Let’s start with a fact: You need a business bank account.
Having a business account will help separate your personal and business transactions, making it easy for you to stay on top of your bookkeeping and cash flow. It’ll also help build your business credit rating and make you look more professional.
But given that there are over 4,519 commercial banks in the country today, finding the right bank for your business can be challenging. Luckily, this article can help. Here’s a list of the best business bank accounts for small- or medium-sized businesses, according to a recent study by CNBC.
Chase Business Complete Banking
Chase business complete banking ranks as the best bank account for small- or medium-sized businesses, and for good reasons. For starters, the account offers unlimited electronic transactions, and allows up to $5,000 fee-free monthly cash deposits. This business account also offers multiple ways to send and receive payment, including mobile banking, online banking, and wire transfers.
Chase Business Complete Banking customers also have convenient access to 4,700 branches and over 16,000 ATMs nationwide. Also, there’s no minimum deposit to open this account, and they have multiple ways that you can use to waive fees.
Novo Business Checking
If you are looking for an online-only banking solution for your business, Novo can be an excellent option. Novo is an online-based banking solution with no monthly fees. The account also integrates with hundreds of business tools such as QuickBooks, Stripe, etc. In addition, there are no ATM fees, and they refund fees charged by ATM operators. However, you require a $50 minimum deposit to open this account and unlock all the account features.
BlueVine Business Checking
BlueVine Business Checking is another popular bank account among small business owners. This account offers free business checking, 1% interest on your balance, and unlimited monthly transactions. In addition, there are no monthly maintenance fees, no ATM fees, no non-sufficient funds fees, and no hidden fees.
Factors to Consider when Choosing a Business Bank Account
There are several things you should keep in mind when choosing a bank account for your business. They include:
- Fee: The first thing you should consider is the fees, particularly the transaction fees. You’ll be using the account for your business’s day-to-day transactions, so you want to ensure you keep the fee costs as low as possible. Also, choose a bank that can waive the fees if you meet certain conditions.
- Minimums: What’s the minimum deposit required to open an account? Are you required to maintain a minimum or average balance in your account? It’s advisable to choose a bank that does not make you lock in a substantial amount in your business account.
- Limits: Some banks may limit the number of withdrawals and deposits you can make in a month. For this reason, be sure to find out more about the limits and how they could affect your business operations.
There you have it; the top bank accounts for small- or medium-sized businesses. But keep in mind there is really no one right type of business account. In truth, much of what puts a business account on your best list boils down to your goals. So, choose a bank account that works best for you and your business.