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Best Business Checking Accounts in Asheville, NC

If you own a business, or are looking to start one, you might be worrying about where to put your money, among other things—don’t worry, we understand. At First Bank¹, we are dedicated to helping local businesses throughout the Asheville, NC area manage their finances and grow their business.

Whether you are a beginning entrepreneur or seasoned business owner, First Bank will help you determine which business checking account is best, what banking options are recommended, how to open an account, and how to decide which First Bank checking account meets your needs. We aim, ultimately, to make banking easier for you and your business so you can work on achieving—and surpassing—your financial goals.

Read on to learn what is the best business checking account in Asheville for you.

Four Business Checking Account Features You Should Look For

Unfortunately, there’s not one checking account that is best suited for every business. Since different businesses have different banking needs, it is important to research the variety of banking accounts that are available within the bank of your choosing.

No matter your business, there are four features you should look for in the best business checking accounts. These are:

  • Online and mobile banking—Even if you have a cash-only establishment, it’s important to have online access to your banking. You want to be able to view your finances at a moment’s notice, and if you want to accept credit or debit card payments from customers, this is essential.
  • Debit card options—If you and your employees frequently use debit cards, you will likely want the added security in knowing that your bank will monitor and flag any suspicious transactions.
  • Low fees—If you want to avoid costly additional fees, work with a bank who has low monthly maintenance fees.
  • Banking services—You may think you should open a business account at the bank where you have your personal account, but this isn’t necessary. Look closely at the business banking services offered at other banks and choose the one that fits best with your needs.

If you’re a small business owner in Western Carolina, First Bank is the ideal local bank. We serve Asheville businesses of all kinds by providing all of these services. We work with you to meet your banking needs now—and in the future. Visit your nearest location to talk to one of our representatives about the best business checking account for you.

Illustration of Main Street shops.

How to Open a Business Checking Account

When you’re starting a small business, you have a lot to juggle, including property fees, tax requirements, equipment costs, etc. You may have written your business plan and chosen your business name, but are you ready to open a business account?

When it comes to banking, you may not know the first step to opening an account. The First Bank team is here to help. Here’s what you need:

  • Government-issued ID—This could be your driver’s license or passport and should match the identity included on your business’ registration information, as well as your business license.
  • Articles of incorporation—According to Business News Daily, depending on the legal structure of your business, it is essential to bring along state-filed articles of incorporation. If a business has multiple owners or is operated by a board-advisory, then you need documentation granting you the right to open the account and access funds and transactions.
  • DBA name registration—If you’re using a “business as a fictitious name,” then you are legally required to register the name with the state. You should have the registration documents to prove this.
  • Tax identification number—This may be your business’ employment identification number (EIN) or your own social security number, if you’re a sole proprietor.

Six Things to Remember As You Open Your First Business Account

It’s important to know what is required of you when opening a new business checking account in Asheville:

  • Include your business information—When you open an account, you will need to bring the right paperwork. Not sure what you need? Contact the bank, in advance, and come prepared with the right documents.
  • Pay attention to minimum balance requirements—Know what monthly balances are required in order to avoid the monthly maintenance fee that may be included in your account. This is especially important for new business owners who are on a tight budget and might not be making a profit yet.
  • Consider ordering checks—Before your business is up and running, you’ll be making various payments. You should double-check the information—such as name and address—before ordering. You should also consider both paper and electronic checks.
  • Implement authorized check signing—If you have multiple co-owners or partners, you want to decide who will be authorized to make a transaction from the account. You can set this up when you open your checking account.
  • Use your business name—If you have an LLC, you already have this covered. If not, make sure to include your business’ name on your business checking account.
  • Find out what the opening deposit is—When opening an account, you will be required to make your first deposit. Check with your bank before you arrive to open the account.

The best business checking account for LLC will ensure that your business accounting is separate from your personal accounting. Making your business a limited liability company (LLC) is not necessary, but it can help protect your business members against creditors. According to Forbes, an LLC can help protect your personal assets if there is litigation or bankruptcy of your company. It also makes your tax return much easier to handle when the time comes to file. Obtaining an LLC, however, can be pricey and may not make sense for you. There are many things to consider when deciding on the best legal structure for your business, so be sure to consult a tax or legal professional to confirm the appropriate details.

Looking for the Best Business Checking Account in Asheville?

Before choosing the right account, we want you to understand why working with a local bank is the best way to go. First Bank offers a number of competitive business checking account options in the state, available to you at our 13 branches in the Asheville area.

We are dedicated to making sure all of our customers’ needs are met. If you’re a new or experienced business owner, you can take advantage of our business accounts, which feature unique benefits. When you open one of our accounts, assuming you meet the few requirements, you can also avoid monthly maintenance fees², which is extremely beneficial for a new business owner.

These are First Bank’s best bank checking account options:

  • Business Essentials—This account features tons of great benefits like free online and mobile banking ⁷ and 250 free transactions a month.³
  • Business Interest—This account includes all the aspects of the Business Essentials account, along with the opportunity to earn interest.
  • Business Advantage—This account is perfect for businesses with higher transaction volumes. You get great benefits like 500 free transactions per month⁶ and rewards when you register and use your debit card.³
  • Community Checking—A flexible low-cost account to stretch your organization’s dollars.
  • Commercial Analysis—This customized account is for larger businesses with advanced banking needs. It allows you to earn credit on your account balance and use it to offset service fees.

Woman business owner stands outside newly opened store.

