Small business owners and startup founders have so much to consider when it comes to their business needs. On that long list? Where to open a small business checking account and other bank accounts.
Your options are plentiful. From traditional banks and credit unions to toll-free online “neobanks”, there are many possibilities, and each has its own set of benefits.
Things to consider when choosing a bank for your business account
Since not all banks and banking services are created equal, it’s important to begin your search for the perfect bank with a list of what matters to you.
Do you want a physical bank with local branches and free ATMs? Or would you rather do your banking with an online business bank account that allows you to use mobile check deposit and offers ATM fee reimbursement?
Then there is the decision to pay a fee or not, as there are definitely free checking account options for businesses to consider. These may offer free cash deposits and withdrawals, however, they may have transaction fees if you make more than a certain number of transactions each month.
Consider how much you expect to have in your monthly account balance. Some banks charge a fee if you don’t maintain an average minimum balance each month.
And finally: do you want a bank that can provide other types of business banking services, such as a business savings account, money market accounts, credit card, or loan products? Do you need services such as ACH wire transfers or merchant services? You may prefer a bank which can be a one stop shop.
Best banks to open a business bank account
While the list we cover here is far from exhaustive, it does give you a place to start when looking for banks with different types of features.
We will be looking at both online banks and banks with physical locations, as well as those that charge monthly maintenance fees and those that have no fees. By the end, you should have a better idea of what you need in a business account.
Banks with the best welcome offers for opening a professional bank account
On our list of the best business checking account options are those that come with some great account offers. It never hurts to put a few hundred dollars in your bank account right off the bat!
Chase case closed
If you are looking for a bank with branches and a great welcome offer, look at the Chase Business Complete bank account. Not only can you manage your funds, accept payments with the QuickAccept app, and get same day deposits at no additional cost, but you can also get a $ 300 bonus with certain qualifying activities.
A monthly service charge of $ 15 applies, but you can waive it if you maintain a minimum daily balance of $ 2,000 or if you perform other qualifying activities.
Banks with the best benefits for their business bank accounts
Some banking services come with great extras that make you stay a long-term customer.
Bank of America Business Advantage
Bank of America offers a variety of business services including checks and savings, loans, cash management, payroll tools, and more. One of the main benefits of its Business Advantage program is its Preferred Rewards program.
Customers pay no fees on some banking services like incoming wire transfers and monthly banking services, and they can also get 25-75% bonus on business credit cards. Plus, members can get rate reductions on small business loans and an interest rate booster on savings accounts.
There is also currently a bonus of $ 100 to $ 500 when you open a new account with qualifying activities.
Banks with free accounts
If your business banking needs are straightforward, look for basic business checking account options at no cost.
One of the best banks for small business owners looking for no-fee or hassle-free checking accounts is Axos Bank. This account has no monthly fees and no minimum balance requirement. You get your first 50 checks for free and get unlimited reimbursement of ATM fees.
Currently, you can earn $ 100 when you open a new account.
Conditions and rates to watch out for when choosing a bank for your business account
One thing to realize is that even when a bank offers great benefits or what appears to be no cost, sometimes there are hidden charges that you might not be aware of at first.
Even banks that offer free transactions may charge a fee if you exceed a certain number of transactions or withdrawals in a month. You may also be charged for an overdraft or wire transfer, so read the fine print before opening an account.
In terms of interest rates, some checking accounts actually allow you to earn interest on your balance (like Bluevine). If you are also considering opening a savings account, compare the rates from bank to bank. Typically, they are similar, but some will offer different rates for different balance ranges.
How Your Small Business Can Benefit From Your Bank
Banks are realizing that they have to compete to get your business as a small business owner, and that means you hold the power. Look for a bank that can offer more than one type of business banking solution to meet your needs, as well as one that offers other benefits, be it fees or rewards as we have discussed. above.
You may also benefit from features such as the ability to order business debit cards for employees authorized to make purchases on behalf of your business.
If you later decide to take out financing, if your bank is also a lender and offers bank loans, SBA loans, or both, you will already have an established relationship with your bank, which can simplify the application process. .
Tips for finding the right bank for your business account
Once you’ve created your list of “must-haves” for your corporate bank account, including whether you prefer mobile banking or a physical branch, if you’re okay with paying a monthly service fee for it. get extra features like unlimited transactions and any other features you are looking for, compare one bank to another on your list.
Does this bank have convenient ATMs or will they reimburse you for using other ATMs?
Is there a minimum opening deposit and can you meet it?
What fees does the bank charge and are there ways to waive the monthly service fee?
Next, research how to open a business bank account with the bank you are considering. Some have very simple online processes, while others require you to go to a physical branch to apply.
Also read the online customer service reviews of the bank, as you want to make sure that any issues you have are resolved quickly and that the customer service reps are responsive.
Whether you have a new business and you are opening an account for the first time, or you are running an established business and looking for a change, spend time with this decision. This is an important question.
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