Which Bank Provides the Best Business Account? 10 Options to Consider
Accounts with varied interest rates, membership fees and additional services give them the best options for their current financial needs.
Written By: BOSS Editorial
Reading Time: 11 minutes
Running a business is much easier with a reliable banking partner. Experts across industries can research which bank provides the best business account to improve their finances.
Accounts with varied interest rates, membership fees and additional services give them the best options for their current financial needs.
1. First Commonwealth Bank
First Commonwealth Bank has been serving community members since opening in 1982. Branches operate in 26 counties across Pennsylvania and Ohio, so enterprise owners in the northeast have easy-access locations for their business bank accounts. It also provides big bank services while still knowing each customer by name. Exceptional customer service is one of the many perks that set this financial institution apart.
The bank can also arrange competitive lending rates and overdraft protection for every business bank account. Industry leaders can use the Mastercard benefits of checking account cards to enjoy ongoing personal benefits with the award-winning team. First Commonwealth Bank’s Federal Deposit Insurance Corporation (FDIC) insured accounts, fee-free transactions at ATMs, and online banking options make it a leading choice when it’s time to gain financial confidence.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| Business name and current address Entity identification number (EIN) and date of issuance Personal name, current address and birth date Social Security number (SSN) or taxpayer identification number (TIN) | Business checking Business solutions checking Business checking analysis Business checking plus Business savings | Business BillPay Liquidity, receivables and disbursements management Business online and mobile banking And others |
2. Bank of America
Decision-makers rely on Bank of America for dependable checking solutions. The institution uses Zelle for quick financial transactions and seamlessly integrates checking accounts with QuickBooks. Low monthly fees also make Bank of America better for smaller operations. Clients can contact the in-house teams of small business specialists for help whenever they have questions or concerns.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| Personal identification, like a driver’s license or SSN An EIN State or federal paperwork verifying the business as a legal entity Paperwork verifying the company’s address and phone number | Business Advantage Fundamentals Banking Business Advantage Relationship Banking | Zelle Fraud protection Dedicated small business specialists Overdraft services Digital debit cards And others |
3. Wells Fargo
Wells Fargo has some of the best business accounts available. The longtime financial institution has three arrangements for small to large entities. Monthly service fees range between $10 and $75, depending on the type of account. With more than 11,000 ATMs nationwide and online banking options via app, business owners enjoy easy access to all of their financial information.
Customers with Wells Fargo also get immediate alerts if unusual activity occurs within their accounts. Automatic reports detail unauthorized transactions due to the bank’s 24/7 monitoring. Industry leaders may enjoy more peace of mind after contacting Wells Fargo for a business account arrangement.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| Information about the business Documentation about the owners of the business | Initiate Business Checking Navigate Business Checking Optimize Business Checking | Financing options Capital access Budgeting assistance Security and information management Sustainability solutions And others |
4. PNC Bank
Startups and small business owners contact PNC Bank for flexible business checking accounts. The financial institution provides numerous ways to avoid paying monthly account maintenance fees, making professional accounts more accessible to people starting their entrepreneurial careers. PNC also has cash flow insight, which is invaluable to growing brands. Clients can research their spending data with custom timelines and gain insights to manage their finances more effectively.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| Government-issued photo ID Documents verifying the business’s registration TIN A valid email address | Business Checking Business Checking Plus Treasury Enterprise Plan Analysis Business Checking Additional Checking Solutions | Loans Credit cards Lines of credit Online and mobile banking |
5. TD Bank
TD Bank has three account options for entrepreneurs needing better checking arrangements. Depending on the client’s selection, account owners can waive their monthly fees, get support for professional invoices and enjoy discounts on banking services. TD Bank’s included wire transfer options and Visa debit cards make money moves easier once their account is operational.
Companies also appreciate TD Bank’s small business dashboard to get essential data after syncing accounting software like FreshBooks or QuickBooks. The dashboard automates cash flow forecasting by tracking financials in one location. Decision-makers can review the reports to benchmark their performance and adjust their long-term goals, achieving success metrics more easily.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| Tax ID number The legal business name and address A state-issued personal ID Identification for any other authorized signers | ED Business Premier Checking TD Business Convenience Checking Plus TD Business Simple Checking | TD Business Early Pay Small Business Resource Center Business payroll and HR solutions Investing solutions And others |
6. Truist
People needing business bank accounts often contact their local Truist branch. It has multiple checking options, plus reliable online banking services and Zelle payment opportunities. The most straightforward account arrangement comes with no monthly maintenance fee. Business owners who upgrade their accounts gain Delta SkyMiles on transactions and no charges for cash deposits, depending on their account selection.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| Business information, like TIN and a verified address Personal information, such as an SSN and legal name documentation Additional party application documents | Truist Simple Business Checking Truist Dynamic Business Checking Truist Community Checking | Small business loans Business credit cards Insurance Employee Benefits And others |
7. Chase
Consumers may recognize Chase as a personal bank or credit card company, but the banking institution also arranges business accounts. The three checking options have various monthly service fee structures. Clients can waive their fees by maintaining daily balances specific to their account selection.
