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Opening a business bank account is a crucial step for any business owner. It not only separates your personal and business finances but also offers additional benefits like access to credit and financial management tools.
Many banks offer bonuses for opening business checking accounts to attract new customers. These promotions can be a great way to earn extra cash by meeting a few simple requirements. However, reading the fine print and ensuring that the account meets your needs before signing up is essential.
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7 Best Business Bank Account Promotions & Bonuses
- Bluevine – Best Business Bank Account Promotions & Bonuses Overall
- Novo – Best Low-Fee Business Checking Account
- Lili – Best for One-Person Businesses
- Chase – Best for Cash Deposits
- Axos – Best Full-Service Online Bank Account
- American Express – Best for Traditional Banking
- U.S. Bank – Best for Lending Options
Bluevine – Best Business Bank Account Promotions & Bonuses Overall
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Bluevine is an excellent choice for small business owners and entrepreneurs looking for more than basic banking solutions. One of the most compelling reasons to choose Bluevine is its competitive interest rates on business checking accounts.
Unlike many traditional banks that offer negligible interest, Bluevine provides a highly competitive 2.00% APY on balances up to $250,000, provided specific activity requirements are met. This interest rate can significantly boost your savings over time. Bluevine Business Checking account offers up to 4.25% APY.
Additionally, Bluevine often offers attractive welcome bonuses for new account holders. These promotions can provide a substantial financial boost, perfect for offsetting initial business expenses or supporting new projects. The eligibility criteria are straightforward, making taking advantage of these lucrative offers easy.
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Novo – Best Low-Fee Business Checking Account
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While Bluevine offers impressive features and promotions, Novo is another excellent choice for business banking. Here’s why Novo should be on your radar as a strong alternative:
Novo provides a streamlined, user-friendly experience that’s perfect for small businesses and startups. One of Novo’s standout features is the absence of hidden fees. With no monthly maintenance fees, minimum balance requirements, or hidden charges, Novo ensures that your money goes towards growing your business rather than covering banking costs.
Another key benefit of Novo is its seamless integration with popular business tools. Novo syncs effortlessly with accounting software like QuickBooks, payment processors like Stripe and PayPal, and other essential business applications. This integration simplifies financial management and keeps all business operations connected and efficient.
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Lili – Best for One-Person Businesses
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Regarding business banking, Lili Bank is a standout option for those seeking exceptional promotions and bonuses. Designed with the modern entrepreneur in mind, Lili Bank offers a suite of features tailored to the needs of small businesses and freelancers. One of the most attractive aspects is its bonus and promotional offers.
New account holders can often benefit from generous sign-up bonuses, providing a significant financial boost from the start. These bonuses can help cover initial expenses or invest in growth opportunities for your business.
Lili Bank also offers fee-free banking, a major advantage for small businesses looking to minimize costs. There are no monthly maintenance fees, minimum balance requirements, or hidden charges. This transparent fee structure ensures that more money stays in your business, helping you save and invest more effectively.
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Chase Business Complete Banking – Best for Cash Deposits
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In a banking landscape often focused on personal accounts, Chase stands out by addressing the unique financial needs of small business owners, solopreneurs, and freelancers. Chase supports the entrepreneurial spirit with its Chase Business Complete Checking account, tailored specifically for business needs.
Chase offers a $300 bonus for new Chase Business Complete Checking® accounts. To qualify, open an account by July 22, 2024, deposit $2,000 in new money within 30 days, maintain that balance for 60 days, and complete five qualifying transactions within 90 days.
Eligible transactions include debit card purchases and various deposits. The offer excludes certain entities and individuals with recent negative account histories. The bonus will be deposited within 15 days of meeting the requirements. Accounts can be opened online or at a Chase branch. Chase has branches in 48 states and Washington, D.C., but not in Alaska or Hawaii.
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Axos – Best Full-Service Online Bank Account
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Axos Bank is an online-only bank offering a variety of business checking and savings accounts. By opening one of their business checking accounts, you can earn up to $400 by meeting specific requirements.
The bank provides this $400 bonus in increments of $75-$100. While the promotion is available during the first five statement cycles after account opening, you can only earn a bonus in a maximum of four statement cycles. Read the full Axos Bank review.
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American Express – Best for Traditional Banking
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American Express has introduced a business checking account that offers a 1.30% APY on balances up to $500,000.
By opening a new account and depositing $5,000 within 30 days, maintaining that balance for 60 days, and completing five or more qualifying transactions (such as mobile deposits, ACH transfers, wire transfers, or bill payments) within the same period, you will receive 30,000 Membership Rewards points.
