Compare the best business bank accounts in the US (2025)

Whether you're a startup founder or a seasoned entrepreneur, a business bank account is essential for managing operations and supporting growth. In the US, traditional banks such as JPMorgan Chase, Bank of America, Citibank, and Wells Fargo offer a range of business banking solutions, including business checking accounts, savings accounts, business CDs (Certificates of Deposit), and investment products – all of which are insured by the FDIC.

These institutions have long been the go-to choice for businesses. However, modern fintech platforms like Airwallex provide an alternative: global business accounts and financial tools designed for today’s fast-moving companies, without operating as traditional banks.

What is a business account?

Whether opened with a traditional bank or a modern fintech like Airwallex, a business account is essential for managing company finances, separating personal and business funds, and simplifying tax reporting. Unlike personal accounts, business accounts are designed with features such as higher transaction limits, payroll support, and multi-currency capabilities to meet business needs.

Common types include business checking accounts and business savings accounts, each offering unique benefits for financial management, cash flow, and growth.

Modern business accounts – such as those offered by Airwallex – provide global-ready alternatives to traditional banking. These accounts often include tools like debit card issuance, multi-currency wallets, and the ability to receive payments via local and international bank transfers, offering greater flexibility and efficiency for businesses looking to scale.

5 things to consider when opening a business account

Choosing the right business account will set your company up for success. Here are five key factors to evaluate:

1. Fees. Look for a business account with low or no monthly fees, especially if you’re just starting and cash flow is tight. Many business checking accounts charge a monthly service fee and transaction fees, which may be waived if you maintain a certain balance or make eligible deposits within each statement cycle. Electronic deposits are often free up to a certain limit, but other restrictions may apply. Avoid penalties for not maintaining a minimum balance. Consider how you’ll use your account and whether you’ll likely operate within the bank’s parameters for no-fee or low-fee usage. Review your expected transaction volume, average balance, and specific service needs to avoid unnecessary fees.

2. Scalability. As your business grows, so will your banking needs. Choose a business account that can handle more complex needs over time, including international transfers, card creation, and spend management services you may require as you expand into new markets.

3. Offers and discounts. Many financial providers offer incentives to help small businesses get started. For example, Airwallex allows you to earn up to 1.5% cash rebates on local card transactions in USD, providing a valuable way to save as you manage your business expenses.

4. Visibility and transparency. Look for a business account that offers real-time transaction tracking and fraud detection services, so you always know where your money is and can make informed decisions. When using mobile banking apps on select mobile devices, message and data rates may apply. This level of visibility can help you manage cash flow more effectively and limit risk.

5. Customer support. A responsive customer support team is crucial for resolving issues promptly. Look for a provider that offers accessible support through live chat, phone, or email, especially when you need guidance.

Consider factors such as fees, scalability, and customer support when choosing an account that best suits your current and future business needs.

The top business bank and business account providers in the US

Before diving into how to open a business account, let’s look at the top US providers, ranging from traditional banks to modern fintech platforms.

Traditional banks: Providers like Bank of America, Wells Fargo, JPMorgan Chase, and Citibank offer comprehensive business banking solutions, including business checking accounts, savings accounts, business CDs, investment products, and debit card services. These banks also support electronic deposits, such as ACH and wire transfers, and enable businesses to manage incoming and outgoing payments efficiently. Their offerings often include financing solutions, cash management tools, and international payment support, making them a strong fit for businesses that require in-person services, lending options, or more complex credit facilities.

Modern fintech platforms: Airwallex is a digital-first platform offering global business accounts with multi-currency support, payment solutions, expense management, and competitive fees. It’s a standout choice for companies aiming to scale internationally.

Traditional business bank accounts vs. the Airwallex Business Account

Let’s examine how traditional US banks compare to the Airwallex Business Account across key features and fees.

*Service offerings vary by bank – this comparison is based on publicly available information from major financial institutions and is intended for general informational purposes only. Readers should verify specific features and fees directly with providers. 

