Choosing the best business bank account for your small business has many advantages, among others it will help manage finances, qualify for business loans, make and receive payments, and stay up to date with all the latest tools and online capabilities. Below we take a look at five best banks available for small businesses and how they can help your company stay up to date with its financial safety and growth.
Five Best Banks for Small Businesses
BlueVine – Online Bank for Small Business
BlueVine is a good choice for businesses that mostly transact online. With its free business checking account, it offers a variety, including online business loans, no hidden fees like monthly service fees, NSF (non-sufficient funds) or incoming wire fees. There are also high interest rates, for example, 1.0% is earned with every $1000.
Businesses can also use the BlueVine website and smartphone app to take care of online transactions, for example, transferring funds, making check deposits, or checking account balances.
Chase – Business Checking Account
As a national bank, Chase offers checking accounts for businesses including a variety of flexible offers and features that businesses can use in almost any stage of their development, whether it’s small or large.
For Small Businesses
The Chase Total Business Checking Account is offered and recommended for businesses that are starting out, it’s suited to online businesses that accept electronic deposits, and brick-and-mortar businesses that do not have as many transactions. This account includes 100 transactions per month, a maximum of $5000 deposits per month, and unlimited electronic deposits.The monthly cost is $15, however if users hold a monthly balance of $1500 or over it will be $0.
Additional features from Chase include business loans, merchant services, credit cards, home loans, and car loans. It offers easy access with mobile and online banking options, as well as over 10, 000 ATMs and almost 5000 branches.
Wells Fargo – Bank for Brick-and-Mortar Locations
With over 8000 branches, Wells Fargo is a good option for brick-and-mortar businesses. They also process Active SBA 7(a) loans, which are loans for small businesses that require working capital. There are four checking accounts on offer that suit different business needs, namely, Simple Business Checking, Business Choice Checking, Platinum Business Checking, and Analyzed Business Checking.
For Small Businesses:
The Simple Business Checking account is a starting point for small businesses, freelancers, or sole proprietors. It is priced at $10 per month, it will be waived with a constant balance of $500 per month. There are 50 transactions per month, and cash deposits are limited to $3000.
The Business Choice Checking offers more options for small businesses, it is well suited to LLCs, and priced at $14 per month, with the option to be waived. There are 200 transactions available per month, mobile banking, and cash deposits are limited to $7500 per month.
America First – Credit Union for Small Business
Operating as a regional credit union, America First offers three banking options, namely Basic Business Checking, Premier Business Checking, and High-Yield Business Checking.
For Small Businesses
The Basic Business Checking account is ideal for startup businesses with low cost features such as 250 free transactions per month, whereas the Premier Business Checking account is suited to businesses who have more than 250 transactions each month.
America First provides dedicated business planning resources and services, which include SBA loan requests, as well as loans that cover Vehicles and Equipment and Machinery. An unsecured seven-year loan plan can also assist new businesses who need a revolving line of credit, this can also be on a term basis over 60 months.
The Huntington National Bank – Bank for SBA Loans
This bank also provides SBA 7(a) loans, and is ranked high as an active loaner on the Small Business Administration list with the aim to make small business lending an easy process. They offer four business checking accounts, namely, Unlimited Plus Business Checking, Unlimited Business Checking, Business Checking 100, and Business Analyzed Checking.
The Business Checking 100 is a preferred account for small businesses. It comes without maintenance fees and offers 100 transactions per month, features like 24-Hour Grace for Business that accept payments for overdrafts the next day and the Reverse Positive Pay fraud tool (free for 120 days).
Starting your own bank
You can start your own bank with Bancorptrust, they even have banks for sale.
Wouldn’t it be great if there was an investment bank or licensed fund that could offer you all the features your budget allows? BancorpTrust clients are from various industries, ranging in size from small businesses with just one employee up through public corporations operating worldwide!
Summary
Choosing the best banks for small businesses will depend on the different financial needs of each business. You can find extensive reviews of the best business bank account for your company on the TRUiC website.
