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Theres more to the Wells Fargo vs. Bank of America business checking debate than just those details, however. .y-axis-3-table tr.row-17 td,
Otherwise, youll have to purchase the money orders to deposit cash. Here is a list of our partners and here's how we make money. Best PEO Companies for Business (Recommended 2022). .y-axis-3-table .tbody .tr:nth-of-type(even) .td,
Well help guide you through the key components of Wells Fargo and Bank of America business checking plans, as well as what to look for from any checking account, depending on your needs. }
Pre-qualified offers are not binding. text-align: center;
$13 monthly maintenance for small business checking account, $29.95 monthly maintenance on larger business checking accounts. The best small business checking accounts come in different sizes within a single bank. Sally Lauckner is an editor at NerdWallet. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. for your shop, there are a few basic tenets to follow before making a decision. background-color: #F9F9F7;
So long as you maintain a monthly balance of $15,000 or more orbecome a member of the Preferred Rewards for Business program, you're good to go. You get unlimited deposits, withdrawals, and transfers, not including international wires, cashiers checks, and other services. border-right: 1px solid #ddd;
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Wells Fargo Platinum Business Checking pulls out all (or at least most) of the stops compared to the other business checking accounts weve covered. .y-axis-3-table .column-5 {
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*Capital One currently requires that you visit a branch to complete an application to open a business checking account. /* ----------------------------- */
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Most businesses incorporated in the US are eligible for an account, except sole proprietorships or trusts. }
We like U.S. Bank because of the multiple checking options available and other business banking products available. Heres what to look for with each account, as well as our take on which one reigns supreme. .y-axis-3-table .column-2 {
Grasshoppers account is fee-free with no minimum balance requirements. 
If you need more sophisticated tools (or simply more free transactions), youll want a different kind of checking account entirely.
Like many of the traditional banks listed here, First Internet Bank offers great business savings accounts, which is one of our choices for the best business savings account. Business Fundamentals Checking Accounts have a $29.95 monthly fee unless the business account meets the following requirements each statement cycle: > $2,5000 monthly spending using a Bank of America business credit card, Active use of Bank of America Merchant Services or Payroll Services, Maintain an average monthly balance of $15,000, Maintain a combined average monthly balance of $35,000 in linked business accounts, Be a member of the Business Advantage Relationship Rewards program. For businesses that spend at least $2,500/month on their business debit or credit card with Bank of America and have an average monthly balance that is greater than $15,000. He shares his expertise in Fit Small Business financing and banking content. The variety of products available makes it a great choice for one of the best banks for real estate investors. Access to information regarding the creation of a small business can help people plan wisely and avoid common pitfalls. When evaluating offers, please review the financial institutions Terms and Conditions. Cash rewards for using the Merchant Services processing. .cc-table-desktop .tbody .tr:nth-of-type(odd) .td,
}
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Bank of America has a Business Advantage Relationship Rewards program. Gather together all the supplemental documents off the list below that apply to you, and fax them or email them to a Bank of America representative along with your application ID number. In addition, you can get $200 cash when you spend $2,000 on your debit card within 90 days. Email: SBA Loan Overview: Types, Pros and Cons, How to Apply, 7 Ways to Improve Your Small-Business Website. It does offer a higher limit checking account if your business outgrows the current deposit and transaction limits. Both banks offer you many of the same core features youd expect from financial institutions of their size: There are tons of branches throughout most of the United States, their online banking portals are among some of the best-designed in the market right now and youll get solid customer service via phone or in-branch visits. Odds are that any small business isnt necessarily looking for that level of customized care, nor would they qualify. He holds a bachelors degree from Northern Kentucky University and has more than 10 years of finance experience and more than 20 years of journalism experience. }
Though each provider on this list may require different documents to open a business bank account, heres a general list of what youll need: When choosing a provider to open a business checking account with, you should find an account that works best for how youll use it. Facebook There is an easy-to-use mobile app, so business owners can bank from anywhere. .cc-fullview-table .fit-table a {
Here is a list of our partners. font-size: 10px !important;
Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Wells Fargo Simple Business Checking is designed for smaller enterprises that really dont need much more than the bare minimum from their business checking account. .y-axis-3-table tr.row-2 td,
Also, Mercurys accounts are noninterest-drawing. Name, date of birth, Social Security number, residential address, and percentage of ownership for each Beneficial Owner. This account comes with a $29.95 monthly maintenance fee, which is more than double what Wells Fargo charges for a comparable account. He has worked for both small community banks and national banks and mortgage lenders, including Fifth Third Bank, U.S. Bank, and Knock Lending. .y-axis-3-table ul{
For businesses that spend at least $250/month on their business debit or credit card with Bank of America and have an average monthly balance that is less than $5,000. .cc-table-desktop .tbody .tr:nth-of-type(even) .td a,
}
.cc-table-desktop .tbody .tr:nth-of-type(even) .td a,
Their Business Advantage Relationship Checking account simply provides more for your money. .cc-table-desktop span.hyphen {
}
With the companys preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts. If youve gotten this far, it might seem like the hard work is behind you. If your business makes a lot of cash deposits, youll have to pay $1 for every $1,000 after depositing $5,000 in a month. Youll also get two service fee-free Platinum Checking accounts just for opening this account and access to all of the dynamic online banking options that come with each Wells Fargo business checking account. text-align: center !important;
.cc-fullview-table .fit-table .tbody .tr:nth-of-type(even) .td,
.cc-table-desktop .tbody .tr:nth-of-type(even) .td,
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Bank of America is an excellent service to use for its business checking account as long as you are willing to maintain the minimum balance requirements to avoid the maintenance fees and steer clear of the deposit and transaction limits. 
