If you have a business, certain banks would really like to have your business. Small businesses are often appealing customers for banks. With your funds, they can lend to other businesses and individuals, earn income from fees, and offer you other financial services. To attract your business, some banks will offer bonuses and special offers in the hopes you will open an account with them.
Here are some great business bank account bonuses, and details on how to earn them. Some of these also offer free business checking accounts, which means you can really come out ahead.
Keep in mind that each bank will have requirements unique to the bank and the promotion they are running. There often be a minimum deposit requirement, along with minimum balance requirements for a specific period of time (usually 2-3 months after opening the account) and/or a certain number of transactions you have to make before a certain date in order to earn a checking bonus.
Make sure you know and follow the rules so you don’t miss out.
Types Of Business Bank Account Bonuses
Business checking accounts with sign up bonuses will typically offer a cash welcome offer for opening an account and making a minimum qualifying deposit of a specific amount. You will often need to maintain that deposit for a certain period of time (60 or 90 days, for example).
You may see other rewards or points offered from time to time (especially cash back or other deals on business debit card transactions), but cash sign up bonuses are the most popular perk.
What Banks Give Bonuses for Opening Business Accounts?
Here we share some of the best business checking account promotions.
Small Business Checking By Bank of America
Bonus offered: $200 or $300
How to earn it: First you will need to open a new, eligible Bank of America small business banking account. The deadline to open an account for the current offer is June 30, 2023.
- $200 bonus: Deposit $5,000 into the account within 30 days of account opening. Maintain that average balance for days 31-60 after account opening days.
- Extra $300: Apply and get approved for an eligible Bank of America® small business credit card and spend $3,000 in new net purchases within the first 90 days of account opening. Maintain that average balance for days 31-60 after account opening days.
The deadline to open an account for the current offer is June 30, 2023. New offers may be available after that date. New funds must not be transferred from another Bank of America account or Merrill investments accounts
Restrictions: In addition to being a new business checking customer, you also have to make sure you were not an owner or signer on a Bank of America Business Advantage account within the last six months.
Good to know: New net purchases exclude returns, transaction fees, and adjustments.
Chase Business Complete Banking
Bonus offered: Up to $750
How to earn it: For a $300 bonus, open a new Chase Business Complete checking account and make an opening deposit of $2,000 of new money within 30 days of offer enrollment and maintain that balance for 60 days from offer enrollment. You’ll also need to complete at least five qualifying transactions during the initial 90 days. Qualifying transactions include debit card purchases, accepting credit and debit card payments with QuickAccept, Chase QuickDeposit, ACH (Credits), wires (credits and debits), Chase Online℠ Bill Pay. The $750 bonus required qualifying activities including total deposits of at least $30,000.
This offer expires August 3, 2023. New offers may be available after that date.
Restrictions: You can receive only one new business checking account opening related bonus every two years from the last enrollment date and only one bonus per account.Additionally, those that have closed an account in the last ninety days or closed an account with a negative balance in the last three years are not eligible.
Good to know: The new money in your account can’t come from Chase or its affiliates.
PNC Business Checking
Bonus offered: $200 or $500
How to earn it: Open a qualifying account and then meet the additional qualifying activities.
- $200 cash bonus: Either open a Business Checking or Business Checking Plus account by June 30, 2023, maintain an average ledger balance of $5,000 for the first three statement cycles and make 20 qualifying PNC Bank Visa Debit Card purchases during that time period.
- $500 cash bonus: Open either a Treasury Enterprise Plan or an Analysis Business Checking account by June 30, 2023 then maintain an average ledger balance of $30,000 for the first three statement cycles.
This current offer expires June 30, 2023. New offers may be available after that date.
Restrictions: Only available to businesses with less than $5 million annual revenue that have no signers with current signing authority on an existing PNC business checking account. You must be in a state with a PNC branch to open a PNC business checking account. If you have closed a PNC account in the last 90 days or have been paid a promotional premium in the last 12 months you aren’t qualified. You won’t be eligible for this offer if any signer has signing authority on an existing PNC Bank business checking account or has closed an account within the past 90 days, or has been paid a promotional premium in the past 12 months.
Good to know: You can request a coupon and go to a PNC branch to open the account or you can start the application online.
