You need a business checking account to keep your personal transactions separate from your business transactions. However, there are a lot of checking accounts to choose from these days. Some require monthly fees, others will waive any fees provided you meet certain criteria, while others are simply free. You might be tempted to go with the free one, but oftentimes the tools you receive through banks with monthly fees are more than worth their cost. To help you choose, here are our top five business checking accounts.
The best business checking accounts
Zero liability protection with three business accounts to choose from
With Wells Fargo, you can choose between three business checking accounts:
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Initiate Business Checking
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Navigate Business Checking
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Optimize Business Checking
Depending on your company and location, you may also be able to take advantage of Real Estate Trust Account and Federal Agency Checking.
Initiate Business Checking is the business checking account Wells Fargo recommends for new business owners. There is a $25 minimum opening deposit requirement and a $10 monthly fee unless you are able to maintain a $500 minimum daily balance or a $1,000 average ledger balance.
There is no fee for the first $5,000 cash deposits. Thereafter it is $.30 for every $100 deposited. For transaction fees, there is no fee for the first 100 transactions. After 100 transactions, you’ll pay $.50 for every transaction.
Each Initiate Business Checking account comes with customized cards and checks where you can add your company logo and the ability to remotely manage your account from the mobile app or online portal.
Pros:
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Open an account either online, over the phone, or in-person
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24/7 customer service support
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Strong mobile app
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Physical locations in 37 states
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Zero liability protection
Cons:
Read More: The best business checking account 2021