The best business checking accounts for restaurant owners

Tiffany Verbeck's profile

Tiffany Verbeck

Digital Marketing Copywriter, Nav

April 28, 2025|6 min read

Summary

  • check_circleManaging restaurant finances is complex—choosing the right business checking account can simplify cash flow, tax prep, and daily operations.
  • check_circleYou'll get a clear comparison of account options with low fees, high transaction limits, and ATM access to match your business needs.
  • check_circleKeeping personal and business finances separate protects your assets and reduces stress at tax time.
  • check_circleA good checking account supports growth by making it easier to qualify for financing and stay financially organized.

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As a restaurant owner, keeping track of your finances can be a challenge. Fortunately, having a business checking account makes it easier to manage your money. Not only does it help to separate your personal and business finances, but it also simplifies your tax preparation process. To help you make an informed decision about which business checking account to choose, Nav’s experts compiled a list of the best business checking accounts for restaurant owners. 

Compare the best business checking accounts

Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.

Understanding the importance of a business checking account for restaurant owners

Opening a business checking account for your restaurant is a crucial step towards ensuring the financial stability and success of your business. Let’s explore the importance of having a business checking account for restaurant owners and the advantages it provides.

Streamlining financial management

Managing finances for a restaurant can be complicated. There are many expenses to keep track of, including food costs, employee salaries, and rent. Having a business checking account makes it easier to track your expenses and income since all business-related transactions will happen in one place. This will save you time and effort — and help you make informed financial decisions for your restaurant.

Furthermore, a business checking account can provide you with a range of tools that help you manage your finances more efficiently. For instance, you can set up automatic payments for your bills, which will make sure you make on-time payments and you avoid late fees. You can also receive alerts when your account balance falls below a particular threshold, which can help you avoid overdraft fees.

Separating personal and business finances

One of the most significant advantages of having a business checking account is that it helps you separate your personal and business finances. This is crucial for legal and tax purposes, especially for an LLC, partnership, or corporation. By keeping your personal and business finances separate, you can avoid legal liabilities and protect your personal assets.

Additionally, having a separate business account makes it easier to track your business expenses and income, which is essential for tax preparation.

Simplifying tax preparation

Keeping track of your expenses and income is necessary for filing your business taxes. With a business checking account, you’ll have all of your business-related transactions in one place, which makes it easier to prepare your tax returns. You can quickly identify all business-related expenses to claim deductions, which can reduce your tax liability. Additionally, having a business checking account makes it easier to reconcile your financial statements during the tax filing process.

Opening a business checking account for your restaurant is a crucial step towards ensuring the financial stability and success of your business. It provides you with a range of benefits, including streamlining your financial management, separating your personal and business finances, and simplifying tax preparation. By having a business checking account, you can save time and effort, avoid legal liabilities, and make informed financial decisions for your restaurant.

Compare the best business checking accounts

Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.

Key features to look for in a business checking account

When choosing a business checking account, some of the critical features to consider include:

Low or no monthly fees

One of the most important things to look at when choosing a business checking account is the fees. Looking for an account that has low or no monthly fees will reduce your monthly business expenses — and even a few dollars per month add up. With a low or no monthly fee account, you can focus on growing your business rather than worrying about the cost of your checking account.

High transaction limits

Restaurants rely on handling a lot of transactions, and some business checking accounts are better suited for that type of operation. As a restaurant owner, you’ll likely have many transactions each month, so you’ll want to ensure that your checking account has high transaction limits. This will help you avoid any additional fees for exceeding your limits. 

Access to a wide network of ATMs

In addition to low or no monthly fees and high transaction limits, you’ll also want to make sure that your business checking account provides access to a wide network of ATMs. This will enable you to withdraw cash without incurring additional fees. With access to a wide network of ATMs, you can easily withdraw cash whenever you need it without worrying about the cost of the transaction.

Online and mobile banking capabilities

Having the ability to manage your account online or via a mobile app is helpful for restaurant owners. Online account access lets you check your account balance and make payments and deposits from anywhere. With online and mobile banking capabilities, you can manage your account on the go, making it easier to keep track of your finances and stay on top of your business’s spending and earning.

