There is no single "best" account — it depends on your monthly volume, balance, and which fees hurt most

The bank that works best for one business will cost another business money it doesn't need to spend. A freelancer who deposits $2,000 a month and writes five checks needs something completely different from a retail shop that processes 200 transactions weekly. The real question is not which bank is best in general, but which one charges you the least for the way you actually do business.

The differences that matter most are: monthly maintenance fees (ranging from $0 to $25 or more), per-check charges, per-deposit charges, minimum balance requirements, and whether you pay for ACH transfers or wire transfers. Some banks waive fees if you keep a certain balance or set up direct deposit. Others charge nothing but make their money on overdraft fees. You need to know your own numbers first — how many checks you write, how many deposits you make, what your typical balance is — then compare what each bank would actually charge you.

Key Takeaways

  • The lowest-cost account for your business depends on your transaction volume and balance, not on which bank has the best reputation.
  • Monthly maintenance fees range from $0 to $25 or higher, and many banks waive them if you maintain a minimum balance or receive direct deposits.
  • Per-transaction fees (checks, deposits, ACH transfers) add up quickly for high-volume businesses and should be compared across banks before opening an account.
  • Most banks publish their fee schedules online; calculating your own monthly cost with each bank takes 15 minutes and reveals the real difference.
  • Online banks typically charge lower or no monthly fees but may not offer in-person service, mobile check deposit, or same-day wire transfers.

How to find your actual cost at each bank

Start by writing down your own transaction profile for a typical month: the number of checks you write, the number of deposits you make (and whether they are checks, cash, or ACH transfers), the number of ACH transfers you send out, and your typical account balance. This takes five minutes and is the only number that matters.

Then go to each bank's fee schedule — not the marketing page, but the actual fee schedule document, usually labeled "Business Checking Account Fee Schedule" or "Pricing" on their website. Write down the monthly maintenance fee, any per-check charge, any per-deposit charge, any ACH transfer charge, and any minimum balance requirement. Multiply the per-transaction fees by your monthly volume, add the maintenance fee, and subtract any waivers you may have access to for (usually based on balance or direct deposit). That number is what the account actually costs you per month.

Do this for three to five banks. The difference between the cheapest and most expensive is often $30 to $60 a month — that is $360 to $720 a year for doing the same work. Many business owners never do this calculation and pay hundreds of dollars annually for convenience they do not use.

Banks with no monthly maintenance fees

Chase Total Business Checking charges no monthly fee if you maintain a $2,500 minimum balance or receive at least one direct deposit per month. If you fall below the balance and have no direct deposit, the fee is $15 per month. Checks and deposits are free. ACH transfers are free. Wire transfers cost $15 to send and $15 to receive.

Bank of America Business Checking charges $12 per month unless you maintain a $2,500 balance or have $5,000 in combined deposits. Checks and deposits are free. ACH transfers are free. Wire transfers cost $15 to send.

Wells Fargo Business Checking charges $13 per month unless you maintain a $2,500 balance. Checks and deposits are free. ACH transfers are free. Wire transfers cost $15 to send and $15 to receive.

Axos Bank Business Checking charges no monthly fee, no per-check charge, no per-deposit charge, and no minimum balance. ACH transfers are free. Wire transfers cost $25 to send and $15 to receive. Axos is online-only, so there is no in-person branch, but they offer mobile check deposit and 24/7 phone support.

Mercury (online-only) charges no monthly fee, no per-check charge, no per-deposit charge, no minimum balance, and no wire transfer fees. Checks and ACH transfers are free. Mercury is built for startups and tech businesses and integrates with accounting software. There is no physical branch.

Banks with low per-transaction fees

If you write many checks or make many deposits, per-transaction fees add up faster than monthly maintenance fees. Some banks charge $0.15 to $0.50 per check and $0.25 to $1.00 per deposit. A business that writes 50 checks and makes 30 deposits per month could pay $20 to $40 just in transaction fees.

Novo (online-only) charges no monthly fee, no per-check charge, no per-deposit charge, and no minimum balance. ACH transfers and wire transfers are free. Novo is designed for freelancers and small service businesses and offers unlimited checks and deposits.

