19 Absolute Best Bank Accounts for Small Businesses
One of the most important steps while starting a business is having a good business bank account. If not, how else will you get paid for the products and services that you sell? After all, you do want to make money with your business.
But choosing a bank account for your business is not an easy task. It's a long-term commitment and involves finances, so you want to be careful with the bank you choose.
Most business owners, while looking for bank accounts, consider only whether the bank has checking account options but that’s not enough.
The best business bank will offer a lot more to businesses like options to save, short and long-term financing options, business resources, and a lot more.
Our guide is for business owners who are looking for the best bank accounts for small businesses. We have not only listed down the best options available in the market but we have also included a section that will help you decide which one to choose.
Ready? Let’s begin.
Best Bank Accounts for Small Businesses
1. Wells Fargo
With about $1.92 trillion in assets, presence in over seven thousand two hundred locations, and more than thirteen thousand ATMs in thirty one countries and territories, Wells Fargo is the most accessible brick and mortar banking institution in the United States.
Even though it has brick-and-mortar branches, they also have online banking services which makes it a great option for small businesses since they can reach the bank online, over the phone as well as in a branch.
Depending on the stage that your business is in, or the features that you are looking for in your checking account, Wells Fargo offers three checking accounts, Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking.
However, there is no free checking account with Wells Fargo. With every account you open, there is a minimum opening deposit, monthly service fee, and minimum monthly deposit.
While starting your checking account with Wells Fargo is easy, and can be done online or offline, it is very easy to even switch to Wells Fargo as your official banking solution.
You will get the necessary assistance you need to inform payers and payees about account changes from Wells Frago so there is not a lot of hassle involved.
When you open a checking account with Wells Fargo, you also get a business debit card that you can use to make business purchases and the amount gets deducted from your checking account.
Since businesses also need to save, Wells Fargo’s products include business savings accounts allowing businesses to save for future expansion, unexpected expenses or simply to earn interest on saved amounts.
Businesses also often need credit for the long term as well as short term. For short-term and immediate access to funds, you can use the different business credit card plans that Wells Fargo offers with different credit limits.
They also have two lines of credit for businesses that credit offer higher limits than credit cards.
Best free small business checking accounts.
BBVA USA has very recently been acquired by PNC, making it the fifth-largest commercial banking organization within the US. However, it serves only seven states in the US, namely, Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
BBVA is one of the best banking options for small business owners looking for a fee-free checking account, who do not mind going to the bank to open their accounts. Only if yours is a sole-proprietorship, you will be able to open your bank account online.
When you open your checking account with BBVA, you can choose from three checking account options, Business Connect Checking, Business Choice Checking, and Business Premium Checking.
Each of these accounts offers different features according to different financial needs and can even be customized to choose only the features that best address your needs.
While all of them require you to have a minimum opening deposit of $100, you do not have to maintain a minimum balance. For the Choice Checking and Premium Checking, there are small monthly service charges but there are certain things that you can do to get them waived.
If you choose BBVA’s checking accounts, you can use about 6400 ATMs across the US where BBVA does not charge a fee but the ATM providers or banks might.
BBVA also offers three types of savings accounts to businesses so that businesses can save and also earn money from their savings.
They also have other financial products for different business needs like Lines of Credit, Term Loans, Commercial Lendings, and SBA loans. There are three lines of credit that you can choose from.
You can also get secured or unsecured loans from BBVA for up to 5 years and up to 10 years if you secure it with real estate. If you are planning to grow your office space and need funds for the same, there are also Commercial Real Estate Loans that you can benefit from.
There are also several business services that BBVA offers like merchant services, online banking, a cash management tool to handle deposits. Transferring money internationally with BBVA is also very easy and the commission rates are as low as $5.
Best small business bank account with online banking services.
Headquartered in Dallas, Comerica has announced in May 2021 that it will be setting aside $5 Billion for small business lending over the next three years. They also have a program called RISE!, which is designed to help small businesses and women or minority-led small businesses.
Comerica’s financial products include checking accounts, savings accounts, CDs, and online banking services. Depending on the number of transactions you estimate to process, Comerica has different options for different sizes of businesses.
If yours is a very small business, you can choose from Basic Business Checking or Small Business Checking. Both of these have up to 75 and 300 free transactions allowed respectively. For bigger businesses, there is the Commercial Checking account.
