Selecting the right business checking account is a critical decision for any growing business, particularly for CFOs and finance teams who manage the company’s financial operations. It’s more than just a place to store funds—it’s a key tool for optimizing cash flow, managing payments, and supporting overall financial strategy. The right account can significantly enhance efficiency and help drive your business’s financial success.
In this guide, we’ve evaluated the top business checking accounts based on criteria that matter most to CFOs, including fees, features, integrations, and customer service. Whether you’re looking for high returns on your balances, seamless integration with financial tools, or reliable support, these accounts are the best options to meet your business’s needs.
When selecting a business checking account, particularly for a growing mid market business, it’s important to focus on the features that will directly impact your financial management and efficiency. Here are the core factors to consider:
A competitive Annual Percentage Yield (APY) allows your business to earn interest on operating cash, making your checking account a valuable asset. Look for an account that offers a strong APY, helping your funds grow even while sitting in your account.
Banking fees can add up quickly, and often erode any earnings made from APY. Choosing an account with low or no monthly fees is crucial for keeping costs down and ensuring that your money stays in your business. As of September 2024, some of the best business checking accounts, like Centime Checking Plus*, earn 3.75% APY††.
Centime Checking Plus* ensures that your deposits are fully safeguarded, not just with the standard FDIC insurance. Centime also offers an Insured Cash Sweep (ICS) program, which allocates your deposits across a network of FDIC-insured banks. This system protects balances exceeding the $250,000 FDIC limit by spreading the funds across several institutions, ensuring multi-million dollar coverage. This gives you peace of mind knowing that your funds are securely protected beyond basic coverage.
For businesses that work with multiple financial institutions, managing logins, checking balances, and transferring funds across banks can be a hassle. Wth multi-banking, you can view and transfer across all your accounts and financial institutions in one place, simplifying financial oversight without needing to change your existing banking relationships.
Efficiency in financial operations can greatly benefit your business. Accounts that integrate with accounts payable (AP) automation tools, for example, can streamline processes, reduce manual work, and improve accuracy.
Flexibility in managing your cash flow is critical, especially for growing businesses. Accounts that don’t require a minimum balance provide more freedom to allocate funds where they’re needed most without worrying about maintaining specific amounts.
By focusing on these key criteria—high APY, low fees, security, integration, financial tools, and flexibility—you can choose a business checking account that not only meets your needs but also supports your company’s growth effectively.
Centime Checking Plus*, powered by FNBO, is an outstanding business checking account designed specifically for growing businesses. Offering a highly competitive APY of 3.75%†† with no maximum balance limit, this account allows businesses to earn significant returns on operating cash. Centime combines robust banking features with integrated financial automation tools, making it an ideal choice for businesses seeking efficiency, cost savings, and enhanced cash management. Additionally, Centime’s multi-banking feature allows businesses to link and manage their existing accounts from other banks, providing a unified view of their finances without needing to switch banks entirely. It also offers expanded protections with multi-million dollar FDIC coverage, and fraud protection against digital payment fraud.
Centime Checking Plus* is an exceptional choice for CFOs of growing businesses who prioritize earning high returns, maintaining cost-effective banking, and leveraging integrated financial tools for operational efficiency. The added protection of enhanced FDIC coverage and protection against digital payment fraud makes it even more attractive, giving your business peace-of-mind in addition to above-average returns.
American Express® Business Checking is designed for businesses seeking a reliable and straightforward banking solution, particularly those already familiar with the Amex ecosystem. This account offers a competitive APY on balances, no monthly fees, and a robust online banking platform. It’s an excellent option for businesses that value a seamless digital experience and the trust that comes with the American Express brand.
Axos Bank Basic Business Checking is designed for small to mid-sized businesses looking for a straightforward, cost-effective banking solution. Known for its digital-first approach, Axos offers an online-only experience with no monthly maintenance fees and a host of features tailored to meet the essential banking needs of growing businesses. This account is ideal for businesses that prefer minimal fees and the convenience of managing finances entirely online.
Grasshopper Business Checking is a digital-first banking solution designed for small businesses and startups looking for a modern, feature-rich checking account. With a competitive APY and no monthly fees, Grasshopper offers a range of benefits that cater to tech-savvy businesses that prefer managing their finances online. The account also includes cashback rewards, making it an attractive option for businesses looking to earn while they spend.
Chase Business Complete Banking℠ is a well-rounded business checking account offering a blend of digital convenience and in-person banking services. With access to one of the largest branch networks in the U.S. and a full suite of business banking features, Chase is a strong contender for businesses that need both online and traditional banking options. While it doesn’t offer an APY, it makes up for it with features like built-in fraud protection, 24/7 customer service, and valuable integrations with the wider Chase business ecosystem.
When it comes to selecting the right business checking account, it’s important to focus on a few key considerations that align with your company’s unique needs. Here’s how to make sure you choose an account that’s the best fit for your business:
Every business is different, and your specific financial operations should guide your choice of a checking account. Think about how you manage cash flow, the volume of transactions you handle, and whether you need additional services like account aggregation or AP automation. Choose an account that aligns with these needs and offers features that will help streamline your operations.
While it’s tempting to focus on accounts with no monthly fees, it’s also important to understand the full range of potential costs. Look beyond the basic fee structure and consider charges for things like wire transfers, overdrafts, and excess transactions, as well as the potential upside of a higher APY, which might offset fees.Being aware of these costs can help you avoid unexpected expenses and choose an account that offers the best overall value for your business.
For businesses with balances exceeding $250,000, standard FDIC insurance may not be enough. Many business checking accounts limit FDIC coverage to $250,000, leaving funds over that amount at risk. Look for accounts that offer enhanced protection through features like an Insured Cash Sweep, which automatically spreads your deposits across multiple banks, ensuring full coverage for your entire balance.
Additionally, with the rise of digital payment fraud, it’s crucial to select an account that provides robust fraud protection. Consider the prevalence of digital payment fraud and choose an account that offers anti-fraud protection, advanced security measures, such as real-time monitoring, multi-factor authentication, and comprehensive fraud detection tools. These protections can safeguard your business from potential financial losses.
Choosing the best business checking account for your organization depends on your company's specific financial needs and priorities. For growing mid market businesses, Centime Checking Plus* stands out with its market-leading APY, enhanced FDIC protection, and powerful features like multi-banking and integrated AP automation. It’s an ideal option for CFOs seeking both high returns and comprehensive financial management tools. Other accounts, like American Express Business Checking and Chase Business Complete Banking℠, offer their own strengths, particularly for businesses already within their ecosystems or requiring in-person banking. Ultimately, understanding your business's unique requirements will help you make the best choice for your financial success.
Disclaimer: Centime is not affiliated with, endorsed by, or partnered with the other brands or financial institutions mentioned in this article. The information provided is for general informational purposes only and should not be construed as an endorsement or partnership with any of the brands. While we aim to provide accurate and up-to-date information, please refer to each institution's official website for the most current details on their products and services.
While overall satisfaction appears high, deeper analysis shows significant areas for improvement, particularly in the realm of technology.
Centime Banking is designed to provide growing businesses with a comprehensive set of features.
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