Does Discover Offer Business Checking?
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Discover does not have a business checking account. The bank does offer personal checking, but it’s smart and professional to separate your finances from your company’s.
If you already use Discover Bank, you may value some of its features, like no fees and cash-back rewards. Here are some alternative business checking accounts that offer similar benefits.
Bluevine Business Checking
No fees is one of the hallmarks of Discover banking products. The bank says you won’t pay monthly account fees on any of its accounts or face charges for things like falling below an account minimum. If you want a similarly low-cost business checking account, consider Bluevine Business Checking.
Other free business checking accounts are available, but Bluevine’s option stands out for its lack of fees. That includes no monthly maintenance charges, as well as no fees if your account drops below a certain balance or lacks sufficient funds. While Bluevine is online-only, it does offer fee-free ATM withdrawals through MoneyPass, which has more than 37,000 ATM locations nationwide.
Bluevine may limit costs, but you do have to pay for some of its services. For example, each cash deposit comes with a $4.95 fee via Bluevine’s third-party partner Green Dot. If your business makes a lot of cash transactions, a different account may be a better choice.
LendingClub Tailored Checking
Discover’s personal checking account comes with 1% cash back on debit card purchases up to $3,000. If you’d value a similar spending reward from a business banking account, LendingClub Tailored Checking may be a good fit.
LendingClub Bank offers an unlimited 1% cash back on charges you make with your business account’s debit card. You must maintain an average monthly balance of $500 or more to qualify for this perk. You can also earn 1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that.
LendingClub Bank doesn’t have a minimum monthly balance; however, you’ll need to keep at least $500 in your account to not only earn the debit card perk but also waive a $10 monthly fee. LendingClub Tailored Checking is an online account, but offers fee-free ATM access through the MoneyPass and SUM networks, plus reimbursement for out-of-network ATM fees.
Capital One Spark Business Checking
Discover is perhaps best known for its credit cards. If you were looking to bundle a business checking account and credit card with the same provider, Capital One may meet your needs.
Capital One has a suite of business products — including business credit cards with cash-back reward rates that rival what Discover offers business customers. Capital One has two business checking accounts: Spark Business Basic Checking and Spark Business Unlimited Checking. Neither charges fees for making transactions or accessing more than 70,000 ATMs nationwide.
There is a monthly fee of $15 or $35, depending on which account you choose, which can be waived based on your account balance. Capital One business checking products are available only in eight states and Washington, D.C., and you’ll need to visit a branch to apply.
Compare Discover business checking alternatives
Deposits are FDIC Insured
Capital One Spark Business Basic Checking®
Waived with $500 minimum balance
Waived with $2,000 minimum balance
With $0 min. balance for APY
With $0 min. balance for APY