Any type of business needs to have a banking account in order to pay creditors, receive money and pay salaries. We have put together a list of the 7 best business bank accounts for small businesses with their advantages and disadvantages.
- Best online bank account for startups: BlueVine (Our Pick)
An online business bank account is ideal for businesses not dealing with a lot of cash. Bluevine provides a checking account with zero monthly fees which is a huge cost saving for small businesses or start-ups. Their checking account also allows unlimited transactions and other benefits such as:
- No minimum balance required
- 38,000+ ATMS2, no fees
- Dedicated live support
- Mobile App
- 1% interest
With Bluevine, banking is hassle free and convenient. They have a user friendly website and app which makes this a great option for new small businesses.
- Best national bank for start-ups: Chase
With ATMs and branches spread nationwide, Chase is the largest bank in the United States and offers great business banking options.
Chase is a solid financial institution with benefits on offer such as:
- Banking app
- Online banking
- Access to 16,000 ATMs and nearly 4,900 Chase branches
- No fees for military members
- Debit card
- 24/7 support
Chase offers 3 distinct business checking accounts to suit any type of business.
- Best Bank for Brick-and-Mortar Locations: Wells Fargo
As the oldest bank in America, Wells Fargo has many branches nationwide for those wanting a brick and mortar bank close by. Checking benefits include:
- Zero Liability Protection
- Account alerts
- Fraud monitoring
- More than 13,000 ATMs.
- Fee waivers and discounts
- Customized business debit card
The bank has a history of successfully helping start-ups and entrepreneurs to grow their businesses.
- Best Ecommerce Bank for Startups: Capital One
The Spark Business Checking Account from Capital one offers low fees for its ecommerce customers with unlimited transactions. Other benefits include:
- Cash Deposits: $5000 monthly at no charge then $1 for every deposit thereafter
- Free overdraft protection with a linked small business deposit account
- No monthly service fee
- High interest rates
- Mobile banking app
- No minimum balance
- 24/7 customer support
Capital One is perfect for ecommerce companies as it provides all the benefits and services required for businesses in the ecommerce industry.
- Best Bank for Tech Startups: Silicon Valley Bank
When one hears the term “Silicon Valley” it automatically brings up names from tech giants. Silicon Valley Bank is used by 50% of venture-backed tech start-ups and include benefits like:
- Unlimited free wires
- No minimum balance
- Multiple checking accounts at no added cost
- Optional debit card
- Investor networking
- Peer insights
SBV is the best bank for tech start-ups to get the business running and growing fast.
- Best Bank for Startup SBA Loans: US Bank
US Bank is well established and in a good position to help businesses looking to build credit. The Silver Business Checking Package offers:
- 25 free cash deposits per month
- 125 free transactions per month
- Minimum $100 opening deposit
- 50% discount on your first check order up to $50
- 50% discount on the personal Gold Checking Package monthly maintenance fee
- Free mobile check deposit
With over 3000 branches nationwide and great customer service, US bank is a great option for businesses looking to get a SBA 7(a) loan.
- Best Real Estate Investment Bank for Startups: Consumers Credit Union
Consumer Credit Union offers the highest interest rates as well as money market accounts, business loans and business credit cards.
Benefits of The Freedom Checking Account include:
- 5% interest rate
- No monthly maintenance fee
- Online banking
- Electronic statement
- 100 free transactions per month
Consumer Credit Union is a sought after bank for real estate investors looking to build an empire.
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Final thoughts
The type of account required will depend on the type of business, however for entrepreneurs and start-ups Bluevine is our top pick. Although they operate online only, they offer great support and benefits ideal for business start-ups.
