• One of the most important decisions you’ll make for your business is choosing the right checking account. In this article we have outlined top 7 banks for small business checking accounts. Let’s get to it.

 

Small Business Checking Account

 

Navigating the world of small business banking can be daunting for a business owner. There’s a lot to think through when it comes to short-term business loans, merchant card services, and money market savings accounts. this decision can have an effect on your day-to-day operations, financial management, and ultimately, your company’s success.

 

Here are the most important factors to consider when shopping for a business checking account.

• Fees and Charges

Ensure you understand the fee structure of your account because getting charged unexpectedly can be pretty annoying.  Some common fees include monthly maintenance fees, transaction fees, overdraft fees, and ATM fees.

 A lot of banks waive fees or offer discounts if you maintain a minimum balance or meet other requirements.

• Account Minimums

It’s important you check minimum account balance the bank may require  to open or maintain the account.This might affect your cash flow, so choose an account that aligns with your business’s financial situation.

Also note  that some banks have no minimum balance requirements, which may be helpful to new businesses.

• Transaction Limits

These limits may include a cap on the number of monthly transactions or a maximum cash deposit amount. Different small business banking accounts havevarying transaction limits.

Hence, it’s important you assess your business’s transaction volume to ensure the account you choose can accommodate your needs without incurring extra fees and charges.

 

• Mobile Banking Features

Convenient access to online and mobile banking services is paramount for business efficiency especially in today’s digital world.

Ensure you look for features such as online bill pay, mobile check deposit, and real-time account monitoring. User-friendly interfaces and robust security measures should also be priorities to safeguard your business’s financial data.

 

• Integration with Accounting Software

Ensure you choose a business checking account that seamlessly integrates with popular accounting software platforms like QuickBooks or Xero. This will simplify your financial management

Integration enables automatic transaction syncing, simplifying bookkeeping tasks and providing accurate financial insights.

• Branch and ATM Accessibility

If you one who prefers in-person banking services, then you should consider the bank’s branch and ATM network.

You can opt for a bank with conveniently located local branches and a widespread ATM network to access cash and make deposits without incurring additional fees.

 

• Customer Support and Reputation

As a business owner, you may encounter issues or have questions about your account, so reliable customer support is essential.

 A great way to determine the best banks for small businesses is to research reviews and testimonials from other business customers to gauge the bank’s reputation for service quality.

customer service and responsiveness something you should evaluate carefully.

 

• Interest Rates and Additional Service

Ensure  explore whether the bank provides interest-bearing options or bundled services that align with your business’s needs. Additional small business banking services such as merchant services, business loans, or credit lines may also be valuable offerings to consider.

However traditional business checking accounts typically don’t offer high-interest rates.

Regulatory Compliance and Security

Lastly, prioritize banks that comply with regulatory standards and employ robust security measures to protect your business’s funds and sensitive information from fraud or cyber threats.

 

What You should Expect From A Small Business Checking Account

Small business checking accounts are specifically designed to meet the banking needs of small businesses. We have outlined some of the things  you should typically expect from a small business checking account:

1. Low Fees or No Monthly Maintenance Fees:: Many banks offer small business checking accounts with low fees or no monthly maintenance fees, which can be beneficial for businesses with limited cash flow.

2. Low Minimum Balance Requirements: Some small business checking accounts may have low minimum balance requirements or none at all, making them accessible to businesses with fluctuating cash flow.

3. Free Transaction: Small business checking accounts often come with a certain number of free transactions per month, such as check deposits, withdrawals, and electronic transfers.

4. Online and Mobile Banking: Most small business checking accounts offer online and mobile banking services, allowing business owners to manage their finances conveniently from anywhere.

5. Business Debit Card: A business debit card linked to the checking account enables easy access to funds for purchases and ATM withdrawals.

6. Overdraft Protection: Some banks offer overdraft protection options for small business checking accounts to help prevent insufficient fund fees.

7. Account Management Tools: Many small business checking accounts provide account management tools, such as account alerts, account reconciliation services, and detailed transaction history.

8. Additional Services: Depending on the bank, small business checking accounts may offer additional services tailored to small business needs, such as payroll processing, invoicing solutions, and business credit card options.

 

Remember. When choosing a small business checking account, it’s essential to consider factors such as fees, transaction limits, online banking capabilities, and additional services offered to find the best fit for your business’s banking needs.

We have reviewed Top 7 small business checking accounts you should look into. We encourage you to also carry out more research before coming to a conclusion.

Top 7 Small  Business Checking Accounts

• Chase Business Complete Banking: rated 5 star on Forbes. Chase business complete banking account  is for business owners, providing them with access to Chase’s QuickAccept payment processing and same-day deposits with a $15 monthly service fee.

• NBKC Bank Business Checking Account: NBKC Bank offers a single mobile app for both business and personal banking.it doesn’t have fees or minimums, making it friendly to small businesses and startups without a lot of capital. NBKC also stands out as a full-service digital bank and it is rated 4.5 star. The major concern with NBKC is that although it’s online platform and mobile app are user-friendly, they’re more basic than offerings from other banks and don’t have many business-specific tools for budgeting and accounting.

• EverBank Small Business Checking: rated  4.0.it requires a minimum deposit fee of $1500 which is not ideal for small business.However, it is  more flexible than many other business account as it offers unlimited free transactions, has no monthly fee and pays 0.50% APY on all balances.

• LendingClub Tailored Checking Account: rated 4.0 as well. It requires a minimum deposit fee of $100. It is best for business owners looking for an everyday spending account for frequent use. One amazing things is that it pays a generous 1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over 100,000 and that online and signature-based “credit” transactions made with the LendingClub debit card earn unlimited 1% cash back. However, it is  restricted to signature-based purchases.

• Bluevine Business Checking: rated 3.9, it has zero minimum deposit requirements and a zero monthly maintainace fee.It enable customers  create five subaccounts, with adjustable permissions and individual account numbers, to take full advantage of the competitive rate, expanded FDIC coverage and more.However, you must meet account activity requirements to qualify for the interest or that the fintech charges a fee for cash deposits.

• U.S. Bank Silver Business Checking Account Package:It is best for businesses that deal with cash and want convenient access to branches and ATMs without the fees often found with big banks Although it has a .low monthly limit of 125 free transactions and lacks the management tools, app integrations and rewards available with many of the best business accounts. It is rated 3.8 and has a no monthly maintenance fee.

• First Internet Bank Do More Business™ Checking : rated 3.6. It has a minimum  deposit fee of $100 and a zero monthly monthly maintained fee. It is for large businesses that keep larger balances in the bank and transact often and balances below $10,000 don’t earn interest with this account.

 

Kindly note that the ratings are based on finding from Forbes.com. We encourage you to also carry out further research before taking any step.