As a small business owner, you have many options when it comes to banking. But, it’s crucial to find a bank that meets your specific needs. These can range from online banking tools and branch locations to high transaction and deposit limits. You may also want to find a bank that offers interest-bearing checking accounts.
One of the most popular small business banks is Wells Fargo. This large bank has many branches nationwide and offers small business loans, business credit cards, and merchant services. It also offers online and mobile banking. It also offers four different types of business checking accounts and business savings accounts. Wells Fargo also offers business banking accounts with low interest rates.
Other top banks for small businesses include Novo, a fee-free online-only bank. It offers business checking accounts and has no monthly fees. In addition, it offers an app to streamline financial processes. Another popular online-only bank is Axos bank, which offers business credit cards, customized business banking solutions, and more.
Capital One offers business banking services, including accepting credit cards and establishing working capital lines of credit. Axos Bank provides digital banking solutions, small business lending services, and 24/7 customer service. Besides offering interest-generating business checking accounts, Axos also offers small business loans. The bank also offers two types of business checking accounts: Basic Business Checking and Business Interest Checking. For the Basic Business Checking, there is no minimum balance and no monthly fee. The Business Interest Checking account offers up to 0.20% APY. It also offers free ATM access in the US.
Citizens has 24-hour customer service, and offers multiple methods of reaching its customer service representatives. For example, customers can contact customer support via Twitter or a public forum. The bank offers various funding options for small businesses, including SBA loans. The bank is also known for its low rates. But it’s important to consider your financial situation before signing up for a bank.
Capital One is another bank with an impressive suite of business services. Their business credit cards include cashback and travel rewards, and offer no foreign transaction fees. Although there are some cons, Capital One is one of the few large physical banks with a no-fee business checking account. The bank’s Silver Business Checking Package requires no monthly service charge and has no account minimum, making it perfect for small businesses.
BBVA offers three account options for small businesses. The business checking account offers no monthly service fee and unlimited transactions. However, the business savings account doesn’t exist, so you’ll need to consider these before choosing it. It also has a fee-free ATM network. Moreover, BlueVine’s business checking account offers unlimited ATM access and free incoming wire transfers.
Suncoast Credit Union is another great bank for small business in Florida. The bank offers tiered interest rates. There’s also an entry-level account called Business Smart Checking, which requires a minimum deposit of $50.