Pnc Business Checking Plus
With this PNC business bank account, theres no charge for up to 500 combined transactions per month. With more opportunities to offset monthly account maintenance fee than the companys Business Checking account, Business Checking Plus also offers cash-flow insight and analysis at no charge. You can also earn cash back with PNCs rewards program, and the banks Quick Switch Kit makes it easy to switch banks. Apply online, by phone, or in person.
Best For Getting A Safe
Overview: Regions Bank has about 1,400 banks in the South, Midwest and Texas.
Perks: Regions Banks Simple Checking Business account might be an option for business owners looking for a safe-deposit box discount at a bank.
One way to waive the $7 monthly service fee is by making at least $500 in purchases with your Regions Business CheckCard.
You also only need $100 to open this account.
What to watch for: Regions Bank has locations in 16 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Best Small Business Checking Accounts In 2021
Benilyn has over a decade of experience as a banking officer. Her expertise is featured throughout Fit Small Business in personal finance, , and real estate investing content.
This article is part of a larger series on Business Banking.
Business owners need to open a business checking account to keep business and personal finances separate. The best business checking account is not costly to maintain, provides an opportunity to earn interest, and offers features that are useful for your business. Its essential to choose a business checking account that meets your business unique needs.
The best small business checking accounts are:
- Bank of America: Best overall for cash deposits and a big introductory bonus
- Chase Bank: Best for a free checking account with low monthly deposits
- Capital One: Best for low-cost checking with unlimited transactions
- U.S. Bank: Best for making few monthly transactions
- Wells Fargo: Best for flexibility when upgrading account services as a company grows
- First Internet Bank: Best for opening multiple online accounts with the same bank
- : Best for free ATM Use
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Best Bank For Sba 7 Loans: Wells Fargo
If youre a business that needs funding or suspects that at some point youll need a business loan, then you may want to consider a bank that specializes in small business lending specifically Small Business Administration 7 loans. We did some research and found that the largest bank, Wells Fargo, is one of the best banks to do business with if youre trying to get approved for an SBA 7 loan. For small businesses, Wells Fargo offers what they call Simple Business Checking.
Here is a quick summary of their small business bank account:
- The first 50 transactions are free
- Included per fee period at no charge
- The first $3,000 in cash deposits processed per fee period at no charge
- Text and mobile banking
- Access to their National Business Banking Center
You can conveniently open a business bank account online with Wells Fargo. Just fill out the online application once you have gathered together the following:
- A valid Wells Fargo Online Banking username and password
- Social Security number
- Business tax identification number
- Valid drivers license or state ID
- US State or Territory business registration information. They do not accept applications for businesses formed outside of the United States unless the business is in a US Territory.
- $25 opening deposit
What Do You Need To Open A Business Bank Account
Requirements to open a business bank account vary by the financial institution. However, most banks require the following:
- Employer Identification Number or Social Security Number for sole proprietors
- Business formation documents
- Ownership agreements
- Business license
Account signers need to bring their personal identification to open the account. Most banks require an initial deposit to fund the account when it is opened; the minimum opening deposit requirements vary by the bankand can be a key factor, along with ongoing minimum account balances, to consider when choosing one.
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Which Is The Right One For You
The first step to finding the right business bank account for you is to identify what the most important features are. Whether it’s free to access to ATMs, easy account accessibility, mobile banking features, or support tools for business owners, knowing your non-negotiables can help you decide which bank account is the right one for you.
After you’ve narrowed down your choices to three or fewer banks, compare them against each other. There may be perks offered by one that puts it above the rest. Or maybe you prefer the ease of calling to ask a question without jumping through automated hoops to get to a live person. Comparing each company can help identify the right business checking account.;
Finally, compare customer reviews and user experiences to determine the business checking account winner if you haven’t narrowed it down to one. Reviews can show how banks handle and resolve issues, plus you may find out expected wait times if you have to call in. With a wide range of business bank accounts to choose from, finding the right one may take some time.;
But, if you have to switch, there are still plenty of options to choose from.;
Cibc Unlimited Business Operating Account
As the name suggests, this account gives you unlimited transactions with a cash, coin, and check deposit package for a $65 monthly fee. Looking at how few monthly transactions are included in most of the more inexpensive business bank accounts and how quickly additional transaction fees stack up, this may well be the most inexpensive option if your business has a lot of monthly transactions. CIBC also offers a smaller plan for a $35 monthly fee, which includes 100 transactions per month.
