Best Small-Business Checking Accounts

Best Small-Business Checking Accounts

It’s always advisable to have a checking account as a small business. In the current economy, it’s more secure to keep your money in bank accounts. There is nothing terrible like your whole sales going out with some armed robbers. And that’s one thing that can bring down your business.

A checking account is a bank account where you can quickly deposit and withdraw money in daily transactions.

But do you know why a small business should always have a checking account? Well, let’s see that.

Reasons to have a checking account as a small business

  • Your small business money will be secure in a checking account
  • You can quickly get a small payday loan.
  • Its easier to manage your money while in a checking account
  • Your expenses will not affect the business cash
  • It will help you simplify tax reports

Now that you know why your business should have a checking account let me show you the best small business checking accounts.

Checking accounts suitable for small businesses

1. Lending club checking account

Lending Club is an online bank that can facilitate small business checking accounts. It started in 1987, and it’s among the most prominent online money marketplace over the years.

If you deposit your business cash in the Lending club checking account, you will get a 0.10 Annual Percentage Yield(APR). However, that applies to balances above $5,000. The lending club does not charge any ATM fees, and it can rebate fees from other ATMs in the world.

With the Lending club, you can get a savings account, money markets accounts, and loans, all for small businesses. If you meet the requirements, you will get a cashback and also interest.

The good thing about the Lending Club is that you can access everything online, including live support chat for seven days.

2. First Internet Bank

First Internet Bank is another suitable place to get a small business checking account. It offers a 0.30 APY for average daily balances of $10,000. There is also a mobile business banking app that you can access at any time of the day.

There are no monthly maintenance fees for small business accounts, and you can get a monthly ATM reimbursement fee of up to $10.

3. Novo

Novo is an online banking platform that is suitable for small businesses checking accounts. You can deposit a check using a photo, and there are no fees associated with the bank.

The minimum opening balance of a Novo account is $50, but afterward, there is no minimum balance in the account.

4. Chase Business Complete Banking

Chase Business Complete Banking usually pairs a business with a Chase CheckAccept. With that feature, a small business can swipe customers’ cards for payment. However, you will spend a small fee to process the card payments.

With Chase Business Complete banking, you can withdraw a maximum of $3000 per day. Chase also offers a savings account, CD’s, and loans account for small businesses.

You can access Chase banking either in physical branches, online, or using ATMs, and that means that it will be more convenient for small businesses because you don’t have to keep moving around.

5. NorthOne Business Banking

Northone is another bank suitable for small business checking accounts. You can do unlimited transactions, whether online banking, depositing checks, or ATM withdrawals.

However, NorthOne has high transaction fees and a monthly flat fee of $10. The minimum amount of opening a NorthOne business banking is $50, but there is no minimum account balance afterward. Your money doesn’t earn interest while in NorthOne business bank.

6. BlueVine Business Checking

BlueVine is another suitable bank that offers small business checking accounts. Those with balances of up to $100,000, your business can earn an APY of up to 1%. However, balances more than $100,000 do not earn the APY.

Bluevine gives a Mastercard business debit card, and you can transact as much as you want. In addition, there is a convenient mobile app that you can use at any time, seven days a week. In case you need help, there is also customer service available.

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The bottom line

You can choose the more convenient bank for you to start an account for your small business. Always check for online reviews of any bank that you want to create a checking account.

Remember that you will be committing your business funds to that account, and so you should be sure of security. Also, get a checking account from a bank that can give you a business loan once you need it.