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Running a business requires that many financial tasks get done on time, with perfect precision, and at a price that doesn’t go over budget. That is why it is essential to find a bank that can be a reliable business partner, offering you flexible and rewarding business bank accounts. From savings and verification to merchant processing services, it pays to do your research to find the right financial institution for your banking needs, whether it’s an online bank or the bank. one of the many credit unions.

Here are the top picks we found for businesses looking to open an account. From physical banks to online-only banks, these best business bank account deals are best in class.

Best overall: Bank of America

Offering a number of ways to avoid monthly fees, this bank has made it easy to transform your standard business checking accounts into free business checking accounts, earning it the place of best bank for small business.

Bank of America has a relatively low monthly maintenance fee, just $ 14-18 (depending on geography). To waive these charges, simply perform one of these operations each statement cycle:

• Maintain the average monthly minimum balance of $ 5,000
• Maintain the minimum daily balance of $ 3,000
• Maintain a combined average minimum monthly balance of $ 15,000 in your linked Bank of America accounts
• Spend $ 250 on net new purchases on a business debit or credit card
• Enroll in the Preferred Rewards for Business program

As you can see, even if you don’t keep a large amount in your checking account, you can easily waive the fees by putting a modest amount of purchases on your debit card or qualifying for their rewards program.

What else do they offer? You get 200 free transactions per month, up to $ 7,500 in cash deposits per month, and reduced fees once you exceed those limits. The ATM network is vast, totaling more than 16,000 networked machines.

However, there are additional costs to consider if you are a fan of wire transfers. Bank of America does not currently give you a certain number of free inbound or outbound feeds. These will cost between $ 15 and $ 40 per wire, depending on whether they are domestic or foreign. You will also pay a fee of $ 2.50 per transaction for off-network ATMs.

In addition to these transaction fees and monthly fees, there are certain rules for opening a business checking account. You’ll need a minimum of $ 100 to open a business checking account, but you can earn rewards if you deposit more within the first 60 days. You can also claim bonuses for signing up for online bill payment, qualifying for a small business credit card, or spending on it within the first 90 days. Visit one of the 4,300 branches in person to see what’s available.

Finalist: Chase

Bank of America comes right behind Chase with their Total Business current account. This solution gives you many of the same benefits, such as access to thousands of physical branches and an extensive ATM network, as well as a slightly lower minimum account balance threshold. Where Chase falls short, however, are his trading limits.

First, let’s take a look at the minimums required to bank for free. You will just need a minimum monthly balance of $ 1,500 to avoid the monthly maintenance fee of $ 15. However, you can also link your Total Business Checking account to a Chase Private Client or Premier Platinum Checking account for the same benefits. You can also avoid $ 3 in fees by switching to electronic statements and only pay $ 12 for not meeting minimums.

You get a maximum of 100 free transactions per month (only half of what Bank of America offers.) After that, you will pay per transaction. There is also a limit of $ 5,000 of cash deposits per cycle before you have to pay. ATM transactions are also free, as long as you use the Chase ATM network.

Another benefit for Chase customers is the savings from using the Chase.com website or mobile banking app. By using them to accept incoming threads, for example, you’ll avoid the typical $ 15 fee. You’ll also save on outgoing domestic transfers ($ 25 vs. $ 35) and international transfers ($ 40 vs. $ 50).

For starters, you may be able to start your application online, but most approvals are done in person. Chase isn’t everywhere, so be sure to check their card to make sure a physical branch is right for you. With frequent login bonus offers, it may be worth considering this business checking account option for your business banking services.

Best Savings Account: Citi

What if you need to put in some cash and don’t need all the extras of a checking account? The CitiBusiness® Savings Account may be right for you. This premium savings offer is simple and competitive. It is an FDIC insured bank account (up to $ 250,000 per account holder) and comes with the extraordinary customer service that Citibank is known to offer.

One of the most popular features of this account is that there is no minimum opening deposit. You can start it with just $ 1 and add it after opening the account. It’s a good solution for small businesses that need more time to grow! Since it featured unlimited deposits each month, you can continue to save on a schedule that suits you, whether that is making ten or a hundred deposits per month.

The interest rate is competitive with market rates offered by banks of similar size. To get started, you’ll need all of your small business documents, including identification, tax documents, and articles of incorporation. Then, go to a branch near you to get started. Savings accounts cannot be opened online.

Frequently Asked Questions

Still not sure which business bank account best suits your needs? Here are the answers to the most asked questions on the subject.

Which bank offers free corporate control?

Most business bank accounts offer ways to waive fees, which is almost as good as having access to free business chequing accounts. For no fees, consider an online-only bank like Azlo, which offers limited services but requires no minimum monthly balance. You can also check with your local credit union to see what they offer.

Do i need a business bank account for LLC?

It is a good idea to use business banking products and services rather than a personal account for your incorporated business. Not only will some banks require it, but it’s essential for building your business credit score – something that will be important when you apply for business loans afterwards. Make sure you have all of your LLC documents with you when you open a professional bank account. You need a lot more paperwork than when opening a personal bank account.

How do I choose a bank for my small business?

Before you know which bank is the best, understand how you will be using the checking account. Are you largely a cash business? Do you primarily sell online? How many transactions will you make per month? Are bank transfers necessary? Since each account offers different free services, it’s essential to know what a typical month looks like before choosing. Using a service like Freshbooks to track your money each month, you can get a good idea of ​​your needs in advance.

Can I open a business bank account without a deposit?

Typically, you need a little cash to open a business bank account, but the minimum may not be at all. Note that Azlo and Chase require you to deposit only $ 1 to start. However, you’ll want to quickly add more to this amount if you want to avoid paying additional monthly service charges. Although some banks may have promotional offers that make it a real business bank account without deposit, you will need to carefully weigh the benefits and costs against those that require a deposit. The overall value needs to be considered, such as access to other services (including SBA loans, money market accounts, merchant services, and overdraft protection) – not just the amount of the deposit.

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