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Best Business Accounts of 2022
Business bank accounts offer a range of perks, from competitive interest to convenience. Today we're looking at some of my favorite options.
Kabbage Checking by American Express offers one of the most competitive accounts, backed by one of the most trusted financial institutions.
- The Kabbage Checking online account offers a competitive interest of 1.1% APY on balances of up to $100,000.
- There are no monthly maintenance fees or minimum balances.
- Kabbage focuses on convenience. They offer mobile deposits, free in-network ATM access, and cash deposits at nearly 90,000 retail locations nationwide.
- Need fast access to capital? They offer simple business lines of credit.
- Want to customize the experience? You can accept payments through custom pay links, professional invoices, and they also offer customized checks.
Chase Business Checking is one of the more competitive options if you need in-branch support.
- They have multiple levels (Complete, Performance, Platinum), but monthly service fee waivers are easy to understand.
- If you need business solutions such as payment terminals, they can help with that.
Mercury is one of the best banking stacks for startups looking to scale.
- They offer plenty of tools whether you're a team of 5 or 500.
- They offer savings and checking accounts, virtual and physical cards, and capital and venture debt options.
- Need to move money around? All it takes is three clicks, whether wires, ACH, or checks.
- Mercury is built for startups to hockey stick, with API access, plenty of integrations, and user permissions for team members, unlike traditional banking options.
- There are zero fees, no overdraft, minimum balances, or hidden fees.
- The standard account has no minimum deposit and comes with free ACH and wires.
- The "Tea Room" account requires you to deposit $250,000 but gives early access to features (i.e., Mercury Treasury in closed beta, phone support, and tea room access).
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Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.