Business Banking Account Information

Banks and credit unions typically require a comprehensive view of a business’s cash flow before approving loans or lines of credit for small businesses. Setting up an independent business banking account is the best way to give them this organized set of records.

Finding the ideal checking account for you:

A business checking account should offer various features tailored to meet your business’ requirements. These may include processing payroll, depositing checks, and providing employees with a business debit card to use for purchases.

Compare Fees and Activity Limits: Make sure to evaluate the monthly maintenance fees, transaction fees, and early termination penalties on any potential business checking accounts before deciding which one is suitable for you. Typically, fees for businesses are higher than personal accounts.

Consider an online-only business checking account: Many smaller banks are now offering affordable business checking accounts with no minimum balance requirements and transaction fees.

Selecting a Savings Account for Your Business: Savings accounts offer various rates and features depending on which bank you choose, but one way to save money is by opting for an interest-bearing account with a high APY (annual percentage yield). Furthermore, money market accounts allow for greater earnings from funds than traditional business savings accounts, so this option should also be taken into consideration.

Some savings accounts cover ATM fees, while others charge money when used outside their network. If you frequently withdraw large sums of cash, a bank offering free ATMs is likely the better choice.