First, research the best banks for small businesses and compare several options. Choose one that fits your needs, and pay close attention to fees and interest rates to get the most value. You’ll generally follow these steps when opening a business bank account. There’s also the Bank of America Advantage Savings and the Bank of America Fixed Term Business Certificates of Deposit.
Built-in software tools and integrations
The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate. Business bank accounts can typically be opened online, in person by visiting a branch or over the phone. For instance, an online-only bank may only allow new customers to open an account online or over the phone. Other features include mobile check deposit and overdraft protection by linking a business money market account. Standard Bluevine business checking customers can earn a 1.5% APY on balances up to $250,000 by meeting monthly activity goals, while Bluevine Plus and Premier customers can unlock an even higher APY. American Express offers business checking customers a competitive APY, few fees and a sign-up bonus.
Bank Of America Business Banking
As its name suggests, the Axos Business Interest Checking account earns interest, but the APY varies based on the balance. It has a low $100 minimum opening deposit, offers unlimited domestic ATM fee reimbursements and allows up to 60 items per month for remote deposit. It has a $10 monthly maintenance fee, but it can be waived with a $5,000 minimum average daily balance.
Do I Need A Business Bank Account?
Most banks don’t require a credit check to open a business checking account. That means even if you have bad credit, you should still be able to get a business checking account. Brex partners with multiple banks to offer expanded FDIC insurance on up to $6 million in deposits. Customers can choose to keep their deposits in cash or they can invest in money market fund Dreyfus Government Cash Management Investor Shares (DGVXX).
- The TD Business Savings account has a low $25 minimum deposit requirement and a $5 monthly maintenance fee that can be waived by maintaining an average daily balance of $500.
- The bank also offers wider in-person access than many banks on our list.
- It includes up to 100 free transactions and 60 remote deposit items a month.
- On the list of things we don’t like, this account’s $50 monthly fee is at the top.
- This may influence which products we write about and where and how the product appears on a page.
Best for Small Business Checking
For the first 30 days after account opening, deposited funds will be made available within five business days. If you don’t need a brick-and-mortar branch to do your banking, this leader in online operations may be a good choice, especially for customers on the go. Axos Bank has a robust mobile app that received 4.4 stars from customers using Android and 4.7 stars from iOS users.
Chase Bank offers several types of business accounts geared to the size of your venture and incentives for signing up. New customers can often get a bonus for opening a business checking account and meeting certain requirements. Chase offers generous rewards-earning credit cards and a huge branch network, too. Business Interest Checking account holders will earn 0.50% APY and benefit from up to 200 transactions for free monthly. The minimum deposit to open an account is $1,500 and the monthly maintenance fee is only waived with an average daily balance of $5,000. Found Bank offers two business checking accounts that scored highly in our ranking— Found and Found Plus.
Business bank accounts function as a hub for all financial transactions related to a company’s operations. They’re established under a business’s legal name, so business finances stay separate from the personal finances of the owner or owners. While the rate isn’t too impressive at 0.01% APY, this account offers convenience in the form of acc 560 wk 2 quiz 1 all possible questions by carolrlangston check-writing privileges and low balance and deposit requirements. Business payment apps and devices like Stripe, Square, and Quickbooks Online Mobile process business transactions securely. However, many apps must still integrate with your current bank or work with underlying banks to provide FDIC protection, so these won’t usually serve as a complete alternative to a bank account. Bank accounts that are most attractive to LLCs, for example, do more than just allow you to keep personal and business expenses separate.