Perks like no charges for ATM deposits, mobile banking and employee deposit cards are available after a new client’s account opens. Curious professionals should review the documentation required for their specific entity type to start the process.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| State-issued personal ID Business structure documentation verifying a sole proprietorship, LLC or corporation | Chase Business Complete Banking Chase Performance Business Checking Chase Platinum Business Checking | Payment solutions Business credit cards Access to more than 5,000 branches and 15,000 ATMs Chase Mobile Banking Online banking And others |
8. Citizens Bank
Citizens Bank is one of the country’s oldest financial institutions. The bank’s teams use their experience to arrange numerous options for enterprise owners needing new accounts. Overdraft credit lines and flexible monthly maintenance fees appeal to those with various revenue streams. Citizens Bank clients also gain online banking services, access to over 1,000 branches and money movement coordination assistance.
Entrepreneurs can get additional services from Citizens Bank besides a checking account. The financial institution arranges business loans, credit cards and cash management support as necessary. The money movement strategies securely pay bills and send invoices according to each client’s cash management platform preferences. Citizens Bank also provides learning resources for professionals at every stage of their career.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| Government-issued primary photo ID EIN SSN And other documents, depending on the business type | Clearly Better Business Checking Business Advisor Checking Citizens Analysis Business Checking | Online and mobile banking Access to over 3,000 ATMs and 1,000 branches Invoicing and accounting Overdraft protection And others |
9. Fifth Third Bank
Fifth Third Bank has leading business checking account solutions for professionals across industries. Clients gain accounts without hidden fees, and the starter checking arrangement does not need a monthly balance to waive the service charge, making it appealing to people starting their careers.
Check fraud protection, ACH initiation and overdraft protection are also among the many benefits of Fifth Third Bank account types. Users can even sign up for text alerts so they always know what’s going on with their hard-earned money.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| SSN or EIN Business formation documents Government-issued ID | Fifth Third Business Checking Account Fifth Third Business Premium Checking Account Fifth Third Business Elite Checking Account | Online bill payment and banking Mobile banking via app Text alerts Overdraft protection 1,100 full-service banking centers And others |
10. Capital One
Anyone seeking business banking solutions can contact their local Capital One branch. The bank has three checking products for various transaction needs. Minimal charges for wired funds disappear for accounts with ongoing transactions. All customers gain no-fee access to ATMs and cash deposits as well.
Capital One even helps clients pay their bills online and move money easily through FDIC-insured accounts. Small and large organizations may benefit from the checking arrangements, so entrepreneurs should reach out to discuss the bank’s specialized products and interest rates.
| Required Documentation to Open an Account | Available Account Types | Additional Bank Services for Business Owners |
| SSN or personal tax return Business tax return, Articles of Ownership or other identifying legal documentation Paperwork verifying each business owner’s information, such as their current address | Basic Enhanced Premier | Business bill pay Unlimited digital transactions Over 70,000 no-fee ATMs FDIC insurance Accounts payable solutions And others |
Criteria to Determine Which Bank Provides the Best Business Account
Many banks provide business services, but industry leaders can narrow their options by looking for banks that meet essential criteria. Financial institutions are better company support systems when they have details on their website, such as:
- A page outlining precise documentation requirements for opening an account. Banks require various paperwork depending on the enterprise’s structure, so having that information before an appointment will speed up the process.
- Multiple types of accounts giving professionals a range of options to make their banking set up match their financial and business needs. Costly bill pay and large-team payroll management services may not appeal to someone running an LLC alone.
- Financial experts who provide ongoing support services for growing companies. Some banks do not include similar support in their account arrangements, so business owners should look into client services.
Navigating the financial world may feel overwhelming for those who have not opened a professional bank account before. Simplify the search by looking for leading criteria that indicate which banks are the best at supporting professional needs.
Factors to Remember While Researching Banks
There are other things to remember while comparing potential business bank account offers. Entrepreneurs should remember them to ensure they get everything they need from their future checking account.
1. Compare Fee Structures
Banks charge various fees to maintain the best business accounts. Professionals seeking a better banking situation should compare each provider’s monthly maintenance fees, transaction charges, wire transfer fees and any ATM withdrawal charges. There may also be annual membership fees, depending on the selected institution.
2. Look for Online Banking Features
Many banks have numerous online services, but they are not available with every institution. Decision-makers should verify if their preferred banks offer online features that could make their management responsibilities easier. User-friendly online portals and accessible mobile apps make account viewing instantaneous.
When team members must deposit checks through their phones or pay bills to avoid scheduling a bank visit during business hours, online banking features make those possible. Digital services can also include real-time alerts so every banking member gets security information during emergencies.
3. Find Annual Percentage Yield and Interest Rates
Some business accounts earn interest on their balances. The rates change how leaders can make additional passive revenue. Entrepreneurs should compare interest rates for every checking account option to see how much they will get back per month.
An annual percentage yield (APY) rate will also indicate how much account owners can earn over 12 months, including compounding effects. Revenue is much easier to grow with checking or savings accounts with competitive APY and annual interest rates. Curious company owners can contact banking representatives if that information is not available online.
4. Map ATM Locations
Some professional operations require being on the go. If a team travels to sell goods or provide services, they may need to access corporate funds while in town. Industry leaders who prefer to remain close to their bank’s branches should map those locations and nearby ATMs. If a financial institution has numerous ATMs and at least one branch nearby, team members can always withdraw money or access in-person financial support.
Contact the Best Business Banks
Opening a business account is a significant decision. Industry leaders should take the time to compare financial institutions and see which has the best account arrangements for their needs. Comparing interest rates, included services and fee structures will guide any entrepreneur to the best account.
