Does Charles Schwab Have Business Checking Accounts?
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Charles Schwab does not have business checking accounts. The bank offers other small-business products, including a business brokerage account, plus personal checking and savings accounts.
NerdWallet recommends keeping personal and business accounts separate. But if you like Charles Schwab’s personal checking, the following business checking accounts have some similarities.
Bluevine Business Checking
Charles Schwab offers an interest-bearing personal checking account with no monthly fees or account minimums. If you want an account that matches those features, consider Bluevine Business Checking.
Bluevine Business Checking is an online-only free business checking account. In addition to not charging monthly maintenance fees, Bluevine keeps other potential costs low with no account minimums, unlimited fee-free transactions and free incoming wire transfers and ACH payments.
Bluevine also boasts a high APY: Earn 1.50% interest on account balances up to and including $250,000. Terms apply. That not only tops Charles Schwab’s personal checking account, but many top business savings accounts as well.
Novo Business Checking
Novo is another Charles Schwab business checking alternative that may make sense, especially if you withdraw cash from ATMs often. Like Schwab, Novo Business Checking offers free access to ATMs worldwide.
Novo Business Checking is an online account. But unlike other online business checking accounts, including Bluevine, you’re not limited to a specific ATM partner network: You can use any ATM in the U.S. or abroad without a fee. If a bank charges you separately for using its ATM, Novo will reimburse you.
However, Novo Business Checking doesn’t support direct cash deposits via ATM. You can work around this by using money orders, but that extra step might make other checking accounts a better fit for cash-based businesses.
» MORE: Novo Business Checking review
 American Express® Business Checking Member FDIC |  Bluevine Business Checking Deposits are FDIC Insured |  Grasshopper Business Checking Account Member FDIC |
|---|---|---|
NerdWallet rating 5.0 /5 | NerdWallet rating 4.7 /5 | NerdWallet rating 4.5 /5 |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY 1.30% With $0 min. balance for APY | APY 1.50% With $0 min. balance for APY | APY 1.80% With $25,000 min. balance for APY |
Bonus $0 Requirements to qualify | Bonus $300 Requirements to qualify | Bonus N/A |
Learn More at American Express National Bank, Member FDIC | Learn More at Bluevine, Deposits are FDIC Insured | Learn More at Grasshopper Bank, Member FDIC |
Bank of America® Business Advantage Fundamentals™ Banking
Charles Schwab pairs online bank accounts with physical branches in seven states. If you prefer a brick-and-mortar bank, Bank of America has thousands of branches in the U.S., plus mobile services.
Bank of America's entry-level Business Advantage Fundamentals offers charges no fees for the first 200 transactions and the first $7,500 in cash deposited per statement cycle. This account does charge a monthly fee of $16 (after the first 12 statement cycles), but there are multiple ways to waive it. (Learn how to avoid this fee.)
If you’re interested in Schwab’s brokerage services, you may also value Bank of America’s relationship with Merrill. This lets you access banking and investing accounts via a single digital platform. Preferred Rewards members also receive a free consultation with a Merrill advisor.