Overdraft protection options

Finally, you also want to look for a business checking account with overdraft protection options. Business overdrafts help you avoid any unnecessary fees or charges in case you accidentally overdraw your account. With overdraft protection options, you can rest assured that you won’t be hit with unexpected fees or charges for spending more than your balance, helping you to stay on top of your finances and focus on growing your business.

When choosing a business checking account, it’s essential to consider the features that will provide you with the most value for your money. By looking for an account with low or no monthly fees, high transaction limits, access to a wide network of ATMs, online and mobile banking capabilities, and overdraft protection options, you can ensure that you’re getting the best possible account for your business needs.

Top business checking accounts for restaurant owners

Now that you know what features to look for when choosing a business checking account, let’s take a look at the top business checking accounts for restaurant owners.

Great For High Cash Deposit Limit

Bank of America® Business Advantage Banking

Bank of America® Business Advantage Banking is a checking account with 2 options. Pick the 1 that works best for you. $200 bonus offer. Click Get Started for more details Easy, anytime access. Visit Bank of America at thousands of financial centers and ATMs. 24/7 security. Total Security Protection® and fraud monitoring. Secure sign-in, card locking features and more. Convenient ways to pay. Use your debit card immediately for in-store and digital purchases. Digital account management tools when enrolled in Business Advantage 360. Access to Small Business specialists to help find solutions that fit your goals. Our $0 Liability Guarantee means that you’re not liable for unauthorized transactions made using your business debit card, as long as you report them promptly. Eligible Preferred Rewards for Business members can access a wide range of rewards, benefits and savings. Bank of America, N.A. Member FDIC

Minimum Balance

$100

Monthly Cost

$16-$29.95 or $0 if requirement is met

Monthly Free Transactions

20-500

Noteworthy Perks

High Cash Deposit Limit

Great For Digital Banking

Chase Business Complete Banking®

Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments. Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. Associate Debit and Employee Deposit Cards available upon request

Minimum Balance

None

Monthly Cost

$15 with ways to waive

Monthly Free Transactions

Unlimited

Noteworthy Perks

$500 Sign Up Bonus

One Platform to Manage All Your Business Finances

Lili - Banking designed for your business

Lili empowers business owners by combining business banking, accounting, invoicing, and tax preparation in one platform. For business owners, centralizing all aspects of their business finances streamlines their business operations and provides clarity about their financial position. Lili accepts S-Corps, Partnerships, and LLCs (both single and multi-member). Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.

Minimum Balance

None

Monthly Cost

$0

Monthly Free Transactions

Unlimited

Noteworthy Perks

Fee-Free Overdraft

Great For Integrations

Online & Mobile Small Business Checking by Bank Novo

Novo offers powerfully simple business banking through their free checking account with debit card access, no overdraft fees, and zero minimum balance requirements. Novo allows you to integrate with the business tools you already use, like Stripe, Square, Shopify, Amazon, PayPal and more, and empowers you with a dashboard to see the financial health of your business at a glance. You can apply for an account in under 10 minutes on any device so you can start managing your business finances all in one place and on the go.

Minimum Balance

None

Monthly Cost

$0

Monthly Free Transactions

Unlimited

Noteworthy Perks

Deep integrations with the tools small businesses already love

Final note

As a restaurant owner, having a business checking account can make a big difference in managing your finances and qualifying for small business loans (a business checking account is a requirement to qualify for most business loans). By choosing the right checking account, you can keep track of your expenses and income, separate your personal and business finances and simplify your tax preparation process. Using Nav is the best way to find the right business checking account for you. 

Compare the best business checking accounts

Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.

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  • Tiffany Verbeck profile photo

    Tiffany Verbeck

    Digital Marketing Copywriter, Nav

    Tiffany Verbeck is a Digital Marketing Copywriter for Nav. She uses the skills she learned from her master’s degree in writing to provide guidance to small businesses trying to navigate the ins-and-outs of financing. Previously, she ran a writing business for three years, and her work has appeared on sites like Business Insider, VaroWorth, and Mission Lane.