Bank accounts aren’t just for individuals. Businesses need a way to store money, deposit checks, pay bills, and otherwise manage their finances, so many banks offer business bank accounts.
These accounts come with features specifically designed to meet business’ banking needs.
If you run a small business, it’s especially important that you have a business bank account. While using your personal accounts can be tempting, keeping your money separate from your business’s money helps with bookkeeping and is required to enjoy some of the legal protections that businesses have.
If you’re looking for a bank that offers good service for small businesses, these are some of the best options.
The 8 Best Banks for Small Businesses
|Novo||Simple, online banking|
|Chase Business Complete Banking SM||One-stop-shop for all your business banking needs|
|BlueVine||Online business checking with interest and a cash deposit option|
|Radius Bank||A physical bank with a variety of business banking and lending services|
|Wells Fargo||Low-cost physical banking|
|NorthOne||All the banking features a small business needs, plus integration with popular business tools|
Novo is an online bank that offers business checking accounts. Checking accounts are the only thing the company offers, so if you want a loan, credit card, or other banking services, you’ll have to look elsewhere.
What sets Novo apart is its sleek and easy to use website and app. You can apply for an account in just a few minutes and it’s easy to use the app or website to make transfers into or out of the account.
Novo also offers perks that business owners can use to save some money. These perks include discounts on services like Stripe, Quickbooks, Google Cloud, HubSpot, and Zendesk. Novo also integrates with apps like Xero, Slack, and Stripe to make it easier to manage and track your business.
- Minimum balance: None
- APY: N/A
- Transaction Limits: 20 check deposits per month
- Fees: None
- Credit cards: None
- Loans: None
Chase Business Checking
Chase is one of the largest banks in the United States so it’s a great choice if you’re looking for a one-stop-shop for all of your business’s banking needs. You can get a checking account, credit card, and loans for your business through Chase.
The drawback of working with Chase is that it will be more expensive than many of the other options. You’ll have to pay a $15 monthly fee to keep a checking account open unless you can meet one of these requirements:
- Maintain a $2,000 minimum daily balance
- Make $2,000 in purchases on your Chase Ink® Business Card
- $2,000 in deposits from QuickAccept and/or other eligible Chase Merchant Services transactions
- Link a Chase Private Client Checking account
If you have hopes to expand your business to a medium or large one, Chase might be a solid choice because you can stick with the bank as the business grows. Some of the alternatives might not be able to grow their…