Does Discover Have Business Checking Accounts? - Nav

Does Discover Have Business Checking Accounts?

Tiffany Verbeck's profile

Tiffany Verbeck

Digital Marketing Copywriter, Nav

June 10, 2022|7 min read
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A Discover business checking account doesn’t exist yet — but there are many fantastic business checking options out there. Opening a business checking account can help small businesses and entrepreneurs separate their personal finances from their business accounts. This separation may give business owners more protection and more credibility. Plus, many business checking accounts are fee-free, have online banking, and offer potential business perks.

Here we cover the top alternatives to a Discover account and what to look for in a business checking account.

Does Discover Offer Business Checking Accounts?

No. You can’t get a Discover business checking account currently. Discover Bank only offers personal checking accounts and savings accounts. Also, if you want a business savings account or money market account to connect with your business checking account, you’ll have to look at other banks.

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.

Alternatives to Discover for Business Checking

Finding the right business banking account can be a challenge, especially if you hoped to go with a bank you already have an account with, like Discover. Discover is famous for having no fees on its financial products and offering enticing cash-back rewards. So we gathered several business checking accounts that have similar features for you to consider.

Chase Business Complete BankingSM

Chase Bank charges a monthly fee for its business checking account, but there are multiple ways you can qualify to waive it. You can accept customer payments through Chase QuickAccept without paying extra fees. Chase’s mobile app is also highly rated, like Discover’s. You can also get a business savings account to connect with your checking account through Chase.

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

Small Business Checking by Bank of America

The business checking account from Bank of America has a monthly fee, but there are several methods to waive it. Its basic account also offers a Cash Flow Monitor tool and a Zelle account for your business. The Bank of America mobile app is also rated well. You can also connect a Bank of America Business Advantage Savings account and receive an interest rate increase. 

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

Bluevine Business Banking

There are unlimited transactions, monthly fees, or minimum balance requirements with Bluevine’s business banking account. Also, similar to Discover’s interest on its products, you can get high-yield interest on your business banking account with Bluevine. Discover is a bank while Bluevine is a financial technology company — but it’s still a Member FDIC company.

Axos Basic Business Checking

Like Discover, Axos doesn’t charge monthly fees. There’s also no minimum deposit requirement and an unlimited number of ATM reimbursements you can get. You’ll also have unlimited debit, credit, and deposit transactions. The mobile app from Axos Bank is also well rated by customers. 

Business owners get up to $400 welcome bonus!*

Axos Basic Business Checking

Business owners get up to $400 welcome bonus!* Open a business checking account by September 30 and get up to $400 when you use promo code NEW400 on your application.* No initial deposit requirement. No minimum balance requirement. No monthly maintenance fees. Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month. Free domestic and international incoming wires. Cash deposits via MoneyPass and AllPoint networks. See disclosures here: https://www.axosbank.com/business/business-checking-accounts/basic-business-checking

Minimum Balance

None

Monthly Cost

$0

Monthly Free Transactions

Unlimited

Noteworthy Perks

Great welcome bonus

What to Look for in a Business Checking Account

It’s smart to compare several accounts when you’re searching for the right business checking account so you can get a full picture of what’s out there and what meets your banking needs. With each account, try to investigate the features below for each account.

Account requirements

Make sure you aren’t overpaying for things like:

  • Minimum opening deposit: Some banks require you to deposit some money before you can open a business checking account. The amount is typically between $25 and $100.
  • Monthly maintenance fee: The fee each month can vary depending on the bank and the specific account you open, from $0 to $50 and possibly more. Often, you can qualify to get the monthly fee waived.
  • Minimum balance requirement: Typically, one of the ways to waive the monthly fee is to keep up with the minimum balance requirement set by your business checking account. If you can’t manage to keep the balance, you often have to pay the monthly maintenance fees. 

Debit card

Like personal checking accounts, a debit card is a universal feature of business checking accounts. It’s helpful to have a separate debit card to be able to use for business expenses in person or online. Some business checking accounts give cardholders a cashback debit card, which gives cash back for each debit card purchase or for spending in certain categories. 

ATM access 

If your business has a lot of cash transactions or uses cash frequently, you’ll want to consider ATM access. If the bank has ATM fees, calculate how much it will cost you to use them each month. Many banks have free ATMS in their network. Even a small fee of a few dollars each time you use an ATM can add up over time.

Transaction limits

Many banks limit the number of transactions you can make for free on your account each month. On average, you’ll be allowed to complete 100 to 200 free monthly transactions before you get charged an additional fee — which is often a fee per transaction, so it can cost you. There are online banks that allow for unlimited free transactions, however.

Cash deposits

If your business has a lot of cash coming in and going out, like a restaurant, pay attention to the number of free cash deposits the account allows for. Many banks set a limit to the amount of cash you can deposit per month without charge, and often charge for every $100 over that amount you deposit.

Annual percentage yield (APY)

The annual percentage yield, often referred to as interest rate, is the percentage you earn back on your balance. This perk is typically linked with savings accounts, but some business checking accounts offer it as well. If you plan to keep a high monthly balance in your business checking account, look for an account that gives you interest back on it.

Mobile app

Access to mobile banking is practically a requirement for most bank customers these days. You’ll want to consider whether there is a mobile app for the bank you’re considering, as well as its ratings. That way, you’ll be able to easily and quickly check your account balance on the go or transfer funds.

Member FDIC

The Federal Deposit Insurance Corporation is the U.S. government agency that insures your deposits, up to a certain amount. Make sure the bank declares on its website that it is a “Member FDIC” so you know your money is covered by the government if the bank files for bankruptcy. 

Other account options

Another thing to consider is what other types of accounts the financial institution offers, like:

  • Business credit cards
  • Certificates of deposit
  • Lines of credit

For example, if you were eyeing a Discover card to add to your wallet, you might consider opening a checking account with Discover. It may be a bit easier to qualify for a credit card if you already have a relationship with that bank. Additionally, look into whether the bank gives you easy access to your credit score or not.

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.

The Bottom Line

While you can’t get a business checking account through Discover, there are many other fantastic choices. Having a business bank account may give you a leg up when you apply for lending and increase your personal protections. Often, you need to demonstrate multiple years of cash flow in a business checking account to get approved for funding like a small business loan. 

Using Nav is the easiest way to find the right business checking account for you, and more. Sign up for a free account at Nav to get started on your business funding journey today.

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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.