How to open a business bank account in the US with a traditional bank

Opening a business bank account in the US is a straightforward process, but it requires careful preparation. Traditional banks offer several account types, including business checking and savings accounts, and many will issue a business debit card once your account is approved. Requirements may vary depending on the bank, your business structure, and your industry.

Be prepared to provide documentation, such as your business registration details, Employer Identification Number (EIN), and formation documents. Some applications may be subject to additional review before final approval.

Who can open a business bank account in the US?

You can open a business bank account if you are:

• The business owner (sole proprietor, LLC member, or corporate officer)

• An authorized representative listed in company documentation (such as an LLC manager)

• A legal representative with documented authority to open accounts on behalf of the business

Documents needed to open a business bank account

Banks in the US require various documents to verify your company's legitimacy and comply with financial regulations, including Anti-Money Laundering (AML) laws. Here are the key documents typically required:

Here's a list of the key documents you'll need to prepare:

1. Identification documents:

• Government-issued ID (passport or driver's license) of the business owner(s) or authorized representative

• Proof of residential address for key individuals (utility bills, bank statements)

2. Business registration documents:

• Employer Identification Number (EIN) issued by the IRS

• Business formation documents:

  • Corporations → Certificate of Incorporation

  • LLCs → Articles of Organization

  • DBA/Fictitious Name Certificate → If operating under a different business name

  • Operating Agreement or Corporate Bylaws → Often required by banks for LLCs and corporations

3. Other documents:

• Business license or permits (if applicable)

• Completed account application forms (signed by authorized signatories)

• Proof of business address (lease agreement, utility bill, or business license)

• Initial deposit (some banks require a minimum deposit)

Required documents may vary depending on the bank and business structure. It's always best to check with the specific bank to confirm their requirements.

Traditional business bank accounts vs. modern fintech business accounts

Now that you understand how to open a business bank account with a traditional bank, let's explore how this process compares to modern fintech platforms like Airwallex. Fintech solutions often streamline the process, requiring fewer documents and offering a fully online account setup, making it faster and more convenient for businesses to get started.

Traditional business bank accounts (from banks like Bank of America, Citibank, Wells Fargo, etc.)

☐ Certificate of Incorporation or equivalent (e.g., Articles of Incorporation, Master Business License)

☐ Business Registration Number (proof of business registration)

☐ Employer Identification Number (EIN) confirmation (varies by bank)

☐ Government-issued ID (e.g., US Passport, Driver's License) for authorized signatories

☐ Proof of Principal Place of Business (e.g., utility bill or lease agreement)

☐ Completed application form (may require an in-person visit)

☐ Initial deposit (often required)

Airwallex Business Account

☐ Certificate of Incorporation

☐ Business Registration Number

☐ Government-issued ID for authorized person(s) and beneficial owners

☐ Completed application form (fully online)

Key differences when opening an Airwallex Business Account

Airwallex simplifies the process with:

• Fewer document requirements.

• Fully online application – no in-person visits or branch appointments.

• No additional documents are required unless specified by a particular business type (e.g., marketplaces or live streaming).

Why open a global business account with Airwallex?

If you're a US business looking to expand globally with a flexible financial solution, Airwallex can help. Airwallex enables you to reach new markets without the hassles typically associated with traditional banks.

With a completely digital setup, you can skip the bank lines and open an account in minutes – no physical paperwork or branch visits are needed. Airwallex provides local currency accounts with bank details in over 60 countries, making it easier to expand your business internationally.

And since we focus on efficiency, you benefit from transparent pricing and reduced fees.

Key features of the Airwallex Business Account

• It’s fast and easy to set up. Open an account in minutes, skip the bank lines, and start accessing local currency accounts with bank details in 60+ countries.

• Save on FX fees. Settle in the currency you hold, avoiding conversion fees. For conversions, access interbank rates across 60+ currencies and save up to 80% on FX costs.

• Integrated financial solutions for growth. Unlike other fintechs that focus solely on FX, Airwallex offers a comprehensive suite that includes payments, expense management, card issuance, and API solutions for custom integrations. Scale your entire financial operation seamlessly.

