best small business checking account 2017

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Best small business checking account 2017 -

The best business bank account: Tide, Revolut, Starling or Metro?

(1) Features vs. cost (on paper)

On paper, the four offerings are quite different and all serve different needs. 

Metro Bank has the benefit of offering 67 physical locations throughout the UK which are open seven days a week, but its online offering is weaker. 

Starling is the best option great for freelancers and contractors.

Revolut is the best option for small businesses. 

Let us now look into the details of why this is the case

Winner (freelancers and contractors): Starling

Starling is completely free, provides incredible 24/7 support, a great mobile banking experience and includes FSCS protections for your deposits.

After evaluating all the different offerings and testing out their services, I decided to switch my business banking from Santander to Starling.

And I opened up a Starling personal account (a prerequisite for their business account, which will be an annoyance for some) and now do most of my personal banking through Starling, so everything is integrated in a simple app. Marvelous!

Here are Starling's selling points:

  • No fees whatsoever. There are no fees on electronic payments, UK transfers, monthly account fees or ATM withdrawals. Tide has transaction fees that range from £0.20 for transfers and £1 for ATM cash withdrawals or cash deposits via the Post Office. Metro Bank also has transaction fees (£0.30 for transfers) and a monthly minimum maintenance fee of £5 unless you keep a minimum balance of £5,000, and then the maintenance fee and transaction fees are waived. While none of these fees are hefty, it is certainly nice to save on fees.
  • 24/7 chat and phone support. You can reach Starling anytime, literally within minutes (see customer service section below)! Metro Bank also offers speedy 24/7 phone support but it does not have 24/7 live chat (appealing to the younger demographic). Tide offers 24/7 in-app support but its phone support is not 24/7. 
  • FSCS protection. This insurance is absolutely essential as it protects your deposits up to £85,000 if your bank fails. Starling and Metro Bank offer this, but Tide does not. This is a deal breaker for Tide.
  • Integrations with Xero and FreeAgent. You can link up Starling with popular accounting software for freelancers and contractors. Tide offers both of these and Sage as well (so has an advantage over Starling), but Metro Bank only offers Xero. Most contractors in the UK use FreeAgent, so this is the one that really matters.

It's not surprising that Starling won Best Business Account provider at the British Bank Awards 2019.

There are of course some downsides with Starling, namely:

  • No physical locations: Metro Bank has a huge advantage with its physical presence. With the advent of online banking, physical branches are no longer a necessity but is always nice to know you can access one if you need it. And on top of that, Metro Bank branches are open seven days a week. Metro Bank clearly wins here. 
  • App only: You can only use Starling via a mobile app. Tide offers a mix of desktop and app, whereas Metro Bank offers desktop, app and physical branches. While this is certainly a downside, Starling's app is so easy to you use that rarely are you left wanting for something more.
  • Fewer business-friendly features than Tide: There are some great features Tide has that work really well for freelancers and contractors such as the ability to send invoices and cards for team members linked to the same account. Tide definitely edges Starling out in this regard.

In summary, Starling slightly edged out Metro Bank for me.

It's free account with great online experience beat out a physical branch presence. This is a toss up really - many people would prefer the security of physical branches. 

Tide put up a good showing, but its lack of FSCS protection was a deal breaker. After all, Tide is a start-up and is at a much higher risk of failing than a more established bank. And in the small chance this happens, no one would want their savings to go along with it...

Revolut is already more established than Tide but its lack of FSCS protection on top of its poor customer support options and transaction fees push it down to third place for most freelancers/contractors, most of whom will have little use for Revolut's power features.

Winner (small businesses): Revolut

Revolut's offering is almost exclusively geared towards small businesses and away from freelancers and contractors, both in terms of pricing and features.

Its pricing is steep. It charges £7 a month for freelancers/contractors and its small business starter package costs £25 a month (with its 'scale' and 'enterprise' packages coming in at £100/month and £1,000/month respectively).

Whilst Revolut does offer free accounts, in practice these have very little functionality before you begin to pay transaction fees.

Where Revolut really delivers is in power features for three major types of business users:

Those with multiple employees looking to simplify expenses
  • you can easily issue prepaid cards to multiple team members
  • team members can submit expenses for approval to be paid
  • and there is a built in dashboard to track expenses
Those transacting in multiple currencies or who have employees travelling
  • hold, receive and exchange 29 currencies, which is very impressive.
  • exchange, transfer and receive 150 currencies at the inter-bank exchange rate.
  • any employee can spend abroad using a Revolut card and pays the interbank rate on FX.
Integrations for power users
  • popular accounting software such as Xero and FreeAgent (with more on the way)
  • Slack (the popular messaging app) and impressively, Zapier which is a tool that integrates thousands of apps with each other, allowing you to easily move information between them. 
  • on top of this, Revolut also has an API
  • these features make it great for for power users who want to integrate Revolut into their work flows. See below for a simple workflow that is possible using Zapier to connect Revolut and Gmail:
Workflow using Zapier to connect Revolut and Gmail

This functionality and customizability make Revolut an easy choice for small businesses. 

(2) Sign-up process for account

Time is valuable.

Whenever I started or restarted contracting, I found myself only having a few days between landing a contract and needing to start work. This meant getting everything in order quickly - setting up a limited company, finding an accountant, getting insurance and getting a business bank account.

I wanted to quickly and easily sign up for an account without having to visit a branch or chase / stay on top of things. I thought the challenger banks would be clear and away winners vs. high street banks, but I was unpleasantly surprised.

Winner: Revolut 

Revolut had far and away the smoothest account opening process. I opened an account through their website immediately.

Simply fill in all the information they require (unfortunately more than Tide or Starling did), go through their security check, choose your pricing plan and then make a transfer to the account of at least £1 and voila - your account is open!

Initially I was told it would take about two weeks to receive my Revolut card in the mail (which I was a bit shocked by - two weeks in the day and age of Amazon Prime?!) but the card came in five days.

The card looks beautiful and has a nice feel to it. While it is metallic, it isn't very weighty compared to say, the new American Express Platinum metallic cards.

Revolut also has a really strong set of onboarding emails that introduce you to the myriad of features they provide.

Revolut buinsess bank account card

2nd place: Tide

Tide also had a pretty slick sign-up process but it took 48 hours to get actually get the account opened.

After initially downloading the app and starting the account opening process, I began to lose faith.

I found the registration process a bit buggy. For example there was no way to choose the focus of my business, and it was clunky to enter in my birthday. These are small things but for a company that is completely app-based, it erodes trust.

However low and behold, after about 10 minutes I was able to enter in all the requisite information, run through the security check and conclude the signup process. I was told it would take between 5 minutes and 48 hours to open my account.

Unfortunately I fell into the 48 hour camp, which was a tad annoying at first. However after I struggled to open accounts at Starling and Metro Bank, Tide's process seemed like a breeze.

A few days later I received the Tide card in the mail! 

Tide buinsess bank account card

The card was scratched, and I don't love the design of the card, but hey - these are all minor things!

3rd place: Starling

I had an awful process getting Starling set up. On the surface, the process was super smooth - in less than 10 minutes I had whizzed through the app and security check and was told my account had been opened immediately.

Hurrah! Or so I thought.

A week later I sent my client an invoice and asked them to pay it into my new, shiny Starling account. However, the payment bounced. It turns out my Starling account hadn't been opened after all. This was very strange to me, because they had even sent me my card in the mail.

Starling buinsess bank account card

After digging through the app, I realised Starling's customer service team had sent me a message shortly after I thought I had opened the account requesting I answer another 8 questions about my business.

It was frustrating because I had absolutely no idea I needed to provide this information and the questions seemed extraneous e.g. what are your business goals for the next year and where are your customers located. Tide and Revolut did not ask these questions.

After providing the information , I received ANOTHER request from Starling for additional documentation. You think they'd build all of this into their application process.

But after a month of initially thinking I had the account set up, I finally did. It was a painful process and is definitely something that needs to be fixed.

4th place: Metro Bank

If you thought Starling's account opening process is awful, wait until you try and open an account with Metro Bank.

I called my local branch to see if I could make an appointment and they said I could not, and that I should budget two hours for the account opening process.

Two hours!? And on top of that, I had to dig up documents to prove my address. But in the name of thoroughness for this article, I proceeded.

After waiting 20 minutes to see a representative, I was greeted by a young lady that would be responsible for opening my account. About 30 minutes into the account opening process, I was informed that my address had been flagged for fraud through a CIFAS check. I immediately became worried.

But as I questioned her more, it turns out that someone in my postal code had attempted to fraudulently use an address to sign up for financial products, not even my address! There are easily over a hundred flats and homes in my postal code. It is a completely absurd security check.

She informed me she would need to do additional checks and that if I passed, I would need to come back to the branch to re-start the process. When I asked her how many people fail the check, she said over 50%. I was dumbfounded at the stupidity. 

I was informed I passed the check and went back into the branch to start the account opening process once again. And of course, my profile had not been saved from the first time I went in, so I needed to answer the same series of questions again.

I told the representative that we needed to open the account within 60 minutes or I was leaving and he rushed through the process to get it done. Kudos to him. However he informed me that my application still needed to be approved before the account would be opened.

Three few days later I received an email notifying me that my account had been opened and inviting me to set up online banking, and a letter in the mail brought my debit card and a 'secret word' required to set up my online banking.

The online banking set-up process was a bit cumbersome as I was required to enter my 'customer number' but Metro Bank did not provide this to me, so I had to call in to get it. But soon thereafter I was in!

Metro buinsess bank account card

(3) Day to day banking

1st place: 3 way tie between Revolut, Starling and Tide

All three of the online-only offerings were extremely clean, intuitive and easy to use.

They each offer marginal pros and cons. For example I found Tide's app the most intuitive, but Starling offers seamless integration between your personal and business accounts. Below I've shared a bit more about each (in alphabetical order). 

Revolut

Revolut pushes users towards using its desktop solution versus its mobile app, I think because it offers so much more functionality than the other offerings that it is easier to manage on a computer with a larger screen.

The interface is clean and very easy to get a handle on. See a screenshot below of the welcome screen.

Revolut online dashboard

As I played around with different features I found it fairly easy to take advantage of Revolut's advanced features, such as ordering new physical cards, setting up virtual cards, and transferring money from my GBP account to my EUR account. Well done Revolut!

I believe the expense management features are a big plus.

Now, employees can easily spend abroad on a business card without having to separate personal from business expenses. To integrate expense management features offered by the likes of Concur and KDS directly into banking is a huge win.

Revolut wrote a good article about how it built its banking offering in this medium post, which is worth a read

Starling

As I mentioned above, after I tested the offerings of all the different providers, I promptly set in motion the Current Account Switch from Santander to Starling.

I've now been using Starling for a few weeks and it has been fantastic. The app is clean, fast and easy to use. Sending payments is a breeze and all my expenses are neatly categorised. 

I am a big fan of simplicity and a huge selling point for me was integrating my business and personal banking into a single view.

With Starling I have both my business and personal accounts in a single app and can easily transfer between them. In addition, the interfaces are the same so I don't need to remember the layouts and quirks of different offerings.

Starling app view

A downside of Starling is the lack of a desktop version. I thought this was going to be an annoyance for me, but I have found the app so easy to use that I haven't missed having access to a desktop version. 

Tide

Tide offers both mobile app and desktop. I found the app very cleanly laid out and intuitive, even more so than Starling's and Revolut's apps. 

Tide's desktop offering was also extremely well laid out. Here's a screenshot of the the first thing you see when you log in, as well as how the menu structure is laid out on the left. I like how all the functionality is in a single, clean menu, which many banks complicate.

Tide online dashboard view

Tide also offers integrated invoicing, which I was excited to try out. While it was fairly simple to set up an invoice, it was overly simplistic. I could add multiple line items and a fixed amount for the service.

But what about when I am charging a client for 18 days of work in a month? Or specifying different currencies? I cannot create multiple columns like I can in excel to specify the number of days worked and day rate, or the FX rate. So while it is great in theory, it did not quite meet my needs.

A big downside of Tide is that it does not offer personal accounts. While this isn't a dealbreaker, it is nice plus to be able to integrate your personal and business banking in a single place.

4th place: Metro Bank

Metro Bank's desktop offering is more akin to a traditional high street bank.

It was certainly easier to use than HSBC or Santander, but still a ways off from the likes of Revolut and Tide. For example I had to go through four steps to make a payment, which felt cumbersome.

Its app on the other hand is much closer to the online-only players. It was clean and easy to use, albeit not having the same modern user interface and design. 

Metro bank app view

Metro Bank also offers the ability to integrate your personal and business banking in a single app, similar to Starling. This is certainly a plus. 

Overall, all four providers performed very well on day to day banking, with Revolut, Starling and Tide slightly edging out Metro Bank.

(4) Customer service

Customer service is of course an extremely important component of any banking service.

If you need to make changes to your account, or if your account is frozen (which seems to happen often these days), you want to know you can reach customer service quickly and easily to resolve your issues.

Winner: Starling

Starling actively advertises 24/7 human support, and they deliver!

I tested this by contacting their customer support via the live chat in the app at 5:30am and received a response within three minutes. Pretty good! Younger freelancers and contractors often prefer live chat and app-based support to calling in.

As for Starling's phone support, I tested the phone lines at 6:30am and got UK-based support on the phone in less than 60 seconds! 

This combined phone & live chat support with responses in minutes is unheard of in today's banking age.

2nd place: Metro Bank

Metro Bank advertises its 24/7 call centre and the response times are fantastic. I called on two separate occasions, once inside of UK business hours and once outside, and after navigating a few menus, got someone on the phone near instantly - even faster than Starling!

Metro Bank also has an edge on the others with its physical banking presence. However, I personally found that the branch provided fairly poor service. The staff did not follow-up on messages they said they would send me, did not respond to emails on multiple occasions, and ranged greatly in speed and friendliness. 

If Metro Bank provided a better in-branch experience they would have won.

3rd place: Revolut

Revolut's customer service is poor at best. They do not offer any phone support whatsoever, so everything must be done through their 24/7 live chat.

However I found the response times to be extremely slow. It took me 1 hour and 16 minutes to receive a response to a simple question. 

Revolut customer service chat screen

This is simply unacceptable when you do not offer phone support, especially for a business customer. After speaking to a few other people who have dealt with Revolut's customer service, they attested to the slow response times. It seems Revolut still has a ways to go in this regard.

4th place: Tide

Tide's service is slower than Revolut's (ouch). They only offer phone support for lost and stolen cards, and push their members towards their in-app live chat and email.

However, both of these channels are extremely slow. I had an issue activating my mobile app so tried emailing Tide, and it took 1 hour and 18 minutes to get a response. Not terrible, but this is nowhere near having someone on the phone in 60 seconds with Metro Bank and Starling. 

The live chat is even worse. I waited over 2 hours for a response to a simple question. The combined lack of responsiveness to email/in-app chat and limited phone support is completely unacceptable in my opinion.

Источник: https://www.goforma.com/business-resources/business-bank-tide-vs-revolut-starling-metro

Best Banks To Open A Business Account in 2021

Small business owners and founders of startups have so much to consider when it comes to their business needs. On that long list? Where to open a small business checking account and other bank accounts.

Your options are many. From traditional banks and credit unions to online, fee-free “neobanks,” there are many possibilities, and each comes with its own set of benefits.

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Things to Consider When Choosing a Bank for Your Business Account

Since not all banks and banking services are created equal, it’s important to start your search for the ideal bank with a list of what matters to you.

Do you want a brick-and-mortar bank with local branch locations and free ATMs? Or would you prefer to do your banking with an online business bank account that lets you use mobile check deposit and that offers ATM fee reimbursements?

Then there’s the decision of whether to pay fees or not, because there certainly are free business checking account options to consider. These may offer free cash deposits and withdrawals, however, they may have transaction fees if you make over a certain number of transactions each month.

Consider how much you expect to have as your monthly account balance. Some banks charge a fee if you don’t maintain an average minimum balance each month.

And finally: do you want a bank that can provide other types of business banking services, such as a business savings account, money market accounts, credit card, or loan products? Do you need services like ACH wire transfers or merchant services? You might prefer a bank that can be a one-stop-shop.

Best Banks to Open a Business Bank Account

While the list we cover here is far from exhaustive, it does give you a starting point in researching banks with different types of features.

We’ll look at both online banking and banks with physical locations, as well as those that charge a monthly maintenance fee and those that have no fees. By the end, you should have a better sense of what you need in a business account.

Banks with the Best Welcome Offers for Opening a Business Bank Account

On our list of the best business checking account options are those that come with enticing account offers. It never hurts to put a few hundred dollars in your bank account right off the bat!

Chase Business Complete

If you’re looking for a bank with branch locations and a great welcome offer, look at the Chase Business Complete bank account. Not only can you manage your funds, accept payments with the QuickAccept app, and get same-day deposits at no extra charge, you also can get a $300 bonus with certain qualifying activities.

There’s a $15 monthly service fee, but you can waive it if you maintain a $2,000 minimum daily balance or complete other qualifying activities.

Banks with the Best Perks for Their Business Bank Accounts

Some banking services come with cool extras that provide incentives for you to stay a customer long term.

Bank of America Business Advantage

Bank of America offers a variety of services to businesses, including checking and savings, loans, cash management, payroll tools, and more. One of the biggest perks to its Business Advantage program is its Preferred Rewards program.

Customers pay no fees on certain banking services like inbound wire transfers and monthly banking services, and they also can get a 25-75% rewards bonus on business credit cards. Additionally, members can get rate discounts on small business loans and an interest rate booster on savings accounts.

There’s also currently a $100-500 bonus when you open a new account with qualifying activities.

Banks with Free Accounts

If your business banking needs are simple, look for basic business checking account options with no fees. 

Axos Bank

One of the best banks for small business owners looking for checking accounts without fees or complications is Axos Bank. This account has no monthly fees and no minimum balance requirements. You get your first 50 checks free and get unlimited ATM fee reimbursement.

Currently, you can earn $100 when you open a new account.

Terms and Rates to Look Out for When Choosing a Bank for Your Business Account

One thing to realize is that even when a bank offers great perks or what seem to be no fees, there are sometimes hidden fees you might not be aware of at first.

Even banks that offer free transactions may charge a fee if you go over a certain number of transactions or withdrawals in a month. You may also be charged a fee for an overdraft or wire transfer, so read the fine print before opening an account.

In terms of interest rates, some checking accounts actually allow you to earn interest on your balance (like Bluevine). If you’re also considering opening a savings account, compare rates from one bank to another. Typically they’re similar, but some will offer different rates for different balance ranges.

How Your Small Business Can Benefit from Your Bank

Banks realize they have to compete to get your business as a small business owner, and that means you hold the power. Look for a bank that can deliver more than one type of business banking solution to fit your needs, as well as one that offers other perks, whether that’s no fees or rewards like what we discussed above.

You can also benefit from features like being able to order business debit cards for employees who are authorized to make purchases on behalf of your business. 

If you decide down the road that you want to take out financing, if your bank is also a lender and offers bank loans, SBA loans, or both, you’ll already have an established relationship with your bank, which may streamline the application process.

