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Best Small Business Checking Account For Llc
Reduce banking costs and save more money for your business. Here are the best business checking accounts (#1 is free).
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Not sure how to choose the best checking account for your business? We agree, it’s a big decision.
A business checking account is not just a place to save money. You are also a partner in the development of your business.
The right one can help you with taxes, managing your finances, and managing your finances. So you can focus more on… you know, your actual business and customers.
We have compiled a list of the best business checking accounts and their unique features. Most of them are even free.
Best Accounting Software For Small Businesses
Many small businesses do not use the best bank for their needs. This can be a waste of time and money.
For example, a small local store will have different needs from an online startup. You don’t want to open an account only to find out you can’t save money. Or accept payment cards for your group.
Bluevine is a popular online trading account that offers up to 2.00% APY. You can grow your daily trading capital without tying it up in a savings account.
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And the amazing part is – no monthly maintenance fee, no excess fees, and unlimited free transactions.
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Although Bluevine is an online banking platform, it has many great features for traditional small businesses.
You can make money at over 90,000 Green Dot locations. Most online business accounts don’t support cash deposits, so it’s best if Bluevine lets you do that. However, Green Dot charges a fee of $4.95,
2 free checks per year is another great benefit if you pay employees or vendors with paper checks.
You can also create 5 free books with their account numbers. This enables you to better manage your budget and cash flow by specifying what each account is used for (such as a dedicated account for salary).
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Lili is a multi-functional business analytics account designed to help small business owners manage their finances and taxes.
If you have a very simple business on your own, you may find it easier to have your expenses in one place. If so, Lili will be what you need. Lili will keep her business and finances separate and keep clean records for the IRS.
On Lili’s app, you can easily organize deals as “personal” or “business” with a Tinder-style swipe. This collects all your business expenses so you don’t miss a tax bill.
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Another cool thing is to keep an independent tax. Lili will set aside a portion of each payment in the Tax bucket. This way, the quarterly estimated tax bills they fear will not be a constant burden.
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And when it’s time to pay taxes, Lili will prepare Schedule 1040 C. You can then file directly with the IRS.
Chase Business Perfect Bank is one of the best business checking accounts around. Great for small retailers, food services, and any business that accepts credit cards.
Chase is one of the largest banks in the US with locations in every state. So it’s also good if you like to know that you can get help in person at the department.
Chase Business Complete Banking has payment processing done on a checking account. You do not need to open a separate merchant services account.
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The Chase QuickAccept card reader lets you accept credit card payments on your phone. And the best part is that when you use QuickAccept, the money from your sale can be deposited into your checking account the same day.
Fast deposits will make cash flow easier. No more waiting for money to collect. Instead, you can also invest quickly to grow your business.
Chase Business Complete Banking has a $15 monthly service fee, but it’s very easy to waive. Do ANY of the points.
If you’re not sure if you meet these requirements, but you’re still looking for a physical bank, you might like the next one on the list.
How To Open A Business Bank Account
US Bank’s Silver Business Checking Package is a free business checking account. That’s right – it has no monthly maintenance fees or minimums required.
Free accounts are very rare for traditional brick and mortar banks. It’s a solid choice if you’re a small local business and want personal banking and human support.
US Bank often offers a cash bonus for their business checking account. That’s a pretty good deal considering the account is free.
It has a large network of over 3,000 branches across the country. In addition to US Bank ATMs, you have free access to more than 37,000 MoneyPass ATMs.
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Remember, you only get 125 free trades and 25 free units every month. So it is suitable for very small businesses or hustlers with small banking operations.
The downside of physical banking is that it may lack technology. If you’re looking for something more high-tech, check out the Novo below.
Novo is different from other banks because of their digital tools. It integrates your business analytics with thousands of popular business apps (like Square, Stripe, QuickBooks, Xero, Zapier, Slack, and many more).
You can personalize your banking experience by choosing your personal connections. Your entire business life can be managed from the Novo platform. There aren’t a million different apps.
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Another great benefit is the Novo game system. You can save hundreds on popular business services (like discounts on Quickbooks and Google cloud loans). If you use these services, they can be even more valuable for earning profit or income.
Every Novo account also comes with 10 savings accounts. That allows you to organize your finances better and set aside money for things like taxes, salary and future purchases.
The only downside is that you can’t deposit money. You still don’t accept checks, but you can request to have your checks mailed for free.
Novo does not do a credit check. That also makes it a good option if you don’t have good credit (or no credit at all).
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This brings together commercial banking, bookkeeping, tax and invoicing all on one platform. It is very easy to use and saves you time and energy.
Note that Ri does not accept cash or check deposits. It is designed for self-employed people who receive money through direct deposit, electronic transfers, or invoices.
Do taxes without problems. It will track your business expenses automatically, so you will get all your discounts. Best of all, it stays in compliance with the IRS.
It also calculates how much tax you will owe, and sets that amount aside in a Tax account. That way, there are no surprises at tax time. You will already know how much you need to pay and have already saved up.
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Plus, Ri can do your quarterly tax payments for you – directly to the IRS! You don’t need to spend time filling out the forms yourself. Ri will do it for you correctly and on time.
Finally, it offers unlimited free invoices from within the app, with different payment options for your customers.
See the best for professionals and sole proprietorships. If you have group members, the following bank is good for you.
Need access to a bank for your team? Money Relay gets you covered with up to 20 individual checking accounts and up to 50 debit cards – all at no extra cost.
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With 20 checking accounts and 50 debit cards, you can completely customize how you manage your business finances.
Each account can be created for a specific purpose (eg: advertising, salary, business travel). This allows you to manage your finances and operating costs exactly as you want.
You will be able to set which members can access which account. And how much money they earn. For example, you can only authorize users such as merchants, cashiers, or cardholders.
By letting your team members in, you don’t have to run to the ATM or buy everything yourself. That gives you time to focus on important things.
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Relay does not offer any kind of refund or benefit. If you’re looking for games in your bank, check out Grasshopper next.
You get an unlimited 1% cashback on your debit card purchases. The requirement is that you must maintain the full balance of $10,000. Plus, you get 1.51% APY on all balances.
Grasshopper is at the forefront of innovation. But any type of small business can use it, as long as you don’t need to save money.
In addition to games, Grasshopper offers many great features for free. You get unlimited transactions and custom invoices. You can also manage users and permissions, and even create approval workflows.
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Another thing that makes Grasshopper stand out is its personal support. Even though it’s an online account, their experts are here to help you navigate your startup journey. They will also help you with advertising
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