If your company is still growing and wont quite satisfy the monthly minimums required to waive fees, you may be better off paying for the occasional wire transfer than a monthly account charge. width: 24%;
.cc-fullview-table .fit-table .tbody .tr:nth-of-type(even) .td a,
In a rare move for a robust, feature-packed account of its kind, you only need $25 to open a Wells Fargo Platinum Business Checking account. You will need different application materials depending on the type of business you are (sole proprietor, corporation, limited liability etc.). .y-axis-3-table tr.row-21 td{
If you find the right bank straight from the start, youll minimize the need to move at all.
.y-axis-3-table .row-8 .column-1 img,
And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. The biggest perk of First Internet Banks checking account is that you earn 0.30% on balances greater than $10,000. All it takes is $25 to open a Wells Fargo Simple Business Checking account, and youll get access to the banks online banking portal, their brick-and-mortar locations and even the Wells Fargo hotline exclusively for small business owners. As your business needs change, you can change between the two types of accounts. word-break: break-word;
This article is part of a larger series on Business Banking. Free digital tools to track business performance, Cash deposit fees charged per $100 over monthly allowance, Deposit checks, view accounts, make transfers, and pay bills with the mobile app, Credit card processing and payroll services through ADP, Your business deposits large amounts of cash monthly, You do a lot of your business banking in person, You want to use the same bank for both your personal and business accounts, Maintain a $5,000 combined average monthly balance, Spend at least $250 in new net purchases on a business debit card. The company also offers lending products and business credit cards. background-color: #707070 !important;
If you have a business that makes a lot of debit card purchases and carries a high balance in your account, Grasshoppers earning power can rival any other bank on this list. *Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust. line-height: 16px;
OK92033): Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812.
If you need more sophisticated tools (or simply more free transactions), youll want a different kind of checking account entirely.
Like many of the traditional banks listed here, First Internet Bank offers great business savings accounts, which is one of our choices for the best business savings account. Business Fundamentals Checking Accounts have a $29.95 monthly fee unless the business account meets the following requirements each statement cycle: > $2,5000 monthly spending using a Bank of America business credit card, Active use of Bank of America Merchant Services or Payroll Services, Maintain an average monthly balance of $15,000, Maintain a combined average monthly balance of $35,000 in linked business accounts, Be a member of the Business Advantage Relationship Rewards program. For businesses that spend at least $2,500/month on their business debit or credit card with Bank of America and have an average monthly balance that is greater than $15,000. He shares his expertise in Fit Small Business financing and banking content. The variety of products available makes it a great choice for one of the best banks for real estate investors. Access to information regarding the creation of a small business can help people plan wisely and avoid common pitfalls. When evaluating offers, please review the financial institutions Terms and Conditions. Cash rewards for using the Merchant Services processing. .cc-table-desktop .tbody .tr:nth-of-type(odd) .td,
}
.cc-table-desktop .column-1 img {
left: 116px;
Bank of America has a Business Advantage Relationship Rewards program. Gather together all the supplemental documents off the list below that apply to you, and fax them or email them to a Bank of America representative along with your application ID number. In addition, you can get $200 cash when you spend $2,000 on your debit card within 90 days. Email: SBA Loan Overview: Types, Pros and Cons, How to Apply, 7 Ways to Improve Your Small-Business Website. It does offer a higher limit checking account if your business outgrows the current deposit and transaction limits. Both banks offer you many of the same core features youd expect from financial institutions of their size: There are tons of branches throughout most of the United States, their online banking portals are among some of the best-designed in the market right now and youll get solid customer service via phone or in-branch visits. Odds are that any small business isnt necessarily looking for that level of customized care, nor would they qualify. He holds a bachelors degree from Northern Kentucky University and has more than 10 years of finance experience and more than 20 years of journalism experience. }
