As a business owner, you know that running a successful company takes more than just hard work and a great idea. It also requires smart financial management. But as you've likely noticed, managing your money as a business owner is a completely different ballgame than managing your personal finances.
That's where business checking accounts come in. These accounts are designed specifically for the needs of small business owners, providing a host of features that are tailored to fit your unique financial situation. Whether you need an account that's packed with extra conveniences or one that offers maximum earning potential, there's sure to be a business checking account out there that's perfect for your needs.
Here, we'll take a look at some of the best options on the market today to help you find the right account for your company. So, whether you're an entrepreneur just starting out or a seasoned business owner looking to shake up your banking routine, read on to discover the account that will help you take your business to the next level!
What to Consider First
There are numerous factors to consider before you select a business checking account. The best business checking accounts come with minimal fees. Look out for accounts with monthly maintenance fees, transactions fees, overdraft fees and other hidden charges as these can all add up to the cost of maintaining your checking account. In some case, you may qualify for a fee waiver when maintaining a minimum account balance.
Online banking is one of the most important features for any checking account. It makes everything a lot more simple and convenient, so you aren’t wasting hours of your time at the bank. Time is money, afterall. Some online banking features include the ability to check balances, make transfers, and pay bills. This is especially important for businesses that rely on online transactions and payments. On this same note, you also want easy access to your money which means you should consider the number of available in your area and fees associated with their use.
On top of that, you want to consider what features the bank offers. Check for features that may be important to your business, such as overdraft protection, online invoicing, and integration with accounting software like QuickBooks. Also consider the availability of 24/7 customer support. Further, having a business checking account with a given bank may give you access to certain merchant services, credit cards or business loans.
Best Business Checking Accounts
Chase Business Complete Banking
Chase bank offers this low-cost checking account with a variety of features including unlimited electronic deposits, debit card transactions, and online bill pay. While chase does come with a monthly service fee, you can avoid the fee in a few different ways.
One way is by maintaining the minimum daily balance of $2,000 or making a deposit of $2,000 each day. Another way to waive your maintenance fee is to spend at least $2,000 using your Chase Ink business credit card. If you have a Chase Private Client checking account, you can also link that to avoid fees. Finally, active or veteran military persons are exempt from the service fee but they must provide valid proof of their status.
Notable features of the Chase Business Complete Banking account is Chase’s QuickAccept payment processing built into the account that allows you to process any debit or credit card transactions, as well as make same-day deposits.
By signing up, you and maintaining a minimum deposit of $2,000 within 30 days, for 60 days and completing five qualifying transactions within the first 90 days of opening your account, you can get a $300 sign up bonus.
Bank of America Business Advantage Checking
Bank of America offers multiple tiers of business checking accounts, with a wide range of features and benefits. The first tier is the Business Advantage Fundamentals Banking with a monthly service fee of up to $16. You can waive this fee by maintaining a $5,000 average monthly balance or by spending at least $250 in new net qualified debit card purchases. Alternately, you can become a Preferred Rewards for Business member.
Some features included with this account tier are Zelle money transfers, Cash Flow Monitor and Mobile Check Deposits. The account can be integrated with QuickBooks, offers customizable employee access and access to dedicated small business specialists. The account also comes with Fraud protection and security.
The Business Advantage Relationship Banking is the first-tier option that includes all of the benefits mentioned above, along with along with an extra checking account and a savings account. There are no fees for stop payments, incoming wires or electronic deposits. Monthly service fees for this tier are $29.95 unless you qualify for the waiver by maintaining a balance of $15,000 or becoming a Preferred Rewards for Business member.
Capital One offers a free checking account with low monthly maintenance fees, and unlimited transactions and deposits. Their Business Checking account comes with a mere $15 service fee that is waived with an average $2,000 or more balance. You can also make up to $5,000 in cash deposits at no charge and otherwise pay a fee of just $1 for every $1,000 thereafter. Domestic wire transfers are just $15 or $25 for ongoing wire transfers.
Despite the charges for the above, the account comes with numerous free services that make it worth your money. For one, you’ll get free overdraft protection with a linked Capital One Business deposit account. You’ll also get free debit cards, online bill pay, mobile banking, and no-fee digital transactions – just to name a few.