With each of these, you get several features that most businesses in the corresponding stages require. You also get a Comerica Business Debit Card free of cost with each of these accounts.
Comerica also lets you save money for expansion or put your idle money to use without you losing access to your funds through their products Business Savings and Business Money Market.
You can also put in the excess funds that your business may have to use to earn some extra funds by utilizing Comerica’s Fixed and Flexible CDs.
What makes Comerica very appealing to businesses is its online services like web banking, online bill paying, different payment methods for suppliers and vendors, and more.
There is also an on-the-job banking option which employees can enroll in to win discounts on different financial products that Comerica offers.
Best bank account for small businesses with many effective unique banking products and services.
Right from savings and checking accounts, merchant services, credit cards, online payroll to business loans and lines of credit, there is a wide range of business banking products that SunTrust has for small businesses.
There are different checking accounts that businesses can choose from. However, if you are a very small business, just starting, or have very few transactions to process, SunTrust’s Simple Business Checking Account may be ideal for you.
Slightly bigger businesses can choose the Primary Business Checking Account to process 150 transactions every month.
While there are small monthly maintenance fees with each Checking account, you can get them waived by doing certain things like maintaining a specified minimum balance and others. It also lets you save for the future through Savings accounts and CDs.
With SunTrust, you get several cash management solutions to help manage your business transactions smoothly. Some of these include Wire Transfers, Online Check Deposits, ACH pre-authorized debit, and others.
If you do business globally, some products that you can utilize include Global Payment Exchange, Online Trade Services, Letters of Credits, and Documentary Collections.
Some services that SunTrust offers to ensure the safety and security of online businesses, as well as personal accounts, include Overdraft Protection, Fraud Protection, Imaging Services, and Cash Vault.
Since small businesses might need access to credit, short or long-term financing, and funds for expansion, SunTrust’s Small Business Loans, Lines of Credits, and Financing for International Expansions and Exports are quite useful.
Some unique products that SunTrust offers include Business Sweep to automate cash management decisions, Lockbox services, Customer Loyalty Programs, and many others.
Best small business bank account with attractive sign-up bonuses.
PNC is the fifth-largest US commercial banking organization with over $560 billion in assets and serves about two thousand three hundred locations across the country and has eighteen thousand ATMs. While you can use their in-person banking, they also have online and mobile banking services.
PNC continuously offers some of the best discounts and deals to its new customers. So make sure you ask for them when you sign-up for a new account.
There are two types of checking accounts depending on the number of transactions you intend to process and the other depending on the balance you intend to hold. For each, you can waive off the monthly fee by maintaining a specified amount of minimum balance.
However, compared to the options in Checking accounts, there are just two options for savings accounts, i.e., one Savings account and a CD. To open a CD, you must have an opening balance of $1,000 but since they have no monthly fees, it can be a great option.
PNC also has some good financing options for small businesses, from credit cards, lines of Credit to long-term real-estate loans.
You can apply for different types of credit cards depending upon what you want to use them for like travel, for working capital, or even to get rewards and cash backs. The best part is that there is no annual fee for any of them
The different types of loans that you can get from PNC for your business are small business loans, secured small business loans, commercial real estate loans, or loans for financing vehicles that will be used for your business.
There are also several merchant services that PNC offers for different types of merchants in different industries like retail, food and beverage, trade shows, farmer’s markets, appointment businesses, and others.
Best business bank accounts for digital banking services.
First Citizens Bank offers a wide range of banking services to small businesses like deposits, cash management, credit financing, risk management, employee benefits, and international banking.
Along with several types of checking accounts, you can also choose from three different savings accounts that First Citizen Bank has. One of the things that this bank is known for is its small business digital banking.
You can check your balance, view statements, transfer money and see all your transactions in one place from any device. It also lets you check the status of the transactions that you may have initiated.
If you use your business debit card for transactions, you can set up alerts and notifications so that you know whenever there are any transactions, any password changes or there is any suspicious activity on your card.
A great digital banking feature is that you can give user permissions to employees, bookkeepers, and accountants who take care of your finances. You can assign the accounts they have access to and the actions that they can take on each account.
