Choosing the right business checking account is one of the most important financial decisions you’ll make for your company. Whether you’re a small business owner managing day-to-day cash flow or a larger organization handling hundreds of transactions each month, your checking account is the hub of your financial activity.

From payroll to vendor payments, deposits to ACH transfers, the right account can save you money, improve efficiency, and give you the flexibility you need to run your business smoothly. But with so many options available, how do you know which features are most important?

This guide breaks down the key factors to consider when evaluating a business checking account, how to know which is right for you, and more.

Why Your Business Checking Account Matters

Unlike personal accounts, business checking accounts often involve higher transaction volumes, larger balances, and specialized services. The account you choose should reflect the unique needs of your company while providing:

  • Security: Ensuring your deposits are FDIC-insured and your funds are protected.
  • Accessibility: Allowing easy deposits, withdrawals, and electronic transactions.
  • Cost Management: Minimizing fees while offering ways to offset expenses.
  • Scalability: Growing with your business as your needs expand.

The right account doesn’t just hold your money, it helps manage your operations, reduce costs, and free up time to focus on growth.

Key Features to Look For

When evaluating business checking options, here are the features that should be at the top of your checklist:

1. Minimum Balance and Opening Requirements

Many accounts require a minimum deposit to open and maintain. Look for requirements that align with your company’s cash flow. For example, Hoyne’s Business Checking requires a $500 minimum to open which is an accessible threshold for businesses of any size.

2. Monthly Maintenance Fees

Monthly fees can eat into your bottom line, but some banks provide ways to offset them. Hoyne’s account has a $25 monthly maintenance fee, but you can receive an earnings credit to reduce or eliminate this cost based on your average collected balance. That means your money is working to offset expenses while it sits in the account.

3. Transaction Costs

Business accounts often involve high transaction volumes through deposits, withdrawals, and payments. It’s important to know the per-transaction fees so you can budget accordingly. Hoyne’s Business Checking includes:

  • $0.50 per deposit
  • $0.15 per check deposit
  • $0.15 per check written
  • $0.15 per ACH debit or credit

While these fees may seem small individually, understanding how they add up each month will help you choose the account that best fits your activity level and business needs.

4. Cash Management Services

Business checking accounts should do more than just store funds, they should provide tools to help manage cash flow. Hoyne offers access to cash management services and personalized support from a commercial banker. This level of service ensures your account can scale with your company as it grows.

5. Earnings Credits and Account Analysis

One of the most valuable features to look for is how a bank helps you manage fees. Hoyne’s account includes earnings credits based on your monthly average balance. This can offset maintenance and transaction fees, saving you costs simply by maintaining healthy balances. Additionally, a Commercial Account Analysis provides transparency by reviewing all account activity, including deposits, checks, debits and credits.

Matching the Account to Your Business Needs

Not every business has the same requirements. The account you choose should reflect how your company handles money.

  • High-transaction businesses (like retailers or service providers) should prioritize accounts with clear, predictable transaction fees and analysis tools.
  • Companies with strong average balances may benefit from earnings credits that offset costs.
  • Growing businesses should seek scalability through accounts with access to advanced services that expand alongside your needs.

By evaluating how your business operates, you can choose the account that minimizes costs while maximizing flexibility.

Hoyne’s Business Checking at a Glance

  • $500 minimum to open
  • $25 monthly maintenance fee (offset with earnings credit)
  • Transaction fees: $0.50 per deposit, $0.15 per check deposit, $0.15 per check written, $0.15 per ACH debit or credit
  • Earnings credit applied based on average collected balance
  • Commercial Account Analysis for transparency
  • Personalized support from a dedicated commercial banker
  • Access to cash management services

Get in touch to learn more about Hoyne’s Business Checking options.

The Account You Need, the Features You Want

At Hoyne Savings Bank, we know that no two businesses are alike. That’s why our Business Checking account is designed to give you the flexibility and tools you need to manage your cash flow confidently. Whether you’re a small startup or an established company with complex needs, our team is here to help you choose the right account, manage costs, and grow your business with confidence.

If you’re ready to explore your options or have questions about how our Business Checking account can work for you, we’d love to talk.

Contact us to get started.