Bonus offered: $100 or $200
How to earn it: If you filed a new business after June 1, 2020, Axos will add $200 to your new business bank account. Use promo code NEWBIZ200 on your application. In the first two months after account opening, the average daily balance of the account must be at least $2,500 in order to qualify for the $200 bonus.
If you do not have a new business, you can still earn a $100 promo credit by using promo code NEWAXOSBIZ and maintaining an average daily balance of at least $2500 first two months after account opening.
The current offer expires June 30, 2023. New offers may be available after that date.
Restrictions: Account must remain open for 180 days or an early closure fee of $50 may apply. Must be new funds, not originating at any Axos Bank brand account. Axos Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.
Live Oak Bank
Bonus offered: $300
How to earn it: Open a business savings account with qualifying activities. Note this offer is for a business savings account, not a business checking account. Deposit at least $30,000 into the account within 15 days and maintain a balance of $30,000 or more for 90 days. You’ll also earn 4.00% APY.
The current offer expires May 31, 2023. New offers may be available after that date.
Restrictions: You must be a first-time Live Oak business savings customer to be eligible for this bonus offer.
Bonus offered: $200 or $400
How to earn it: Open a qualifying BMO Harris business checking account by April 29. 2022 and meet other criteria for the bonus you want to earn.
- $250 bonus: Maintain an average $5,000 collected balance for 120 days, plus make a minimum of ten electronic transactions during that time.
- $400 bonus: Maintain a $10,000 balance for 120 days, plus make a minimum of ten qualifying electronic transactions during that time.
The current offer expires May 12, 2023. New offers may be available after that date.
Restrictions: Only those in states where there is a branch location qualify. These include Arizona, Illinois, Indiana, Wisconsin, Missouri, Minnesota, Florida, and Kansas. Existing customers, authorized signers, or have closed a BMO Harris business checking account in the last twelve months are also not eligible.
Good to know: Qualifying electronic transactions include ACH credits or debits, wire transfers, mobile deposits, debit card point-of-sale purchase transactions, or online bill payments.
How To Maximize Business Bank Account Bonuses And Promotions
Business checking bonuses are designed to get small business owners to open or move their checking accounts to a new financial institution. As a result, they are usually one-time offers that apply only to new checking accounts (or possibly savings accounts). Choose wisely.
Understand terms and conditions: Review the terms and conditions to make sure you can meet the terms of the offer. You’ll only get the promo deal if you meet all the requirements. Specifically you’ll want to know:
- What is the minimum opening deposit required for the offer?
- What is the average monthly balance required, and how long must it be maintained?
Balancing bonus offers with long-term value: Switching bank accounts can be a hassle, so unlike business credit cards where you may open new ones more frequently, you will want to think carefully about the business checking account that makes sense for you. Plus, business bank accounts may have fees that could add up in the long run. So don’t choose a business checking account solely on the sign up offer.
By the way, the bank may report your bonus on a 1099 form with the IRS, so you’ll want to make sure you’re aware of any tax implications.
Can You Earn Interest on a Business Checking Account?
Yes, some banks offer business interest checking accounts. If you maintain a healthy balance in your account you’ll definitely want to put that money to work for you. Business savings accounts and money market accounts tend to earn a higher Annual Percentage Yield (APY).
What Fees Do Business Checking Accounts Charge?
Earning a business bank account bonus can be a terrific way to put a little more cash in your bank account, but make sure you also understand the fees the bank charges so you don’t wind up paying expensive fees that outweigh the benefits. In particular, look out for monthly maintenance fees if you don’t maintain a sufficient minimum account balance and ATM fees if you plan to access funds using an ATM.
If your business operates in cash, there may be cash deposit fees, and some banks allow a specific number of free deposited items but charge after that limit is reached.
What Other Checking Account Features Do Business Owners Need?
Look for features based on the needs of your business. For some, it’s as simple as a business checking account that doesn’t require high minimum balances or charge monthly transaction fees. Others may need mobile banking through a robust mobile app. Service businesses may want invoicing features that allow them to invoice and accept payment by direct deposit into the account. Most business bank accounts will offer a business debit card.
The features you need will be unique to your business, so consider how you’ll use the account before deciding where to open it.
What are Bonuses vs Promotions?
When it comes to business checking, bonuses and promotions are terms that may be used interchangeably. Either way, the financial institution offers a welcome bonus to new business checking customers who deposit and maintain a certain balance, and complete qualifying activities.