There is a lot of great options for small business banking. No matter what kind of business you run, you can find a bank that will give you the services you need to get the job done. However, there are a few online banks that are able to provide the best services to businesses of all sizes. One of these is BankBandits. As the name implies, BankBandits was created to provide the best small business banking options available online.
Small business owners are turning to online banking as a way to deliver convenient, secure, and cost effective banking services to their employees and customers. But some are still not sure to turn to online banking, and a good way for small business owners to keep them focused and on-board is to not make it too complicated. So, to help small business owners who have expensive fees, long wait times, and low interest rates on small business loans, this blog will recommend the best online bank for small business banking.
Bank Bandits is an online bank specifically geared toward small businesses. The bank has a number of business-oriented features that make running a business a bit easier.
Running a small business is a bit like juggling, except sometimes the balls bounce spontaneously without you knowing why. That’s why it’s good to keep things as simple as possible, especially when it comes to finances. To make it easier for you, we have tried to find the best online bank for small businesses. In this article, we’ll look at why you need a separate account, why the internet is often better for your business, and what the best online bank is for a small business. Moreover, we keep things as simple as possible, so that you can quickly get back to doing what is really important: your business.
Why do I need a separate bank account for my business?
photo by Pexels Sometimes small business owners try to save money during the start-up phase by using their personal bank account for business transactions. This is a mistake, and most banks won’t even allow it. Business expenses should be separated from personal expenses to avoid personal liability for business actions and make filing your tax return relatively easy. For those who work from home, this would be very difficult. I would forget myself if my particular dinners or travel expenses were considered business and I would probably lose a lot of money. With business accounts, you can too:
- Apply for a business loan
- Make your customers feel like real businesses
- accept card payments
- So that the tax authorities will consider you a real company.
Why should I use internet banking for my small business?
photo by Pexels In fact, the question should be: Is there a reason not to use online banking for your small business? And the answer is a resounding no. Online banking is simply one of the best options for any small business: It saves you time, fits your schedule and (in most cases) still gives you access to the services of an agency. You can even get access to some great online deals. The advantage of online banking is that everything can be done from behind your desk, whether it’s paying a bill or calculating expenses. This means you don’t have to waste half your working day going to a physical store. You now have more time to work on your business.
What is the best online bank for small businesses?
photo by Pexels So it’s time to get to the heart of the matter. What is the best online bank for small businesses? We’ve reviewed the fine print and evaluated the services offered to give you detailed information about each of these eight banks, so you can choose the one that’s best for you.
It is the fourth largest bank in the United States measured by total deposits, with about $2 trillion in assets, but Wells Fargo prides itself on its commitment to small business. Good choice of accounts Wells Fargo does not believe in a one-size-fits-all approach and does not charge for features you do not need. Depending on the type and size of your business, you’ll need different accounts to meet your needs, and Wells Fargo offers four: Business Choice Checking, Platinum Business Checking, Simple Business Checking and Analyzed Business Checking. Excellent credit policy photo by Pexels Wells Fargo has an incredibly flexible loan program for small businesses, with short-term loans, SBA loans, and equipment financing. You can also access more traditional medium-term loans and lines of credit. Your company can borrow between $10,000 and $100,000 with an interest rate as low as 6.75%. Even better: Applying for small loans is incredibly easy for business account holders. Full management of financial services Wells Fargo offers comprehensive payroll solutions, including employee benefits administration, human resources and tax programs. They also offer small business insurance to protect your business in case of an emergency. Online tools photo by Pexels Wells Fargo offers many online tools (e.g., text alerts, mobile app) to help you track your expenses, deposits, and cash flow. They also offer new payment technologies that enable contactless payments. At Wells Fargo, you can even integrate with accounting software QuickBooks.
Chase is the largest bank in the United States with total assets of approximately $2.39 trillion. It also has a great small business banking program that might be for you. An incredibly mobile banking system Image from Pexels. Chase mobile banking is accessible from any mobile device, meaning you can easily check your finances on the go. Perfect if you need to do some calculations before a meeting. But the best is QuickDeposit, a service that lets users scan and electronically deposit checks without having to go to a bank branch. This will save you a lot of time, especially if your customers don’t like paying by cash or bank transfer. Good range of credit products for small businesses Chase typically works with traditional small business loans, but is expanding its offerings to include a number of new options, including:
- Term loan
- Credit lines
- SBA Loans
- commercial property loans
- Financing of equipment
However, you can still take out a small business loan of up to $500,000, which can significantly improve your business. loyalty points on cards photo by Pexels Chase gives you and your employees free business debit cards when you open an account, making your life much easier. However, it is their credit cards that really deserve attention. They offer some of the best interest rates in the U.S., and on some cards you can get cashback on certain purchases. It’s an easy way to increase your income. A decent selection of accounts Chase offers three accounts for small businesses: Total Business Checking, Performance Business Checking and Platinum Business Checking. All of these accounts are designed for customers of different sizes and types, but Total Business Checking is most popular with small businesses. Full service payroll software Save time and stress by managing your payroll (and tax return) online with Chase. More importantly, it is available to businesses of all sizes.
