Best Banks For Small Businesses In 2024

But different business bank accounts come with different features and restrictions, making some better for certain businesses than others. Data from the World Economic Forum indicates that over 10 million new businesses were launched in the U.S. from 2021 to 2022. While new business applications have tapered off slightly in 2023, many new business owners are seeking options for managing their finances. Bluevine Business Checking stands out for offering a competitive interest rate for a checking account.

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  3. EverBank offers robust business checking services, savings deposit accounts and treasury services.

Lili is a business banking platform that offers banking services through Choice Financial Group. Lili Basic Business Checking is a no-fee checking account that stands out for charging no foreign transaction fees. Account holders can also deposit cash at over 90,000 retail locations (up to $4.95 service fee per deposit), withdraw cash from over 38,000 fee-free ATMs and receive unlimited domestic wire transfers for no fee. Mercury is a free banking platform that allows account holders to send free domestic and international USD wire transfers. Although checkbooks aren’t available, customers can send paper checks free of charge.

Like many other business banking accounts, Mercury allows users to sync their accounts with various accounting and bookkeeping tools. Mercury also allows admins to add multiple users to their accounts and set controls, limits and permissions. Bluevine also provides integrations that can help business owners manage operations more efficiently. For instance, account holders can deposit checks from their phones, sync their account with QuickBooks and create dedicated logins for employees to share access across their team. Some business owners open a business account at the same bank they use for their personal accounts.

Best for Earning Interest

This coverage is expanded above the standard $250,000 limit per account, which is possible because Bluevine deposits are held with multiple banks. Founded in 1999, nbkc bank is a Kansas-based online bank with only four physical branches, all located in Kansas and Missouri. The nbkc bank Business Account is the bank’s only business checking offering and it prides itself on the account’s general lack of fees. From payment processing to foreign exchange, Chase Business Banking has solutions and services that work for you. A small business checking account that covers the essentials, plus built-in card acceptance. The rates and fee structures for checking accounts are subject to change without notice and often fluctuate according to the prime rate.

For small businesses with long-term savings goals, the bank’s business CDs earn anywhere from 4.18% to 5.35% APY. Overall, this bank is ideal for full-service banking and larger balances. There is no required minimum deposit, no monthly service fee, no minimum balance requirement and there are no ATM fees at 37,000+ MoneyPass ATMs nationwide.

Summary: Best Small Business Checking Accounts of 2024

It helps you track your revenue and expenses so that you can understand the business’s financial performance before transferring the money to your personal account for spending. Additionally, account users have access to digital tools, including Zelle, Cash Flow Monitor and Business Advantage 360. Cash Flow Monitor provides tracking of credits and debits, cash flow projections and support from small-business specialists. Business Advantage 360 lets you pay bills, view and manage statements and transactions and download activity to QuickBooks. You can also connect your account to third-party apps like TurboTax and Expensify.

Rates, fees, and options vary from bank to bank, so you should shop around to make sure you find the lowest fees and the best benefits. John and Kelly want to open a business bank account to keep the funds from their auto repair shop separate from their personal funds. Plenty of businesses are now mostly digital, meaning that all of the invoicing, payments, accounting and payroll happens electronically. On the other hand, there are businesses that still primarily use cash often enough that they need to bank with a local branch where they can drop off money at the end of every business day. Another appealing feature of Bluevine is the opportunity to earn interest. Namely, Premier customers get 4.25% APY without minimum qualifications, and Premier customers get 2% APY on your balance up to $250,000 if you meet the monthly debit transaction or deposit requirement.

Business Services

Overall, this is a valuable low-fee, cash-back business checking account. A small business checking account account serves as a main operational account. It’s designed for day-to-day business transactions such as paying vendors, collecting revenue and transferring money.

You may also need to provide your personal ID, like a driver’s license. Interest for this account is compounded and credited monthly on the last day of each month. With millions of new businesses opening every year, they occupy a significant role in the economy. One final benefit of having a business account, not listed by the Small Business Administration, is taking advantage of tax deductions.

EverBank Business Checking

Our experts chose First Internet Bank as the best online bank for small businesses because it has low fees and high interest rates on business accounts. Its First Internet Bank Do More Business™ Checking earns 0.50% APY for accounts with an average daily balance of $10,000 and has no transaction limits or monthly service fees. First Internet Bank also has Commercial Checking accounts for businesses with more complex banking needs. These accounts offer services like payment processing, sweep services, treasury management and more.

Free cash deposits are limited to $5,000 or 20 transactions per month. This savings account is a worthy option for high balances and convenient cash access, but it’s not ideal for saving on a smaller scale. The best business bank accounts are ones that either charge no monthly fees or make it easy to get the fees waived. They also come with extra perks like ATM fee reimbursements, business management services or the ability to earn interest. Ideal business bank accounts also have low minimum opening deposit requirements and no minimum balance requirements.

First Internet Bank’s Business Money Market Savings account allows no more than six eligible transactions per month before an excess transaction fee is assessed. With documents in hand, fill out the application online or at a branch. The bank will ask for details about your company, such as your legal business structure, nature of business and operating locations. When you’re done answering these questions, be ready to make a deposit. Once you’ve selected a bank, gather your identification and business documents. Have your Social Security number and Employer Identification Number (EIN) ready, as well as certified business documents such as your articles of incorporation, business license or partnership agreement.

Personal accounts don’t usually provide the advanced tools and features growing companies need. Plus, juggling business finances through personal accounts can leave you disorganized and limit your business’s potential. They allow you to accept payments, issue invoices and pay vendors professionally. 3dcart quickbooks The best business accounts also offer tools specifically for companies, like remote check deposits, expense tracking and payment options. In addition, the bank charges no monthly fees on many of its accounts, no overdraft fee from a linked EverBank account and no ATM fees.

Standard Bluevine business checking customers can earn a 2.00% APY on balances up to $250,000 by meeting monthly activity goals, while Premier customers can unlock an even higher APY. Online-only banks have grown in popularity in recent years thanks to certain benefits that brick-and-mortar banks can’t match. With less overhead costs from not having to operate physical branches, online banks may offer lower fees and other perks like better interest rates.

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