Compare Small Business Checking Accounts – Opening a business checking account is an important step in managing your business. However, in today’s digital environment, finding the right account can be overwhelming. There are different types of financial institutions, each offering different products, services and fee structures. It can be difficult for a new business owner to identify the best one. To help you get the most out of your business banking experience, we’ve highlighted key factors to consider as you navigate through all your options.
Compare Small Business Checking Accounts
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Best Business Checking Accounts Of January 2023
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This website uses Google Analytics to collect anonymous information such as the number of website visitors and the most popular pages. The best small business banks all have one thing in common: they’re cheap and make it easy to own and use a small bank. Business current account.
So why are we reviewing seven banks and not just seven? The best checking account for you depends on your needs. E-commerce stores vs. brick and mortar, sole proprietors vs. multi-member LLCs.
To begin, let’s take a look at the best general-purpose banks for small businesses — and then narrow them down to more specific needs.
Best Business Bank Accounts For Startups & Small Companies
Before choosing a bank, make sure you have all the documents you need to apply – the bank will want to know more about your finances and will check your credit score. If you’re not sure if you’re ready to get started, check out our article on how to open a small business checking account.
For general purpose small business banking, you can’t do better than Chase. With a vast network of nearly 5,000 permanent locations and nearly 16,000 ATMs worldwide—you’ll never be far from your bank. Additionally, their mobile app allows you to deposit checks, pay bills, make transfers and check your balance online.
A Chase business account is a good choice for many new, small businesses—especially if you need to deposit cash, access ATMs without fees, or visit common locations that are important to you. If you expect to do more than 200 transactions per month, tracking is not a good option.
Chase has a relatively low minimum balance, and maintaining that minimum is the only way to waive account maintenance fees. So don’t choose Chase if you expect your balance to drop below $1,500 on a regular basis.
Best Business Checking Accounts
If you plan to use your credit card for many business purchases, Chase is the bank for you. Their wide selection of cards offers very competitive interest rates, bonus points, cash back and rewards programs.
A consumer credit union is one of the easiest credit unions to join. To become a member and account holder, you must:
Credit unions are unique financial institutions. They are non-profit organizations (hence the low minimum deposit) and when you join one, you get the right to vote in board elections.
While credit unions often offer a limited range of financial products, CCU has a wide range of loans to choose from. They also have a no-fee Visa Business Platinum credit card and offer merchant services. The minimum monthly balance on their current accounts is significantly lower than most banks.
If the nonprofit mission of credit unions speaks to your values and you want to take advantage of low-cost checking accounts, CCU is a good choice. It’s easier to apply, has lower fees and offers more choices than most credit unions.
On the other hand, if having lots of financing options and credit cards to choose from is important to you, and maintaining a high minimum balance isn’t a problem, you might be better off opening a bank account.
Most small e-commerce business owners process all their transactions digitally and receive payments the same way. In that case, having a standard location where you can deposit money is probably not a high priority. Enter online banking only.
Akos is the oldest, most respected online bank in the United States. Their basic business checking accounts have no minimum balance and offer a wide range of lending options. And while Akos doesn’t have any physical location, you can access your Akos checking account for free at any ATM in the US.
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If you run an online business, are already comfortable with online banking and expect to do less than 200 transactions per month, Akos is a good choice. You don’t have to maintain a high minimum balance, which can be a relief when your business is just starting out and cash flow is tight. If you want to finance your business, you have many options.
Best known for its loans, lines of credit and factoring services, BlueVine has expanded into banking. These online-only accounts are easy to open with no minimum balance requirements or fees for incoming wire transfers, insufficient funds or ACH payments. The BlueVine bank account also comes with a debit card with free ATM access at MoneyPass ATMs.
The only fees account holders need to consider are for cash deposits ($4.95 per deposit) and outgoing wire transfers ($15 per transfer). For businesses that deal in cash or send money abroad, these fees may increase.
If you’re a freelancer who needs an account to collect online payments and track business expenses, BlueVine is perfect. If you don’t collect money or send wire transfers, this is a completely fee-free bank account. And, if you decide to grow your business downstream, BlueVine can help you quickly access a loan or line of credit for that quick cash injection.
S Best Banks For Small Business
Headquartered in Florida but serving clients nationally, First Home Bank is frequently ranked as one of the top 10 SBA lenders in the country. Offers a wide range of other small business banking services – including checking and savings accounts and non-SBA loans.
The SBA has selected First Home Bank as a preferred lender. Meaning, if you apply for an SBA loan through First Home, the approval process will be faster than elsewhere.
New businesses and startups need quick access to capital. If getting approved for an SBA loan as soon as possible is your number one priority, First Home is the bank for you. But if you need an interest-bearing checking account or a lot of common locations, or if small business lending isn’t your number one priority, you’re better off taking your banking needs elsewhere.
Capital One is the only bank on this list that offers checking with free, unlimited transactions, with no minimum account balance. It also offers five different credit cards for small businesses.
Reasons Why You Need A Business Bank Account For Your Small Business
Does the idea of counting the number of transactions per month to avoid fees make you cringe? If you live near a Capital One bank, make a large number of transactions each month, and pay mostly by card or bank transfer, Capital One may be the best choice for your business. However, if your business is well established, you can easily maintain a minimum balance of $2,000.
With 4,300 branches and 16,000 ATMs, Bank of America is everywhere. Plus, they offer some of the best introductory deals on new business checking accounts. That being said, you won’t get unlimited free transactions — like you do with Chase — and free cash deposits are also limited.
If you can easily qualify for Bank of America’s introductory offers and don’t expect to have any problems with checking checking fees each month, opening a new business bank account can be a great way to earn extra cash while your business is still young.
However, if you’re primarily looking for Bank of America because your business needs to deposit large sums of money each month, consider the $7,500 limit on free deposits and fees when you exceed that amount.
Top 10 Online Small Business Checking Accounts In The Usa In 2023
Once you have a bank in mind, start preparing the documents you need to apply for a business bank account. As you prepare to take the next step in separating your business and personal finances, find the best small business credit card for your needs.
This post should be used for informational purposes only and does not constitute legal, business or tax advice. Each person should consult their own attorney, business advisor or tax advisor regarding the matters mentioned in this post. assumes no responsibility for actions relied upon by the information contained herein.
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