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Beginning Your Search for Your Best Business Firm’s Bank Account
So, you are searching for a home regarding your business firm’s finances.
Searching for a business bank account is an exciting still important step that each small business firm owner ought to take, ideally sooner within their business firm’s timeline rather than later.
Whether you are a new business firm that is just beginning up & you require a business debit card, or you are a well-established business looking for a way to earn for your savings, you have got quite a few decisions ahead of you.
Because this is such a crucial decision for your business firm’s finances, it is crucial to know what you are doing when you are shifting through all your business firm bank account options.
As such, we have compiled a guide to the very best business firm bank accounts for small business.
So, without further ado, let us dive right into the details on the best business bank accounts for you to opt your business firm’s perfect financial home base.
Before You Open a Business Bank Account, Make This Initial Decision
First things first, you would require for deciding which type of business bank account you really want to prioritize within this search. Do you want a business firm checking account or a business firm savings account?
Though these 2 types of business bank accounts are certainly not mutually exclusive. In fact, they work wonderfully together, you would require to decide which kind of business bank account you want to look out for at this very moment.
If you are looking for a home for your business firm’s working capital cash flow that allows your money for being easily accessible, then you are looking for a business firm checking account.
On the other hand, if you are looking for a way to store your business firm’s money away for saving & even earn for it, then you would want to look within your business firm savings account options.
Generally speaking, the newer business firms that are just beginning up would likely be in more requirement of a business checking account, while business firms who are well-established with immense cash on hand would likely be in search of savings accounts.
Plus, a business firm checking account is a business fundamental, where as a business firm savings account can usually be taken care of in a leisurely way.
That said, there are both business savings & even checking accounts out there that can serve business firms of all sizes and shapes.
So, now that we have covered that initial fork in the road for your business bank account search, let us dive within the details on all of your top choices.
Best Business Bank Accounts for Small Business: Checking Accounts
Now that we have addressed that important question, let us look at few of the very best of business firm bank accounts that fall within this category.
Let us check them out.
For No-Fee & convenient banking, look towards Azlo Business Checking
If you are looking for a business checking account that you would be able to open without visiting a bank branch, then Azlo would be your best & only choice.
This business firm bank account is presently the only checking account upon the market that you would be able to open online. Plus, as long as you are utilizing in-network ATMs, your Azlo account would be completely free of fee, and you would even be able to make unlimited free transactions with your own account, as well.
One notable downside to this business firm bank account?
By nature of it being an internet-based account, Azlo business checking would not be able to process cash deposits at all. Additionally, this business bank account would not be able to send money wires, either. That said, Azlo does provide unlimited & free electronic payments that pretty much make wires obsolete.
Learn More About Azlo
For Versatility, Opt for Chase Business Checking
If you are looking for a new business firm checking account, then we highly recommend you to look within Chase’s business firm bank account offerings.
For the time being, let us take a look at the fundamentals on all 3 of the Chase business checking accounts, few of the very best business firm bank accounts upon the market.
Chase Total Checking
If you are a new/growing business looking for a business checking account for beginning things off, the Chase Total Checking account can be your best bet.
This business firm bank account comes with the low fees & thresholds that new business firms ought to look for within any business checking account.
With Chase Total Checking, your account would come with the following features:
A monthly service fee of $12 along with paperless statements or $15 with paper statements that is waived once your daily balance is $1,500 or even above
100 free transactions every month
$5,000 worth of free cash deposits every month
The possibility of sending & receiving International (Global) and even domestic wire, but never for free
Chase Performance Checking
Next up, the Chase Performance Checking account is surely a great business firm bank account for medium-sized business firms who are searching for the perfect balance of mid-range fees along with higher transaction & even deposit monthly allowances.
If you decide to opt for Chase Performance Checking as your business firm’s financial home-base, then you would gain access towards the following features:
A monthly service fee of $30 that is waived once you maintain business deposit balances of $35,000
250 free transactions every month
2 outgoing domestic wires for free each month, with a standard wiring fee applying to all of the wires beyond this
$20,000 worth of free cash deposits each month
Chase Platinum Checking
Finally, if you are a well-established, high-traffic business, then you should surely consider Chase Platinum Checking as your go-to business firm bank account.
This business firm checking account would come with ample free monthly transactions, deposits & even wires, but those perks will even be accompanied by high service fees along with thresholds for waiving that fee.
Let us see what features this business bank account would entail should you decide to open one:
A monthly service fee of $95 that is waived once you maintain $100,000 in business balance deposits each month
$25,000 worth of free cash deposits
500 free transactions each month
4 outgoing wires for free each month
Learn More About Chase Business Checking
What to Look for in a Business Checking Account
If you have decided that you want your business firm’s money to be very easily accessible from your business firm bank account, then your next step is to read on all of the logistics that a business checking account would entail.
When you are shopping your business checking account options, you would like to keep an eye upon a few crucial features. In fact, when you decide on which business checking account you would finally open, these 4 details surely ought to be your deciding factors.
Let us take a look.
How much would it cost for opening this business firm checking account?
If you decide to keep your business firm’s money within a business checking account, you would likely have to pay what most banks call “Service Fees.”
This is essentially a catch-all fee for the services that banks provide via the checking account. Service fees will typically be monthly fees that any bank would waive if your checking account balance reaches a specific threshold.
