Best Business Checking Account For Small Business – Knowing which business checking account is best to choose can help protect your business from transaction limits, high fees, and application failures.
Knowing the best business checking account to choose can help protect your business from transaction limits, high fees, and application failures.
Best Business Checking Account For Small Business
If you rely on a wide variety of apps to automate processes and manage your business, consider Novo. Not only does it integrate well with popular business applications, but it also offers discounts for using it. For example, at the time of writing, reduced fees for the first $20,000 in credit card transactions through Stripe. It also offers 40% off the first six months of Quickbooks subscription.
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Like most of the best options for business checking accounts, Novo has no monthly account maintenance fees. It has an overdraft facility of $27.
Novo requires a minimum balance of $50 to unlock small business banking features on the web and in the app. However, there is no minimum monthly balance requirement.
Novo does not limit transactions or deposits. In fact, there are no fees for posted checks, wire transfers, and incoming wire transfers. However, there is no provision for outgoing cables.
Novo has no internal ATM network and no external partnerships. The advantage of this is that small business owners can use any ATM and receive unlimited ATM fees, even abroad.
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Check Novo business bank cards can be used internationally, including at foreign ATMs. However, there is no facility for international cables.
Like most online banks, Novo offers a clean and simple user interface. The app scores very high in the Google and Apple app stores.
Novo maintains a customer satisfaction rating of 4 stars or better on most platforms. This applies to both customer reviews and professional product reviews.
Novo offers a total package that competes well, even with physical banks. From app integration to exclusive discounts, it’s no wonder it’s consistently ranked as one of the top business checking accounts.
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Small businesses often turn to online banking to reduce or eliminate costs. NBKC Bank offers online checking accounts for small businesses that can meet these expectations. This award-winning bank also makes it easy for business owners to access business credit cards and earn rewards for eligible purchases.
NBKC Bank offers a long list of features at no cost. These include no overdraft fees, no stop payment fees, no returned goods fees, and no monthly fees. However, banks charge a small wire transfer fee and reimburse up to $12 for out-of-network ATM fees.
NBKC Bank does not have a minimum balance to open an account. Banks also do not set minimum balances.
One of the reasons why NBKC Bank is the top choice for the best business checking account is that there are no limits on transactions or deposits and there are no fees associated with it. It also does not charge for incoming domestic transfers.
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NBKC Bank offers access to 37,000 MoneyPoint ATMs. While some customers complain about low network charges, most banks don’t charge more for ATMs.
International wire inbound and outbound fees are $45. However, NBKC Bank does not charge foreign transaction fees.
NBKC Bank offers a great online user interface that customers love. It maintains a 4-star rating or higher in the Apple and Android stores.
NBKC Bank is doing well to keep its customers satisfied. However, there are consistent complaints about slow processing times.
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NBKC Bank offers one of the best options for business checking accounts. In addition to checking accounts, the bank also offers real estate and construction loans, lines of credit, equipment financing, and online small business loans. This reduces the need for small businesses to build new relationships with different banks when they need additional capital.
BlueVine is constantly making lists for the best business checking accounts. It offers many great features that entrepreneurs love. However, it suffers from consistent customer complaints, especially in the app store. Coastal Community Bank is the member FDIC behind BlueVine banking services.
BlueVine offers a 100% free service to customers who wish to complete all transactions online. There are no monthly maintenance fees. Instead, it charges $4.95 for cash deposits at Green Dot retailers and $2.50 for using out-of-network ATMs. While incoming threads are free, it charges $15 per outgoing thread. You can get around this by using the payment feature.
There is no minimum requirement to open a deposit. It also does not require the company to maintain a minimum balance. Offers up to 1.2% APY on balances up to $100,000 for eligible businesses.
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Offers free access to ATMs at 37,000 locations. This is more than traditional banks, but cheaper than the best online business checking accounts.
BlueVine offers a MasterCard debit card that can be used overseas. It does not state that it charges foreign transaction fees.
Once you sign up for BlueVine via the app or the web, it has a simple and easy-to-use interface. Unfortunately, customers complain that logging in isn’t always easy and the app often crashes. App store reviews range from 1.8 stars to 2.8 stars in the Apple and Android app stores.
BlueVine doesn’t have many online customer reviews outside of the app store. In the review, users complain about the bank and the app. Some of the complaints were about problems with PPP loans, payment processing errors, and poor customer service. BlueVine is an online-only banking service, so app reviews are highly correlated with customer satisfaction.
Online Business Banking
BlueVine may need to focus more on execution and customer relations, but it offers a lot of great features. It includes digital online tools to manage business income and access financing options. The company now also offers business credit lines through financial partners.
Axos offers two business checking accounts: Basic Business Checking and Business Interest Checking. This gives business owners the opportunity to avoid fees while building an income stream or earning interest on higher balances. While focusing most of its resources on banking for small businesses, Axos also provides banking services for large corporations. This makes it easier for small businesses to scale without having to find a new bank.
The Basic Business Checking option has no monthly fee, but the Business Interest Checking has a monthly fee of $10. The Basic Checking option also offers 50 free checks.
The Axos Basic Business Checking option does not have a minimum balance requirement, but it does have an opening balance of $100. Axox Business Interest Checking requires an opening balance of $1,000. It also requires an average daily balance of $5,000 to waive the monthly fee.
Powerfully Simple Business Banking
There are no known transaction or deposit limits. However, both business checking accounts have fees above certain thresholds. For example, the Business Interest Check option has up to 200 items per month at no charge. After that, it costs 30 cents per transaction.
Axos has a relatively low foreign transaction fee of 1%. However, there is a $45 fee for international wire transfers.
Axos has a user-friendly website. While personal banking apps rank well, business banking apps do poorly in the Google and Apple app stores.
As Axos is an online-only bank, the app’s performance is tied to customer satisfaction. In reviews, customers have reported app crashes and unable to deposit mobile checks.
Small Business Banking
Axos offers a lower APY than BlueVine offers at the time of writing this article. However, unlike BlueVine’s APY, the rate goes from 0.81% to $0.00 to 0.1% on balances of $250,000 or more. It also offers trading services, treasury management, payroll, business CDs, business savings, and non-profit money market options.
Over the past decade, Chase has successfully attracted new private and corporate clients with sign-up bonuses. At the time of this writing, the company is offering a $300 sign-up bonus to clients who review cases. It also offers one of the most competitive offerings compared to traditional banking rivals.
Like most traditional banks, Chase clients face the same fees. The company has a $15 monthly fee, but you can opt out. It has overdraft fees and fees for cash deposits and physical location transactions.
Surprisingly, there is no minimum balance requirement. However, you need a minimum balance of $2,000 to waive the $15 monthly fee.
Best Banks For Small Business Checking Accounts
There are no restrictions on transactions or deposits. However, the bank charges a fee for cash deposits after reaching a monthly limit of $5,000 per month. There is also a fee after 20 physical transactions.
Chase customers have access to 4,700 physical bank branches and 16,000 Chase ATMs. This is higher than some other traditional banks, but more restrictive than what online banks bring to the table.
Chase Business debit cards can be used online and abroad. However, there is a 3% foreign transaction fee for international and foreign currency purchases. Chase does not charge an outgoing international wire transfer fee for transactions of $5,000 or more and
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