With their cash management feature, you get several tools that help you speed up your cash flow, manage payments, protect your business from fraud, manage ACH transactions easily, and others.
If your business needs funds, First Citizen bank also has several financing options for small businesses like business credit cards, loans, lines of credit, and letters of credit. You also get financing for vehicles, trailers, tractors, and even vendors.
Along with banking services, First Citizen Bank also offers many other financial products that most small businesses find useful.
Some of these products include auto insurance, bonds, business liability insurance, succession planning tools, umbrella insurance, workers’ compensation, and many others.
If you would like to provide additional benefits to your employees, which most good employers should, First Citizen Bank can help you customize an employee benefits plan.
International businesses can also benefit from their foreign exchange services, international wire transfers, Standby Letters of credit, and other international banking services.
Best business bank accounts for cash-heavy businesses.
Bank of America is one of the oldest and most well-known banks in America and has many financial products and services for small as well as large businesses.
One of their products is the all-in-one checking solution that helps businesses manage all their business accounts from one place.
You can send, receive and request money directly, monitor cash flows and get projections, integrate with QuickBooks and customize employee access, and much more.
They also have savings accounts and CD accounts that help businesses save their surplus funds and even earn from the idle money.
Some of the cash management tools that they have include payroll services that help in handling payroll, remote deposit online that lets you deposit checks remotely, account management tools for seamless account management and QuickBooks integration, and merchant services.
With the merchant services, you can accept credit cards, debit cards, electronic checks, and gift cards. You can also process credit and debit card payments through your mobile phone or tablet.
While Bank of America does have online banking, it also lets you connect your online dashboard to cash flow monitors and connected apps like Expensify, Google Analytics, Podium, Google Workspace, and others to manage multiple functions from one place.
You can also get help filing your taxes through their integration with Intuit TurboTax.
For small businesses looking for financing, Bank of America not only has different types of credit cards with no annual fee but also offers unsecured and secured loans, SBA loans, real-estate financing, auto loans, and franchise financing.
There are also several retirement solutions that you can customize and offer to your employees to attract and retain talent as well as maintain your reputation as a good employer.
Best business bank account with the best financing options for small businesses.
Chase Bank is another one of the oldest banks in America with over sixteen thousand ATMs and four thousand seven hundred branches across the country. It is ideal for small businesses looking for a simple but complete banking solution.
It is also an ideal banking solution as it offers a combination of online and offline banking services. If you are looking for a checking account, the Chase Business Checking Account is well-suited for small businesses.
When you sign up for a new account, you will get $300 as a joining bonus and there is no minimum opening deposit. However, you will need to go to the bank to open the account and there is a monthly maintenance fee of $15 which can be waived off.
If you are looking for ways to accept payments from your customers, Chase offers merchant services like point-of-sale solutions and integrated solutions to different types of businesses depending on business needs.
For small businesses looking for financing, Chase is a good option as it has a wide range of financing options that include lines of credit, business loans, SBA financing, trade financing, equipment financing, commercial real estate financing, and others.
While most banks offer online banking, Chase has a mobile app for mobile banking which has a feature known as Chase QuickDeposit using which you can deposit checks remotely in just three steps.
The mobile banking feature lets you make payments, transfer money, locate ATMs, make remote deposits, send and receive payments with just a phone number, and more. They even have a text banking feature but the functionalities may be limited.
While you can always go to a local branch to process your checks and for other banking facilities, Chase’s elaborate online banking tools make it the preferred choice.
Best bank for small business checking accounts.
Citibank’s range of products for small business banking includes checking accounts, saving accounts, loans and credit cards, several business services, and industry-specific programs.
If you are looking for a checking account, there are four that you can choose from depending on the number of transactions you want to process. You also have the option to earn interest on your checking account.
With each checking account, you get access to online and mobile banking, debit cards, online bill payments, security and fraud protection, and also set up alerts for your account.
Some savings account options offer quite competitive interest rates. You can choose between savings accounts and certificates of deposits.
Some financing options that you get with Citibank include short and long-term loans as well as credit cards. Some of these loans include business installment loans, business lines of credit, healthcare practice financing, and commercial mortgages.
If you are looking for credit cards for your business, there are different categories that you can choose from. Some of them are travel, rewards, balance transfers, cash backs, and others. Depending on the card you choose, there will be an annual fee, a purchase rate, and rewards.
