Whether a small business or a startup, young companies can benefit from using a bank for their business. Knowing how to properly manage finances is crucial to running a successful company, and having the right bank can help. As your business grows, so will your financial needs. It’s important to start by setting up a business bank account so that you have somewhere to store your funds and can start to monitor your daily expenses. Eventually, you may turn to your bank for a savings account, credit cards, loans, or other services. Finding the right business bank for your young company is essential so that they can help you now and down the line when your needs change.
Some of the best banks for small business accounts are ones that you might already be familiar with, names like Wells Fargo, Chase, and US Bank. Whether you want to open a business savings account or need convenient ATM access, one of these banks will be the right fit for your young company. Considering the cost of your business bank account is essential because most banks will charge more than they would for personal accounts. Other factors like location, fees, size, and services will help you determine the best bank for your small business. This article will explore the following business bank options for young companies:
- Wells Fargo
- US Bank
- Capital One
We start this list with Wells Fargo, which may be an obvious choice for small businesses because it’s the third-largest bank in the United States, with branches located all over the country. Even though they are a large bank with vast amounts of assets, they are still a small business-friendly bank. They have a strong lending program and offer three different business checking account options: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. Each of these accounts gives you access to over 5,000 branch locations and 13,000 ATMs in 37 states. So, Wells Fargo is definitely one of the best business bank options for young companies who need various services and options while remaining local and accessible. Their checking accounts are perfect for small businesses, and they also offer payroll solutions, employee benefits, business credit cards, and small business insurance coverage.
Chase is an excellent option for small businesses who are looking for a traditional bank experience. Like Wells Fargo, they have locations around the country, meaning you can access your accounts and services wherever you are. Chase has one of the best online banking and mobile banking systems out there, too. So if you’re on the go a lot, this is an essential factor to consider. Small businesses will also appreciate their options to avoid monthly service fees. Their business credit cards are excellent because they offer high-value rewards that you can use to offset business fees like travel. With everything under one roof, Chase makes it easy for young companies to get started with a business bank they can trust.
If having a brick-and-mortar bank isn’t crucial to your small business, then Axos could be a great business bank option for your company. It is an online bank that focuses on a simple business banking experience. Having an account is free but may come with different requirements than other banks. Axos does not charge monthly maintenance fees, and only a low minimum deposit is required. You also get unlimited domestic ATM fee reimbursements. Because Axos is an online bank with less overhead than its counterparts, you can expect to have lower interest rates on loans, and higher interest yielded on your accounts.
US Bank is not as large as some of its competitors, but they still offer excellent bank account options for small businesses. They are most known for their Silver Business Checking Account, which has $0 in monthly fees but still offers mobile check deposits, online bill pay, online banking, and other features. There are some limitations to this account that you’ll want to explore to make sure it’s the best fit for your business. US Bank also offers an extensive network of ATMs and branches across the United States, making it a convenient option for small businesses. Other services provided by US Bank include payroll servicing, invoicing, and credit card processing.
Capital One has proven to be devoted to small business owners thanks to their comprehensive solutions and services. They have everything from low-cost business checking accounts to business credit cards. You can even create a business savings account to store your funds for when you need them down the line. Capital One offers two different checking account options for young companies: Spark Business Basic Checking and Spark Business Unlimited Checking. Both have great features, including online bill pay and mobile banking. If you have a high number of monthly transactions and cash deposits, Capital One is perfect for you because they offer unlimited transactions and many cash deposits. These features can be hard to find, making Capital One so great for small businesses. They also have around 400 branch locations and 70,000 ATMs that are free of charge.
Best Small Business Bank Options
Having a business bank account for your young company can help you separate business and personal finances right away. All of these business banks are great options for your startup or small business to use today and into the future. With so many benefits to take advantage of, why wait to open a business account? By comparing fees, location, accessibility, and services at each of these business banks, you can make the best choice for your business. Big names like Wells Fargo and US Bank offer excellent services for businesses, as do Chase and Capital One. If you need ultimate flexibility, then the online bank Axos could be the perfect option for your small business. Whatever business bank you choose, know that you will have the resources you need to operate your young company successfully.