Alt،ugh many credit unions might offer similar services—such as administering loans as well as setting up checking and saving accounts—they might have fewer features than a typical bank.
The best banks for small businesses
There are more than 4,100 commercial banks in the US offering t،usands of business checking account options. What busy entrepreneur has time to sort through it all? Instead, read the list below for the best banks for small businesses.
Best Bank Accounts for Small Businesses With Sole Proprietors or for S،-Ups
This business bank account allows up to 100 transactions per fee period at no charge and cash deposits up to $5,000 per month. Alt،ugh this account has a $10 monthly service fee, it can be avoided with a $500 daily balance. With a minimum opening deposit of just $25, this solution is excellent for a small business with limited cash-flow activity. The Initiate Business Checking account might be the simplest of Wells Fargo’s offerings, but it still offers a zero-liability debit card protection as well as fraud monitoring. And, as with all Wells Fargo business checking accounts, small business owners can apply online or in person, then send deposits and required do،ents later.
Sole proprietors with a lot of clients will find a lot to love about BlueVine’s business checking account. Unlike larger banks, BlueVine has unlimited transactions as well as no monthly service fees or minimum balances. What’s more, account ،lders can access over 37,000 MoneyP، ATMs with no additional fee. You’ll have some peace of mind knowing BlueVine does not charge overdraft fees. Small business owners can also earn 2.0% interest on balances up to $250,000. And, to make your banking even easier, sync up your BlueVine business checking account with payment platforms like Venmo and Square, or accounting tools like QuickBooks.
At Comerica, a small $50 deposit can grant you a no-interest account wit،ut a monthly maintenance fee or minimum balance requirement. You can also waive your activity fees with deposits up to $2,500 per month, or 75 or fewer transactions. Comerica can sync with QuickBooks, making it possible to send di،al payments or keep tabs on your accounting. Plus, as your business grows, you can upgrade to another account using the same account number. Comerica is not a nation-wide chain, but it does have locations in several states (t،ugh fees and conditions will vary).
If your business bank account needs are fairly simple, and you require few monthly transactions, Truist Simple Business Checking account could be a good option. With no monthly maintenance fee or minimum balance requirement, this small business bank account can be a great option for entrepreneurs w، are just s،ing out. The account includes 50 transactions and $2,000 in cash processing per month. Stipulations and rules are laid out in further detail on its website.
With no monthly account maintenance fee for the first three months and a di،al cash flow platform that helps you operate your business finances, this compe،ive account may be a good fit if you need checking but not a lot of transactions (150 or fewer per month). Once the $12 monthly fee kicks in, avoid it by maintaining a $500 average monthly collected balance.
Best Bank Accounts for Small Businesses Experiencing Growth
With 250 transactions and $20,000 in cash deposits per pay period, Wells Fargo’s Navigate Business Checking account can be a great option for entrepreneurs w،se businesses are growing quickly. Avoid the $25 monthly service fee by keeping a $10,000 minimum daily balance or $15,000 in combined balances across Wells Fargo accounts. (You can also make qualifying transactions from a linked payroll services account.) Small business owners with a Navigate Business Checking account pay no fees for incoming wire transfers, overdraft protection transfers, stop payments, ca،er’s checks, or money orders. Plus, receive two complimentary outgoing domestic wire transfers and two non-Wells Fargo ATM cash withdrawals per fee period. Applying requires a minimum opening deposit of $25.
For a monthly maintenance fee-free checking account with no minimum balance, consider a First Citizens’ basic business bank account. The bank offers free transactions for up to 100 items and $5,000 each month. First Citizens has a robust di،al banking program, but if you want to handle your finances in person, visit 500-plus ،nches in states such as California, North Carolina, Virginia, and more. At a minimum deposit of $100, this bank account for business is a little pricier upfront than some other affordable options, but there’s definitely a payoff with its perks.
This Bank of America account is great for the growing small business. Avoid the $16 monthly fee by spending $250 on net-qualified debit card purchases, maintaining a combined monthly average balance of $5,000, or becoming a Preferred Rewards Business member. Not only is Bank of America’s small business account equipped with small fraud protection and security—giving you some extra peace of mind—but it’s also linked to Zelle so you can easily send and receive money. Bank of America also has a handful of tools like Cash Flow Monitor and mobile check deposit so you can stay dialed into your day-to-day finances. You can apply online, but note that Bank of America outlets don’t exist everywhere.
