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Having a bank account is essential for functioning properly in the modern world. In 2019, the U.S. had 124.2 million “banked” households (94.5 percent). In each of these households, at least one individual had an active checking or savings account. The remaining 7.1 million “unbanked” homes marked the lowest rate since records started being kept. In the most recent data, from 2021, the number of unbanked households in the U.S. had risen to over 6%, accounting for 14.1 million Americans.

The use of bank accounts is becoming more important each year as digital financial transactions have normalized. Roughly two-thirds of adults around the world routinely make or receive digital payments. The percentage in developing countries rose from 35 percent in 2014 to 57 percent in 2021. Cash is still the most common payment method worldwide, but it’s becoming less dominant as technology evolves.

Having a bank account is so common that it’s even possible for minors and newborn babies to have one. They’ll need a little help from a parent or guardian since you must be 18 years old to open a personal bank account. However, as long as you have a Social Security number, it’s possible to open up a bank account in your name. 

What is a business bank account? 

A business bank account is a bank account that’s exclusively used for business transactions. Its primary purpose is to accept payments from new customers and pay employees and vendors. There aren’t many significant differences between a business bank account and a personal one. The money comes in and out of the account based on the permissions granted by the authorized owner.   

It’s common for many small-business owners to run their businesses using their personal bank accounts. However, that can be quite a headache come tax time, challenging to manage appropriately, and isn’t professional. A business bank account is a general requirement if you ever intend to take out a business loan. Ideally, you should draw a firm line between the money involved with your business and your personal life.

Before getting into which bank accounts or credit unions offer the best bonuses, you should know what you’ll need to open one. Everyone in leadership positions must be present for account opening, including owners, partners, and essential executives. You’ll also need to provide a taxpayer identification number for your business, two forms of personal identification, and various business documents based on your business structure.

Which banks offer the best bonuses for business accounts in 2023?

The first thing to remember is that no one ever got rich because of bank account bonuses. If you’re looking to make some serious money, you will need to look elsewhere. However, you might as well seek out the most beneficial account promotions for your U.S. bank account since you have to have one.

Here is a list of the four best bonuses currently being offered for business accounts:


Chase Bank’s $300 Bonus


The Chase bonus is the number one bank promotion on this list because it’s one of the most simple to achieve. The first step for this bonus offer is that you’ll have to open a new account with Chase. Three different accounts qualify for this bonus: Chase Business Complete Checking, Chase Performance Business Checking, and Chase Platinum Business Checking. Unfortunately, this bonus is open to business checking customers and doesn’t apply to personal checking accounts.

One particularly convenient feature is that you’ll have the option to open your new account online. The vast majority of business checking accounts have strict stipulations that you must open a new account in person at a local branch.

Once you’ve opened your new account, you’ll need to complete each of the following activities:

  • Deposit at least $2,000 in new money into your account within 30 days of opening it.
  • Maintain a balance of at least $2,000 for the next 60 days after opening your account.
  • Complete at least five qualifying transactions (debit card purchases, ACH credits, and wires) within 90 days of opening your account.
  • Keep the account open for at least six months.

After you’ve completed each item on the checklist, Chase will deposit the $300 bonus into your account within 15 days. You would essentially be getting paid $50 a month to open this account, use it five times, and maintain a balance of $2,000. That’s a pretty solid return on investment that’s hard to beat.


Axos Bank’s $100 or $200 Bonus


The Axos bonus is second on this list because it doesn’t match the same value as the Chase bonus. While it might not be as lucrative as the Chase bonus, it’s easier to meet all requirements. 

Another helpful feature is that Axos is exclusively an online bank. Overall, its mobile app offers the best savings, perks, and cashback bank offers on a solely online bank. You can open your account online and don’t have to worry about in-person meetings for eligibility.

The first step is that you’ll have to open a qualifying account that includes the Axos Basic Business Checking or Axos Business Interest Checking options. You could also open one of the two business savings accounts offered by Axos or a money market account, as they are also eligible for the bonus. 

