As a business owner in the U.S., you know that selecting the right business bank account is no easy task. Many banks will entice you with all forms of offers, with others going to an extent of making empty promises. To avoid the tremendously laborious process of choosing the right account, you’ll want to approach the bank you operate your personal account with. Consider the following when choosing a bank account for your business.
💸 Fees and Other Charges
It is often worth having the bank explain each of the fees you incur. In most cases, the fees include standing charges for banking, transaction charges, overdraft charges, and international payments. Banks also charge customers when accepting card payments. Choose the bank that charges the smallest fees.
💻 Online Transactions
With the normal busy business schedule, you don’t want to drive to your bank whenever you want to check balances and deposit or withdraw cash. You know that the fewer times you visit your local branch, the fewer charges you’ll pay, so choose a bank that supports online transactions.
🤑 Use Specialist Services
Admittedly, your bank can satisfy various, if not all, financial service requirements this way. However, high competition and the ever-improving technology have made banks choose niches and offer services that are unique and tailored. There are banks that are good in funding and moving money (to employees and internationally), while others pay when you save with them. Choose specialist banks for different financial needs, and you’ll save big.
🗣 Bank Reputation
Banks with bad reputations are not uncommon in the U.S. and you’ll hear or read that one or two banks mistreated customers in one way or the other. Take care not to choose banks that take advantage of customers and steal from them or impose high fees on transactions. Read online reviews to know the best banks to open business accounts with.
👀 At a Glance
Be sure to choose a bank that’s reputable and supports online transactions, charges small fees, and has specialized in certain fields.
Best Bank Accounts for Businesses
All businesses need a reliable financial institution to rely on, such as a bank, where they can tend to their transactions. In the United States, many well-established banks offer a lot of different options when it comes to business accounts. They each have their own features, which can sometimes lead to confusion for the small business owner, as to which is the best choice for them.
Bank of America
Some business owners want to deal with a bank that they will have easy physical access to. Meaning that they want one that has a lot of branches. For these companies, Bank of America will be a good choice. They are set up in plenty of locations. Their rates are on par with other banks. They also often have a useful introduction bonus that they offer for new business accounts.
Not everyone wants to deal with a large banking institution. Some small businesses don’t do that many transactions a month and want more personalized service. For them, Citizens Bank will be a good choice, particularly if they do less than 200 banking transactions each month.
Capital One Bank is a good option for many, depending on the nature of the company. They are known for their low-cost checking fees, with no limit on transactions.
This financial institution is known for being a bank that a company can grow with. They are flexible with their business accounts, by allowing a company to upgrade their accounting services as needed. This way, the business is not paying for services they don’t yet need.
A lot of businesses will rate Chase Bank as being the best overall for the small business that wants to grow. It has a good introduction bonus, and the fees are usually lower than most.