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You likely have a personal checking account established in your name. The Federal Reserve estimates that 81 % of American adults are “fully banked.” In other words, more than 200 million people either have a checking or a savings account with an FDIC-insured financial institution. 

An additional 13% of adults are “underbanked,” so it’s a 94% chance that you have access to a checking account or otherwise utilize online banking for your personal finances.

Managing finances is one of the most challenging aspects of running a business. If you already have a personal checking account open, you might be considering using it in conjunction with your business. 

After all, a checking account is merely a place to deposit and withdraw funds, right? Unfortunately, the truth is that they’re a little more complicated than that. While it might seem more convenient to merge your finances into one account, there are a lot of downsides that you should know about.

Who offers the best business checking account in 2023?

It isn’t challenging to find checking accounts that cater to businesses. Banks and credit unions are often ecstatic to accept a business’s money. Just think of all they do to attract the business of everyday citizens. 

Since business bank accounts typically hold a lot more money than an individual, you can imagine the incentives they’re willing to offer.

Here is a list of the three best business checking accounts in 2023:




The Bluevine Business Checking account is the hands-down best option on this list for one reason: interest. It’s exceptionally rare to find a checking account (business or personal) that offers the ability to earn interest. 

Bluevine is the diamond in the rough and offers an annual percentage yield (APY) of 1.5% for balances up to $100,000. There are no monthly maintenance fees for a Bluevine account, and no minimum deposits are required. 

You’ll be granted unlimited transactions without transaction fees and free ATM access throughout the MoneyPass network.

The biggest downside to a Bluevine account is that it’s not very good at handling cash deposits. Blueving is an online-only service, which is why it can afford such a generous interest rate. 

The downside is that there are no physical Bluevine locations. You’ll have to use a Green Dot retail location to deposit cash into your account. 

The maximum daily deposit is $2,000, and you can only deposit $500 at a time. Each deposit will cost you $4.95 in fees. 


Chase offers three separate business checking accounts that can meet all of your needs. Chase Business Complete Banking, Chase Performance Business, and Chase Platinum Business are all checking accounts that include various features. 

The Chase Business Complete Banking checking account is the most basic of the three but is still good enough to make this list. 

The main benefit of opening a checking account with Chase is the $300 bonus. It’s hard to beat free money, and $300 is quite an incentive. The rest of the account is relatively straightforward and offers many quality features you expect with a checking account. 

You can deposit checks, transfer funds, and make withdrawals as needed. Additionally, the account integrates smoothly with QuickBooks and other accounting software. There is a $15 monthly fee, but it’s pretty easy to meet the requirements to waive it.

There are a few downsides that come with this checking account option. The main one is that you only have 20 free transactions before you still incur a fee and have to bill pay. 

After the first 20, you’ll be paying 40 cents for each. Another issue is that you can only deposit $5,000 into your account balance a billing cycle before being charged. For every $1,000 over the cap, you’ll be paying a fee of $2.50. Depending on the nature of your business, the translation and deposit fees can add up quickly. While there are no minimum balance requirements if account holders have a strong enough cash flow, this account’s


Bethpage Federal Credit Union


The Bethpage Federal Credit Union Free Business Checking with Interest account lives up to its name. It’s a free online business checking account that offers you interest. The interest rate is only 0.20% APY, but that’s a significantly higher interest rate than most checking accounts. 

There are no monthly service fees with Bethpage, no limit to the number of transactions, deposit requirements, and ATM fee-free withdrawals for Bethpage and co-op ATM networks. The Bethpage account is one of the best overall for a business, but it’s third on this list for a reason.

There is only one major downside to using Bethpage Federal Credit Union, which is critical. It stems from the fact that Bethpage only has branches in New York state. 

You can still conduct your banking activities via the mobile app or website, using mobile check deposit integrations and other mobile banking needs. Still, you’ll need to be in New York to enter a branch in person. 

Usually, this wouldn’t be much of an issue, but Bethpage only allows residents in 12 states outside New York to apply for online membership. If you aren’t in these states, you’ll need to travel to a New York branch physically:

  • Arizona
  • California
  • Connecticut
  • Florida
  • Georgia
  • Illinois
  • Nevada
  • New Jersey
  • North Carolina
  • South Carolina
  • Virginia
  • Washington

Why do I need a business checking account?

Opening a business checking account might sound like something that should be on the bottom of your priority list. 

There are a million things that business owners need to take care of when operating a small business. Why open another checking account when you already have one that works fine? Here are a few reasons that might change your mind and have you reorganize your priority list:

Tax preparation

Tax time comes for all people and businesses alike. Sooner or later, you will need to file your personal and business taxes. How exactly do you plan to record your business expenses when using the account in your personal life? 

Was the $800 purchase at Best Buy last March the new work computer or refrigerator? Was the $85 at the gas station to fill up the work truck or the minivan? You get the idea.

By creating a separate business account, you’ll have a detailed account of all your business’s transactions. Deductions and expenses will be way easier to calculate, and you don’t have to worry about overpaying or underpaying the IRS. 

An IRS audit is the last thing you want to deal with when mixing your finances. Separating your finances is the easiest way to avoid that scenario.

Avoid business debt liability

It doesn’t take long for a business to accrue a sizable debt. Often, a company will fall into debt without a way out. Should this happen, creditors would seize the business assets to cover the costs of the debt. 

The problem with keeping a single bank account is that there is no way of knowing which assets are business-related or personal. You could simply lose everything you own to cover your business debts.

The best way to avoid this nightmarish scenario is to establish your business as a limited liability company (LLC) or corporation. That would establish your business as a separate entity with its liability. The second thing is to get a business checking account to create a line between personal and business assets. 

There would be no question as to which assets are which, and you won’t be held personally liable for the debts of your business.

Build business credit

On its own, a business checking account probably won’t move the needle on your business credit score. However, a business debit card will allow you to take out a business credit card or line of credit. As long as you use it responsibly, revolving credit is an excellent way to build up your business’s credit score.

Additionally, bank statements and a solid growth history can be a perfect bargaining tool when applying for a business loan. Having a single checking account will prevent you from experiencing these necessities.

Open a business checking account and separate your finances

Based on the list above, small-business owners have many solid options for opening a business checking account. The process might be a little different depending on the provider, but none of them will be too difficult. 

You’ll most likely need to bring in a few items, such as your taxpayer-identification numbers, copies of essential business documents, and personal identification. However, the checking account provider will be eager to have your business and gladly guide you along the process.


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Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results

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