What to look for in a business bank account for your company

Monthly bank fees and minimum balance requirements directly affect a business's available cash. While these costs might seem small at first, they add up over time and can limit the funds available for day-to-day operations, especially when business income varies from month to month. The impact is particularly noticeable for new businesses and small companies that need to maintain flexibility with their cash.

Traditional banks often charge monthly fees for business accounts and require minimum balances. Their accounts typically include maintenance fees unless you keep a set amount of money in the account at all times. Today’s digital banks have taken a different approach — many offer business accounts without monthly fees or minimum balance requirements. This gives business owners more options and has pushed some traditional banks to create more flexible accounts.

When choosing a business bank account, start by understanding exactly what you'll pay each month and what you'll need to do to avoid paying hidden business banking fees. Look at how the bank's requirements match your typical monthly income and spending patterns. Some banks waive fees if you maintain certain balances or use their services regularly, but consider whether meeting these conditions works naturally with your business operations. Remember that with more no-fee options available today, you don't have to accept monthly fees as a standard cost of running your business.

How to avoid monthly fees and minimum balance requirements

Brex provides business accounts with no monthly fees and no minimum deposit requirements, removing common banking barriers for growing companies. This approach lets businesses keep their full operating funds available without worrying about maintaining balance thresholds or incurring monthly charges. New businesses can open these accounts without large initial deposits, while established companies can manage their money without tracking minimum balance requirements.

The Federal Deposit Insurance Corporation (FDIC) protects your business money if your bank fails, covering up to $250,000 per depositor at each bank. This insurance comes automatically with your account and covers checking accounts, savings accounts, and certificates of deposit. It's worth noting that this limit applies to all your business accounts at one bank combined, not each account separately.

Many venture-capital-backed startups and other businesses hold more than $250,000 in their accounts, particularly after receiving investor funding or during periods of high sales. When your balance exceeds the FDIC limit, any amount above $250,000 isn't protected if the bank fails. This becomes especially important for businesses handling large transactions, setting aside money for payroll, or managing investor funds.

Banks offer several ways to get more FDIC coverage. One common approach is to open accounts at multiple banks, as the $250,000 limit applies separately to each bank. Some banks also provide services that automatically spread your money across multiple partner banks, keeping each portion under the FDIC limit while letting you manage everything through one account. Before choosing this kind of service, ask the bank to explain exactly how the coverage works and verify that each partner bank provides separate FDIC insurance.

Get FDIC coverage for up to $6M

Brex offers Vault services that extend FDIC insurance coverage up to $6 million through its network of partner banks, offering significantly more protection than standard coverage. This expanded protection gives businesses with larger balances the security they need without having to manage multiple separate bank accounts. Companies can confidently maintain higher balances in one place, simplifying their banking while keeping their funds protected.

High-yield business accounts help your extra money earn more interest while you're not using it. These cash management accounts work much like regular savings accounts but offer better interest rates, making them useful for funds you don't need for immediate expenses. Instead of letting your cash sit idle in a standard checking account, you can put it to work earning additional income for your business.

Standard business checking accounts typically offer minimal to no interest on deposits, while high-yield accounts and treasury management services provide significantly better rates. The difference can be substantial — while a standard account might offer fractions of a percent in interest, high-yield options often provide returns many times higher. These rates adjust with market conditions, but the key point remains: high-yield accounts consistently offer better returns than standard business checking.

Before moving money into a high-yield account, consider how quickly you might need to access it. Most high-yield accounts limit the number of withdrawals you can make each month, and some require notice before large withdrawals. Many businesses find a good balance by keeping their day-to-day operating funds in a checking or savings account while moving their reserves to high-yield options. Look for a cash management solution that lets you easily transfer money between your high-yield and checking accounts, ideally through online banking or a mobile app.

How to earn higher yields on your cash

Brex offers Treasury services that combine competitive interest rates with easy access to funds, helping businesses earn returns on their extra cash starting the day they open an account. This helps companies seamlessly move money between high-yield, checking, and savings accounts whenever needed, maintaining earning potential and flexibility because there are no transaction fees. Brex makes it simple to track interest earnings and manage money movement with 100% same-day liquidity, so you can maximize earnings on your unused cash.

Wire transfers and transaction fees can significantly increase business banking costs. Traditional banks charge fees for both sending and receiving wire transfers, with international wires costing more than domestic ones. These fees apply each time you move money, so businesses that frequently use wire transfers for vendor payments, client transactions, or international dealings can face substantial monthly costs.

Transaction limits also affect daily business operations. Many basic business accounts cap the number of monthly transactions — including deposits, withdrawals, and transfers — before additional fees apply. Online retailers, businesses with high sales volume, and companies making frequent vendor payments often hit these limits quickly. When you exceed these caps, the per-transaction fees add up fast.

Some newer banks and financial institutions now offer accounts with unlimited transactions and free wire transfers. Digital-first banks typically provide these features as standard offerings, while traditional banks might include them in premium accounts or offer them to businesses that maintain higher balances. When comparing accounts, look at your typical monthly transaction patterns and wire transfer needs. Consider both current and anticipated future volume — as your business grows, an account with transaction limits could become more expensive than one with a higher monthly fee but unlimited transactions.

