5 Best Business Checking Accounts in 2024

Selecting the right business checking account is a critical decision for any growing business, particularly for CFOs and finance teams who manage the company’s financial operations. It’s more than just a place to store funds—it’s a key tool for optimizing cash flow, managing payments, and supporting overall financial strategy. The right account can significantly enhance efficiency and help drive your business’s financial success.

In this guide, we’ve evaluated the top business checking accounts based on criteria that matter most to CFOs, including fees, features, integrations, and customer service. Whether you’re looking for high returns on your balances, seamless integration with financial tools, or reliable support, these accounts are the best options to meet your business’s needs.

Compare Top 5 Business Checking Accounts

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Core Criteria for Choosing a Business Checking Account

When selecting a business checking account, particularly for a growing mid market business, it’s important to focus on the features that will directly impact your financial management and efficiency. Here are the core factors to consider:

1. High APY on Balances

A competitive Annual Percentage Yield (APY) allows your business to earn interest on operating  cash, making your checking account a valuable asset. Look for an account that offers a strong APY, helping your funds grow even while sitting in your account.

2. Low or No Monthly Fees

Banking fees can add up quickly, and often erode any earnings made from APY. Choosing an account with low or no monthly fees is crucial for keeping costs down and ensuring that your money stays in your business. As of September 2024, some of the best business checking accounts, like Centime Checking Plus*, earn 3.75% APY^††. 

3. Robust Security Features

Centime Checking Plus* ensures that your deposits are fully safeguarded, not just with the standard FDIC insurance. Centime also offers an Insured Cash Sweep (ICS) program, which allocates your deposits across a network of FDIC-insured banks. This system protects balances exceeding the $250,000 FDIC limit by spreading the funds across several institutions, ensuring multi-million dollar coverage. This gives you peace of mind knowing that your funds are securely protected beyond basic coverage.

4. Multibanking

For businesses that work with multiple financial institutions, managing logins, checking balances, and transferring funds across banks can be a hassle. Wth multi-banking, you can view and transfer across all your accounts and financial institutions in one place, simplifying financial oversight without needing to change your existing banking relationships.

5. Integrated Financial Tools

Efficiency in financial operations can greatly benefit your business. Accounts that integrate with accounts payable (AP) automation tools, for example, can streamline processes, reduce manual work, and improve accuracy. 

6. Flexibility in Cash Management

Flexibility in managing your cash flow is critical, especially for growing businesses. Accounts that don’t require a minimum balance provide more freedom to allocate funds where they’re needed most without worrying about maintaining specific amounts.

By focusing on these key criteria—high APY, low fees, security, integration, financial tools, and flexibility—you can choose a business checking account that not only meets your needs but also supports your company’s growth effectively.

Top 5 Business Checking Accounts in 2024

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Overview

Centime Checking Plus*, powered by FNBO, is an outstanding business checking account designed specifically for growing businesses. Offering a highly competitive APY of 3.5%^†† with no maximum balance limit, this account allows businesses to earn significant returns on operating cash. Centime combines robust banking features with integrated financial automation tools, making it an ideal choice for businesses seeking efficiency, cost savings, and enhanced cash management. Additionally, Centime’s multi-banking feature allows businesses to link and manage their existing accounts from other banks, providing a unified view of their finances without needing to switch banks entirely. It also offers expanded protections with multi-million dollar FDIC coverage, and fraud protection against digital payment fraud. 

Key Features

• APY%: Centime Checking Plus* offers an impressive 3.5% APY^††, which stands out as one of the highest in the market (even higher than most restrictive savings accounts), providing substantial returns on balances without a cap or restrictions. 
• Monthly Fee: With no monthly maintenance fees for balances over $250,000, Centime Checking Plus* is designed to be cost-effective, helping businesses maximize their resources without worrying about additional banking costs. If your balance dips below $250,000 for an extended period, you may be subject to a $49/month fee through that period. 
• FDIC Insured/Insured Cash Sweep: Centime protects your deposits beyond the standard $250,000 FDIC coverage by offering multi-million dollar protection through its Insured Cash Sweep program. This program allocates deposits across several FDIC-insured institutions, giving businesses protection for deposits far exceeding the typical FDIC insurance limits. It is a seamless way for businesses to safeguard large balances without needing to open multiple accounts with different banks.
• Account-to-Account Transfer: Easily transfer funds across accounts and financial institutions with seamless account-to-account transfers. 
• View All Accounts in a Single Dashboard: With Centime Banking, you can  connect and manage accounts from other banks, offering a consolidated view of all your banking relationships in a single, easy-to-use dashboard.
• No Minimum Balance Requirement: Centime Checking Plus* offers the flexibility of no minimum balance requirements, allowing your business to maintain optimal cash flow without the pressure of keeping large sums in your checking account.