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Compare Bank Of Americas Small
Data effective 12/2/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.
Its rates are definitely competitivebetter than youd find from most alternative lendersbut only if you can qualify.
To get one of BoAs Business Advantage loans or lines of credit, your business needs to be at least two years old and generate $100,000 in annual revenueplus you need a personal credit score of 670 .
And for the other loans? Still two years in business and a 670 credit score, but you need at least $250,000 in revenue to be in the running.
For a deeper dive into BoAs financing options, check out our Bank of America small-business loans review.
Best Bank For Ecommerce: Axos
Most ecommerce small business owners process all their transactions digitally, and receive payment the same way. In that case, having a brick-and-mortar location where you can deposit cash probably isnât high priority. Enter online-only banking.
Axos is the oldest, most well-established online bank in the USA. Their basic business checking accounts have no minimum balance, and they offer a wide range of lending options. Plus, while Axos doesnât have any physical locations, you can access your Axos checking account from any ATM in the USA for free.
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Us Bank Gold Business Checking Package
If your business has moderate transaction activity, U.S. Banks Gold Business Checking Package can manage cash flow with 300 free transactions per statement cycle and 100 cash deposits. U.S. Bank also offers payroll processing and an EZ-Switch Kit to help you conveniently transfer a new business account. Youll need to apply in person at one of the 3,200 branch locations.
Can I Complain About My Business Account Provider
Yes. In the first instance, you’ll need to complain to the provider itself – hopefully it will be able to rectify the issue to your satisfaction. If not, and you’re a small business or sole trader, you should be able to escalate your complaint to the Financial Ombudsman, just as you would with any complaint about your personal banking.
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Which Is The Best Business Bank Account
The UK has a highly competitive banking sector and its emergence as a leading player in the fintech world has only increased the choice on offer. For businesses this is good news as it means youve got lots of banks vying for your custom. In conclusion, when picking the best business account think about the following factors and what is most important to you:
- Service quality See if the bank has won any awards and how it performs in customer satisfaction surveys.;
- Mobile and app services All the banks now have a substantial digital offering. Understand what sorts of features are included within their app e.g. expense categorisation, budgeting and invoicing tools.
- Overdrafts Having an overdraft facility can be incredibly useful. However, this is not always available especially with digital-only banks.;
- Account management If you think youd benefit from having a direct contact at the bank for advice and support, some paid accounts offer dedicated account management.
- In-branch services If youre going to need to pay in cash or cheques, youll need to know how this is done if your bank doesnt have in-branch services.;
Business Banking: 10 Tips For Choosing The Right Bank
Banks differ in the products and services they offer. Here are 10 things to consider when finding a bank to meet your business needs.
Choosing a bank for your personal banking is hard enough finding a bank for your business needs can feel even more overwhelming. There are so many choices, where do you even start?
Banks differ in the financial products and services they offer to small businesses and start-ups. Fees, lending options, and perks may vary widely. These are 10 things you should consider when shopping for a bank to meet your business needs.
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How To Open A Bank Of America Business Bank Account
Bank of America makes it easy to open a bank account. In fact, it lets you initiate the process at your local branch, over the phone, or on its website. Heres the rundown:
For more information on opening your new account, check out our guide on how to open a business bank account.
Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.
What Are The Benefits Of A Business Checking Account
A business checking account should help keep your personal and business banking separate.
- It could help limit potential liability and make it simpler to file taxes.
- It makes it easier to see how your business is doing.
- A business checking account might also offer you more options, such as the ability to accept credit card payments.
- Your business will look more professional when writing checks.
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First Citizens Bank Basic Business Checking
Need a checking account with a low opening balance, no minimum balance, and no maintenance fees? Consider First Citizens basic business bank account, which offers free transactions up to 175 items and $5,000 each month. Open an account with just $100 at one of the 500-plus branches across the South, Southwest, and West Coast.
Best For Cash Deposits: Wells Fargo Navigate Business Checking
Founded in 1852, Wells Fargo has grown into the third-largest bank in the U.S. with over $1.7 trillion in assets. It numbers more than 7,400 locations and 13,000 ATMs in 32 countries. The Navigate Business Checking account is best for depositing cash because the first 250 transactions and $20,000 in cash deposits per month are included at no extra charge.