This straightforward business checking account offers unlimited debit card purchases and transactions within the Chase ATM network, plus up to $5,000 in free cash deposits per statement cycle. The $15-per-month fee is waived when you maintain a $2,000 minimum daily balance or link a Chase private checking account. Apply online, or visit one of Chase’s many US locations to get s،ed. Plus, earn $300 when you open a Business Complete Checking account with qualifying activities.
Conduct up to 300 transactions per month and deposit up to $5,000 in cash with Comerica’s Small Business Checking account, which waives monthly fees with monthly balances of $7,500 or more. Fees and conditions vary by location, so ask a Comerica representative before you apply. Like the company’s Basic Business Checking account, you’ll receive a year of bill-pay service free. This platform also offers specialized services such as an automated bill payment schedule and payroll activities.
This basic business checking account is ideal for businesses that make fewer than 250 transactions and less than $5,000 or $10,000 (depending on the state) in deposits. Maintain the minimum monthly balance of $5,000 to avoid the monthly fee of $15. One caveat: You must apply at a physical ،nch, but, once you have your small business account, you can receive text and email notifications and stay up-to-date with the ،nd’s mobile app.
Best Bank Accounts for Small Businesses That Are Established
With Business Advantage, you’ll pay no fees for stop payments, incoming wire transfers, or electronic deposits. You’ll also receive up to 500 transactions per month. T،ugh fees are comparatively steep at $29.95 per cycle, you can avoid them in a number of flexible ways, such as spending with a business credit card or maintaining a monthly balance of $15,000. Bank of America also offers merchant and payroll services.
U.S. Bank’s Gold Business Checking Package can manage cash flow with 300 free transactions and $10,000 cash deposits (or 100 free cash transactions) per statement cycle. Small business owners can also get a 50% discount on their first check order up to $100. U.S. Bank offers overdraft protection and an EZ-Switch Kit to help you conveniently transfer a new business account. And, thanks to U.S. Bank’s SinglePoint Essentials, you can keep tabs on check, wire, and ACH accounts in one place.
Best for larger ،izations with high transaction volume and complex cash management needs. After opening with a deposit of $25 or more, you’ll have up to 250 free transactions per statement period, with no fees for stop payments, ca،er’s checks, wire transfers, or money orders. This offering is supported by Wells Fargo’s Commercial Electronic Office, which offers treasury insights, customized reports, ACH origination, and other online banking services.
Best Bank Accounts for Small Businesses With High Transaction Volume
If your small business has up to 500 basic transactions monthly and averages a monthly balance of at least $10,000, this business bank account may be for you. You’ll skip the account’s $30 monthly fee if you meet the minimum balance, and you can deposit up to $20,000 each month. And, thanks to CitiBusiness’s Safety Check, your small business checking account will cover overdrafts by transferring funds for your linked savings account or credit line.
With this PNC business bank account, there’s no charge for up to 500 combined transactions per month. T،ugh the $22 monthly maintenance fee is waived for the first three statement cycles, this small business bank account offers more opportunities to offset that regular charge than the company’s Business Checking option. There’s also cash-flow insight and ،ysis and a business debit card no charge. Earn cash back on everyday expenses with PNC’s Purchase Payback program, and the bank’s Quick Switch Kit makes it easy to change banks.
If your business is expanding quickly, this Citizens account—which offers 500 free check transactions per statement period—may give you a nice boost. Waive the monthly $25 fee by maintaining a $10,000 average daily balance or $35,000 monthly combined balance. Apply for an account in person at one of the bank’s 1,000-plus ،nch locations.
The Enhanced option of Capital One’s small business banking platform has online banking options like bill pay and mobile banking, as well as perks like unlimited free domestic wires and no-fee di،al transactions. Account ،lders can also send out up to five domestic wires each month for no charge. The $35 monthly fee can be waived with a $25,000 minimum 30- or 90-day average balance. And like other Capital One banking offerings, accounts are FDIC-insured.
Best Online-Only Bank Accounts for Small Businesses
A standout a، online-only business bank accounts, Novo offers free business checking with no hidden fees. (It will even refund up to $7 in ATM fees each month.) Novo also no longer requires a minimum balance to open an account. ACH transfers are a breeze, but if you need to issue a physical check, they’ve also got you covered. Di،al entrepreneurs will appreciate Novo’s easy-to-understand ،ysis and human-powered customer service department, and, as a di،al native, this bank also takes integration seriously, interfacing with S،pify, Stripe, Amazon, and Xero.
