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The answer to this question depends on a lot of factors. How mature is your business in terms of growth and revenue? How do your customers pay you? How do you pay your vendors? Do you expect to earn interest on the money you hold in your checking account? Can you afford to pay fees on transactions?
Access to cashflow is a big part of running your business. Without cashflow, you can't operate. So being able to deposit or withdraw money quickly, with the least amount of hassle, will partly determine whether you're successful in your entrepreneurial endeavors. For example, if you can't make payroll happen in the timeframe your employees expect, they will complain or even quit. Or, if you can't pay your bills on time, you'll be assessed fees and fines that put a dent in your bottom line.
Sunday, March 26th
With over 130 currencies, virtual credit cards, and integration with several popular payment processing systems, Novel especially helps non-U.S. entrepreneurs work within the U.S. banking system but supports banking outside of it as well. It enjoys a good reputation with its domestic and international clients and has features for people globally, so we can recommend it as the best all-around bank for business purposes.
Relay is an automated online banking and money management platform that is partnered with Evolve Bank & Trust to fulfill the banking transactions of small businesses. Relay is dedicated to making banking easier for small businesses in a sector of the economy that typically benefits large corporate banks. It's a really well-structured and innovative bank with good customer reviews that we can heartily recommend.
NorthOne is an easy and quick way to deposit business cash, as it only takes a few minutes to open a deposit account. It's a fairly new bank, having been founded in 2017 and launched in 2019, and focuses on the needs of businesses as received from interviews of thousands of small business owners. It's a great little bank with good ideas and room to grow and improve.
Bluevine and its associated bank, Coastal Community Bank, offer bank accounts with no monthly fee or minimum balance and unlimited transactions. On top of that, they offer 1.5% interest on eligible accounts and multiple sub-accounts for organizing your cash flow. They have a great customer service reputation, are easy to sign up for and use, and allow you to have sub-accounts. Bluevine is definitely a business bank to consider.
Novo comes close to meeting many expectations business owners have with business banking. They have no monthly fees, a low initial deposit requirement, no minimum balance requirements, no recurring fees or transfer fees, and they integrate with many financial technology platforms. Where they fall down is not having a way to deposit cash, no interest-earning accounts, and some negative reviews from customers that haven't been responded to. If you enter a banking relationship with Novo, go in with eyes wide open.
Wells Fargo is a large consumer bank with business banking features. Founded in 1852 and widely recognized for decades in the past by its stagecoach logo, Wells Fargo has evolved to become a global financial service. But with that growth has apparently come a distance between what its customers want and what Wells Fargo provides. We're advising to stay away from Wells Fargo for business bank accounts.
Chase has a big name and presence in terms of ATMs and clout. They have a huge percentage of assets among the banking industry heavy hitters. Unfortunately, this does not translate well over to customer sentiment about them. There are far too many negative reviews and complaints for us to recommend Chase for your business banking.
US Bank is a big bank with lots of assets and a huge footprint in the American and global banking and financial system. It has plenty of features that may work for large enterprises and medium-sized companies with lots of financially-savvy personnel and patience, but it is a poor selection for small businesses due to complicated fee structures and bad customer service.
Capital One is a big, well-known bank with a recognizable brand. But it also has big problems keeping customers pleased with its services. It's a good idea to skip using Capital One and use another higher-rated service instead.
With Axos you can get various business banking and savings accounts, each with its own sets of features, rules, and limitations. There's a lot to unpack with Axos, so you'll want to spend some time on their website and speak with a representative as you research your specific business banking needs. However, it has a large number of negative reviews (and almost no positive ones), so we suggest you steer clear of Axos for your business bank.
When looking for a business bank account, you will want as many convenience options as you can find. You want a bank that works for you and improves your financial success, not one that makes you feel like you are working for the bank and that they keep taking your money.
We've broken down this review of business banking into several key criteria to compare between options. Not every bank has every option available, but these are among the most common we've found:
TopConsumerReviews.com has reviewed and ranked the most popular providers of business bank accounts available today. We hope this information helps you choose a bank that will make it easy and affordable to manage your money!
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Sat, 25 Mar 2023