How to avoid wire transfer fees and transaction costs

Brex eliminates wire transfer fees and transaction costs entirely, allowing unlimited transactions without additional charges. This means businesses can send domestic and international payments, make deposits, and manage their money without worrying about per-transaction fees adding up. Companies can even automate payments and scale their transaction volume freely, knowing their banking costs won't increase with their business activity.

Business bank accounts with integrated corporate cards automatically connect your card spending to your main account. This integration means all your transactions appear in one place, making it easier to track expenses and manage your books. Instead of reconciling separate card statements with your bank account, you see all your financial activity in a single view, often in real time.

Spending controls give you precise oversight of how your business money gets used. You can set specific limits for different types of purchases, restrict where cards can be used, and adjust spending caps for each employee. These controls help prevent unauthorized spending and eliminate the need to review every transaction after the fact. Many systems also let you set different rules for different departments or projects, keeping spending aligned with your budget.

As your team grows, integrated card systems make it simple to issue new cards and adjust permissions. You can issue cards to new employees right from your banking dashboard, set their individual spending rules, and modify these controls anytime. This flexibility helps you maintain control over spending while giving your team the resources they need to do their work. Most systems also let you deactivate cards instantly if needed, adding an extra layer of security as your business expands.

How to control spend using corporate cards

Brex integrates corporate cards directly with its business banking solution, offering a single dashboard for managing all transactions and spending controls. Teams can issue new cards, set spending limits, and track expenses in real time from one central location. The platform makes it easy to adjust permissions and monitor spending across the entire organization, while automatically categorizing transactions for simpler expense management.

More businesses now work with international clients, suppliers, and employees, making the ability to handle multiple currencies increasingly important. When you pay someone in their local currency, transactions move faster and you avoid confusion about exchange rates. Working with international partners becomes much simpler when your bank account can easily support different currencies.

Converting money between currencies often involves hidden costs that add up quickly. Banks typically charge a markup on the exchange rate along with conversion fees, making each international transaction more expensive than it appears. Without multicurrency features, you might pay these extra costs every time you send or receive money across borders, cutting into your profits with each transaction.

A bank account with built-in multicurrency features lets you receive, hold, and send different currencies without converting them each time. You can keep euros, pounds, or other currencies in your account until you need them, avoiding repeated conversion costs. This setup makes it easier to pay international vendors or accept payments from global customers — all from one account. Look for banks that offer competitive exchange rates and clear fee structures for international transactions, making it easier to plan your costs and manage your global payments.

How to avoid currency conversion costs and FX markups

Brex’s business banking and corporate card solutions support more than 40 currencies, allowing businesses to handle international transactions directly through their account without additional currency services. Send and receive payments in various currencies while avoiding the complexity of managing multiple international accounts. The Brex platform handles currency conversions transparently, giving businesses clear visibility into exchange rates and helping them manage international cash flow effectively.

Business banking needs don't follow regular business hours. Whether you're dealing with an urgent international payment, managing an after-hours transaction, or resolving a card issue during a weekend business trip, access to banking support at any time can make a real difference. When money matters need attention, waiting until the next business day isn't always an option.

Your bank should connect you with people who understand business banking. General customer service representatives might struggle with complex business transactions or account structures. Look for banks that provide dedicated business banking teams that can handle specialized requests like large wire transfers, merchant services issues, or questions about treasury management. These experts can solve problems faster and offer more relevant guidance for your business needs.

Good support should be available through multiple channels to match how you work. Some issues are best handled through a quick live chat, while others require a detailed phone conversation or email exchange. Some banks now offer video calls for complex discussions or secure messaging through their mobile apps. The key is having options that work for your situation, whether you prefer typing out detailed questions or talking through solutions in real time.

How to get the best business banking customer support

Brex offers around-the-clock support through multiple channels including phone, chat, email, and WhatsApp, ensuring help is always available when needed. Their support team specializes in business banking needs and can help with everything from routine questions to complex financial operations. The multiple communication options let businesses choose the most convenient way to get help, whether they need a quick answer or detailed guidance.

Modern business accounts now include automated tools that handle many routine financial tasks. This technology automatically sorts your transactions into categories, matches receipts to purchases, and suggests expense codes for your expense reconciliation. Think of it as having a digital assistant that organizes your financial paperwork continuously, rather than letting it pile up for manual processing later.

This automation eliminates many time-consuming tasks from your daily routine. Instead of manually entering expenses into your accounting software, matching receipts to credit card statements, or categorizing transactions one by one, the automation handles these tasks for you. Your team can simply snap photos of receipts using their phones, and the software matches them to the right transactions. This frees up time for more valuable work while keeping your financial records current.

Expense management automation also helps maintain consistent records and reduce errors. When transactions come in, the software applies the same categorization rules every time, ensuring uniform treatment of similar expenses across your books. It can flag unusual transactions for review, helping you spot potential errors or unauthorized spending quickly. This consistency not only makes bookkeeping easier but also helps during tax time and financial reviews when having well-organized, accurate records becomes especially important.

