Best Bonuses for Business Checking Accounts in 2023

Your entrepreneurial spirit has brought your business to life. Now that you have some cash flow, it’s crucial that your deposits and expenses don’t get mixed up with your personal expenditures. A separate business checking account will help organize and streamline all your business financials.

Before you apply at the bank with the most familiar name to you, consider these business checking accounts that offer a little financial reward just for signing up.

US Bank - Earn Up to $1,100

You can earn up to $1,100 with US Bank by opening a new account and signing up for US Bank Payment Solutions. You can earn $500 by opening a new business checking and maintaining a balance of at least $3,000. You can get an additional $600 by also signing up for their payment solutions. If you already have a US Bank Business Checking account you can still add the payment solutions and qualify for the $600.

They have three business checking accounts that qualify for this offer:

Silver Business Checking - Earn $500

This account has no monthly service fee but is limited to 125 transactions per month. Each additional transaction is 50 cents each.

Gold Business Checking Account - Earn $500

This account offers 300 transactions per month and a 45 cent fee for each additional transaction. It also has a $20 monthly service fee unless you meet one of the following requirements:

Payment solutions account
$10,000 average daily balance in this account
$20,000 average daily balance in any of your business deposit accounts
$50,000 average daily balance in your business deposit accounts or loan balances

Platinum Business Checking Account - Earn $500

This account offers 500 transactions per month with a 40 cent fee for each additional transaction. There is also a $30 monthly service fee unless you meet one of the following conditions:

$25,000 average daily balance in this account
$75,000 average daily balance in your business deposit accounts or loan balances

Payment Solutions - Earn $600

To qualify for the Payment Solutions bonus you must add this feature on to any US Bank business checking account and settle at least one payment within 60 days of account opening.

Payment Solutions allows you to accept debit or credit cards for your business and there are two plans available -- Mobile Payment Solutions and Starter Payment Solutions.

Both plans charge a 2.6% + 10 cent fee per transaction if the card is paid via chip, swipe, or tap. If you key in the digits of the card the fee is 3.5% + 15 cent fee. Online payments are charged 2.9% + 30 cents.

With Mobile Payment Solutions there is no software fee and you will use your smart phone to take the payment.

With Starter there is a $29 per month software fee per device.

Checking account and Payment solution accounts must be opened by 3/31/2023 to qualify for the bonus.

Get started with US Bank here.

Huntington Bank - Earn Up to $1,000

Huntington Bank has three checking account bonuses going on where you can earn between $100 and $1,000 - depending on which checking account you open.

Business Checking 100

With the Business Checking account you can earn $100 if you deposit $2,000 into your new account within 60 days of account opening. You must leave the account open for at least 90 days to qualify for the bonus.

There are no monthly service fees but you are limited to 100 transactions per month and will be charged 50 cents per transaction over the 100 mark. You can also only deposit up to $5,000 in cash per month. There is a 30 cent fee for every $100 deposited in cash over $5,000.

Unlimited Business Checking

With the Unlimited Business Checking you can earn $400 if you deposit at least $5,000 into your new account within 60 days of opening.

You’ll have unlimited transactions and there is a $25 monthly service fee. You can avoid the fee if you have an average daily balance of $10,000 in Huntington Bank, across all your accounts. However, you can only deposit up to $10,000 in cash per month. There is a 30 cent fee for every $100 in cash deposited per month over $10,000.

You will also get one bonus service, which include 10% off Paychex payroll services, two free incoming domestic wire transfers per month, up to 25 returned deposit items per month, up to 50 deposit scans per month, and a fraud tool.

Unlimited Plus Business Checking

You can earn $1,000 with the Unlimited Plus Business Checking. You’ll need to deposit $20,000 into the account within 60 days of account opening.

You’ll get unlimited transactions, and be able to deposit up to $25,000 in cash per month. You’ll also get two bonus services, which include 10% off Paychex payroll services, two free incoming domestic wire transfers per month, up to 25 returned deposit items per month, up to 50 deposit scans per month, and a fraud tool.

There is a $40 monthly service fee which can be waived if you have at least $50,000 in a Huntington Bank across all your accounts.

Accounts must be opened by 5/7/2023.

Get started with Huntington Bank here.

PNC Bank - Earn Up to $500

PNC has four checking accounts that qualify for the $200 business checking account bonus.

Business Checking - Earn $200

This account allows up to 150 transactions per month, each additional transaction is a 50 cent fee. You can also have $5,000 in cash deposits per month, each additional $100 in deposits will be charged 25 cents.

There is a $100 minimum deposit required to open the account and a $12 monthly service fee unless you meet one of the following requirements:

$500 average monthly balance
Charge $500 a month to your linked PNC credit card
Process $500 a month in customer payments through your linked PNC merchant account

Business Checking Plus - Earn $200

This account allows up to 500 transactions per month, each additional transaction is a 50 cent fee. You can also have $10,000 in cash deposits per month, each additional $100 in deposits will be charged 25 cents.