Banking for Small Businesses

Working with a local, community bank can be a great asset to your business. If you’re opening a business in Asheville and working with a national bank, for instance, they may not understand the Asheville financial market the way a local bank would.

At First Bank, we know there are many challenges involved with opening, owning, and growing a small business. The banking needs of small business owners or entrepreneurs differ from bigger corporations.

If you’re looking for the best small business checking account, here’s what you should consider:

  • Separate personal and business finances—By separating the finances, this will allow you to better track incoming and outcoming money for the business, as well as collect sales tax, estimated income tax, and payroll. You may or may not have an LLC, but if you are a small business owner, you should keep your business and personal finances completely separate. Don’t wait until tax season to make this happen.
  • Small business lending options—Business loans are often a priority for small business owners. Before opening an account, owners should figure out what lending options are available to them.
  • Convenience—When you own a small business, local banking can be really helpful. You want to establish a relationship with the bank’s trusted advisors, especially if you see your business growing exponentially. They can guide you as you grow.
  • Processing debit and credit cards sales—You want to ensure that your customers can purchase items or services by more than just cash and check. Opening a business checking account can help make this happen.
  • Low maintenance fees—If you expect there to be a high volume of monthly transaction fees, you want to avoid high bank charges. With First Bank’s Business Advantage Checking Account, for instance, you can make up to 500 free transactions per month.⁶
  • Banking rewards or extra features—Some banks offer credit card perks, but few also offer a debit card rewards program like First Bank does. Check out First Bank One Rewards Program to see how your everyday business spending can add up to big rewards.

Benefits of Choosing First Bank of Asheville

With 13 locations throughout Western Carolina, you will find that First Bank is dedicated and loyal to customers. We are committed to helping business owners build and achieve their goals. We’re small enough to feel like a family, but large enough to provide you with all of your banking needs.

First Bank checking account options offer:

  • Mobile and online banking—Make online transactions and payments with our online banking services. First Bank can also help you set up automated online bill payments, so you don’t have worry about this each month.⁷
  • Monthly statements by paper mail or email—We understand that keeping a digital record might be easier, so you have the option of receiving your monthly statements by paper or email.
  • Account activity alerts—You decide if you want alerts by email, text, or phone calls. With activity alerts, you can keep track of withdrawals, online statements, and advanced warnings for credit card payments, as well as bill payments.
  • Interest-bearing capabilities—First Bank offers you the opportunity to earn interest on funds saved in your business checking account. If this is something you would consider, let us know, so we can help you can compare and contrast account options.
  • Business debit card with rewards program—When you join the rewards program, you can earn points when you utilize a debit card. If you also use the First Bank Business World Credit Card⁴, you can combine your reward points, as well as protect your company from employee misuse, receive travel assistance services, and have access to 24/7 customer service for lost or stolen credit or debit cards.⁵

First Bank Lending Options

Whether you’re an entrepreneur or small business owner, you take a great risk by starting your company. Likely, you will need loans to get the business up and running. If you work with a local bank like First Bank, you might have better luck obtaining a business loan. Please note that loans are subject to credit approval.

At First Bank, we offer the following lending options for Asheville business owners:

  • Business loans—If you’re in need of immediate lump-sum cash to get you started, this is the best option for you. You can finance equipment, refinance debt, or put the money toward new appliances.
  • Small Business Administration (SBA) loans—If traditional bank financing is not available to you, then this government-sponsored loan might be an option. If you meet the requirements, you can get prequalified for a SBA loan. At First Bank, we also have SBA associates who can help you understand what your options are and how to explore the terms and competitive rates of an SBA loan.

If you live in Western North Carolina and want the best bank for business checking, you should consider joining the North and South Carolina community bank, First Bank. We offer free business consultations and would love to help you grow your business. To learn more, you can contact us, fill out the online form on the right, or call or visit your local branch.

Asheville Downtown
11 Church St.
Asheville, NC 28801
Phone: 828‑250‑8430
Asheville East
10 South Tunnel Rd.
Asheville, NC 28805
Phone: 828‑298‑8193
Asheville North
778 Merrimon Ave.
Asheville, NC 28804
Phone: 828‑253‑5402
Asheville South
1879 Hendersonville Rd.
Asheville, NC 28803
Phone: 828‑687‑0774
Asheville West
1012 Patton Ave.
Asheville, NC 28806
Phone: 828‑254‑1778
Asheville Reynolds
5 Olde Eastwood Village Blvd.
Asheville, NC 28803
Phone: 828‑298‑8711



Business News Daily:


¹Member FDIC

²Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep if Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule available at your local branch or on our website at fees. Eligible personal or business deposits include checking, savings, Money Market, CD or IRA. Eligible personal loans do not include residential mortgage loans. A transaction is defined as any checks paid, deposits, each deposited item, ATM withdrawals, debit card transactions, online and telephone funds transfers, and ACH debits and credits.

³There is a fee of $0.18 per $100 on all additional cash deposits.

⁴With the Business World Credit Card, you can earn 1.25 points for every $1 spent on qualified purchases.

⁵When traveling 50 miles or more from home, you can rely on a host of travel related assistance services including medical and legal referrals to help during an emergency, or if you do not speak the local language.

⁶A transaction is defined as any checks paid, deposits, each deposited item, ATM withdrawals, debit card transactions, online and telephone funds transfers, and ACH debits and credits. There is a fee of $0.40 per item for each item in excess of 250 per statement cycle (or month).

⁷While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply.

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