Searching and selecting the Best Business Account For Your Small Business can be difficult sometimes. In fact, a recent survey revealed that 65% of small business owners ranked ‘managing money‘ as one of their top challenges.
This article helps to simplify this process by providing an expertly curated list of the 11 best business accounts tailored specifically for your small enterprise’s needs. Ready to make banking hassle-free? Read on.
Table of Contents
Key Takeaways
- Bluevine Business Checking offers no monthly fees, 1% interest on balances up to $100,000, and integrates smoothly with popular accounting software like QuickBooks™.
- Grasshopper Business Checking Account provides low transaction volumes, rapid access to funds, and essential services like integrated free payment software.
- NBC Business Account stands out for its affordability, flexibility, nationwide ATM network, unlimited transactions, and seamless integration with popular payment software systems.
11 Best Business Bank Accounts for Small Businesses
When it comes to the best business bank accounts for small businesses, options like Bluevine Business Checking, Grasshopper Business Checking Account, and nbkc Business Account offer great features and benefits.
#1. Bluevine Business Checking
Taking center stage in our list of worthy business bank accounts is Bluevine Business Checking. A trailblazer for small businesses, it offers an impressive no-monthly fee structure coupled with an attractive 1% interest on balances up to $100,000.
The online banking service allows you to deposit checks right from your phone or computer and provides unlimited transactions—the ideal choice for firms with high transaction volumes.
With no minimum deposit required and two free checkbooks, Bluevine makes small business financial management not only simple but also cost-effective.
Its platform integrates smoothly with popular accounting software like QuickBooks™, providing additional convenience in tracking your finances. Consider this account if a comprehensive yet easy-to-navigate digital banking experience is crucial to your operations.
#2. Grasshopper Business Checking Account
Brought to you by a company that prides itself on simplicity, the Grasshopper Business Checking Account stands tall among other top business account choices.
It is designed with small businesses in mind and works as an excellent financial solution for sole proprietors, contractors, and even larger established businesses.
The feature-rich environment of this business bank account accommodates low transaction volumes while offering rapid access to funds. Keen on helping you maintain fluid cash flow, Grasshopper avails unlimited everyday transactions devoid of any hidden charges or additional fees.
This high-interest business checking account also includes essential services like integrated free payment software which simplifies your monetary interactions with clients.
#3. nbkc Business Account
The nbkc Business Account stands out as one of the top business banking solutions for small enterprises. This account brings you an innovative blend of affordability, flexibility, and robust features.
It’s an ideal choice, especially for businesses seeking low cash deposit fees and easy online access. With its broad nationwide ATM network, managing your finances becomes a breeze no matter where you are in California or beyond.
Moreover, the nbkc Business Account offers unlimited transactions – a great advantage if your business has high transaction volumes. You’ll also appreciate the seamless integration with popular payment software systems to simplify your financial operations even further.
Its commitment to delivering sterling customer service further enhances this account’s appeal among small businesses – a testament to its reputation as one of the best banks for small businesses.
#4. Axos Bank® Basic Business Checking
Axos Bank® Basic Business Checking is a top choice for small businesses looking for simplicity and cost-effectiveness. With no monthly maintenance fees and unlimited domestic ATM fee reimbursements, this account offers great value.
Axos also provides convenient online banking features like mobile check deposits, bill pay, and e-statements, making it easy to manage your business finances from anywhere. Plus, their 24/7 customer service ensures that you always have the support you need.
Whether you’re a sole proprietor or an LLC, Axos Bank® Basic Business Checking is a reliable option that won’t break the bank.
#5. LendingClub Tailored Checking
LendingClub Tailored Checking is an excellent business account option for small businesses. With low fees and a user-friendly platform, it offers convenience and flexibility.
One of the standout features is its integration with LendingClub’s robust lending services, allowing businesses to easily access financing directly from their checking account.
This makes it a great choice for entrepreneurs looking to streamline their banking and funding needs in one place. Additionally, LendingClub Tailored Checking provides free bill pay, mobile check deposit, and unlimited transactions, making day-to-day banking hassle-free.
Whether you’re a sole proprietor or an LLC, this account offers tailored solutions to meet your specific business needs.
#6. Chase Business Complete Banking℠
Chase Business Complete Banking℠ is a top contender when it comes to the best business bank accounts for small businesses. With its comprehensive range of features and benefits, Chase makes managing your finances hassle-free.
This account offers unlimited electronic deposits and incoming wires, making it ideal for businesses that handle a high volume of transactions. It also provides access to over 16,000 ATMs and more than 4,700 branches nationwide, giving you convenience and accessibility wherever you are.
