will only have the assets in the business to go after. If you’ve been co-mingling your funds then your personal funds will also be at risk since there is no clear line as to where the business assets end and your personal funds begin.
What 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:
Unlike personal checking accounts, many business accounts have a limit on how many free transactions you can have in a month and will charge you for each transaction you make after that.
The costs can add up real quick if you are paying per transaction so make sure you get an account that can accommodate your specific business needs. When your business grows, consider upgrading your account.
Monthly Service Fees
Most business accounts come with a monthly service fee, but there are also usually a few requirements you can meet to waive it. For example, an average daily balance requirement, or a specific number of transactions on your linked credit card. Ideally, you’ll be able to easily meet those requirements, but if you can’t, make sure the additional perks are worth it. There are plenty of checking accounts that don’t charge fees or have easy-to-meet fee waivers.
Monthly Cash Deposit Limits
Monthly deposit limits usually refer to cash deposits. If your business takes payments in cash, you’ll want to pay attention to these. Cash deposit limits can cost you.
Business checking accounts typically have a set amount of cash you can deposit each month. If you exceed the limit, you’ll be charged a fee for every $100 deposit above that limit. Choose an account that will allow for all of your cash deposits and will limit these fees as much as possible.
What Do I Need to Open a Business Checking Account?
Requirements vary per bank, but generally, opening a business checking account is pretty easy. Check out the bank’s website or call customer service for the exact documentation you’ll need, but there are some common requirements that banks may ask for.
- Business documentation: You will need to provide legal documentation that verifies the existence of your business. This may include a business license, articles of incorporation, partnership agreement, or other legal documentation depending on the type of business. You’ll also indicate whether the business is a sole proprietorship, LLC, partnership, or corporation.
- Personal identification: You will need to provide personal identification, such as a driver’s license, passport, or other government-issued ID.
- Business identification number: You’ll likely need to provide your business identification number, such as an Employer Identification Number (EIN) or Tax Identification Number (TIN). You’ll need the actual form from the government that you received when getting your EIN.
- Tradename certificate: If you are opening the account in the business’ name you will need to provide proof you own that name. If you aren’t incorporated, a Tradename certificate will do the trick. If you’re a sole proprietor or you don’t have a business name, you can use your name.
- Minimum deposit: Many banks require a minimum opening deposit to open a business checking account.
- Authorized signers: You will need to provide the names and signatures of authorized signers on the account, which are typically individuals who have the authority to conduct financial transactions on behalf of the business.
Can I set up a business account if I’m a freelancer or contractor?
Yes, absolutely. It’s a great idea to keep your personal and business expenses separate. Call your bank and ask what documentation it needs. If you need an EIN but don’t have one they are free and easy to get at the IRS website.
Can I receive a bank account bonus more than once?
No. Not from the same bank, anyway. Most banks prohibit you from earning more than one new account bonus, per account type, per year. You could potentially earn a bonus on a checking account then on a savings account, or a personal checking account, and then on a business checking account, but you can’t earn the same bonus on the same type of account more than once.
Also, be careful about churning bank accounts. Some banks consider it a red flag if you’ve opened too many new accounts.
What happens if I close my account before receiving the bonus?
If you close your account before receiving the bonus, you’ll likely forfeit the bonus. Many business checking accounts have certain requirements, such as maintaining an average daily balance of $5,000 for 90 days. If you close the account before that, you’ve violated the terms of the promotion. Wait until you receive the bonus before you close the account.
Are bank bonuses worth it?
If you’re willing to jump through whatever hoops the promotion requires you to do, then bank bonuses can certainly be worth it. It doesn’t take long to open a new account online, so you’re not investing a ton of time. However, you should probably only open accounts that you intend to use anyway. Make sure the account meets your needs before you sign up. Remember bank bonuses are considered taxable income.
If you do decide to open a new business checking account, make sure you study the terms carefully. You don’t want to get excited about your bonus, only to discover you missed a step and now you don’t qualify.
Take some time to choose a new checking account based on your needs, as well as the amount of the bonus. Make sure to note minimum balance requirements, transaction limits, cash deposit limits, etc. You don’t want to be hit with fees that could have been avoided with more careful planning.