Finder's pick for business checking: NorthOne Business Banking
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Business banking refers to business-specific products and services offered by financial institutions, which are designed to help business owners better manage their money. It can encompass many different services, including checking and savings accounts, as well as business loans, lines of credit and merchant services.
Every business owner — regardless of the company’s size — needs a business bank account to keep their personal and professional finances separate. A business bank account can be used to pay bills, purchase new assets, set aside money for a rainy day and receive payments from customers. In addition, a business bank account can be used to track cash flow for legal and tax purposes.
The three most common types of business bank accounts include:
This allows businesses to deposit and withdraw cash through ATM cards, electronic debit cards and checks. Some business checking accounts may require a minimum deposit and others will require proof of business and identification. Banks have many different types of checking accounts, some with transaction limits and some without.
A savings account is an option if you want your money to accrue interest. It provides the business with a place to store liquid assets in order to save up for a big purchase or set aside money to get through slow times. A business savings account may require a minimum deposit amount, though it depends on the bank.
A certificate of deposit (CD) allows you to put aside money for a fixed amount of time with a fixed amount of interest. It provides a guaranteed return on your investment and can be useful for long-term savings, but there’s usually a penalty fee if you need to withdraw money early.
There are hundreds if not thousands of different business accounts out there. When choosing an account, factor in:
To help you determine which account fits your needs, we’ve curated a list of some of the best business accounts to consider:
Having both a checking and savings account can help you earn interest on extra funds and spend money when you need to. And by linking two accounts at the same bank, you’ll be able to quickly transfer money back and forth.
A business savings account allows you to earn interest on your company’s funds while you’re not using them. These accounts are a convenient way to earn passive income and can be linked to your checking account for easy access whenever you need it.
A business checking account allows you to spend money when you need to. These accounts can be used to handle day-to-day expenses, pay invoices and wages and receive payments from clients and customers.
Business bank accounts have quite a few benefits, but there are also some drawbacks to be aware of.
Depending on your business structure, you may be required to open a business bank account. But even if it’s not a requirement, it’s considered best practice to do it anyway. Here are three reasons why:
Applying for a business account is a lot like applying for a personal account, but there are a few extra steps you need to take:
If you’re planning on opening a new business account:
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