Some other services that Citibank offers to businesses are cash management tools, merchant services, trade services, and others.
Using the receivable management and payable management features you can streamline your receivables and also pay all your vendors on time.
If you are looking for letters of credit, Citibank also offers different types of letters of credit that provide security when you need to buy or sell.
What makes Citibank a great choice is that they have online banking services too which make it possible to access your bank accounts anywhere, make payments online, deposit checks online, and more.
10. U.S. Bank
Best business bank accounts for businesses with moderate cash flow.
U.S. Bank is a good banking option for small business owners looking for a simple yet full-service business bank. U.S. Bank has a good mix of in-person, online, and mobile banking.
It has about two thousand nine hundred branches and about four thousand seven hundred ATMs across the world.
If you are looking for a business bank account, the U.S. Bank lets you choose between business checking accounts, savings accounts, and CDs, and money market accounts.
For small businesses, their Silver Business Checking package would be ideal as there is no monthly maintenance fee, it allows up to one hundred twenty five transactions for free, and for each additional transaction, the charge is just $0.50.
If you want to process more transactions, there are other options as well but there may be a monthly maintenance fee that can be waived off. For those looking for savings accounts, CDs, and money market accounts, the U.S. Bank offers competitive interest rates.
With the U.S. Bank, you can also get a credit card for your business. There are three different credit cards that you can choose from depending on whether you are looking for rewards and cash backs, low-interest rates, or zero annual fees.
For businesses looking for financing options, the U.S. bank offers business loans, lines of credit, SBA loans, equipment financing, practice financing, and even McDonald’s franchise financing. Depending upon your business needs you can even customize your business loan.
The U.S. Bank also offers additional business services like payroll, cash management, fraud protection, and gift cards. It also facilitates wire transfers, international payments, and helps with ACH processing.
It offers many tools that make it easier for merchants to accept payments from customers like remote check deposits, point of sale options, cash vaults, or accepting payments through Zelle.
Through their mobile app, you can also manage all your bill payments, find branch and ATM locations, transfer funds, access e-statements, store tax-related documents, and others.
Best small business bank accounts for modern business banking.
Novo is an online-only business banking platform that is aimed at revolutionizing the way businesses bank. So if you are looking for a non-conventional yet reliable platform for your small business banking, Novo could be a great choice.
With Novo, you do not get the traditional brick and mortar banking services but instead, there are many integrations, and online banking features setting up your bank account online in minutes, sending invoices to customers, and accepting their payments through Stripe.
Every time an invoice gets paid, you get notified. Novo helps you keep aside money for business expenses and bills through a feature called Novo Reserves. While there is no minimum deposit, it is also very easy to transfer funds to and from your Novo account.
It also lets you make international payments, sends ACHs and paper checks, deposit checks remotely, and more.
With the many integrations that Novo offers, you can bring several business functions together. You can integrate with Shopify and Stripe to keep track of your payments. Integrating with Wise lets you make payments across the world.
By integrating with Slack you can get updates about your bank account directly in Slack. You can also integrate with QuickBooks and Xero, and get several accounting features.
Another feature that sets Novo apart is that it is not the usual boring banking software. You can integrate with tools that are not necessarily related to banking like Google Ads, Salesforce, GoDaddy, Google Cloud, Booking.com, and even Snapchat.
Moreover, when you sign up with these services, you also get cash backs, free credits, or money in your wallet because you signed up through Novo.
Best business checking accounts for small businesses with very low international transfer fees.
If the one thing that is stopping your business from going global is the worry about how you will accept international payments, Wise is the answer. Previously known as TransferWise, Wise makes it easy to accept international payments without a lot of hassle.
Like Novo, Wise is also a modern business banking solution that lets you do all your business banking activities online. To get started, you will just have to open a Wise business account which can be done in a few minutes.
Opening a business checking account with Wise is free but there will be a one-time fee of 16GBP so that you can receive transfers.
There is no minimum opening balance, minimum balance requirement, no incoming wire fees or early account termination fees, just a $10 monthly fee.
Every time you open a business account with Wise, you get a business debit card that you can use to deposit as well as withdraw money.
