Choosing the correct business banking relationship, whether online, in a branch, or anywhere in between, is one of the most significant obstacles that small business owners face. For many businesses, opening a company checking account is their first priority.
Whether you are a lone entrepreneur or already operate a small business with workers, it is essential to keep your business and personal money separate. Forbes Advisor has conducted research to assist you in identifying the most suitable business bank account for your startup firm. In this article, you will find the best banks for business checking, for your business enterprise.
Top 5 Commercial Checking Accounts
We compared 5 checking accounts from various banks and credit unions to identify some of the top available business checking accounts. The bank or credit union’s business checking account must be nationally accessible in order to be featured here.
The below 5 best banks for business checking is not in the order of ranking but the five best as per the latest data available on the net.
1: Business Checking Account at NBKC Bank
Founded in Kansas in 1999, nbkc bank is an internet bank with only four physical locations in Kansas and Missouri. The nbkc bank Business Account is the only business checking account offered by the bank, and it boasts a general absence of fees.
In contrast to other banks, there is no minimum deposit requirement and no monthly maintenance cost. However, nbkc goes even farther by not charging fees for overdrafts, insufficient funds, eStatements, halt payments, or bill payment services.
nbkc bank provides a free debit Mastercard that can be used surcharge-free at over 37,000 MoneyPass ATMs in the United States and Puerto Rico. If you must use an out-of-network ATM that charges a fee, nbkc will reimburse you up to $12 every billing cycle.
In addition to an excellent checking account, nbkc bank provides business savings deposit accounts, including money market accounts and certificates of deposit (CDs), four business credit cards, business loans and lines of credit, and business solutions, such as cash management, fraud management, collections, and disbursement services.
2: LendingClub Checking Account
The 1987-founded internet bank Radius was acquired by LendingClub, one of the largest online lending marketplaces, in February 2021 and is now known as LendingClub Bank. In contrast to the other accounts on this list, LendingClub’s primary business checking account earns interest and provides cashback. LendingClub Checking Account is considered one of the top business checking accounts currently.
For balances of $5,000 or more, the LendingClub Tailored Checking account delivers 0.10 per cent APY. If you do not maintain a $5,000 minimum balance, the APY on your account balance is 0%.
The LendingClub Tailored Checking account has no transaction limits. If you maintain a minimum monthly average amount of $5,000, the $10 monthly maintenance fee is waived. After opening a Tailored Checking account with a $100 minimum deposit, there is no minimum balance requirement.
For small business and commercial applications, LendingClub Bank offers a variety of savings deposit alternatives, including savings accounts, money market accounts, and certificates of deposit. In addition to offering a range of cash management and business loan options, LendingClub is also a nationwide Preferred SBA Lender.
3: TIAA Bank’s Small Business Checking Account
The Florida-based TIAA Bank is a division of TIAA, FSB, a global leader in financial services with a long history of assisting educators and others. The TIAA Bank provides robust commercial checking, savings deposit, and treasury services.
The TIAA Bank Small Business Checking account is created exclusively for sole proprietors and single-member LLCs (LLC). This interest-bearing checking account offers a 0.10 per cent annual percentage yield (APY) on all balances. Opening a Small Business Checking account requires a $1,500 minimum deposit, and there is no monthly maintenance cost.
You get access to surcharge-free Allpoint and MoneyPass ATMs in the United States. If your account balance is at least $5,000, TIAA Bank will reimburse you for all U.S. ATM fees incurred by other banks. If the account balance is less than $5,000, you will receive refunds of up to $15 per month for U.S. ATM fees.
TIAA Bank also offers its Business Checking account, which includes up to 200 free transactions and 10 free online bill payments per month, to small businesses with moderate transaction volume.
4: U.S. Bank Silver Business Checking Package
U.S. Bank, the fifth-largest bank in the United States in terms of assets, offers five business checking accounts, including speciality accounts for nonprofit organisations and corporations with unique needs.
The U.S. Bank Silver Business Checking Package offers a straightforward business checking account with no monthly maintenance cost to new and small businesses with minimal banking needs. The opening deposit for a Silver Business Checking account is $100.
Included in the 125 free transactions allowed every statement cycles are teller deposits, ATM deposits, and check and debit card purchases. Above the limit of 125, each transaction costs $0.50.
You are allowed up to 25 free cash deposits every billing cycle. You can enjoy a 50 per cent discount on your first order of checks up to $50 if you need to make paper checks.
All five business checking accounts offered by U.S. Bank include a debit card, surcharge-free transactions at U.S. Bank ATMs, online and mobile banking with mobile check deposit, and access to a number of business services and payment options. U.S. Bank also provides choices for business savings deposits, such as savings accounts, money market accounts, and certificates of deposit.
5. BlueVine Business Checking
BlueVine, a 2013-founded online banking platform, offers a corporate checking account with limitless transactions and minimal fees. BlueVine Business Checking offers a highly competitive APY of 1.5% on balances up to $100,000. (Balances in excess of $100,000 accrue no interest.)
Beginning on May 1, 2022, in order to maintain the 1.5 per cent APY. There is no minimum deposit requirement, no monthly service cost, no minimum balance requirement, and no ATM fees at more than 37,000 MoneyPass ATMs in the United States. BlueVine does not levy fines for insufficient cash, and customers who make paper checks receive two complimentary chequebooks.
BlueVine provides a Mastercard business debit card. When paying suppliers and bills via ACH transfer, wire transfer, or check, business owners have an unlimited number of transactions available. It is simple to move funds across accounts and plan one-time and recurring payments.
The BlueVine mobile app enables around-the-clock access to your banking account, and if you need assistance, there is an online resource centre and phone and email contact information for customer service. BlueVine also offers business credit lines to customers who qualify. BlueVine is considered as best business checking account among the startups currently.
The last line:
There is no single ideal company bank account: What you require depends on the kind of your firm, its size, and its level of complexity. However, there are certain account features that all business owners, regardless of industry, should consider when selecting a financial institution.