Tips for Finding the Right Bank for Your Business Account

Once you’ve created your “must-haves” list for your business bank account, including whether you prefer mobile banking or a physical branch, whether you are okay paying a monthly service fee to get additional features like unlimited transactions, and any other qualifying features you’re looking for, compare one bank to another on your shortlist.

Does this bank have convenient ATMs, or will it reimburse you for using other ATMs?

Is there a minimum opening deposit, and can you meet it?

What fees does the bank charge, and are there ways to waive the monthly service fee?

Next, research how to open a business bank account with the bank you’re considering. Some have very simple online processes, while others require you to come into a physical branch to apply.

Also read reviews online about the bank’s customer support, since you want assurance that any issues you have will be quickly resolved and that customer service reps are responsive.

Whether you have a new business and are opening an account for the first time or you run an established company and are looking for a change, spend time with this decision. It’s an important one.

This article was originally written on October 25, 2021.

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Susan Guillory

Susan Guillory is a Senior Content Writer for Nav. She’s written books on business and travel, and blogs about small business on sites including Forbes and AllBusiness.

Источник: https://www.nav.com/blog/best-banks-to-open-a-business-account-in-2021-1090856/

Small business financial services that can help your bottom line.

As a small business owner, every dollar you spend or earn is critical to your success, or failure. Developing a solid and trusting small business banking relationship can be a key piece of your budget equation. According to a J.D. Power study, fast-growing small businesses are far more likely to switch financial institutions. What you need as a start-up company will likely vary from your needs as you grow, but the best relationship will adapt with you.

While there are many variables that can make, or break, your business banking relationship, there are six things we recommend you look for when choosing your first – or next – small business banking services:

  • Convenience
  • Fees and restrictions
  • Merchant services, including credit card processing for small business
  • Traditional financial services such as business checking accounts, savings and direct deposit
  • Products to help you grow, like business loans or business lines of credit
  • Personality and responsiveness of the business banking staff

Whether you choose to go with a local credit union or a large national bank, the only services that matter are the ones you use now or think you might want to use in the future. Make a list of the products and services that are most important to you. Differentiate between those that are must-haves and non-negotiable vs. those that would be nice to have if your favorite local credit union were to offer them.

Convenience is key for large and small business owners

You probably started your own company to have more flexibility and greater freedom with your schedule. However, most large and small business owners find themselves working significantly more than before, sometimes twice as much as their employees to ensure that the business is successful. Since time is money, accessing your money should be simple, fast and convenient.

How you define convenience in large or small business banking is the first step toward assessing your current, or future, business financial institution. Consider the following:

  • Branch locations: How important is it for you to be able to walk into a branch to conduct business? If you’re a retail business, you’ll likely need to make frequent deposits or have access to change. Make sure the branch location that is closest to your business or home provides face-to-face services for business accounts, including a loan officer. Building those in-person relationships are also important when the time comes to ask for a loan or line of credit, or for other help in challenging times.
  • Hours of service: Is that branch location near you open hours that are convenient for you? Do they offer extended hours in the evening or on weekends, likely times you’ll need to make deposits?
  • Access to online services: If locations or hours aren’t convenient, does the financial institution make up for it with cutting edge technology? A growing number of credit unions and banks are offering remote access via your mobile device and desktop, including the ability to deposit checks with your phone or pay bills using an automated 24-hour bill paying service. Also find out what their philosophy on technology is – are they bleeding edge, leading edge or behind the times to be sure they can meet your needs far into the future.
  • Proximity to your personal accounts: Do you want your business accounts with the same financial institution as your personal accounts? Or, do you want to keep your work and home lives separate? Keeping all your accounts under one roof is definitely a time-saver, but building relationships with more than one financial institution might open up for more options in the future.

Be sure to consider your needs in the future too. If you have an aggressive business plan, be sure the convenience services grow with you, including those online services and locations of additional branches in other parts of the city, state or country.

How to minimize small business financial services fees

Business banking fees can be confusing. While more and more personal accounts are being positioned with low fees or no fees, small business banking is more complicated, often requiring daily transactions and much movement of cash in and out of accounts.

The move toward more convenience services with improved technology and automation has some small business financial services firms reeling. The cost to digitize banking platforms is on the rise, which might mean those costs get passed on to you via monthly or per transaction fees.

On the flip side, interest rates are rising and the regulatory environment is calming down a bit, both of which are anticipated to improve profits in the banking industry. With all these changes, it’s an important time to review your current service fees and compare to other small business financial services providers to see if you’re getting the best deal for your business.

Shop and compare the following services:

  • Monthly service fees: The amount your large or small business banking will cost on a monthly basis, primarily for your checking or debit account. A typical business bank charges an average of $8-$12 a month or requires an average daily balance of around $1,500 to waive these fees.
  • Monthly transaction and cash deposit limits: Most small business banking accounts limit the number of times you can make deposits or withdraw cash. If you own a retail business, this could get especially costly as you’ll have more frequent interactions with your financial institution. To reduce or avoid these fees, estimate the number of cash deposits you make each month and find an account with a higher limit.
  • Additional transaction fees: Some banks will put a cap on the total transactions made within a business account – including ATM access, checks you write, debit card purchases or exchanging bills for coins. Spend some time thinking through all of the ways you interact with your credit union or bank. Add these up and compare rates so that these small fees don’t get the best of your small business.
  • Penalties and potential restrictions: Ask about additional penalties for repeatedly exceeding transaction limits, or for those times your account balances might fall below the minimum requirements. These little, unexpected fees can add up and catch you off guard at the worst of times.

Be sure to asks for the specific amount of each of and find out whether some you can’t avoid are bundled in with those you want to avoid. If a fee is too high, don’t be afraid to ask for a negotiated rate. If you maintain certain monthly minimums or have a strong relationship and track record with your financial institution, many fees can be waived, or they might be willing to make concessions to keep your business.

Merchant services and credit card processing

Access to merchant services and credit card processing is a must-have for even the smallest  business owner. As our world moves more and more to paperless transactions, you need to be able to accept payments in a variety of ways, from multiple locations including a mobile phone, tablet or even a virtual terminal.

GAFCU credit card processing for small business will ideally provide: 

  • Preferred pricing, for the most cost-effective payment processing
  • Free comparative analysis
  • Next day funding
  • No application fees
  • Noearly termination fees
  • No monthly minimums
  • Exceptional customer support

The best merchant services program uses cutting edge technology to help small business owners stay one step ahead of today’s fast-paced and ever-changing business environment. Consider all these needs:

  • A system that integrates with your e-commerce, online shopping cart, payment gateways or other software processing solutions
  • A system that works with iPad®/tablet-based point-of-sale terminals
  • A system that works with Samsung Pay, Apple Pay®or other mobile credit card processing applications
  • Virtual terminal support whether using a personal computer or Mac
  • The ability to automate recurring billing
  • The ability to sync to Quick Books or your other small business accounting system
  • Additional payment processing services tailored to meet your unique customer needs

You’ll also want to shop and compare these additional value-added business and payment processing services:

  • Does your provider accept all major credit and debit cards?
  • Does your provider offer electronic check verification, conversion and guarantee?
  • Can they handle gift and loyalty card programs?
  • Do they pay interest or dividends on connected checking or savings accounts?

For a free side-by-side comparative pricing analysis of your credit card processing, bring your two most recent processing statements to a Greater Alliance Federal Credit Union branch location or call 855-246-4096.

Business banking basics

All the locations and free services in the world won’t make a difference in your operating costs if their most basic small business banking products don’t meet your needs. At the heart of every business banking relationship, you need to be able to transact business to make money, pay bills and save the money that you make.

  • Business savings: A good business savings account charges minimal fees, reaps solid dividends on the amount you have in savings, and offers free online banking or banking-by-phone. If you’re a super small business, pay attention to the minimum amount you need to keep in that savings account, to make sure you don’t pay unexpected fees if you dip below that minimum. Optional overdraft protection for your checking account is a smart bonus to consider as well. A good savings plan is key; experts recommend setting aside 30% of each check you cash.
  • Business checking accounts: If you’re looking for a completely free option, check out this in every state. Other financial institutions, like Greater Alliance Federal Credit Union, offer dividend-bearing checking, giving you the flexibility to use your checking like a savings account and still earn interest. Be sure to investigate limits on the number of checks, ATM transactions and daily withdrawals each month.
  • Debit cards: Business guru Dave Ramsey encourages all small business owners to stick to debit cards instead of credit, because we tend to watch real cash out the door far more closely. Debit cards can work for your employees as well, instead of credit cards for business expenses.
  • Employee benefits: As an added bonus, consider if your small business bank offers financial services as an employee benefit, such as direct deposit or health savings accounts.

These are the accounts you’ll be accessing most frequently, so it’s important that they comfortably meet your wants and your needs in an ideal small business banking relationship. The right business banking products can also make a big dent in your operating costs – for the good, or not so good.

Large, medium or small business loans to help you grow

While borrowing might not be your primary reason for developing a new business banking relationship, it can prove to be the most important – and most frustrating – reason for choosing your small business bank. Unless you are a dedicated and avid saver, if growth is in your business plan you’re probably going to need a small business loan at some point in your future.

This is also where you’ll potentially see the largest difference between choosing a credit union, regional bank or national bank. Credit unions tend to be more flexible in their approval process and might offer more low interest rate options, while larger banks tend to have higher borrowing limits because they have more assets to borrow against.

Here are a few options to consider:

  • Small business loans: Good for planned expansion of your business (staffing, product lines, target audience), as well as for expanding your physical footprint, whether it’s a bigger location or a second location. Lending varies greatly from state to state, so be sure to partner with an institution that knows your region well. In addition to low rates, look for flexible rates and terms. You’ll also want to explore the availability of special loan programs for mixed-use, residential investment and owner vs. non-owner occupied properties)
  • Business line of credit: Good to establish for those “just-in-case” situations – when a critical piece of equipment breaks down or cash flow is tight or you need to acquire more inventory, fast. Most financial institutions offer both secured and unsecured line of credit options, with rates and terms varying based on the type you choose. Apply for your business line of credit upfront, so it’s available when you need.
  • SBA loans: The U.S. Small Business Administration offers a variety of loans to qualified small business owners – from microloans to disaster loans, for new start-ups or expansions, or for general needs. The SBA is not a lender. Rather, it sets guidelines for lending made by financial institutions and guarantees these loans will be repaid, encouraging lending that might otherwise be considered risky.

A strong small business banking team, like the team at Greater Alliance Federal Credit Union, will understand what it takes to operate a business and will work with you to make the right decisions for your business in both the short and long-term. understands what it takes to operate a business. We’re here to help you in making better, long-term decisions on your business banking solutions.

Personality and responsiveness of the business banking staff

If all other factors are equal when it comes to the decision to choose a new small business banking relationship, one of the most critical factors is the intangible: how do you like working with the business banking staff? Are they responsive? Are they helpful? Do they smile and show an interest in who you are and what your business does?

Small business owners tend to interact more with front-line staff, such as tellers or branch managers, than someone who uses a financial institution for personal needs. You want to be sure that the credit union or bank you choose has a team that reflects your own personality and needs, one that is enthusiastic about building a long-term relationship with you, to help you grow and prosper.  Consider these factors:

  • Employee turnover: You can’t develop a strong working relationship if the business banking team keeps changing.
  • Morale: Nationally, satisfaction in the financial services industry is nearly at its all-time highest rate, so don’t be afraid to move if you are working with a team who seems to hate coming to work every day.
  • Turnaround time: Do they pick up the phone when you call or take two days to get back to you? You can’t put your business on hold, so don’t settle for small business banking that puts you on hold.
  • Flexibility: Can or will they waive fees, adjust minimums or consider multiple factors when approving your line of credit? The best financial services are adaptive to your size, business model, growth plans and day-to-day needs.

How Do I Know If My Small Business Bank Is Right for Me?

Shop and compare all the above factors with a focus on those most important to you. It’s important to talk to the small business banking officer at any financial institution you are considering to determine if they have the right combination of services and products to help your business control operating costs, serve your customers well and be positioned well for business growth in the next one, five or ten years.

Depending upon your needs, you might find the best fit is a credit union or a big national bank, or maybe a combination of financial institutions. Consider these variables:

  • Credit unions are more likely to offer dividends on savings or checking because they are a not-for-profit.
  • Credit unions or community banks are more likely to waive fees or offer flexible services, because they can adapt their service model more easily, whereas larger banks offer economies of scale.
  • Credit unions and community banks are more likely to give loans based on your character, business model and local market conditions, whereas a big bank will have more money to loan but will make that decision based solely on the numbers.
  • Regional banks tend to be more technologically advanced, though more and more credit unions are teching up to stay competitive.
  • National banks are traditionally the best resource if you’re doing business internationally

The right small business bank will behave as if they are small enough to care and provide personalized services, yet large enough to offer the best products and services with the lowest fees.

We encourage you to contact Greater Alliance or another trusted financial institution to discuss your business model and needs, to build a small business banking relationship that will grow as your business grows. Call us at 888-554-2328 x290 or visit a Greater Alliance branch location today.

 

Источник: https://www.greateralliance.org/6-things-to-look-for-in-small-business-banking/

Business Checking

A good checking account should fit. It should be comfortable, reliable, and just the right size for you. With BOM, you can pick the account that fits you best, then start enjoying benefits carefully tailored to your lifestyle.


Commercial Checking Account

  • Minimum to Open            $100.00
  • Minimum Balance            $2,500.00
  • Interest                                Non-Interest Bearing
  • Maintenance Fee              $3.00
  • Service Charge                  $10.00

A check fee of $.20 will be charged for each check in excess of 50 per statement cycle. A service charge fee of $10.00 will be charged per statement cycle, if the daily balance in the account falls below $2,500.00 any day of the statement cycle.


Small Business Checking

  • Minimum to Open           $100.00
  • Minimum Balance           $1,000
  • Interest                               Non-Interest Bearing
  • Maintenance Fee             $7.00*
  • Checks                                Unlimited

*To avoid the $7.00 a month service charge, the account must maintain a minimum daily balance of $1,000 or greater, OR have at least two (2) VISA debit card transactions post and settle, OR receive at least one (1) ACH credit settlement, OR must have internet banking statements enabled.

Источник: https://www.bofm.com/checking/business-checking/

27 Percent of Small Business Owners Use Same Bank Account for Business and Personal (Infographic)

Managing finances is a key priority for small businesses. Yet many business owners make financial mistakes that may cost them dearly.

For example, a new study has revealed 27 percent of small business owners use the same checking account for personal and business finances.



Downsides of Using the Same Bank Account for Business and Personal

While it may seem easier to consolidate all finances into one account, it can actually create several problems, including issues with tax write offs and lack of access to credit card processing systems.

Other Key Highlights of the TD Study

The survey conducted by TD Bank further shows 69 percent of business owners handle their company’s finances themselves. That’s worrisome because most small business owners lack a thorough understanding of financial management.

Luckily, business owners understand the need to get their finances in order. About 16.5 percent say that getting a better handle on cash flow is a top priority this year.

Another key insight is the difference in demographics when it comes to how small business owners manage money. For example, female business owners (68 percent) are less likely to separate their funds than their male counterparts (82 percent).

About the Study

New Jersey-based TD Bank surveyed 303 small business owners across the U.S. for the study.

Check out this infographic created with the data for more details:

27 Percent of Small Business Owners Use Same Bank Account for Business and Personal (Infographic)

Images: TD Bank


Источник: https://smallbiztrends.com/2017/03/same-bank-account-for-business-and-personal.html

Best Business Checking Accounts

As a small business owner, choosing the right bank and finding the best business checking accounts to choose from, can feel like an overwhelming experience.

Account fees are just one of many factors to consider. For example, maybe you need free cash deposits, unlimited transactions, or invoicing tools. It all depends on you and how your business runs.

The good news is that whether you’re a freelancer, sole proprietor, or limited liability company, there are many high-quality business bank accounts ready to serve you.

In this post, you’ll learn about the best business checking accounts, including traditional banks, online-only options, and more.

9 Best Business Checking Accounts For 2021

  1. Novo Business Banking: Best to Avoid Fees
  2. Axos Bank Basic Business Checking: Best For Online Businesses
  3. Chase Business Complete Banking: Best Sign-Up Bonus
  4. LendingClub Bank Tailored Checking: Best Cash Back Rewards
  5. Wells Fargo: Best For Physical Branches
  6. BlueVine Business Checking: Best APY
  7. U.S. Bank Silver Business Checking: Best For New Businesses
  8. Capital One Spark Business Unlimited Checking: Best For Cash Deposits
  9. Bank of America Business Advantage Relationship Banking: Best For Multiple Accounts

1. Novo Business Banking

Best For Fee Avoidance

This business banking fintech aims to provide simple, data-driven solutions for modern businesses and is a top choice for freelancers, entrepreneurs, and small business owners.

Novo Business Banking Account

They offer only a single product: the all-in-one Business Banking account.

It’s 99% fee-free and entirely digital, so you won’t be able to stop into a local branch if you need help. This is mitigated by Novo’s easy-to-use tools and seamless integration with external software.

For example, you can easily send out invoices, receive payments, and take care of any bills — all from the Novo app. You’ll also get discounts on business services like QuickBooks, Stripe, HubSpot, and Salesforce.

The only downsides are that there is no interest rate, and there are several transaction limits that would be deal-breakers for established businesses. For example, you cannot write checks or send ACH payments over $5,000.

Novo Business Banking Top Features

  • No monthly maintenance fees
  • No minimum balance requirements
  • 100% of ATM fees are reimbursed (even international ones)
  • ACH transfers, mobile check deposits, mailed checks, and incoming wire transfers are all free
  • Minimum opening deposit requirement: $50
  • Overdraft Fee: $27 (this is the only fee you’ll find).

You can apply for a Novo account online or in the mobile app in as little as 10 minutes.

Learn More at BankNovo.com

2. Axos Bank Basic Business Checking

Best For Online Businesses

Axos is one of the most popular online-only banks.

For businesses, it has two offerings: Basic Business Checking, and Business Interest Checking.

Both accounts are Quickbooks compatible, accept ACH transfers, and come with dedicated Axos relationship managers.

You can even set your employees up for success with low-fee Workplace Banking accounts.

Axos Basic Business Checking Top Features

  • Visa business debit card
  • Online and mobile banking
  • First 50 checks are free
  • No monthly service fee
  • No minimum balance requirement

You’ll also get free online bill pay and up to 200 free items (debits, credits, or deposits) per month (it’s $0.30 per item after that). Axos also reimburses for all domestic ATM fees.

If you are looking to earn a top APY on your business checking deposits, it’s hard to find a better option than Business Interest Checking.

Axos Business Interest Checking Top Features

  • 0.81% APY on balances up to $49,999
  • $100 minimum opening deposit
  • $10 monthly fee (avoidable with $5,000 monthly balance)

Axos Bank Sign-up Bonus

If your business was incorporated after June 1, 2021, you’re currently in line for a $100 bonus when you open a new account. Just use the promo code NEWBIZ100 when you apply.

If you are just starting and cannot meet the $5,000 requirement to avoid Business Interest Checking’s monthly fee, go with Business Banking and work your way up.

Learn More at AxosBank.com

3. Chase Business Complete Banking

Best Sign-Up Bonus

Chase is one of the biggest banks in the U.S., and it comes with a full suite of business banking products and services.

