Best Small Business Checking Account

Many things must be done as a businessman, one of which is to pay attention and understand business financial transactions, and the main and very important thing is to start separating business accounts from personal accounts. This aims to be able to get transparency over the funds that rotate in the business. For those of you who want to open a business account, information about the best small business checking account for those of you who are just starting a business is certainly very important.

As a business owner, opening a company account must be an obligation, and usually, banks provide business account products in the form of savings accounts or current accounts specifically intended for business actors, and usually, the interest given is very competitive.

(Photo: entrepreneur.com)

Interesting things that make business people want to open a checking account, the main thing is the existence of features that can help business actors in managing their finances.

Best Small Business Checking Account Online

It is undeniable, that there are positive things and business people also must create a separate account, especially for company finances.

Opening an account in the name of a business is very important for business continuity. Creating a separate account will facilitate financial bookkeeping and make it easier to analyze and manage these finances properly.

Busyness and lack of time are often the reasons business people are too lazy to open a company business account, and the worst thing is to mix company accounts with personal accounts which ultimately inconveniences the business owner jointly.

For that, you have to find the best way and make it easier, one of which is by opening an account online that does not require you to come to the bank.

Taking the information conveyed by investopedia.com, who conveyed in some of his notes that there are some of the best small business bank accounts that can be opened according to needs. In this case, investopedia.com set it based on a broader survey of the small business account landscape, and evaluate it based on factors such as fees, minimum balances and deposit requirements, APY, and other features.

The best online business checking account in 2024 according to Investopedia is "Axos Bank Basic Business Checking".

There are several reasons why you should choose Axos Bank, including:

• Minimum balance: $0
• APY: 0%
• Transaction Limits: Unlimited debit, credit, and deposited item processing
• Fees: None

In addition, you can deposit checks, pay bills, manage accounts, and transfer funds directly from your mobile phone, and all domestic ATM fees are reimbursed.

Axos Bank has its headquarters in California, with offices and affiliate offices in several other states.

Why Axos Bank?

• Axos Bank was designed as a digital bank since its establishment in 2000.
• Currently, Axos Bank is a public company with assets of more than $ 18.4 billion.
• The Basic Business Checking Account is "for busy business owners with simple checking needs."
• The account has no monthly service fee and unlimited reimbursement of domestic ATM fees.

The advantages and disadvantages of opening a business account at Axos Bank include:

Pros:

• No monthly service fee
• Unlimited reimbursement of domestic ATM fees
• First set of 50 free checks

Cons:

• No branch/face-to-face interaction
• Some accounts, such as interest-bearing checking, incur a fee
• More than 50 checks will be charged.

Best Bank For Small Business Checking Account

Talking about business account needs, there are many business checking accounts to choose from, of course, valid guidelines are needed to find out the best business accounts that can be chosen and opened.

Taking information from cnbc.com (which is updated as of December 19, 2023), the best for small businesses is Bluevine Business Checking.

There are several reasons why Bluevine Business Checking is best for small businesses, including:

• Monthly maintenance fee: $0
• Minimum deposit to open: $0
• Minimum balance: $0
• Annual Percentage Yield (APY):
• Standard: 2.0% APY on balances up to and including $250,000 if you meet your monthly activity goal.
• Premier: 4.25% APY with no minimum qualification
• Free ATM network: No fees at over 38,000 ATM locations across the country
• ATM reimbursement: No
• Small business advantages: Two free checkbooks
• Overdraft fee: $0
• Mobile check deposit: Yes.

Bluevine Business Checking is a great option for small business owners because it doesn't limit the number of transactions you can make and doesn't charge monthly fees, minimum daily balances, or insufficient fund fees. In addition, it does not charge for overdrafts or ACH payments.

Another interesting feature of Bluevine is the opportunity to earn flowers. Premier customers earn 4.25% APY with no minimum qualification, and Premier customers earn 2% APY on their balance up to $250,000 if they meet monthly debit transaction or deposit requirements.

Bluevine also provides some business-centric features. For example, you can deposit checks from your phone, sync your account with QuickBooks online, and share access with your team by giving your employees a custom login.

Bluevine Business Checking is a digital account so you won't have the option to visit a branch. However, you will have access to over 38,000 MoneyPass ATMs nationwide for free.

Reasons Small Businesses Should Open a Checking Account

1. Protecting the Personal Assets of Entrepreneurs
2. Increase Business Credibility
3. Helps Control Business Finances
4. Easier to Manage Business Assets
5. Get Convenience When You Want to Apply for a Business Loan

1. Protecting the Personal Assets of Entrepreneurs

Mixing personal assets with company assets is a mistake that every business actor must avoid. These two things must have clear boundaries, so as not to carelessly use business assets for personal purposes.

Conversely, if later the business experiences unexpected events, business owners also do not need to use personal assets, because they can use emergency money from business assets.

That way, your assets will remain safe.

2. Increase Business Credibility

It turns out that having a business account can increase the credibility of the business being managed.

Why is that? This will make your business seen more professionally in the eyes of consumers or business partners later.

This is because the name listed in the account is not personal, but a company name.

Although the name listed in the account is the name of the company, take it easy because access and control are still in the hands of the business owner.

3. Helps Control Business Finances

What is the most important thing in business finance? Sure, "capital".

Capital is the main need that must be regulated. Things to remember, capital should only be used for business activities, ranging from production, marketing, and distribution to operations.

By having a business account, you are easier to control and can see, business income or expenses measurably.

4. Easier to Manage Business Assets

By knowing business finances, you can calculate where the right business development is going.

In addition, you can easily manage business assets such as savings, current accounts, or deposits without worrying about being mixed with personal assets.

5. Get Convenience When You Want to Apply for a Business Loan

When you need additional capital, the solution that can be done is to apply for a business capital loan.

In applying for a loan, you will usually be asked to show documents such as income-expense statements and business cash flow.

With a bank account, you can easily manage, control and even do bookkeeping in making financial statements.

That's a little information about "best small business checking accounts". Hopefully this information is useful for those of you who will open a business account to smooth your small business finances.

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