What Are The Best Bank Accounts To Use For Small Businesses?
It might not seem like something important to consider, but having the right checking business bank account can help save you a lot of time and money. Depending on what your business may be, and how it operates, either online or in traditional brick-and-mortar locations – business bank accounts are a crucial part of your daily operations.
<>Having the best business bank account, either for small or medium-sized businesses can help you pay for deliveries, additional services, upgrades to certain equipment and systems, receive payments, keep track of your finances and also help you easily pay employees and other members of the business. You can read a more detailed guide on some of the 7 best business bank accounts for small businesses online.
Here are some of the best business bank accounts for small businesses:
Online Business Bank Account by BlueVine
Advantages
A lot of smaller business trade online, either as an online store or perhaps rendering from working with physical cash. An online bank account is easy to set up and operate, as it doesn’t require you to physically visit a bank to open an account. One of the best online banks currently in the U.S. is BlueVine and offers a 1% interest on your balance, no incoming wiring fees, no ATM fees, and also no non-sufficient fund fees.
Best suited for
An online bank account is great for small startup businesses, looking to have an ease of operations, with minimal admin and less financial constraints, paying high bank charges and fees.
Chase Business Checking Account
Advantages
If you’re looking for a trusted bank account, and also a well-established bank, then using Chase, one of the biggest banks currently in the U.S. is a great option. The advantages of using a bigger bank are that it comes with more banking options, thousands of offices, and ATMs across the country, lower banking fees for smaller businesses, online and mobile banking.
Best suited for
Chase is a great option for entrepreneurs and small startup companies who still ensure the growth of their business but requires a small business bank account.
Wells Fargo Simple Business Checking account
Advantages
Wells Fargo, the oldest bank in America has a great track record for helping businesses open and operate their business banking and checking accounts. They can offer zero liability protection, easy payment options, additionally with ease of payment receiving options. They can also assist with monitoring your business banking activity, ensuring that you can stay up to date with transactions taking place in your business bank account.
Best suited for
Depending on the size of your business, but Wells Fargo is a great choice for small brick and mortar businesses. As the bank has hundreds of outlets scattered across the U.S., Wells Fargo makes business banking super easy for well-established businesses.
Spark Business Checking Account
Advantages
Capital One offers the Spark Business Checking Accounting for any size of business looking to make their banking needs a lot more convenient and affordable. This business checking account comes with unlimited transactions, no cash deposit fees up to $5,000 per month, no ATM fees, remote check deposits, a no minimum balance requirement, and the best of all – zero monthly service fees. Additionally, the account comes with an easy to use business banking mobile app, that can be used from anywhere.
Best suited for
No matter what the size of your eCommerce business, the Capital One Spark Business Checking Account will cater to your needs.
Silicon Valley Bank Business Account
Advantages
If you’re looking for a simple business bank account for your small business, SVB is a great option. It offers free wires on both international and domestic transfers in any currency. Proprietary reports, a no minimum balance requirement, and any type of business can have additional or multiple checking accounts at no extra cost.
Best suited for
If you have a seasoned tech firm, or a small tech startup company looking to grow your influence, then SVB would manage your business banking accounts without any hassles.