How to automate your expense management

Brex uses AI technology to automate expense tracking, categorization, and reconciliation throughout the business. Their platform automatically matches receipts to transactions and suggests expense categories based on previous patterns. This automation helps businesses maintain accurate records without manual data entry, while ensuring consistent categorization across all expenses.

Having immediate access to your financial information helps you make better business decisions. A real-time dashboard shows you exactly how much money you have, what's coming in, and what's going out at any moment. This up-to-the-minute view lets you confidently make spending decisions, plan for upcoming expenses, and spot potential issues before they become problems.

Modern banking dashboards let you choose which financial information matters most to your business. You can set up custom views to track specific expenses, monitor cash flow patterns, or watch particular revenue streams. These personalized dashboards make it easy to focus on the numbers that drive your business decisions, whether you're watching project budgets, tracking department spending, or monitoring seasonal trends.

Clear, simple design makes financial information accessible to everyone who needs it. A well-designed dashboard helps both financial experts and team members without financial backgrounds understand the company's financial status. Look for banking interfaces that present information clearly, make it easy to find what you need, and work well on both computers and mobile devices. When your financial tools are easy to use, more people on your team can make informed decisions based on accurate, current information.

How to get real-time business banking insights

Brex provides a centralized dashboard showing real-time financial information and spending patterns across the entire business. Teams can quickly access key financial metrics and create custom reports based on their specific needs. The interface makes it easy for everyone from finance experts to department managers to track expenses, monitor balances, and analyze business spending patterns.

Your business bank account needs to work smoothly with your other business tools, particularly your accounting software. Most businesses use popular accounting platforms like QuickBooks, Xero, or FreshBooks to manage their books. When your bank account connects directly to these tools, your financial data flows automatically between them, keeping your records current without extra work.

This connection means your accounting software always shows your latest banking activity. Instead of downloading statements and manually entering transactions, your bank feeds this information directly to your accounting platform. Your transactions appear automatically, ready to be categorized and reconciled. This direct flow of information reduces data entry errors and keeps your financial records accurate and up to date.

As your business grows, you'll likely add more software tools to manage different aspects of your operation. Your bank account should connect easily with these new tools, whether you're adding inventory management software, payroll services, or other business platforms. Look for a bank that regularly updates its integration options and supports connections with a wide range of business software. This flexibility ensures your banking can adapt as your business needs change and your technology stack expands.

What business banking provider has software integrations

Brex connects directly with major accounting platforms including NetSuite, QuickBooks, and Xero, automatically syncing transaction data between systems. These integrations eliminate manual data entry and reduce the risk of errors in financial records. The platform continues adding new integration options as businesses grow, supporting more complex financial tools and processes over time.

Modern business banking is more than just checking and savings accounts with some basic payment functionality. From eliminating monthly fees to providing extended FDIC coverage, high-yield savings options, and unlimited free transactions, today's banking features help businesses manage money more effectively. Integrated corporate cards, automated expense management, and multicurrency support make it easier to handle complex financial operations.

These banking features work together to streamline your company's financial operations. Real-time dashboards give you clear visibility into your money, while software integrations keep your records accurate and up to date. Round-the-clock support ensures you can get help when you need it, and robust spend controls help you manage your team's expenses efficiently.

Brex combines all these modern banking features into one integrated spend management platform. The solution includes fee-free business banking with extended FDIC coverage, built-in expense management, accounts payable automation software, and corporate cards — all managed through a single dashboard. The platform connects directly with common accounting software and handles multiple currencies, while AI-powered automation helps reduce manual financial tasks.

Sahil Hasan, co-founder and CEO of Dots, loves Brex’s business banking solution and the service he receives: “The Brex team was very responsive to our questions, and it’s nice to know we have that level of attention from our banking partner. Several large banks have pitched us to move our business over, but we love Brex because we get amazing service, high yields, and no hidden fees.”

Adam Alpert, co-founder of Pangea, says Brex’s consolidated views were a game-changer for his organization: “We brought all of our checking and money market accounts over to a Brex business account. It's a lot easier for me to keep everything in one place, and it’s helped us identify other things we were spending on. Since moving to Brex, we’ve identified $6,000 in monthly spend that we were able to unwind.”

Adam also appreciates the flexibility and control of Brex’s virtual business credit cards. “With Brex, we can give each employee a unique card number and issue specific spend limits with built-in controls,” he said. “Spending is tracked to the right card for accountability, and we can set automatic expirations or close cards in a single click. It’s especially useful as headcount goes up or down.”

Sahil believes that Brex is one of the best business banking accounts for startups: “Some fintechs end up creating more work for founders, but Brex built a platform that actually reduces the amount of finance work on my plate.”

If you're looking to simplify your business banking while gaining access to modern financial tools, consider opening a Brex account. The platform offers the features covered in this guide without minimum balance requirements or monthly fees. You can sign up for Brex online and start using integrated banking and expense management tools right away, giving your business the financial foundation needed to operate efficiently and grow.