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Opening a business bank account is a must for small business owners. Even if you understand that it's important to keep your business and personal finances separate and you're just starting in your journey as an entrepreneur, you might not know which features to look for in a business checking or savings account.
The following guide can make it easier for you to narrow down the best bank for your business. Keep reading to discover five features that seasoned business owners look for when choosing a financial institution to handle their business banking needs.
A business bank account should make your job as a small business owner easier, not harder. Below are some of the features you might want your business' bank or credit union to offer.
- Online Banking: The ability to access your business bank account details online 24/7 is important for a busy business owner. The best banks for small businesses provide online banking solutions and user-friendly mobile apps that allow you to review your account history, transfer funds, make mobile deposits and more.
- In-Person Banking: Some business owners might not care about this benefit. But if your company makes frequent cash deposits or you prefer to visit your bank branch in person, you should look for a financial institution that offers this capability.
- Services: Depending on the type of business you run, you may need the ability to write checks, link a savings account, use bill pay services, send or receive wire transfers, use a debit card and more. You might also appreciate the ability to open a business credit card from the same bank (although it's wise to shop around and see what other card issuers have to offer). Overall, you should make sure the bank you're considering offers the key features you need to run your business efficiently.
- Accounting Software Integration: If you use accounting software to manage your business finances, finding a bank that can integrate with that software can be a huge time saver.
2. Low Fees
No one likes to pay monthly bank fees. Yet fees are often part of the arrangement when you open a business bank account.
If you're searching for a new business bank for your company, be sure to pay attention to the monthly fees that different financial institutions charge. You'll probably want to avoid banks with higher fees. At the same time, if you can find banks that offer no fees, low fees, or an easy way to qualify for fee waivers, you may want to add those names to your shortlist.
In addition to monthly fees, don't forget the other costs associated with business bank accounts. Some banks offer ATM fee refunds, for example, which could save you money if you need to access cash frequently for your business. Meanwhile, minimum balance and overdraft fees are two types of expenses you should watch out for when you're comparing your options.
3. Competitive Interest Rates
Some banks are willing to pay interest on the funds you store in your business deposit accounts. The higher the annual percentage yield (APY) a bank offers, the more money your business has the potential to earn.
Here are a few of the best interest-bearing business checking and business savings accounts currently available:
Standout Interest-Bearing Business Account
Axos Business Interest Checking
- Our Rating 4/5 How our ratings work
- APYUp to 1.01%
Customers earn 1.01% APY on balances between $0 and $49,999.99; balances between $50,000 and $249,999.99 earn 0.20% APY; balances of $250,000 or more earn 0.10% APY.
Up to $100Expires June 30, 2023
Eligible accountholders can earn up to $100 during the first five statement cycles using code SBIZ100: $25 for each statement cycle during which the average daily balance in your account is at least $5,000. A maximum of four payouts can be earned during the five statement cycles.*
Axos Business Interest Checking is our favorite small business checking account for newly incorporated businesses. We’ve seen them offer up to 1.01% APY on your funds, which is great for a checking account, typically has a solid sign-up bonus, 50 free monthly transactions, and it’s relatively simple to waive the $10 monthly maintenance fee. But keep in mind Axos is an online bank, so cash-heavy businesses are not a good fit.
Axos Bank’s Business Interest Checking Account is a great option for newly incorporated businesses eager to earn interest on deposits. It offers up to 1.01% interest, as well as a sign-up bonus worth up to $100.
- Earn interest on deposits
- Monthly maintenance fee can be waived
- Unlimited reimbursements from any domestic ATM
- APY decreases with higher balances
- Limited fee-free transactions every month
- Monthly maintenance fee
To be eligible to earn all or a portion of the cash incentive as part of the “SBIZ100" $100 promotion, a Basic Business Checking (BBC) or Business Interest Checking (BIC) that includes the promotional code “SBIZ100" must be submitted between 05/15/2023 at 12:00am PT and 11:59pm PT on 06/30/2023. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking or savings account at any time in the past 12 months may be disqualified from the “SBIZ100" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:
Small Business Checking bonus up to $100: You must be approved for your new Small Business Checking account and fund it within 60 days of account opening. A cash bonus of up to $100 can be earned in the following manner during the first five (5) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. $25 will be earned for each statement cycle during which the average daily balance in your Small Business Checking account must be at a minimum $5,000 or greater. A maximum of four (4) payouts can be earned during the five (5) statement cycles and the bonus will be deposited into your Small Business Checking account within 10 business days following the end of the statement cycle in which the balance requirement was met. Your Small Business Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus and your Small Business Checking account must remain open for 120 days or an early closure fee of up to $100 may apply.
Other Accounts to Consider
- BlueVine® Business Checking
- First Internet Bank Business Money Market Savings
- Axos Bank Business Savings
- Live Oak Business Savings
4. Transaction Limits
Some banks may impose transaction limits that could hold your company back or make it more expensive to conduct business in a way that's most convenient for you. A bank might place limits on:
- Mobile Deposits
- Bill Payments
- Electronic Transfers
Take mobile deposits, for example. Depending on the bank, your company might face limits on the number of mobile deposits it can make per month. After reaching the monthly threshold of mobile deposits, your company might not be able to make additional deposits or it might have to pay additional fees to do so.
Additionally, mobile deposits might have a per-transaction limit at your bank. And a bank may impose a cap on the maximum dollar amount of daily mobile deposits it will accept as well (i.e., you can deposit up to $5,000 in mobile deposit funds per day).
If making a large number of mobile deposits (or depositing large amounts of money via mobile deposit) is important to you, you'd want to search for a business bank account with fewer restrictions in this area. The same is true if you plan to write a lot of business checks, use the bill pay feature heavily, or make a lot of electronic funds transfers.
5. Bonus and Promotional Offers
New bank account bonuses and promotions can be a great way to earn a little extra money for opening an account that your business needed anyway. A new account bonus shouldn't be the only reason you choose a primary business bank account. But if a bank offers financial services that seem like a good fit for your business, earning some extra cash could be a nice added benefit.
Standout Business Account Bonus
Chase Business Complete Checking℠
- Our Rating 5/5 How our ratings work Read the review
Up to $500Expires August 3, 2023
Earn up to $500 when you open a new Chase Business Complete CheckingSM account. For new Chase business checking customers with qualifying activities.
The Chase Business Complete Checking℠ account is an attractive option. It offers the convenience of one of the largest financial institutions in the country, and it frequently offers bonuses that are relatively easy to earn. While it does not allow you to accrue interest on your funds like some other popular small business checking accounts, it's still very much worth considering if you can meet the requirements to waive its monthly fees.
The Chase Business Complete Checking℠ account comes loaded with a valuable sign-up bonus and an assortment of helpful perks, so long as you can meet the requirements to waive its monthly fees. It’s a good fit for many business checking customers, regardless of business size.
- Generous signup bonus
- Several options to waive monthly fee
- Same-day deposits using QuickAccept℠ service
- Huge network of in-person branches and ATMs
- Monthly maintenance fee
- Overdraft fees are relatively high
- Limit on fee-free cash deposits and physical transactions
If you do sign up for a new business bank account to earn a new account bonus, be sure to read the fine print. Typically, you have to jump through a few hoops to satisfy a bank's criteria for an introductory bonus offer. And you don't want to miss out on a bonus opportunity because you forgot to complete a requirement.
Whether you're in the market for a new business bank account, credit card, loan, or any other type of financial product, it's always smart to shop around for the best deals. It does take a little extra time to compare offers from multiple financial institutions (or lenders or credit card issuers, depending on the financial product you need). The extra research can pay off in big savings over time.