Qualifying for a new bank account is not too difficult, as it does not require the personal finance gymnastics of some other cards. In qualifying activities, you won’t have to have ludicrous online savings or an unattainable credit score but merely be in good standing with prior accounts and have good enough credit to qualify for a credit card.

The critical thing to remember when opening your account is that you’ll need to use a specific promo code. The $200 bonus is only available for new business owners that have incorporated their business after June 1, 2020. 

If this applies to you, you’ll need to use the promo code “NEWBIZ200”. If your business was incorporated before June 1, 2020, you’re only eligible for $100 and need the promo code “NEWAXOSBIZ.” 

After opening your new account, you’ll need to complete each of the following activities:

  • Deposit at least $2,500 in new money into your account within 60 days of opening it.
  • Maintain an average daily balance of at least $2,500 for the next 90 days.
  • Keep the account open for at least 180 days. Axos can charge a $50 early closure fee if you close your account early.

Once you’ve completed each qualification, the qualifying funds will be deposited within five business days. It’s better to qualify for the new business bonus as it’s double the money. However, even the $100 reward isn’t too bad when considering that the requirements are relatively easy to meet.


PNC’s $200 or $500 Bonus


The PNC bonus is the third item on this list because it’s the most complex and expensive. However, if you can meet all the requirements, you can enjoy one of the highest bonus amounts on this list. Two bonuses are possible from PNC, and both have their own needs.

The $200 bonus is available if you open a Business Checking or Business Checking Plus account. You’ll need to maintain a minimum average cycle balance of at least $5,000 during the first three statement cycles. You’ll also need to make at least 20 qualifying transactions (debit card purchases and transfers) during the first three statement cycles.

The $500 bonus is available if you open a Treasury Enterprise Plan or Analysis Business Checking account. The primary requirement is maintaining a minimum average cycle balance of at least $30,000 during the first three statement cycles. There is no requirement for transactions to receive this bonus.

You’ll need to meet a few additional qualifications to receive either bonus. For starters, your business must have annual revenue under $5 million. Additionally, the new account isn’t eligible for a bonus if anyone involved has signing authority on a pre-existing PNC business checking account, has closed an account within the past three months, or has received a promotional premium in the last year.

The cash bonus will be credited to your account within 90 days if you meet the requirements and achieve the qualifications. Each of the four eligible accounts will require you to visit a PNC branch in person to apply officially. You’ll need to request an offer coupon from the PNC website and get the application started online before you visit in person.


Citibank’s $200 to $2,000 Bonus


The Citibank bonus is the final item on this list despite being the most lucrative offer. The primary reason is a minimum timeframe for this offer. To qualify for the bonus, you’ll need to open a new checking account by January 9, 2023. Another reason why it’s fourth on this list is because it will require the most money to meet the requirements.

The amount of money that you deposit within the first 20 days of opening the account will determine the size of your bonus:

  • Making a minimum deposit of $10,000 can earn you a $200 bonus.
  • Making a minimum deposit of $30,000 can earn you a $500 bonus.
  • Making a minimum deposit of $75,000 can earn you a $1,000 bonus.
  • Making a minimum deposit of $200,000 can earn you a $1,500 bonus.
  • Making a minimum deposit of $300,000 can earn you a $2,000 bonus.

Additional requirements include that you’ll need to maintain your minimum deposit for at least 60 days after the account has been open for 21 days. You are ineligible for the bonus if you’ve closed a Citibank checking account within 180 days. To open the account, you’ll have to get started on the Citibank website and may be required to visit a local branch.

Cash in on easy checking reward program

Opening an official business bank account is one of the first steps you need to take after incorporating your business. The rewards programs for opening a new business checking account are far from lucrative. However, it’s relatively simple to meet the requirements for most of them, and the bonuses are decent. A few hundred dollars isn’t enough to retire early, but it’s free money for using a checking account like you usually would. It would be a mistake not to take advantage of free cash.


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Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results

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