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Every Entrepreneur needs a checking account for their financial needs. Whether you are into a startup, small business, sole proprietorship, or any other business, everyone needs to separate their business transactions from their finances. If you do not differentiate your finances from the business ones, you may open various risks, including liability for business debts and lawsuits or issues while filing your taxes. Before listing down the best business bank accounts for Entrepreneurs, startups, and small business houses, you must first understand what exactly these accounts are meant for?
- 1 What Are Business Bank Accounts?
- 2 Considerations For The Best Business Bank Accounts
- 3 The Best Business Bank Accounts In 2022
- 3.1 Chase Total Business Checking
- 3.2 Novo
- 3.3 Citizens Bank Clearly Better Business Checking
- 3.4 US Bank Silver Business
- 3.5 Huntington Bank Unlimited Business Checking
- 3.6 TD Business Convenience Checking Plus
- 3.7 Navy Federal Business Checking
- 3.8 BBVA Business Connect Checking
- 3.9 Axos Banking Basic Business Checking
- 4 Conclusion
What Are Business Bank Accounts?
A Checking Account is just like any other Bank Account but with unlimited deposits and withdrawals, making these accounts beneficial for Business owners or Large Enterprises who do not have any limited financial transactions.
Business checking accounts mostly have some fees, minimum balance requirements, and monthly transaction limits. Still, once you go through the benefits of different types of business bank accounts, you may end up finding the most suitable one for you.
Considerations For The Best Business Bank Accounts
One should consider certain factors before choosing the best option from the pool of best business bank accounts. They are as follow:
- Minimum Balance and deposit requirements
- Monthly transactions
- Maintenance fee
- Bank location and size
- There is not to worry about the problems. You can choose from the options.
The Best Business Bank Accounts In 2022
This article will help you in choosing the best business bank accounts for your business.
Chase Total Business Checking
It is one of the most popular and best checking accounts for business, preventing you from the hassle of limited transactions per month. With a maintenance fee of $15 per month, you can experience the benefits of free 100 transactions per month, unlimited electronic deposits, and access to a vast network of ATMs.
Monthly fees are also reduced to some amount if you enroll yourself in paperless/ e-statements.
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If you are looking for a checking account free of maintenance fees, Bank Novo is the one for you.
Novo is the best example of a digital account that allows one to do every step from opening an account to daily transactions from the application itself. In addition, the account is free of any minimum monthly deposit amount except for a $50 opening deposit, provides unlimited transactions and transfers, and accesses various business tools such as Zero, Slack, etc.
Some beneficial points of Bank Novo are:
- No monthly maintenance fee.
- No minimum balance is required.
- Free transfers and mailed checks.
- Free ATM.
Bank Novo ensures you can do everything through the app. Therefore, it is one of the best business bank accounts.
Citizens Bank Clearly Better Business Checking
This allows the Entrepreneurs and small business houses to have 200-500 transactions per month depending upon the products and without fees.
The Citizens Bank Better Business Checking has more than 3000 ATMs and has built-in benefits such as Online, Mobile, and Phone Banking to conduct online transactions. This account’s major feature is that it provides access to other important parties such as an accountant or bookkeeper in a controlled manner. So, it is the best small business checking account.
US Bank Silver Business
US Bank Silver Business checking account is a better option for comparatively new and young business people or entrepreneurs who have relatively fewer transactions per month, as they just entered the business world. It provides the users with five free cash deposit units per month. The US Bank also offers other additional services such as Free card reader, digital invoicing, and credit on payroll services.
- It gives you 25 free cash deposit units per month.
- It has a total of 3,067 branches and 4,771 ATMs.
U.S. Bank owns corporate naming rights to the following:
- U.S. Bank Stadium in Minneapolis, Minnesota
It is a sponsor of:
- Denver Broncos – Official Bank of the Denver Broncos.
- Minnesota Vikings – Official Bank of the Minnesota Vikings.
- San Francisco 49ers – Official Bank of the San Francisco 49ers.
- Utah Jazz – Official Bank of the Utah Jazz.
- NHL – Official Partner of the NHL.
US Bank offers:
- A free card reader
- View post-digital invoicing
- A $200 credit on payroll services
This is a good account for those who want a familiar bank. So, it is one of the best business bank accounts.
Visit: US Bank Silver Business
Huntington Bank Unlimited Business Checking
This is the best option for the custom-made or tailored business needs of small business owners. Huntington offers exciting benefits such as Remote deposits, Tools and resources for small business owners, Unlimited monthly transactions, and Sweep Services.
In addition to mentioned services, it also provides some bonus solutions such as fraud Tool, up to 25 returned deposit items per month, two incoming domestic wires per month, etc. This bank also has a tool named “The Hub” for business checking accounts, consisting of several digital tools for cash positioning and cash flow forecasting activities. It is a great resource for managing revenues and expenses.
TD Business Convenience Checking Plus
This Business Convenience Checking Plus is the perfect link between your checking account with your Business Checking Plus account. It maintains the balance between the accounts and helps in waiving the monthly maintenance fees.
It gives 500 free transactions per month to the users. The funds deposited are available the next business day. TD Business also gives access to other solutions, like merchant solutions, business loans, and credit business lines. Therefore, it is the best business checking account.
If you or your family has ties to the armed forces, DoD, or National guard, then Navy Federal Business Checking is a fabulous choice for you to consider. This business checking account is better for new business owners with low-volume transactions. Additionally, there is no monthly maintenance fee required in this bank.
Navy Federal charges $0.25 for all non-electronic transactions, but the initial 30 are offered for free. Depositing upto 12 checks simultaneously counts as a single transaction. The account comes along with a debit card, free starter checks, and digital banking access.
If you want to begin a business with a very low volume of transactions, you can choose this Bank account. One of the small best business bank accounts.
BBVA Business Connect Checking
BBVA is a lesser-known bank. It’s not region-specific. They have branches in several states, including Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
This Business Connect checking account has no minimum balance requirements and no monthly fees. This makes it a preferable choice for those who want to start their new small business.
BBVA is an Allpoint partner, which has a network of more than 55,000 ATMs across the country. No fee is charged to you for using BBVA Business checking ATM account. You’ll get similar benefits at participating 7-Eleven ATMs nationwide.
There are also some online facilities available in this BBVA business checking account. Visit: BBVA
Some benefits of this bank account include:
- Upto $5,000 free cash deposits per month.
- Mobile deposits
- Free online banking, mobile banking, and digital bill pay
- Free unlimited transactions
- Account alerts
- Free online statements
Axos Banking Basic Business Checking
This Bank has no physical appearance at all. It is an online-exclusive bank. So if you require to open an account in this bank, you don’t need to visit a branch in person for anything.
Axos Bank is one of the top choices for you to consider. As a new customer, you get $50 by using the promo code “NEW50” when signing up for a business checking account. However, if you want to get a bank bonus, you have to maintain $1000 or more in your account in the first two months of opening the account.
Some of the benefits you get from this account are :
- No monthly maintenance fee required
- 200 free transactions per month
- Free bill pay
- First 50 checks free
- Quickbooks integration
So, the only drawback of using Axos is that you can’t deposit cash because it is an online business bank account. If Online only banking suits your need, Axos bank is the better choice.
Visit: Axos Bank
In conclusion, if you are looking to start your own business or using traditional bank accounts in your already established business, these best business bank accounts are great for you. To do business in a stress-free way, you don’t have to worry about the monthly financial transactions limit. Just go for one of the options available in the various business checking accounts: your budget, suitability, and choice of features required.