This incentive aims to attract new customers seeking a high-yield business checking solution. The bonus points will be credited to your account within 8-12 weeks after meeting the requirements. There is no specified expiration date for this offer, providing flexibility for those considering opening an account.
This combination of a competitive APY and attractive bonus points makes the American Express business checking account a compelling option for small business owners looking to maximize their returns on account balances while enjoying additional rewards.
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U.S. Bank – Best for Lending Options
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U.S. Bank offers business checking account bonuses ranging from $400 to $800 for new customers who open an account by August 30, 2024.
To qualify for the $400 bonus:
- Deposit at least $5,000 in new money
- Maintain that balance for 60 days
To qualify for the $800 bonus:
- Deposit $25,000 or more
- Maintain that balance for 60 days
You must enroll in online banking for business within 60 days of opening an account. The bonus will be deposited within 30 days following the month you complete the offer requirements, provided the account remains open with a positive balance.
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Best Business Bank Account Promotions and Bonuses – Buyer’s Guide
How to Pick the Right Business Bank Bonus
Business bank account bonuses can provide you with cash to invest in your business, but it’s essential to understand the terms before signing up. Here are some tips to help you compare and qualify for bank bonuses:
- Review the fine print: Bonus requirements can be specific. Take screenshots of terms and conditions for future reference, especially if the bonus expires before you complete the qualifying period.
- Understand bonus timing: Many banks require you to keep your account open for a certain period. Closing it too soon may forfeit the bonus, even if you’ve already transferred it.
- Report to the IRS: Bank bonuses are typically reported as interest income to the IRS. When filing your tax return, expect to receive a 1099 form and include this income.
- Determine eligibility: Choose bonuses with requirements you can meet. For instance, if an account requires maintaining a minimum balance for a few months, ensure you won’t need those funds during that period.
- Watch for fees: Check for monthly or other service fees that could diminish the bonus value and outweigh the account’s benefits.
Why Banks Have Sign-Up Bonuses
Banks use sign-up bonuses to stand out and attract new customers and deposits. These cash bonuses are especially appealing in a rising interest rate environment, where the difference between the interest rate offered to customers for deposits and the rate earned through lending money increases.
Although banks could pay account holders a higher yield, some prefer offering a bonus. Some banks provide multiple sign-up bonuses, but qualifying for more than one at the same time is usually not possible. Typically, bank account bonuses are available only to new checking or savings account holders.
How Are Bank Account Bonuses Taxed?
The Internal Revenue Service (IRS) taxes bank account bonuses at the same rate as your income, which ranges from 10 to 37 percent in 2023. Before tax season, your bank will likely send you a 1099-INT form if you earned a bonus of more than $10. Alternatively, the bonus might be reported on a 1099-MISC form.
Sometimes, your bank may choose not to send a tax form for the bonus you’ve earned. If this happens, you are still responsible for paying taxes on the bonus. You can report the income from a bank account bonus on a 1040 form, which also allows you to include additional income from sources such as unemployment compensation or prize money.
When you receive a bank bonus, it’s wise to set aside a percentage of it (based on your tax bracket) for taxes. This ensures you’ll have the funds to cover any tax obligations.
What to Watch Out For
Not every bank account bonus is a great deal. Before signing up, read the fine print and realistically assess your ability to meet the requirements. Be cautious of high minimum balance requirements and monthly fees that could reduce your earnings.
If you’re applying for a checking account, ensure it meets your needs. For instance, if you need to use branches and ATMs, check that there are plenty in your area. This way, you won’t have to travel far to visit a banker or incur out-of-network ATM fees. As online banking becomes more popular and convenient, look for a bank or credit union that offers robust digital tools.
When considering a new savings account, evaluate whether another bank might offer higher interest rates. One-time bonuses are often offered on accounts with minimal interest, so while the initial bonus is appealing, you might be sacrificing long-term returns.
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Best Business Bank Account Promotions and Bonuses – FAQs
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Conclusion – Best Business Bank Account Promotions and Bonuses
Most of the banks mentioned here do not exclusively cater to small-business owners. They also offer consumer accounts, including free checking accounts, rewards checking accounts, CDs with above-average rates, money market accounts, and high-yield savings accounts that help keep your emergency fund on pace with inflation.
Many offer cash-back credit cards and other rewards-laden spending aids for individuals. This matters because every business owner also has personal money management needs, including a personal checking account and other key personal banking relationships.
If you’d like to use the same bank for both your personal and business banking needs, perhaps one of these promotions will seal the deal.