High number of monthly transactions allowed
Large branch network
No fees for stop payments, cashiers checks, and other business services
High monthly service charge/high balance to waive fees
Low interest rate tiers
$0.50 per item and $0.30 per $100 over transaction limits
Other important information:
- Minimum balance: $25 to open the account
- APY: Rates not available online; you must speak with a banker. For example, rates in Nashville, TN are 0.05% APY above $25,000; 0.01% APY below $25,000. No interest earned on days that balance falls below $500
- Transaction Limits: 250 transactions per month, then $0.50 per transaction; $20,000 in cash deposits per month, then $0.30 per $100 deposited
- Fees: The monthly fee of $25 is waived with a $10,000 average balance or $15,000 in combined balances .
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Rbc Ultimate Business Account
At the top end, this all-inclusive account offers unlimited debit and credit transactions, unlimited items deposited, $25,000 in cash deposits and 100 paper transactions per month, all for a $100 monthly fee. Additional transactions are $1.25 each.
Most accounts in this tier will offer to waive your monthly fee when you maintain a certain daily balance, which can range from $20,000 to $75,000.
Where To Open Bank Accounts
Several banks and credit unions offer affordable accounts for self-employed business owners. Fee structures for these accounts are typically different than fees for personal accounts, so ask about fees for business accounts, and describe how you plan to use your account. Here are your options for opening business bank accounts.
- Local credit unions:Credit unions are often a good option for inexpensive financial services. Those customer-owned institutions tend to focus on low fees and competitive rates, but some credit unions have roughly the same pricing model as big banks.
- Small banks: Smaller, regional bankshave a community focus similar to many credit unions. Plus, they may help you develop local relationships. Small banks and credit unions might seem quaint, but most institutions have enough horsepower for all but the largest businesses.
- Online banks: Online banks tend to keep prices low and offer attractive rates. You wont be able to do as much in person, but you can probably accomplish everything you need if youre relatively self-sufficient.
- Big banks: Large, national banksget a bad rap, but they have an extensive presence and all of the services youd ever want as your business grows. US Bank is one bank that offers free checking to small companies, and other banks offer free accounts if you qualify for fee waivers.
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Say Hello To Britains Best Business Banking Provider 2021
Theres a faster, easier way to stay on top of your businesss finances. Apply for a free digital business acccount easily within the app to get your Mastercard debit card, plus:
An easy-to-use business account stacked with powerful money management tools. All with no monthly fees or UK payment charges.
Free 24/7 UK support via app, phone or email, with fast response times and help from real humans.
A fully regulated UK bank account, where your moneys covered up to £85,000 by the Financial Services Compensation Scheme.
An easy life. If you want us to, well move all your banking over for you through the Current Account Switch Service .
Most banks charge fees for what limited companies get for free with Starling business. Give our comparison table a quick scan to see for yourself.
“No monthly fees means business banking is one less thing to worry about.”
Olly Browning, Mighty Oak
Best For Earning Interest
Though BlueVine is not a bank but a financial technology company, it is still FDIC-insured for up to $250 000 per account through The Bancorp Bank. Enjoy unlimited transactions, no insufficient funds or monthly fees with the BlueVine Business checking account. BlueVine offers 1.0% on the first $100 000 balance in your account, which is one of the highest yields in the nation for business checking accounts.
BlueVine also offers two free checkbooks, and there is no minimum deposit to start or balance to maintain. Though there are no brick-and-mortar locations, you can deposit checks through the mobile app and cash at over 90,000 Green Dot retail locations. Payments or external account transfers can be made through the BlueVine online dashboard, though outgoing wire transfers incur a $15 fee, and there is no option to accept incoming wire transfers at this time.;
Partnered with MoneyPass, BlueVine checking account holders can withdraw cash for free from over 38 000 ATM branches across the country. Out-of-network ATMs may be charged a fee as determined by the owner, even if the transaction is not completed.
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Are You Working With The Sba
If you are applying for an SBA loan, you may want to consider developing a relationship with an SBA lender. The SBA lists lending-friendly banks for small businesses and directs business owners toward preferred lenders in their respective states. Talk to your loan officer at the SBA about your options for banking and whether you should limit your bank search based on your potential SBA loan.
Pros Of Keeping Business And Personal Finances Separate
Business accounts work in a very similar way to personal accounts; you’ll be able to set up payments, have people pay you and make debit card transactions. Setting up a separate account has a lot of positives going for it, through there are a few downsides too.
If you’ve decided to go for it, read on. If you just want a personal account, read our;Best Bank Accounts;guide.
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