AI Infrastructure Trade Roars Back as Tech Giants Boost Spending
Shares of companies that provide infrastructure for artificial-intelligence development are soaring after a tumble earlier this year, as spending from Big Tech restores investor confidence in the volatile sector.
Two baskets tracked by Goldman Sachs Group Inc. — one tracking AI data centers and electrical equipment stocks and another that follows shares of companies that supply power for data centers — are up 52% and 39% from their April lows, respectively. Individual standouts include Vertiv Holdings Co., which has notched a 94% gain since April 4, as well as Constellation Energy Corp., up 75% in that same period.
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If you're running a new business, best practices dictate that you separate your personal and business accounts. A business checking account can offer useful tools to help you track and manage cash flow; streamline bookkeeping; and automate payments. And your business checking account can come with additional perks, such as a competitive annual percentage yield (APY) or a generous new-account bonus. Read on to learn about the top business checking accounts available today. Best business checking accounts Name APY* Minimum initial deposit Bonuses Locations Fees BlueVine 2.00% $0 N/A Online only $0 LendingClub 1.50% $100 1% cash back Online only $0 with a $500 average monthly balance American Express Bank 1.30% $0 30,000 points Online only $0 First Internet Bank 0.50% $0 N/A Online only $0 EverBank 0.50% $1,500 N/A Online only $0 Bethpage Federal Credit Union 0.20% $5 N/A 30 branches in New York $0 Navy Federal Credit Union 0.01% Up to $255 N/A 350 branches $0 Axos Bank 0% $0 Up to $400 Online only $0 U.S. Bank 0% $100 Up to $800 2,000+ branches $0 Chase 0% $0 $400 4,700+ branches $15 APYs as of March 3, 2024. *Some APYs may require maintaining a certain balance amount. Top business checking accounts BlueVine business checking Blue Vine APY 2.00% Min. deposit to open $0 Overview Earn 2.00% APY on balances up to $250,000 with a BlueVine business checking account when you spend either $500 per month with the BlueVine Business Debit Mastercard or receive $2,500 in customer payments. Business checking customers receive unlimited transactions, overdraft protection and QuickBooks integration for no monthly fee. There are 37,000 surcharge-free ATMs available to customers with a BlueVine business checking account and 90,000 retail locations that accept cash deposits. APY: 2.00% on balances up to $250,000 Number of locations: Online only LendingClub Tailored Checking LendingClub Read LendingClub Review APY 1.50% Min. deposit to open $100 Overview LendingClub's Tailored Checking is an online-only checking account. The mobile app is available for iOS and Android users and syncs to Mint, Quickbooks and Quicken accounts. But keep in mind that Intuit is shutting down Mint in March 2024. Business customers earn 1.50% APY on balances of up to $100,000 and 0.10% APY on balances above that amount. The Tailored Checking debit card earns 1% cash back on qualifying purchases. There are no monthly fees if you maintain an average monthly balance of $500 or more. Otherwise, the monthly fee assessed is $10. LendingClub refunds all fees charged by out-of-network ATMs. APY: 1.50% on balances up to $100,000 Number of locations: Online only American Express Business Checking American Express Read American Express Review APY 1.30% Min. deposit to open $0 Overview American Express offers an online-only business checking account with a competitive rate and no monthly fees or minimum deposit requirements. Earn 30,000 points with at least $5,000 in deposits within the first 30 days, an average balance of $5,000 for 60 days and at least five qualifying transactions in the first 60 days. There are 37,000 surcharge-free ATMs available through the MoneyPass network. Though there are no branches, American Express provides 24/7 live customer support. Mobile banking is available through its Business Blueprint™ app that is now available for both iOS and Android phones. APY: 1.30% on balances up to $500,000 Number of locations: Online only First Internet Bank Do More Business Checking First Internet Bank of Indiana APY 0.50% Min. deposit to open $0 Overview First Internet Bank offers several online-only business bank accounts for small-business owners. The Do More Business Checking is an interest-bearing account with no fees, no minimum balance requirements and unlimited transactions. Customers are reimbursed by up to $10 per month in ATM fees. APY: 0.50% with average daily balances of $10,000 Number of locations: Online only EverBank Small Business Checking EverBank Read EverBank Review APY 0.50% Min. deposit to open $1,500 Overview EverBank is an online-only bank that offers five business checking accounts. The Small Business Checking account specifically pays a competitive yield with a minimum $1,500 required to open. ATM fees are reimbursed up to $15 per month for balances of up to $5,000. ATM rebates are unlimited for checking accounts with an average daily balance of $5,000 or more. Number of locations: Online only Bethpage Federal Credit Union Free Business and IOLA Checking Bethpage Federal Credit Union APY 0.20% Min. deposit to open $5 Overview Bethpage Federal Credit Union has two types of business checking accounts. Membership is available to the public when you open an account with a $5 initial deposit. The Free Business Checking account doesn't require a minimum balance to avoid monthly maintenance fees. There are no transaction fees. Online banking is available nationwide as the credit union only offers 30 physical branches in the state of New York. The IOLA checking account earns a generous 2.00% APY. However, the account is limited to use by lawyers and law firms only. There are no monthly fees charged on this account and it's designed to hold funds received from legal clients. Number of locations: 30 branches in New York, otherwise online Navy Federal Credit Union Business Checking Navy Federal Credit Union Read Navy Federal Credit Union Review APY 0.01% Min. deposit to open $250 Overview Navy Federal Credit Union offers three types of interest-bearing business checking accounts. The Business Checking