The type of startup or small business one owns will determine the best business bank account suited for that business. We have compiled a list of the best business bank accounts for small businesses as well as their specialities suitable to certain small business types and industries.
Table of Contents
Best Banks for Small Businesses
Choosing a business bank account is a crucial step in starting a new small business. A business bank account separates the business from its owner and limits the entrepreneurs personal liability towards the businesses. Business owners should list the businesses needs when it comes to banking to be able to make the best choice. TRUiC provides an in depth review on each of the listed banks as well as their best banking accounts for small businesses.
BlueVine – Best Online Bank Account for Startups
BlueVine is the best bank account suited for online businesses. The benefits for having a BlueVine bank account is that there are no limits on the amount of transitions one can do. They also do not charge a fee for having an account with them which is great for startups as that decreases the monthly banking cost. BlueVine also offers 1% interest on the balance in the account, they also have no hidden fees, no in-sufficient funds fees and no ATM fees at any of their 38000 Money Pass locations. With opening a BlueVine business bank account the business owner will receive dedicated support, access to a BlueVine mobile app and two free checkbooks. They are definitely the best business bank account when it comes to online businesses.
Chase – Best National Bank for Startups
Chase is one of the best and largest banks when it comes to business banking. They provide entrepreneurs and business owners everything a new and startup business would need out of a business bank account. They offer great mobile and online banking, businesses can send and receive wire transfers, they can pay their bills online and business owners get free ATM and debit cards. Chase also charges no fees for military members and one does not need a minimum deposit to open up a business account. Chas has over 4900 branches and 16000 ATMs.
Capital One – Best Ecommerce Bank for Startups
Capital One is the best business banking account for ecommerce startups. The best business banking account Capital One has to offer is their Spark Business Checking Account perfectly set up for ecommerce. They offer their clients unlimited transactions, no monthly service fees, no minimum balances, no ATM fees and no cash deposit fees up to $5000 per month. When opening a business bank account with Capital One, business owners will receive a free debit card, great interest rates, remote check deposits and a very good mobile app.
Consumers Credit Union – Best Real Estate Investment Bank for Startups
Consumers Credit Union is the best business bank account for real estate investors as they offer their clients very high interest rates up to 5%. They also offer their clients 100 transactions with no extra charge and no monthly maintenance fee. They also offer online banking, electronic statements and business bill pay.
Silicon Valley Bank (SVB) – Best Bank for Tech Startups
SVB is the best bank for tech startup businesses. The benefits they offer are unlimited free wire transactions, multiple checking accounts at no extra charge as well as no minimum balance requirements. What’s great about SVB is that they really support their clients through availing proprietary reports, peer insights, practical finance advice for startup companies and great networking opportunities with investors and other founders. Silicon Valley Bank is definitely the best option for tech entrepreneurs that needs to scale their companies fast and get them off the ground.
US Bank – Best Bank for Startup SBA Loans
Businesses that need to build business credit should definitely consider US Bank. They have been recognized as the best bank account for startups needing to get a great credit score and getting SBA loans. They offer their clients 25 free cash deposits and 125 free transactions per month. Business owners will also receive a 50% discount on their check order up to $50 as well as a free mobile check deposit. US Bank also has 3067 branches over America.
Wells Fargo – Best Bank for Brick-and-Mortar Locations for Startups
Wells Fargo is the best business banking account for small businesses that need a bank with a local presence. They are also recognized as the oldest bank in America and offer their customers four different business bank accounts to choose from. They have options for businesses that are sole proprietorships and small LLCs. Wells Fargo offers their clients zero liability protection on debit cards, 24/7 fraud monitoring an easy monitoring of business banking activity. They have over 13000 ATMs and have branches throughout the United States