Monday, December 2nd
2024 Business Bank Account Reviews
US Bank
- 4 types of business checking accounts
- 2 types of business savings accounts
- Business money market accounts and CDs also available
- Can connect you with merchant services and payroll services
- Accredited by the BBB
With about 19 million customers, US Bank is one of the largest financial institutions in the nation, offering a full portfolio of services for individuals, small companies, and large corporations. Even if you don't have one of their 2,200 branch locations near you, you can easily access all of your business banking needs online.
Not just checking and savings accounts
Whatever your business banking needs are, there's probably an option at US Bank. While some of its rivals limit their offerings to basic checking and savings, this financial institution gives you access to money market accounts and CDs designed for businesses as well. Here's a look at what you can choose from at US Bank:
- Business checking
- Silver: designed for new/small businesses with basic needs. $0 monthly fee, 125 free transactions per statement cycle ($0.50 fee for each additional transaction)
- Gold: US Bank's mid-tier plan has a $20 monthly fee unless you meet the criteria to waive it (with a payment solutions merchant account or hitting $10,000 to $50,000 in checking/deposit balances). 350 free transactions per statement cycle ($0.45 fee for each additional)
- Platinum: $30 monthly fee (unless you meet the waiver criteria like a payment solutions merchant account, or $25,000 to $75,000 in checking/deposits balances)
- Premium: $30 monthly fee, 24/7 live support, designed for businesses with high balances and more complex needs
- Business savings
- Basic: $500 minimum balance (to avoid fees) and $100 minimum opening deposit
- Business Savings Sweep: can be used to automatically move excess balances in $500 increments from business checking to savings, accrues interest daily, requires a minimum of $10K in business checking, can only be set up via appointment (virtual, phone, or in person)
- Business money market
- Platinum: $100 minimum opening balance, $15 monthly maintenance fee (unless you have a $10K minimum daily balance), first 25 monthly deposits are free ($0.25 for every additional deposit)
- Premium: designed to be paired with a Premium business checking account, $0.25 fee for every deposited item, can offset checking and transaction fees with earnings credit
- Business certificates of deposit (CDs): flexible terms from 14 days to 5 years, your choice of deposit amount and term length
Typical fees and limits
So, as you can see, US Bank's business banking options come with what's typical from a big financial institution: lots of details you need to be mindful of, with respect to fees, minimum balances, and so forth. And, there doesn't seem to be an easy or affordable way to have multiple sub-accounts. That's not unusual, but it's also not what we really like to see when deciding where to open an account, especially for newer/smaller businesses.
Decent integrations and user access
On the other hand, US Bank does offer many of the tools that small businesses need. You can easily give shared access to your accountant, your co-owner, or anyone else you choose - and that can be either as a "view-only” user or a "view and transact” user. You're also able to use US Bank's partners to get merchant services, payroll management, and so on. And, it took a little digging, but we did find that US Bank has a "business app marketplace” in the online banking dashboard - that's where you would connect with QuickBooks, TransUnion SmartMove for tenant screening or ShareAble for background checks, and more.
BBB still remembers some old problems
We were surprised by US Bank's "B” rating from the Better Business Bureau. Looking into that further, we discovered it was due to a settlement with the Consumer Financial Protection Bureau back in 2022, on practices related to consumer accounts (not business or institutional) from 2010-2016. In other words, it's probably not something you need to be worried about as a business owner deciding whether or not to open an account with US Bank. Plus, the BBB still gives US Bank its accreditation.
Negative reviews from some business owners
However, as we read through some of the 600+ complaints filed with the BBB against US Bank over the last few months, we spotted several that related specifically to business accounts. One brand-new client listed multiple ways that the bank had let her down, from cutting off the name and address of her business on the checks they printed (and charged her $83 for) to giving her conflicting information on whether or not the bank could provide some necessary documentation. Another person reported logging into her US Bank account as usual and being able to see and access someone else's business/personal transactions and funds. We also saw multiple mentions of being locked out of online account access for up to 48 hours at a time - and that's a no-go if you need to be able to verify that you have the funds to run tomorrow's payroll.
Below-average for business banking
Those reviews are the biggest reason why US Bank gets a lower-than-average rating from us. We don't tend to love what the larger financial institutions offer small businesses (or, more accurately, everything they don't offer), and so we were initially happy to see some of the additional account types and related services available through US Bank. But, what good is that if you're locked out of those accounts and services, or there are glitches with getting your checks printed or with logging into your account (or accidentally logging into someone else's!). Unless you're already a loyal US Bank customer on the personal side of things, you'd do better to look at the higher-ranking business banking options on our list.
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Where Should You Open a Business Bank Account?
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.
Business Bank Account FAQ
Continued from above...
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:
- In-person vs. online. Do you need the reassurance of having a physical branch nearby to do your business banking? Or are you comfortable with going fully digital? There are pros and cons to both. You may need a business bank with a brick-and-mortar option if you're going to make lots of cash deposits every month.
- Features. What are the absolute must-haves for your business banking? For some, that's the ability to have sub-accounts for easy cash flow management. For others, it's having access to a wide network of ATMS. And don't forget about integration with any software you might already be using (like QuickBooks). It's okay if you don't have that worked out yet, but keep in mind that big banks tend to offer fewer features focused on small businesses.
- Fees and limits. Be very aware of what your business banking will cost, both from month-to-month and for the types of transactions you'll be making most often. Pay attention to minimum deposit/balance requirements, limits on wire transfers (inbound/outbound), transaction limits, and so on.
- Reputation. See what the Better Business Bureau has to say about the bank, but also what business owners like you have reported. Has the banking experience made life easier to run their company or has it been a hassle?
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.
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