Which Bank Is Best For Business Account - The best small business banks all have one thing in common: they make using a small business checking account affordable and easy.
Why are we looking at seven banks and not just one? Because the best checking account for you depends on your needs. E-commerce stores vs. brick and mortar, solopreneurs vs. LLC with several members.
Which Bank Is Best For Business Account
To start, let's look at the best general purpose banks for small businesses – and then narrow them down to more specific needs.
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Before choosing a bank, make sure you have all the documents you need to apply – the bank wants 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 a general purpose small business bank, you can't do much better than Chase. With a large network of over 5,000 physical locations and 16,000 ATMs worldwide, you are never far from your bank. Additionally, their mobile app allows you to deposit checks online, pay bills, make transfers and check your balance.
A Chase business account is a good choice for most new, small businesses, especially if you need to make cash deposits, access fee-free ATMs, or visit brick-and-mortar locations. Chase is not a good option if you expect more than 200 transactions per month.
While Chase has a relatively low minimum balance, maintaining that minimum is the only way to waive the account maintenance fee. If you expect your balance to consistently drop below $1,500, don't choose Chase.
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If you plan to use your credit card for most business purchases, Chase is the bank for you. Their wide selection of cards offer very competitive interest rates, plus points, cash back, and rewards programs.
A consumer credit cooperative is one of the easiest 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 have 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 have a no-fee Visa Business Platinum credit card and also offer merchant services. The minimum monthly balance for their current accounts is significantly lower than most banks.
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If the nonprofit mission of credit unions speaks to your values and you want to take advantage of a smaller checking account, CCU is a good choice. It's easy to sign up, has lower fees and offers more options than most credit unions.
On the other hand, it is important to have a lot of financial options and credit cards to choose from, and keeping a high minimum balance is not a problem and it is better to open a bank account.
Most small ecommerce business owners process all their transactions digitally and get paid the same way. If so, having a physical location where you can deposit money is not a high priority. Enter Online Banking only.
Oxos is the oldest and most established online bank in the US. Their basic business accounts have no minimum balance and offer a wide range of credit options. And even if Axos doesn't have a location, you can access your Axos 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, Axos is a great choice. You don't have to maintain a high minimum balance, which can be a relief when your business is starting out and cash flow is tight. If your business needs financing, you have a lot of options.
Best known for 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 comes with a debit card with free ATM access at MoneyPass ATMs.
The only fees account holders need to consider are cash deposits ($4.95 per deposit) and outgoing wire transfers ($15 per transfer). For companies that handle cash or send money abroad, these fees can add up.
If you're a freelancer and need an account to collect payments online and help you keep up with your business expenses, BlueVine is the perfect fit. This is a completely free bank account if you don't collect money or send money transfers. Additionally, if you decide to grow your business downstream, BlueVine can help you quickly access a loan or line of credit to pay you off quickly.
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Based in Florida but serving clients nationwide, First Home Bank is frequently rated as one of the nation's top 10 active SBA lenders. 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. This means that 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 your top priority is to get approved for an SBA loan as soon as possible, First Home is the bank for you. But if you want a checking account bearing commercial interest or more concrete locations, or if a small business loan isn't your top priority, you might be better off taking your banking needs elsewhere.
Capital One is the only bank that offers checking with free, unlimited transactions with no minimum account balance. They also offer five different small business credit cards.
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Does the idea of counting the number of transactions in a month to avoid fees make you cringe? If you live near a Capital One bank, handle a lot of transactions each month, and often receive payments by card or bank transfer, Capital One is the right choice for your business. However, it's best if your business is doing well established and 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 offers for new business checking accounts. That said, you won't get unlimited free transactions like you do with Chase, and free cash deposits are limited.
If you can easily qualify for Bank of America's introductory offers and don't expect to have trouble getting your checking fee waived each month, opening a new business bank account is a great way to earn extra cash while you're at it. while your business is still young.
However, if you're looking at Bank of America primarily because your business needs to deposit a lot of money each month, consider the $7,500 limit on free deposits and the cost after exceeding that amount.
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Once you have a bank in mind, start preparing the necessary documents to apply for a business bank account. When you're ready 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 any actions taken based on the information contained herein.
Get educational guides and weekly resources from experts to help you confidently make the right decisions to grow your business. No spam. Unsubscribe at any time. This guide explores our top three Neo Banks for small business bank accounts. It will look at the features offered by these accounts, their security capabilities, and the pros and cons.
A formal business bank account is essential, whether you're just starting out or have been in business for years. Every business or professional company, regardless of size, needs one.
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A formal business bank account is essential to your company's financial operations as it allows you to carry out day-to-day business transactions such as paying employees, purchasing raw materials or paying for services. In addition, it may be required for accounting, tax reporting and various legal reasons.
If you're a business owner, a business bank account keeps your company's funds separate from your personal bank account transactions and usually comes with different features and services.
The best account for you depends on the type of business you run and the type of transactions you frequently make. You need to find a safe and convenient provider that offers low fees for your frequent transactions.
Neobanks, sometimes called "challenger banks," are online-only financial institutions. With a wide variety of providers and plans, you can choose the plan that perfectly complements your business.
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