You can earn 1.51% APY on balances of up to $24,999.99 and more than $250,000. Then, you’ll earn up to 2.25% APY on balances of $25,000 to $250,000. Found is built for those who are self-employed, freelancers or gig workers. It features the ability to create different “pockets” to organize the flow of your income.

Business Checking Accounts

When you partner with us, you get access to specialized products, money management tools, flexible lending options and special rates. Check your eligibility to find the support you want, when you need it. return on invested capital roic formula Account holders can deposit checks from their phones and create dedicated employee login information so they can share access with the rest of their team. Other perks include various accounts payable integrations that can help streamline your business operations and up to $3 million in FDIC insurance.

Regions Bank; non-interest-bearing account, earns no APY

1. It also comes with access to dedicated Axos Bank relationship managers.
2. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews.
3. While these fees aren’t ideal, the amount of available rewards earnings may balance this negative out for some businesses.
4. Bankrate’s editorial team regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

This type of account acts as a holding area for card payment funds before they’re transferred to your business’s checking account. We picked the PNC Bank Treasury Enterprise Plan for small and medium-sized businesses with higher transaction volumes because it includes up to 2,500 free transactions and $50,000 in deposits a month. This package also includes Cash Flow Insight tools for accounts receivable and payable, invoicing, payments and more. Standard variable interest rates are determined at the bank’s discretion and are subject to change at any time without notice. Speak to a banker for current deposit rates, disclosures on rates, compounding and crediting and other balance information.

Bookkeeping Tools and Software

Brex partners with multiple banks to offer expanded FDIC insurance on up to $6 million in deposits. Customers can choose to keep their deposits in how to handle accounts payable in the cash flow statement cash or they can invest in money market fund Dreyfus Government Cash Management Investor Shares (DGVXX). Since Brex isn’t a bank account, you cannot deposit or withdraw cash from this account. Novo offers an Express ACH option for customers to get paid on the same day. However, this service comes with a charge of 1.5% of the transaction amount.

If you have any negative marks on your ChexSystems report, like unpaid accrued vs deferred revenue fees, bounced checks or overdrafts, this could impact your business account application. Use these tips to find out if a bank uses ChexSystems for business checking accounts. We chose the First Internet Bank’s business checking for the treasury management services that come with its Commercial Analyzed Checking account. These include commercial deposit services, payables and receivables, and sweep services. The account also comes with credit card processing and corporate credit cards.

But the bank may convert the account into another checking product if you make more than $40,000 in cash deposits during a statement cycle. The account is meant for businesses that have less than $10 million in annual sales. Just as businesses are different, so, too, are the features that each business owner will require in a business checking account. It’s best to set aside 30 minutes to an hour to open a business bank account. But the timeframe can be shorter or longer depending on the paperwork you need and whether you’re applying online or in person.

Capital One; non-interest-bearing account, earns no APY

EverBank offers several business checking accounts, including ones tailored to small businesses and non-profits. Its small business checking account earns a 0.50% APY on all balances and has no monthly management fees to worry about, but has a relatively high minimum deposit requirement of $1,500. A business money market account is similar to a savings account in that it earns interest and provides a place to build up cash reserves. However, this type of account typically comes with some features of a checking account, such as an ATM card or paper checks, that offer easier access to your funds. Money market accounts may pay higher interest rates than savings accounts but can also have steep balance requirements. A business savings account helps you build up a cash reserve for your business.

But you’ll need to provide both personal and business information to open a business bank account. Bluevine is a fintech company with banking services provided by Coastal Community Bank. It offers some features you often don’t get through online banks, such as the ability to deposit cash, order checkbooks and more.