Tips for selecting a business checking account

One of the first things a new business does is set up a small business checking account. Nearly every bank has a version of checking account for business. Because it is important for new businesses to maximize their resources, it is helpful to compare the offerings of several banks to find the best checking account. Many banks even have more than one business checking account, with at least one catering specifically to small businesses. Keep these tips in mind when shopping for a small business checking account.

  • The best bank for small business checking is not always the same as the best bank for personal checking. Businesses have different needs than individuals, so look beyond popular consumer banks.
  • Don’t overestimate the number of transactions the business will make per month. Small business accounts have service fees based on the number of transactions per month, as well as the amount of money that will be deposited per month. The more transactions, the higher the service fee. Some banks waive this fee with a minimum deposit amount.
  • Consider a bank that offers credit cards to its business customers. Having a credit card and a checking account with the same bank means only have to remember one password for both accounts.
  • Check the list of Small Business Administration preferred lenders. Having an established relationship with a bank that is an SBA preferred lender makes the loan application process easier.
  • Because most small business owners do not work banker’s hours, the availability of online checking services allows small businesses to do business after the bank is closed. Twenty-four hour live customer service is also helpful to small businesses that need to handle banking related business after hours. Most large banks offer online banking and smaller banks and credit unions are likely to offer the service as well.

While low fees and extras are valuable to small business banking customers, the most valuable benefit a bank can offer is exceptional customer service. The best bank for small business checking employs personal bankers for their business customers. Having a relationship with the bank is the best way to get the most out a small business account.