Best Business Bank Account

Most people that have a business need a business bank account. You may be wondering with all the choices between banks which account is best for you. Some offer services that you need while other services are only “nice to have”, you may be looking for a free business checking account or a full service operating line of credit.

Regardless of what type of account you are looking for we know fore sure that banks love small businesses. Just look at the kinds of offers they have

  • Free for the first year
  • 0 rate APR on credit transfers
  • Free checking account

The reason many of these offers are only introductory offers is because banks are aware that if a small business owner begins working with 1 bank then they are unlikely to switch when they begin to grow. Even IBM had to open a business bank account when it was very small!

what bank account will be best for you, consider…

  1. Are you always carrying a positive balance. If you are always going to be carrying a positive balance than look for banks where you will be able to get a high interest rate on your deposit
  2. Are you often requiring a line of credit to make payroll? If this is the case look into accounts which have the lowest interest rate and no overdraft penalty.
  3. If you make a lot of cash withdrawals be sure to drive around your area and identify where the bank machines are for that bank.
  4. Online banking is becoming a default free option on most business banks but make sure that the bank you are going with offers a free online banking option as this is the best way to keep your costs down.
  5. Business advice – Some banks pride themselves on being partners in your business and will offer free business consultation. Depending on you and your business this may be useful. However, if you run a high tech niche business don’t expect your banker to be able to help forecast cash flow demand through product development. Don’t forget they work for the bank!
  6. Most likely you will want a credit card for your business and it makes sense to attach it to your business bank account. Make sure to understand the terms of the credit card and take that into consideration when selecting a bank. Some banks will give credit cards terrible terms and conditions because they know the entrepreneur will be putting more emphasis on the bank account compared to the credit card.

How to Perform a Business Bank Account Comparison

With all the financial institutions in the world clamoring for more and more business, hype is at an all-time high in the financial district. Terms and conditions that are applicable to certain trial dates can lead to confusion once these “free trials” end and can leave the business owner feeling used and defeated with an account that no longer suits their needs. Fortunately, there are a few guidelines to follow to ensure that your company gets the account it needs by performing a bank account comparison.

Company Size and Business Account Options

The business checking options will vary depending upon the size of your own. Incentives that hook small businesses aren’t necessarily applicable to big corporations and vice versa. Each size of business requires a different set of account options in order to optimize financial support and services.

Small businesses tend to make fewer transactions than larger corporations and therefore greatly benefit from a preset limit of free transactions. Typically with this type of package, once the preset limit is reached, a small fee is charged to each applicable transaction thereafter. Some business accounts even offer an interest earning option that is beneficial to businesses with low to moderate transaction volume. Conversely, larger businesses require a moderate to high number of transactions and usually pay a small monthly fee to allow for this difference.

Minimum Balances

Small business accounts tend to forgo monthly minimum balances but usually sacrifice interest earnings for this advantage. Moderately sized businesses usually have accounts that require a minimum daily balance or a monthly averaged balance that exceeds a predetermined limit. Minimum balances for larger businesses tend to be slightly more complicated; these can be determined by an average daily balance, average combined deposit balance, or average combined deposit balances and outstanding credit balances. The specific amounts are different for each institution, be sure to contact individual banks for detailed information.

Maintenance Fees

Many business owners neglect to factor in maintenance fees when performing a bank account comparison. This usually isn’t a big deal for a small business account since most do not have a monthly maintenance fee. However, moderately sized and larger businesses must take these fees into consideration when comparing business accounts. Nowadays, most financial institutions only charge maintenance fees if the balance falls below a predetermined minimum limit. Once again, the amounts of these fees vary by institution so be sure get an accurate number when comparison shopping for an accounts.

Business Type

Even though you may own a certain sized business, not all accounts suggested for that sized company will suit your needs. Some business accounts are geared toward non-profit organizations, community groups, and public agencies while others lean more toward small or growing businesses. Research and investigate each business account you consider to determine the right business checking account for your company.

Business bank account comparisons can be confusing and daunting chores; however, if you take into account your business size and style with business account options you desire, it should be a relatively easy task to choose a business account that will carry your company well into financial security.

How to Open a Small Business Bank Account

Business bank accounts offer many benefits, even if you own a small one-person business. Keeping your personal and business finances separate is essential and of course makes bookkeeping easier. You will appreciate this even more during tax time.

With a business bank account, you will also be able to write checks and accept customer payments to your business name, something that shows clients and business associates that you conduct business in a professional manner. You gain respect and trust. In addition, having a relationship with a bank can help you establish credit, get a business credit card and even obtain financing if needed.

Just like any other product or service, before opening a bank account, you want to shop around to compare banking services. Do you want to save money with a basic account that charges minimal fees? Are you looking for additional merchant services, financing or hands-on customer service? Do you want to be able to conduct all of your banking activities online or take advantage of online bill pay services? Consider the conveniences you want, and then ask banks what they offer small businesses – just in case you missed something.

When you have decided which bank you want to work with, set up an appointment to open an account with the banker. You will need to prove that you own a business, which means that you will need to provide documentation to the bank. The documentation required will depend on the structure of your business.

If you operate your business as a sole proprietor with a fictitious business name (you have not incorporated your business or formed a partnership), you will need to show a certified copy of the fictitious name certificate to the bank. You get a fictitious name certificate from your city or county clerk after you have applied for and received your fictitious business name.

Many start-ups and one-person businesses operate using the sole proprietor business structure, as this is the simplest structure to use.

If you run your business as a corporation and want to open a corporate bank account, you will need an Employer ID Number. You would also need an Employer ID Number if your company will be hiring and paying employees. You obtain an Employer ID Number from the IRS, and you can complete the application form at their website. You will also need to bring your certificate of incorporation, corporate seal, corporate resolution and photo ID.

Opening a business bank account can be as easy as opening a personal account, and it does not necessarily cost a lot of money. In fact, you may be able to open a basic business bank account for free.

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