Best Business Bank Accounts For Small Business – In some cases, even the best business bank account options fall by the wayside. This is largely due to the influx of online-only personal account options. However, many business bank account options have many amazing benefits. Like a business credit card, business checking and savings accounts offer useful features tailored to the needs of business owners. Looking for more business advice? Check out our newsletter for regular tips, tricks and tactics for small business owners. [cta-newsletter] Benefits of Business Bank Accounts for Small Businesses Although not a requirement to have a business bank account, they offer many advantages over conventional bank account options. Some of these benefits include:
It doesn’t matter if you’re a new business or an established small business. The professional aspect is very important. It is wrong to pay vendors and suppliers with checks that have your name and information on them. Our picks for the best business bank account options To help you find the best business bank account option, we’ve done extensive research on the options available. Below, we’ve identified the best business bank accounts based on several factors. Some of the factors we looked at include rewards systems, fees, APYs, and interest rates. However, we also made sure to check things like customer service, cash availability, and how the accounts compare to each other. Finally, we’re left with a comprehensive overview of the best business bank account options. Some accounts were much higher than others. We have described them below. Axos Bank Business Interest Check is the best overall option. If you don’t need physical branches for your bank, Axos Bank Business Interest Check is an attractive option. This bank account offers the perfect combination of interest and liquidity. Often with business checking accounts, it’s one or the other. Axos Bank’s Business Interest Current Account interest rates are nothing to sneeze at either. For balances less than $5 million, the APY is 0.80 percent. Exact APYs for balances over $5 million are not disclosed, but may be higher. Other important features of this business bank account include:
Best Business Bank Accounts For Small Business
This bank account also includes free checking, statements, bill payments and unlimited ATM fee reimbursements. With such benefits, this bank account is clearly a good choice. First Bank Business Essentials Checking – The Best Rewards System Small business owners living in and around North and South Carolina can take advantage of the First Bank Business Essentials Checking Account. This account offers some of the best rewards of any business checking account available. First Bank Business Essentials checking account interest rates are not listed and can be very low. However, this business bank account comes with a solid rewards system with First Bank’s One Rewards program. With One Rewards, account holders earn more than 0.5% cash back on all card purchases. Note: If you’re looking for serious cash back rewards, you can combine these rewards with a high-value business credit card. Check out our favorite options here: This account has no monthly fees with an average daily balance of $1,000. Balances below this will incur a maintenance fee of $10 per month. Other First Bank Business Essentials checking account features include:
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BBVA Compass Business Connect Review: Lowest Bank Fees Are you looking for the best small business bank account with the lowest fees? If so, look for a BBVA Compass Business current account. These accounts offer a great fee structure for small businesses on a budget. All bank accounts with BBVA Compass include mobile and online banking, as well as standard FDIC insurance. In addition, account holders have free access to both BBVA Compass branded ATMs and the Allpoint ATM network. BBVA Compass accounts, including business checking accounts, require a minimum deposit of $100 to open. In addition, permanent residence in the state served by BBVA Compass is required. Click here to see a list of BBVA offices. A great choice for new business owners, BBVA Compass’ ClearConnect brand business checking account has zero monthly fees and zero terms. Also, all other business transactions are unlimited, although checks processed are limited to five, and bank withdrawals and deposits are limited to two. Moreover, they are free. However, it’s worth noting that this account has a relatively low cash handling limit compared to the next-tier BBVA accounts. This makes it not an ideal choice for small businesses dealing with large amounts of cash.
America First Credit Union Premier Business Checking: Highest APY The America First Credit Union Premier Business Checking account is ideal for businesses with a high number of monthly transactions. It has low transaction fees per item and low monthly maintenance fees. These business bank account fees are:
However, these fees are quickly offset by income credits based on the amount of money in your checking account. This is a great option for new business owners or those looking for low-risk interest on cash. Its current APY of 1.18 percent is unheard of in the checking account world. Capital One Spark Business Basics Checkout: Best for Cash-Constrained Businesses Does your business deal primarily with cash transactions? If so, you’ll be happy to see that the Capital One Spark Business Basic Checking Account ticks all the right boxes. Capital One believes the account offers “a boost to the use of your legacy.” Note: If you’re a fan of the Capital One Spark, we have full reviews of the following business credit cards:
Many people don’t know that most small business banks charge fees for large transaction volumes. This includes both debit card purchases and cash deposits. Although it is not considered by many companies, cashier companies require bank accounts with high limits and low expenses. That’s where the Capital One Spark Business Basic Checking Account comes into play. This business bank account offers unlimited transactions for free. Plus, Capital One earns just $1 for every $1,000 in monthly deposits over $5,000. Although the monthly account fee is $15, you can avoid this by meeting the minimum daily balance requirement of $2,000.
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Business bank accounts make things official There are many reasons to look for a quality business bank account to protect your company’s finances. However, wading through the sea of account options can be frustrating and confusing. We hope this information about small business bank account options and why they are important has been helpful. A business bank account serves to make things official. With so many great options, as a growing small business owner, there’s no reason not to get one. Looking for a great way to fund your new bank account? Fora Financial offers several business financing options to meet any need. Fill out the free quote below to learn more! [cta-freequote]Owning your own business means making many decisions, and that means finding the best financing partner for your small business.
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If you’ve started your own business or are considering moving, you may be overwhelmed by the logistics involved in getting one started.
There are a lot of changes when you run your own show. When you become a business owner, your banking needs to change as well.
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Checking banks and business accounts isn’t how you want to spend your time when you’re a freelancer, so we’ve done the work for you.
Here are some of the best bank accounts (especially checking accounts) for small business owners.
When we looked at savings and business current accounts for small and medium-sized enterprises (SMEs), we looked for banking services that fit your needs—small businesses that don’t yet have six figures in cash flow.
Remember, we don’t know your company’s finances or cash flow like you do. The best bank for your small business will depend on your situation.
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With more than 4,900 brick-and-mortar locations and 13,000 ATMs nationwide, Wells Fargo’s big draw is convenience. Customer support is available 24 hours a day and you can manage all your business banking needs in one place.
Wells Fargo business accounts are inexpensive if your business can maintain a reliable daily balance. It will only cost you $25 to open an Initiate Business Checking account with Wells Fargo. The Business Market Rate Savings Account also includes a minimum deposit of $25. Wells Fargo also offers business loans from $5,000 to $100,000 for fixed interest rates as low as Prime + 1.75% APR. Secured and unsecured business credit cards are also available, with 1.5% cash back and sign-up bonuses from $300 to $1,000.
Chase’s small business checking account, Chase Business Complete Banking, comes with 100 free transactions each month and same-day deposits to your account.
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