With Well Fargo's most basic business bank account, you can make up to 50 transactions per month at no charge and deposit up to $3,000 in cash each month. (Deposits above $3,000 will incur a 30-cent fee per $100.) Although this account has a $10 monthly service fee, you can avoid the cost by maintaining a $500 average balance. With a minimum opening deposit of just $25, this simple business banking solution is excellent for the small business with limited cash-flow activity. With all Wells Fargo business checking accounts, you can apply in person or online, and send your deposit and required documents later. If your business bank account needs are fairly simple and you require few monthly transactions, this SunTrust account could be a good option. The $5 monthly maintenance fee is waived for the first year, after which you can avoid it when you make at least five debit or credit transactions per month or link a SunTrust personal checking account.
The account includes 50 transactions and $2,000 in cash processing per month. SunTrust clearly outlines all stipulations and rules on its site, allows you to apply online, and has some great small-business resources online. TD Bank does not offer a free business checking account, or even an easy way to avoid the monthly maintenance fees. In fact, there is no way to waive the monthly fee on TD Business Simple Checking accounts. You can sidestep the monthly fee on TD Bank's other business checking accounts, but the burden is pretty high. On TD Business Convenience Checking Plus, for example, you need to maintain a minimum daily balance of $1,500 to avoid the fee.
This straightforward business checking account offers 100 transactions per month at no charge, plus unlimited electronic deposits and up to $5,000 in cash deposits per statement cycle. The $15/month fee drops to $12 when you opt for paperless statements and to $0 when you maintain a $1,500 minimum daily balance or link a Chase private checking account. An account requires a $25 minimum deposit to open, and includes multiple debit cards for employees.
You'll have to apply in person for an account, and while Chase has 5,100 branches across 31 states, most are found only in major markets. If you're running a small business that's quickly expanding, an upgrade to this Citizen's account may give you a nice boost. Perks include 500 free check transactions per statement period, $100 off your first order of checks, a 10 percent discount on payroll services, and a business credit card with no annual fee. Combine the balances of your business loans, savings, and money market accounts to help waive monthly maintenance fees. For most small businesses, a business checking account is essential.
Opening one will allow you to pay invoices, bills, and employees from your business account; receive payments ; withdraw cash; and more. Since you'll want to start with opening a business checking account first, the information below is focused on helping you find the best checking account for your small business. But if you have even a small cash reserve, there's value in opening a savings account, too. A savings account can boost your business credit, earn interest, and help you maintain minimum balance requirements. Business Premier Checking gives you the most free transactions and deposits, plus lower transaction fees—but it has the highest monthly fee, and waiving it will cost you, no matter which waiving qualifier you choose. If you're doing any of those things anyway, this account is the obvious choice.
$10 per month of a basic business checking account at TD Bank. The TD Bank network has 1,250 branch locations and over 2,500 ATMs across the U.S. and in Canada. Free online and mobile banking with branches open seven days per week. The basic business checking account has a monthly fee that cannot be waived. With this PNC business bank account, there's no charge for up to 500 combined transactions per month. With more opportunities to offset monthly account maintenance fee than the company's Business Checking account, Business Checking Plus also offers cash-flow insight and analysis at no charge.
You can also earn cash back with PNC's rewards program, and the bank's Quick Switch Kit makes it easy to switch banks. This basic business checking account is ideal for businesses that make fewer than 250 transactions and less than $5,000 or $10,000 in deposits. Maintain the minimum monthly balance of $5,000 to avoid the monthly fee of $15. You must apply at a physical branch, which only exist in nine states and Washington, D.C. Having a business bank account that's separate from your personal account will allow you to build your business credit score. Paying bills on time through your business account will demonstrate your ability to manage cash flow effectively and will help increase your business credit score.
The higher your business credit score, the higher your borrowing potential with lenders and suppliers will be. With a good business credit score, you'll be able to apply for business lending products at lower interest rates. One of the key benefits of opening a business bank account is you'll be able to apply for business loans, merchant cash advances, business lines of credit, or other types of business lending products. No matter how your business is structured, where you get a business loan from, or what business loan terms or loan rates you agree to, having a business bank account is required.
