How we compare business bank accounts
We list 10 business checking accounts sold to US businesses. Every figure comes from the provider's own pricing page or fee schedule.
The table shows each account's published monthly fee and sorts by it, lowest first. Accounts with the same fee are listed A to Z. Where a fee can be waived, we show the condition beside it rather than assume you meet it. Interest rates are shown as published and never turned into an estimate of what you would earn. Commission does not change the order.
Business bank account fees: free or waived
Most accounts on this page are free outright. Chase and Piermont Bank charge a monthly fee that they waive if you keep a balance:
| Provider | Monthly fee | Waived at |
|---|---|---|
| Chase | $15/mo (Business Complete Banking) | $2,000, $35,000 or $100,000 by tier |
| Piermont Bank | $25/mo (Simply Business Basic Checking) | $1,000 (two of three tiers) |
The test matters as much as the number. Chase uses a minimum daily balance, which must hold on every day of the month, so one low day brings the fee back. Piermont uses a monthly average, which can dip for a few days. Chase also waives its fee for card spend or card sales, which suits a business that trades more than it saves.
Interest on a business bank account
Grasshopper and Bluevine pay interest on the checking balance itself. Other providers advertise a rate that belongs to a linked savings account or an investment product, not to the account you pay bills from.
| Provider | Rate |
|---|---|
| Grasshopper | 1.00% to 1.35% by band, on checking |
| Bluevine | 1.3% to 3.0% by plan, on checking |
| Relay | None on checking (savings to 3.00% by plan) |
| Mercury | Not published (Treasury, an investment product) |
| Slash | Not published (Treasury, an investment product) |
| Piermont Bank | Not published on checking (money market to 3.75%) |
An investment product can carry principal risk and is not a deposit account. Treat its yield as a separate decision from which checking account to open.
Who can open a business bank account
Check this before comparing fees: it decides whether you can open the account at all.
| Provider | Entities accepted | EIN required |
|---|---|---|
| Always Bank | Sole proprietors | Not published at source |
| Associated Bank | Sole prop, LLC, partnership | No, SSN or Federal Tax ID |
| Bluevine | Not published at source | Yes |
| Chase | Sole prop, single-member LLC, S and C corp | No, SSN or TIN accepted |
| Grasshopper | Sole prop, LLC, corp, partnership, non-profit | Yes, EIN or Tax ID |
| Mercury | Not published at source | Yes |
| Novo | Sole prop, LLC, corp, partnership, non-profit | Yes, on every entity type |
| Piermont Bank | Not published at source | Yes, TIN or EIN |
| Relay | LLC, corp, partnership, sole prop, non-profit | No for sole props, yes otherwise |
| Slash | Not published at source | Yes for US businesses |
"Not published" means the provider does not say, not that the answer is no. Grasshopper asks $100 to open an account and Associated Bank $100; see the To open row for the rest. A sole proprietor without an EIN can get one free from the IRS, issued online in minutes.
Where a business bank account holds your money
Several providers here are fintechs, not banks. Your deposits sit at a partner bank, and that partner is what FDIC insurance covers.
| Provider | Deposits held by |
|---|---|
| Always Bank | Bank division; 22nd State Bank |
| Associated Bank | Associated itself (bank) |
| Bluevine | Fintech; Coastal Community Bank |
| Chase | Chase itself (bank) |
| Grasshopper | Grasshopper itself (bank) |
| Mercury | Fintech; Choice Financial and Column N.A. |
| Novo | Fintech; Middlesex Federal Savings |
| Piermont Bank | Piermont itself (bank) |
| Relay | Fintech; Thread Bank |
| Slash | Fintech; Column N.A. |
FDIC insurance covers the bank failing, not the fintech in front of it. Coverage ranges from the standard single-bank limit to sweep networks many times larger, shown in the FDIC coverage row. The large figures come from sweeping your balance across many partner banks. That works, but it depends on the sweep agreement. If your balance is under the standard limit, none of this changes your choice.
Business bank accounts that take cash
If your business takes cash, start here. Some accounts take none at all.
| Provider | Cash deposits | Free cash each month |
|---|---|---|
| Always Bank | Not published at source | Not published at source |
| Associated Bank | Yes, allowance by tier | $3,000 to $15,000/mo by tier |
| Bluevine | Yes, charged from the first dollar | None |
| Chase | Yes, free at Chase ATMs | $5,000 to $25,000/mo by tier |
| Grasshopper | Yes, at select MoneyPass ATMs | Not published at source |
| Mercury | Not accepted | Not applicable |
| Novo | Not accepted | Not applicable |
| Piermont Bank | Yes, by appointment only | Not published at source |
| Relay | Yes, no Relay fee | $2,000/day (ATM), $5,000/mo (retail) |
| Slash | Not published at source | Not published at source |
Chase's free allowance covers cash paid in at a counter or night safe. Cash paid in at a Chase ATM is free on every tier, however much you deposit. If you take no cash, you can skip this section.