Since Wise is backed by BBVA, you can use your Wise debit card at any BBVA supported ATM but for out-of-network ATMs, you will incur a $3 fee.
With Wise, it is important to remember that you will not be banking with a bank but you will get all the features that are needed to bank internationally. Wise partners with some of the most reputed financial institutions and maintains high levels of security.
An attractive feature of Wise is that making transfers to other accounts is very easy and most often the money arrives instantly. You can send money to recipients even if they are not registered on Wise.
It lets you store funds in your Wise account in more than fifty currencies and also lets you transfer funds at real-time exchange rates. You can even integrate Wise with your business tools and applications so that your payments get automated.
Compared to most other business banking services, the transfer fee incurred through Wise is also very low.
Best business savings account with good interest rates.
TIAA is a good business banking solution for small as well as large businesses. Previously known as EverBank, this bank is mainly known for the large network of ATMs that it has, i.e., over eighty thousand across the world.
Moreover, depending on the account that you hold with TIAA and the balance that you maintain, you can also get the ATM fee reimbursed.
If you would like to open a bank account with TIAA, the best choice for small businesses would be the Small Business Checking account.
The opening deposit might be quite large for small businesses, but there are no monthly maintenance fees and you can earn interest on your balances.
You can also save your surplus funds and large cash balances in savings accounts like money markets, high yield CDs so that you can earn money on your idle funds.
TIAA has tied up with Elavon to provide its business customers with merchant services that will help them accept payments with mobile devices, Visa cards, and Master Cards, and other services like electronic check transfers, electronic benefits transfers, and others.
While TIAA has about 146 offices across the country, most of its operations happen online. Hence, it is well-suited for business owners who prefer online banking activities over brick-and-mortar branches.
With the comprehensive online banking facilities, not only are your funds safe but you can transfer them on the go, receive payments, access estatements, view transaction history, set payment schedules, make payments and so much more.
Along with online banking, you can also use your phone for making transfers, depositing checks online, searching for transactions, paying bills, making internal transfers, checking balances, and others.
Best affordable business bank accounts for startups and small businesses.
Axos is a great banking solution for small businesses that are just starting as they have attractive sign-up bonuses for new businesses opening their accounts with Axos.
Whether you are a small business just starting off that has low to moderate cash flow or if you have cash reserves that you would like to earn interest from, Axos has two types of checking accounts for small businesses.
Similarly, depending on the amount of minimum balance you can maintain, there are two types of Savings accounts with an interest rate of 0.20% APY. There is also a money market account with the same interest rate.
Unlike most other banking services, you do not necessarily have to block your funds for a year or more if you save your funds in CDs, instead, you can opt for as low as three months.
Since business owners also require merchant services, Axos has partnered with Celero to provide merchant services to business owners. These services include point-of-sale terminals, check acceptance, mobile commerce, security PCI compliance, and more.
Like most ideal business banking services, Axos also provides online banking and mobile banking facilities to its customers using which they can carry out all their banking activities online.
15. TD Bank
Best flexible business bank for in-person banking.
TD Bank is a good bank for small businesses located on the east coast and for business owners who prefer in-person banking rather than online banking for several reasons.
If you meet these two categories, TD Bank has a wide range of financial services and products for businesses.
If you would like to open a checking account for your business, there are four options to choose from and the opening deposits can be quite low. With each account, you get a certain number of free transactions and cash deposits after which charges are levied.
There is also a maintenance fee for some of them but they can be waived. You can also open savings accounts with TD Bank at very low opening fees of $25 and their monthly fee is quite low but waivable.
For those looking at earning money from their idle funds, there are three types of CDs to choose from depending on the amount you can keep aside. But the interest rates on the CDs can be pretty low.
Along with these banking products, there are also some banking services that TD Bank offers. These include business financing, merchant services, payroll, and debit cards.
Depending on the type of financing you are looking for for your businesses, you can get loans of $10000 to up to $25 million. You can apply for loans online. For immediate financing, there is also a credit card option that you can choose.
One of the features that TD Bank is quite famous for is that it is a very flexible bank. Unlike stringent banking hours, you will often find the bank open early and working until late evening, which is not very common for banks.
Best business bank accounts for veterans or military professionals.
Navy Federal Credit Union does offer financial products for businesses but what sets them apart is that they cater specially to veterans, the military, and their families. They are a member-owned organization and do not earn profits by providing their services.
