Choosing the right small business checking account is crucial for your company’s financial management and success. With numerous options available on the market, finding the perfect account that meets your specific needs can be a daunting task. In this article, we will discuss the 10 best small business checking accounts for March 2023 to help you make an informed decision.
These top-rated checking accounts offer features and benefits tailored to small business owners, such as low fees, convenient access, and useful tools for managing finances. By examining the unique offerings of each account, you can gain insights into which one may be the most suitable choice for your company. Keep in mind that selecting a business checking account is a vital decision that can significantly impact your day-to-day operations and overall financial health.
1. Top Online Banks
When considering the top online business checking accounts, several banks stand out for their convenient features, competitive interest rates, and low fees. Below are a few popular online banks offering top-tier business checking accounts as of March 2023.
- Bluevine Business Checking: With a 2.00% APY, Bluevine Business Checking is an excellent choice for those who value high-yield accounts. This account also offers unlimited transactions per month, no monthly fees, and no minimum balance requirements.
- Chase Business Complete Banking℠: Recommended for those who want a full-service business banking experience, this account includes various banking tools, flexible payment options, and a wide range of account features.
- BankProv Small Business Checking: Ideal for budding entrepreneurs, this account has no minimum deposit requirements, no ongoing balance requirements, and allows unlimited deposit transactions per month – great for keeping overhead costs low.
- Axos Bank Basic Business Checking: Known for its user-friendly features and modern mobile banking solutions, Axos Bank offers a basic business checking account with no monthly maintenance fees, remote deposit access, and unlimited fee-free transactions.
Selecting the best online business checking account depends on factors such as the type of banking services required, transaction volume, and interest rate preferences. When evaluating different banks, it’s essential to consider your unique business needs and choose the one that aligns with your company’s financial goals.
2. Best Brick and Mortar Banks
For small businesses that prefer face-to-face interactions and branch access, brick and mortar banks offer convenience and personalized service. The best brick and mortar banks for small business checking accounts in March 2023 are:
- Bank of America: Known for their reliable customer service and low cash deposit fees, Bank of America offers the Advantage Plus Banking® account tailored for small businesses.
- Chase: With a range of full-service banking solutions, the Chase Business Complete Banking℠ account is an excellent choice for small businesses needing comprehensive banking services.
- Citibank: Offering a simple and straightforward solution for small business checking, the Citi® Simple Checking account is ideal for businesses seeking a no-frills option.
- KeyBank: Highlighted by Business.org as the best brick-and-mortar bank overall, KeyBank offers a variety of tailored services and flexible banking options for small businesses.
- Wells Fargo: The Initiate Business Checking account at Wells Fargo is ideal for small businesses requiring cash deposit options and a robust network of branches.
Each of these banks provides unique features and benefits that cater to different business needs. When choosing a brick and mortar bank for your small business checking account, consider the specific requirements of your business, such as transaction limits, fees, and access to additional financial products or services.
3. Fee Structures and Guidelines
Fee structures and guidelines are essential to consider when choosing the best small business checking accounts. They not only affect the bottom line for your business but also the ease of managing your finances.
Some banks offer special accounts with low or no fees designed for small businesses, such as Novo Business Checking and Bluevine Business. It is crucial to review the account’s specific terms and conditions to understand all possible fees and service charges, as these may impact your decision.
When comparing fee structures, consider the following categories:
- Monthly maintenance fees: Some accounts may charge a monthly fee for account maintenance. In some cases, these can be waived if certain requirements are met, such as maintaining a minimum balance or enrolling in eStatements.
- Transaction fees: Banks may charge fees for activities like depositing checks or withdrawing cash. It’s essential to understand how many transactions you can perform for free each month and the cost of additional transactions.
- ATM fees: Check if the bank charges fees for using non-network ATMs, as these can add up over time. Many banks offer fee-free access to specific ATM networks, which may help minimize these costs.
- Overdraft fees: Business banking accounts may charge fees for returned checks, insufficient funds, or overdrafts. Make sure to review these fees and any possible overdraft protection options available.
- Wire transfer fees: Depending on your business needs, you may need to make domestic or international wire transfers. Make sure to compare the cost of these transactions among different banks.
It’s vital to carefully analyze the fee structure of each account and how it aligns with your business’s financial operations. Selecting an account tailored to your unique needs can help reduce unnecessary expenses and make managing your business finances more efficient.
4. Account Perks and Features
When comparing small business checking accounts, it’s essential to consider the perks and features that each account provides. These can enhance the overall value and convenience of the account for your business’s everyday banking needs.
Some noteworthy perks and features to look for include:
- Fee-free transactions: Many small business checking accounts offer a certain number of fee-free transactions per month, which can help reduce costs for businesses with moderate transaction volumes. For example, Chase Business Complete Banking℠ provides for unlimited electronic deposits.
- Interest-bearing accounts: Some accounts, like those offered by Bluevine, generate interest on your account balance, helping your business grow its funds over time.
- Online and mobile banking: These features are crucial for managing your account on-the-go and streamlining day-to-day operations. Look for banks with a user-friendly online platform and mobile app.
- Integration with accounting software: Having your checking account seamlessly integrate with your business’s accounting software, such as QuickBooks, can save you time and ensure accurate financial records.
- Customer support: Reliable customer support is essential when you need help with your account or banking issues. Choose a bank that offers responsive and knowledgeable customer service.
While not every account will have all these perks, it’s important to prioritize the features that are most valuable to your business. This will help you select the best account to support your small business’s financial goals.
5. Cash Management Options
When selecting a small business checking account, it’s crucial to consider the cash management options that come with the account. These features can help you manage your cash flow effectively and keep your finances organized.
