Choosing the Best Business Checking Account: Factors and Switch Tips

Selecting the right business checking account is about more than just where you keep your business funds—it’s about choosing a financial partner that helps your business thrive, manage cash flow, and grow. Here’s how to evaluate business checking accounts, when to consider switching, and where to find more guidance for every step.

Key Factors When Choosing a Business Checking Account

Understand Your Business Needs

Start by mapping out your business’s unique requirements. Consider your transaction volume, whether you’ll need ACH payments, cash deposits, or business credit, and if you require specialized services like payroll or international transfers. If you’re just starting out, review our checklist on What You Need to Open a Business Bank Account and learn how to Get an EIN for Your Business to set up your business checking account online.

Fees and Charges

Monthly service fees, transaction fees, and wire transfer costs can quickly add up. Look for business checking accounts with low or no monthly maintenance fees, free transactions, and free outgoing wire transfers. Some banks offer a monthly fee waiver if you maintain a minimum daily balance or average beginning day balance, but others—like Holdings—offer zero-fee business checking so you keep more of your money. For a side-by-side comparison, see How to Compare Business Banks and Accounts.

Accessibility and Convenience

Modern business checking customers expect robust online banking and mobile banking experiences. Check if the bank’s platform integrates with your accounting software, offers mobile check deposits, and provides a wide ATM network. If you’re self-employed or considering incorporation, separating your business and personal checking account is essential—see Why Self-Employed Professionals Should Consider Incorporating and Separating Finances.

Interest Rates and Loan Options

Don’t let your business funds sit idle. Look for business checking accounts and business savings accounts that offer competitive interest rates or high-yield APY. Holdings, for example, lets your business checking account earn a high annual yield, turning your account into a growth tool, not just a storage locker.

Reputation and Stability

Research the financial institution’s online reviews, history, and FDIC insurance coverage. You want a partner you can trust for the long haul, with strong security and a track record of supporting small business checking accounts.

When to Switch Business Checking Accounts

Sometimes your current business checking account no longer fits your needs. Consider switching if:

• You’re hitting transaction or cash deposit limits

• Surprise service fees or monthly maintenance fees keep appearing

• Your loan or business credit application was denied

• You need new products like merchant services, payroll services, or business debit cards

• Customer service is a hassle

If any of these sound familiar, compare your current business checking account to other options. Our guide on How to Compare Business Banks and Accounts can help you spot the differences that matter.

Making a Smooth Transition

Ready to open a business checking account at a new bank? Here’s how to switch without disrupting your business:

• Research and select the best business checking account for your needs

• Open your new account and test all features, including mobile deposits and bill pay

• Update payroll, supplier payments, and automatic transfers

• Notify business partners and advisors of your new account details

• Only close your old account after all payments and deposits have cleared the statement period

For a full breakdown of the process and required documentation, visit What You Need to Open a Business Bank Account.

More Than Just a Business Checking Account

Holdings offers more than traditional business checking: zero fees, high-yield APY, up to $5M in FDIC insurance, and a platform that integrates banking, accounting, and bookkeeping. Manage cash flow, pay bills, and receive money—all in one place, with no monthly maintenance fee or minimum opening deposit.

Go Deeper

• How to Compare Business Banks and Accounts

• What You Need to Open a Business Bank Account

• How to Get an EIN for Your Business

• Why Self-Employed Professionals Should Consider Incorporating and Separating Finances

Don’t settle for a business checking account that just holds your money. Choose a partner that helps your business—and your money—work harder for you