Lemonade Bank (online-only) charges no monthly fee, no per-check charge, no per-deposit charge, and no minimum balance. ACH transfers are free. Wire transfers cost $15 to send. Lemonade offers mobile check deposit and integrates with QuickBooks.

Huntington Business Checking charges $10 per month but waives it if you maintain a $1,000 balance. Checks and deposits are free. ACH transfers are free. This works well for businesses with low balances that want a physical branch.

When to choose an online bank versus a traditional bank

Online banks (Axos, Mercury, Novo, Lemonade) typically charge lower or no monthly fees and no per-transaction fees. They offer mobile check deposit, 24/7 phone support, and integration with accounting software. The trade-off is that there is no physical branch to walk into, no teller to talk to in person, and wire transfers may take longer (usually one business day instead of same-day).

Choose an online bank if: you rarely need to deposit cash, you do not need same-day wire transfers, you are comfortable with phone or chat support, and you want the lowest fees. Choose a traditional bank (Chase, Bank of America, Wells Fargo, Huntington) if: you deposit cash regularly, you need same-day wire transfers, you want to talk to someone in person, or you already have other accounts at that bank and want to keep everything in one place.

Many small businesses use both — an online bank for low-cost checking and a traditional bank for a business credit card or line of credit, since online banks do not offer lending products.

What to watch out for when comparing accounts

Banks often advertise "no monthly fee" but hide fees in other places. Read the full fee schedule, not just the marketing headline. Look for: overdraft fees (usually $25 to $35 per overdraft), returned-check fees (usually $15 to $25), stop-payment fees (usually $25 to $35), and fees for closing the account early.

Some banks charge for incoming wire transfers, which is unusual but does happen. Some charge for ACH transfers if you exceed a certain number per month. Some charge for paper statements. Some charge for business debit cards. None of these are deal-breakers, but they should be part of your calculation.

Also check whether the bank reports to business credit bureaus. Some do, some do not. If you are building business credit, this matters. Chase and Bank of America report to Dun & Bradstreet; many online banks do not.

How to switch banks without disrupting your business

Once you have chosen an account, open it before you close your old one. Give yourself two to three weeks to update your information with clients, vendors, and payroll providers. Set up automatic transfers from your old account to your new account to catch any stragglers. Ask your old bank to forward checks sent to the old account for 90 days (most will do this for free).

Update your business address with the IRS, your state tax agency, and your business license holder. Update your banking information with your payroll provider, your accounting software, and any clients who send you ACH transfers. Print new checks from your new bank — do not order them from a third party until you are sure the account is working correctly.

Keep your old account open for at least 30 days after the switch, in case a check or transfer shows up late. Once you are confident everything has moved, close the old account in writing (not by phone) and ask for written confirmation that it is closed with a zero balance.

Frequently Asked Questions

Do I need a minimum balance to avoid fees?

Most traditional banks waive monthly fees if you keep $1,000 to $2,500 in the account. Online banks usually have no minimum balance requirement at all. If your balance fluctuates, calculate whether the monthly fee is cheaper than the cost of keeping extra money in the account that you could use elsewhere.

Can I get a business checking account if I am a sole proprietor?

Yes. Most banks offer business checking to sole proprietors, partnerships, LLCs, and corporations. You will need an EIN (Employer Identification Number) from the IRS, which is free and takes 15 minutes to get online. Some banks also accept a Social Security number if you do not have an EIN yet.

What if I need to deposit cash regularly?

Online banks do not have ATMs or tellers, so cash deposits are difficult. Choose a traditional bank with branches near your location, or use a bank that partners with a network of ATMs for deposits. Chase, Bank of America, and Wells Fargo all have extensive branch networks. If you deposit cash only occasionally, you can deposit at a branch of your bank and transfer the money online.

Do I need a business credit card with my checking account?

No. A business checking account and a business credit card are separate products. You can have one without the other. Many small businesses use a business checking account for expenses and a personal credit card for purchases, or vice versa. If you want to build business credit, a business credit card helps, but it is not required.

What happens if I overdraft my business checking account?

Most banks charge $25 to $35 per overdraft and may decline the transaction instead of covering it. Some banks offer overdraft protection, which links your checking account to a savings account or credit line and automatically transfers money if you overdraft. Ask about this when you open the account if overdrafts are a concern.