Banks want small business owners to bank with them. 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.
What banks give bonuses for opening business accounts?
Here are some great business bank account bonuses worth checking out:
Small Business Checking By Bank of America
Bonus offered: $100— $500
How to earn it: First you will need to open a new, eligible Bank of America small business banking account.
- $100 bonus: Deposit $1,000 into the account and maintain that average balance for 90 days.
- $200 bonus: Deposit $3,000 into the account and maintain that average balance for 90 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.
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: The condition of new money for the minimum deposit for these bonuses can’t be from money withdrawals or funds transferred from another Bank of America account or Merrill investments accounts. New net purchases exclude returns, transaction fees, and adjustments.
Chase Business Complete Banking
Bonus offered: $300
How to earn it: Open a new Chase Business Complete checking account and make an opening deposit of $2,000 into the account in the first 30 days. You must maintain the minimum balance requirement of $2,000 in your account for 60 days and make five qualifying transactions during the initial 90 days.
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, 2022, 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, 2022 then maintain an average ledger balance of $30,000 for the first three statement cycles.
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.
Huntington Business Checking
Bonus offered: $100—$750
How to earn it: Open a qualifying account by using a code you can obtain on the Huntington Bank website by July 7, 2022. Make the required cumulative new money deposits into your new account within 60 days of account opening and keep your account open for a minimum of 90 days.
- $100 bonus: Business Checking 100. Minimum $2000 balance.
- $400 bonus: Unlimited Business Checking. Minimum $5000 balance.
- $750 bonus: Unlimited Plus Business Checking account. Minimum $20,000 deposit.
Restrictions: Those who have closed a Business Checking account with Huntington bank in the past six months or reside in a state outside of Michigan, Illinois, Indiana, West Virginia, Kentucky, Ohio, and Pennsylvania aren’t eligible. You also can’t have accepted another bonus from Huntington bank in the past 12 months.
Bonus offered: $250 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 a $5,000 balance for 90 days, plus make a minimum of ten electronic transactions during that time.
- $400 bonus: Maintain a $10,000 balance for 90 days, plus make a minimum of ten electronic transactions during that time.
Qualifying electronic transactions include ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions.
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: Electronic transactions include ACH credits or debits, wire transfers, mobile deposits, debit card point-of-sale purchase transactions, or online bill payments.
Most Common Bonuses & Promotions for Business Checking Accounts
As you can probably tell from the overview of the different bank promotions above, the most common bonuses and promotions for business checking accounts tend to be cash bonuses for a few hundred dollars. You may see other rewards or points offered from time to time, but cash offers seem to be the most popular perk.
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 checking accounts that allow you to earn interest. Because interest rates are relatively low at the moment, you probably won’t earn a lot in interest.
But if you maintain a healthy balance in your account you’ll definitely want to put that money to work for you. Money market accounts tend to earn a slightly 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.