Additionally, Chase Business Complete Banking℠ includes convenient online tools such as QuickAccept℠ and Same-Day Deposits with QuickDepositSM Mobile so you can easily accept payments from customers.
#7. U.S. Bank Silver Business Checking
The U.S. Bank Silver Business Checking account is a top choice for small businesses looking for a reliable and flexible banking solution. With low monthly maintenance fees and no minimum balance requirements, this account is accessible to startups and established companies alike.
The U.S. Bank Silver Business Checking account also offers unlimited transactions, allowing businesses to handle their daily financial needs without any additional charges.
Moreover, with the ability to deposit up to 200 cash units per month without incurring extra fees, this account caters well to businesses that deal with frequent cash transactions.
Plus, as part of the largest regional bank network in the United States, U.S. Bank provides numerous physical locations for those who prefer face-to-face banking experiences alongside its easy online account opening process.
#8. Bank of America Business Advantage Fundamentals™ Banking
Bank of America Business Advantage Fundamentals™ Banking is one of the top options for small businesses looking for a reliable and comprehensive banking solution. With this account, you can enjoy a range of benefits designed to support your business’s financial needs.
The account offers low cash deposit fees, making it ideal for businesses that handle a lot of cash transactions. In addition, Bank of America provides ongoing rewards and access to full-service small business banking tools.
You’ll also benefit from unlimited everyday transactions and rapid access to funds when you need them.
Whether you’re an LLC, sole proprietor, contractor or any other type of small business owner, Bank of America Business Advantage Fundamentals™ Banking has features geared towards meeting your specific requirements.
#9. Wells Fargo Initiate Business Checking℠ Account
The Wells Fargo Initiate Business Checking℠ Account is one of the best business bank accounts available for small businesses. With this account, you can enjoy a range of benefits and features designed to meet your financial needs.
It offers low transaction volumes, rapid access to funds, unlimited everyday transactions, and integrated free payment software. Additionally, it provides support for tech companies and startups, making it an ideal choice if you’re in those industries.
Whether you’re a sole proprietor or an LLC owner, this account caters to your specific business requirements. It also offers overdraft and return fee protection, as well as SBA lending options for further growth opportunities.
#10. Live Oak Bank Business Savings
Live Oak Bank Business Savings is a highly recommended option for small businesses looking to grow their savings. With this account, you can earn competitive interest rates on your deposits, allowing your money to work harder for you.
Live Oak Bank understands the unique needs of small businesses and provides personalized support and service to help you achieve your financial goals.
In addition to the attractive interest rates, Live Oak Bank Business Savings offers easy online account management, making it convenient for busy entrepreneurs. You can access your funds quickly whenever you need them without any hassle.
This account also comes with free mobile banking and online bill payment features, giving you greater control over your finances.
#11. Relay
Relay is one of the top business account providers for small businesses, offering a range of convenient and user-friendly features. With Relay, you can easily manage your finances and streamline your operations.
One standout feature is their integrated free payment software, which allows you to send and receive payments seamlessly. This makes it ideal for self-employed professionals and small businesses that require efficient and hassle-free financial transactions.
In addition to this, Relay offers multiple accounts and debit cards, making it perfect for LLCs or sole proprietors who need separate accounts for different aspects of their business.
They also provide support for tech companies and startups, with tailored services designed to meet their unique banking needs.
#12. Mercury Business Bank Account
Mercury Business Bank Account is a top choice for small businesses seeking a reliable banking solution. With low fees, an easy account opening process, and state-of-the-art technology, Mercury offers everything you need to manage your business finances effectively.
Their integrated free payment software allows for seamless transactions, while their multiple accounts and debit cards allow for convenient money management.
Whether you’re a self-employed professional or running a startup, Mercury bank account has got you covered with its tailored services and support.
Plus, with features like interest on deposits and SBA lending options, this business bank account truly stands out from the rest in terms of benefits and value.
Criteria for Choosing a Business Account
When choosing a business account, consider factors such as eligibility requirements, fee structure, physical locations, online account opening options, and customer reviews.
● Eligibility requirements
To open a business bank account, you’ll need to meet certain eligibility requirements. Most banks require that your business be legally registered and have the necessary documents to prove it.
This includes providing your business’s tax identification number, proof of address, and legal identification for all owners or authorized signers.
Some banks may also have specific requirements based on the type of business entity you have, such as limited liability companies (LLCs), sole proprietors, or contractors.