From deposit accounts to business loans, all your bases are covered with Chase.

Chase Business Complete Banking

Chase’s most popular business checking account is called Business Complete Banking. The account is intended for up and coming businesses and comes with all of the following essentials:

  • Free same-day deposits
  • Mobile and online banking
  • QuickAccept for accepting customer payments through the app
  • Online Bill Pay
  • QuickDeposit

Unfortunately, there’s a $15 monthly fee, but here is how you can avoid it:

  • Maintain a minimum daily balance of $2,000 or more
  • Make $2,000 or more in purchases with your Chase Ink Business credit card
  • Receive $2,000 or more through Chase QuickAccept or other qualifying Chase merchant services
  • Link to a Chase Private Client Checking account

Chase Business Complete Signup Bonus

New Chase customers can claim an impressive $300 sign-up bonus by signing up between now and October 21, 2021.

Enter your email address request your unique promo code. Once you’re in, complete the following actions to get your bonus:

  • Deposit $2,000 or more in new money within 30 days after enrollment.
  • Maintain a balance of at least $2,000 for 60 days after coupon enrollment.
  • Complete at least five transactions within 90 days after coupon enrollment. Qualifying transactions include debit card purchases, QuickAccept deposits, Chase QuickDeposit, ACH credits, and wire transfers.

Once you’ve met all the requirements, the bonus will hit your account within 15 days.

When it comes to traditional brick and mortar banks, it's hard to beat Chase for business — but only if you can avoid their fees.

Learn More at Chase.com

4. LendingClub Bank Tailored Checking

Best Cash Back Rewards

LendingClub established itself as a chartered online bank after acquiring Radius Bank in 2020.

Tailored Checking (formerly known as Radius Tailored Checking) is its interest-bearing small business checking account. The biggest draw here is the ability to earn cashback rewards.

When you use your LendingClub business debit card, you’ll get an unlimited 1.00% cashback on purchases.

Watch out for fees, though. There’s a $10 monthly fee on balances under $5,000 or more.

LendingClub Bank Tailored Checking Top Features

  • $100 minimum opening deposit requirement (but no minimum balance requirement after that)
  • 0.10% APY earning on balances over $5,000
  • Unlimited transactions
  • Free ATMs worldwide with unlimited atm fee reimbursements

Learn More at GoBank.LendingClub.com

5. Wells Fargo

Best For Physical Branches

Wells Fargo is one of the largest financial institutions in the world and boasts the most physical branches of any American bank, with more than 7,000 brick-and-mortar locations.

If you want to have access to a branch no matter where you are, Wells Fargo is unmatched.

Wells Fargo offers three account options for small business owners: Initiate, Navigate, and Optimize.

All accounts come with online banking, customizable debit cards and checks, mobile check deposits, and free cash withdrawals within the bank’s ATM network.

However, since each account is designed for a different type of small business, we’ll provide a quick overview of each option:

Initiate Business Checking

Initiate Business Checking is intended for newer business owners looking to build a stable foundation.

The account is minimalistic and serves the most basic business banking needs. It also has the lowest monthly service fee at $10 per month, which you can avoid by maintaining an account balance of at least $500 or an average ledger balance of $1,000 or more.

The account also comes with free cash deposits of up to $5,000 per statement cycle. After that, it’ll cost $0.30 per $100 deposit.

There’s no fee for your first 100 monthly transactions, but each one on top of that is $0.50.

Navigate Business Checking

Navigate is targeted toward business owners who are growing and need to evolve with the changes that come along with that growth.

The account expands on Initiate’s transaction limits and also adds some premium features. For the added perks, the monthly fee goes up to $25 per month, and you’ll need a $10,000 minimum daily balance or $15,000 in average combined business deposit balances to get around it.

There’s no fee for cash deposits of up to $20,000 per month, and you’ll get 250 free transactions. If you go over either limit, the same transaction fees associated with Initiate will apply.

The account is interest-bearing, though don’t expect more than ground-floor rates. You won’t pay any fees for stop payments, cashier’s checks, or money orders, and you’ll get two non-Wells Fargo ATM fee reimbursements per month.

In addition, incoming wire transfers are always free, and your first two outgoing wires are covered in each statement period.

Optimize Business Checking

Optimize is Well’s Fargo’s premium business checking account for well-established businesses. The monthly fee is $75, and unfortunately, there’s no option to get around it.

Instead, Wells Fargo allows you to offset the cost of fees through credit accrual based on your investable balances.

Optimize has the same limit of 250 free transactions as Navigate, but for cash deposits, you’ll simply pay $0.0025 per $1 deposited.

There’s no fee for stop payments, cashier’s checks, money orders, or incoming transfers, and you’ll get two ATM fee reimbursements each month.

Overall, Optimize stands out with its more advanced features. For example, you can have up to five linked Optimize accounts for one monthly fee, and you’ll get access to Commercial Electronic Office (CEO), which provides more control over payments, more robust account management and security, and higher transaction limits.

Learn More at WellsFargo.com

6. BlueVine Business Checking

Best APY

BlueVine is a fintech company that offers business bank accounts, loans, and lines of credit.

The Business Checking account is the company’s flagship business banking product. The account is fee-free and lets you handle your everyday banking needs online from any device.

By far, the most attractive feature is that you can earn 1.00% APY on balances up to $100,000. As such, BlueVine offers one of the highest-earning business accounts available.

BlueVine Business Checking Top Features

  • 1.00% APY on deposits up to $100,000
  • No monthly fees
  • No overdraft fees
  • Unlimited transactions
  • No minimum deposit requirement
  • Free access to more than 38,000 MoneyPass ATMs
  • Cash deposits at Green Dot locations, though each one will come with a fee

I am not seeing any other business checking options out there that can match or beat BlueVine's APY. So, if APY earning is your primary goal, BlueVine Business Checking is probably your best choice.

Learn More at BlueVine.com

7. U.S. Bank Silver Business Checking

Best For New Businesses

The Silver Business Checking Package from U.S. Bank is a free checking account intended for newer businesses with limited transaction activity.

The account comes with 125 free transactions and 25 free cash deposits (of $100) per statement cycle. You’ll also get a half-off discount on your first check order of up to $50, plus 50% off the monthly fee on a personal checking account.

Silver Business Checking comes with online and mobile bill pay, plus card payment processing, mobile check deposit, and overdraft protection through a Business Reserve Credit Line.

To apply for an account, here’s what you’ll need:

  • Employer Identification Number or Tax ID Number (sole proprietors can use a Social Security Number)
  • Articles of Incorporation, Articles of Organization, or a charter (not required for sole proprietors)
  • Photo ID and Social Security Number

Note: Most of the other banks on this list require the same credentials to open an account.

If you are looking for a free account backed by a national institution, U.S. Bank Silver Business Checking is a good place to start.

Learn More at US Bank

8. Capital One Spark Business Unlimited Checking

Best For Cash Deposits

Capital One’s Spark Business Unlimited Checking account is designed for high-volume businesses that don’t want to worry about transaction limits or fees.

You’ll get truly unlimited business transactions each month, plus quick access to deposits with availability the following day.

There’s no fee or limit on cash deposits and incoming wires are fee-free. Plus, you get five free outgoing domestic wires every month. You can also opt to link your account with another Capital One deposit account for overdraft protection.

The downside is the monthly fee, which is $35 per month. To get around it, you’ll need an average 39 or 90-day balance of $25,000 or more.

Capital One is a hybrid that mostly operates as a digital bank but also houses physical branches that are mainly located on the East Coast.

The mobile app is one of the best in the business and allows for easy deposits and account maintenance wherever you are.

Do you run a cash-heavy business like a bar, restaurant, or food truck? If so, you'll be in good hands with Spark Business Unlimited Checking — especially if you can avoid the monthly fee.

Learn More at CapitalOne.com

9. Bank of America Business Advantage Relationship Banking

Best For Multiple Accounts

Business Advantage Relationship Banking is BoA’s premium business account.

There are some fees, but it’s a decent option if your business makes a lot of transactions and needs in-person support.

Business Advantage Relationship Banking Top Features

  • Free business savings account
  • Built-in cash flow monitor
  • Free Zelle transfers
  • 500 free teller transactions and checks written per month
  • Free incoming wires
  • $29.95 monthly fee (avoidable with a monthly balance of $15,000 or more)

BoA also offers Preferred Rewards to business customers who maintain a balance of $20,000 or more.

The program eliminates monthly maintenance fees and comes with additional rewards on business credit cards and discounts on credit lines and loans.

If the monthly fee seems steep, consider BoA’s lower-tier business account: Business Advantage Basic Banking.

There’s a $16 monthly fee, however, the premium option gets the nod here because Basic does not come with a free business savings account.

Learn More at BankOfAmerica.com

FAQs

What is the best bank for small businesses?

It depends on your situation. Every small business is different, so the best bank for one might be a poor fit for another.

With that in mind, the best small business bank is the one that meets your unique business needs, and that doesn’t charge any fees.

That might seem like a non-answer, but it’s the truth. Find the bank with the business tools will help you achieve your goals. It’s that simple.

Which bank has the best business checking account?

Again, it depends. If your business needs modern, digital tools, you might be the best fit for an online option like Axos or Novo.

On the other hand, if you prefer in-person support, you’re likely better off with an account from a big bank like Chase or Wells Fargo.

There’s no clear-cut “best” account, which is why we’ve provided a set of diverse options that suit different needs. If you are still unsure, stick to the options in this post, and you’ll be just fine.

Which bank is best for LLC?

It really depends on how your LLC operates. But, if I had to pick one best overall, I would go with Chase Bank due to the wide array of account options.

However, Chase might not be available in your area, in which case you’d be just fine going with Wells Fargo, Bank of America, or U.S. Bank.

With that said, most small businesses and entrepreneurs no longer need to visit a physical bank. In that light, BlueVine, Novo, and Axos could be the best fit for you, depending on the unique needs of your LLC

Rather than thinking about finding the best bank for an LLC, consider the best bank for your particular business.

Learn More:

What banks offer free business checking accounts?

Our top picks for free business checking accounts are Axos, BlueVine, Mercury, and Novo Bank.

Generally speaking, most online accounts are free, whereas traditional brick-and-mortar banks tend to come with fees.

Which Business Checking Account is Best for You?

As you grind day and night to grow your business, the last thing you want to deal with is a bank account that isn’t getting it done.

Take a good hard look at your business, your cash flow, and your expectations for customer support. Do you handle cash, or are your services entirely digital?

Do you want the flexibility of an online bank or the peace of mind of a traditional one? How much are you comfortable paying in fees?

Once you can answer those questions, the decision will be much easier.

Here’s to finding the best business checking account for you and your business.

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Источник: https://www.carefulcents.com/best-business-checking-account/

Business Checking

BTC BANK offers competitive checking accounts in order to meet the needs of our business and industrial customers.

Checking accounts are specifically designed for new and small businesses, commercial customers, and civic organizations.

  • Business checking account
  • Business Now (Sole proprietor only)
  • Business Tiered Money Market account
  • Public funds
  • Business savings
  • Business time deposits

BTC Business Checking

We know that all businesses, big or small, new or established, are vital to the success of our communities. We strongly support our local businesses and work together to build lasting relationships. We work hard to offer the best products possible and strive to keep our banking fees as low as possible.

  • Minimum to open $100.00
  • If the account falls below $300.00 any day of the statement cycle a $3.00 service charge will be applied when your statement prints.
  • Unlimited check writing
  • Free Online Banking and Bill Pay
  • Direct Deposit Services
  • Free Debit/ATM Card
  • Credit Card Machines through Community Bankers Merchant Services
  • Remote Deposit Imaging System – Make deposits from the convenience of your business
  • Health Savings Accounts – We can recommend a possible solution to the challenges of rising health care costs for you and your employees
  • CDARS Network – Offers you an outlet for FDIC coverage in the multi-millions, all through BTC BANK
  • Commercial loan officers are available at each of our 13 locations and in many cases can give immediate notice of approval

To learn more about our Business Checking Accounts, please call us at 1-877-BTC-BANK or visit one of our

13 full service locations.

Источник: https://btcbank.bank/business/business-checking

Business Checking

A good checking account should fit. It should be comfortable, reliable, and just the right dome homes for sale in georgia for you. With BOM, you can pick the good chest workouts at home that fits you best, then start enjoying benefits carefully tailored to your lifestyle.


Commercial Checking Account

  • Minimum to Open            $100.00
  • Minimum Balance            $2,500.00
  • Interest                                Non-Interest Bearing
  • Maintenance Fee              $3.00
  • Service Charge                  $10.00

A check fee of $.20 will be charged for each check in excess of 50 per statement cycle. A service charge fee of $10.00 will be charged per statement cycle, if the daily balance in the account falls below $2,500.00 any day of the statement cycle.


Small Business Checking

  • Minimum to Open           $100.00
  • Minimum Balance           $1,000
  • Interest                               Non-Interest Bearing
  • Maintenance Fee             $7.00*
  • Checks                                Unlimited

*To avoid the $7.00 a month service charge, the account must maintain a minimum daily balance of $1,000 or greater, OR have at least two (2) VISA debit card transactions post and settle, OR receive at least one (1) ACH credit settlement, OR must have internet banking statements enabled.

Источник: https://www.bofm.com/checking/business-checking/

Top 16 Free Business Bank Accounts

When your business is still quite new, a free bank account has lots of benefits. You’ll be able to keep at least one of your overheads down while you’re establishing yourself and your relationships with clients and customers.

Many mainstream UK banks offer a free period for new businesses and switching customers, ranging from 6 to 30 months. Many online-only bank accounts offer a free version with limited features. There are even a few banks on this list that are 100% free forever!

Featured: Starling Bank*

Starling business bank account

  • Free electronic payments, domestic transfers and ATM withdrawals for businesses with fewer than 10 employees and less than £1.7m in annual turnover.
  • No monthly fee. You’re charged for any extra features you use.
  • Up to £85,000 covered by FSCS.
  • Fast and straightforward to set up.
  • Digital bank account that can be managed through the app or on a desktop.
  • Designed for contractors, freelancers and small businesses.
  • No charges for spending and withdrawing money abroad.
  • Real-time notifications of money entering or leaving your account.
  • Arranged overdrafts available.
  • Best British Bank, Best Banking App, Best Current Account Provider & Best Business Banking Provider at the British Bank Awards 2021.

Website: Starling Bank Business Banking
Read the full Starling Bank Business Bank Account review.

free business banking

Please note companies are ranked in no particular order.

Bank accountFree for?RestrictionsNormal monthly fee
Starling BankForeverMost features are free for small businesses with fewer than 10 employees and less than £1.7m in annual turnover.No monthly fee. Some charges for paying in physical cash.
TideForeverNone, but you do pay per transactionTide Plus is £9.99 + VAT
Barclays12 monthsFor small businesses setting up their first business bank account in the first 12 months of trading.Up to £8.50
NatWest18 monthsTrading for less than a year and turnover is less than £1 million.No monthly fee. Transaction charges apply.
HSBC12 months12 months' free for new businesses and those switching to HSBC.From £6.50
Lloyds12 monthsDay-to-day banking only. 12 months' free for new businesses.£7.00
Bank of Scotland12 monthsIncludes day-to-day banking features. For new business start ups only.£7.00
TSB25 monthsFor new businesses and businesses switching.
£5-£40
Royal Bank of Scotland24 monthsTrading for less than a year and turnover is less than £1 million.No monthly fee. Transaction charges apply.
Ulster Bank18 monthsTrading for less than 12 months and have a projected or existing annual turnover of under £1 million. £8.00 per quarter
Co-operative Bank30 monthsEveryday business banking only. There's no monthly fee or charges at all if your balance stays above £1000.£7.00
Anna BankDependent on income.Free whenever your monthly income is below £500.£4.90-£19.90
RevolutForeverFree account available.£7.00-£100
CountingupForeverFree account available dependent on income being £500 per month.£4.95-£9.95
MettleForeverEverything's free!n/a
Carter Allen Private Salvation army hamilton food bank account fee and 30 best small business checking account 2017 day-to-day transactions per month.n/a
AirwallexForeverNo account or card fees but exchange rates applyNo monthly fee applies

 

1. Tide

 

Business bank account

  • No monthly or annual fees
  • Full UK sort code and account number
  • Business Mastercard, with free purchases at home and abroad
  • Automatic categorisation of your transactions, for easy accounting
  • Instant invoice payment and creation
  • Up to £150,000 of credit, straight through the app
  • Mobile and web access
  • Instant notifications
  • Get paid by Direct Debit
  • Trusted by 350,000+ UK businesses

Website: Tide Business Banking
Read the full Tide Business Account review.

2. NatWest

Business bank account

  • New businesses get 18-months’ free business banking.
  • Awarded ‘Best Banking App’ at the 2018 British Banking Awards.
  • 24/7 online and mobile banking.
  • Quick and easy application.
  • Local Enterprise Managers to support you.
  • Business Account holders can access the Business Builder and MentorDigital.
  • Includes FreeAgent accounting software.
  • No monthly charge, only cit bank savings for what you use at the end of the free banking period.
  • Provides debit, credit and charge cards.
  • Savings, borrowing, and credit cards are also available.

Website: NatWest Business Banking
Read the full NatWest Business Account review.

3. HSBC

Business bank account

  • 12 months’ free banking for new businesses and switchers.
  • Choice of bank accounts at the end of the free banking period.
  • Offers a new Kinetic account that is app based.
  • Awarded a Moneyfacts 5-star rating for Business Current Account in 2017.
  • 24/7 online and mobile banking.
  • Usually from £6.50 a month.
  • Debit card and Visa Commercial Card are available.
  • Telephone support available 8am-10pm every day.
  • Integrate with Sage.
  • Borrowing, savings, and credit cards are also available.

Website: HSBC Business Banking
Read the full HSBC Business Account review.

4. Lloyds Bank

Business bank account

  • 12 months’ free banking for new businesses.
  • 24/7 online and mobile banking.
  • Usual account fees are £7 a month.
  • Two types of tariffs – electronic or mixed transaction tariff.
  • Receive support from a UK-based business management team.
  • Provides free tools, guides and interactive webinars.
  • To be eligible your turnover needs to be below £3m.
  • Ranked 6th in an independent regulatory survey of the 14 largest business banks.
  • Awarded Moneyfacts Best Service from a Business Bank 2020 and Best Start-up Bank of the Year 2015.
  • Borrowing, savings, and credit cards are also available.

Website: Lloyds Bank Business Banking
Read the full Lloyds Bank Business Account review.

5. Bank of Scotland

Business bank account

  • 12 months’ free for new businesses.
  • 24/7 online and mobile banking.
  • Usually £7 a month.
  • Free electronic payments.
  • Pay in cheques through the banking app.
  • Personalised banking alerts.
  • Dedicated business management team to support you.
  • Offers bespoke guides and reports that support your business.
  • Ranked 8th my crb auto an independent regulatory survey of the 14 largest business banks.
  • Borrowing, savings, and credit cards are also available.

Website: Bank of Scotland Business Banking
Read the full Bank of Scotland Business Account review.