• Debit card issuance for business spending. Airwallex offers debit card options, enabling businesses to manage expenses and make purchases easily.

• Efficient electronic deposits and payment receiving. Make electronic deposits via digital channels and receive payments from customers directly into your account for greater convenience.

• Tailoring for US businesses. Airwallex addresses regional needs like compliance with local regulations and support for customer-preferred payment methods. Local partnerships and features unique to these markets ensure smooth, compliant transactions and greater convenience.

• There are no hidden fees. Airwallex’s transparent fee structure eliminates surprises. With no account opening or maintenance fees, you can focus on growth without worrying about hidden costs.

• Developer-friendly integrations. US businesses can integrate Airwallex solutions quickly with developer-focused tools, SDKs, and API documentation, making it easier to sync with existing systems.

Whether your business aims to reduce cross-border transaction costs or simplify global operations, Airwallex provides a streamlined, tech-driven solution for scaling internationally.

What US businesses say about Airwallex Business Accounts

Don't just take our word for it. Discover how these US businesses have used Airwallex to support their unique needs:

• Tenon Tours strengthens its financial operations with Airwallex as a trusted partner

• Wayo transforms checkout and cross-border payments with Airwallex

• How Authentic Vacations saved $10k a month on FX

The bottom line?

The right financial partner should streamline operations, reduce costs, and support your success. Airwallex offers a unique combination of features, competitive pricing, and robust technology, making it an excellent choice for businesses seeking to expand globally.

Frequently asked questions

1. What qualifies as a business account?

A business account is designed for companies of all sizes to manage payments, receive funds, and support financial operations. To open one, you’ll typically need to provide your business registration details and identification for owners or directors. Requirements vary depending on your business structure and provider.

2. What’s the difference between a business account and a business bank account?

A business bank account is offered by a licensed bank and may include FDIC insurance for eligible deposits. A business account from a fintech like Airwallex is not a traditional bank account but offers modern financial tools like global payments, FX, and expense management. These accounts are typically faster to set up and more cost-efficient for businesses with international needs.

3. Which bank is best for business accounts in the US?

The best provider depends on your business needs. Traditional banks, such as Bank of America, Citibank, and JPMorgan Chase, serve businesses that require in-person branch access and lending services. Fintech platforms like Airwallex offer digital-first solutions with competitive foreign exchange (FX), fast onboarding, and automation tools – ideal for global, digitally native businesses.

4. Can I open a business account in addition to a personal bank account?

Yes, many businesses use both traditional bank accounts and fintech business accounts. This combination allows access to traditional banking infrastructure and credit options while benefiting from the cost-effective international transfers and advanced features that fintech solutions provide.

5. Do I need a business account as a sole proprietor?

Although sole proprietors are not legally required to open a separate business account, it is highly recommended that they do so to simplify bookkeeping, separate personal and business finances, and maintain better financial visibility.

6. How much does it cost to open a business bank account?

Many US banks charge monthly maintenance fees or require a minimum opening deposit. Some fees may be waived if you maintain a minimum balance or meet activity thresholds. Electronic deposits may be free up to a certain number, depending on the bank. Airwallex, by contrast, does not charge account opening, monthly, or transaction fees, making it a cost-effective solution for digital-first businesses. Note: All account activity is processed on a business-day basis.

7. What is the difference between a personal and a business bank account?

A personal account is intended for individual use, such as managing personal savings and conducting daily transactions. A business account is designed for business operations, featuring tools that cater to commercial needs, including higher transaction limits and multi-user access.

8. Should I link my personal bank account to my business account?

While linking personal and business accounts can simplify transfers, it’s essential to maintain a clear separation between personal and business finances for accounting accuracy and tax purposes.

9. How secure is Airwallex for my business finances?

Airwallex is regulated in multiple jurisdictions, including the US, and complies with rigorous financial, anti-money laundering, and data security standards. While Airwallex is not a bank, we safeguard customer funds through a network of global banking partners. Visit our help center to learn more about our security practices.

Note: This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations/warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [email protected].