Those rates are promotional, so they will increase to $15 a month for Pro and $55 a month for Premium after three months. Our editors are committed to bringing you unbiased ratings and information. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. Read more about our editorial guidelines and the banking methodology for the ratings below. Matt Sexton is a personal finance expert who specializes in business and banking coverage.
Who needs a business checking account?
Prime Alliance Bank and its business savings account is an ideal option for companies looking to increase interest yield as balances increase. Prime Alliance Bank operates as an online bank for most customers, although it has one physical location in Woods Cross, Utah. If you’re a small business owner opening a business bank account you’ll still need to provide personal identification. Banks and credit unions must verify your identity to adhere to anti-money laundering regulations. While some banks will only offer business checking accounts to incorporated businesses, there are plenty that will allow someone without an LLC or other type of corporation to open an account.
Business savings accounts don’t usually come with debit cards because they’re meant for savings versus everyday transactions. However, in some instances, business savings accounts may come with an ATM card you can use to withdraw funds but not make purchases. With both types of accounts, you’re typically able to make deposits and withdrawals, process ACH payments, write checks and use a debit card to make purchases and use ATMs.
Editorial Independence
Axos offers a cash bonus of up to $400 when opening an account and meeting certain requirements by October 31, 2024, using offer code NEW400. To qualify, you must make a deposit within 30 days of opening your new account, and your balance will be used to determine the amount of your bonus. We chose the PNC Bank Treasury Enterprise Plan because it includes a high monthly transaction limit of 2,500 and allows businesses to deposit $50,000 in cash monthly with no additional charge. This account also has investment options for excess cash with the ability to set up an automatic sweep into a money market account for balances over a minimum nonaccrual experience method nae you set. The EverBank Business Money Market pays from 1.35% to 2.35%% APY and can be used to provide overdraft protection for your EverBank checking account.
It’s where you set aside any funds you’ll need for the future, whether it be to pay taxes, buy equipment or cover your expenses during leaner months. Business savings accounts often earn interest, but there may be a limit to how many withdrawals you can make per month. Many savings accounts allow you to link business checking accounts for one-time or automated transfers. A business bank account is a necessity for any business owner who takes their venture seriously. Whether you’re looking for business checking, savings or money market accounts, the best business bank accounts come with low fees, convenient digital tools and competitive rates. Annual percentage yields (APYs) and account details listed below are accurate as of October 7, 2024.
- Financial statements can yield valuable insights into how well your small business manages its income and expenses.
- If you want a business account with more features -- higher transfer limits, better interest, etc. -- you may pay even more.
- Novo offers simple business banking through their free checking account with debit card access, no hidden fees and zero minimum balance requirements.
Best for Wire Transfers
Software programs, apps, and tools can save your business time and potentially money if you’re able to ensure more accurate accounting. Using a software program can also eliminate the need to retain a full-time accountant, which can add to your business expenses. Relay offers a great automated savings feature that can help you put money aside for future business expenses.
They're easily accessible and have relatively low fees and minimum balances, with generous transaction limits. Almost all banks offer either a free business savings account or one with a waivable monthly fee. All 10 financial institutions in our buyer’s guide, including Lili, Capital One, and Prime Alliance Bank, have either a free business savings account or one with a waivable monthly fee.
If your business accepts credit or debit card payments, you probably need a merchant account. This type of account acts as a holding area for card payment funds before they’re transferred to your business’s checking account. Our analysis of fees included monthly fees, excess transaction fees, overdraft fees, ATM fees, deposit fees and early withdrawal penalty fees. Access looked at the number of fee-free ATMs and in-person branches, while digital experience took into account App Store and Google Play ratings. Customer experience considered merchant services, integration with business tools, customer service ratings and live chat availability. The bank also offers wider in-person access than many banks on our list.
Remember to review the account terms carefully, as some high-yield business checking accounts require you to meet certain activity and balance requirements to receive the advertised APY. Though banks may not check your credit as part of the business checking account application, they may pull your ChexSystems report to see how you’ve managed bank accounts in the past. A business checking account provides the foundation of your business banking relationship. One of its most important functions is to separate your business banking from your personal banking. We picked Capital One Enhanced Checking because it offers a strong combination of benefits and accessibility.