Instead, they distribute the surplus funds in the form of dividends, and for product improvements. So, if you are a veteran and would like to set up your own business, this could be the banking solution for you.
Not only do they have several banking products and services, but they also offer guidance to veterans who might often know very little about business. These veteran-specific resources include SBA programs to franchising opportunities.
For those looking for bank accounts, they offer some good choices between checking and savings bank accounts. The monthly service fee for these accounts is very low, they offer a certain number of free transactions after which per transaction is charged.
Navy Federal Credit Union also provides a credit card at zero annual fee or foreign transaction fees and a low APR. You can earn rewards, gift cards, tickets, and much more by spending on travel, information technology, restaurants, shipping, and others.
You also get some good financing options if you want to expand your business. Some of these include real estate loans, vehicle financing loans, lines of credit, and more.
There is a membership program that you can join through which you get access to many small business owners like you. You also get tailored insurance options, low fees, competitive dividends, easy payments and payroll processing, and more.
This can be a great help for veterans who do not have any business experience but need financial as well as business support to start their business.
Best business checking bank accounts for businesses looking for financing options.
America First has a wide range of offerings for businesses and is an especially good option if you are looking for a banking solution that has many loan choices or has some good products that allow you to save and earn money on surplus funds.
There are different savings and checking accounts that you can choose from. For small businesses, their basic business checking account is ideal as it allows two hundred free transactions and has low fees.
If you are looking to earn some money by saving surplus funds in CDs, you get many options in this area as well. They even have a flexible option that lets you block your funds for a year but also lets you access them at the same time if needed.
They have a credit and debit card option to make business banking easier. They also have a visa business reporting feature that helps track all your transactions and get graphical records of all activities on your cards.
For businesses looking for loans, there are many business loan options that you can choose from. Some of them are vehicle loans, lines of credit, equipment and machinery loans, commercial real estate loans, and others.
There is also a business acquisition loan if you are planning along those lines.
Along with all these mainstream financial products and services for small businesses, there are many other services that you get like merchant services, wire transfers, payroll services, business bill pay, and remote check deposits, and even business registration services.
18. Revolut Business
Best business bank accounts for international transfers.
What began as a prepaid card service has now evolved to provide several financial products for personal as well as business banking. Since 2020, they have started serving businesses in the United States.
Revolut is especially preferred by businesses looking for banks that let them transfer money abroad for low transfer fees. It lets you make payments to and from different countries over the SWIFT network and supports twenty eight different currencies.
Depending on the plan that you choose, you will be allowed a certain number of free transactions at the real exchange rate after which a fee of 0.4% on the exchange rate will be charged.
With Revolut, you can open a multi-currency bank account, and if you have other external bank accounts, you can even link them to your Revolut bank account and get a centralized view of all your transactions.
If you need to let your employees like accountants access your account, the multi-account access feature makes it easy to assign roles and permissions.
For business expenses, you also get Revolut Business cards which you can use to make payments and at ATMs. You can even get these business cards for your team members and also track expenses made through them centrally.
19. nbkc Bank
Best small business bank accounts for businesses low on budget.
Compared to most business banking services, nbkc charges much lower fees for processing transactions or maintaining bank accounts and they have a wide range of integrations that make it easy to manage several banking activities.
Instead of giving you a choice between different types of bank accounts, nbkc makes it easy by offering only one account option. There is no option between savings and checking accounts either.
The best part about their bank account is that there are no minimum opening balance, no monthly maintenance or transaction processing fees.
For those looking for business loans, from loans to finance daily expenses to long-term loans for real estate and construction there are different loan options that you can choose from.
However, one drawback is that to qualify, your business must be located in the Kansas City metro area.
nbkc is a simple business banking solution. Along with these banking products, they also have a few business solutions like bill payment services, ACH disbursements, a Fedwire transfer system, and cash management tools.
What to Consider When Looking for the Best Bank Account?
Choosing a bank account is an important decision because it involves finances and it is not something you can switch every other day if you don’t like your bank. Therefore, before you choose the bank account best for you, here are some points that you must consider.
1. Choice of accounts
While some providers like nbkc offer just one bank account that acts as both savings and checking account, if you are looking for a checking account specifically, make sure that the bank you choose offers the same.