Though each provider on this list may require different documents to open a business bank account, heres a general list of what youll need: When choosing a provider to open a business checking account with, you should find an account that works best for how youll use it. Facebook There is an easy-to-use mobile app, so business owners can bank from anywhere. .cc-fullview-table .fit-table a {
Here is a list of our partners. font-size: 10px !important;
Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Wells Fargo Simple Business Checking is designed for smaller enterprises that really dont need much more than the bare minimum from their business checking account. .y-axis-3-table tr.row-2 td,
Also, Mercurys accounts are noninterest-drawing. Name, date of birth, Social Security number, residential address, and percentage of ownership for each Beneficial Owner. This account comes with a $29.95 monthly maintenance fee, which is more than double what Wells Fargo charges for a comparable account. He has worked for both small community banks and national banks and mortgage lenders, including Fifth Third Bank, U.S. Bank, and Knock Lending. .y-axis-3-table ul{
For businesses that spend at least $250/month on their business debit or credit card with Bank of America and have an average monthly balance that is less than $5,000. .cc-table-desktop .tbody .tr:nth-of-type(even) .td a,
}
.cc-table-desktop .tbody .tr:nth-of-type(even) .td a,
Their Business Advantage Relationship Checking account simply provides more for your money. .cc-table-desktop span.hyphen {
}
With the companys preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts. If youve gotten this far, it might seem like the hard work is behind you. If your business makes a lot of cash deposits, youll have to pay $1 for every $1,000 after depositing $5,000 in a month. Youll also get two service fee-free Platinum Checking accounts just for opening this account and access to all of the dynamic online banking options that come with each Wells Fargo business checking account. text-align: center !important;
.cc-fullview-table .fit-table .tbody .tr:nth-of-type(even) .td,
.cc-table-desktop .tbody .tr:nth-of-type(even) .td,
.cc-table-desktop tbody tr:nth-of-type(even) td {
Bank of America is an excellent service to use for its business checking account as long as you are willing to maintain the minimum balance requirements to avoid the maintenance fees and steer clear of the deposit and transaction limits. If your company is still growing and wont quite satisfy the monthly minimums required to waive fees, you may be better off paying for the occasional wire transfer than a monthly account charge. width: 24%;
.cc-fullview-table .fit-table .tbody .tr:nth-of-type(even) .td a,
In a rare move for a robust, feature-packed account of its kind, you only need $25 to open a Wells Fargo Platinum Business Checking account. You will need different application materials depending on the type of business you are (sole proprietor, corporation, limited liability etc.). .y-axis-3-table tr.row-21 td{
If you find the right bank straight from the start, youll minimize the need to move at all.
.y-axis-3-table .row-8 .column-1 img,
And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. The biggest perk of First Internet Banks checking account is that you earn 0.30% on balances greater than $10,000. All it takes is $25 to open a Wells Fargo Simple Business Checking account, and youll get access to the banks online banking portal, their brick-and-mortar locations and even the Wells Fargo hotline exclusively for small business owners. As your business needs change, you can change between the two types of accounts. word-break: break-word;
This article is part of a larger series on Business Banking. Free digital tools to track business performance, Cash deposit fees charged per $100 over monthly allowance, Deposit checks, view accounts, make transfers, and pay bills with the mobile app, Credit card processing and payroll services through ADP, Your business deposits large amounts of cash monthly, You do a lot of your business banking in person, You want to use the same bank for both your personal and business accounts, Maintain a $5,000 combined average monthly balance, Spend at least $250 in new net purchases on a business debit card. The company also offers lending products and business credit cards. background-color: #707070 !important;
If you have a business that makes a lot of debit card purchases and carries a high balance in your account, Grasshoppers earning power can rival any other bank on this list. *Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust. line-height: 16px;
OK92033): Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812.