Bank of America for Small Business Banking: 2026 Fees and Accounts

Updated November 2026

Key takeaways

• Bank of America small business banking centres on Business Advantage Banking, with two settings: Fundamentals ($16 a month) and Relationship ($29.95 a month).
• Fundamentals is free for the first 12 statement cycles for new accounts, then waived with a $5,000 combined balance, $500 a cycle in business debit card purchases, or Preferred Rewards for Business.
• Relationship is waived with a $15,000 combined balance or Preferred Rewards for Business, and adds more free transactions, cash deposits, incoming wires and a free second account.
• Neither earns interest. Bank of America suits businesses that handle cash and want branches; online-only businesses with small balances often pay less elsewhere.

Bank of America small business banking centres on one checking account, Business Advantage Banking, with two settings. Fundamentals Banking costs $16 a month (free for the first 12 statement cycles for new accounts), and Relationship Banking costs $29.95 a month. Both fees can be waived, both need $100 to open, and neither earns interest.

Fees checked in November 2026 against Bank of America’s Business Schedule of Fees and Preferred Rewards for Business pages. Fees and offers can change; confirm with the bank.

Bank of America business checking at a glance

Fundamentals or Relationship: which setting is right?

Choose Fundamentals if you keep under about $15,000 in the bank, make fewer than 200 transactions a cycle and deposit less than $5,000 in cash a month. The $500 debit card route makes the fee easy to waive for businesses that buy supplies on the card.

Choose Relationship if you keep $15,000 or more, need several accounts (for example, separate operating, tax and payroll accounts), receive wires or deposit a lot of cash. The included second account and savings account can save $26 a month or more compared with adding them to Fundamentals.

Worked examples

Preferred Rewards for Business explained

Preferred Rewards for Business is Bank of America’s free loyalty programme for business clients. Your tier depends on your three-month combined average daily balance across eligible Bank of America business deposit accounts and Merrill business investment accounts.

Any tier waives the Business Advantage monthly fee. Higher tiers add more banking fee waivers and larger rewards on eligible business credit cards: a card that normally earns 1.5% cash back earns about 1.875% at Gold, 2.25% at Platinum and 2.625% at Platinum Honors.

Note: Bank of America’s personal Preferred Rewards programme is being converted to a new "BofA Rewards" programme in 2026 with different tiers. The business programme above keeps its three tiers at the time of writing; check the bank’s site for any changes.

How to avoid Bank of America business fees

• Fundamentals: keep $5,000 across linked business accounts, or spend $500 a cycle on your business debit card (employee cards count), or qualify for Preferred Rewards for Business.
• Relationship: keep $15,000 across linked business accounts, or qualify for Preferred Rewards for Business.
• Watch transaction and cash limits: going over the included transactions or cash deposits adds per-item fees, which matters for cash-heavy businesses such as shops and restaurants.
• Use Zelle and ACH instead of wires where possible for routine payments.
• Set balance alerts in the app so you do not drop below the waiver threshold at the end of a cycle.

What you need to open a Bank of America business account

• Your business formation documents (for example, articles of organisation for an LLC or articles of incorporation).
• Your Employer Identification Number (EIN), or your Social Security number for some sole proprietorships.
• Identification for each owner and signer.
• A business licence or "doing business as" (DBA) filing if your state or business type requires one.
• The $100 opening deposit.

Many businesses can apply online; some business types or ownership structures need a branch visit.

Features small businesses use most

• Online and mobile banking with mobile cheque deposit and card controls.
• Zelle for business for fast payments to and from customers and suppliers.
• Cash Flow Monitor and tools that connect with accounting software such as QuickBooks.
• A large branch and ATM network for cash deposits and in-person help.
• Linked personal and business login to see both in one place.
• Merchant services, credit cards and loans from the same bank, with Preferred Rewards discounts on eligible lending.

Bank of America vs other business checking options

Big-bank fees are waivable with balances or activity; online banks often charge no monthly fee but offer few branches and limited cash deposits. Choose based on how you are paid: cash and cheques favour a branch bank, and card and online payments fit an online account.

Why a separate business account matters

Keeping business and personal money apart is one of the simplest things a small business can do right:

• Cleaner taxes: every business income and expense is in one place, which makes bookkeeping and tax returns faster and cheaper.
• Legal protection: for LLCs and corporations, mixing personal and business funds can weaken the liability protection the structure gives you.
• Credibility: customers pay a business name, not a personal account, and lenders want to see business account history.
• Better decisions: you can see real cash flow, margins and how much you can safely pay yourself.