Your business might now be in its initial stages and you might not have a lot of surplus funds in hand, but eventually, you will. You will then look for options of saving it and even earning some money on it through interest.
Take this into consideration when you choose your bank account and evaluate the options they have for savings accounts and CDs.
2. Hidden fees
Most bank accounts will charge you a monthly maintenance fee which can be waived by maintaining a set balance. They will require you to have an opening deposit, minimum balance, or allow a certain number of free transactions.
While these are normal, check whether they charge you a per-transaction cost, fees to transfer money to other banks, overdraft fees, or an annual fee.
While most ATMs charge a fee if you use an out-of-network ATM to withdraw money, the best bank account like TIAA will even reimburse you for the ATM charges.
3. Interest rates
If you are looking for financing options, choose a bank account that offers low-interest rates and if you are looking for an option that lets you save, look for one that is high.
The best bank accounts will always have a competitive rate and have short-term as well as long-term options.
4. Cash limits
Depending on your business’ needs, choose a bank account that does not have a daily withdrawal limit.
5. Online, mobile, and in-person banking
The best bank account will have an option for all but these days most business owners prefer conducting their banking activities online rather than by visiting a branch. If you are one of them, make sure the bank you choose offers online banking as well as mobile banking.
You must be able to check your balance, view e-statements, transfer funds, pay bills and even send payment requests to your clients.
6. Security and fraud protection
Since your finances are in question here, make some extra effort to find out whether the bank account you are choosing offers fraud protection and follows all necessary security compliances.
7. Merchant services
As a business owner, you will most likely need to accept payments from your customers. Your customers, in turn, might want to have the option of paying with debit as well as credit cards. You might also look for a POS system that is integrated with your bank accounts.
The best business banks offer several merchant services, one of which is POS systems. Depending on your requirements, check if the bank account you are choosing offers cash management tools and payroll services as well.
8. International transfers
If your business serves the international market or you have vendors abroad, you will need to have a route through which you get paid. Most bank accounts charge hefty international transfer fees or do not offer international transfers at all.
If your main concern is international transfers, Wise is a great option as it offers very low rates and you can access the money almost instantly in your account.
9. Branch and ATMs
Choose a bank that has easily accessible branches and ATMs. Even if you prefer online banking, there will be instances where you will have to visit a branch to get things done. Make sure that the bank account you choose has branches in your vicinity.
10. Customer support
This one is probably one of the most important factors that you should consider when choosing the best business bank account. There will definitely be a time when you will need help from the bank’s customer support team.
Read some reviews about people’s experience with the bank’s customer support team to see if they are accessible, reliable, and helpful. Many banks often have rude staff who are not helpful. Reading reviews might help avoid such situations.
Small Business Bank Accounts FAQ
There are several great business bank accounts for small businesses. You can choose between Wise, Axos, US Bank, CitiBusiness, and nbkc for small business bank accounts.
These are the best business banks for small businesses because their fees are low and they have competitive interest rates.
Axos and PNC are the best business banks for startups because they have attractive joining bonuses. If you are a military professional or a veteran and would like to have your own startup, the best option for you would be the Navy Federal Credit Union.
If you are looking for a modern business banking option with a lot of integrations and complete online services, the ideal choice would be Novo.
Chase is the best bank for business loans for businesses whose main concern is interest rates.
If you are looking for a variety of financing options, then America First Credit Union is a better choice. They have many different short and long-term financing options and lines of credit.
Opening a business account with nbkc is the easiest. They just have one bank account, so you don’t have to choose between checking and savings and you can open your bank account online in under five minutes.
Which Bank Account Should I Choose?
While every business needs to have a checking account, every business has different needs depending upon the stage of the business cycle. Also, different banks have different USPs which make them different and useful for different needs.
So if you are just looking for a business checking or savings account, the best choices would be CitiBusiness, TIAA, and US Bank. If low international transfer fees are what you are mainly interested in, Wise and Revolut are good choices.
Similarly, if you are looking for a completely online business banking solution or lets you choose between online and in-person banking, First Citizen’s digital banking services are one of the best.
Before you sign up for a new business bank account, make sure you read the reviews and opt for a bank that has been around for some time to establish its credibility.