When your business funding is approved, your lender will need to deposit your funds directly into a business account. You may think that having separate accounts for your personal and business finances will create undue stress and headaches. However, opening a business account is an important step in setting up your business for success. You'll need a business bank account, along with other requirements, to access small business loans and other small business financing options.
A business account is also required to accept debit and credit card payments from customers through a point of sale system, like Moneris, Global Payments or Payfirma. This account is designed for businesses which have a moderate level of transaction activity. It offers some extra features over Simple Checking, such as the ability to waive the monthly maintenance fee if you keep your balance high enough. It may also offer rewards if you link your account with a personal checking account — details may change, so be sure to check the latest details. You will pay quite a bit more each month for these extra features, though, and the minimum starting balance is also higher. This account is aimed at businesses with relatively low levels of turnover and straightforward business needs.
It doesn't need a high deposit to open the account, and the monthly fee is lower than for the other two checking accounts we cover here. You'll also get a TD Bank Visa debit card and 24/7 online banking, as is the case for all these accounts. On the downside, the Simple Checking account has a fairly low level of included transactions and deposits, and there's no way to avoid the monthly maintenance fee, the only exception for the latter being non-profits. TD Online Accounting helps businesses increase and accelerate their cash flow by providing a self-service, digital onboarding experience to help business owners get paid electronically. As a payment facilitator, Autobooks enables a business to begin invoicing within moments of enrollment and to start processing payments shortly after. For ease of use, TD Online Accounting is available to current TD business customers with a business checking account who are enrolled in online banking.
Applying online or in person with a minimum opening deposit is just $25 for this account—that's a terrific value with great flexibility for growing businesses. There's no substitute for having as much information as possible at your fingertips when you choose a business bank account. It's something that needs care — but the more you know, the better your chances of finding a product that's ideal for you and your company. Conventional providers like TD Bank offer a range of business checking accounts, but you can also think about new alternatives like the Wise borderless account. You can think of the time you put into thinking about your choice as an investment.
It can really repay your effort if you end up with the account that best suits you in terms of features, cost, and convenience. This account is aimed at businesses that need to deal with greater levels of turnover. It offers much higher limits on deposits each month before an additional fee is charged, and there's a lower per-item fee if you go over the included transaction limit.
You'll also get your first three monthly maintenance fees waived automatically. This account also waives the fee for using non-TD ATMs, though the ATM company itself may still charge its own fee. In return for these extra features, you'll pay the highest monthly fee of the three checking accounts, and the minimum opening deposit is also quite a bit higher than for the other two. TD Bank is offering to waive monthly fees for upgraded small business checking accounts on the premise that you take out a small business loan.
This isn't necessarily an introductory offer as much as it is an incentive to sign up for an upgraded small business checking account and get your business loan from TD Bank. TD Bank has four business checking accounts with monthly service fees ranging from $10 to $30. All accounts include free online and mobile banking, including mobile deposit, online bill pay and ACH transfers. Overdrafts and withdrawals against unavailable funds are the only actions that will result in a charge, at $27 per transgression.
Open an account in mere minutes from your phone with just $50, then easily pay bills and move money between accounts. ACH transfers are a breeze, but if you need to issue a physical check, they've also got you've covered. Need a checking account with a low opening balance, no minimum balance, and no maintenance fees?
Consider First Citizens' basic business bank account, which offers free transactions up to 175 items and $5,000 each month. (Excess deposits will be charged at 16 cents per $100.) Open an account with just $100 at one of the 500-plus branches across the South, Southwest, and West Coast. Though many banks entice customers with "free" banking, as always, you'll need to read the fine print. While business banking accounts typically have higher fees than personal accounts, some banks offer checking accounts with no monthly fees. However, often account holders are required to keep a minimum daily or monthly balance, or can only make a limited number of transactions to avoid incurring a fee. Free or low-cost accounts do exist; just be sure to choose wisely.
TD Bank gives small-business owners plenty of options for banking, from checking accounts to money market accounts to certificates of deposit . But it has more than that—think business financing, payroll services, business credit cards, and more. With that kind of product range, TD can help a wide range of businesses. If you sell anything online, you want payments to get to your bank account as quickly as possible. Accelerating transaction settlement times is especially important for businesses as they seek to maintain a healthy cash flow as a result of COVID-19. Downsides include a $2 fee for non-Popular ATMs, which only exist regionally—a potential dealbreaker for frequent business travelers.