What else Bank of America offers small businesses

• Business credit cards: cash back and travel cards, with rewards boosted by Preferred Rewards for Business tiers.
• Business lending: lines of credit, term loans and secured lending; Preferred Rewards members get interest rate discounts on eligible new loans (0.25% at Gold, 0.35% at Platinum and 0.50% at Platinum Honors).
• SBA loans: Bank of America is among the lenders that offer US Small Business Administration loan programmes.
• Merchant services: card acceptance for stores and online sales, with deposits into your business account.
• Business savings: Business Advantage Savings, with the monthly fee waived when linked to Relationship Banking.
• Payroll and payments: ACH payments, wires and integrations with payroll and accounting software.

Rates and terms on lending products depend on your business, credit and collateral, so ask for a written quote and compare with other lenders and SBA options.

How to switch business banks without missed payments

1. Open the new account first and order any cheques and debit cards you need.
2. List every automatic payment and deposit: card processors, payroll, loan payments, rent, subscriptions, tax payments and customer transfers.
3. Move incoming payments first: update your payment processor, invoices and customer bank details.
4. Move outgoing payments next, one by one, and confirm each has switched.
5. Keep the old account open for one or two months with a small buffer for stragglers.
6. Update payroll and tax accounts (federal and state) with the new bank details before the next pay run.
7. Close the old account in writing once it has been quiet for a full cycle.

Is Bank of America safe for business deposits?

Bank of America, N.A. is a member of the FDIC, so deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category. Businesses holding more than that across accounts sometimes spread funds between banks or use cash management products designed for larger balances.

Pros and cons

Pros

• Easy fee waivers, including the $500 debit card option on Fundamentals.
• A 12-month fee-free start for new Fundamentals accounts.
• Nationwide branches and ATMs for cash handling.
• Preferred Rewards for Business adds real value at higher balances.

Cons

• No interest on checking.
• Transaction and cash deposit limits, with fees above them.
• Fees for outgoing wires and some services on Fundamentals.
• Online-only banks can be cheaper for low-balance digital businesses.

For planning your finances as you grow, see Advanton’s small business statistics and free business tools.

Questions about Bank of America small business banking

How much is Bank of America’s business checking monthly fee?
$16 a month for Business Advantage Fundamentals and $29.95 for Relationship Banking, both waivable.

What is the minimum balance to avoid the fee?
$5,000 combined for Fundamentals (or $500 in debit card purchases), and $15,000 for Relationship Banking.

Is the first year free?
New Business Advantage Fundamentals accounts have no monthly fee for the first 12 statement cycles.

Does Bank of America business checking pay interest?
No. Both Business Advantage settings are non-interest-bearing.

What is Preferred Rewards for Business?
A free programme with Gold ($20,000), Platinum ($50,000) and Platinum Honors ($100,000) tiers based on your three-month combined average daily balance; it waives monthly fees and boosts card rewards and loan discounts.

How much cash can I deposit for free?
$5,000 a statement cycle on Fundamentals and $20,000 on Relationship, then per-$100 fees apply.

Can I open a Bank of America business account online?
Yes, many businesses can apply online; you will need your business formation documents and tax ID, and a $100 opening deposit.

Is Bank of America good for small businesses?
It is a strong choice for businesses that handle cash, want branches and can meet a fee waiver; online-only businesses with small balances may pay less at an online bank.

How we researched this

We checked Bank of America’s Business Schedule of Fees and Preferred Rewards for Business pages and independent 2026 reviews, and compared entry-level fees with other banks’ published fees. Worked examples use the published waivers and fees.

Sources

• Bank of America Business Schedule of Fees, Business Advantage Banking and Preferred Rewards for Business pages, checked November 2026.
• Independent 2026 reviews of Business Advantage Banking (transaction and cash-deposit limits).
• Bluevine’s 2026 comparisons of Bank of America, Chase and Wells Fargo business checking fees.

Sources

1. Bank of America, Business Schedule of Fees
2. Business Initiative, Bank of America Business Advantage review
3. FDIC, Your insured deposits

Last reviewed November 10, 2026. Startup costs are estimates; check local prices, licensing and tax rules before you commit money.