Top 5 Best Business Bank Accounts for Small Businesses
Starting a business is no mean feat. From registering your company to hiring employees, there is a lot that goes into making a business successful. One important aspect of running a business is finances, which includes selecting the right bank account to manage your money. For small businesses, this can be a daunting task, especially when there are numerous options available. So, to make things easier, we have put together a list of the top 5 best business bank accounts for small businesses.
1. Chase Business Complete Banking
Chase Business Complete Banking account is a popular choice for small business owners. It requires a minimum deposit of $2,000 to open an account and has a monthly fee of $15. However, this fee can be waived if you maintain a minimum daily balance of $2,000 or link your account to a Chase Private Client account. The account also comes with a debit card, access to over 16,000 ATMs, and online banking features.
2. Bank of America Business Advantage
Bank of America Business Advantage offers numerous benefits such as cash flow management tools, online banking, mobile banking, in-branch services, and overdraft protection. This account also has a monthly fee of $18, which can be waived if you maintain a minimum daily balance of $5,000. In addition, the account allows a maximum of 200 free transactions per month, after which a fee of $0.45 is charged per transaction.
3. Axos Basic Business Checking
Axos Basic Business Checking is specifically designed for small businesses, offering no monthly fees, no minimum balance requirement, and unlimited ATM fee reimbursements. The account also offers online banking and mobile banking features, as well as free bill pay services and ACH payment processing.
4. BlueVine Business Checking
BlueVine Business Checking is an online-only bank account that offers no monthly fee, no minimum deposit, and no overdraft fees. It also offers unlimited transactions, online banking, and mobile banking features. Interestingly, this account offers an impressive 1.0% interest rate on balances up to $100,000.
5. Novo Business Checking
Novo Business Checking is a digital-only bank account that has no monthly fees, no minimum balance requirement, and no transaction fees. It also offers free ATM access at 55,000 Allpoint ATMs across the country, as well as mobile banking features such as mobile deposits and invoice creation.
In conclusion, selecting the right bank account for your small business is important to manage your finances effectively. With this list of the top 5 best business bank accounts for small businesses, you can easily find one that best suits your needs. Be sure to consider each account’s features, fees, and benefits before making a final decision.
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