Choosing the right business checking account is very important for a business. This is because an owner wants to concentrate on his or her business, not banking. Convenience, not paying fees and an easy way to bank should all be priorities.
Different businesses are going to have various features that they’re looking for in a business checking account.
“(Business owners) enjoy doing what they’re selling or what their business is all about,” says Kari Harpold, treasury management officer at Capitol Bank in Madison, Wisconsin. “But to have to also do all of the financial end of things…it’s not what they enjoy doing. So if they can just have a good relationship with the bank, where the bank’s handling a lot of that stuff for them, you’re just making it more efficient for them and save some of their time, then that’s a better scenario for them.”
The best business checking accounts of November
- Bethpage Federal Credit Union: Best for free account with no transaction limits
- Radius Bank: Best for a cash back debit card
- Regions Bank: Best for getting a safe deposit discount
- VyStar Credit Union: Best for depositing cash
Why trust Bankrate
Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.
Methodology for Bankrate’s Best Business Checking Accounts
Bankrate’s editorial team regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks. To find the best business checking accounts, our editorial team analyzes various factors, such as: annual percentage yield (APY), minimum balance requirements and broad availability. All of the accounts below are insured by the FDIC at banks or by the National Credit Union Share Insurance Fund at NCUA credit unions.
Bankrate’s picks: Best business checking accounts for November 2020
Bethpage Federal Credit Union: Best for free account with no transaction limits
Overview: Bethpage Federal Credit Union has been around since 1941.
Perks: Bethpage Federal Credit Union’s Free Business Checking with Interest doesn’t have a transaction limit. It also doesn’t charge you a monthly service fee and it earns some interest. Everyone can join Bethpage Federal Credit Union with a $5 deposit into a savings account.
What to watch for: It only has branches in New York.
Radius Bank: Best for a cash back debit card
Overview: Radius Bank is an online bank that was founded in 1987.
Perks: Radius Bank’s Tailored…