These are the best business bank accounts in 2020

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.

1. 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.

1. 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.

1. 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.

1. 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.

1. 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.

1. 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.

1. 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.

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.