Want to start out a small business in 2023 and you are looking for just the perfect platform for small business checking accounts? This article highlights some of the best banks for your small business
Best Banks for Your Small Business in 2023
Below are the ten top banks in the United States for small businesses;
Looking for a very good general-purpose bank for your small business? Chase is the best one for you. Chase is the best option for general-purpose small business banking. With nearly 5,000 physical locations and 16,000 ATMs worldwide, you’ll never be far from your bank. In addition, their mobile app allows you to deposit checks online, pay bills, transfer funds, and check your balance.
Some of the major advantages of this bank are;
- More than 3,500 branch locations and more than 15,500 ATMs
- Mobile banking app that is capable
- Multiple business account tiers
- Small business loans ranging from $10,000 to $500,000 are available.
- Some of the best business credit cards available.
Bank of America
The special features of this bank include;
- With the mobile app, you can deposit checks, view accounts, make transfers, and pay bills.
- ADP Cash Flow Monitor, a cash management tool that connects accounting, analytics, and payroll apps, provides credit card processing and payroll services.
- Through a collaboration with Dun & Bradstreet, you can check your company’s credit score.
- It gives debit cards for free
- QuickBooks, TurboTax, and Zelle® integrations
- Customer service is available during business hours in the branch as well as by phone or social media messages.
- Expensify provides merchant services for the bank.
- Other products include business savings, CDs, lending products, and financial analysis through Merrill Financial Advisor.
Wells Fargo Initiate
This business bank account allows for free transactions of up to 100 per fee period and cash deposits of up to $5,000 per month. Although there is a $10 monthly service fee on this account, it can be avoided with a $500 daily balance.
This solution is ideal for a small business with limited cash-flow activity because it requires only a $25 opening deposit. The Wells Fargo Initiate Business Checking account is the most basic of Wells Fargo’s offerings, but it still includes zero-liability debit card protection and fraud monitoring. Small business owners can apply online or in person, as with all Wells Fargo business checking accounts, and then send deposits and required documents later.
The major features of Bluevine are;
- There is no monthly maintenance fee.
- There is no requirement for a minimum balance.
- Every year, you’ll receive a free debit card and two free chequebook orders.
- QuickBooks and Xero integration
- Connects to business payment services such as Stripe, PayPal, and Expensify.
- Dedicated professionals provide live customer support.
- It provides a credit line
Axos is the oldest and most well-known online bank in the United States. Their basic business checking accounts have no minimum balance requirement, and they provide a variety of lending options. Furthermore, while Axos does not have any physical locations, you can access your Axos checking account for free from any ATM in the United States.
At Comerica, a small $50 deposit can grant you a no-interest account without a monthly maintenance fee or minimum balance requirement. You can also avoid paying activity fees if you deposit up to $2,500 per month or make 75 or fewer transactions.
Comerica can sync with QuickBooks, allowing you to send digital payments and keep track of your finances. Furthermore, as your company grows, you can upgrade to a different account while keeping the same account number. Comerica is not a national chain, but it does operate in several states (though fees and conditions will vary).
The features of the US bank are;
- You can send and receive money using the bank’s mobile app
- Integration of digital invoicing and payment systems into your online dashboard
- It has a mobile app for tracking all of your accounts, transferring funds between them, and depositing checks online.
- For your business, it is simple to integrate overdraft protection or credit card processing services.
- Free debit card and 50% off first check order of up to $50
- Customer service is available during business hours online, by phone, or in-branch.
- Other products include lending and cash flow products, alternative checking options, and point-of-sale services.
First Home Bank
First Home Bank, based in Florida but serving clients nationwide, is frequently ranked as one of the top ten most active SBA lenders in the country. It also provides a variety of other banking services to small businesses, such as checking and savings accounts and non-SBA loans.
First Home Bank has been designated as a Preferred Lender by the SBA. That is, if you apply for an SBA loan through First Home, the approval process will be expedited.
With no monthly account maintenance fee for the first three months and a digital cash flow platform that helps you manage your business finances, this competitive account may be a good fit if you need checking but don’t do a lot of transactions (150 or fewer per month). Avoid the $12 monthly fee by keeping a $500 average monthly collected balance.
Capital One is the only bank on this list that offers to check with no minimum account balance and free, unlimited transactions. It also has five different small business credit cards available.
Do you Need a Separate Bank Account for your Small Business?
This depends on the size of your company.
If you’re starting a formal business with employees and a physical location: Yes, without a doubt.
A business checking account, on the other hand, is usually more trouble than it’s worth for independent contractors, freelancers, and other 1099 workers. You are free to continue using your personal account.
Frequently Asked Questions
What Kind Of Bank Account Should I Open For A Small Business?
You should open a business bank account as soon as you begin accepting or spending money for your business. A checking account, a savings account, a credit card account, and a merchant services account are all examples of common business accounts.
How Much Should I Start With Business Bank Account?
To open a business account, most banks will require you to make an initial deposit. This can range between $500 and $30,000. If your company has a small starting capital, you should choose an account that does not require a large initial deposit.
Can I Use Personal Bank Account For Business?
You can legally use your personal bank account for both business and non-business transactions, or you can open a second personal bank account for your business. A limited company, as a separate legal entity, requires its own business bank account.
How Long Does It Take To Open A Business Bank Account?
It usually takes 1 to 4 weeks to open a business account because the bank needs to confirm your identity, business, and any directors registered to your company. Several factors, such as having a regular current account with the bank, can expedite the process.
CHECK THIS OUT:
- Near Me Wells Fargo – Wells Fargo ATM Near Me
- Customize Wells Fargo Card – How to Customize Your Wells Fargo Card
- Activate Wells Fargo Card – How to Activate Your Wells Fargo Card
- Free Online Checking Accounts – Online Checking Accounts for your Services
- Best Online Banks – Best Online Business Banking for 2021
- www.wellsfargo.com – Apply for a Wells Fargo Credit card
- Wells Fargo active cash card – How to Redeem Well Fargo Active Cash Card