Starting a business can be a daunting task, but with the right resources and guidance, it can be a rewarding experience. When it comes to choosing the best bank for your small business, there are many factors to consider. From the number of branches and ATMs available to the types of services offered, it's important to find a bank that meets your needs. In this article, we'll explore some of the best banks for small businesses and what makes them the best option for different types of businesses. Chase is an excellent choice for small business owners who are looking for a traditional banking experience.
With offices across the country and one of the best online banking and mobile banking systems available, Chase offers everything your business could need. Chase also offers high-value rewards with its Chase Ink Business Preferred credit card, which can be used for free or discounted travel. Having your checking and savings accounts in the same place makes it easier to manage everything with a single online banking login. Axos Bank is another great option for businesses that need online-only transactions. Axos offers lower check and savings rates than Capital One and Wells Fargo, and there are no credit cards.
However, if you've been in business for a few years, are looking for more substantial loans and don't have a hefty sum of transactions every month, Axos Bank is worth checking out. Your money will generate a high APY, but you'll have to earn your fee waiver. Relay is a free online banking and money management platform that offers exceptionally low rates, flexible structure and good value for money. Startups and individual entrepreneurs will benefit more from opening an account with Lili, which provides digital banking platforms and commercial accounts such as Relay or Brex with many benefits, low fees and high withdrawal limits. Wells Fargo has arguably the most comprehensive set of business and employee services. Not only will you have access to its own point-of-sale program and other business services, but the bank can also manage the payroll of its employees, human resources needs and business taxes.
Capital One is famous for its Spark Visa credit card with 2% cash back between that and its unlimited free transactions per monthly cycle, Capital One is a solid option for high-activity companies looking to recoup part of their expenses.First Citizens isn't available everywhere, but it ranks as one of the two largest banks listed here in terms of how much money it channels to small businesses. Nearly 28% of this bank's portfolio focuses on small business loans. In addition to an affordable bank account, Capital One offers three commercial credit cards and includes initial credit score information you need to qualify for each of them. Chase Bank offers a variety of banking solutions such as small business loans and business services. With numerous branches and ATMs across the country, Chase will become the go-to bank for businesses.
If Wells Fargo and Chase caught your attention, it might be worth comparing offers from other big banks such as Bank of America and Citibank. No matter what's on your checklist, the options listed here should give you an idea of where to look next. It's also good to look for unlimited free transactions (or banks that offer a reasonable limit for your needs). All businesses must have separate personal and business bank accounts in order to do things honestly. Axos also offers money market and savings accounts for businesses in addition to CDs and a full suite of cash management services. If you decide to apply for a business loan (some banks require you to have an account for a certain period of time) or relief funds in the future, you'll also need an account to share your finances and store your money. Here are some of the best bank accounts (specifically checking accounts) at a glance for small business owners: Chase Business Complete Banking Account; Axos Bank; Relay; Lili; Novo; Middlesex Federal Savings; Capital One; Wells Fargo; Bank of America; Citibank; First Citizens. Each account includes unlimited transactions, a waivable monthly service fee, and mobile and online banking features.
Your experience with different banks and business checking accounts will vary depending on your wants and needs. New freelancers, independent contractors and founders of start-ups have a lot to do when it comes to creating 1099 forms and tax deductions or choosing their business structure. However, having a business checking account is often more difficult than it's worth for independent contractors, freelancers or 1,099 other workers. To learn more about the features of each bank mentioned here, see our full reviews: Chase; Axos Bank; Relay; Lili; Novo; Middlesex Federal Savings; Capital One; Wells Fargo; Bank of America; Citibank; First Citizens.