Best Bank For Opening A Business Account – The best small business banks all have one thing in common: they make it affordable and easy to own and use a small business checking account.
Why are we looking at seven banks and not just one? Because the best checking account for you depends on your needs. Online vs. brick and mortar stores, sole proprietorships vs. multi-member LLCs.
Best Bank For Opening A Business Account
We’ll start by looking at the best small business bank for everyone and then narrow it down to more specific needs.
Online Business Banking
Before choosing a bank, make sure you have all the documents you need for the application – the bank wants to know more about your finances and check your credit report. If you’re not sure if you’re ready to get started, check out our article on opening a small business checking account.
For general purpose small business banking, you can’t do much better than Chase. With an extensive network – nearly 5,000 brick and mortar locations and 16,000 ATMs worldwide – you’re never far from your bank. Also, their mobile app lets you deposit checks online, pay bills, make transfers and check your balance.
Overall, a Chase business account is a good choice for many new small businesses—especially if you need to make cash deposits, access fee-free ATMs, or if going to common locations is important to you. Chase is not a good choice if you plan to do more than 200 transactions per month.
Although Chase’s minimum balance is low, maintaining that minimum balance is the only way to avoid account maintenance fees. So don’t choose Chase if you expect your balance to regularly drop below $1,500.
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If you plan to use your credit card for a lot of business purchases, Chase is the bank for you. Their various cards offer very competitive interest rates, as well as 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 minimum deposit) and when you join one, you get the right to vote in board elections.
While credit unions often offer a limited selection of financing products, CCU has a wide variety of loans to choose from. They also have a no-fee Visa Business Platinum credit card and offer merchant services as well. And their checking account minimum monthly balance is much lower than most banks.
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If the credit union’s nonprofit mission speaks to your values and you also want to take advantage of lower checking account rates, CCU is a good choice. It’s easy to sign up for, has low fees and offers more options than most credit unions.
On the other hand, if it’s important to have multiple financing options and credit cards to choose from, and maintaining a high balance isn’t a problem, you may want to open an account with a bank.
Most online small business owners process all their transactions digitally and get paid the same way. In that case, bricks and mortar where you can put money is probably not a priority. Just go to online banking.
Axos is the oldest and most established online bank in the United States. Their basic business checking accounts have no minimum balances and offer a variety of credit options. Additionally, although Axos does not have physical locations, you can access your Axos checking account from any ATM in the United States for free.
Best Business Bank Accounts
If you have an online business, are already comfortable with online banking and expect to make no more than 200 transactions per month, Axos is a great choice. You don’t have to have the highest balance, which can be a relief when your business is starting out and cash flow is tight. And if your business needs financing, you have many options.
BlueVine, best known for its loans, credit lines and product placement services, has expanded into a bank. 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 machines.
The only fees account holders need to consider are cash deposits ($4.95 per deposit) and outgoing transfers ($15 per transfer). For businesses that handle cash or send money abroad, these fees may be added.
If you’re a freelancer who needs an account to collect online payments and track business expenses, BlueVine is a great fit. If you don’t collect cash or send bank transfers, this is a completely free bank account. Additionally, if you decide to grow your business, BlueVine can help you get a loan or line of credit quickly for fast cash.
Best Small Business Bank Account
First Home Bank is based in Florida but serves customers nationally and is often ranked as one of the top 10 SBA lenders in the country. They also offer a variety of other banking services for small businesses – 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.
Newer companies and startups need quick access to capital. If your first priority is to get approved for an SBA loan as quickly as possible, First Home is the bank for you. But if you want a checking account with a business interest rate, or many brick and mortar locations, or small business loans aren’t your top priority, you’re better off taking your banking needs elsewhere.
Capital One is the only bank on this list that offers no-fee, unlimited transactions with no minimum account balance. It also offers five different business credit cards.
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Can the idea count the number of transactions per month to avoid fees? If you live near a Capital One bank, handle a lot of payment transactions each month, and receive more payments by card or bank transfer, Capital One may be the best choice for your business. However, it is best if your business is established and you can easily maintain a minimum balance of $2,000.
Bank of America is everywhere with 4,300 branches and 16,000 ATMs. Also, they offer great introductory offers for new business checking accounts. However, you don’t get unlimited transactions — like you do with Chase — and free cash deposits are also limited.
If you have easy access to Bank of America’s introductory offers and don’t expect to struggle to clear your checking fees each month, opening a new business bank account can be a great way to get extra cash while your business is still young.
However, if you’re looking at Bank of America because your business needs to deposit a lot of money each month, consider the $7,500 limit on free deposits and expenses when you use 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 to separate your business and personal finances, find the best small business credit card for your needs.
This post is for informational purposes only and does not constitute legal, business or tax advice. Everyone should consult their lawyer, business advisor or tax advisor regarding the matters referred to in this message. is not responsible for actions taken based on the information provided herein.
Get your weekly dose of training guides and resources curated by experts at the address so you can make the right decisions to grow your business with confidence. No spam. Take it easy Small business owners often have a lot going on, which is why creating an organized and coordinated operation is so important. You want to minimize the time it takes to complete any task or activity as much as possible. This leaves you with less time to focus on growing your business instead of spending hours each week on repetitive tasks. Fortunately, small business owners can simplify and streamline their operations in a variety of ways.
One way is to open a business account. Having a business bank account has a number of benefits, but they center on simplifying accounting and financial management while keeping personal funds separate from business funds. If this sounds like something that will help you run your business more efficiently, read on to learn more about why opening a business account is critical to your success.
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A company account is a special bank account that allows you to organize your financial and accounting processes. It can be useful regardless of the type of business you run, from a small service company to large factories. A business account allows you to track your entire company’s finances in one place, which makes it even easier
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