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Saturday, August 13th
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.
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.
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.
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!
Select any 2 Business Bank Accounts to compare them head to head