6. TSB

Business bank account

  • Free for 25 months for new businesses and businesses switching.
  • Free period includes specialist support from TSB’s range of partners to help you start, run and grow your business.
  • 24/7 online and mobile banking.
  • Offers simple banking tariffs are the free period.
  • Debit cards and credit cards are available.
  • Free card payment reader from Square is available.
  • Usually £5-£40 a month, depending on tariff.
  • Make deposits at branches or Post Office counters.
  • Savings and loans are also available.
  • Ranked 11th in an independent regulatory best small business checking account 2017 of the 14 largest business banks.

Website: TSB Business Banking
Read the full TSB Business Account review.

7. Royal Bank of Scotland

Business bank account

  • 24-months’ free for new businesses.
  • 24/7 phone, online, and mobile banking.
  • Quick online application.
  • Includes free FreeAgent accountancy software.
  • No minimum monthly fee after the free period, just pay for what you use.
  • Overdraft available subject to approval.
  • Use Tyl to make it easier for customers to pay you.
  • Access a business network and experts.
  • Savings, credit cards, loans, foreign exchange, and insurance products are also available.
  • Access to Entrepreneur Accelerator programme and local Business Growth Events.

Website: Royal Bank of Scotland Business Banking
Read the full Royal Bank of Scotland Business Account review.

8. Ulster Bank

Business bank account

  • Free for startups for 18 months.
  • 24/7 online and mobile banking.
  • Business Visa Debit Card.
  • Allows international payments.
  • Usually costs £8.00 per quarter.
  • Includes FreeAgent accounting software.
  • Apply online.
  • Cheque book.
  • Business finance, savings, and investment products are also available.
  • Businesses must be registered in Northern Ireland to apply.

Website: Ulster Bank Business Banking
Read the full Ulster Bank Business Account review.

9. Co-operative Bank

Business bank account

  • New customers get 30 months free.
  • 24/7 online and mobile banking.
  • Awarded Moneyfacts Best Service for a Business Account 2017-2019, and Best Charity Banking Provider 2016-2021.
  • Unlimited deposits and withdrawals.
  • Usually costs £7 a month.
  • No monthly fee or admin charges if your balance stays above £1,000.
  • Open to sole traders and directors of limited companies.
  • Apply online.
  • Lending and savings products are also available.
  • Ranked 11th in an independent regulatory survey of the 14 largest business banks.

Website: Co-operative Bank Business Banking
Read the full Co-operative Bank Business Account review.

10. Anna Bank

 

Business bank account

  • Free whilst your income is below £500 per month.
  • Mobile business account, accessible on the app 24/7.
  • £4.90-£19.90 monthly fee depending on monthly income.
  • Set up in 10 minutes.
  • Business debit Mastercard within 5 working days.
  • 1% cashback on selected debit card purchases.
  • Create and send invoice form the app.
  • Schedule invoice payments.
  • Integrate with Xero accounting software.
  • Suitable for startups, freelancers and creatives.

Website: Anna Business Banking
Read the full Anna Business Bank Account review.

11. Revolut

 

Business bank account

  • Free version available with limited access.
  • Mobile business account, accessible online and on desktop 24/7.
  • Trade in 30+ currencies with no fees.
  • Offers virtual debit cards.
  • Manage employee spending through company cards.
  • Receive real-time notifications on your spend.
  • Integrate with accounting software such as QuickBooks and Xero.
  • Monthly account fees range from £7-£100, depending on usage.
  • Quick and easy online signup.
  • Also loans, overdrafts and payroll solutions.

Website: Revolut Business Banking
Read the full Revolut Business Bank Account review.

12. Countingup

Business bank account

  • Free account available fanatics customer service number businesses depositing under £500 each month.
  • Manage your account 24/7 using the app.
  • £4.95-£9.95 a month, depending on how much you deposit.
  • Offers a contactless MasterCard.
  • Bookkeeping and invoicing tools included.
  • Estimate tax to help savings.
  • Business management tools including profit and loss and expense management.
  • Designed for freelancers and limited companies.
  • Open an account in as little as 5 minutes.
  • 4.5 stars on Trustpilot.

Website: Countingup Business Banking
Read the full Countingup Business Bank Account review.

13. Barclays

Business bank account

  • 12 months’ free banking for small businesses in their first 12 months of trading.
  • Business Moneyfacts Business Start-up Bank of the Year 2017-2021.
  • 24/7 online and mobile banking.
  • Call the Everyday Banking team 7am-8pm, Monday to Friday.
  • Apply online, over the phone, and in person.
  • Normal monthly account fee – up to £8.50, depending on account type.
  • Includes free invoicing features.
  • Savings, borrowing, and credit cards are also available.
  • Payment services are available through Barclaycard.
  • Offer extra support for businesses exporting goods or working abroad.

Website: Barclays Business Banking
Read the full Barclays Business Account review.

14. Mettle

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  • Completely free.
  • Created by NatWest.
  • Manage your current account on the app 24/7
  • Apply in minutes through their app.
  • Allows you to send and receive payments in the UK.
  • Create and send invoices.
  • Categorise business transactions to reduce admin and assist tax admin.
  • Sync with accounting software such as FreeAgent, Xero and QuickBooks.
  • For sole traders and limited companies with up to 2 owners.
  • If pricing ever changes, Mettle will let you know in advance.

Website: Mettle Business Banking
Read the full Mettle Business Bank Account review.

15. Cater Allen Private Bank

 

  • Accounts available for sole traders, limited companies, and charities.
  • Manage your account online, over the phone, and through the post.
  • Includes contactless Visa debit card.
  • No monthly or annual account fee.
  • 30 free day-to-day transactions per calendar month.
  • Interest is paid on balances over £500,000.
  • No conversion charges for transferring money between pounds, Euros and US dollars.
  • Offers debit cards in pounds, Euros and US dollars.
  • Part of the Santander Group.
  • Fixed-term savings account available.

Website: Cater Allen Private Bank Business Banking
Read the full Cater Allen Private Bank Account review.

16. Airwallex

Airwallex logo

  • No monthly fee or card fees
  • Provides a multi-currency account
  • Trade in over 34 currencies and 130 countries
  • Allow you to collect, send and hold money in a range of currencies
  • Accounts can be held in GBP, EUR, USD and AUD
  • International fees don’t apply
  • Offers competitive exchanges rates
  • Make settlements in foreign currencies
  • Offers virtual cards
  • Integrate with Xero and popular online stores

Website: Airwallex Business Banking

How to open a free business bank account.

Most free accounts can be opened online. Mobile bank accounts are exclusively managed online and can set your account up within hours, or even minutes. Traditional banks accept applications online, over the phone, and in branch.

You’ll usually need to provide:

  • Companies House registration number.
  • Your business details, including turnover, age, and tax information.
  • Details of all directors or partners, including name, date of birth, address and National Insurance numbers.

What types of restrictions are there with free business bank accounts?

Most free banking periods are restricted to new businesses, usually operating in their first 12 months. Your business will also need to be a brand new customer. Some banks and current account providers will also give you a few months free if you’re switching from a different provider.

Do free business bank accounts have any charges?

Most banks give new customers free access to all features for the fixed period, so there won’t be any other charges.

Sometimes new businesses will just have access to ‘everyday’ banking features, which usually include normal transactions like transfers, withdrawals, payments, and Direct Debits. If you need to use other features, there could be a charge. There will also be a charge if you use an unarranged overdraft during your free period.

Will my free business bank account always stay free?

Not usually. Some accounts are always free, or have a free version you can choose. However, most banks will have a fixed free period that will revert to the normal monthly charge when it ends.

What is the best free business bank account?

The best free business current account for you depends independent bank fort worth texas what your business needs. Most sole traders and small businesses will be able to find something that suits them – there’s a huge amount of choice out there.

Before you commit, you should check the usual price and make sure what’s included in the free trial is all useful stuff you’ll actually need. You will need to understand how you will use your bank account such as electronic transactions, cash and cheques over the counter transactions, and foreign currency transactions to see which offers the best package for your business. It’s also hey google is the post office open today good idea to look for the longest free period available, so you can benefit from full access without paying for anything for as long as possible.

* Please note we have an affiliate relationship with Starling and Tide.

Источник: https://businessfinancing.co.uk/free-business-banking/

Best Business Checking Accounts

As a small business owner, choosing the right bank and finding the best business checking accounts to choose from, can feel like an overwhelming experience.

Account fees are just one of many factors to consider. For example, maybe you need free cash deposits, unlimited transactions, or invoicing tools. It all depends on you and how your business runs.

The good news is that whether you’re a freelancer, sole proprietor, or limited liability company, there are many high-quality business bank accounts ready to serve you.

In this post, you’ll learn about the best business checking accounts, including traditional banks, online-only options, and more.

9 Best Business Checking Accounts For 2021

  1. Novo Business Banking: Best to Avoid Fees
  2. Axos Bank Basic Business Checking: Best For Online Businesses
  3. Chase Business Complete Banking: Best Sign-Up Bonus
  4. LendingClub Bank Tailored Checking: Best Cash Back Rewards
  5. Wells Fargo: Best For Physical Branches
  6. BlueVine Business Checking: Best APY
  7. U.S. Bank Silver Business Checking: Best For New Businesses
  8. Capital One Spark Business Unlimited Checking: Best For Cash Deposits
  9. Bank of America Business Advantage Relationship Banking: Best For Multiple Accounts

1. Novo Business Banking

Best For Fee Avoidance

This business banking fintech aims to provide simple, data-driven solutions for modern businesses and is a top choice for freelancers, entrepreneurs, and small business owners.

Novo Business Banking Account

They offer only a single product: the all-in-one Business Banking account.

It’s 99% fee-free and entirely digital, so you won’t be able to stop into a local branch if you need help. This is mitigated by Novo’s easy-to-use tools and seamless integration with external software.

For example, you can easily send out invoices, receive payments, and take care of any bills — all from the Novo app. You’ll also get discounts on business services like QuickBooks, Stripe, HubSpot, and Salesforce.

The only downsides are that there is no interest rate, and there are several transaction limits that would be deal-breakers for established businesses. For example, you cannot write checks or send ACH payments over $5,000.

Novo Business Banking Top Features

  • No monthly maintenance fees
  • No minimum balance requirements
  • 100% of ATM fees are reimbursed (even international ones)
  • ACH transfers, mobile check deposits, mailed checks, and incoming wire transfers are all free
  • Minimum opening deposit requirement: $50
  • Overdraft Fee: $27 (this is the only fee you’ll find).

You can apply for a Novo account online or in the mobile app in as little as 10 minutes.

Learn More at BankNovo.com

2. Axos Bank Basic Business Checking

Best For Online Businesses

Axos is one of the most popular online-only banks.

For businesses, it has two offerings: Basic Business Checking, and Business Interest Checking.

Both accounts are Quickbooks compatible, accept ACH transfers, and come with dedicated Axos relationship managers.

You can even set your employees up for success with low-fee Workplace Banking accounts.

Axos Basic Business Checking Top Features

  • Visa business debit card
  • Online and mobile banking
  • First 50 checks are free
  • No monthly service fee
  • No minimum balance requirement

You’ll also get free online bill pay and up to 200 free items (debits, credits, or deposits) per month (it’s $0.30 per item after that). Axos also reimburses for all domestic ATM fees.

If you are looking to earn a top APY on your business checking deposits, it’s hard to find a better option than Business Interest Checking.

Axos Business Interest Checking Top Features

  • 0.81% APY on balances up to $49,999
  • $100 minimum opening deposit
  • $10 monthly fee (avoidable with $5,000 monthly balance)

Axos Bank Sign-up Bonus

If your business was incorporated after June 1, 2021, you’re currently in line for a $100 bonus when american banking association aba routing number open a new account. Just use the promo code NEWBIZ100 when you apply.

If you are just starting and cannot meet the $5,000 requirement to avoid Business Interest Checking’s monthly fee, go with Business Banking and work your way up.

Learn More at AxosBank.com

3. Chase Business Complete Banking

Best Sign-Up Bonus

Chase is one of the biggest banks in the U.S., and it comes with a full suite of business banking products and services.

From deposit accounts to business loans, all your bases are covered with Chase.

Chase Business Complete Banking

Chase’s most popular business checking account is called Business Complete Banking. The account is intended for up and coming businesses and comes with all of the following essentials:

  • Free same-day deposits
  • Mobile and online banking
  • QuickAccept for accepting customer payments through the app
  • Online Bill Pay
  • QuickDeposit

Unfortunately, there’s a $15 monthly fee, but here is how you can avoid it:

  • Maintain a minimum daily balance of $2,000 or more
  • Make $2,000 or more in purchases with your Chase Ink Business credit card
  • Receive $2,000 or more through Chase QuickAccept or other qualifying Chase merchant services
  • Link to a Chase Private Client Checking account

Chase Business Complete Signup Bonus

New Chase customers can claim an impressive $300 sign-up bonus by signing up between now and October 21, 2021.

Enter your email address request your unique promo code. Once you’re in, complete the following actions to get your bonus:

  • Deposit $2,000 or more in new money within 30 days after enrollment.
  • Maintain a balance of at least $2,000 for 60 days after coupon enrollment.
  • Complete at least five transactions within 90 days after coupon enrollment. Qualifying transactions include debit card purchases, QuickAccept deposits, Chase QuickDeposit, ACH credits, and wire transfers.

Once you’ve met all the requirements, the bonus will hit your account within 15 days.

When it comes to traditional brick and mortar banks, it's hard to beat Chase for business — but only if you can avoid their fees.

Learn More at Chase.com

4. LendingClub Bank Tailored Checking

Best Cash Back Rewards

LendingClub established itself as a chartered online bank after acquiring Radius Bank in 2020.

Tailored Checking (formerly known as Radius Tailored Checking) is its interest-bearing small business checking account. The biggest draw here is the ability to earn cashback rewards.

When you use your LendingClub business debit card, you’ll get an unlimited 1.00% cashback on purchases.

Watch out for fees, though. There’s a $10 monthly fee on balances under $5,000 or more.

LendingClub Bank Tailored Checking Top Features

  • $100 minimum opening deposit requirement (but no minimum balance requirement after that)
  • 0.10% APY earning on balances over $5,000
  • Unlimited transactions
  • Free ATMs worldwide with unlimited atm fee reimbursements

Learn More at GoBank.LendingClub.com

5. Wells Fargo

Best For Physical Branches

Wells Fargo is one of the largest financial institutions in the world and boasts the most physical branches of any American bank, with more than 7,000 brick-and-mortar locations.

If you want to have access to a branch no matter where you are, Wells Fargo is unmatched.

Wells Fargo offers three account options for small business owners: Initiate, Navigate, and Optimize.

All accounts come with online banking, customizable debit cards and checks, mobile check deposits, and free cash withdrawals within the bank’s ATM network.

However, since each account is designed for a different type of small business, we’ll provide a quick overview of each option:

Initiate Business Checking

Initiate Business Checking is intended for newer business owners looking to build a stable foundation.

The account is minimalistic and serves the best small business checking account 2017 basic business banking needs. It also has the lowest monthly service fee at $10 per month, which you can avoid by maintaining an account balance of at least $500 or an average ledger balance of $1,000 or more.

The account also comes with free cash deposits of up to $5,000 per statement cycle. After that, it’ll cost $0.30 per $100 deposit.

There’s no fee for your first 100 monthly transactions, but each one on top of that is $0.50.

Navigate Business Checking

Navigate is targeted toward business owners who are growing and need to evolve with the changes that come along with that growth.

The account expands on Initiate’s transaction limits and also adds some premium features. For the added perks, the monthly fee goes up to $25 per month, and you’ll need a $10,000 minimum daily balance or $15,000 in average combined business deposit balances to get around it.

There’s no fee for cash deposits of up to $20,000 per month, and you’ll get 250 free transactions. If you go over either limit, the same transaction fees associated with Initiate will apply.

The account is interest-bearing, though don’t expect more than ground-floor rates. You won’t pay any fees for stop payments, cashier’s checks, or money orders, and you’ll get two non-Wells Fargo ATM fee reimbursements per month.

In addition, incoming wire transfers are always free, and your first two outgoing wires are covered in each statement period.

Optimize Business Checking

Optimize is Well’s Fargo’s premium business checking account for well-established businesses. The monthly fee is $75, and unfortunately, there’s no option to get around it.

Instead, Wells Fargo allows you to offset the cost of fees through credit accrual based on your investable balances.

Optimize has the same limit of 250 free transactions as Navigate, but for cash deposits, you’ll simply pay $0.0025 per $1 deposited.

There’s no fee for stop payments, cashier’s checks, money orders, or incoming transfers, and you’ll get two ATM fee reimbursements each month.

Overall, Optimize stands out with its more advanced features. For example, you can have up to five linked Optimize accounts for one monthly fee, and you’ll get access to Commercial Electronic Office (CEO), which provides more control over payments, more robust account management and security, and higher transaction limits.

Learn More at WellsFargo.com

6. BlueVine Business Checking

Best APY

BlueVine is a fintech company that offers business bank accounts, loans, and lines of credit.

The Business Checking account is the company’s flagship business banking product. The account is fee-free and lets you handle your everyday banking needs online from any device.

By far, the most attractive feature is that you can earn 1.00% APY on balances up to $100,000. As such, BlueVine offers one of the highest-earning business accounts available.

BlueVine Business Checking Top Features

  • 1.00% APY on deposits up to $100,000
  • No monthly fees
  • No overdraft fees
  • Unlimited transactions
  • No minimum deposit requirement
  • Free access season 10 cast married at first sight more than 38,000 MoneyPass ATMs
  • Cash deposits at Green Dot locations, though each one will come with a fee

I am not seeing any other business checking options out there that can match or beat BlueVine's APY. So, if APY earning is your primary goal, BlueVine Business Checking is probably your best choice.

Learn More at BlueVine.com

7. U.S. Bank Silver Business Checking

Best For New Businesses

The Silver Business Checking Package from U.S. Bank is a free checking account intended for newer businesses with limited transaction activity.

The account comes with 125 free transactions and 25 free cash deposits (of $100) per statement cycle. You’ll also get a half-off discount on your first check order of up to $50, plus 50% off the monthly fee on a personal checking account.

Silver Business Checking comes with online and mobile bill pay, plus card payment processing, mobile check deposit, and overdraft protection through a Business Reserve Credit Line.

To apply for an account, here’s what you’ll need:

  • Employer Identification Number or Tax ID Number (sole proprietors can use a Social Security Number)
  • Articles of Incorporation, Articles of Organization, or a charter (not required for sole proprietors)
  • Photo ID and Social Security Number

Note: Most of the other banks on this list require the same credentials to open an account.

If you are looking for a free account backed by a national institution, U.S. Bank Silver Business Checking is a good place to start.

Learn More at US Bank

8. Capital One Spark Business Unlimited Checking

Best For Cash Deposits

Capital One’s Spark Business Unlimited Checking account is designed for high-volume businesses that don’t want to worry about transaction limits or fees.

You’ll get truly unlimited business transactions each month, plus quick access to deposits with availability the following day.

There’s no fee or limit on cash deposits and incoming wires are fee-free. Plus, you get five free outgoing domestic wires every month. You can also opt to link your account with another Capital One deposit account for overdraft protection.

The downside is the monthly fee, which is $35 per month. To get around it, you’ll need an average 39 or 90-day balance of $25,000 or more.