account is best for new businesses. While it only earns a modest 0.01% APY and charges a fee for each non-electronic transaction after 30 per month, the Business Checking account is free of monthly fees. Membership is limited to members of the armed forces, Department of Defense employees and members of the National Guard. All business checking accounts require an initial deposit to open. Sole proprietors must deposit a minimum of $250 to open a business checking account. All other legal entities, such as LLCs, are required to $255 to open an account. Number of locations: 350 branches worldwide Axos Bank Basic Business Checking Axos Bank Read Axos Bank Review APY 0% Min. deposit to open $0 Overview Axos Bank is an online-only bank offering a checking account best suited to small businesses with modest checking account needs. This checking account doesn't charge monthly fees or require a minimum balance. You can access live support 24/7. And you'll receive unlimited ATM fee reimbursements. You can earn up to $400 if you open a new business checking account using the promo code NEW400. If you open a business and personal checking account together with the promo code AXOS700, you'll be eligible for an additional $300 new-account bonus. Both promotions expire on June 30, 2024. Number of locations: Online only U.S. Bank Silver Business Checking US Bank APY 0% Min. deposit to open $100 Overview U.S. Bank, one of the 15 biggest US banks , offers five types of business checking accounts. With more than 2,000 branches, U.S. Bank combines plenty of physical locations with the convenience of mobile banking. The Silver Business Checking account is best for small businesses with basic banking needs that don't expect a high volume of monthly transactions. There are no monthly maintenance fees and this account offers 125 free transactions per month. After that, a $0.50 per transaction fee applies. The Silver Business Checking account qualifies for either a $350 or $800 bonus with a $3,000 or $25,000 deposit, respectively, enrollment in the mobile app and five qualifying transactions in the first 60 days. The promotion expires Jan. 31, 2024. U.S. Bank customers have access to more than 41,000 surcharge-free ATMs through the MoneyPass network. Number of locations: 2,251 Chase Bank Business Complete Checking Chase Read Chase Review APY 0% Min. deposit to open $0 Overview Chase Bank is the biggest US bank and offers three different business checking accounts. The Business Complete Checking account qualifies for a $400 bonus when you deposit at least $2,000, maintain this minimum balance for 60 days and complete five qualifying transactions within 90 days. The promotion expires April 18, 2024. The 4,700 branches and robust mobile app also make Chase a convenient banking partner for business owners. However, free in-person transactions are capped at 20 per month and there's a $15 monthly fee unless you maintain a $2,000 minimum balance. Number of locations: 4,700 Who should get a business checking account? Whether you're a freelancer, a small-business owner or run a major corporation, managing your business finances in a separate checking account can make it easier to stay organized while growing your company. You'll have access to business-specific banking features to help you manage your expenses. It's also a chance to establish a relationship with your bank for future loans, grants and additional services. Opening a business checking account is the best way to manage your business expenses and transactions separately from your personal accounts. You'll be able to keep track of your purchases and bill payments in one place, making it easier to manage cash flow. Additionally, when you file your business taxes, you won't have to sift through your personal checking account to decipher which transactions are associated with your business. Tax time can be stressful for many business owners, but keeping records completely separate in one account can help you easily compile your business expenses. If you regularly pay for software and equipment for your business, for instance, it'll be easier to look at your business' checking account statements to see how much you're spending and add up the total for your taxes. Plus, keeping your business finances separate will make it easier to keep track of business deductions, which could potentially lower your tax bill. Pros and cons of business checking accounts Pros Separating business accounts from personal accounts can make tax preparation easier. Merchant accounts allow businesses to accept debit and credit card sales. Business checking accounts allow multiple signers to authorize transactions, make deposits and sign for debit and credit card purchases. Building business credit will be easier. Additional tools and services might be available, such as payroll management, bookkeeping and invoice processing. Establishing a business relationship with a bank can help if future loan funding is required. Easier to monitor your business cash flow. Cons Some accounts include additional fees or limitations on the number of free transactions per month. Higher balances can be required to waive monthly maintenance fees. Some banks offer insignificant annual percentage yields. Sometimes, a larger minimum deposit might be required to open a business checking account. How can you get the best yield on a business checking account? To get the best return on your business finances, it's important to research available options nationwide. Compare rates from traditional banks and credit unions, online banks and financial technology companies when searching for business checking accounts that offer the highest yield. When considering credit unions, confirm membership eligibility requirements before making a final decision. What to consider when choosing a business checking account Before opening a business checking account, consider which features and integrated financial tools can help your business operate more efficiently. Here are a few factors and features to consider: Banking services: Some banks offer features specifically for businesses, including payroll services built into the account, business credit cards, loans and merchant services that allow you to accept debit and credit card payments. Some