When choosing a business bank account, the terms that matter most are the ones that decide what the account really costs and what protects the money: the tier actually needed, any waiver or activity condition, whether the money is held at an FDIC-insured bank, and the documents needed to open it. Every provider on this site's list has a $0 starting tier as of 2026-10-06, so the monthly fee alone rarely separates them. The definitions below explain each term in plain language, in alphabetical order.

What should be looked for when choosing a business bank account?

Five things, in rough order of consequence. First, where the money is held, since that decides what deposit insurance does. Second, the cost of the tier actually needed, not the $0 starting point. Third, the conditions attached to waivers and interest. Fourth, whether the account handles what the business does every day. Fifth, what the provider needs to open it.

The SBA's guidance on choosing a bank points to the same practical items: fees, transactions and cash deposits. Each provider sets its own per-transaction and cash deposit charges, and its full fee schedule is the place to read them.

Activity goal

A monthly activity requirement a customer must meet to earn a stated benefit. Bluevine's 1.3% APY on its Standard tier is subject to a monthly activity goal, as of 2026-10-06. Bluevine sets out what the goal is on its own page.

Aggregation

The rule that deposit accounts held by the same entity at one insured bank are added together for insurance purposes. The FDIC states that separate accounts for different divisions or purposes do not get separate coverage. A business with several accounts at one bank still has one $250,000 limit across them.

APY

Annual percentage yield, the rate at which a balance earns interest over a year, including compounding. Among the providers on this site's list, Bluevine is the one that publishes APYs by tier: 1.3% on Standard, 1.75% on Plus and 3.0% on Premier. Rates change, so any rate should be confirmed on the provider's page on the day of applying.

Average daily balance

The mean of the balance held each day over a period. Axos Business Interest Checking is $10 per month, waived with a $5,000 minimum average daily balance, as of 2026-10-06. A single high-balance day does not meet that condition if the other days sit well below it.

Beneficial ownership details

Personal information a bank asks for about the people who own the business. Bank of America asks for SSN and date of birth for everyone on the application, including those with at least 25% or more ownership. Other providers set their own rules.

FDIC insurance

Federal deposit insurance that protects money held at an insured bank. The FDIC states that the deposit accounts of a corporation, partnership, or unincorporated association are insured for up to $250,000. The insurance applies to insured banks, not to nonbank companies.

Introductory or promotional rate

A temporary discount that is not the ongoing price. Lili's roughly 40% off for three months on its paid tiers is promotional, so the ongoing prices are the figures to budget for: Pro at $15, Smart at $35 and Premium at $55 per month, as of 2026-10-06.

Minimum balance

A balance a customer must hold, sometimes to keep an account open and sometimes to avoid a fee. Axos Basic Business Checking has no minimum balance and no maintenance fee, as of 2026-10-06. The $5,000 figure at Axos applies to waiving the Business Interest Checking fee, a different account.

Monthly fee

The recurring charge for keeping an account or tier. "No monthly fee" means that charge is $0 on that tier. It does not mean the product has no other charges.

Nonbank

A company that offers financial services without being a bank. The FDIC states that nonbank companies themselves are never FDIC-insured, and that funds sent to a nonbank are not eligible for FDIC insurance until the company deposits them in an FDIC-insured bank and other conditions are met. Deposit insurance also does not protect against the insolvency or bankruptcy of a nonbank company, and recovery then runs through a proceeding that may take some time.

Opening deposit

The amount required to open an account. Axos Business Interest Checking takes a $100 opening deposit, as of 2026-10-06. Each of the other providers sets its opening deposit on its own site.

Operating agreement

An internal document that sets out how an LLC is run. Bank of America does not list an operating agreement as required, so it would be wrong to assume every bank demands one. It may request the Articles of Organization or an equivalent, and trade name documentation where the business operates under a different name.

Tier

One level in a provider's plan ladder, each with its own price and features. The gaps between tiers can be larger than the gaps between providers: Mercury's Pro is $299 per month against $29.90 for Plus, and Relay's Scale is $90 per month against $30 for Grow. Pricing the tier a business would actually use is more informative than comparing free plans.

Waiver

A condition under which a fee is not charged. Bluevine's Plus and Premier fees are waivable, and Axos waives its Business Interest fee with a $5,000 minimum average daily balance. A waiver only helps if the condition is realistically met every month.

Which providers use these terms?

The list below is alphabetical. It is not a ranking, and the order carries no preference. Prices were checked on each provider's own pricing page on 2026-10-06 and can change.

  • Axos Bank: Basic Business Checking is $0 per month with no minimum balance and no maintenance fee. Business Interest Checking is $10 per month, waived with a $5,000 minimum average daily balance, and it takes a $100 opening deposit.
  • Bluevine: Standard is $0 per month, Plus is $30 per month and Premier is $95 per month, and the Plus and Premier fees are waivable. The APY is 1.3% on Standard, subject to a monthly activity goal, 1.75% on Plus and 3.0% on Premier.
  • Found: Free is $0, Plus is $35 per month or $315 per year, and Pro is $80 per month or $720 per year.
  • Lili: Core is $0, Pro is $15 per month, Smart is $35 per month and Premium is $55 per month. Lili also runs a promotional rate of roughly 40% off for three months on the paid tiers, which is introductory pricing and not the ongoing cost.
  • Mercury: The base tier is $0 per month, Plus is $29.90 per month and Pro is $299 per month.
  • Novo: $0 per month, with no monthly fee.
  • Relay: Starter is $0 per month, Grow is $30 per month and Scale is $90 per month.

Why does a separate business account come first?

The SBA says that keeping personal and business funds completely separate requires two different bank accounts. It frames the separation as a liability question, not just a tidiness one: failing to separate risks forfeiting the legal protections that entity structures offer, and separation is pivotal for protecting your own assets and credit.

The IRS makes the same point in Publication 583, saying one of the first things to do when starting a business is open a business checking account and keep it separate from the personal one. For a business that has not formed yet, the entity, the EIN and the formation documents come before the account. ZenBusiness covers that earlier stage, including formation, the EIN and a registered agent, along with a free accounting consultation for customers who form with it. It does not offer business banking, so it sits before the choice of account rather than within it.

Sources

This is general information, not legal, tax or accounting advice, and requirements vary and change.