There is a minimum deposit of $100 required to open the account and a $22 monthly service fee unless you meet one of the following requirements:

$5,000 average daily balance
Charge $5,000 a month to your linked PNC credit card
Process $5,000 a month in customer payments through your linked PNC merchant account
$20,000 average daily balance over all of your PNC business accounts

Treasury Enterprise Plan - Earn $500

To qualify for the bonus you must maintain an average daily balance of $30,000 for the first three statement cycles.

This account allows up to 2,500 transactions per month, each additional transaction is a 50 cent fee. You can also have $50,000 in deposits per month, each additional $100 in deposits will be charged 25 cents.

You’ll also get up to four other business checking accounts and either a business Money Market account or a MMDA Sweep Account for no additional monthly service fee.

There is a minimum deposit of $100 required to open the account and a $50 monthly service fee unless you have an average daily balance of $30,000.

Analysis Business Checking - Earn $500

To qualify for the bonus you must maintain an average daily balance of $30,000 for the first three statement cycles.

This account charges fees based on how you use the account. There is a $25 monthly service fee and fees for various transactions but then there is also a credit applied to the account to offset some of these fees. How much that credit will be is based on the activity during the month. You can call 1-800-BUS-BNKG and they can explain the current credit rate.

Some common fees:

$0.95 per deposit ticket
$0.25 per check paid
$0.20 per ACH Credit/ Debit received
$0.22 per deposit item
$0.25 per $100 in cash deposited

You won’t know exactly how much you will pay in fees until the end of each statement.

Offer ends 3/31/2023

Get started with PNC Bank here.

BMO Harris Bank - Earn Up to $400

BMO Harris has four different business checking accounts and the amount of your bonus depends on your average daily balance in the account for the first 120 days after account opening.

If you maintain an average daily balance of $5,000 you will earn $250. If you maintain an average daily balance of $10,000 you will earn $400.

You must also make 10 transactions on your account within first 120 days.

BMO Simple Business Checking

With the Simple Business Checking you will get up to 100 transactions per month and each additional transaction is 40 cents each. You can also deposit up to $2,000 a month in cash. Each additional $100 will be charged 25 cents.

There is a monthly service fee of $10 but you only need to keep an average daily balance of $100 to avoid that fee. Note that to get the welcome bonus you’ll need to keep an average daily balance of $5,000 for the $250 bonus and $10,000 to receive the $400 bonus.

BMO Premium Business Checking

With the Premium Business Checking you get up to 200 transactions per month, with each additional transaction costing 40 cents each. You can deposit up to $5,000 in cash per month and each additional $100 will be charged 25 cents.

There is a monthly service fee of $15 but you only need to keep an average daily balance of $1,500 to avoid that fee. Note that to get the welcome bonus you’ll need to keep an average daily balance of $5,000 for the $250 bonus and $10,000 to receive the $400 bonus.

BMO Elite Business Checking

With the Elite Business Checking you get up to 500 transactions per month, with each additional transaction costing 40 cents each. You can deposit up to $20,000 in cash per month and each additional $100 will be charged 25 cents.

There is a monthly service fee of $25 which is waived if you meet one of the following requirements:

An average daily balance of $10,000 in your checking account
$25,000 average daily balance in combined business balances

Note that to get the welcome bonus you’ll need to keep an average daily balance of $5,000 for the $250 bonus and $10,000 to receive the $400 bonus.

BMO Digital Business Checking

With the Digital Business Checking you get unlimited transactions per month. You can deposit up to $1,000 in cash per month and each additional $100 will be charged 25 cents.

There is a monthly service fee of $10 but you only need to keep an average daily balance of $500 to avoid that fee. Note that to get the welcome bonus you’ll need to keep an average daily balance of $5,000 for the $250 bonus and $10,000 to receive the $400 bonus.

Non-BMO or Allpoint ATM transactions will cost $3.

Offer ends 5/12/2023

Get started with BMO Harris here.

Chase Business Complete Checking℠ - Earn $500

Earn up to $500 when you open a new Chase Business Complete Checking℠ account. For new Chase business checking customers with qualifying activities. (Offer expires 8/3/2023)

With this account, you’ll receive unlimited transactions and can deposit up to $5,000 in cash per month.

Each month, you get up to 20 deposits or withdrawals with a teller or paper checks written on the account for free. Additional transactions of these types will cost up to 40 cents each.

There is a $15 monthly service fee that can be waived by meeting one of the following requirements:

$2,000 minimum daily balance
$2,000 in net purchases on your Chase Ink® Business Card
$2,000 in deposits from Chase QuickAccept or other Chase Payment Solutions transactions
Link a Chase Private Client Checking account
Have proof of military status

Get started with Chase here. or read our Chase Business Checking Review.

Axos Bank - Earn Up to $200

With an Axos Business checking account you can earn either $100 or $200 depending on when you opened your business. If you started after June 1st, 2020 you’ll earn $200 with the code NEWBIZ200. If you stared before June 1st, 2020 you can earn $100 with the code NEWAXOSBIZ when you sign up.

