Best banks for business checking accounts
Finding a good bank for your business checking accounts can be overlooked when you first start your business. However, a separate checking account for your business is a good idea. A checking account for your business can help you in many ways. Having a checking account for your business will help you to keep business and personal expenses separate, it will help you during tax season, and it is any easy way to keep track of where your money goes. Finding the best banks for business checking accounts can be fairly easy.
Most banks will open you a checking account with minimum fees and a small deposit. There are other advantages you can get with any number of banks for your business checking accounts. Not all banks are nationwide and some are not international. You will need to do some research in your area to find the best bank for you and your particular business.
When you are looking into the banks in your area there are some things that you should be looking into in order to find the best bank for you business checking accounts. Here is a list of some of the business checking accounts that most banks offer and a brief description of each checking option:
- Totally free checking accounts that are offered to many businesses will include no monthly service fees or a minimum balance to maintain the account. This gives you the use every dollar in your account to help your business progress. This checking account also comes with no transaction fees which will save you money every year with no deposit charges. This type of checking account is best for new businesses that are just starting out and need to take advantage of all the free amenities involved with these checking accounts.
- Basic business checking has some fees associated with it. The biggest fee is that if you do more than 50 transactions a month you will be charged a transaction fee, depending on the fee this could become a problem for your business. This type of business checking account requires no minimum balance again and no monthly service fee. This type of account is good for a more established business that may still have a slower cash flow.
- Premier business checking accounts are for the businesses that are fast moving and need an account that can keep up. This checking account gives you 200 free transactions a month. There is no service fee for the checking account if you keep a minimum average available balance of $1,500. This type of account is good for a more established business or even one that may be new but deals with larger amounts of money for their services or products.
- Commercial business checking is for a business that keeps a high balance and has many transactions throughout the month. This type of checking account will have no monthly maintenance fee if the average available balance is kept at $10,000 or above. There is a monthly earnings credit based on your balance which can reduce or eliminate any transaction fees. This type of account is good for a well established business that has a good cash flow.
- Most banks at this time offer other perks related to the checking account no matter what type you have. Some of these other perks include a line of credit to protect you from overdrafts, checking cards for use instead of writing checks, and 24 hour internet availability for your checking account. The best banks for business checking account will dependon what type of account you need for your business.