Introduction

Choosing the correct business bank account is one of the most crucial steps in establishing a financially sound foundation for your company. Whether you're just forming your LLC or expanding your operations, your banking decisions will impact everything from daily cash flow to tax prep and funding opportunities.

In this comprehensive guide, we'll discuss the must-know factors for choosing a business bank account, the top options for 2024, and how to integrate banking into your broader financial and software systems.

Why Your Business Bank Account Matters

Your business bank account is more than a place to deposit money—it's a tool that can:

• Separate business and personal finances (a legal and financial must)

• Track cash flow efficiently

• Streamline tax filing and audit prep

• Improve your credibility with vendors and lenders

• Integrate with bookkeeping and CRM tools

If you're currently using your account for business, stop now. Mixing funds can create a legal mess, complicate taxes, and jeopardize your liability protection.

Related Reading: Why You Must Separate Business and Personal Finances

What to Look for in a Business Bank Account

Every business is different, so your ideal banking partner should match your company's needs. Here are key factors to evaluate:

1. Monthly Fees and Minimum Balances

• Many traditional banks charge monthly maintenance fees or require a minimum balance to waive them.

• Online banks like Bluevine and Relay Financial often offer no monthly fees, which makes them attractive for startups and small businesses.

2. Transaction Limits

• Some accounts limit how many deposits, ACH payments, or wire transfers you can make before charging extra.

• If you process many client payments or vendor transactions, look for unlimited transaction features.

3. Online and Mobile Banking

• Mobile deposits, app functionality, and seamless interfaces are essential, especially if you manage business on the go.

4. Integrations With Bookkeeping Tools

• Look for accounts integrating with QuickBooks, FreshBooks, or your CRM system.

• Both Relay Financial and Bluevine offer strong integrations and APIs.

5. Multiple User Access

• You may want to assign roles (e.g., bookkeeper, operations manager) if you have a team.

• Relay allows you to create role-based access, which is ideal for growing businesses.

6. Cash Handling Capabilities

• If you're a retail or service business that deals in cash, ensure your bank supports ATM deposits or has nearby brick-and-mortar locations.

Best Business Bank Accounts in 2024

We've reviewed the top options and handpicked two of the best business bank accounts for small businesses in 2024: Bluevine and Relay Financial.

🔹 Bluevine: Best for Interest-Earning Accounts

Overview: Bluevine is an online business banking platform offering high-yield checking accounts with no monthly fees.

Key Features:

• 2.0% APY on balances up to $250,000

• No monthly fees or minimum balance requirements

• Two free checkbooks

• Integration with QuickBooks and Xero

• Bill pay and mobile deposits

Who It's For:

• Solo entrepreneurs

• Freelancers

• Businesses with large balances that want to earn interest

Pros:

• High interest rate

• Excellent mobile app

• Quick setup (entirely online)

Cons:

• No physical branches

• Limited cash deposit options

📌 Open a Bluevine account here

🔹 Relay Financial: Best for Team-Based Finances

Overview: Relay offers business checking accounts built for collaboration, ideal for teams and companies with bookkeepers or accountants.

Key Features:

• Up to 20 individual checking accounts

• Role-based access for team members

• No fees, no minimum balance

• Direct integration with QuickBooks Online and Xero

• Free incoming wires and ACH transfers

Who It's For:

• Startups and growing teams

• Agencies or partnerships

• Businesses managing multiple budgets or projects

Pros:

• Granular user permissions

• Fantastic bookkeeping integrations

• Robust banking features for free

Cons:

• No interest on balances

• Online-only support

📌 Get started with Relay here

Common Mistakes to Avoid When Choosing a Business Bank Account

❌ Opening a Personal Account in Your Name

This invalidates LLC protections and complicates taxes.

❌ Choosing Based on Brand Name Alone

Big banks aren't always better. They may charge high fees for low functionality.

❌ Ignoring Integration Features

Manual bookkeeping is a time waster. Choose banks that sync with your accounting software.

❌ Forgetting About Team Access

If you ever plan to delegate finances, ensure your bank allows secure team member access.

Real-Life Examples

Case Study 1: Solo Consultant Using Bluevine

Jen, a digital marketing consultant, switched from a traditional bank to Bluevine and now earns 2% APY on her $40,000 operating balance. She linked it with QuickBooks and saved 4+ hours per month on manual entry.

Case Study 2: Small Agency with Relay

Mike runs a creative agency with four team members. Relay lets him give his bookkeeper read-only access while assigning payment roles to his operations manager. He created five sub-accounts for payroll, taxes, and operations, helping him stay organized and compliant.

How to Switch to the Right Business Bank

1. Evaluate Your Needs: Solo founder or growing team? Lots of cash deposits or fully digital?

2. Compare Features: Use the checklist below to compare accounts.

3. Apply Online: Most online banks let you open an account in under 10 minutes.

4. Connect to Your Bookkeeping Software: Sync with QuickBooks, Bench, etc.

5. Update Payment Info: Redirect client payments, payroll, subscriptions, etc.

6. Close the Old Account: Once everything has cleared, close your old account.

Business Bank Account Comparison Checklist

Feature Bluevine Relay Financial

Monthly Fee $0 $0

APY 2.0% up to $250k 0%

Bookkeeping Integration Yes Yes

Sub-Accounts No Yes

Role-Based Access No Yes

Mobile Check Deposit Yes Yes

ATM Access Yes (partnered) Yes (Allpoint)

Cash Deposits Limited

Ideal for Solopreneurs, Teams, & agencies

Your Next Step: Open a Business Account + CRM Tool

Don't stop at a bank account to keep your finances and operations streamlined. Your next move should be:

✅ Open a business bank account (We recommend Bluevine or Relay)

✅ Connect it to a CRM tool to track customer payments, automate invoices, and manage revenue.

📥 Download Your Bookkeeping Checklist to ensure your new financial setup is complete.

Internal Resources

• LLC Blog: What to Do After Forming an LLC

• CRM Basics for Small Business Owners

• Bookkeeping Cleanup Guide

• CRM Intro: What It Is and Why You Need One

Final Thoughts

Choosing the correct business bank account is more than just picking a name. It's about aligning your financial tools with your goals. Whether you're earning interest with Bluevine or managing a team with Relay Financial, make this a strategic decision that empowers your business to grow efficiently.