Top Banks For Small Businesses

Top Banks For Small Businesses – As your business grows, it is ideal to establish yourself as an entity. But to do that, you need to stand out from your business, including the bank account you use. Having a small business bank account separates your personal and business expenses, making it easier to organize your finances and prepare for taxes. However, it is important to choose an institution that matches your business goals and needs. There are a variety of online and offline options for small businesses – here are the top things to look for and some good options. 4 Things to Look for in a Small Business Bank Changing bank accounts mid-year is an unnecessary hassle that can complicate tax preparation. So take your time and weigh the pros and cons of each one before deciding. But how will you know you’ve found “the one”? Here are several ways to tell if it’s a good match. 1. Quick (and cheap) to open a new account You have a business to run: there’s no time to waste on lengthy applications and processing times. Fortunately, many banks today offer fast approvals, allowing you to set up your account online in minutes. And if opening your account requires little or no money, even better. 2. Easy to integrate with your accounting software Do you use accounting tools like FreshBooks and Xero? Then, having a way to link your new bank account will prevent problems in your bookkeeping process. Many small and large banks offer it. For example, Bank of America and US Bank integrate with QuickBooks. 3. Nearby Locations and Great App Features It’s great to be able to withdraw or deposit money whenever you want, so you can transact cash when needed. This means doing business with an institution that has many ATMs and branches in your area. An app with great features can sometimes make up for this by allowing mobile check deposits. 4. Minimum and Maximum Cash Flow Coupons Some banks require small business owners to keep a specific amount in their account each month. Go downstairs and risk paying high “maintenance” fees. Then others have a maximum amount that you can add to your account each day. James Diel, founder and CEO of Textel, advises business owners to consider their expected monthly cash flow when choosing a bank. “Find an account that doesn’t limit maximum or minimum withdrawals in a way that negatively affects your business or adds a mountain of overage fees to your account maintenance costs,” Diel says. “Because cash flow changes as your business grows, evaluate your needs each year to make sure your account continues to be the best fit for you.” Local banks vs. national banks: what is the best solution? The great debate remains: is it better to open an account in a local or national bank? The answer is not so simple, since it depends on several factors. If you travel frequently and need to visit a branch wherever you are in the country, a national bank with many physical locations might be more suitable. But that’s just one example – here are the pros and cons of each type. Advantages and Disadvantages of Local Banks A local bank consists of credit unions, minority-owned banks, and others with some locations in a city, state, or region. Benefits Excellent customer service as employee retention is higher, allowing them to get to know each customer Flexible lending – local banks are less restrictive and trust business owners in the know Reduced ATM fees and monthly fees Disadvantages Branches and limited ATM locations Fewer financial services and smaller loans Less stability, especially during an economic downturn. Advantages and Disadvantages of National Banks A national bank is usually owned by a large company and has many branches around the country or even around the world. Benefits More accessible with branches and ATMs across the country Advanced technologies, like mobile apps and online banking More financial services and loan options, like financial investment advisors and brokerage You can visit multiple locations, which means no one is set relationship. Higher interest rates for loans. Tighter regulations, making it harder for startups to get loans. For example, Rafael Romis, founder of Weberous Web Design, discovered that customer service was key to his business. He first did business with Chase for several years and was generally satisfied. But things changed after the covid hit. “A friend recommended a small local bank (California Bank & Trust) that he said processed loan applications much faster because of their focus on service,” says Romis. “We went to meet them and the rest is history… We turned around and never looked back. We found that working with a commercial bank that knows you by name and can create a service offering tailored to your needs has given us an advantage that we never thought possible.The 8 Best Banks for Small BusinessesThere are over 4,000 FDIC-insured banks in the United States, giving you a wide range of options.Here are some good options for every type of business.1. Chase for Business Chase, a multinational brand, offers three business accounts: Chase Business Complete Banking Chase Performance Business Checking Chase Platinum Business Checking The best option for small business owners is the Chase Business Complete Banking account because the others require you to maintain a balance of $35,000 and $100,000 Benefits No minimum to open open an account and you can waive monthly service fees by maintaining a daily balance m $2,000 minimum Over 4,000 branches and 16,000 ATMs in 48 states Get $300 for opening a new business checking account (must deposit $2,000 or more in 30 days) Business credit card and loan options Online banking using the Chase mobile app Cons Has a $15 monthly service fee if you don’t maintain a minimum balance of $2,000 Fee for cash deposits after you reach the $5,000 monthly limit Only 20 free transactions at a branch per month Overdraft fees are high per month or free with a $10,000 minimum daily balance) Streamlines business verifications ($75/mo, covering up to five linked accounts) Benefits 5,000 branches and 13,000 ATMs in 37 states plus Washington, DC Offers SBA loans, lines of credit for real estate financing business real estate Has mobile banking apps Provides business insurance options Offers HR services, like automated payroll and tax deductions, and AI error detection Cons Limited terms for business loans No free business checking account option 250 per account, then $0.50/each) 3. Novo Novo is a popular supported online bank by the FDIC that specifically caters to business owners. It is popular with freelancers, consultants, and eCommerce sellers. However, it also attracts new small business owners across all industries, especially since it only takes $50 to open an account. Benefits No monthly fees or balance minimum (even refunds all ATM fees) Easy-to-use mobile app with remote check deposits Customer service powered by people (not AI) Exclusive benefits worth thousands of dollars (including benefits from cash back from Stripe, HubSpot, and Google Ads) Integrations with Slack, Shopify, and QuickBooks (and others) Cons No physical branches you can visit Can’t send bank transfers 4. NBKC Bank NBKC offers a free business checking account that doesn’t require a minimum balance and does not charge anything for deposits. It also offers free access to more than 34,000 ATMs and unlimited transactions. Benefits No overdraft fees Live online and phone customer support Offers additional services like billing, collections, payment fees, and fraud management Business loan options for small businesses online, equipment, line of credit, real estate /construction and SBA loans Earn interest on full balance (compounded daily and paid monthly) Cons Only a few physical branches in Kansas and Missouri Limited hours for customer service No solution for overdraft protection 5. Axos Axos is a bank only online with a free business checking account called Axos Basic Business Verification. It also offers business loans, certificates of deposit, and savings accounts. Or you can opt for the Axos Business Interest Check (requires a minimum daily balance of $5,000 to waive the $10/mo. fee). Benefits No monthly service fees or minimum deposit requirements QuickBooks integrations Unlimited transactions Refunds for all out-of-network ATM withdrawal fees Cash deposits using Allpoint ATMs and MoneyPass Cons Only 200 transactions per month are free No physical branches $50 fee for international transfers Requires $1,000 deposit to open a new account 6. US Bank US Bank is a smaller, national chain with a free business checking account plus perks you’d usually find at big banks. Offers three business account options: Silver Business Checking

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