This threshold would vary hugely between your business checking account choices, so ensure for noting not only the service fee amount but even the account balance threshold for your fee to be waived upon every of your business firm checking account choice.
Additionally, while you are shopping your business checking account options, you would want to ensure of every of your choices’ monthly free transaction allowances.
Most business firm checking accounts would put a cap on how many non-electronic transactions you could make with your business checking account every month. After this cap, you would have to pay a small transaction fee for every transaction you make beyond it.
If you are a big business firm that’s running numerous transactions every month, then you would like to look for a business firm checking account with a higher free monthly transaction cap.
Even more, most business checking accounts would put a cap upon the amount you could make within cash deposits that you can make each month for free with your business firm checking account.
Be sure to check in upon the fine print which is your business firm checking account of choice may put a low cap on how much cash you could deposit for free each month. And if you are a business that deals with bulk revenues in cash, then the cash deposit fee that applies after this cap could really begin to add up.
Finally, you would require to check in about any of your potential business firm checking accounts’ policy towards wiring.
While few business checking accounts may allow for a certain number of inbound (or outbound) wires for free each month, others may not even allow international (global) or domestic wires at all.
Especially if your business firm’s finances depend heavily upon sending & receiving wires, it is crucial for ensuring that your business checking account surely allows for wiring accordingly.
Best Business Bank Accounts for Small Business: Savings Accounts
With all of the fundamentals on business savings accounts covered, it is time to get practical.
What are the very best business firm savings accounts, and what do these crucial features look like within these savings accounts?
Let us dive right within the details on your best options for business savings accounts.
For All Around Great Savings, Choose Capital One Business Savings
When it comes to business bank accounts, Capital One surely shines yet again with their business savings accounts options.
With Capital One Spark Business Savings, you would be able to house your business firm’s hard-earned capital within a perfect middle ground between having it accessible & earning for it all the while.
Let us see what this business bank account can offer your business savings.
Spark Business Savings
As far as business firm bank accounts go, the Capital One Spark Business Savings strikes the perfect balance between being lucrative & keeping your funds accessible.
Let us take a look at the fine print of what this business bank account could offer:
No monthly service fee
No minimum account opening deposit
Free ATM withdrawals from Capital One ATMs
A standard APY applied to your savings after your 1st year with the account
A promotional APY of 2.00% for your 1st year with the account
What to Look for in a Business Savings Account
You may be looking to stow away few of your money & earn for your savings all the while. If this is the case, you are probably not too worried about being able to access your business firm’s savings at the drop of a hat.
If this sounds like your situation, then you are probably looking for a business firm savings account instead of a business firm checking account.
What is the difference between these 2 types of business firm bank accounts?
Well, though there are some differences to take into account, most of them would boil down to 2 features:
- Money housed in savings accounts would accumulate interest over time
- You would likely have more restricted access towards your money within a savings account than your money within a checking account Generally speaking, your business firm’s savings account would usually come after you establish your business checking account. That said, it never hurts for establishing both kinds of business bank accounts from the get-go.
Minimum Account Opening Deposit
Numerous business savings accounts would require that you open your account with a specific amount of money. This minimum deposit would certainly change from savings account to a savings account, but almost each alternative has a minimum account opening deposit, no matter how large (or small) that minimum is.
Yearly Percentage Yield
The great thing regarding this kind of business firm bank account?
Well, savings accounts would allow your money to accumulate worth. That is right surely in this case, the rates of interest are your friends.
That is why you would require to pay close attention towards the APY or annual percentage yield of your entire business firm savings account alternatives.
This rate would determine how much interest your business savings would accumulate in any provided account.
One thing that is not-so-good regarding this kind of business bank account?
Your business firm’s money would not be specifically accessible. That is because a savings account is meant to store money, while checking accounts are actually meant to spend money.
This means that you would have a limit to how many withdrawals you would be able to make for free from your business savings account.
Ensure for taking note of how many withdrawals you would be able to make with your business savings account, as withdrawal fees could really add up if you are not paying close attention.
Just like most business checking accounts, most business savings accounts would come with a service fee. In most of the cases, this service fee would be a monthly one, but it could certainly change from account to account.
With business savings accounts, it would also usually be quite easy for getting this service fee waived by reaching a specific balance threshold upon your account. But, again, this would depend on which account you end up choosing for.
You would likely be able to withdraw from your savings account via any ATM, but whether or not you would be charged extra to withdraw through an ATM is completely up in the air.
In most of the cases, you would be able to withdraw for free if it is through an ATM of the bank where your business firm savings account is housed. That said, free ATM withdrawal is not always a given, so ensure for reading up on the fine print before you opt for a savings account to open.
Finally, just like with business firm checking accounts, with business firm savings accounts, you would require to check on how wiring works with your business bank account.
While few business savings account would allow a certain number of wires for free each month, others may never allow wires at all.
As such, ensure for keeping an eye out for any potential business bank accounts’ wiring policies, especially if your business firm depends heavily on sending & receiving wires.
Opting the Best Business Bank Account for You
So there you have it, all of your best business bank account options laid out before you.
Whether you want an easy-to-access home-base for your business firm’s working capital, or you want a nice & tucked-away home regarding your business firm’s nest-egg, you have got a few great business bank alternatives to opt from.
Do one of these business bank accounts sound like your business firm’s best financial/funding friend?
What is to stop you from making the move towards a much better business banking? Begin banking now.