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Effective cash management is critical to small business success. But it can be difficult to find an adequate business bank account these days, as a confluence of unique market dynamics have resulted in business-branded accounts falling to the bottom of the banking totem pole. Personal accounts, particularly online checking accounts, are now preferable for many small business owners as a result.
Business bank accounts still have their virtues, though. Like business credit cards, business checking and savings accounts tend to offer certain features geared specifically to the needs of corporations. Having a business checking account, whether or not you supplement it with a personal account, also simplifies tax preparation and affords you certain legal protections.
In order to help you find the best accounts for your needs, WalletHub compared more than 430 business bank accounts and 1,000 personal accounts, identifying not only the best overall offers for businesses, but also those with the highest interest rates, the best rewards and the lowest fees. You can find our selections below.
This account is the full package, offering the enticing combination of a 0.80% APY, a $10 monthly fee that’s avoidable with a $5,000 average daily balance, and 60 free account transactions per month. Needless to say, it’s a great option if you don’t need a physical branch location.
Many small business owners are able to leverage a personal bank account for business purposes, and this particular personal checking account offers the highest APY on the market: up to 1.25%, provided you meet some easily-attainable usage requirements. It does not charge a monthly fee, either, which means it can easily supplement a business-branded account.
If you’d rather not mix your business and personal finances, the aforementioned Bank of Internet USA Business Interest Checking Account has the highest APY among business-branded accounts, and the Capital One Business Advantage Savings Account offers 1% on balances up to $1 million (0.2% above that) that’s locked-in for a full year.
This account is a good option for entrepreneurs and small business owners who are just getting started, offering a very high APY – 1.5% – but only on balances up to $10,000. You’ll earn just 0.5% on amounts above that. You only need $1 to open an account, and there is no monthly fee.
With no monthly fee as long as you maintain a $1,000 minimum balance ($8 otherwise), this account needn’t take money from you. It will, however, give a bit back, as accountholders earn the point equivalent of up to 0.56% cash back on all debit card purchases. But if you want to maximize your earnings on everyday expenses, credit cards offer far superior terms. Some of the best business credit cards provide a full 2% cash back on all transactions.
(Membership Required) If you live, work, worship or study in certain areas of Texas, Colorado or Utah you may qualify for membership in the Security Service Federal Credit Union. This allows you to take advantage of the fact that the Premier Business Checking Account offers the point equivalent of 0.5% cash back on debit card transactions. Keep in mind, however, that this account has a $5 monthly fee and rewards-program enrollment will cost you another $2 per month.
Although this account doesn’t offer interest, it’s nevertheless a great option for small business owners who are just getting started, as it also lacks a monthly fee, ATM fees and fees for online bill pay.
This account does not charge a monthly fee, ATM fees, online-bill-pay fees or foreign transaction fees, and you will be reimbursed for all ATM-owner surcharges. There is a $2 fee for paper statements, though.
Many small business owners probably don’t realize that banks charge extra for a high volume of transactions, including debit card purchases and cash deposits. This won’t come into play for most companies, but it’s important for cash businesses to find accounts that have high limits and low over-limit costs.
To that end, this account offers 150 free transactions and charges only 35 cents for each subsequent transaction that you make. It also charges only 15 cents for every $100 that you deposit in excess of the account’s $10,000 monthly deposit limit. Furthermore, its $12.50 monthly fee can be avoided by maintaining either a $1,000 minimum daily balance or $15,000 in combined deposits and loan balances.
This account does not charge a monthly fee, and it enables you to make as many as 1,000 cash transactions and deposit as much as $10,000 in cash or coins per month. If you exceed either limit, you may be upgraded to a new deposit account, the exact terms of which are not disclosed.