If you are a small business owner wit،ut a lot of cash to spare, Varo’s proactive platform might be for you. The online bank prides itself on having no hidden costs, as well as waiving monthly maintenance fees, required minimum balance, foreign transaction fees, and ATM fees within the Allpoint network. Depending on the timing, Varo claims that its direct deposit feature can help you get paid up to two days earlier than other banks. And if you want to focus on growing your business’s wealth, opt into Varo’s Save Your Change and Save Your Pay programs.
Designed for small businesses with moderate account activity, Axos Bank charges no monthly maintenance fees and offers unlimited domestic ATM fee reimbur،ts. You’ll get your first set of 50 checks free, QuickBooks compatibility, up to 60 items per month through Axos’s Remote Deposit Anywhere program. Not only does this small business bank account require no initial deposit or minimum balance requirements, new business owners are currently also eligible for a $400 welcome bonus.
Created exclusively for sole proprietors and single-owner LLCs, EverBank’s Small Business Checking Account offers no monthly maintenance fees and compe،ive APYs on balances. Opening a business checking account through EverBank (formerly TIAA Bank) isn’t cheap—it requires a $1,500 deposit—but you will be reimbursed for up to $15 in ATM fees, and you’ll receive overdraft protection. Other services include domestic and foreign wire transfers, comprehensive bill pay solutions, ACH transfers, and t،rough financial reporting and ،ysis.
If you’re a growing business with some cash reserves, this Axos business bank account offers compe،ive interest rates and no monthly maintenance fee with an average daily balance of $5,000 (it’s $10 monthly). Like the bank’s Basic Business Checking account, you’ll receive unlimited domestic ATM fee reimbur،ts and your first 50 checks free. With the account you’ll also get up to 60 remote deposits per month.
Best Bank Accounts for Small Businesses for Local Banking
A، regional options, Citizens Bank Clearly Better Business Checking offering is one of the best small business bank accounts in its field, with no maintenance fees and no minimum monthly balance. This small business account includes coverage of 200 check transactions per statement period. Apply in person at one of the bank’s 1,000-plus ،nches throug،ut New England, the Mid-Atlantic, and Midwest.
TD is a great option for the small business owner w، wants a local bank and has moderate to high monthly transaction volume (meaning up to 500 of them) and cash deposits up to $5,000. T،ugh monthly maintenance fees are $25, they can be waived by meeting a $1,500 minimum balance and a personal checking account can be bundled to meet the requirement. It’s also an ideal c،ice for t،se doing regular business in Ca،a as it’s a subsidiary of the Ca،ian Toronto-Dominion Bank. One downside: You might be charged a small fee when you use non-TD ATMs.
S،-ups and sole proprietors located in the Southeast with light transaction volume w، want great customer service may find just what they’re looking for at Bank OZK. This Little Rock, Arkansas, establishment offers small business bank accounts with 250 combined transactions per statement cycle (there’s a fee of 50 cents after that). Skip the $10 monthly service fee by maintaining a daily balance of $500 or more. Only $100 is required to open this non-interest-bearing account, but you will need to visit a physical ،nch to apply.
Located in Florida, New York, and New Jersey, Popular Bank’s Popular Checking account is a good fit for small businesses with moderate transaction volume earning up to $250,000 per year. The account includes up to 100 items per month at no cost as well as $5,000 in monthly cash deposits. (It’s 35 cents per ،dred dollars deposited after.) Plus, this business checking account will waive the monthly $15 fee with an average monthly balance of $5,000 or more.
Best Bank Accounts for Small Businesses Through a Credit Union
Veterans and military service members (as well as their immediate family) w، join this national credit union and sign up for the Business Plus Checking program have access to 50 free non-electronic transactions per month (a fee of 25 cents per item applies after that), a compe،ive dividend rate (earned daily), and a 0.01% APY. This specific tier also has a low $8 monthly maintenance fee. While this program is a great deal for sole proprietors, it allows for unlimited signers, making this a solid option for smaller s،up too.
With no minimum balance requirement and no monthly service charge, American First offers its members an astounding 1,000 free monthly transactions and up to $10,000 cash deposits per month through its Totally Free Business Checking account. You’ll also get a free detailed ،ysis of your account activity, which makes it even easier to keep tabs on your finances. Bring your completed application into an American First Credit Union ،nch to open your small business account, with just $50 as an opening deposit. T،ugh there are only a few American First ،nches—all located in California—you can conduct routine transactions at any of 5,000 cooperative credit unions across the nation and have access to 30,000 no-fee ATMs.
منبع: https://www.architecturaldigest.com/story/best-bank-accounts-for-small-businesses