- $0 monthly fees
- Free ACH and wire transfers
- 95% faster payments with Stripe
- Third-party apps integration
- Automated, recurring invoices
- FDIC insured
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 most common types of business bank accounts include:
Most business bank accounts have these features to help you manage your cash flow:
There are hundreds if not thousands of different business accounts out there. When choosing an account, factor in:
Bluevine Business Checking
Business bank accounts have quite a few benefits, but there are also some drawbacks to be aware of.
Yes, most business bank accounts are perfectly safe. But before you move your company’s money to a new financial institution, check that they have these three factors:
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:
Yes. A bank can refuse to open a business bank account for numerous reasons. Financial institutions evaluate your business, your credit profile and your previous banking history depending on the financial product you’re applying for. Banks and credit unions generally look to make sure that your business is in good standing and you have all your paperwork in order. You might also be denied a business bank account if your company is considered high-risk, such as operating in the gambling or cannabis industry.
When opening an account, banks will also consider your ChexSystems Report, which is a record of previous banking history. Your report includes any previous problems you may have had with checking and savings accounts, including unpaid negative balances, bounced checks and overdrafts and involuntary account closures.
They may also take a peek at your personal credit score, especially if your business is a single-member LLC and you’re opening up a business credit card, loan, etc. Having poor credit or red flags like outstanding collections may cause banks to categorize you as a risky customer and refuse to do business with you.
Use the comparison table to compare business bank accounts by monthly fee, minimum deposit and ATM network.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
The Revolut business account offers multiple plans, including a free option, making it well-suited for international businesses.
Data related to the number of business applications lodged in the US each year, along with how many of those may turn into fully fledged businesses.
Mercury offers a modern banking solution with fine-tuned user controls and scalable digital tools.
Find the best business bank accounts for LLCs with low fees, software integrations and extra perks like ATM reimbursements.
Oxygen’s cashback business account is free to open, but that’s about where the perks end.
Small business owners can earn 2% APY with this digital checking account that accepts cash deposits.
This small business checking account comes with features like early access to payments, automatic savings for taxes and emergencies and pre-filled tax forms.
Compare the best business checking accounts available: NBKC, Lili, Found, Novo, Bluevine, Relay, Axos and Mercury.
Novo comes with a suite of app integrations for smooth workflow, free invoicing and payment processing.
A business bank account that works for you could be a way for you to fund your business.
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