Pros

• High APY: Market-leading 3.5% APY^†† with no balance cap.
• Cost-effective: $0 monthly fees and no hidden costs.
• Security: FDIC insured and protected with an Insured Cash Sweep program.
• Efficiency: Integrated AP automation for streamlined financial operations.
• Flexibility: No minimum balance requirements.
• Account Aggregation: Link existing accounts from other banks to manage all your finances in one place.

Cons

• No Overdraft Protection: Centime Checking Plus* currently does not offer overdraft protection, which may require careful balance management to avoid declined transactions.

Fees and Charges

• Monthly Fee: $0 for balances over $250,000
• ACH Transfers: Free
• Wire Transfers: Competitive rates (details available upon inquiry)

Centime Checking Plus* is an exceptional choice for CFOs of growing businesses who prioritize earning high returns, maintaining cost-effective banking, and leveraging integrated financial tools for operational efficiency. The added protection of enhanced FDIC coverage and protection against digital payment fraud makes it even more attractive, giving your business peace-of-mind in addition to above-average returns. 

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Overview

American Express® Business Checking is designed for businesses seeking a reliable and straightforward banking solution, particularly those already familiar with the Amex ecosystem. This account offers a competitive APY on balances, no monthly fees, and a robust online banking platform. It’s an excellent option for businesses that value a seamless digital experience and the trust that comes with the American Express brand.

Key Features

• APY%: American Express Business Checking offers a 1.30% APY on balances up to $500,000, providing a decent return on your funds, especially for a checking account.
• Monthly Fee: There are no monthly maintenance fees, making this account a cost-effective choice for businesses that want to avoid unnecessary banking costs.
• FDIC Insured: The account provides FDIC insurance coverage up to the standard $250,000 per depositor, per bank, ensuring that your funds are protected up to that limit.
• Account-to-Account Transfer: Easily manage your funds with seamless account-to-account transfers, allowing for quick and efficient movement of money between accounts.
• Digital Experience: American Express offers a robust online and mobile banking experience, with features like mobile check deposit, bill pay, and easy access to your account from anywhere.
• Integration with Amex Ecosystem: If your business already uses American Express products, this account integrates smoothly with your existing Amex credit cards and other financial services, creating a cohesive financial management system.

Pros

• No Fees: $0 monthly fees, along with no minimum balance requirements, make it an affordable option for businesses.
• Competitive APY: Offers a 1.30% APY on balances up to $500,000, providing a modest return compared to many other business checking accounts.
• Trusted Brand: Backed by the strong reputation and customer service of American Express.
• Digital Convenience: Excellent online and mobile banking tools that streamline your financial management.

Cons

• APY Cap: The 1.30% APY is only applicable to balances up to $500,000, which might be limiting for businesses with larger cash reserves.
• No In-Person Banking: As an online-only account, it may not suit businesses that prefer in-person banking services.

Fees and Charges

• Monthly Fee: $0
• Overdraft Fee: N/A (overdraft protection not available)
• ACH Transfers: Free
• Wire Transfers: Competitive rates, with details available upon inquiry.

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Overview

Axos Bank Basic Business Checking is designed for small to mid-sized businesses looking for a straightforward, cost-effective banking solution. Known for its digital-first approach, Axos offers an online-only experience with no monthly maintenance fees and a host of features tailored to meet the essential banking needs of growing businesses. This account is ideal for businesses that prefer minimal fees and the convenience of managing finances entirely online.