banks offer features specifically for businesses, including payroll services built into the account, business credit cards, loans and merchant services that allow you to accept debit and credit card payments. Competitive APY: Many banks offer a competitive APY on checking and savings accounts to help you earn interest on your deposits. Keep in mind that some accounts require a minimum balance to earn a certain APY. Many banks offer a competitive APY on checking and savings accounts to help you earn interest on your deposits. Keep in mind that some accounts require a minimum balance to earn a certain APY. Requirements: Depending on your bank, you may be responsible for keeping a minimum balance or monthly maintenance fee. You may also have to meet certain business requirements to qualify, including a business license, employer identification number and a minimum deposit. You may also have to provide business documents, such as an operating agreement. Depending on your bank, you may be responsible for keeping a minimum balance or monthly maintenance fee. You may also have to meet certain business requirements to qualify, including a business license, employer identification number and a minimum deposit. You may also have to provide business documents, such as an operating agreement. Service fees: Business checking accounts can come with quite a few fees, sometimes eating away at your earnings and deposits. Look out for banks that charge foreign transaction fees, monthly maintenance fees, wire transfer fees, ATM fees and surcharges and overdraft fees. Business checking accounts can come with quite a few fees, sometimes eating away at your earnings and deposits. Look out for banks that charge foreign transaction fees, monthly maintenance fees, wire transfer fees, ATM fees and surcharges and overdraft fees. Introductory offer: Banks use introductory bonus offers as an incentive to open a business checking account. As a new account holder, you may qualify for a higher APY, waived fees or a cash bonus after depositing a certain amount of money or swiping your debit card for a specified number of transactions. Some of these offers require you to meet specific criteria, so read the fine print to understand how to qualify. Banks use introductory bonus offers as an incentive to open a business checking account. As a new account holder, you may qualify for a higher APY, waived fees or a cash bonus after depositing a certain amount of money or swiping your debit card for a specified number of transactions. Some of these offers require you to meet specific criteria, so read the fine print to understand how to qualify. Mobile app: Most banks offer a mobile banking app to conveniently check your balance, deposit checks, transfer funds and pay bills. As a small-business owner or entrepreneur, mobile access lets you manage your accounts from anywhere. Most banks offer a mobile banking app to conveniently check your balance, deposit checks, transfer funds and pay bills. As a small-business owner or entrepreneur, mobile access lets you manage your accounts from anywhere. Physical branch and ATM access: Online banks generally charge fewer fees and offer competitive APYs, but depending on your needs, you may need easy access to a physical branch and ATMs to deposit and withdraw cash. Branch access can also be helpful for wiring money, cashier's checks and live customer service. How to open a business checking account You can open a business checking account online or in person, depending on the bank. When you're ready to open a business checking account, you'll need to provide your federal EIN number and any state documents verifying that you've formed a legal entity. You'll also need to provide personal information, including your full name, address, date of birth, Social Security number and a government-issued ID or passport. Some business checking accounts require a minimum deposit to get started. But many of the best business checking accounts on our list can be opened with $0. If your business checking account requires an opening deposit, you'll need to have those funds available when you open the account. Alternatives to business checking accounts Depending on your business' bottom line, a business checking account might not be the right choice for you. Business checking accounts can make managing your cash flow, expenses and bills easy, but if you're focused on growing your money faster, you might consider a business savings account instead. Rates for business savings accounts aren't as high as those of some of the best personal savings accounts, but you can still earn a decent APY on your business' capital. Weigh what's most important and beneficial to your business and compare options before you commit. FAQs What is the difference between an individual and a business checking account? Personal checking accounts aren't for business use. They're intended for use by individuals to hold and manage their personal funds. A business checking account helps business owners manage their financial transactions related to the operation of their business. What are the minimum deposit requirements for a business checking account? Minimum deposit requirements vary depending on the institution. A deposit requirement can range from $0 to $1,500 or more. What type of fees are associated with a business checking account and how do you avoid them? Business checking accounts can incur a variety of fees including: Monthly maintenance fees Transaction fees Out-of-network ATM fees Monthly statement fees Overdraft fees Many of these fees can be avoided by maintaining a minimum balance, making a minimum number of debit card purchases each month, downloading a mobile app or enrolling in overdraft protection. Methodology CNET reviews business checking account rates based on the latest APY information from issuer websites. We evaluated rates from more than 50 banks, credit unions and financial companies. We selected the business checking accounts with the highest APYs, lowest balance requirements and best bonus offers from among the organizations we surveyed. The banks, credit unions and neobanks we reviewed include Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank and Wells Fargo. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
