A key component to consider when opening a business is the importance of having your business bank account. Although it might come at additional filing, administration, and perhaps a small fee, having a business bank account can offer business owners a variety of perks and perhaps, if you’re lucky some tax incentives.
Business bank accounts have enabled business owners, no matter the size of their business, to operate and have more control of business transactions and finances. One of the best things for having a business bank account is that it offers you, the business owner, more security, and financial stability. It also makes it possible for you to separate your accounts and assets from the business, allowing you to have more financial freedom to grow your business.
Advantages to Using a Business Bank Account
Probably one of the most important things for having a business bank or checking account is that it allows owners and shareholders to not pierce the corporate veil. In simple terms, this means that business and personal assets are separated from each other, allowing more financial security of personal assets in the event of the business experience financial scrutiny, bankruptcy, or any other legal actions.
Another great thing about having a business checking or bank account is that it offers business owners the opportunity to have business expenses being kept separate from personal expenses. This can offer a somewhat beneficial tax incentive to business owners, as it can either be claimed or passed through during tax filing.
Finally, having a business bank account, or at least attempting to open one, builds business credit. In doing so, business owners can have better access to financial support and backing from a financial institution such as banks, and additionally gives the business more financial credibility in the long-term.
What Are the Best Business Bank Accounts for Small Businesses?
We compiled a shortlist of some of the
best business bank accounts to consider for your business. All of these can offer low cost, ease of set-up, low interest, and above all, great business and financial support.
Chase
They may be one of the largest banks in the US, but they offer the best business checking accounts for small and startup businesses. With over 16,000 ATMs nationwide and nearly 5,000 branches, Chase has become a popular choice for small business owners, looking for simple and straightforward banking solutions.
In addition to its brick and mortar offering, it offers convenient online and mobile banking, easy setup and monitoring of employee accounts, and you can transfer and receive wire transactions for free.
Wells-Fargo
If you’re a small business owner, and perhaps you have a large number of daily transactions taking place in your store, then you might want to consider using Wells Fargo. For Limited Liability Companies (LLCs), the Wells Fargo Best Choice Checking account is a good choice to start with. It offers Zero Liability Protection, ease of transaction and payments, and also monitor daily business banking activity with account alerts. Wells Fargo gives more control to business owners, as it puts them in control of their banking activities and how they can manage their money.
Capital One
Recent occurrences have seen a spike in online and eCommerce stores coming to life. With the growing popularity around online shopping on the upward trend, Capital One has presented better online banking solutions and internet-based banking for eCommerce and online stores.
Not only do they cater to a big variety of businesses, Capital One has managed to bring a lot of good benefits to the table including, Unlimited transactions, zero monthly service fees or minimum balance, great customer service and support teams, and you can easily do business transactions with their easy-to-use and mobile-friendly banking App. In addition to this, Capital one does require business bank accounts and check account owners to maintain a $2000 monthly balance for your fees to stay at $15/month.
US Bank
Building business credit is one of the most important things to do once you have established your business. This will enable you to take out business loans and apply for any additional funding at financial institutions. US Bank is our choice for not only a great business bank account but also to use when you are considering taking out a Small Business Administration (SBA) loan.
Not only is the US Bank a long-standing and trusted financial institution, but it also caters to small business owners and startup entrepreneurs, looking for easy and convenient banking solutions. Their business check account can offer 25 free monthly cash deposits, 125 free monthly transactions, a minimum $100 required opening deposit, and roughly 50% discount on monthly maintenance if you’re considering opening a personal Gold Checking Package with US Bank.
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