Banking is an integral part of a small business and the daily running thereof. Each business needs a checking account. Optional accounts are savings, to keep money safe and secure, and credit card accounts to compile a credit record for the business.
Let’s talk banking
There are many banks that are great for small businesses. It all depends on what the businesses needs are. We considered many factors like which bank offers small business the best checking account, which bank is best for credit unions, which bank is best for online banking, which bank is best for loans and which bank has the best Brick-and-Mortar locations. Check out the best banks for small business below.
Best business checking account: Chase
They have over 4 900 branches and 16 000 ATMs nationwide. Chase offers banking solutions for businesses of any size. They are very flexible, transparent and trouble free. For a start-up business Chase offers their Chase Total Business Checking Account, this solution is great for Brick-and-Mortar businesses with lesser transactions. This account is also great for online businesses that accept electronic deposits. Chase offers one of the best small business checking accounts.
Best Bank for Credit Unions: America First
America First offers three different checking accounts of different business needs. The three different types are Basic Business Checking, Premier Business Checking and High Yield Business Checking. Their best offer for small or start-up businesses that do not have many transactions in a month is the Basic Business Checking Account. It offers 250 free transactions per month, should a business process more than that an additional $0.15 is charged per transaction over and above the free 250. This checking account gives their customers access to debit card access, Money Market, Line of Credit and free online bill pay. America Firsts Premium Business Checking is more suitable for businesses that do more than 250 transactions in a month. Their High Yield Business Checking is best suited for businesses that have more than 250 transactions per month and need to keep a high capital amount in their account for cash flow.
Best online bank: BlueVine
The e-commerce industry is booming, especially with the virtual reality we find ourselves in. more and more businesses are going online and many small or start-up businesses are opting for online shops. BlueVine is an online bank that is the best business bank account for small businesses that do not work with cash. Bluevine does however have an agreement with GreenDot locations where clients can make small cash deposits for an extra fee. The best features BlueVine offer are high interest rates, no hidden fees and online business loans
Best bank for loans: The Huntington National Bank
Many small business owners need a small cash injection to get their businesses up and running. The Huntington National Bank is one of the best lenders in the banking industries. The best part of their loan process is that it is very easy and quick compared to other banks. They do offer checking accounts however these accounts have low interest rates and growth on capital will be slow.
Best bank for Brick-and-Mortar locations: Wells Fargo
Wells Fargo is the best solution for small businesses that need physical presence of their bank. The best accounts Wells Fargo have to offer for small businesses would be their Simple Business Checking and their Business Choice Checking. The Simple Business Checking is best suited for sole proprietors, freelancers and small businesses that need simple banking. Wells Fargo’s Business Choice Checking is one of the best businesses bank accounts for small businesses like LLC’s and businesses that use banking on a daily basis.
There are many great banks in America that offer small businesses great solutions for their banking needs. Chase seems to offer a great overall solution for all small business types. TRUiC supplies a more in depth explanation of the best banks for small business as well as their pricing and interest.
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