Best Bank To Set Up A Business Account – The best small business banks have one thing in common: they make it cheap and easy to own and use small business checking accounts.
So why are we considering seven banks, not just one? Because the best current account for you depends on your needs. E-commerce stores vs. Brick and mortar, solopreneurs vs. Multi-member LLCs.
Best Bank To Set Up A Business Account
To start, we’ll look at the best general banks for small businesses — and then narrow them down to specific needs.
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Before choosing a bank, make sure you have all the documents you need to apply – the bank will want to know more about your finances and check your credit score. If you’re not sure you’re ready to get started, check out our article on how to open a small business checking account.
For general small business banking, you can’t do much better than Chase. With a large network of nearly 5,000 physical locations and 16,000 ATMs worldwide – you’re never far from your bank. Additionally, their mobile app allows you to deposit checks, pay bills, make transfers and check your balance online.
A Chase business account is generally a good choice for most new small businesses—especially if it’s important to you to deposit cash, access fee-free ATMs, or visit brick-and-mortar locations. Chase is not a good choice if you expect to do more than 200 transactions per month.
Although Chase has a minimum balance requirement, the only way to waive the account maintenance fee is through minimum maintenance. So don’t choose Chase if you expect your balance to stay below $1,500 forever.
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If you plan to use your credit card for most business purchases, Chase is the bank for you. Their wide selection of cards offer competitive interest rates, plus points, cashback and rewards programs.
A consumer credit union is one of the easiest credit unions to join. To become a member and accountant you must:
Credit unions are private financial institutions. They are non-profit organizations (hence the minimum contribution) and when you join one, you have the right to vote in board elections.
While credit unions typically offer limited financial products, CCU has a wide variety of loans to choose from. They also have a Platinum Visa business credit card and they also offer business services. And the minimum monthly balance for checking accounts is much lower than most banks.
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If the ideal mission of credit unions speaks to your values and you want to take advantage of a low checking account, CCU is a great choice. Signing up is easy, has low fees and offers more options than most credit unions.
On the other hand, if having many financial options and credit cards to choose from is important and maintaining a minimum balance is not a problem, opening a bank account is better.
Most small ecommerce business owners process all transactions digitally and pay the same way. If so, having a physical place where you can pour money into is probably not a high priority. Enter online banking.
Axos is the oldest and most established online bank in USA. Their basic business accounts have no minimum balance and offer a wide range of lending options. Additionally, although Axos does not have brick-and-mortar locations, you can access an Axos checking account for free at any ATM in the United States.
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If you run an online business, are already comfortable with online banking, and expect to make fewer than 200 transfers per month, Axos is a great choice. You don’t have to maintain a minimum balance, which is a relief when your business starts up and cash flow runs low. And if your business needs online financing, you have many options.
BlueVine is known for loans, lines of credit and secured services and has expanded into banking. These online accounts are easy to open, with no minimum balance requirements or fees for incoming wire transfers, no deposit or ACH payments. BlueVine Bank Account comes with a debit card with free ATM fees at MoneyPass ATMs.
The only fees account holders need to consider are cash deposits ($4.95 per deposit) and outgoing wire transfers ($15 per transaction). For businesses that trade with cash or send money abroad, these fees can be high.
If you’re a freelancer who needs an account that helps you raise money online and stay on top of your business expenses, BlueVine is the perfect fit. If you don’t collect money or send bank transfers, this is a free bank account. Additionally, if you decide to expand your business online, BlueVine can help you get a quick cash loan or line of credit.
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Based in Florida but serving clients nationally, First Home Bank is consistently one of the top 10 most active SBA lenders in the country. It also offers a wide variety of small business banking services – including checking and savings accounts and non-SBA loans.
SBA selected First Bank as preferred lender. That means if you apply for an SBA loan through Home First, the approval process is faster than anywhere else.
New companies and startups need access to capital quickly. If getting approved for an SBA loan as quickly as possible is your top priority, First Home is the bank for you. But if you want a bank account for business interests or multiple physical locations, or if a small business loan isn’t a top priority, it’s best to take your banking needs elsewhere.
Capital One is the only bank on this list that offers free checking, unlimited transactions, and no minimum account balance. It also offers five different credit cards for small businesses.
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Does the idea of counting the number of transactions per month to avoid fees scare you? If you live near a Capital One bank, do a lot of transactions each month, and pay frequently by card or bank transfer, Capital One may be the perfect choice for your business. However, it is better if your business is well established and you can easily manage a minimum amount of $2000.
With 4,300 branches and 16,000 ATMs, Bank of America is everywhere. Plus, they offer some great introductory offers for new business checking accounts. You don’t get unlimited free transactions – like you do with Chase – and free cash deposits are also limited.
If you easily qualify for Bank of America’s introductory offer and don’t expect to have any trouble getting your checking fee waived each month, opening a new business account is a great way to earn some extra cash. Your business is small.
But if you’re looking for Bank of America primarily because your business needs to deposit money every month, consider the $7,500 free deposit limit and fees once you exceed that amount.
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Once you have a bank in mind, start preparing the documents you need to apply for a business account. When you’re ready to take the next step in separating your business and personal finances, find the best small business credit card for your needs.
This post is for informational purposes only and does not constitute legal, business or tax advice. Each individual should consult their own attorney, business advisor or tax advisor regarding the matters contained in this document. No responsibility is assumed for actions taken in reliance on the information contained herein.
Get a weekly dose of educational guidance and resources from experts to help you make the right decisions to grow your business. No spam sign up at any time. Getting a business bank account in 2022 is important if you have an existing business or if you are thinking of starting a small business as a sole proprietorship or startup. Having a secure place to manage your finances allows you to track your progress and recover VAT, among other things.
In addition, finding the best trading account for you can give you special preferential bonuses or give you a long term without paying any monthly fees. The following UK commercial banks are included in this review:
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It allows you to compare the business bank accounts available from UK providers so you can choose the right one for you. Even if your current account provider can do business accounts, it’s always worth comparing to see if another provider can offer you better delivery times or similar benefits that will help you as a business owner.
A business bank account is a safe place to store funds for a small business, start-up or limited company.
This can usually be done by a bank or building society serving commercial customers. This may include providing a business manager to help manage your finances,
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