One popular option is the Bluevine Business Checking account, which offers a high annual percentage yield (APY) of 2.00%, allowing you to earn interest on your account balance while also enjoying FDIC insurance on your deposits.
Many small business checking accounts also offer valuable tools and services, such as:
- Mobile banking apps for easy account management on the go
- Business debit cards for convenient access to funds
- Integration with popular accounting and invoicing software
For instance, Chase provides full-service small business banking tools and premium checking services, making it a suitable choice for businesses looking for comprehensive cash management solutions.
Before deciding on a checking account for your small business, take time to research and compare the cash management options and features offered by different financial institutions. This will help you select an account that best meets the needs of your business and supports its growth.
6. Accessibility and Customer Support
Accessibility and customer support are essential factors to consider when evaluating small business checking accounts. A bank or financial institution should offer convenient access to online banking, mobile apps, and ways to manage accounts efficiently.
For example, Bank of America and Chase Business Complete Checking provide easy-to-use online banking services to help businesses manage their accounts better. They also offer comprehensive mobile apps for on-the-go account management.
Customer support plays a vital role in solving account-related issues, providing guidance on transactions, and offering assistance with banking tools. Banks like Bluevine and Chase have dedicated support teams to address small business needs more effectively.
Some of the key features to evaluate when considering accessibility and customer support include:
- Online and mobile banking options
- Availability of account management resources
- Customer support via phone, email, or live chat
- Dedicated small business banking specialists
- Branch availability and local presence
Taking these features into account can help small business owners choose a checking account that offers a seamless banking experience while providing top-notch support when needed.
7. Overdraft Protection and Limits
Overdraft protection is an important feature to consider when choosing a small business checking account. It helps businesses avoid declined transactions, insufficient funds fees, and negative account balances by automatically transferring money from a linked account to cover the shortfall.
Some banks offer free overdraft protection, while others charge a nominal fee for this service. It is essential to compare the overdraft fees and protection policies of various banks before making a decision. Here are some banks offering beneficial overdraft protection and limits:
- Chase: Chase provides free overdraft protection transfers when you link a qualifying Chase account.
- BlueVine: BlueVine’s business checking account comes with a robust overdraft protection service at no extra cost.
- Axos: Axos Bank waives overdraft fees if the account is brought back to a positive balance within 24 hours.
- LendingClub: LendingClub offers overdraft protection through linked accounts with a nominal fee per transfer.
When considering a small business checking account, it’s important to assess your business’s cash flow and transaction habits. This way, you can determine which bank’s overdraft protection policy and fees best align with your organization’s financial needs.
8. Business Credit Cards and Loans
Many small business checking accounts also offer access to additional financial resources such as credit cards and loans. These options can help business owners manage cash flow, make investments, and grow their business.
Forbes recommends the Ink Business Unlimited® Credit Card as the best cash back business card for March 2023. This credit card provides a simple rewards structure, making it suitable for business owners seeking easy-to-understand cash back rewards.
Another important factor to consider when choosing a small business checking account is the ease of accessing financing solutions. For instance, some financial institutions offer business loans tailored to the unique needs of small businesses. They provide funds for equipment purchases, expansion, and working capital requirements.
Additionally, lenders such as Chase, Bluevine, Axos, and LendingClub have business checking account options that can help streamline the loan application and approval process. These offerings include flexible repayment terms and competitive interest rates.
When comparing small business checking account options, it is essential to consider the additional financial resources available, such as credit cards and loans, to ensure you select a holistic solution for your business needs.
9. Account Opening Process and Requirements
Opening a small business checking account typically involves providing personal and business information, proof of identification, and initial deposits, if required. Banks have continued to move towards online applications, making the account-opening process more convenient and streamlined for small business owners.
The specific requirements for each bank may vary, but here are some common steps involved in the account-opening process:
- Choose the right account: Ensure you’ve chosen the best small business checking account for your needs by considering factors such as fees, transaction limits, and any additional features.
- Prepare necessary documents: Gather personal identification (e.g., driver’s license, passport) and business documentation (e.g., Employer Identification Number, Articles of Incorporation).
- Complete the online application: Fill out the application form with your personal and business information. Some banks, like Bank of America and Chase, offer online applications for a seamless process.
- Submit required documents: Upload scanned copies of the necessary documentation to verify your identity and business registration.
- Fund the account: If the chosen checking account requires an initial deposit, transfer the required amount to your new account.
Keep in mind that while the online application process for small business checking accounts is now common, some banks may require you to visit a local branch to complete the process. Additionally, understand any specific requirements and features of the bank you choose, such as minimum opening deposits, APYs, and fees, to ensure it suits your business needs.
10. Comparison and Summary
In this section, we provide a brief comparison and summary of the best small business checking accounts we’ve discussed throughout our article. These accounts have been chosen based on their features, benefits, and suitability for different types of businesses.
1. Chase Business Complete Checking℠: Investopedia and CNBC both recommend this account as one of the best overall options. It offers a comprehensive set of features, including mobile banking and access to a large branch network.
2. Axos Bank Basic Business Checking: Recommended by Investopedia for its no monthly fee, unlimited transactions, and online banking convenience.
3. U.S. Bank Silver Business: Another top choice from Investopedia for its low monthly fee, free transactions, and access to a nationwide branch network.
4. Bluevine Business Checking: NerdWallet and CNBC highlight this account for its no monthly fees and attractive interest rate, making it a popular choice for small businesses.
5. LendingClub Business Checking: Recommended by NerdWallet for its competitive interest rates and online banking platform.
Other accounts mentioned in various sources include:
- Novo Business Checking – Best for sole proprietors and contractors, as mentioned in CNBC.
This summary serves as a comparison of the top small business checking accounts discussed in our article. As the needs of each business can vary, it’s important to carefully consider these features and benefits before choosing the most suitable account for your company.