Best Business Bank Accounts in 2022 | Architectural summary
• Bank tools
If you use QuickBooks, payroll software, or some other accounting tool, you may want to work with a bank that allows you to integrate data from your software. It will be much more efficient to balance your books if withdrawals automatically show in QuickBooks. If you use PayPal or Square, you may find it helpful to have these transactions appear in your checking account as well.
• The size of the bank
Little or big? Ultimately it comes down to personal preference. Having a close relationship with someone who works at a local bank (or a local branch of a national bank) can have its benefits. This person may have the option of adjusting fees or giving you more leeway on a small business loan application. The downside of small banks is that information is not always clearly spelled out online, you may need to open an account in person, and digital tools may be lacking. In contrast, large banks and domestic banks are more likely to clearly define the fine print online, allow you to open an account digitally, and deploy digital tools first, all of which can provide convenience and efficiency.
If you already work with a bank that you love for your personal finances and have a business checking account option that suits your needs, there is nothing wrong with keeping both accounts at the same bank. . Being able to access information from multiple accounts in one place or one app is a nice bonus.
Should you join a credit union?
A business bank account is a great way to keep tabs on your business finances, but it’s not the only option. Some small business owners might be drawn to a credit union, which is usually a community-minded organization that has a sense of connection to a neighborhood or region and a cooperative mindset. The main difference between the two is that a bank is a for-profit financial institution and a credit union is usually a non-profit service. Additionally, small business owners will need to become a member of a credit union to use their services, while a bank only requires an account.
If you are choosing a credit union, it is important to do your research. While many credit unions may offer similar services, such as loan administration as well as setting up checking and savings accounts, they may have less functionality than a typical bank.
The best bank accounts for small businesses
There are over 4,500 commercial banks in the United States offering thousands of business chequing account options. But what busy entrepreneur has time to sort it all out? Read the list below for the best business checking accounts from AD PRO.
Best Bank Accounts for Small Sole Proprietorships or Startups
With Well Fargo’s most basic business bank account, you can make up to 100 transactions per fee-free period and deposit up to $ 5,000 in cash each month. Deposits over $ 5,000 will incur a fee of 30 cents per $ 100. Although this account has a monthly service fee of $ 10, you can avoid the costs by maintaining a daily balance of $ 500. With a minimum opening deposit of just $ 25, this simple business banking solution is excellent for small businesses with limited cash flow. The Initiate Business Checking account may be the simplest of Wells Fargo’s offerings, but it still offers zero liability debit card protection as well as fraud monitoring. And, as with all Wells Fargo corporate chequing accounts, small business owners can apply online or at any of their branches and send in the required deposit and paperwork at a later date.
Sole proprietors with many clients, such as freelancers or entrepreneurs, will find a lot to like about BlueVine’s business checking account. Unlike the big banks, BlueVine does not have a minimum deposit, balance requirement, or monthly service fee. In addition, account holders can access over 37,000 MoneyPass ATMs at no additional cost. Small business owners can also earn 0.60% interest on balances up to $ 100,000. And, to make banking for your business even easier, you can sync your BlueVine checking account with payment platforms like Stripe and PayPal, as well as accounting tools like QuickBooks and Wave.
This small business checking account with no monthly maintenance fees or minimum balance requirements lets you make up to 75 transactions per month and deposit up to $ 2,500. Receive Comerica’s free bill payment service for 12 months (after this period it costs $ 6.95 per month). Another bonus: As your business grows, you can switch to another account using the same account number. Comerica is not a nationwide branch, but has various locations in Texas, Arizona, California, Florida, and Michigan. Fees and conditions vary by state.
If the needs of your business bank account are fairly straightforward and you need few monthly transactions, the SunTrust Simple Business bank account may be a good option. The monthly maintenance fee of $ 5 is waived for the first year; after that, you can avoid the extra charges when you do five or more debit or credit transactions per month. The account includes 50 transactions and $ 2,000 of cash processing per month. SunTrust clearly describes all of the terms and rules on its site, allows you to apply online, and has some great online resources for small businesses. A potential drawback? There are only branches in Washington, DC and 10 other states: Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia.
With no monthly account maintenance fees for the first three months and a current sign-up bonus of $ 200 in cash, this competitive account can be a good choice if you need to verify but not a lot of transactions (150 or less per month ). Once the monthly fee of $ 10 is applied, you can avoid it by maintaining an average monthly balance of $ 500. PNC has branches in over 20 states plus Washington, DC