To qualify, you’ll need to keep an average daily balance of $2,500 for the first two months after account opening. You also must keep the account open for 180 days or you will be subject to a $50 fee.

Axos Bank has two business checking account options.

Basic Business Checking

There is no initial deposit or minimum balance requirements on the Basic Business checking account. However, to qualify for the bonus you will need to keep your average daily balance at $2,500 for the first two months.

There are no monthly service fees and you’ll get unlimited domestic ATM fee reimbursements as well as two domestic wire fees reimbursed per month. You can deposit up to 60 items per month via Remote Deposit Anywhere.

There are also no transaction limits, which is rare in a basic business checking account.

Business Interest Checking

With the Business Interest Checking you can earn up to 1.01% on the balance in your checking account if you have an average daily balance of $5,000. Also, there is a $10 monthly service fee unless you keep an average balance of $5,000 in the account and a $100 minimum to open the account.

Note, you will need to keep an average daily balance of $2,500 for the first two months to earn the welcome bonus.

You get 100 free transactions per month and each additional is 50 cents. You will also get unlimited domestic ATM fee reimbursements.

Offer ends 3/31/2023

Get started with Axos Bank here.

Why You Should Open a Business Checking Account

As a business owner, you’ll want to keep your business and personal money separate. This means opening business checking account and depositing all revenue from the business into the account. You would also pay all business expenses out of the account.

This is beneficial for a couple of reasons. One, it will let you know if your business is actually making money or not. If you keep running out of money in your checking account it’s a good indication that your income isn’t keeping up with your expenses. This can be surprisingly hard to keep track of if you don’t have a separate checking account for your business.

Two, it will make tax time much easier. You’ll have a separate list of income and expenses that you can refer to instead of trying to dig through your personal checking account for all your business expenses. Link this account to a bookkeeping software and you can simply pull reports at tax time.

Third, if you have an LLC or corporation you’ll want to avoid “co-mingling” your accounts. The point of an LLC is limit your liability. If the company gets sued they will only have the assets in the business to go after. If you’ve been co-mingling your funds then your personal funds will also be at risk since there is no clear line as to where the business assets ends and your personal funds begin.

What to Look for in a Business Checking Account

Businesses come in all shapes and sizes. Your unique business and how you run it will ultimately determine essential features to look for in a business checking account. However, these business checking account features should be on every business owner’s radar:

Transaction Limits

Unlike personal checking accounts, many business accounts have a limit of how many free transactions you can have in a month and will charge you for each transaction you make after that.

The costs can add up real quick if you are paying per transaction so make sure you get an account that can accommodate your specific business needs.

Monthly Service Fees

Many business checking accounts have a stipulation that allows account holders to waive the maintenance fee if specific requirements are met, such as average daily balance requirements.

I’m not a big fan of monthly service fees, so if you can’t meet the requirements to waive the fee make sure that the additional perks are worth it. There are plenty of checking accounts that don’t charge fees or have easy to meet fee waivers.

Monthly Cash Deposit Limits

Monthly deposit limits usually have to do with cash deposits. If you don’t take customer payments in cash then this probably isn’t a big concern. However, if you do deal with a lot of cash these limits could really cost you.

Business checking accounts typically have a set amount of cash you can deposit each month and then you are charged a small amount per $100 in deposits. Choose an account that will minimize these charges as much as possible.

What Do I Need to Open a Business Checking Account?

The specific requirements for opening a business checking account can vary depending on the financial institution. Check out the bank’s website or call customer service for the exact documentation you’ll need, but there are some common requirements that banks may ask for.

Business documentation: You will need to provide legal documentation that verifies the existence of your business. This may include a business license, articles of incorporation, partnership agreement, or other legal documentation depending on the type of business.
Personal identification: You will need to provide personal identification, such as a driver’s license, passport, or other government-issued ID.
Business identification number: You’ll likely need to provide your business identification number, such as an Employer Identification Number (EIN) or Tax Identification Number (TIN). You’ll need the actual form from the government that you received when getting your EIN.
Tradename certificate: If you are opening the account in the business’ name you will need to provide proof you own that name. If you aren’t incorporated, a Tradename certificate will do the trick.
Minimum deposit: Many banks require a minimum opening deposit to open a business checking account.
Authorized signers: You will need to provide the names and signatures of authorized signers on the account, which are typically individuals who have the authority to conduct financial transactions on behalf of the business.

Can I Set Up a Business Account if I’m a Freelancer or Contractor?

Yes, absolutely. It’s a good idea to keep your business income and expenses separate from your personal money. Call the bank and ask what documents you should based on how your business is set up.

If you need an EIN but don’t have one they are free and easy to get at the IRS website.

Bottom Line

Getting a big bank bonus when signing up is great, but choose a business account that will be a good fit for a long time going forward. You want to be focused on your business, not your checking account.

Pick one that is the right size for your business. Make sure to note minimum balance requirements, transaction limits, cash deposit limits, etc. You don’t want to be hit with fees that could have been avoided with more careful planning.