Commercial Bank Account in 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.

Commercial Bank Account

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

Why exactly a commercial account and how to choose it?

Opening his own business, one of the first steps the entrepreneur makes is a creation of a business account in the bank. This gives a clear picture of expenses and income.

There are thousands of financial organizations in the US. While making a choice, you need to consider how many transactions you have, what the size of the average balance is, what type of service you are interested in.

What to look for while choosing a bank?

The bank must meet the individual needs of your company. Consider the following points.

Saving account or current account

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

Are there free accounts for business?

Usually, commercial account services are more expensive than personal ones. Therefore, entrepreneurs are happy to respond to free offers. However, “free” accounts are often accompanied by additional conditions: a 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 searching.

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 are remain within the limit and will you pay a lot if you exceed it.

What is the average account balance?

Frequently, banks offer favorable rates if the account retains a certain balance for a month or a day. If you plan this amount, you can win significantly.

Initial deposit doesn't have to be big

Banks like 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 you are uncomfortable with visiting bank offices, it is better to choose the option where the majority of transactions can be done online.

Are your 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 banks and big ones

In a small bank, there is a bigger chance that the bank will do you a favor and offer you individual conditions. But information on the Internet about such institutions is often incomplete, and many functions cannot be carried out online.

Unlike small ones, large banks always provide information on their Internet resources in great detail, as well as all the services that are possible in a digital form.

Is there such a service in the bank that you use?

The ability to keep a personal and business account in one place also has certain convenience.

Consider a credit union option

Credit unions often offer current accounts with low minimum, but to take advantage of them you need to join the union. 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 flexibility in operation, and large banks have a network of ATMs and branches.

BlueVine Business Banking

You will receive interest when you will open an account with this bank. With a high rate of 1% with a balance of up to 100,000 dollars, you will receive unlimited transactions and transfers with no fee.

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

Azlo Business Checking

If you use Azlo ATMs, then you will have free account with unlimited transactions.

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

To be honest, Azlo does not offer cheques and cheque-books. It has no access to physical departments and the 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. Also, you can 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, and the required initial contribution will be small, $100.

NBKC Business Checking

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

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! The ATM fees cost will be reimbursed.

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

Bank Novo

It's another online platform. Opening an account from a phone or laptop takes several minutes. It's free, and the initial deposit will only be 50 dollars. Additionally, Novo synchronizes with various financial technologies.

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

Chase Business Checking Accounts

For those who prefer traditional banks, will consider Chase offers to be suitable. The peculiarity of these offers is that they are designed for different scales depending on your needs:

  1. Chase Business Complete Checking. This option is for a business that is just starting its operations. It is distinguished by small commissions and limits. Payment will be 15 dollars monthly, but there are possibilities to cancel it. You will be able to operate non-cash digital deposits free of charge in unlimited quantities, with cash up to 5000 per month, make internal and international transfers with commission.
  2. Chase Performance Business Checking. This option is for medium-sized businesses. The payment will be 30 dollars monthly. However, if the daily balance is maintained at 35,000 dollars, these costs will be avoided. 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. Will be suitable for owners of established business with large turnover. It involves a large number of free transactions, transfers and deposits, but the monthly payment will be 95 dollars. This 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

Another option for those, who prefer traditional banks. Although, the usage fee is large, but the bank provides several options on how you can save that money. Bank of America offers two account options for business:

  • First one, Fundamentals, gives you 200 transactions per month for free, 7500 dollars’ cash per month, the ability to use ATMs, to visit bank branches, BoA online tools. The fee will be 18 dollars per month, but there are possibilities to refuse.
  • Second option, Advantage Checking, gives you 500 transactions and 20,000 dollars in cash deposits each month. The monthly fee will be 29.95 dollars, but, also, there are several ways to refuse.