If you’ve done any amount of research on business checking accounts, you know that there are many banking options for small businesses—each with their own features, benefits, and fees. So which bank is best for your small business? That depends on your unique needs. In this post, we’re going to show you what to look for in a small business bank account so you can find the right one for you.
What is the best small business bank account?
The truth is, the best small business bank account is one that meets your unique needs as a small business owner. To help you define your needs and narrow your search, here are five common banking features and where to find them:
- Best small business bank account for high volume transactions: Many large banks have a limit on the number of free transactions you can make and how much cash you can deposit each month without fees. If your business makes a lot of transactions (especially in cash), look for a bank account that does not have such limits.
- Best small business bank account for cash flow support: If you want to bolster your cash flow, look for a bank account that offers low to no fees as well as high-yield interest. That way, your money will work harder for you.
- Best small business bank account for convenience + flexibility: If you want convenience and flexibility with your banking, find a bank that offers online and mobile banking options, no minimum balance requirements or other restrictions, and minimal fees. These tend to be digital bank offerings, like BlueVine Business Checking.
- Best small business bank account for financing: As a small business owner, you’ve likely needed financing at some point. Using a bank that also offers lending products (like lines of credit, invoice factoring, or business credit cards, for example) can help you streamline all aspects of your business finances.
- Best small business bank account for in-person services: If you find it easier to do your banking in person, then look for a financial institution with physical locations. Small, community banks might make sense if you’re really looking for that dedicated 1:1 service, while larger banks with a network of branches nationwide might be worth checking out as well.
What is the best type of bank account for small business?
At a minimum, you’ll need an account that accepts deposits so you can safely manage your income. The best type of account for this is a business checking account—one that provides liability protection, easier tax preparation, and hopefully a high APY. When you can make money on your own money, your cash flow gets a boost and you increase ROI on whatever fees you might be paying for your account. Of course, you can get a business checking account with high interest and no fees at online-only banks like BlueVine Business Checking.
What to look for in a small business bank account
In general, the best small business banking services fall into five distinct categories. These categories also correspond to common banking needs many small businesses have. For example:
- Basic banking services: A business checking account with online and mobile banking options.
- Transparent fees: Know exactly what fees your bank charges (if any) and if there are ways to avoid them.
- Flexibility: Some banks require businesses to meet minimum balance requirements and transaction limits to avoid fees, while others (like BlueVine Business Checking) do not.
- Lending & financing: Because most business owners seek financing to invest in growth, having lending options from the same checking account provider can help streamline the application process and your overall financial management.
- Cash management: Small businesses often use wire transfers and ACH payments in business. Some banks provide these services for a fee, while others don’t charge anything.
Which bank is best for small business?
At this point you might be wondering what banks are best for small business. Maybe you’re curious about the best small business checking account, the best simple bank for small business, or the best digital bank for small business. Whatever the case may be, we recommend looking for reviews of bank accounts for small businesses. You can typically find them at NerdWallet, FitSmallBusiness, and Money Under 30.
What do I need to open a BlueVine’s small business bank account
At BlueVine, we built our Business Checking account based on direct feedback from small business owners. In a nutshell, you told us that you want banking services with no fees, high interest, flexible financing options, and full transparency. So, we created BlueVine Business Checking with all these features and more. For example:
- No monthly maintenance fees, NSF fees, or ATM fees
- No minimum deposit or balance requirements
- 1.00% interest(the highest APY for business checking accounts on the market)
- Access to our business line of credit and invoice factoring products (and, if there’s another round of PPP funding, we stand ready to help you there as well)
- Free checkbooks, incoming wire transfers, and ACH payments
- Dedicated support and user-friendly mobile app
And because we value your time, we made sure to create a simple account setup process as well. It takes just one minute to open a BlueVine Business Checking account. You need to be a small business owner, at least 18 years old, and a U.S. citizen or resident with a verifiable U.S. address.
Learn more or open an account today at www.bluevine.com/checking.
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