In most cases, yes, but it depends on the bank and your business type. Some banks may not require sole proprietors to provide an EIN since they may operate with only a Social Security Number.
Checking rates will not affect your credit score.
| Bank | Best for… | Minimum required deposit | Monthly fee | APY |
|---|---|---|---|---|
 | No fees | $0 | $0 | N/A |
 | Earning interest | $0 | $0 | 2.00% |
 | Business credit cards and rewards | $0 | $0 | 1.30% |
 | Branch access and full-service banking | $0 | $15 to $95 | N/A |
 | No ATM fees | $50 recommended, but not required | $0 | N/A |
 | Startups | $0 to $100 | $0 to $10 | 0% to 1.01% |
| 1 | 2 |
|---|---|
| Minimum deposit | $0 |
| APY | N/A |
| Monthly maintenance fee | $0 |
| Signup bonus | None |
| Free cash deposits | Yes, at MoneyPoint and nbkc ATMs |
Foreign transaction fees
High international wire transfer fee
Can only deposit cash at certain ATMs
High fees are common in small business banking, but that’s where nbkc bank differs: Not only is it light on almost all fees, but it’ll actually pay you back for any fees that you pay to third-party ATM owners (up to $12 per month).In fact, the only fee it charges checking accounts is a 1% foreign transaction fee (important if you travel abroad frequently for business), and a few wire transfer fees ($5 to send a wire within the U.S., or $45 to send and receive an international wire transfer).
| 1 | 2 |
|---|---|
| Minimum deposit | $0 |
| APY | 2.00% |
| Monthly maintenance fee | $0 |
| Signup bonus | None |
| Free cash deposits | No; cash deposits cost $4.95 |
Extra fees to deposit and withdraw cash
Doesn’t offer business savings accounts
Extra care needed to ensure FDIC coverage
| 1 | 2 |
|---|---|
| Minimum deposit | $0 |
| APY | 1.30% |
| Monthly maintenance fee | $0 |
| Signup bonus | 50,000 Membership Rewards points (worth up to $500) if you deposit and keep $5,000 in your account for the next 60 days and make at least five qualifying transactions. |
| Free cash deposits | N/A |
Cash deposits not available
High foreign transaction fee
Doesn’t offer a savings account
American Express is known for its excellent rewards credit cards, but you can earn those same points — plus interest too — with its Business Checking account. Unfortunately, it doesn’t offer a savings account to match, but does offer plenty of software integrations to keep track of multiple business accounts.In addition to an excellent sign-up bonus, you can also earn 0.5 points per dollar spent with your Amex Business Checking debit card. It’s not a huge earnings rate, but it’s more than you’ll get with most other banks. The only thing to watch out for — besides avoiding this account entirely if your business deals in cash deposits — is the foreign transaction fee, currently 2.7%.
| 1 | 2 |
|---|---|
| Minimum deposit | $0 |
| APY | N/A |
| Monthly maintenance fee | $15 unless you meet fee waiver requirements |
| Signup bonus | $300 if you deposit at least $2,000 and hold it in the account for 60 days, and complete five transactions in the first 90 days. |
| Free cash deposits | Up to $5,000 per month |
Fees galore
Limited number of free transactions
High minimum balance requirement to waive fees
Chase is the largest bank in the country. It offers more branches than any other financial institution, which frequent business travelers may appreciate. It also offers some particularly good small-business rewards credit cards, and a payment processing system (Chase QuickAccept) that doesn’t require a separate merchant account.It offers three types of business checking accounts and two types of business savings accounts to choose from; however, these accounts come with many fees and limitations. The Chase Business Complete Checking account, for example, charges $15 per month unless you meet one of five waiver options, such as keeping at least $2,000 in your account. While it’s nice to have a way to waive the fee, it is just one more thing you’ll need to manage each month.
| 1 | 2 |
|---|---|
| Minimum deposit | None; but $50 is recommended |
| APY | N/A |
| Monthly maintenance fee | $0 |
| Signup bonus | None |
| Free cash deposits | N/A |
Doesn’t offer wire transfers
Doesn’t allow cash deposits
No interest-bearing accounts
Novo offers an online business checking account that is very light on fees; in fact, it only charges for returned payments and express ACH transfers. This account is geared toward entrepreneurs, offering free invoicing and discounts on popular related services like Gusto and Stripe.While it is light on fees, Novo does not offer any way to earn interest on your bank deposits. In fact, it doesn’t even offer a separate savings account; although you can create an on-platform small business budget of sorts, with separate buckets for things like tax savings and profit payouts.
| 1 | 2 |
|---|---|
| Minimum deposit | $0 to $100 |
| APY | 0% to 1.01% |
| Monthly maintenance fee | $0 to $10 |
| Signup bonus | Up to $400 total: $75 per month for four months if you set up bill pay, make at least 10 signature-based debit purchases of $3 or more and maintain a balance between $25,000 and $50,000 (earn $100 instead for deposits of $50,000 or more). |
| Free cash deposits | Yes, at MoneyPass and Allpoint ATMs |
Foreign transaction fee
Monthly transaction limits
Signup bonus has lots of requirements
Axos Bank offers several types of business checking and savings accounts designed to meet your needs whether you’re a startup or an established business. At its entry level, Axos offers Basic Business Checking that has no minimum deposit requirements or monthly fees. As your business grows, you can scale up to its Business Interest Checking account, which carries a $10 monthly fee unless you maintain a $5,000 average daily balance in the account — but it also offers a good interest rate.Axos Bank is also a good choice if you plan to apply for business financing in the future, since it offers SBA loans. Establishing a banking relationship early on can help improve your chance of approval.
Business checking accounts allow you to manage your daily cash flow — including collecting money and making purchases. They’re not just for large businesses either; any business, even freelancers and entrepreneurs, should open a business checking account as soon as you begin accepting payments and making business purchases. You can even open one before you launch your business as a way to separate your startup savings from your personal funds.
Besides having an easier way to separate your business and personal funds for budgeting and tax purposes, keeping separate accounts is also a good practice for other reasons. It helps shield your personal funds in case someone sues your business, lets you accept more payment options from customers, and gives your business more of an air of professionalism if you seek out funding in the future.
In most cases, yes, but it depends on the bank and your business type. Some banks may not require sole proprietors to provide an EIN since they may operate with only a Social Security Number.
Axos offers the best business bank accounts for small businesses that are just starting up because it offers several feature-rich accounts with no fees, with an ability to scale up to different business accounts later.
You can use your personal bank account for business purposes if you’re operating under certain business structures such as a sole proprietorship, but it’s not recommended. Some business types, such as corporations, are required by law to have a separate business bank account.
It depends on the bank. Some small-business banks have no minimum required opening deposit, allowing you to get started right away. This may be more common with small-business checking accounts, which may offer fewer features but have fewer requirements as well (as opposed to other types of commercial checking accounts).