With just $100 required to open an account, you'll also get free online bill pay for up to 15 payments per month. If your small business needs include 500 transactions monthly and averages a monthly balance of at least $10,000, this flexible business bank account may be best suited to you. You'll pay no fees if you meet the monthly minimum balance (otherwise, fees run between $22 and 25, depending on your state), and can deposit up to $20,000 in currency each month. Citi, which operates physical locations in nine states and Washington, D.C., only accepts applications in person. With a Business Advantage Savings account, you'll pay no fees for stop payments, incoming wire transfers, or choice of other services.
You'll also get QuickBooks integration at no cost and you can open a second Business Advantage Checking account with no additional monthly fee. Though fees are comparatively steep at $29.95 per cycle, you can avoid them in a number of flexible ways, such as spending with a business credit card or maintaining a monthly balance of $15,000. Bank of America also offers merchant and payroll services. When it comes to a savings account for small businesses, there is one TD Bank business savings account option. You can open your account with as little as $25, but you'll need to have a minimum daily balance of $500 if you want to get the $5 monthly maintenance fee waived.
You might also consider its money market account, or one of three CD options.TD Business Basic CDs. Once you have your business account open and operating, your next step may be to obtain a business loan. Even if you have low credit, there are many financing options available to you. Thinking Capital may be a great fit for your business financing needs. Our online application takes less than 10 minutes to complete.
Once completed, one of our expert advisors will contact you within 1 hour to learn more about your business and help you get the funding you need. Once you've been approved, we'll directly deposit the funds into your business bank account within 24 hours. ScotiaBank's selection of business accounts provides business owners with a variety of options for managing their funds.
Their Basic Business Account has a monthly fee of $9.95, but this fee is waived if you have a $6,000 minimum balance in your account. Their Select Account Plans range in terms of monthly fees, transactions, and deposits. They also have a premium plan with unlimited transactions and deposits. All checking accounts charge monthly maintenance fees, but most of those fees can be waived by maintaining a minimum balance or making monthly deposits.
The only account that does not offer the ability to waive the fee is the TD Simple Checking account, but it also does not require a minimum daily balance. Banks like Novo are paving the way with integrations with services that smooth the international payment process like Wise . You'll also get a free detailed analysis of your account activity.
Visit a branch, call, or mail in your completed application to open an account, with just $50 as an opening deposit. Though there are only three American First branches—all located in California—you can conduct routine transactions at any of 5,000 cooperative credit unions across the nation and have access to 30,000 free ATMs. TD offers many business accounts that range in terms of monthly fees, deposits, and transactions.
Their Every Day Business Plans range from $19 per month to $72 per month, and allow from 20 to 120 transactions per month. Their Unlimited Business Plan is their premium offering at $125 per month, but allows for unlimited monthly transactions and deposits with your account. Their plans also offer a fee rebate if you keep a specified minimum monthly balance in your account.
CIBC's Unlimited Business Operating Account® is a solid option if your business makes a large number of transactions each month. With this account, you'll have unlimited transactions available for withdrawals, deposits, supplier payments, and more. You'll also pay the same monthly fee, even if your banking activity increases month-over-month.
If you're looking to empower your business' cash flow while maintaining steady monthly fees, this premium option may be a good fit for you and your business. BMO has six different business account offerings that range in cost and flexibility. If you rely only on electronic transactions for your business, their eBusiness Plan offers no monthly fees and unlimited electronic transactions.
However, this account charges fees when cash or cheques are deposited into your account. In contrast, their Business Builder 1 account has a monthly fee of $22.50, allows for 35 monthly transactions, and lets you deposit 25 cheques and $2,500 in cash per month. If your banking needs change, you can change account plans for free. With a business bank account, you'll be able to process debit and credit payments using a point of sale system like Moneris, Global Payments or Payfirma.
This not only makes processing payments more streamlined, but it also provides your customers with more options. Today, many consumers rely solely on electronic transactions for their purchases. If you don't have a business bank account, your customers will be forced to use cash or cheques, which they might not have on them. Having a POS system connected to your business bank account will help reduce customer headaches and improve their shopping experience overall. If customers use cheques to pay for products or services you provide, they'll need to write a cheque out to a specific person or entity.