Key Features

• Monthly Fee: Axos Basic Business Checking comes with no monthly maintenance fees, making it an attractive option for businesses focused on minimizing costs.
• Transaction Limits: The account allows up to 200 free transactions per month, which includes deposits, withdrawals, and transfers. After the first 200 transactions, a fee of $0.30 per transaction applies.
• Minimum Opening Deposit: The account requires a low minimum opening deposit of $1,000, making it accessible for new or small businesses.
• FDIC Insured: Axos provides FDIC insurance up to the standard $250,000 per depositor, per bank, ensuring that your funds are protected.
• Account-to-Account Transfer: Axos offers seamless online account-to-account transfers, allowing you to move funds quickly between your Axos accounts.
• Digital Banking Platform: With a focus on digital banking, Axos provides a robust online platform and mobile app for easy account management, including mobile check deposit, bill pay, and account alerts.

Pros

• No Monthly Fees: The absence of monthly maintenance fees makes this account an affordable choice for businesses aiming to minimize banking costs.
• Generous Transaction Limit: 200 free transactions per month cater well to small and mid-sized businesses with moderate transaction volumes.
• User-Friendly Digital Experience: Axos’s strong online and mobile banking platforms make managing your business finances convenient and efficient.
• Low Minimum Deposit: A low opening deposit requirement of $1,000 makes it easy for businesses to get started.

Cons

• Limited Free Transactions: While 200 free transactions may suffice for many, businesses with higher transaction volumes might find the $0.30 fee per additional transaction restrictive.
• No Physical Branches: As an online-only bank, Axos may not be suitable for businesses that prefer or require in-person banking services.

Fees and Charges

• Monthly Fee: $0
• Transaction Fee: $0.30 per transaction after 200 free transactions per month
• ACH Transfers: Free
• Wire Transfers: Competitive rates with fees applicable; details available upon inquiry.

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Overview

Grasshopper Business Checking is a digital-first banking solution designed for small businesses and startups looking for a modern, feature-rich checking account. With a competitive APY and no monthly fees, Grasshopper offers a range of benefits that cater to tech-savvy businesses that prefer managing their finances online. The account also includes cashback rewards, making it an attractive option for businesses looking to earn while they spend.

Key Features

• APY%: Grasshopper Business Checking offers a 2.25% APY on all balances, providing a strong return compared to many other business checking accounts.
• Monthly Fee: There are no monthly maintenance fees, allowing businesses to save on banking costs.
• FDIC Insured: Grasshopper provides FDIC insurance up to $250,000 per depositor, per bank, ensuring that your funds are protected.
• Account-to-Account Transfer: Grasshopper allows easy online transfers between accounts, making it simple to manage your business finances.
• Cashback Rewards: Earn 1% cashback on all debit card purchases, a unique feature that can add value to your everyday business expenses.
• Digital Banking Platform: Grasshopper’s platform is designed for seamless online and mobile banking, with features like mobile check deposit, bill pay, and expense management tools.

Pros

• Competitive APY: The 2.25% APY is higher than many other business checking accounts, making it a great option for businesses that maintain higher balances.
• No Monthly Fees: Grasshopper offers a fee-free experience, helping businesses reduce their overhead costs.
• Cashback on Purchases: 1% cashback on all debit card transactions provides additional value and rewards for your business spending.
• Strong Digital Experience: Grasshopper’s digital-first approach ensures a user-friendly and efficient online banking experience.

Cons

• No Physical Branches: As an online-only bank, Grasshopper may not be suitable for businesses that need in-person banking services.
• Limited Integrations: Grasshopper’s integrations with other financial tools may be limited compared to more established banks.

Fees and Charges

• Monthly Fee: $0
• Transaction Fee: No additional fees for transactions; everything is included with the account.
• ACH Transfers: Free
• Wire Transfers: Competitive rates, with fees applicable; details available upon inquiry.

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Overview

Chase Business Complete Banking℠ is a well-rounded business checking account offering a blend of digital convenience and in-person banking services. With access to one of the largest branch networks in the U.S. and a full suite of business banking features, Chase is a strong contender for businesses that need both online and traditional banking options. While it doesn’t offer an APY, it makes up for it with features like built-in fraud protection, 24/7 customer service, and valuable integrations with the wider Chase business ecosystem.