Capital One’s wide range of financial solutions shows the company’s focus on small business owners. They don’t just want to be a bank, they almost want to be a business partner. A wide variety of credit products photo by Pexels Capital One offers several loan products for small businesses, including. B. Business equipment or auto loans, installment loans, SBA loans, or working capital loans. If you have a business account with Capital One, you can take advantage of a loan with a relationship-based interest rate. The idea is that if they know you’re watching your business account, they can offer you a lower interest rate. Simple but effective current accounts for small businesses Capital One offers two checking accounts for small businesses: Spark Business Basic Checking and Spark Business Unlimited Checking. This may seem like a disadvantage compared to other banks, but Capital One offers some incredibly attractive benefits for its accounts. You can benefit from unlimited transactions, high monthly deposits, exemption from monthly maintenance fees, low initial deposit and free business debit cards. Choosing the right credit card photo by Pexels Capital One offers several business credit cards, each with its own benefits. This will help you manage your finances better. Access to cash flow management tools Capital One’s online banking program is so comprehensive that you literally never have to go to a bank branch or even call anyone. They even have a program called Spark Business IQ to help you manage the cash flow, operations and finances of your business. It gives you access to guides to help you manage your business and gives you ideas on how to maximize your growth.
Live Oak Bank
Live Oak Bank is completely digital, which means there are no physical branches. This means that it is specially designed to meet the needs of those who are looking for the best online bank for small businesses. High annual savings rate photo by Pexels At Live Oak Bank, small and medium business customers can open savings accounts and certificates of deposit with promising interest rates. The business online savings account offers an interest rate of 1.09% (12 times the national average!), and certificates of deposit range from 2.45% to 3.15%, depending on how long you want to hold your savings. Excellent SBA loan provider Live Oak Bank offers many forms of business financing, but its specialty is the SBA loan. They are also the SBA’s preferred lender. This means that the SBA allows them to approve applications for SBA loans on an expedited basis, so you will have your money much faster. No monthly maintenance costs Yes, you read that right. Live Oak Bank has no monthly service fee and no qualification requirements to obtain it. Now you can save even more money.
Bank of America
After 200 years, Bank of America has a proven track record of helping small businesses. In fact, they helped more than 3 million of them. Useful management tools photo by Pexels Bank of America offers many business management tools, from Intuit’s payroll and tax-express system to Clover Solutions’ management system that can manage payments, inventory and employee turnover. Incredible loans Bank of America offers several loan options, including:
- guaranteed loans for companies
- Credit lines
- commercial property loans
- Financing of equipment and vehicles
- SBA Loans
They also typically offer competitive long-term financing rates and customized financing solutions for any healthcare business. Value of current accounts Bank of America only offers two accounts for small businesses: the Business Fundamentals account and the Business Advantage account. However, both offer a number of benefits, including a very high number of free cash deposits (up to $10,000 per month). The online and mobile banking service has also won awards, so you can easily use it from the start.
photo by Pexels Azlo is an online bank designed to meet the needs of freelancers, self-employed people and those who earn money through their side business. It is backed by BBVA Compass Bank, so all deposits are FDIC insured. The best part: It’s completely free. In fact, it seems that this bank is designed to be the best online bank for small businesses. Great tools for your business photo by Pexels When you use the services of Azlo, you will find that they have simplified your financial transactions by allowing you to. :
- Creating and sending invoices
- Connect your company’s payment processing system – currently they only use Stripe, but other providers will soon follow.
- pay online
- Create digital cheques to send
Simple current account Azlo only offers one business checking account for all types and sizes of businesses, but the simplicity has fantastic benefits. Best of all, you don’t have to worry about the fine print and jargon. Let’s get to work: What did I say about no charges? This is the absence of fees for ACH transfers between banks. No foreign transaction fees. Free access to some ATMs – don’t worry, the app locator will help you find them. No minimum balance is required. Free national and international shipping. And the application? Plus, it’s free.
