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Commercial Bank Account in the United States

Novice entrepreneurs cannot decide whether they need a commercial account, and experienced people cannot find the best option of the account. This article will be useful for both of them.

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Some entrepreneurs believe that it is easier to use a personal account for business transactions but in fact a commercial account has its advantages.

Why a commercial account and how to choose it?

When opening a business one of the first steps an entrepreneur makes is creation of a bank business account as it provides clear overview of income and expenses.

There are thousands of financial companies in the USA. While making a choice you need to consider the number of transactions you have, the size of average balance, type of service you are interested in.

What to pay attention to while choosing a bank?

As the bank must meet your company individual needs you should consider the following points.

Saving account or current account

Most frequently entrepreneurs need a current account to pay expenses, receive payments and cash out. However, if you have funds reserve you can open a saving account. This will positively affect your financial reputation and bring interest.

Are there free accounts for business?

Normally commercial account services are more expensive than personal ones. Therefore, entrepreneurs enthusiastically respond to free offers. However, “free” accounts are often accompanied by additional conditions such as minimum balance or a limit on the number of transactions.

Important! An account with zero or small commission can be found but you need to be careful while checking.

How many transactions per month can I carry out?

Typically banks limit the number of transactions that can be made on current accounts. It is important to know if you remain within the limit and will you pay a lot in case you exceed it.

What is the average account balance?

Frequently banks offer favorable rates if an account retains a certain balance for a month or a day. It can be very comfortable in case you plan this amount on your account.

Initial deposit doesn't have to be large

Banks prefer the average balance to remain high but the initial amount is usually limited to $100.

Is it convenient to visit the bank's physical offices?

If it not convenient for you to visit bank offices it is better to choose an option where the majority of transactions can be done online.

Are accounting programs compatible with banking ones?

The ability to integrate information from your software into banking programs will make interaction with the bank much more convenient and mobile.

Compare small and big banks

With a small bank you have bigger chances to be offered individual conditions. But it is not easy to find detailed information about such institutions on the Internet. Besides many functions cannot be carried out online.

Note!Unlike small ones large banks always provide information on their Internet resources in great detail and all services are available in a digital form.

Consider a credit union option

Credit unions frequently offer current accounts with low minimum but you need to join a union to get advantages. In addition, they provide fewer opportunities than banks do.

Best Business Accounts

Banks of different types offer their customers services with different conditions. Online banks are characterized by low fees and operational flexibility while large banks have ATMs network and branches.

BlueVine Business Banking

You receive interest when opening an account at this bank. With a high rate of 1%, a balance of up to 100,000 dollars you are able to conduct unlimited transactions and transfers free of charge.

Advantages: online management, a debit card can be tied, you can cash money out via MoneyPass ATMs, deposit at Green Dot departments.

Azlo Business Checking

By using Azlo ATMs you have free account with unlimited transactions.

Important! Azlo has no initial payment and balance limit but there is an option to integrate with Square and Stripe as well as the accounting provision of Wave, Xero and QuickBooks Online.

Notice that Azlo does not offer cheques and cheque-books as well as it has no access to physical departments and ability to work with cash deposits.

Radius Business Checking

This account will bring you 0.1% per year if at least 5,000 dollars remains on the balance.

Radius Business Checking provides unlimited transactions without payment, digital cheques, free bill payment. You can also use the online bank around the clock. A debit card is linked with the account with the ability to cash out via MoneyPass or SUM ATMs.

Important! You get a cashback 1% of the card costs while keeping a minimum balance of 10,000 dollars. You also get access to the Autobooks service.

You can apply online with 100 dollars initial contribution.

NBKC Business Checking

Advantages of this option are low payment, easy management, ability to manage via the Internet. It takes 5 minutes to start an NBKC account. Initial deposit is not required. Your balance can go down to $0 and this won't lead to any restrictions.

Note! NBKC takes no money for refunds, mobile deposits and bill payments, payments stop, bank statements and cheques.

You can connect a Business Debit MasterCard which is accepted by MoneyPass ATMs.

Important! ATM fees cost will be reimbursed.

You have to pay fees only for internal transfers (5 dollars) and international payments (45 dollars).

Bank Novo

It's an online platform where you can open an account within couple minutes. It is free of charge and the initial deposit is only 50 dollars. Additionally, Novo synchronizes with various financial technologies.

Important! Novo does not charge fees for using ATMs worldwide.

Chase Business Checking Accounts

Those who prefer traditional banks should consider Chase offers as they are designed for different scales depending on your needs:

  1. Chase Business Complete Checking is an option for a business just starting its operations. It is distinguished by small commissions and limits. Payment is 15 dollars monthly with possibilities to cancel it. You will be able to operate non-cash digital deposits free of charge in unlimited quantities with cash up to 5,000 dollars per month, make internal and international transfers with commission.
  2. Chase Performance Business Checking is an option for medium-sized businesses. The payment is 30 dollars monthly. However, if the daily balance is maintained at 35,000 dollars these costs will be removed. You'll be able to make 250 free transactions per month, cash deposits up to 20,000 dollars per month for free.
  3. Chase Platinum Business Checking is suitable for owners of established business with large turnover. It involves a large number of free transactions, transfers and deposits but the monthly payment is 95 dollars. It will not be charged if the balance is maintained at 100,000 dollars. You will be able to make 500 transactions and 25,000 dollars’ cash deposits for free each month.

Business Accounts at Bank of America

It is another option for those who prefer traditional banks. Despite the large usage fee, the bank provides several options for you to save money. Bank of America offers two account options for business:

  • Fundamentals allows you 200 transactions per month for free, 7,500 dollars’ cash per month, the ability to use ATMs, visit bank branches, BoA online tools. The fee is 18 dollars per month with the possibilities of refusal.
  • Advantage Checking allows you 500 transactions and 20,000 dollars in cash deposits each month. The monthly fee is 29.95 dollars with several ways of refusal.