Best Business Checking Accounts for Entrepreneurs in 2023

Business owners and entrepreneurs have a very unique need when setting up a business checking account. For years, many banks made the bigger part of their fees on business products which include business checking accounts. It has always been frustrating for a business owner or entrepreneurs to get a business checking account simply because, businesses don't have lots of free checking account, unlike personal accounts that have that available. However, technology is already changing that. More banks are also beginning to offer good business checking accounts with reasonable and lower fees. If you are an entrepreneur or you are thinking of starting a business, you will need to have a business checking account. This is very important because if you don't have one, you could be putting your business and yourself at risk. As an entrepreneur running a business, you have different things to worry about more than you would worry as a person using a personal checking account.

List of Best Business Checking Accounts for Entrepreneurs

Firstly, you need to make sure that your business funds are separate from your personal funds. This could open up risks if they are not separate. The risks it could open up include issues when you go to file your taxes, or lawsuits and liability for business debts. In this article, we will be sharing the best business checking accounts for entrepreneurs or business owners and other important factors to consider before opening one.

Huntington Bank Business Checking - Account Link

Huntington Bank Business Checking is a very popular mortar and brick bank in the midwest and they provide a good free business checking products. They offer unlimited transactions per month with free business checking. They do not have a minimum account balance requirements and a free online statements. Although, there is a monthly service fee of $20 that can be waived if the requirements are met. With a business account that is tailored to the very needs of startups and small businesses, or your business is still growing, you can stick with Huntington Bank Business Checking account. Currently, they are offering a cash bonus of $300 when you make a deposit of at least $5,000 in the first 60 days. It is important to note that the cash bonus will only be deposited into your account after 90 days of opening the account.

Huntington Bank Business Checking

Attractive benefits

· Remote deposit

· Unlimited monthly transactions

· Resources and tools for entrepreneurs

· Sweep services

Lastly, another amazing benefit of opening an account with Huntington is it's resources. Using the Hub for business, you will have access to tools like alert, financial forecasting and cashflow monitoring. This bank has articles that help entrepreneurs and a checklist to guide you open a business account.

Bank Novo - Account Link

Bank Novo is a free digital platform for banking. It is targeted for side hustlers and small business entrepreneurs. This is a perfect business checking account for entrepreneurs and it is mobile friendly with an amazing application, no fees, photo check deposit, and wide range of integrations to connect with many other tools. Currently, they are offering $25 if you open an account and make a deposit of $50. With Bank Novo, you will not be required to pay any fees for your business account. Also, businesses will have access to the members only discounts on some tools such as Zendesk, Stripe, Salesforce Essentials, Hubspot and Google cloud. The required minimum account opening deposit is $50 after which you will not be required to keep a certain balance per month to maintain the business account.

Bank Novo Business Checking

Attractive benefits

· No minimum balance requirement

· No maintenance fee

· Free ATM

· Free transfers and mailed checks

The operation of Novo is entirely online, and apart from withdrawing money, it ensures that anything can be done through your application. In a matter of minutes, you can apply for an account and also get approval. And once it is accepted, you can access your account through any mobile device of your choice.

With the application, you can:

· Pay bills

· Deposit checks

· Mail paper checks

· Access tools like Zapier, Xero, Transferwise and Slack

· Transfer funds.

Chase Total - Account Link

This business checking account is among the most popular business checking accounts because it has a large number of branches and amazing service. It is not entirely free unless the minimum monthly requirement is met. But it is a top checking account because of its availability worldwide, it's branches are everywhere, and it is currently among the best banking products. However, the minimum requirement is very easy to meet. When you set up an account with a qualifying activities right now, you will get a bonus of $200. That's amazing!

To get this $200 bonus, you need to do the following:

· Open an account

· Deposit a total of $1000

· Maintain the balance for complete 60 days

· Within that 60 days, complete 5 transactions.

Chase total has a fee of $15 per month if you are enrolled in a paper statement and a fee of $12 if you are enrolled in paperless statements. This can be waived easily if you keep a daily minimum balance of $1,500 pr more in the account.

Chase Total Business Checking

Attractive Benefits

· 100 free transactions per month

· Easy access to about 16,000 ATMs in 4,900 branches

· Unlimited electronic deposits.

US Bank Silver - Account Link

This checking account is among the best deals in checking accounts for small businesses and entrepreneurs. The monthly maintenance fee for this account is $0, online bill pay, online banking, mobile check deposit and more. The shortcomings here is that the accounts have limits. But, many of the entrepreneurs and small businesses will not hit the limits.

The business checking accounts is a fantastic choice for entrepreneurs and new businesses and have a relatively low transaction count per month. What makes this business account unique is the fact that it offers you free 25 cash deposit units each month. As you read the print from US Bank, you will be told that the unit cash amount in dollar you deposit, divided by a 100 and then rounded to whole number. I.e if you deposit 222, you will divide the 222 by 100:

222/100 =2.22

Then you will approximate that to the closest whole number which is 2 in this case. So when you deposit $222, it means that you have used 2 of your free cash deposit units which is 25. This is quite unique but confusing. Once this limit has been passed, they will start charging you for every additional units used.

US Bank Silver Business Checking

Some extras offered by US Bank:

· viewpost digital invoicing

· $200 credit on payroll services

· A free card reader.

Radius Bank - Account Link

Radius Bank Business Checking account is the solution for entrepreneurs and side hustlers. The amazing plus about this account is that it pays interest! And you can get up to 0.75% on balances that are over $5,000. It is very rare to see a business checking account paying interest. This account provides free unlimited bank transactions, that is not likely for a business account (banks normally charge per transaction). Radius bank mobile application is one of the easiest online app that takes just about 5 minutes. The online application of many banks is not a complete App and you will need to send multiple documents, which takes a lot of time.

There is an associated monthly fee to be paid, but with a $5,000 minimum balance, that fee can be waived.

Radius Bank Checking

Features of this account:

· Free online bill pay

· Online banking

· Mobile check deposits

· Free ATM withdrawals.

Final Thoughts

As an entrepreneur, it is important to keep your personal finances separate from your business finances because, by mixing business and personal accounts, you will create a tax headache for yourself in no time.

Now, you must have seen that there are several great options for business checking. You don't need to actually pay fees to have a business checking account, all that you need is to open your account at a good bank.