Key Features

• APY%: Chase Business Complete Banking℠ does not offer interest on checking balances, so there is no APY.
• Monthly Fee: The account comes with a $15 monthly fee, but it can be waived if you meet certain criteria, such as maintaining a minimum daily balance of $2,000 or linking your account to a Chase Ink® Business credit card.
• FDIC Insured: Chase offers the standard FDIC insurance up to $250,000 per depositor, per bank.
• Account-to-Account Transfer: Chase provides seamless transfers between Chase accounts and allows external transfers, making it easy to move funds.
• Access to Branches and ATMs: Chase has an extensive branch network with over 4,700 branches and 16,000 ATMs, which is a major benefit for businesses that prefer in-person banking services.
• Digital Banking Platform: Chase offers a comprehensive digital banking experience with mobile check deposit, bill pay, and access to account details via the Chase Mobile® app.
• Fraud Protection: Chase includes robust fraud protection measures, including real-time alerts, multi-factor authentication, and secure online banking.

Pros

• Waivable Monthly Fee: The $15 monthly fee can easily be waived by meeting specific criteria, which can help businesses avoid unnecessary costs.
• Extensive Branch Access: Chase’s vast branch and ATM network is ideal for businesses that need in-person banking options.
• Comprehensive Digital Tools: From online banking to mobile check deposit, Chase’s digital tools offer convenience for businesses managing their finances remotely.
• Fraud Protection: Chase’s advanced fraud protection measures ensure that your business’s funds remain secure.

Cons

• No APY: Chase does not offer any interest on checking account balances, which may be a drawback for businesses looking to earn on their deposits.
• Transaction Limits: Chase limits fee-free cash deposits to $5,000 per statement cycle, with a fee for any additional cash deposits.

Fees and Charges

• Monthly Fee: $15, waivable by maintaining a $2,000 minimum daily balance or making $2,000 in qualifying purchases on a Chase Ink® Business credit card.
• Cash Deposit Limit: Fee-free deposits up to $5,000 per statement cycle; $2.50 fee per $1,000 deposited beyond that.
• ACH Transfers: Free
• Wire Transfers: Fees vary based on type and destination; details available upon inquiry.

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When it comes to selecting the right business checking account, it’s important to focus on a few key considerations that align with your company’s unique needs. Here’s how to make sure you choose an account that’s the best fit for your business:

1. Consider Your Business Needs

Every business is different, and your specific financial operations should guide your choice of a checking account. Think about how you manage cash flow, the volume of transactions you handle, and whether you need additional services like account aggregation or AP automation. Choose an account that aligns with these needs and offers features that will help streamline your operations.

2. Understand the Costs

While it’s tempting to focus on accounts with no monthly fees, it’s also important to understand the full range of potential costs. Look beyond the basic fee structure and consider charges for things like wire transfers, overdrafts, and excess transactions, as well as the potential upside of a higher APY, which might offset fees.Being aware of these costs can help you avoid unexpected expenses and choose an account that offers the best overall value for your business.

3. Ensure Enhanced Protection

For businesses with balances exceeding $250,000, standard FDIC insurance may not be enough. Many business checking accounts limit FDIC coverage to $250,000, leaving funds over that amount at risk. Look for accounts that offer enhanced protection through features like an Insured Cash Sweep, which automatically spreads your deposits across multiple banks, ensuring full coverage for your entire balance.

Additionally, with the rise of digital payment fraud, it’s crucial to select an account that provides robust fraud protection. Consider the prevalence of digital payment fraud and choose an account that offers anti-fraud protection, advanced security measures, such as real-time monitoring, multi-factor authentication, and comprehensive fraud detection tools. These protections can safeguard your business from potential financial losses.

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Choosing the best business checking account for your organization depends on your company's specific financial needs and priorities. For growing mid market businesses, Centime Checking Plus* stands out with its market-leading APY, enhanced FDIC protection, and powerful features like multi-banking and integrated AP automation. It’s an ideal option for CFOs seeking both high returns and comprehensive financial management tools. Other accounts, like American Express Business Checking and Chase Business Complete Banking℠, offer their own strengths, particularly for businesses already within their ecosystems or requiring in-person banking. Ultimately, understanding your business's unique requirements will help you make the best choice for your financial success.

Disclaimer: Centime is not affiliated with, endorsed by, or partnered with the other brands or financial institutions mentioned in this article. The information provided is for general informational purposes only and should not be construed as an endorsement or partnership with any of the brands. While we aim to provide accurate and up-to-date information, please refer to each institution's official website for the most current details on their products and services.