Best Business Checking For Startups – The best banks for small businesses have one thing in common: they make it affordable and convenient to have and use a small business checking account.
So why are we looking at seven banks instead of one? Because the best account for you will depend on your needs. E-commerce stores versus brick-and-mortars, sole proprietorships, and multi-member LLCs.
Best Business Checking For Startups
To start, we’ll look at the best general purpose banks for small businesses, then narrow them down to more specific needs.
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Before choosing a bank, make sure you have all the documents you need to apply – the bank will need more information about your financial situation and will look at 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 a general purpose small business bank, you can’t do better than Chase. Large network – With nearly 5,000 brick and mortar locations and 16,000 ATMs worldwide, you’re never far from your bank. In addition, their mobile app allows you to deposit checks online, make payments, make money transfers and check your balance.
A Chase business account is a good choice for many new, small businesses, especially if you need to build cash reserves, access ATMs without fees, or visit brick-and-mortar locations. be important. If you expect more than 200 transactions per month, Chase is not a good choice.
Although Chase has a relatively low minimum balance, meeting this minimum is the only way to waive account maintenance fees. So, if you expect your balance to regularly drop below $1,500, don’t choose Chase.
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If you plan to use your credit card for a lot of business purchases, Chase is the right bank for you. Their wide selection of cards offers very competitive interest rates as well as points, cash back and rewards programs.
A consumer credit union is one of the easiest credit unions to join. To register and become an account holder, you must:
Credit unions are specialized financial institutions. These are non-profit organizations (hence the minimum deposit) and when you join one, you get the right to vote in board elections.
While credit unions often offer a limited number of financial products, CCU has a wide variety of loans to choose from. They also have a paid Visa Business Platinum credit card and offer merchant services. And the minimum monthly balance for their accounts is much lower than most banks.
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If a credit union’s nonprofit mission speaks to your values and you also want a low-cost checking account, CCU is a good choice. It’s easy to sign up, has low fees and offers more options than most credit unions.
On the other hand, if it’s important to you to have multiple financing options and credit cards, and maintaining a high minimum balance isn’t an issue, you may be better off opening a bank account.
Many e-commerce small business owners process all their transactions digitally and get paid the same way. In that case, having a brick-and-mortar location where you can put cash is probably not a priority. Just log in to the online banking system.
Axos is the oldest, best-established online bank in the United States. Their basic business checking accounts have no minimum balance and they offer a wide range of lending options. Also, although Axos doesn’t have a physical location, you can access an Axos checking account for free from an ATM in the US.
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If you run an online business, are already comfortable with online banking, and expect to make fewer 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 low. And if your business needs financing, you have many options.
Known for its loans, lines of credit and facility services, Blue Wayne has expanded into banking. It’s easy to open online-only accounts with no minimum balance requirements or future fees for wire transfers, insufficient funds or ACH payments. The Blue Wine Bank account also comes with a debit card with free ATM access at Moneypass ATMs.
The only fees account holders have to account for are cash deposits ($4.95 per deposit) and wire transfers ($15 per transaction). For businesses that handle cash or send money overseas, these fees can add up.
If you’re a freelancer who needs an account to collect payments online and help you pay your business expenses, BlueWin is perfect. This is a completely free bank account as long as you don’t collect cash or send money transfers. In addition, if you decide to grow your business, BlueWin will help you quickly access a loan or line of credit to inject cash quickly.
Chart Of Accounts For A Startup
Based in Florida but serving customers nationally, First Home Bank is frequently recognized as one of the nation’s top 10 most active SBA lenders. It also offers a wide range of other banking services for small businesses, including checking and savings accounts and non-SBA loans.
The SBA selected 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.
New businesses and startups need quick access to capital. If your first priority is to get approved for an SBA loan as soon as possible, Home First Bank is for you. But if you want a business-friendly checking account or multiple brick-and-mortar locations, or if small business lending isn’t your top priority, you’re better off taking your banking needs elsewhere.
Capital One is the only bank on this list that offers free checking with unlimited transfers with no minimum account balance. It also offers five different small business credit cards.
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Aren’t you intrigued by the idea of counting transactions per month to avoid fees? If you live near a Capital One bank, do a lot of transactions each month, and most of them are paid by card or bank transfer, Capital One may be the best choice for your business. However, if your business is well established and you can easily maintain a minimum balance of $2,000, it will be fine.
With 4,300 branches and 16,000 ATMs, Bank of America is everywhere. Plus, they offer great introductory offers for new business checking accounts. That said, you don’t get unlimited free transfers like you do with Chase, and the free cash deposits are limited.
If you can easily qualify for Bank of America’s introductory offers and don’t mind paying monthly checking fees, opening a new business bank account can be a great way to earn extra cash. when your business is young.
But if you’re looking at Bank of America primarily because your business needs to deposit a lot of cash each month, consider the $7,500 limit on free deposits and the fees after you reach that amount.
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Once you have your bank account, start preparing the documents you need to apply for a business bank account. When you’re ready to take the next step toward separating your business and personal finances, find the best small business credit card for your needs.
This post is for informational purposes only and is not legal, business or tax advice. Each person should consult their own attorney, business advisor or tax advisor regarding the matters discussed in this post. No liability is assumed for actions based on the information provided herein.
Get weekly professional guides and resources from experts to help you make the right decisions to grow your business. No spam. Cancel your membership at any time. Startup founders have an endless to-do list, and deciding which bank account to open is often overlooked. In the first few months, you will need an account that allows you to spend money via a corporate card or bank transfer and is convenient for keeping financial statements. What about accounts with advanced features? Are they worth it in the beginning? These additional tools can help you, for example, manage invoices, manage payroll.
We’ve ranked the most popular business bank accounts in the UK so you can compare the best options and find the account that suits your needs.
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A business bank account works similarly to your personal bank account, but is used to manage business income and expenses (such as incoming and outgoing). You should keep personal and business funds separate as soon as possible. This will not only save the accountant time, but also give you a clear picture of how your startup funds are being used.
There are business bank accounts for every budget and operational complexity. Simple solutions allow you to send and receive money in a variety of ways, and more complex offerings can include tools such as invoice management, payroll management, accounting and tax return management.
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