Should You Open A Charles Schwab Business Checking Account?

Charles Schwab does not offer business checking accounts, however there are alternative options.

HomeSmall BusinessShould You Open A Charles Schwab Business Checking Account?
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There are no business checking accounts with Charles Schwab. Other small-business services include a company brokerage account, as well as personal checking and savings accounts.

We recommend keeping personal and business accounts separate. However, if you prefer Charles Schwab’s personal checking account, consider the following business checking accounts.

Axos Basic 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 Axos Basic Business Checking.

axos business checking
Monthly fee:$0
Minimum opening deposit requirement:$1,000
APY:None
Transactions:– Up to 200 fee-free items per month, 30 cents per item after
– Up to 60 fee-free remote deposits per month, 30 cents per deposit after
Bonus:$100 welcome bonus for eligible freelancers

Axos Bank has a Basic Business Checking account designed for small businesses with moderate account activity. The Axos Basic Business Banking account has no monthly maintenance fees and a low minimum deposit requirement of $1,000 to open an account.

If you want to have interest checking you can upgrade to Business Interest Checking (0.81%). Small business owners can also benefit from small business savings accounts with APY’s starting at 0.20%. Axos has one of the best business bank accounts overall. For a limited time, get a $100 bonus with promo code EARN100 through this link.

Best for no fees
Axos Business Checking
  • Rating: ★★★★★
  • Monthly fee: $0.00
  • Minimum opening deposit requirement: $1,000

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 bank
Monthly fee:$0
Minimum opening deposit requirement:$50
APY:None
Transactions:Unlimited
Bonus:None

If you’re looking for a business checking account that has low fees, Novo could be the right place for you. Unlike some major banks, Novo doesn’t charge a monthly service fee and is fee-free. Business accounts at Novo banks are free to open with no monthly minimum balance requirement.

Manage your business finances on the go. Connect Novo to your tools, send invoices, pay, get paid, and much more. Link your other bank accounts to Novo for seamless transfers. A neat feature is Novo Reserves, which allow you to set aside funds for taxes, profit, payroll, and other large business expenses.

And, if you want to withdraw your money for free, there’s also an option that lets you do just that. Small businesses and self-employed freelancers alike would benefit from a free business checking account from Novo.

Best for business banking
Novo
  • Rating: ★★★★★
  • Monthly fee: $0.00
  • Minimum opening deposit requirement: $50

NorthOne

Charles Schwab has an amazing online banking experience for freelancers or sole proprietors. If you prefer to start with a bank made for freelancers then NorthOne is your bet.

northone
Monthly fee:$10
Minimum opening deposit requirement:$50
APY:None
Transactions:Unlimited fee-free transactions
Bonus:One month of free business banking for Banks Done Right Readers.

NorthOne is a great place for freelancers to start their business banking. It’s an standout bank that takes just $50 to open an account. The bank has a low monthly maintenance fee of only $10 but doesn’t have any monthly balance requirements or minimum deposits. 

NorthOne has some of the best integration and features: 

  • Works with billing systems like Stripe, Quickbooks, Shopify, and Square
  • Supports all modern payments types 
  • Pay invoices
  • Simple and powerful insights into your cashflow

Interest-bearing accounts are not available, but you enjoy unlimited fee-free transactions and a ton of online tools to help you manage your business banking. You also don’t need a branch to operate your account with NorthOne banks because mobile banking and mobile check deposit are available.

Best for freelancers
NorthOne
  • Rating: ★★★★★
  • Monthly fee: $10
  • Minimum opening deposit requirement: $50

Charles Schwab Business Checking Account FAQs

Should I have a separate bank account for freelance?

Yes. Even if you only freelance part-time, it’s important to keep your businesses separate by using banks for freelancers. This makes it much easier to manage your money and make tax preparations at the end of the year too.

How do banks for small businesses make their money? 

Many banks make most of their money by charging customers high transaction fees or monthly minimum balances that prevent a lot of people from using their accounts. Some banks also use overdraft fees to generate extra revenue as well.

How long does it take to set up a business checking account? 

On average, setting up a business checking account takes about 10 minutes for online banks and longer for brick-and-mortar locations. You’ll need an employer identification number (EIN) and a list of banks where you currently do business.

What banks for small businesses offer free transactions?

Many banks and credit unions offer free standard transactions, but there are some banks that will charge customers extra fees based on the amount they’re using their accounts for. These include overdraft and service fees in the hundreds of dollars every month. In order to keep these type of charges from building up, it’s best to find a bank designed specifically for entrepreneurs who need lower rates when making larger transactions.

How does interest work with banks for small businesses?

In general, banks have higher interest rates when you deposit more money in your regular checking account or in a savings account. Some banks also have different tiers which give you access to even higher interests rates on a monthly or daily basis.

How can banks for small businesses help my business? 

Banks specifically designed to manage your money have better tools and features that can keep track of your transactions, warn you of overdrafts, and allow you access to funds faster. In addition, some banks offer business banking products such as credit cards tailored specifically for business owners who make up their own company name instead of using the traditional “incorporated” label.

What banks for freelancers should I avoid? 

Some banks are designed with very little customer service or support which will make it difficult to contact them in an emergency situation. It’s also best to avoid banks that charge too many transaction fees if you’re making multiple purchases.

Is There a Schwab Business Bank Account?

Unfortunately, there is no Charles Schwab Business Bank Account. However, Schwab has small business products and services to help you reach your goals. From retirement plans to short-term loans, they still offer small business solutions.

If you’ve been struggling with keeping up with all of your expenses while freelancing, these Schwab alternative banks offer some great options for managing your money better and streamlining your tax season. Even if you’re just starting out, a good business checking account can save you time and headaches in the future.

Small business owners now have more options than ever when it comes to banks where they can manage their money and grow their businesses. And if you’re unsure about how much your current bank is charging you for checking accounts, fees or minimum balance requirements it might be time to check out what these banks have to offer instead.

There may be affiliate links used in this post; however, this does not affect the price of goods/services mentioned in any way. Prices are accurate as of the date of publishing.

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Brian Meiggs
Brian Meiggs is the founder and CEO of BanksDoneRight.com. Brian earned his first bank bonus in 2011 when opening a checking account and he's been finding bank bonus offers for checking accounts and savings accounts ever since.

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