Capital One is a hybrid that mostly operates as a digital bank but also houses physical branches that are mainly located on the East Coast.

The mobile app is one of the best in the business and allows for easy deposits and account maintenance wherever you are.

Do you run a cash-heavy business like a bar, restaurant, or food truck? If so, you'll be in good hands with Spark Business Unlimited Checking — especially if you can avoid the monthly fee.

Learn More at CapitalOne.com

9. Bank of America Business Advantage Relationship Banking

Best For Multiple Accounts

Business Advantage Relationship Banking is BoA’s premium business account.

There are some fees, but it’s a decent option if your business makes a lot of transactions and needs in-person support.

Business Advantage Relationship Banking Top Features

  • Free business savings account
  • Built-in cash flow monitor
  • Free Zelle transfers
  • 500 free teller transactions and checks written per month
  • Free incoming wires
  • $29.95 monthly fee (avoidable with a monthly balance of $15,000 or more)

BoA also offers Preferred Rewards to business customers who maintain a balance of $20,000 or more.

The program eliminates monthly maintenance fees and comes with additional rewards on business credit cards and discounts on credit lines and loans.

If the monthly fee seems steep, consider BoA’s lower-tier business account: Business Advantage Basic Banking.

There’s a $16 monthly fee, however, the premium option gets the nod here because Basic does not come with a free business savings account.

Learn More at BankOfAmerica.com

FAQs

What is the best bank for small businesses?

It depends on your situation. Every small business is different, so the best bank for one might be a poor fit for another.

With that in mind, the best small business bank is the one that meets your unique business needs, and that doesn’t charge any fees.

That might seem like a non-answer, but it’s the truth. Find the bank with the business tools will help you achieve your goals. It’s that simple.

Which bank has the best business checking account?

Again, it depends. If your business needs modern, digital tools, you might be the best fit for an online option like Axos or Novo.

On the other hand, if you prefer in-person support, you’re likely better off with an account from a big bank like Chase or Wells Fargo.

There’s no clear-cut “best” account, which is why we’ve provided a set of diverse options that suit different needs. If you are still unsure, stick to the options in this post, and you’ll be just fine.

Which bank is best for LLC?

It really depends on how your LLC operates. But, if I had to pick one best overall, I would go with Chase Bank due to the wide array of account options.

However, Chase might not be available in your area, in which case you’d be just fine going with Wells Fargo, Bank of America, or U.S. Bank.

With that said, most small businesses and entrepreneurs no longer need to visit a physical bank. In that light, BlueVine, Novo, and Axos could be the best fit for you, depending on the unique needs of your LLC

Rather than thinking about finding the best bank for an LLC, consider the best bank for your particular business.

Learn More:

What banks offer free business checking accounts?

Our top picks for free business checking accounts are Axos, BlueVine, Mercury, and Novo Bank.

Generally speaking, most online accounts are free, whereas traditional brick-and-mortar banks tend to come with fees.

Which Business Checking Account is Best for You?

As you grind day and night to grow your business, the last thing you want to deal with is a bank account that isn’t getting it done.

Take a good hard look at your business, your cash flow, and your expectations for customer support. Do you handle cash, or are your services entirely digital?

Do you want the flexibility of an online bank or the peace of mind of a traditional one? How much are you comfortable paying in fees?

Once you can answer those questions, the decision will be much easier.

Here’s to finding the best business checking account for you and your business.

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Источник: https://www.carefulcents.com/best-business-checking-account/

Small business financial services that can help your bottom line.

As a small business owner, every dollar you spend or earn is critical to your success, or failure. Developing a solid and trusting small business banking relationship can be a key piece of your budget equation. According to a J.D. Power study, fast-growing small businesses are far more likely to switch financial institutions. What you need as a start-up company will likely vary from your needs as you grow, but the best relationship will adapt with you.

While there are many variables that can make, or break, your business banking relationship, there are six things we recommend you look for when choosing your first – or next – small business banking services:

  • Convenience
  • Fees and restrictions
  • Merchant services, including credit card processing for small business
  • Traditional financial services such as business checking accounts, savings and direct deposit
  • Products to help you grow, like business loans or business lines of credit
  • Personality and responsiveness of the business banking staff

Whether you choose to go with a local credit union or a large national bank, the only services that matter are the ones you use now or think you might want to use in the future. Make a list of the products and services that are most important to you. Differentiate between those that are must-haves and non-negotiable vs. those that would be nice to have if your favorite local credit union were to offer them.

Convenience is key for large and small business owners

You probably started your own company to have more flexibility and greater freedom with your schedule. However, most large and small business owners find themselves working significantly more than before, sometimes twice as much as their employees to ensure that the business is successful. Since time is money, accessing your money should be simple, fast and convenient.

How you define convenience in large or small business banking is the first step toward assessing your current, or future, business financial institution. Consider the following:

  • Branch locations: How important is it for you to be able to walk into a branch to conduct business? If you’re a retail business, you’ll likely need to make frequent deposits or have access to change. Make sure the branch location that is closest to your business or home provides face-to-face services for business accounts, including a loan officer. Building those in-person relationships are also important when the time comes to ask for a loan or line of credit, or for other help in challenging times.
  • Hours of service: Is that branch location near you open hours that are convenient for you? Do they offer extended hours in the evening or on weekends, likely times you’ll need to make deposits?
  • Access to online services: If locations or hours aren’t convenient, does the financial institution make up for it with cutting edge technology? A growing number of credit unions and banks are offering remote access via your mobile device and desktop, including the ability to deposit checks with your phone or pay bills using an automated 24-hour bill paying service. Also find out what their philosophy on technology is – are they bleeding edge, leading edge or behind the times to be sure they can meet your needs far into the future.
  • Proximity to your personal accounts: Do you want your business accounts with the same financial institution as your personal accounts? Or, do you want to keep your work and home lives separate? Keeping all your accounts under one roof is definitely a time-saver, but building relationships with more than one financial institution might open up for more options in the future.

Be sure to consider your needs in the future too. If you have an aggressive business plan, be sure the convenience services grow with you, including those online services and locations of additional branches in other parts of jamaican food boston city, state or country.

How to minimize small business financial services fees

Business banking fees can be confusing. While more and more personal accounts are being positioned with low fees or no fees, small business banking is more best small business checking account 2017, often requiring daily transactions and much movement of cash in and out of accounts.

The move toward more convenience services with improved technology and automation has some small business financial services firms reeling. The cost to digitize banking platforms is on the rise, which might mean those costs get passed on to you via monthly or per transaction fees.

On the flip side, interest rates are rising and the regulatory environment is calming down a bit, both of which are anticipated to improve profits in the banking industry. With all these changes, it’s an important time to review your current service fees and compare to other small business financial services providers to see if you’re getting the best deal for your business.

Shop and compare the following services:

  • Monthly service fees: The amount your large or small business banking will cost on a monthly basis, primarily for your checking or debit account. A typical business bank charges an average of $8-$12 a month or requires an average daily balance of around $1,500 to waive these fees.
  • Monthly transaction and cash deposit limits: Most small business banking accounts limit the number of times you can make deposits or withdraw cash. If you own a retail business, this could get especially costly as you’ll have more frequent interactions with your financial institution. To reduce or avoid these fees, estimate the number of cash deposits you make each month and find an account with a higher limit.
  • Additional transaction fees: Some banks will put a cap on the total transactions made best small business checking account 2017 a business account – including ATM access, checks you write, debit card purchases or exchanging bills for coins. Spend some time thinking through all of the ways you interact with your credit union or bank. Add these up and compare rates so that these small fees don’t get the best of your small business.
  • Penalties and potential restrictions: Ask about additional penalties for repeatedly exceeding transaction limits, or for those times your account balances might fall below the minimum requirements. These little, unexpected fees can add up and catch you off guard at the worst of times.

Be sure to asks for the specific amount of each of and find out whether some you can’t avoid are bundled in with those you want to avoid. If a fee is too high, don’t be afraid to ask for a negotiated rate. If you maintain certain monthly minimums or have a strong relationship and track record with your financial institution, many fees can be waived, or they might be willing to make concessions to keep your business.

Merchant services and credit card processing

Access to merchant services and credit card processing is a must-have for even the smallest  business owner. As our world moves more and more to paperless transactions, you need to be able to accept payments in a variety of ways, from multiple locations including a mobile phone, tablet or even a virtual terminal.

GAFCU credit card processing for small business will ideally provide: 

  • Preferred pricing, for the most cost-effective payment processing
  • Free comparative analysis
  • Next day funding
  • No application fees
  • Noearly termination fees
  • No monthly minimums
  • Exceptional customer support

The best merchant services program uses cutting edge technology to help small business owners stay one step ahead of today’s fast-paced and ever-changing business environment. Consider all these needs:

  • A system that integrates with your e-commerce, online shopping cart, payment gateways or other software processing solutions
  • A system that works with iPad®/tablet-based point-of-sale terminals
  • A system that works with Samsung Pay, Apple Pay®or other mobile credit card processing applications
  • Virtual terminal support whether using a personal computer or Mac
  • The ability to automate recurring billing
  • The ability to sync to Quick Books or your other small business accounting system
  • Additional payment processing services tailored to meet your unique customer needs

You’ll also want to shop and compare these additional value-added business and payment processing services:

  • Does your provider accept all major credit and debit cards?
  • Does your provider offer electronic check verification, conversion and guarantee?
  • Can they handle gift and loyalty card programs?
  • Do they pay interest or dividends on connected checking or savings accounts?

For a free side-by-side comparative pricing analysis of your credit card processing, bring your two most recent processing statements to a Greater Alliance Federal Credit Union branch location or call 855-246-4096.

Business banking basics

All the locations and free services in the world won’t make a difference in your operating costs if their most basic small business banking products don’t meet your needs. At the heart of every business banking relationship, you need to be able to transact business to make money, pay bills and save the money that you make.

  • Business savings: A good business savings account charges minimal fees, reaps solid dividends on the amount you have in savings, and offers free online banking or banking-by-phone. If you’re a super small business, pay attention to the minimum amount you need to keep in that savings account, to make sure you don’t pay unexpected fees if you dip below that minimum. Optional overdraft protection for your checking account is a smart bonus to consider as well. A good savings plan is key; best small business checking account 2017 recommend setting aside 30% of each check you cash.
  • Business checking accounts: If you’re looking for a completely free option, check out this in every state. Other financial institutions, like Greater Alliance Federal Credit Union, offer dividend-bearing checking, giving you the flexibility to use your checking like a savings account and still earn interest. Be sure to investigate limits on the number of checks, ATM transactions and daily withdrawals each month.
  • Debit cards: Business guru Dave Ramsey encourages all small business owners to stick to debit cards instead of credit, because we tend to watch real cash out the door far more closely. Debit cards can work for your employees as well, instead of credit cards for business expenses.
  • Employee benefits: As an added bonus, consider if your small business bank offers financial services as an employee benefit, such as direct deposit or health savings accounts.

These are the accounts you’ll be accessing most frequently, so it’s important that they comfortably meet your wants and your needs in an ideal small business banking relationship. The right business banking products can also make a big dent in your operating costs – for the good, or not so good.

Large, medium or small business loans to help you grow

While borrowing might not be your primary reason for developing a new business banking relationship, it can prove to be the most important – and most frustrating best small business checking account 2017 reason for choosing your small business bank. Unless you are a dedicated and avid saver, if growth is in your business plan you’re probably going to need a small business loan at some point in your future.

This is also where you’ll potentially see the largest difference between choosing a credit union, regional bank or national bank. Credit unions tend to be more flexible in their approval process and might offer more low interest rate options, while larger banks tend to have higher borrowing limits because they have more assets to borrow against.

Here are a few options to consider:

  • Small business loans: Good for planned expansion of your business (staffing, product lines, target audience), as well as for expanding your physical footprint, whether it’s a bigger location or a second location. Lending varies greatly from state to state, so be sure to partner with an institution that knows your region well. In addition to low rates, look for flexible rates and terms. You’ll also want to explore the availability of special loan programs for mixed-use, residential investment and owner vs. non-owner occupied properties)
  • Business line of credit: Good to establish for those “just-in-case” situations – when a critical piece of equipment breaks down or cash flow is tight or you need to acquire more inventory, fast. Most financial institutions offer both secured and unsecured line of credit options, with rates and terms varying based on the type you choose. Apply for your business line of credit upfront, so it’s available when you need.
  • SBA loans: The U.S. Small Business Administration offers a variety of loans to qualified small business owners – from microloans to disaster loans, for new start-ups or expansions, or for general needs. The SBA is not a lender. Rather, it sets guidelines for lending made by financial institutions and guarantees these loans will be repaid, encouraging lending that might otherwise be considered risky.

A strong small business banking team, like the team at Greater Alliance Federal Credit Union, will understand what it takes to operate a business and will work with you to make state bank of southern utah parowan right decisions for your business in both the short and long-term. understands what it takes to operate a business. We’re here to help you in making better, long-term decisions on your business banking solutions.

Personality and responsiveness of the business banking staff

If all other factors are equal when it comes to love loft card comenity bank decision to choose a new small business banking relationship, one of the most critical factors is the intangible: how do you like working with the business banking staff? Are they responsive? Are they helpful? Do they smile and show an interest best small business checking account 2017 who you are and what your business does?

Small business owners tend to interact more with front-line staff, such as tellers or branch managers, than someone who uses a financial institution for personal needs. You want to be sure capital one arena seating chart the credit union or bank you choose has a team that reflects your own personality and needs, one that is enthusiastic about building a long-term relationship with you, to help you grow and prosper.  Consider these factors:

  • Employee turnover: You can’t develop a strong working relationship if the business banking team keeps changing.
  • Morale: Nationally, satisfaction in the financial services industry is nearly at its all-time highest rate, so don’t be afraid to move if you are working with a team who seems to hate coming to work every day.
  • Turnaround time: Do they pick up the phone when you call or take two days to get back to you? You can’t put your business on hold, so don’t settle for small business banking that puts you on hold.
  • Flexibility: Can or will they waive fees, adjust minimums or consider multiple factors when approving your line of credit? The best financial services are adaptive to your size, business model, growth plans and day-to-day needs.

How Do I Know If My Small Business Bank Is Right for Me?

Shop and compare all the above factors with a focus on those most important to you. It’s important to talk to the small business banking officer at any financial institution you are considering to determine if they have the right combination of services and products to help your business control operating costs, serve your customers well and be positioned well for business growth in the next one, five or ten years.

Depending upon your needs, you might find the best fit is a credit union or a big national bank, or maybe a combination of financial institutions. Consider these variables:

  • Credit unions are more likely to offer dividends on savings or checking because they are a not-for-profit.
  • Credit unions or community banks are more likely to waive fees or offer flexible bank of eastern oregon, because they can adapt their service model more easily, whereas larger banks offer economies of scale.
  • Credit unions and community banks are more likely to give loans based on your character, business model and local market conditions, whereas a big bank will have more money to loan but will make that decision based solely on the numbers.
  • Regional banks tend to be more technologically advanced, though more and more credit unions are teching up to stay competitive.
  • National banks are traditionally the best resource if you’re doing business internationally

The right small business bank will behave as if they are small enough to care and provide personalized services, yet large enough to offer the best products and services with the lowest fees.

We encourage you to contact Greater Alliance or another trusted financial institution to discuss your business model and needs, to build a small business banking relationship that will grow as your business grows. Call us at 888-554-2328 x290 or visit a Greater Alliance branch location today.

 

Источник: https://www.greateralliance.org/6-things-to-look-for-in-small-business-banking/

The best business bank account: Tide, Revolut, Starling or Metro?

(1) Features vs. cost (on paper)

On paper, the four offerings are quite different and all serve different needs. 

Metro Bank has the benefit of offering 67 physical locations throughout the UK which are open seven days a week, but its online offering is weaker. 

Starling is the best option great for freelancers and contractors.

Revolut is the best option for small businesses. 

Let us now look into the details of why this is the case

Winner (freelancers and contractors): Starling

Starling is completely free, provides incredible 24/7 support, a great mobile banking experience and includes FSCS protections for your deposits.

After evaluating all the different offerings and testing out their services, I decided to switch my business banking from Santander to Starling.

And I opened up a Starling personal account (a prerequisite for their business account, which will be an annoyance for some) and now do most of my personal banking through Starling, so everything is integrated in a simple app. Marvelous!

Here are Starling's selling points:

  • No fees whatsoever. There are no fees on electronic payments, UK transfers, monthly account fees or ATM withdrawals. Tide has transaction fees that range from £0.20 for transfers and £1 for ATM cash withdrawals or cash deposits via the Post Office. Metro Bank also has transaction fees (£0.30 for transfers) independent bank of texas customer service number a monthly minimum maintenance fee of £5 unless you keep a minimum balance of £5,000, and then the maintenance fee and transaction fees are waived. While none of these fees are hefty, it is certainly nice to save on fees.
  • 24/7 chat and phone support. You can reach Starling anytime, literally within minutes (see customer service section below)! Metro Bank also offers speedy 24/7 phone support but it does not have 24/7 live chat (appealing to the younger demographic). Tide offers 24/7 in-app support but its phone support is not 24/7. 
  • FSCS protection. This insurance is absolutely essential as it protects your deposits up to £85,000 if your bank fails. Starling and Metro Bank offer this, but Tide does not. This is a deal breaker for Tide.
  • Integrations with Xero and FreeAgent. You can link up Starling with popular accounting software for freelancers and contractors. Tide offers both of these and Sage as well (so has an advantage over Starling), but Chase bank customer care contacts Bank only offers Xero. Most contractors in the UK use FreeAgent, so this is the one that really matters.

It's not surprising that Starling won Best Business Account provider at the British Bank Awards 2019.

There are of course some downsides with Starling, namely:

  • No physical locations: Metro Bank has a huge advantage with its physical presence. With the advent of online banking, physical branches are no longer a necessity but is always nice to know you can access one if you need it. And on top of that, Metro Bank branches are open seven days a week. Metro Bank clearly wins here. 
  • App only: You can only use Starling via a mobile app. Tide offers a mix of desktop and app, whereas Metro Bank offers desktop, app and physical branches. While this is certainly a downside, Starling's app is so easy to you use that rarely are you left wanting for something more.
  • Fewer business-friendly features than Tide: There are some great features Tide has that work really well for freelancers and contractors such as the ability to send invoices and cards for team members linked to the same account. Tide definitely edges Starling out in this regard.

In summary, Starling slightly edged out Metro Bank for me.

It's free account with great online experience beat out a physical branch presence. This is a toss up really - many people would prefer the security of physical branches. 

Tide put up a good showing, but its lack of FSCS protection was a deal breaker. After all, Tide is a start-up and is at a much higher risk of failing than a more established bank. And in the small chance this happens, no one would want their savings to go along with it.

Revolut is already more established than Tide but its lack of FSCS protection on top of its poor customer support options and transaction fees push it down to third place for most freelancers/contractors, most of whom will have little use for Revolut's power features.

Winner (small businesses): Revolut

Revolut's offering is almost exclusively geared towards small businesses and away from freelancers and contractors, both in terms of pricing and features.

Its pricing is steep. It charges £7 a month for freelancers/contractors and its small business starter package costs £25 a month (with its 'scale' and 'enterprise' packages coming in at £100/month and £1,000/month respectively).

