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Best Bank Accounts for Small Business: Features to Consider

Written by Allison Martin

Allison Martin is a personal finance enthusiast and a passionate entrepreneur. With over a decade of experience, Allison has made a name for herself as a syndicated financial writer. Her articles are published in leading publications, like, Bankrate, The Wall Street Journal, MSN Money, and Investopedia. When she’s not busy creating content, Allison travels nationwide, sharing her knowledge and expertise in financial literacy and entrepreneurship through interactive workshops and programs. She also works as a Certified Financial Education Instructor (CFEI) dedicated to helping people from all walks of life achieve financial freedom and success.

Updated October 19, 2023​

3 min. read​

If you’re planning to open a business bank account soon, it’s easy to get overwhelmed when researching accounts. And with so many options to choose from, how do you know which is best? Ideally, you want an account with minimal fees, mobile check deposit capabilities, access to an assortment of business tools and an opening deposit requirement that works for you.

Read on to learn more about business bank accounts, if an online bank or traditional bank is best, and other factors to consider to make an informed decision.

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What Types of Bank Accounts Can You Open for Your Small Business?

There are five types of bank accounts for small businesses:

  • Business checking account: commonly used to make purchases and payments and receive the proceeds from electronic sales
  • Business savings account: a place to hold reserves or funds that won’t be immediately used in your business
  • Business money market account: combines the features offered by checking and savings accounts but typically has a higher minimum opening deposit and pays a high rate of return
  • Merchant account: required if your business accepts debit and credit cards
  • Business certificate of deposit (CD) account: another way to help funds that you don’t need access to in the near future grow

Online Banks vs. Traditional Banks: Which One Should You Open Your Business Account With?

It depends on your personal preferences and how you typically do business. If most of your transactions are conducted electronically, an online bank is worth considering. You’ll generally pay fewer fees than you would with a traditional bank, and the minimum opening deposit and monthly balance requirements may be lower.

But if you want the ability to visit a physical branch and meet with a banker face-to-face, a traditional bank may be ideal. This option could also be best if you’re looking to establish a relationship with a banker to receive personalized advice and recommendations and pave the way for more funding opportunities moving forward.

Things to Consider When Choosing the Best Bank Account for Your Small Business:

Before applying for a business bank account, consider these factors:

Products and Services

Take a look at the offerings available to small businesses through the bank or credit union you’re considering. What makes the checking and savings account for small businesses stand out amongst the competition? Are business credit cards, loans or lines of credit available? Can you open a merchant services account to start accepting debit or credit card payments? Are there tools for payroll offered through the financial institution to pay your employees? How about ACH payment capabilities? This list is not all-inclusive but should give you a solid idea of what types of banking solutions may be useful for your company.

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Minimum Deposit Requirements

Does the bank or credit union require an opening deposit? If so, does the minimum amount work for you? You should also inquire about daily or monthly minimum balance requirements the financial institution may have in place, as following below this threshold means you’ll likely incur additional fees.

Monthly Maintenance Fees

Is there a monthly maintenance fee? Are there actions you can take to have it waived? Ideally, you want a business bank account that doesn’t assess monthly maintenance fees or makes it easy to steer clear by doing tasks, such as completing so many transactions per month or maintaining a certain account balance.

ATM Fees

What is the ATM withdrawal fee? Does the financial institution offer free refunds on out-of-network ATMs? ATM fees are an important consideration if you’ll be making several withdrawals each month and there aren’t many branches or ATMs nearby. Some banks will refund you for fees incurred, or you can open an account with an online bank or credit union and access an extensive ATM network.

Overdraft Fees

Are there overdraft fees if you spend more than you have available, or is a form of overdraft protection available? For example, some banks offer fee-free accounts, which means you won’t pay overdraft fees if you have a spending mishap.

Transaction Limit

Does the financial institution impose daily, weekly or monthly transaction limits? Do they suit your company’s needs, or will these limits be problematic? What are the fees if you exceed the threshold?

Mobile Check Deposits

If you frequently receive checks in your business, stopping by a physical branch or ATM to make deposits can be very inconvenient. So, it’s vital to confirm that the bank or credit union you’re considering offers mobile check deposits through its online app if you plan to use this feature.

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Do you prefer a brick-and-mortar bank with physical locations? If so, is there a branch nearby? Or would you like to take advantage of the perks often available through online banks? Is customer service available during hours that work for you?

Integrations with Business Tools

Many small business owners use tools like Quickbooks, Shopify, Square and Stripe to stay on top of their company’s finances and keep operations running smoothly. If you fit into this category, narrow down your shortlist of bank account options that integrate with commonly used business apps.

Perks, Discounts and Rewards for Your Small Business

Does the financial institution offer incentives to new account holders who meet certain criteria? A common perk is the ability to earn an opening bonus when spending a certain amount or to complete a particular number of transactions within the first few months. You can also take advantage of rewards programs that let you earn points for select purchases that can be redeemed for cash back or gift cards (assuming the bank or credit union offers a rewards program).

Mobile App

Mobile check deposits are just one of many features the mobile app should offer. It’s also vital that you’ll have access to the tools needed to manage your business bank account at your fingertips while on the go.

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