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Saturday, November 2nd
Novo is a terrific choice if you're a newer (and/or smaller) business that primarily operates virtually and you don't need any kind of physical bank branch to visit. This fintech offers fee-free checking with multiple "reserves” you can use to set aside funds for different purposes, and your account can easily integrate with tools like QuickBooks, Gusto, Square, and Stripe. Many business owners have left 5-star reviews for Novo, but some have encountered issues with slow support on pressing problems. Others wish that Novo's business bank accounts came with an interest-bearing option. Overall, we like what Novo is doing for small businesses, but take a look at its higher-ranked rivals first.
Despite being around since 2000, Axos isn't doing a great job of getting and keeping customers - neither individuals nor business banking clients. Their services are the opposite of robust, with only one apparent option for checking and one for banking, and little disclosure of what's included (and what's not). Even though the BBB gives Axos a perfect score, most of this bank's clients do not, citing rampant problems with customer service, accessing funds, and a lack of integrations with common services like PayPal and Venmo. We can't come up with a good reason to use Axos for business banking.
Running a business means keeping your finances in order, and the right bank can help you do just that. But with so many options available, it can be tough to know where to start. When you're ready to open a business bank account, you'll want to consider a few key factors to make sure you're choosing the right one for your needs.
First, think about your business' cash flow. You need easy access to your money so you can cover expenses, pay employees, and handle daily operations without a hitch. A bank with fast and hassle-free deposits and withdrawals is essential. If you ever find yourself struggling to pay vendors or make payroll because of banking delays, it could harm your business in the long run. Picking a bank that works smoothly with your financial schedule is crucial.
Next, be mindful of the fees associated with business accounts. Banks often charge for everything from ATM use to wire transfers, and these fees can add up quickly. Some banks may also charge monthly maintenance fees or penalties if your account balance dips below a certain threshold. Before opening an account, take a close look at these costs and decide if they're worth it for your business. The goal is to avoid paying for services you don't need, while making sure the services you do need are affordable.
Another important factor is how the bank integrates with your business' accounting systems. Does the bank support connections with your accounting software or allow your accountant to access the account? This can save time and simplify your financial management. Some banks also let you set up permissions for other team members, so they can help manage payments or reconcile transactions. These tools can make day-to-day operations much easier and more efficient.
Got all that? Good. Now you're ready to take a look at some of today's most popular options for business banking, not just big-name financial institutions with both brick-and-mortar and digital services, but also online-only fintech platforms that often have the bells-and-whistles missing from "brand-name” financial institutions. Here's a helpful checklist to help you to compare and decide:
The experts at Top Consumer Reviews have researched and ranked many of the most popular options for business banking today. This information can help you keep some of the most important factors in mind, so that you can choose an institution that helps you manage your finances effectively and supports your company's success.
Select any 2 Business Bank Accounts to compare them head to head