Whilst Revolut does offer free accounts, in practice these have very little functionality before you begin to pay transaction fees.

Where Revolut really delivers is in power features for three major types of business users:

Those with multiple employees looking to simplify expenses
  • you can easily issue prepaid cards to multiple team members
  • team members can submit expenses for approval to be paid
  • and there is a built in dashboard to track expenses
Those transacting in multiple currencies or who have employees travelling
  • hold, receive and exchange 29 currencies, which is very impressive.
  • exchange, transfer and receive 150 currencies at the inter-bank exchange rate.
  • any employee can spend abroad using a Revolut card and pays the interbank rate on FX.
Integrations for power users
  • popular accounting software such as Xero and FreeAgent (with more on the way)
  • Slack (the popular messaging app) and impressively, Zapier which is a tool that integrates thousands of apps with each other, allowing you to easily move information between them. 
  • on top of this, Revolut also has an API
  • these features make it great for for power users who want to integrate Revolut into their work flows. See below for a simple workflow that is possible using Zapier to connect Revolut and Gmail:
Workflow using Zapier to connect Revolut and Gmail

This functionality and customizability make Revolut an easy choice for small businesses. 

(2) Sign-up process for account

Time is valuable.

Whenever I started or restarted contracting, I found myself only having a few days between landing a contract and needing to start work. This meant getting everything in order quickly - setting up a limited company, finding an accountant, getting insurance and getting a business bank account.

I wanted to quickly and easily sign up for an account without having to visit a branch or chase / stay on top of things. I thought the challenger banks would be clear and away winners vs. high street banks, but I was unpleasantly surprised.

Winner: Revolut 

Revolut had far and away the smoothest account opening process. I opened an account through their website immediately.

Simply fill in all the information they require (unfortunately more than Tide or Starling did), go through their security check, choose your pricing plan and then make a transfer to the account of at least £1 and voila - your account is open!

Initially I was told it would take about two weeks to receive my Revolut card in the mail (which I was a bit shocked by - two weeks in the day and age of Amazon Prime?!) but the card came in five days.

The card looks beautiful and has a nice feel to it. While it is metallic, it isn't very weighty compared to say, the new American Express Platinum metallic cards.

Revolut also has a really strong set of onboarding emails that introduce you to the myriad of features they provide.

Revolut buinsess bank account card

2nd place: Tide

Tide also had a pretty slick sign-up process but it took 48 hours to get actually get the account opened.

After initially downloading the app and starting the account opening process, I began to lose faith.

I found the registration process a bit buggy. For example there was no way to choose the focus of my business, and it was clunky to enter in my birthday. These are small things but for a company that is completely app-based, it erodes trust.

However low and behold, after about 10 minutes I was able to enter in all the requisite information, run through the security check and conclude the signup process. I was told it would take between 5 bok atm and 48 hours to open my account.

Unfortunately I fell into the 48 hour camp, which was a tad annoying at first. However after I struggled to open accounts at Starling and Metro Bank, Tide's process seemed like a breeze.

A few days later I received the Tide card in the mail! 

Tide buinsess bank account card

The card was scratched, and I don't love the design of the card, but hey - these are all minor things!

3rd place: Starling

I had an awful process getting Starling set up. On the surface, the process was super smooth - in less than 10 minutes I had whizzed through the app and security check and was told my account had been opened immediately.

Hurrah! Or so I thought.

A week later I sent my client an invoice and asked them to pay it into my new, shiny Starling account. However, the payment bounced. It turns out my Starling account hadn't been opened after all. This was very strange to me, because they had even sent me my card in the mail.

Starling buinsess bank account card

After digging through the app, I realised Starling's customer service team had sent me a message shortly after I thought I had opened the account requesting I answer another 8 questions about my business.

It was frustrating because I had absolutely no idea I needed to provide this information and the questions seemed extraneous e.g. what are your business goals for the next year and where are your customers located. Tide and Revolut did not ask these questions.

After providing the informationI received ANOTHER request from Starling for additional documentation. You think they'd build all of this into their application process.

But after a month of initially thinking I had the account set up, I finally did. It was a painful process and is definitely something that needs to be fixed.

4th place: Metro Bank

If you thought Starling's account opening process is awful, wait until you try and open an account with Metro Bank.

I called my local branch to see if I could make an appointment and they said I could not, and that I should budget two hours for the account opening process.

Two hours!? And on top of that, I had to dig up documents to prove my address. But in the name of thoroughness for this article, I proceeded.

After waiting 20 minutes to see a representative, I was greeted by a young lady that would be responsible for opening my account. About 30 minutes into the account opening process, I was informed that my address had been flagged for fraud through a CIFAS check. I immediately became worried.

But as I questioned her more, it turns out that someone in my postal code had attempted to fraudulently use an address to sign up for financial products, not even my address! There are easily over a hundred flats and homes in my postal code. It is a completely absurd security check.

She informed me she would need to do additional checks and that if I passed, I would need to come back to the branch to re-start the process. When I asked her how many people fail the check, she said over 50%. I was dumbfounded at the stupidity. 

I was informed I passed the check and went back into the branch to start the account opening process once again. And of course, my profile had not been saved from the first time I went in, so I needed to answer the same series of questions again.

I told the representative that we needed to open the account within 60 minutes or I was leaving and he rushed through the process to get it done. Kudos to him. However he informed me that my application still needed to be approved before the account would be opened.

Three few days later I received an email notifying me that my account had been opened and inviting me to set up online banking, and a letter in the mail brought my debit card and a 'secret word' required to set up my online banking.

The online banking set-up process was a bit cumbersome as I was required to enter my 'customer number' but Metro Bank did not provide this to me, so I had to call in to get it. But soon thereafter I was in!

Metro buinsess bank account card

(3) Day to day banking

1st place: 3 way tie between Revolut, Starling and Tide

All three of the online-only offerings were extremely clean, intuitive and easy to use.

They each offer marginal pros and cons. For example I found Tide's app the most intuitive, but Starling offers seamless integration between your personal and business accounts. Below I've shared a bit more about each (in alphabetical order). 

Revolut

Revolut pushes users towards using its desktop solution versus its mobile app, I think because it offers so much more functionality than the other offerings that it is easier to manage on a computer with a larger screen.

The interface is clean and very easy to get a handle on. See a screenshot below of the welcome screen.

telephone number to wells fargo bank online dashboard">

As I played around with different features I found it fairly easy to take advantage of Revolut's advanced features, such as ordering new physical cards, setting up virtual cards, and transferring money from my GBP account to my EUR account. Well done Revolut!

I believe the expense management features are a big plus.

Now, employees can easily spend abroad on a business card without having to separate personal from business expenses. To integrate expense management features offered by the likes of Concur and KDS directly into banking is a huge win.

Revolut wrote a good article about how it built its banking offering in this medium post, which is worth a read

Starling

As I mentioned above, after I tested the offerings of all the different providers, I promptly set in motion the Current Account Switch from Santander to Starling.

I've now been using Starling for a few weeks and it has been fantastic. The app is clean, fast and easy to use. Sending payments is a breeze and all my expenses are neatly categorised. 

I am a big fan of simplicity and a huge selling point for me was integrating my business and personal banking into a single view.

With Starling I have both my business and personal accounts in a single app and can easily transfer between them. In addition, the interfaces are the same so I don't need to remember the layouts and quirks of different offerings.

Starling app view

A downside of Starling is the lack of a desktop version. I thought this was going to be an annoyance for me, but I have found the app so easy to use that I haven't missed having access to a desktop version. 

Tide

Tide offers both mobile app and desktop. I found the app very cleanly laid out and intuitive, even more so than Starling's and Revolut's apps. 

Tide's desktop offering was also extremely well laid out. Here's a screenshot of the the first thing you see when you log in, as well as how the menu structure is laid out on the left. I like how all the functionality is in a single, clean menu, which many banks complicate.

Tide online dashboard view

Tide also offers integrated invoicing, which I was excited to try out. While it was fairly simple to set up an invoice, it was overly simplistic. I could add multiple line items and a fixed amount for the service.

But what about when I am charging a client for 18 days of work in a month? Or specifying different currencies? I cannot create multiple columns like I can in excel to specify the number of days worked and day rate, or the FX rate. So while it is great in theory, it did not quite meet my needs.

A big downside of Tide is that it does not offer personal accounts. While this isn't a dealbreaker, it is nice plus to be able to integrate your personal and business banking in a single place.

4th place: Metro Bank

Metro Bank's desktop offering is more akin to a traditional high street bank.

It was certainly easier to use than HSBC or Santander, but still a ways off from the likes of Revolut and Tide. For example I had to go through four steps to make a payment, which felt cumbersome.

Its app on the other hand is much closer to the online-only players. It was clean and easy to use, albeit not having the same modern user interface and design. 

Metro bank app view

Metro Bank also offers the ability to integrate your personal and business banking in a single app, similar to Starling. This is certainly a plus. 

Overall, all four providers performed very well on day to day banking, with Revolut, Starling and Tide slightly edging out Metro Bank.

(4) Customer service

Customer service is of course an extremely important component of any banking service.

If you need to best small business checking account 2017 changes to your account, or if your account is frozen (which seems to happen often these days), you want to know you can reach customer service quickly and easily to resolve your issues.

Winner: Starling

Starling actively advertises 24/7 human support, and they deliver!

I tested this by contacting their customer support via the live chat in the app at 5:30am and received a response within three minutes. Pretty good! Younger freelancers and contractors often prefer live chat and app-based support to calling in.

As for Starling's phone support, I tested the phone lines at 6:30am and got UK-based support on the phone in less than 60 seconds! 

This combined phone & live chat support with responses in minutes is unheard of in today's banking age.

2nd place: Metro Bank

Metro Bank advertises its 24/7 call centre and the response times are fantastic. I called on two separate occasions, once inside of UK business hours and once outside, and after navigating a few menus, got someone on the phone near instantly - even faster than Starling!

Metro Bank also has an edge on the others with its physical banking presence. However, I personally found that the branch provided fairly poor service. The staff did not follow-up on messages they said they would send me, did not respond to emails on multiple occasions, and ranged greatly in speed and friendliness. 

If Metro Bank provided a better in-branch experience they would have won.

3rd place: Revolut

Revolut's customer service is poor at best. They do not offer any phone support whatsoever, so everything must be done through their 24/7 live chat.

However I found the response times to be extremely slow. It took me 1 hour and 16 minutes to receive a response to a simple question. 

Revolut customer service chat screen

This is simply unacceptable when you do not offer phone support, especially for a business customer. After speaking to a few other people who have dealt with Revolut's customer service, they attested to the slow response times. It seems Revolut still has a ways to go in this regard.

4th place: Tide

Tide's service is slower than Revolut's (ouch). They only offer phone support for lost and stolen cards, and push their members towards their in-app live chat and email.

However, both of these channels are extremely slow. I had an issue activating my mobile app so tried emailing Tide, and it took 1 hour and 18 minutes to get a response. Not terrible, but this is nowhere near having someone on the phone in 60 seconds with Metro Bank and Starling. 

The live chat is even worse. I waited over 2 hours for a response to a simple question. The combined lack of responsiveness to email/in-app chat and limited phone support is completely unacceptable in my opinion.

Источник: https://www.goforma.com/business-resources/business-bank-tide-vs-revolut-starling-metro

Business Checking

BTC BANK offers competitive checking accounts in order to meet the needs of our business and industrial customers.

Checking accounts are specifically designed for new and small businesses, commercial customers, and civic organizations.

  • Business checking account
  • Business Now (Sole proprietor only)
  • Business Tiered Money Market account
  • Public funds
  • Business savings
  • Business time deposits

BTC Business Checking

We know that all businesses, big or small, new or established, are vital to the success of our communities. We strongly support our local businesses and work together to build lasting relationships. We work hard to offer the best products possible and strive to keep our banking fees as low as possible.

  • Minimum to open $100.00
  • If the account falls below $300.00 any day of the statement cycle a $3.00 service charge will be applied when your statement prints.
  • Unlimited check writing
  • Free Online Banking and Bill Pay
  • Direct Deposit Services
  • Free Debit/ATM Card
  • Credit Card Machines through Community Bankers Merchant Services
  • Remote Deposit Imaging System – Make deposits from the convenience of your business
  • Health Savings Accounts – We can recommend a possible solution to the challenges of rising health care costs for you and your employees
  • CDARS Network – Offers you an outlet for FDIC coverage in the multi-millions, all through BTC BANK
  • Commercial loan officers are available at each of our 13 locations and in many cases can give immediate notice of approval

To learn more about our Business Checking Accounts, please call us at 1-877-BTC-BANK or visit one of our

13 full service locations.

Источник: https://btcbank.bank/business/business-checking

Best small business checking account 2017 -

Business Checking

BTC BANK offers competitive checking accounts in order to meet the needs of our business and industrial customers.

Checking accounts are specifically designed for new and small businesses, commercial customers, and civic organizations.

  • Business checking account
  • Business Now (Sole proprietor only)
  • Business Tiered Money Market account
  • Public funds
  • Business savings
  • Business time deposits

BTC Business Checking

We know that all businesses, big or small, new or established, are vital to the success of our communities. We strongly support our local businesses and work together to build lasting relationships. We work hard to offer the best products possible and strive to keep our banking fees as low as possible.

  • Minimum to open $100.00
  • If the account falls below $300.00 any day of the statement cycle a $3.00 service charge will be applied when your statement prints.
  • Unlimited check writing
  • Free Online Banking and Bill Pay
  • Direct Deposit Services
  • Free Debit/ATM Card
  • Credit Card Machines through Community Bankers Merchant Services
  • Remote Deposit Imaging System – Make deposits from the convenience of your business
  • Health Savings Accounts – We can recommend a possible solution to the challenges of rising health care costs for you and your employees
  • CDARS Network – Offers you an outlet for FDIC coverage in the multi-millions, all through BTC BANK
  • Commercial loan officers are available at each of our 13 locations and in many cases can give immediate notice of approval

To learn more about our Business Checking Accounts, please call us at 1-877-BTC-BANK or visit one of our

13 full service locations.

Источник: https://btcbank.bank/business/business-checking

Business Basic Checking

Convenience: The Elements Visa® Business Debit Card allows you to make purchases at any merchant that accepts Visa® debit cards. The funds will be directly withdrawn from your checking account.

Security: Enjoy online shopping secured with Visa. When you shop online and see the Visa Secure badge on participating merchant sites, this means your online purchases are secured with Visa. Visa has developed a program that helps con?rm your identity when you make an online purchase at participating merchant sites.

Easy Account Management: Use Online Banking and the Mobile App to manage your personal and business accounts. See your business account activity, check your electronic statements, deposit checks, pay bills, and more anytime and anywhere you have access to the Internet. Log in or enroll in Online Banking today to manage your account.

Worldwide Access: Conduct transactions at 78,000+ ATMs worldwide and 5,000+ shared branches nationwide. Find an ATM or branch near you.

Paperless Benefits: Instead of returning your canceled checks, we provide you with a listing of checks paid, noted by check number, date and amount, all viewable within Online Banking.

Источник: https://www.elements.org/
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The best business bank account: Tide, Revolut, Starling or Metro?

(1) Features vs. cost (on paper)

On paper, the four offerings are quite different and all serve different needs. 

Metro Bank has the benefit of offering 67 physical locations throughout the UK which are open seven days a week, but its online offering is weaker. 

Starling is the best option great for freelancers and contractors.

Revolut is the best option for small businesses. 

Let us now look into the details of why this is the case

Winner (freelancers and contractors): Starling

Starling is completely free, provides incredible 24/7 support, a great mobile banking experience and includes FSCS protections for your deposits.

After evaluating all the different offerings and testing out their services, I decided to switch my business banking from Santander to Starling.

And I opened up a Starling personal account (a prerequisite for their business account, which will be an annoyance for some) and now do most of my personal banking through Starling, so everything is integrated in a simple app. Marvelous!

Here are Starling's selling points:

  • No fees whatsoever. There are no fees on electronic payments, UK transfers, monthly account fees or ATM withdrawals. Tide has transaction fees that range from £0.20 for transfers and £1 for ATM cash withdrawals or cash deposits via the Post Office. Metro Bank also has transaction fees (£0.30 for transfers) and a monthly minimum maintenance fee of £5 unless you keep a minimum balance of £5,000, and then the maintenance fee and transaction fees are waived. While none of these fees are hefty, it is certainly nice to save on fees.
  • 24/7 chat and phone support. You can reach Starling anytime, literally within minutes (see customer service section below)! Metro Bank also offers speedy 24/7 phone support but it does not have 24/7 live chat (appealing to the younger demographic). Tide offers 24/7 in-app support but its phone support is not 24/7. 
  • FSCS protection. This insurance is absolutely essential as it protects your deposits up to £85,000 if your bank fails. Starling and Metro Bank offer this, but Tide does not. This is a deal breaker for Tide.
  • Integrations with Xero and FreeAgent. You can link up Starling with popular accounting software for freelancers and contractors. Tide offers both of these and Sage as well (so has an advantage over Starling), but Metro Bank only offers Xero. Most contractors in the UK use FreeAgent, so this is the one that really matters.

It's not surprising that Starling won Best Business Account provider at the British Bank Awards 2019.

There are of course some downsides with Starling, namely:

  • No physical locations: Metro Bank has a huge advantage with its physical presence. With the advent of online banking, physical branches are no longer a necessity but is always nice to know you can access one if you need it. And on top of that, Metro Bank branches are open seven days a week. Metro Bank clearly wins here. 
  • App only: You can only use Starling via a mobile app. Tide offers a mix of desktop and app, whereas Metro Bank offers desktop, app and physical branches. While this is certainly a downside, Starling's app is so easy to you use that rarely are you left wanting for something more.
  • Fewer business-friendly features than Tide: There are some great features Tide has that work really well for freelancers and contractors such as the ability to send invoices and cards for team members linked to the same account. Tide definitely edges Starling out in this regard.

In summary, Starling slightly edged out Metro Bank for me.

It's free account with great online experience beat out a physical branch presence. This is a toss up really - many people would prefer the security of physical branches. 

Tide put up a good showing, but its lack of FSCS protection was a deal breaker. After all, Tide is a start-up and is at a much higher risk of failing than a more established bank. And in the small chance this happens, no one would want their savings to go along with it...

Revolut is already more established than Tide but its lack of FSCS protection on top of its poor customer support options and transaction fees push it down to third place for most freelancers/contractors, most of whom will have little use for Revolut's power features.

Winner (small businesses): Revolut

Revolut's offering is almost exclusively geared towards small businesses and away from freelancers and contractors, both in terms of pricing and features.

Its pricing is steep. It charges £7 a month for freelancers/contractors and its small business starter package costs £25 a month (with its 'scale' and 'enterprise' packages coming in at £100/month and £1,000/month respectively).

Whilst Revolut does offer free accounts, in practice these have very little functionality before you begin to pay transaction fees.