Additionally, certain banks may have minimum balance requirements or restrictions based on the size and nature of your business. It’s important to research each bank’s eligibility requirements before choosing the best one for you.
● Fee structure
One important criterion to consider when choosing a business bank account is the fee structure. Different banks have varying fee structures, so it’s crucial to compare and find one that suits your small business needs.
Look for accounts with low or no monthly maintenance fees, as well as minimal transaction fees. Some banks may even offer fee waivers if you maintain a minimum balance or meet certain requirements.
Additionally, be aware of any hidden fees, such as charges for wire transfers or excessive transaction fees that can add up over time.
By carefully evaluating the fee structure of different business bank accounts, you can ensure that you’re getting the best value for your money without unnecessary expenses eating into your profits.
● Physical locations
The physical locations of a business bank can play a crucial role in the convenience and accessibility of small businesses. Having branches or ATMs nearby can facilitate easy cash deposits, withdrawals, and face-to-face interactions with banking representatives when needed.
This is especially important for those who prefer traditional banking services over online-only options. When choosing the best business account for your small business, consider the physical branch and ATM network offered by different banks to ensure that you can easily access their services whenever required.
● Online account opening
With the advent of digital technology, opening a business account online has become a convenient and efficient option for small businesses.
The best business bank accounts offer an easy and streamlined process for online account opening, allowing you to save time and bypass the hassles of visiting a physical branch.
By simply filling out an application form, uploading required documents, and verifying your identity online, you can open a business account from the comfort of your own workspace.
This online convenience eliminates the need for face-to-face meetings or waiting in long queues at traditional banks. It’s never been easier to get your small business up and running with just a few clicks.
● Customer reviews
One important factor to consider when choosing a business bank account is customer reviews. Hearing from other small business owners who have used a particular bank can give you valuable insights into the quality of their services.
Look for banks with positive feedback and high ratings, as this indicates a level of trustworthiness and reliability. Reviews can provide information about the bank’s customer service, ease of use, online banking features, and overall satisfaction.
By taking the time to read customer reviews, you can make an informed decision about which bank is best suited for your small business needs.
Remember that while customer reviews are helpful in guiding your decision-making process, it’s essential to consider them alongside other factors such as eligibility requirements, fees structure, and physical locations.
How We Evaluated the Best Business Bank Accounts
To determine the best business bank accounts for small businesses, we used a rigorous methodology and criteria that considered factors such as eligibility requirements, fee structure, physical locations, online account opening, and customer reviews.
● Methodology and criteria
To determine the best business bank accounts for small businesses, we used a comprehensive methodology and specific criteria.
We evaluated these accounts based on factors such as eligibility requirements, fee structure, physical locations, online account opening capabilities, and customer reviews.
By considering these aspects, we were able to identify the top choices that offer ongoing rewards, full-service small business banking tools, low transaction volumes, rapid access to funds, unlimited everyday transactions, tech company, and startup support, integrated free payment software for ease of use and efficiency in financial management.
Additionally, these accounts provide benefits like interest on deposits and international payments while also offering services specifically tailored for self-employed professionals or those with multiple accounts.
FAQs
What are the benefits of having a business account for my small business?
Having a dedicated business account for your small business allows you to separate personal and professional finances, access specialized features and services tailored to businesses, establish credibility with customers and partners, and simplify accounting and tax processes.
How do I choose the best business account for my small business?
When choosing a business account, consider factors such as fees, transaction limits, online banking capabilities, integrations with accounting software or other tools you use, customer support quality, and any additional perks or benefits offered by the bank.
Do I need a separate business account if I’m a sole proprietorship?
While it’s not legally required to have a separate business account if you’re operating as a sole proprietorship, it is highly recommended. Separating your personal and business finances helps maintain accurate records for bookkeeping purposes and simplifies tax reporting.
Can I switch from my personal bank account to a business account without any issues?
Switching from a personal bank account to a business account can be done smoothly with proper planning and documentation. Ensure that all necessary paperwork is in order before making the switch to avoid disruptions in banking services or complications with financial transactions related to your small business.
Conclusion
Finding the best business account for your small business is crucial for smooth financial operations. With options like Bluevine Business Checking and Chase Business Complete Banking℠, you can enjoy ongoing rewards, full-service tools, and rapid access to funds.
Consider factors such as eligibility requirements, fee structures, and online account opening when making your decision. Explore the benefits of these top-rated banking services to ensure a seamless and efficient experience for your small business.
Don’t wait any longer – open the ideal business account today!
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