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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.
Tuesday, November 12th
Relay's business banking is right "on the money”, with all of the features you could want and none of the fees you might expect. You can have up to 20 checking accounts and 2 savings accounts (interest-bearing, of course), and there's never an account fee, overdraft fee, or minimum balance required. Relay makes it simple to add and manage users, from co-owners to accountants, and to follow the "Profit First” model if that's relevant to your company. With Relay's 24/7 customer support and integrations with QuickBooks, Gusto, and other platforms, it's easy to see why thousands of customers have given this service a perfect 5-star rating. Relay is our top choice for business banking.
Of all the big-name brick-and-mortar banks on our list, Chase earns our highest recommendation for business banking. Although you'll still have to deal with the nickel-and-dime fee structure common to large financial institutions, it's not hard to qualify for a waiver (and members of the military are automatically qualified). Chase is well-known for its rewards program on credit cards, and for its easy-to-use mobile banking - both of which apply to business accounts too. Plus, there are lots of small business owners who have been really happy with their Chase banking experience - year after year. If you like the peace of mind that comes with doing your business banking with a trusted institution that offers in-person services as well as online, give Chase a look.
Over 500,000 business owners have turned to Bluevine for banking since 2013. You'll earn interest on your money, even with the lowest-tier, fee-free checking account offered here. Bluevine lets you create up to 5 different sub-accounts for seamless cash flow management, and you'll have no problem integrating platforms like Gusto and QuickBooks or giving account access to multiple users if needed. This business banking fintech earned a perfect score from the BBB and 5-star reviews from over 6,500 clients. We've experienced a few customer support snags while using Bluevine, keeping it from earning our highest ranking, but it's still a service we recommend for your small business banking.
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.
Capital One could be a good business choice if you already do your personal banking there (and would love the convenience of easy moves between accounts), or if you're large enough to qualify for their dedicated business banking services (over $1MM in annual revenue). Otherwise, you'll probably find this financial institution much more limited than many of its rivals on our list: it's missing many of the features that other platforms use to serve small business owners and sole proprietors, while still charging monthly fees only waived with a certain minimum balance. Capital One ranks as "just average” for most business banking needs.
North One offers business checking with both a no-monthly-fee and an upgraded $20/month tier. This fintech, backed by The Bancorp Bank, has a ton of integrations to make your business banking work smoothly with other platforms you may use, like Stripe or ADP. You can also create an unlimited number of "envelopes” to help manage your money, especially following the "Profit First” model. Unfortunately, North One has some downsides, like only being able to reach support during weekday business hours - and then only via email or chat until/unless a rep reaches out over the phone. It's not quite as fully-featured as some of its online-only rivals, earning Bank One a mid-tier spot on our list.
US Bank expands on the basic business options traditionally offered by big banks. Here, you'll also have the ability to grow your money through money market accounts and CDs, or to have your excess cash swept into a higher-interest savings account. US Bank also lets you integrate your business banking with popular platforms like QuickBooks and TransUnion's background checks and tenant screening. However, US Bank has some reputation issues that keep it from earning our full confidence.
Found is a fintech platform backed by Piermont Bank, designed to make life easier for the self-employed. If you're a freelancer, sole proprietor, or even operating a small LLC, you're exactly the kind of person that Found wants to serve, with no minimum deposits, multiple "pockets” for holding funds for different purposes, and both a free and paid tier of service. However, we're not confident in Found's staying power, especially after an order from the FDIC requiring the business banking company to reevaluate its "unsafe and unsound practices”.
You would expect world-class service from Wells Fargo, given that they're one of the largest and oldest financial institutions in the nation. And, at first, you'll be impressed by how clearly they spell out their various business banking services, with multiple tiers to choose from and easy ways to get monthly fees waived. However, Wells Fargo has a terrible reputation, earning an "F” from the BBB and rants specifically from disappointed business owners. We would recommend avoiding Wells Fargo for your business banking needs.
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.
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