Where Revolut really delivers is in power features for three major types of business users:

Those with multiple employees looking to simplify expenses
  • you can easily issue prepaid cards to multiple team members
  • team members can submit expenses for approval to be paid
  • and there is a built in dashboard to track expenses
Those transacting in multiple currencies or who have employees travelling
  • hold, receive and exchange 29 currencies, which is very impressive.
  • exchange, transfer and receive 150 currencies at the inter-bank exchange rate.
  • any employee can spend abroad using a Revolut card and pays the interbank rate on FX.
Integrations for power users
  • popular accounting software such as Xero and FreeAgent (with more on the way)
  • Slack (the popular messaging app) and impressively, Zapier which is a tool that integrates thousands of apps with each other, allowing you to easily move information between them. 
  • on top of this, Revolut also has an API
  • these features make it great for for power users who want to integrate Revolut into their work flows. See below for a simple workflow that is possible using Zapier to connect Revolut and Gmail:
Workflow using Zapier to connect Revolut and Gmail

This functionality and customizability make Revolut an easy choice for small businesses. 

(2) Sign-up process for account

Time is valuable.

Whenever I started or restarted contracting, I found myself only having a few days between landing a contract and needing to start work. This meant getting everything in order quickly - setting up a limited company, finding an accountant, getting insurance and getting a business bank account.

I wanted to quickly and easily sign up for an account without having to visit a branch or chase / stay on top of things. I thought the challenger banks would be clear and away winners vs. high street banks, but I was unpleasantly surprised.

Winner: Revolut 

Revolut had far and away the smoothest account opening process. I opened an account through their website immediately.

Simply fill in all the information they require (unfortunately more than Tide or Starling did), go through their security check, choose your pricing plan and then make a transfer to the account of at least £1 and voila - your account is open!

Initially I was told it would take about two weeks to receive my Revolut card in the mail (which I was a bit shocked by - two weeks in the day and age of Amazon Prime?!) but the card came in five days.

The card looks beautiful and has a nice feel to it. While it is metallic, it isn't very weighty compared to say, the new American Express Platinum metallic cards.

Revolut also has a really strong set of onboarding emails that introduce you to the myriad of features they provide.

Revolut buinsess bank account card

2nd place: Tide

Tide also had a pretty slick sign-up process but it took 48 hours to get actually get the account opened.

After initially downloading the app and starting the account opening process, I began to lose faith.

I found the registration process a bit buggy. For example there was no way to choose the focus of my business, and it was clunky to enter in my birthday. These are small things but for a company that is completely app-based, it erodes trust.

However low and behold, after about 10 minutes I was able to enter in all the requisite information, run through the security check and conclude the signup process. I was told it would take between 5 minutes and 48 hours to open my account.

Unfortunately I fell into the 48 hour camp, which was a tad annoying at first. However after I struggled to open accounts at Starling and Metro Bank, Tide's process seemed like a breeze.

A few days later I received the Tide card in the mail! 

Tide buinsess bank account card

The card was scratched, and I don't love the design of the card, but hey - these are all minor things!

3rd place: Starling

I had an awful process getting Starling set up. On the surface, the process was super smooth - in less than 10 minutes I had whizzed through the app and security check and was told my account had been opened immediately.

Hurrah! Or so I thought.

A week later I sent my client an invoice and asked them to pay it into my new, shiny Starling account. However, the payment bounced. It turns out my Starling account hadn't been opened after all. This was very strange to me, because they had even sent me my card in the mail.

Starling buinsess bank account card

After digging through the app, I realised Starling's customer service team had sent me a message shortly after I thought I had opened the account requesting I answer another 8 questions about my business.

It was frustrating because I had absolutely no idea I needed to provide this information and the questions seemed extraneous e.g. what are your business goals for the next year and where are your customers located. Tide and Revolut did not ask these questions.

After providing the information , I received ANOTHER request from Starling for additional documentation. You think they'd build all of this into their application process.

But after a month of initially thinking I had the account set up, I finally did. It was a painful process and is definitely something that needs to be fixed.

4th place: Metro Bank

If you thought Starling's account opening process is awful, wait until you try and open an account with Metro Bank.

I called my local branch to see if I could make an appointment and they said I could not, and that I should budget two hours for the account opening process.

Two hours!? And on top of that, I had to dig up documents to prove my address. But in the name of thoroughness for this article, I proceeded.

After waiting 20 minutes to see a representative, I was greeted by a young lady that would be responsible for opening my account. About 30 minutes into the account opening process, I was informed that my address had been flagged for fraud through a CIFAS check. I immediately became worried.

But as I questioned her more, it turns out that someone in my postal code had attempted to fraudulently use an address to sign up for financial products, not even my address! There are easily over a hundred flats and homes in my postal code. It is a completely absurd security check.

She informed me she would need to do additional checks and that if I passed, I would need to come back to the branch to re-start the process. When I asked her how many people fail the check, she said over 50%. I was dumbfounded at the stupidity. 

I was informed I passed the check and went back into the branch to start the account opening process once again. And of course, my profile had not been saved from the first time I went in, so I needed to answer the same series of questions again.

I told the representative that we needed to open the account within 60 minutes or I was leaving and he rushed through the process to get it done. Kudos to him. However he informed me that my application still needed to be approved before the account would be opened.

Three few days later I received an email notifying me that my account had been opened and inviting me to set up online banking, and a letter in the mail brought my debit card and a 'secret word' required to set up my online banking.

The online banking set-up process was a bit cumbersome as I was required to enter my 'customer number' but Metro Bank did not provide this to me, so I had to call in to get it. But soon thereafter I was in!

Metro buinsess bank account card

(3) Day to day banking

1st place: 3 way tie between Revolut, Starling and Tide

All three of the online-only offerings were extremely clean, intuitive and easy to use.

They each offer marginal pros and cons. For example I found Tide's app the most intuitive, but Starling offers seamless integration between your personal and business accounts. Below I've shared a bit more about each (in alphabetical order). 

Revolut

Revolut pushes users towards using its desktop solution versus its mobile app, I think because it offers so much more functionality than the other offerings that it is easier to manage on a computer with a larger screen.

The interface is clean and very easy to get a handle on. See a screenshot below of the welcome screen.

Revolut online dashboard

As I played around with different features I found it fairly easy to take advantage of Revolut's advanced features, such as ordering new physical cards, setting up virtual cards, and transferring money from my GBP account to my EUR account. Well done Revolut!

I believe the expense management features are a big plus.

Now, employees can easily spend abroad on a business card without having to separate personal from business expenses. To integrate expense management features offered by the likes of Concur and KDS directly into banking is a huge win.

Revolut wrote a good article about how it built its banking offering in this medium post, which is worth a read

Starling

As I mentioned above, after I tested the offerings of all the different providers, I promptly set in motion the Current Account Switch from Santander to Starling.

I've now been using Starling for a few weeks and it has been fantastic. The app is clean, fast and easy to use. Sending payments is a breeze and all my expenses are neatly categorised. 

I am a big fan of simplicity and a huge selling point for me was integrating my business and personal banking into a single view.

With Starling I have both my business and personal accounts in a single app and can easily transfer between them. In addition, the interfaces are the same so I don't need to remember the layouts and quirks of different offerings.

Starling app view

A downside of Starling is the lack of a desktop version. I thought this was going to be an annoyance for me, but I have found the app so easy to use that I haven't missed having access to a desktop version. 

Tide

Tide offers both mobile app and desktop. I found the app very cleanly laid out and intuitive, even more so than Starling's and Revolut's apps. 

Tide's desktop offering was also extremely well laid out. Here's a screenshot of the the first thing you see when you log in, as well as how the menu structure is laid out on the left. I like how all the functionality is in a single, clean menu, which many banks complicate.

Tide online dashboard view

Tide also offers integrated invoicing, which I was excited to try out. While it was fairly simple to set up an invoice, it was overly simplistic. I could add multiple line items and a fixed amount for the service.

But what about when I am charging a client for 18 days of work in a month? Or specifying different currencies? I cannot create multiple columns like I can in excel to specify the number of days worked and day rate, or the FX rate. So while it is great in theory, it did not quite meet my needs.

A big downside of Tide is that it does not offer personal accounts. While this isn't a dealbreaker, it is nice plus to be able to integrate your personal and business banking in a single place.

4th place: Metro Bank

Metro Bank's desktop offering is more akin to a traditional high street bank.

It was certainly easier to use than HSBC or Santander, but still a ways off from the likes of Revolut and Tide. For example I had to go through four steps to make a payment, which felt cumbersome.

Its app on the other hand is much closer to the online-only players. It was clean and easy to use, albeit not having the same modern user interface and design. 

Metro bank app view

Metro Bank also offers the ability to integrate your personal and business banking in a single app, similar to Starling. This is certainly a plus. 

Overall, all four providers performed very well on day to day banking, with Revolut, Starling and Tide slightly edging out Metro Bank.

(4) Customer service

Customer service is of course an extremely important component of any banking service.

If you need to make changes to your account, or if your account is frozen (which seems to happen often these days), you want to know you can reach customer service quickly and easily to resolve your issues.

Winner: Starling

Starling actively advertises 24/7 human support, and they deliver!

I tested this by contacting their customer support via the live chat in the app at 5:30am and received a response within three minutes. Pretty good! Younger freelancers and contractors often prefer live chat and app-based support to calling in.

As for Starling's phone support, I tested the phone lines at 6:30am and got UK-based support on the phone in less than 60 seconds! 

This combined phone & live chat support with responses in minutes is unheard of in today's banking age.

2nd place: Metro Bank

Metro Bank advertises its 24/7 call centre and the response times are fantastic. I called on two separate occasions, once inside of UK business hours and once outside, and after navigating a few menus, got someone on the phone near instantly - even faster than Starling!

Metro Bank also has an edge on the others with its physical banking presence. However, I personally found that the branch provided fairly poor service. The staff did not follow-up on messages they said they would send me, did not respond to emails on multiple occasions, and ranged greatly in speed and friendliness. 

If Metro Bank provided a better in-branch experience they would have won.

3rd place: Revolut

Revolut's customer service is poor at best. They do not offer any phone support whatsoever, so everything must be done through their 24/7 live chat.

However I found the response times to be extremely slow. It took me 1 hour and 16 minutes to receive a response to a simple question. 

Revolut customer service chat screen

This is simply unacceptable when you do not offer phone support, especially for a business customer. After speaking to a few other people who have dealt with Revolut's customer service, they attested to the slow response times. It seems Revolut still has a ways to go in this regard.

4th place: Tide

Tide's service is slower than Revolut's (ouch). They only offer phone support for lost and stolen cards, and push their members towards their in-app live chat and email.

However, both of these channels are extremely slow. I had an issue activating my mobile app so tried emailing Tide, and it took 1 hour and 18 minutes to get a response. Not terrible, but this is nowhere near having someone on the phone in 60 seconds with Metro Bank and Starling. 

The live chat is even worse. I waited over 2 hours for a response to a simple question. The combined lack of responsiveness to email/in-app chat and limited phone support is completely unacceptable in my opinion.

Источник: https://www.goforma.com/business-resources/business-bank-tide-vs-revolut-starling-metro

Best Business Checking Accounts

As a small business owner, choosing the right bank and finding the best business checking accounts to choose from, can feel like an overwhelming experience.

Account fees are just one of many factors to consider. For example, maybe you need free cash deposits, unlimited transactions, or invoicing tools. It all depends on you and how your business runs.

The good news is that whether you’re a freelancer, sole proprietor, or limited liability company, there are many high-quality business bank accounts ready to serve you.

In this post, you’ll learn about the best business checking accounts, including traditional banks, online-only options, and more.

9 Best Business Checking Accounts For 2021

  1. Novo Business Banking: Best to Avoid Fees
  2. Axos Bank Basic Business Checking: Best For Online Businesses
  3. Chase Business Complete Banking: Best Sign-Up Bonus
  4. LendingClub Bank Tailored Checking: Best Cash Back Rewards
  5. Wells Fargo: Best For Physical Branches
  6. BlueVine Business Checking: Best APY
  7. U.S. Bank Silver Business Checking: Best For New Businesses
  8. Capital One Spark Business Unlimited Checking: Best For Cash Deposits
  9. Bank of America Business Advantage Relationship Banking: Best For Multiple Accounts

1. Novo Business Banking

Best For Fee Avoidance

This business banking fintech aims to provide simple, data-driven solutions for modern businesses and is a top choice for freelancers, entrepreneurs, and small business owners.

Novo Business Banking Account

They offer only a single product: the all-in-one Business Banking account.

It’s 99% fee-free and entirely digital, so you won’t be able to stop into a local branch if you need help. This is mitigated by Novo’s easy-to-use tools and seamless integration with external software.

For example, you can easily send out invoices, receive payments, and take care of any bills — all from the Novo app. You’ll also get discounts on business services like QuickBooks, Stripe, HubSpot, and Salesforce.

The only downsides are that there is no interest rate, and there are several transaction limits that would be deal-breakers for established businesses. For example, you cannot write checks or send ACH payments over $5,000.

Novo Business Banking Top Features

  • No monthly maintenance fees
  • No minimum balance requirements
  • 100% of ATM fees are reimbursed (even international ones)
  • ACH transfers, mobile check deposits, mailed checks, and incoming wire transfers are all free
  • Minimum opening deposit requirement: $50
  • Overdraft Fee: $27 (this is the only fee you’ll find).

You can apply for a Novo account online or in the mobile app in as little as 10 minutes.

Learn More at BankNovo.com

2. Axos Bank Basic Business Checking

Best For Online Businesses

Axos is one of the most popular online-only banks.

For businesses, it has two offerings: Basic Business Checking, and Business Interest Checking.

Both accounts are Quickbooks compatible, accept ACH transfers, and come with dedicated Axos relationship managers.

You can even set your employees up for success with low-fee Workplace Banking accounts.

Axos Basic Business Checking Top Features

  • Visa business debit card
  • Online and mobile banking
  • First 50 checks are free
  • No monthly service fee
  • No minimum balance requirement

You’ll also get free online bill pay and up to 200 free items (debits, credits, or deposits) per month (it’s $0.30 per item after that). Axos also reimburses for all domestic ATM fees.

If you are looking to earn a top APY on your business checking deposits, it’s hard to find a better option than Business Interest Checking.

Axos Business Interest Checking Top Features

  • 0.81% APY on balances up to $49,999
  • $100 minimum opening deposit
  • $10 monthly fee (avoidable with $5,000 monthly balance)

Axos Bank Sign-up Bonus

If your business was incorporated after June 1, 2021, you’re currently in line for a $100 bonus when you open a new account. Just use the promo code NEWBIZ100 when you apply.

If you are just starting and cannot meet the $5,000 requirement to avoid Business Interest Checking’s monthly fee, go with Business Banking and work your way up.

Learn More at AxosBank.com

3. Chase Business Complete Banking

Best Sign-Up Bonus

Chase is one of the biggest banks in the U.S., and it comes with a full suite of business banking products and services.

From deposit accounts to business loans, all your bases are covered with Chase.

Chase Business Complete Banking

Chase’s most popular business checking account is called Business Complete Banking. The account is intended for up and coming businesses and comes with all of the following essentials:

  • Free same-day deposits
  • Mobile and online banking
  • QuickAccept for accepting customer payments through the app
  • Online Bill Pay
  • QuickDeposit

Unfortunately, there’s a $15 monthly fee, but here is how you can avoid it:

  • Maintain a minimum daily balance of $2,000 or more
  • Make $2,000 or more in purchases with your Chase Ink Business credit card
  • Receive $2,000 or more through Chase QuickAccept or other qualifying Chase merchant services
  • Link to a Chase Private Client Checking account

Chase Business Complete Signup Bonus

New Chase customers can claim an impressive $300 sign-up bonus by signing up between now and October 21, 2021.

Enter your email address request your unique promo code. Once you’re in, complete the following actions to get your bonus:

  • Deposit $2,000 or more in new money within 30 days after enrollment.
  • Maintain a balance of at least $2,000 for 60 days after coupon enrollment.
  • Complete at least five transactions within 90 days after coupon enrollment. Qualifying transactions include debit card purchases, QuickAccept deposits, Chase QuickDeposit, ACH credits, and wire transfers.

Once you’ve met all the requirements, the bonus will hit your account within 15 days.

When it comes to traditional brick and mortar banks, it's hard to beat Chase for business — but only if you can avoid their fees.

Learn More at Chase.com

4. LendingClub Bank Tailored Checking

Best Cash Back Rewards

LendingClub established itself as a chartered online bank after acquiring Radius Bank in 2020.

Tailored Checking (formerly known as Radius Tailored Checking) is its interest-bearing small business checking account. The biggest draw here is the ability to earn cashback rewards.

When you use your LendingClub business debit card, you’ll get an unlimited 1.00% cashback on purchases.

Watch out for fees, though. There’s a $10 monthly fee on balances under $5,000 or more.

LendingClub Bank Tailored Checking Top Features

  • $100 minimum opening deposit requirement (but no minimum balance requirement after that)
  • 0.10% APY earning on balances over $5,000
  • Unlimited transactions
  • Free ATMs worldwide with unlimited atm fee reimbursements

Learn More at GoBank.LendingClub.com

5. Wells Fargo

Best For Physical Branches

Wells Fargo is one of the largest financial institutions in the world and boasts the most physical branches of any American bank, with more than 7,000 brick-and-mortar locations.

If you want to have access to a branch no matter where you are, Wells Fargo is unmatched.

Wells Fargo offers three account options for small business owners: Initiate, Navigate, and Optimize.

All accounts come with online banking, customizable debit cards and checks, mobile check deposits, and free cash withdrawals within the bank’s ATM network.

However, since each account is designed for a different type of small business, we’ll provide a quick overview of each option:

Initiate Business Checking

Initiate Business Checking is intended for newer business owners looking to build a stable foundation.

The account is minimalistic and serves the most basic business banking needs. It also has the lowest monthly service fee at $10 per month, which you can avoid by maintaining an account balance of at least $500 or an average ledger balance of $1,000 or more.

The account also comes with free cash deposits of up to $5,000 per statement cycle. After that, it’ll cost $0.30 per $100 deposit.

There’s no fee for your first 100 monthly transactions, but each one on top of that is $0.50.

Navigate Business Checking

Navigate is targeted toward business owners who are growing and need to evolve with the changes that come along with that growth.

The account expands on Initiate’s transaction limits and also adds some premium features. For the added perks, the monthly fee goes up to $25 per month, and you’ll need a $10,000 minimum daily balance or $15,000 in average combined business deposit balances to get around it.

There’s no fee for cash deposits of up to $20,000 per month, and you’ll get 250 free transactions. If you go over either limit, the same transaction fees associated with Initiate will apply.

The account is interest-bearing, though don’t expect more than ground-floor rates. You won’t pay any fees for stop payments, cashier’s checks, or money orders, and you’ll get two non-Wells Fargo ATM fee reimbursements per month.

In addition, incoming wire transfers are always free, and your first two outgoing wires are covered in each statement period.

Optimize Business Checking

Optimize is Well’s Fargo’s premium business checking account for well-established businesses. The monthly fee is $75, and unfortunately, there’s no option to get around it.

Instead, Wells Fargo allows you to offset the cost of fees through credit accrual based on your investable balances.

Optimize has the same limit of 250 free transactions as Navigate, but for cash deposits, you’ll simply pay $0.0025 per $1 deposited.

