Best Bank For Small Business Accounts – Owning your own company means making a lot of decisions, and finding the best financing partner for your small business.
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Best Bank For Small Business Accounts
If you’ve started your own company—or if you’re thinking about making the move—you may be overwhelmed by the logistics required to pull it off.
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There are many changes when you run your show. When you become a business owner, so does your bank.
Because checking bank and business accounts isn’t how you want to spend your time when you’re self-employed, we’ve done the work for you.
Here are the best bank accounts (especially checking accounts) for small business owners.
As we look at business savings and business checking accounts for small and medium-sized businesses (SMBs), we’re looking for banking services that meet your needs—a small business with cash flow 6 Doesn’t get to the point.
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A note: We don’t know your business finances or your cash flow like you do. The best bank for your small business depends on your situation.
With more than 4,900 brick-and-mortar locations and more than 12,000 ATMs nationwide, Wells Fargo’s big appeal is convenience. Customer service is available 24 hours a day and you can manage all your business banking needs in one place.
Wells Fargo business accounts are affordable if your business can maintain a reliable daily balance. You only need $25 to open a Wells Fargo Business Checking (Start, Navigate or Upgrade) or Savings (Market Rate or Platinum) account. By maintaining a minimum daily balance of $500 or an average ledger balance of $1,000, you can waive the $10 fee for an introductory business checking account. You also get 100 free trades per pay period and no fees on the first $5,000 deposited per pay period. An entry-level savings account (market rate) earns 0.15% interest.
Wells Fargo offers business loans from $10,000 to $150,000 at fixed interest rates from Prime + 1.75% APR. You can also get business credit cards with 1.5% cash back and sign-up bonuses of $300 to $1,000.
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Chase’s small business checking account, Chase Business Complete Banking, offers 100 free transfers per month and same-day deposits to your Chase Business Complete Banking account at no extra cost. All Chase Business Savings charges $10 a month, which is waived if you have an average balance of $1,000.
As another “Big Four” bank, Chase’s business checking account offers familiar perks: a trusted brand and ample resources to keep things running smoothly. But its credit card offers are particularly noteworthy. The Ink Business Unlimited and Ink Business Cash cards offer rewards and a $750 sign-up bonus. Unlimited earns 1.5% cash back on all purchases, and 5% back on select cash card categories. Chase offers business loans starting at $10,000 with various interest rates and lines of credit up to $500,000.
If you are looking for a business partner, you can find it in Lilly Mobile Banking Account. As a sole proprietor, you must handle many financial tasks, such as allocating money for taxes. Lilly promises to help with a dedicated business checking account. Lilly is laser-focused on the needs of small businesses, including the ability to generate quarterly expense reports and provides advanced tools for tracking discounts and calculating taxes.
The Lilly Business Checking Account comes with its own Visa Debit Card. Whenever you spend any money, you get a push notification prompting you to swipe left or right to instantly categorize the expense as “Personal” or “Business.” At tax time, this will allow you to easily increase your expenses, reduce your taxable income, and lower your tax bill.
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With Capital One Business Basic Checking, you get unlimited business transactions and free cash deposits of up to $5,000 per month. $15 monthly fee waived with a $2,000 90-day balance. With Business Savings, you only need an initial deposit of $250 and you get a guaranteed interest rate for the first year. $3 monthly fee waived with $300 balance.
You might guess that credit card options make Capital One’s list, but checking and savings account options are also worth mentioning. If your main priority is credit cards, Chase might beat Capital One, but if you’re looking for comprehensive service (read: better savings and checking options), Capital One might be for you.
Along with the cheapest bank account, Capital One offers three business credit cards and includes advance information about the credit score you need to qualify for each one. Its cards offer 1% to 2% cash back, free employee cards with spending limits and no annual fee options. It offers equipment loans, business installment loans and lines of credit starting at $10,000. Loan tenure and repayment terms vary.
If simplicity is what you want for your business checking account, Axos Basic Business Checking should fit the bill. You can open an account with no minimum deposit required, and integrate it with QuickBooks for easy bookkeeping. Axos Bank’s Business Interest Checking Account offers 1.01% of your balance, regardless of the amount. Open an account with just $100.
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Axos’ checking and savings offers are lower than those of Capital One and Wells Fargo, and there are no credit cards. But if you’ve been in business for a few years and are looking for a more substantial loan and don’t have significant transactions every month, Axos Bank is worth a look. Your money will earn a higher APY but you should get a down payment.
Axos Business Savings requires an initial deposit of $1,000 and pays 0.20% APY. The $5 monthly fee is waived with an average daily balance of $2,500. The bank offers loans and business loans to businesses with a minimum tenure of two years, starting at $250,000. It does not accept any credit cards.
This (or any) credit union’s offerings do not match those of the Big Four banks. Membership is also not available to everyone. Only veterans, active military, employees of eligible government agencies and immediate family members of federal Navy members can apply for this credit union.
You are now a small business owner. You don’t want to do business with a multi-billion dollar company. If that’s more your speed, a credit union like Navy Federal may be right for you. Even if these don’t match the offerings of member-owned nonprofits, they can provide comfort and familiarity that the Big Four can’t.
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BlueVine is a fintech company, not an online bank (Bankpur Bank provides banking services). Although it doesn’t offer credit cards, you can get a business debit card. And BlueWin offers something you won’t find at most banks: 1.5% interest on your business checking balance up to $100,000.
BlueVine is an honorable mention on this list because it doesn’t offer a full suite of business banking services. But its 1.5% APY on your business checking account balance stands out even among modern banks for businesses, so it’s worth noting. With the account, you can pay vendors and bills via ACH, wire or check and set up recurring payments. You can apply for lines of credit up to $250,000 with as little as 4.8% down. If a brick-and-mortar location isn’t a priority, add it to your list.
A business bank account is where your money is held for the company. It’s an account used for business — so, separate from your personal checking or savings accounts — where you keep your income, pay for related expenses (products, vendor services, utilities, etc.) and more. .
Keeping these transactions separate can be beneficial at tax time. If you apply for a business loan (some banks require that the account be held for a limited period of time) or grant funds, you will need an account to share your funds and get paid.
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No matter how big or small your operation, opening a business bank account is strongly recommended. At least a business checking account is a great way to stay organized and on time. You need a place to track all the money going in and out of your business and keep a clear record of your finances.
Most major banks offer business accounts, as do many credit unions. You can open an account at an online-only bank or brick-and-mortar company, or choose one that offers a hybrid model.
If your personal bank offers business bank accounts, it might encourage you to open an account at your current institution — but run number one. You can access business services you’re used to and connect accounts (and
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