Best Banks For Small Business Checking Accounts

Best Banks For Small Business Checking Accounts – The best banks for small businesses all have one thing in common: they make it cheaper and easier to have and use a small business checking account.

So why are we reviewing seven banks instead of one? Because the best checking account will depend on your needs. email department stores and brick-and-mortar stores, sole proprietorships, and multi-member LLCs.

Best Banks For Small Business Checking Accounts

To start, we’ll look at the best general purpose banks for small businesses, then narrow down to more specific needs.

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Before choosing a bank, make sure you have all the documents you need – the bank will want to know more about your finances and check your credit score. If you’re not sure if you’re ready to get started, check out our article on how to open a small business checking account.

For general small business banking purposes, you can’t do better than Chase. With a large network of nearly 5,000 brick-and-mortar locations and 16,000 ATMs worldwide, you’re never far from your bank. Additionally, their mobile app allows you to deposit checks online, pay bills, make transfers and check your balance.

A Chase business account is a good choice for many new, small businesses, especially if you need to deposit cash, use a free ATM, or visit a traditional location. Chase is not a good choice if you expect more than 200 transactions per month.

Although Chase has a relatively low minimum balance, maintaining the minimum is the only way to waive account maintenance fees. So don’t choose Chase if you expect your balance to drop below $1,500 on a regular basis.

Our Small Business Account Programs

If you plan to use a credit card for many business purchases, Chase is the bank for you. A wide selection of cards offer competitive interest rates, plus points, cash back and rewards programs.

A consumer credit union is one of the easiest credit unions out there. To become a member and account holder, you must:

Credit unions are unique financial institutions. They are non-profit organizations (hence the low minimum dues), and joining one gives you the right to vote in board elections.

While credit unions often offer a limited number of financial products, CCUs offer a wide range of loans. They also have a free Visa Business Platinum credit card and offer merchant services as well. And the minimum monthly checking account balance is significantly lower than most banks.

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If the credit union’s nonprofit mission resonates with your values, and you also want to take advantage of low checking account minimums, CCU is a great choice. It’s easier to sign up, has lower fees and offers more options than most credit unions.

On the other hand, if it is important to have a variety of financing options and credit cards to choose from, and maintaining a high minimum balance will not be a problem, you may be better off opening a bank account.

Most email eCommerce small business owners process all their transactions digitally and get paid the same way. In that case, having a physical location where you can store your money is probably not a high priority. Enter online banking only.

Axos is the oldest and most established online bank in the US. Business checking accounts basically have no minimum balance and offer multiple loan options. Also, while Axos doesn’t have a physical location, you can access your Axos checking account for free from any ATM in the US.

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If you run an online business, are comfortable with online banking, and expect to do less than 200 transactions per month, Axos is a smart choice. You don’t have to maintain a high minimum balance, which can be a relief when your business is just starting out and cash flow is tight. And if your business needs funding, you have many options.

Best known for its loans, credit lines and factoring services, BlueVine has expanded into banking. This online-only account is easy to open, with no minimum balance requirements or fees for incoming transfers, insufficient funds or ACH payments. The BlueVine bank account also includes a debit card with free ATM access at MoneyPass ATMs.

Account holder fees to consider are cash deposits ($4.95 per deposit) and money orders ($15 per transfer). For businesses that handle money or send money abroad, these costs can increase.

If you’re a freelancer who needs an account to collect payments online and help with your business expenses, BlueVine is perfect. If you don’t collect money or send money orders, it’s a free bank account. In addition, if you decide to expand your business, BlueVine can help you get a loan or credit quickly so that you can inject money quickly.

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Based in Florida but serving clients nationwide, First Home Bank is often ranked as one of the top 10 most active SBA lenders in the country. It also offers a variety of other small business banking services, including checking and savings accounts and non-SBA loans.

SBA has chosen First Home Bank as the preferred lender. This means that if you apply for an SBA loan through First Home, the approval process will be faster than anywhere else.

Newer companies and startups need capital quickly. If your number one priority is to get approved for an SBA loan as quickly as possible, then First Home is the bank for you. However, if you want a checking account with business interests or a large number of personal locations, or small business loans are not your priority, you may want to look elsewhere for your banking needs.

Capital One is the only bank on this list that offers free unlimited checking with no minimum account balance. It also offers five different small business credit cards.

Best Business Checking Account

Does the thought of counting the number of transactions per month to avoid fees make you cringe? If you live near a Capital One bank, do a lot of transactions each month, and usually pay by card or bank transfer, Capital One may be a good choice for your business. However, it is better 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. Plus, they offer some of the best introductory deals for new business accounts. Also, you won’t get unlimited free transactions like you do with Chase, and free cash deposits are also limited.

If you can easily qualify for an introductory offer from Bank of America and don’t expect to struggle to get rid of checking fees every month, opening a new business bank account can be a great way to earn extra cash while your business is still young.

However, if you’re looking for Bank of America primarily because your business needs a lot of cash each month, consider the $7,500 limit on free deposits and fees when you go over that amount.

Online Business Banking

With the bank in mind, start preparing the documents you need to get a business bank account. When you’re ready to take the next step in separating your business and personal finances, find the best small business credit card that fits your needs.

This article is for informational purposes only and does not constitute legal, business or tax advice. Each person should consult their own attorney, business advisor or tax advisor regarding the matters discussed in this notice. assumes no responsibility for actions taken based on the information provided here.

Get weekly tutorials and expert-curated resources to help you make the right decisions to grow your business. No spam. Unsubscribe at any time. The first purely online bank, Security First Network Bank (SFNB), was launched in 1995, just one year after Amazon.com. But unlike e-commerce, digital-only banking has been slow. Incumbents maintain their market share by providing digital services that are “good enough” to keep customers from switching banks.

But that started to change 3 or 4 years ago, first in the UK and then elsewhere, when well-funded digital players started pushing into consumers, first Monzo, then Revolut, Starling, Nubank, Chime, just to name a few. But we still haven’t seen small business banks take off. Digital small business lenders take on stocks, Kabbage, Square, Paypal, Amazon, Brex and more. However, there is no place where small businesses flock to get their deposits, payments and financing needs in one interface.

Axos Bank Business Interest Checking Named America’s Best Business Checking Account

So what is the best business bank? Let’s start with the definition. I don’t think they should be regulated like banks as long as they facilitate three big products in one user interface:

By this definition, PayPal is a business bank, just like Square and Amazon. However, Kabbage, which only offers lines of credit, does not.

Finally, the company should mainly focus on small business financial services (eliminates PayPal, Amazon, Square), delivered mainly digitally (ruled out by Wells).

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