There’s no fee for stop payments, cashier’s checks, money orders, or incoming transfers, and you’ll get two ATM fee reimbursements each month.

Overall, Optimize stands out with its more advanced features. For example, you can have up to five linked Optimize accounts for one monthly fee, and you’ll get access to Commercial Electronic Office (CEO), which provides more control over payments, more robust account management and security, and higher transaction limits.

Learn More at WellsFargo.com

6. BlueVine Business Checking

Best APY

BlueVine is a fintech company that offers business bank accounts, loans, and lines of credit.

The Business Checking account is the company’s flagship business banking product. The account is fee-free and lets you handle your everyday banking needs online from any device.

By far, the most attractive feature is that you can earn 1.00% APY on balances up to $100,000. As such, BlueVine offers one of the highest-earning business accounts available.

BlueVine Business Checking Top Features

  • 1.00% APY on deposits up to $100,000
  • No monthly fees
  • No overdraft fees
  • Unlimited transactions
  • No minimum deposit requirement
  • Free access to more than 38,000 MoneyPass ATMs
  • Cash deposits at Green Dot locations, though each one will come with a fee

I am not seeing any other business checking options out there that can match or beat BlueVine's APY. So, if APY earning is your primary goal, BlueVine Business Checking is probably your best choice.

Learn More at BlueVine.com

7. U.S. Bank Silver Business Checking

Best For New Businesses

The Silver Business Checking Package from U.S. Bank is a free checking account intended for newer businesses with limited transaction activity.

The account comes with 125 free transactions and 25 free cash deposits (of $100) per statement cycle. You’ll also get a half-off discount on your first check order of up to $50, plus 50% off the monthly fee on a personal checking account.

Silver Business Checking comes with online and mobile bill pay, plus card payment processing, mobile check deposit, and overdraft protection through a Business Reserve Credit Line.

To apply for an account, here’s what you’ll need:

  • Employer Identification Number or Tax ID Number (sole proprietors can use a Social Security Number)
  • Articles of Incorporation, Articles of Organization, or a charter (not required for sole proprietors)
  • Photo ID and Social Security Number

Note: Most of the other banks on this list require the same credentials to open an account.

If you are looking for a free account backed by a national institution, U.S. Bank Silver Business Checking is a good place to start.

Learn More at US Bank

8. Capital One Spark Business Unlimited Checking

Best For Cash Deposits

Capital One’s Spark Business Unlimited Checking account is designed for high-volume businesses that don’t want to worry about transaction limits or fees.

You’ll get truly unlimited business transactions each month, plus quick access to deposits with availability the following day.

There’s no fee or limit on cash deposits and incoming wires are fee-free. Plus, you get five free outgoing domestic wires every month. You can also opt to link your account with another Capital One deposit account for overdraft protection.

The downside is the monthly fee, which is $35 per month. To get around it, you’ll need an average 39 or 90-day balance of $25,000 or more.

Capital One is a hybrid that mostly operates as a digital bank but also houses physical branches that are mainly located on the East Coast.

The mobile app is one of the best in the business and allows for easy deposits and account maintenance wherever you are.

Do you run a cash-heavy business like a bar, restaurant, or food truck? If so, you'll be in good hands with Spark Business Unlimited Checking — especially if you can avoid the monthly fee.

Learn More at CapitalOne.com

9. Bank of America Business Advantage Relationship Banking

Best For Multiple Accounts

Business Advantage Relationship Banking is BoA’s premium business account.

There are some fees, but it’s a decent option if your business makes a lot of transactions and needs in-person support.

Business Advantage Relationship Banking Top Features

  • Free business savings account
  • Built-in cash flow monitor
  • Free Zelle transfers
  • 500 free teller transactions and checks written per month
  • Free incoming wires
  • $29.95 monthly fee (avoidable with a monthly balance of $15,000 or more)

BoA also offers Preferred Rewards to business customers who maintain a balance of $20,000 or more.

The program eliminates monthly maintenance fees and comes with additional rewards on business credit cards and discounts on credit lines and loans.

If the monthly fee seems steep, consider BoA’s lower-tier business account: Business Advantage Basic Banking.

There’s a $16 monthly fee, however, the premium option gets the nod here because Basic does not come with a free business savings account.

Learn More at BankOfAmerica.com

FAQs

What is the best bank for small businesses?

It depends on your situation. Every small business is different, so the best bank for one might be a poor fit for another.

With that in mind, the best small business bank is the one that meets your unique business needs, and that doesn’t charge any fees.

That might seem like a non-answer, but it’s the truth. Find the bank with the business tools will help you achieve your goals. It’s that simple.

Which bank has the best business checking account?

Again, it depends. If your business needs modern, digital tools, you might be the best fit for an online option like Axos or Novo.

On the other hand, if you prefer in-person support, you’re likely better off with an account from a big bank like Chase or Wells Fargo.

There’s no clear-cut “best” account, which is why we’ve provided a set of diverse options that suit different needs. If you are still unsure, stick to the options in this post, and you’ll be just fine.

Which bank is best for LLC?

It really depends on how your LLC operates. But, if I had to pick one best overall, I would go with Chase Bank due to the wide array of account options.

However, Chase might not be available in your area, in which case you’d be just fine going with Wells Fargo, Bank of America, or U.S. Bank.

With that said, most small businesses and entrepreneurs no longer need to visit a physical bank. In that light, BlueVine, Novo, and Axos could be the best fit for you, depending on the unique needs of your LLC

Rather than thinking about finding the best bank for an LLC, consider the best bank for your particular business.

Learn More:

What banks offer free business checking accounts?

Our top picks for free business checking accounts are Axos, BlueVine, Mercury, and Novo Bank.

Generally speaking, most online accounts are free, whereas traditional brick-and-mortar banks tend to come with fees.

Which Business Checking Account is Best for You?

As you grind day and night to grow your business, the last thing you want to deal with is a bank account that isn’t getting it done.

Take a good hard look at your business, your cash flow, and your expectations for customer support. Do you handle cash, or are your services entirely digital?

Do you want the flexibility of an online bank or the peace of mind of a traditional one? How much are you comfortable paying in fees?

Once you can answer those questions, the decision will be much easier.

Here’s to finding the best business checking account for you and your business.

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Источник: https://www.carefulcents.com/best-business-checking-account/

Small business financial services that can help your bottom line.

As a small business owner, every dollar you spend or earn is critical to your success, or failure. Developing a solid and trusting small business banking relationship can be a key piece of your budget equation. According to a J.D. Power study, fast-growing small businesses are far more likely to switch financial institutions. What you need as a start-up company will likely vary from your needs as you grow, but the best relationship will adapt with you.

While there are many variables that can make, or break, your business banking relationship, there are six things we recommend you look for when choosing your first – or next – small business banking services:

  • Convenience
  • Fees and restrictions
  • Merchant services, including credit card processing for small business
  • Traditional financial services such as business checking accounts, savings and direct deposit
  • Products to help you grow, like business loans or business lines of credit
  • Personality and responsiveness of the business banking staff

Whether you choose to go with a local credit union or a large national bank, the only services that matter are the ones you use now or think you might want to use in the future. Make a list of the products and services that are most important to you. Differentiate between those that are must-haves and non-negotiable vs. those that would be nice to have if your favorite local credit union were to offer them.

Convenience is key for large and small business owners

You probably started your own company to have more flexibility and greater freedom with your schedule. However, most large and small business owners find themselves working significantly more than before, sometimes twice as much as their employees to ensure that the business is successful. Since time is money, accessing your money should be simple, fast and convenient.

How you define convenience in large or small business banking is the first step toward assessing your current, or future, business financial institution. Consider the following:

  • Branch locations: How important is it for you to be able to walk into a branch to conduct business? If you’re a retail business, you’ll likely need to make frequent deposits or have access to change. Make sure the branch location that is closest to your business or home provides face-to-face services for business accounts, including a loan officer. Building those in-person relationships are also important when the time comes to ask for a loan or line of credit, or for other help in challenging times.
  • Hours of service: Is that branch location near you open hours that are convenient for you? Do they offer extended hours in the evening or on weekends, likely times you’ll need to make deposits?
  • Access to online services: If locations or hours aren’t convenient, does the financial institution make up for it with cutting edge technology? A growing number of credit unions and banks are offering remote access via your mobile device and desktop, including the ability to deposit checks with your phone or pay bills using an automated 24-hour bill paying service. Also find out what their philosophy on technology is – are they bleeding edge, leading edge or behind the times to be sure they can meet your needs far into the future.
  • Proximity to your personal accounts: Do you want your business accounts with the same financial institution as your personal accounts? Or, do you want to keep your work and home lives separate? Keeping all your accounts under one roof is definitely a time-saver, but building relationships with more than one financial institution might open up for more options in the future.

Be sure to consider your needs in the future too. If you have an aggressive business plan, be sure the convenience services grow with you, including those online services and locations of additional branches in other parts of the city, state or country.

How to minimize small business financial services fees

Business banking fees can be confusing. While more and more personal accounts are being positioned with low fees or no fees, small business banking is more complicated, often requiring daily transactions and much movement of cash in and out of accounts.

The move toward more convenience services with improved technology and automation has some small business financial services firms reeling. The cost to digitize banking platforms is on the rise, which might mean those costs get passed on to you via monthly or per transaction fees.

On the flip side, interest rates are rising and the regulatory environment is calming down a bit, both of which are anticipated to improve profits in the banking industry. With all these changes, it’s an important time to review your current service fees and compare to other small business financial services providers to see if you’re getting the best deal for your business.

Shop and compare the following services:

  • Monthly service fees: The amount your large or small business banking will cost on a monthly basis, primarily for your checking or debit account. A typical business bank charges an average of $8-$12 a month or requires an average daily balance of around $1,500 to waive these fees.
  • Monthly transaction and cash deposit limits: Most small business banking accounts limit the number of times you can make deposits or withdraw cash. If you own a retail business, this could get especially costly as you’ll have more frequent interactions with your financial institution. To reduce or avoid these fees, estimate the number of cash deposits you make each month and find an account with a higher limit.
  • Additional transaction fees: Some banks will put a cap on the total transactions made within a business account – including ATM access, checks you write, debit card purchases or exchanging bills for coins. Spend some time thinking through all of the ways you interact with your credit union or bank. Add these up and compare rates so that these small fees don’t get the best of your small business.
  • Penalties and potential restrictions: Ask about additional penalties for repeatedly exceeding transaction limits, or for those times your account balances might fall below the minimum requirements. These little, unexpected fees can add up and catch you off guard at the worst of times.

Be sure to asks for the specific amount of each of and find out whether some you can’t avoid are bundled in with those you want to avoid. If a fee is too high, don’t be afraid to ask for a negotiated rate. If you maintain certain monthly minimums or have a strong relationship and track record with your financial institution, many fees can be waived, or they might be willing to make concessions to keep your business.

Merchant services and credit card processing

Access to merchant services and credit card processing is a must-have for even the smallest  business owner. As our world moves more and more to paperless transactions, you need to be able to accept payments in a variety of ways, from multiple locations including a mobile phone, tablet or even a virtual terminal.

GAFCU credit card processing for small business will ideally provide: 

  • Preferred pricing, for the most cost-effective payment processing
  • Free comparative analysis
  • Next day funding
  • No application fees
  • Noearly termination fees
  • No monthly minimums
  • Exceptional customer support

The best merchant services program uses cutting edge technology to help small business owners stay one step ahead of today’s fast-paced and ever-changing business environment. Consider all these needs:

  • A system that integrates with your e-commerce, online shopping cart, payment gateways or other software processing solutions
  • A system that works with iPad®/tablet-based point-of-sale terminals
  • A system that works with Samsung Pay, Apple Pay®or other mobile credit card processing applications
  • Virtual terminal support whether using a personal computer or Mac
  • The ability to automate recurring billing
  • The ability to sync to Quick Books or your other small business accounting system
  • Additional payment processing services tailored to meet your unique customer needs

You’ll also want to shop and compare these additional value-added business and payment processing services:

  • Does your provider accept all major credit and debit cards?
  • Does your provider offer electronic check verification, conversion and guarantee?
  • Can they handle gift and loyalty card programs?
  • Do they pay interest or dividends on connected checking or savings accounts?

For a free side-by-side comparative pricing analysis of your credit card processing, bring your two most recent processing statements to a Greater Alliance Federal Credit Union branch location or call 855-246-4096.

Business banking basics

All the locations and free services in the world won’t make a difference in your operating costs if their most basic small business banking products don’t meet your needs. At the heart of every business banking relationship, you need to be able to transact business to make money, pay bills and save the money that you make.

  • Business savings: A good business savings account charges minimal fees, reaps solid dividends on the amount you have in savings, and offers free online banking or banking-by-phone. If you’re a super small business, pay attention to the minimum amount you need to keep in that savings account, to make sure you don’t pay unexpected fees if you dip below that minimum. Optional overdraft protection for your checking account is a smart bonus to consider as well. A good savings plan is key; experts recommend setting aside 30% of each check you cash.
  • Business checking accounts: If you’re looking for a completely free option, check out this in every state. Other financial institutions, like Greater Alliance Federal Credit Union, offer dividend-bearing checking, giving you the flexibility to use your checking like a savings account and still earn interest. Be sure to investigate limits on the number of checks, ATM transactions and daily withdrawals each month.
  • Debit cards: Business guru Dave Ramsey encourages all small business owners to stick to debit cards instead of credit, because we tend to watch real cash out the door far more closely. Debit cards can work for your employees as well, instead of credit cards for business expenses.
  • Employee benefits: As an added bonus, consider if your small business bank offers financial services as an employee benefit, such as direct deposit or health savings accounts.

These are the accounts you’ll be accessing most frequently, so it’s important that they comfortably meet your wants and your needs in an ideal small business banking relationship. The right business banking products can also make a big dent in your operating costs – for the good, or not so good.

Large, medium or small business loans to help you grow

While borrowing might not be your primary reason for developing a new business banking relationship, it can prove to be the most important – and most frustrating – reason for choosing your small business bank. Unless you are a dedicated and avid saver, if growth is in your business plan you’re probably going to need a small business loan at some point in your future.

This is also where you’ll potentially see the largest difference between choosing a credit union, regional bank or national bank. Credit unions tend to be more flexible in their approval process and might offer more low interest rate options, while larger banks tend to have higher borrowing limits because they have more assets to borrow against.

Here are a few options to consider:

  • Small business loans: Good for planned expansion of your business (staffing, product lines, target audience), as well as for expanding your physical footprint, whether it’s a bigger location or a second location. Lending varies greatly from state to state, so be sure to partner with an institution that knows your region well. In addition to low rates, look for flexible rates and terms. You’ll also want to explore the availability of special loan programs for mixed-use, residential investment and owner vs. non-owner occupied properties)
  • Business line of credit: Good to establish for those “just-in-case” situations – when a critical piece of equipment breaks down or cash flow is tight or you need to acquire more inventory, fast. Most financial institutions offer both secured and unsecured line of credit options, with rates and terms varying based on the type you choose. Apply for your business line of credit upfront, so it’s available when you need.
  • SBA loans: The U.S. Small Business Administration offers a variety of loans to qualified small business owners – from microloans to disaster loans, for new start-ups or expansions, or for general needs. The SBA is not a lender. Rather, it sets guidelines for lending made by financial institutions and guarantees these loans will be repaid, encouraging lending that might otherwise be considered risky.

A strong small business banking team, like the team at Greater Alliance Federal Credit Union, will understand what it takes to operate a business and will work with you to make the right decisions for your business in both the short and long-term. understands what it takes to operate a business. We’re here to help you in making better, long-term decisions on your business banking solutions.

Personality and responsiveness of the business banking staff

If all other factors are equal when it comes to the decision to choose a new small business banking relationship, one of the most critical factors is the intangible: how do you like working with the business banking staff? Are they responsive? Are they helpful? Do they smile and show an interest in who you are and what your business does?

Small business owners tend to interact more with front-line staff, such as tellers or branch managers, than someone who uses a financial institution for personal needs. You want to be sure that the credit union or bank you choose has a team that reflects your own personality and needs, one that is enthusiastic about building a long-term relationship with you, to help you grow and prosper.  Consider these factors:

  • Employee turnover: You can’t develop a strong working relationship if the business banking team keeps changing.
  • Morale: Nationally, satisfaction in the financial services industry is nearly at its all-time highest rate, so don’t be afraid to move if you are working with a team who seems to hate coming to work every day.
  • Turnaround time: Do they pick up the phone when you call or take two days to get back to you? You can’t put your business on hold, so don’t settle for small business banking that puts you on hold.
  • Flexibility: Can or will they waive fees, adjust minimums or consider multiple factors when approving your line of credit? The best financial services are adaptive to your size, business model, growth plans and day-to-day needs.

How Do I Know If My Small Business Bank Is Right for Me?

Shop and compare all the above factors with a focus on those most important to you. It’s important to talk to the small business banking officer at any financial institution you are considering to determine if they have the right combination of services and products to help your business control operating costs, serve your customers well and be positioned well for business growth in the next one, five or ten years.

Depending upon your needs, you might find the best fit is a credit union or a big national bank, or maybe a combination of financial institutions. Consider these variables:

  • Credit unions are more likely to offer dividends on savings or checking because they are a not-for-profit.
  • Credit unions or community banks are more likely to waive fees or offer flexible services, because they can adapt their service model more easily, whereas larger banks offer economies of scale.
  • Credit unions and community banks are more likely to give loans based on your character, business model and local market conditions, whereas a big bank will have more money to loan but will make that decision based solely on the numbers.
  • Regional banks tend to be more technologically advanced, though more and more credit unions are teching up to stay competitive.
  • National banks are traditionally the best resource if you’re doing business internationally

The right small business bank will behave as if they are small enough to care and provide personalized services, yet large enough to offer the best products and services with the lowest fees.

We encourage you to contact Greater Alliance or another trusted financial institution to discuss your business model and needs, to build a small business banking relationship that will grow as your business grows. Call us at 888-554-2328 x290 or visit a Greater Alliance branch location today.

 

Источник: https://www.greateralliance.org/6-things-to-look-for-in-small-business-banking/

Business Checking

A good checking account should fit. It should be comfortable, reliable, and just the right size for you. With BOM, you can pick the account that fits you best, then start enjoying benefits carefully tailored to your lifestyle.


Commercial Checking Account

  • Minimum to Open            $100.00
  • Minimum Balance            $2,500.00
  • Interest                                Non-Interest Bearing
  • Maintenance Fee              $3.00
  • Service Charge                  $10.00

A check fee of $.20 will be charged for each check in excess of 50 per statement cycle. A service charge fee of $10.00 will be charged per statement cycle, if the daily balance in the account falls below $2,500.00 any day of the statement cycle.


Small Business Checking

  • Minimum to Open           $100.00
  • Minimum Balance           $1,000
  • Interest                               Non-Interest Bearing
  • Maintenance Fee             $7.00*
  • Checks                                Unlimited

*To avoid the $7.00 a month service charge, the account must maintain a minimum daily balance of $1,000 or greater, OR have at least two (2) VISA debit card transactions post and settle, OR receive at least one (1) ACH credit settlement, OR must have internet banking statements enabled.

Источник: https://www.bofm.com/checking/business-checking/
best small business checking account 2017

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