The bank operates in six metropolitan areas in the US – New York, Washington DC, Chicago, Miami, Los Angeles and San Francisco – and has many small businesses as clients. However, if you are outside these areas, you can take advantage of Citibank’s excellent online services. A wide range of financing options photo by Pexels Citibank offers a range of long-term financing options, including various types of commercial mortgages and installment loans. However, they are best known for their business credit cards, which are ideal for short-term financing. There are two Citibank business credit cards. One of these gives you American Airlines miles on every spend, which is great if you have to travel for work. The other is designed for Costco members, so it’s suitable for anyone whose business makes a lot of purchases from Costco (i.e. restaurants, pet boarding, etc.). Wide choice of current accounts Citibank offers four different accounts with different options depending on the size and type of your business. This ensures that you find something that suits your business and if your business grows, you can always switch to another account. The bills include:
- Optimized current account
- Flexible current account
- Current account
- Interest-bearing current account
The mission of this digital bank is to help small businesses grow. That’s why it offers a range of products that make doing business easier. They also pay interest on their checking and savings accounts. High interest rates on savings accounts photo by Pexels Axos Bank offers various savings options to professional clients. With business savings and business money market accounts, you can earn an annual return of 0.80% on an initial deposit of $1,000. A higher interest rate is available on the Corporate Premium Savings Account. Here you can get an interest rate of 1.06%. What’s the catch? You will need an initial deposit of $25,000. There is no minimum balance requirement and no monthly maintenance fee. This means that you can put the original deposit back into your checking account after a certain period of time and still earn a high interest rate on a smaller amount. The best annual returns are achieved with Axos Bank’s certificates of deposit. You can earn up to 1.35% here if you are willing to invest your money for five years. If you want to withdraw the money early, you will of course have to pay a fee. So ask yourself if you might need to have money available immediately. Good financing possibilities photo by Pexels Axos Bank offers several types of lending solutions, including lines of credit, commercial real estate loans, factoring, term loans and equipment financing. Best of all, you will be assigned a customer service representative to help you. Good choice of current accounts Axos Bank offers three small business accounts with a minimum deposit of only $100 and no minimum average balance. However, if you can maintain an average balance of $5,000, you can earn an interest rate of 0.80% on your balance with a business interest account. This account also allows you to pay your bills online for free, gets unlimited reimbursement for domestic ATM fees, and allows you to make up to 60 wire transfers abroad per month.
What is the best online bank for my small business?
photo by Pexels I would love to tell you unequivocally what the best online bank for small business is, but I don’t know your personal financial situation or your business. Instead, I’m going to ask you some questions so you can find out for yourself. Grab a hot drink, a notepad and a pen and read the following questions to find out what you really want from your bank. Try to think of what you need now and what you will need in a few years when your business grows. (You may need to consult your five-year plan for this!) That way, you’ll know which bank is right for you.
- Do you need financing for your small business?
- What are your monthly income and expenses?
- Would you agree if you never had access to a physical bank?
- Do you want to do all your banking with one bank or use different banks for different products?
- Are you satisfied with the fees for accessing additional services?
At the end of the day, the decision is yours, and I know you will choose the right bank. Now, I’d love to hear from readers in the comments section. Have you ever used one of these banks? What should small business owners think about when choosing a bank? What do you think of online and physical banking? We talk about all this and more below. With the U.S. economy possibly entering a recession, small business owners are looking for places to bank. Fortunately, there are a wide range of financial institutions that offer small business banking service including credit unions, banks, credit card processors, and online banks. It is the responsibility of business owners to check their financial institution for banking services such as loans and lines of credit.. Read more about best free business checking account and let us know what you think.
Frequently Asked Questions
What is the best online bank for small business?
Online banks have been gaining a lot of attention lately. Many banks are lowering the minimum requirements for opening an account or beginning to offer virtual banking services. But what is the best online bank for small businesses? Our research across the web has identified the top banks for small businesses by the following factors: Online banking has come a long way from the days of “checking” if you can quickly find the correct bill payment option and then get to the next one in the queue. Now, you can easily manage your business accounts online, pay bills, and even find a bank that offers services and products aimed at small businesses.
Which bank is best for small business accounts?
The banking sector is constantly changing, and that’s why it’s important to choose a bank that can meet your business’s needs. Small businesses don’t have the time to make multiple transfers, and they often don’t have a strong credit history. That’s why they need a bank that offers a program that’s tailored to their needs. With our online small business account, you can have the security of knowing that you’re always on top of your business’s finances. What kind of bank should you choose for your small business? Do you need to worry about account fees? Which bank has the most features? Do you need personal customer service? By research, we have made up our mind that the best bank for small business is…….
Which is the easiest bank to open a business account?
There are over 5,000 banks in the world, yet most of us will only use a handful of them. Why? The same reason you can’t find the same restaurant anywhere in the world: each of these banks have different deals, different policies, and different ways of doing business. In this post, I’ll tell you which bank is the easiest to open a business account with, based on my research. So, if you want to take the hassle out of opening a business account, be sure to check this out. Business customers looking for the best online bank to open a business account can’t go wrong with a well-known name like the Charles Schwab Corporation. In fact, this San Francisco-based bank was the first to offer online banking. It has been continuously innovating and providing small businesses with great innovations like online bill payment and direct deposit.
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