There isn’t a common, designated account type for LLCs, for example (although some banks may offer ”LLC bank accounts”). But different business bank accounts come with different features and restrictions, making some better for certain businesses than others. Business bank accounts are used only for business finances, not personal finances. But you’ll need to provide both personal and business information to open a business bank account.
NBKC Bank offers a combined checking and savings account, a money market account and CD terms from three months to five years. Business payment apps and devices like Stripe, Square, and Quickbooks Online Mobile process business transactions securely. However, many apps must still integrate with your current bank or work with underlying banks to provide FDIC protection, so these won’t usually serve as a complete alternative to a bank account. A business bank account is a bank account designed to meet the needs of a business. Some are designed for self-employed people and small businesses, while others have features more suited to large corporations. LendingClub offers the same FDIC insurance as traditional brick-and-mortar banks and has close to $9 billion in assets.
U.S. Bank Silver Business Checking
- There’s also the Bank of America Advantage Savings and the Bank of America Fixed Term Business Certificates of Deposit.
- Visit the Resource Center to get your business banking questions answered.
- The first 2,500 transactions (including deposits, paid items and ACH transfers) and $50,000 in cash deposits are free each month.
- Matt Sexton is a personal finance expert who specializes in business and banking coverage.
EverBank’s small business checking accounts are created exclusively for sole proprietors and single-owner LLCs. EverBank does not charge ATM fees and will automatically reimburse you up to $15 for the ATM fees paid at other U.S. EverBank requires a minimum of $1,500 to open an account, which is rather high.
First Internet Bank Regular Savings Account
There are three financial statements that all small businesses should consider creating. If you select one accounting method and then decide that you’d like to change it after filing your taxes, you’d need to complete IRS Form 3115 to formally do so. Get free Overdraft Protection with a linked Capital One Business deposit account. Any personal views and opinions expressed are author’s alone, and do not necessarily reflect the viewpoint of Nav.
American Express offers an online-only business checking account with a very competitive APY (annual percentage yield) and the ability to earn Membership Rewards® points on debit card purchases. A number of financial institutions offer free business checking accounts, meaning there are no monthly fees. Many of the financial institutions that offer free business checking are online-only banks that aren’t household names in banking. Some online-only banks that offer free business checking accounts include Axos, BlueVine, Grasshopper, Lili and Novo. To appear on this list, the business checking account must be nationally available. We’ve compared 60 financial institutions to pinpoint the best options employee furlough for small business owners.
The EverBank Business Certificates of Deposit offer rates from 2.10% to 4.75% APY, with terms starting at three months and going up to five years. The bank also offers Business Certificate of Deposit Account Registry Service (CDARS) CDs with funding limits up to $10 million. The EverBank Business CDARS® Certificates of Deposit provide FDIC insurance beyond the standard $250,000 limit. EverBank is best for businesses that need interest-bearing accounts they can open and manage digitally. In addition to the Non-Profit Money Market account, Axos Bank offers personal and business checking, savings, CD and money market accounts. Business bank accounts function as a hub for all financial transactions related to a company’s operations.
Fee-free Digital
As Navigate Business Checking customers grow their business, the bank offers a premium Optimized Business Checking account for larger, more experienced business owners. If you are new to the business world and just starting out, Wells Fargo offers Initiate Business Checking, an account geared towards fledgling small businesses needing digital tools and support. The LendingClub Tailored Checking account offers an interest rate of 1.50% on balances up to $100,000. The account includes unlimited transactions with no fees, including free ATM withdrawals (it rebates any incurred surcharge) and bill pay. First Internet Bank is another traditional bank operating primarily online.
Setting Up Accounting for Small Businesses
Balances below $250,000 will earn 3.35% APY, and balances of $250,000 and above will earn 4.10% APY, among the top rates on this list. While the website lists balance tiers for interest earning, all tiers below $5 million earn 4.01% APY. This rate is subject to change, so be sure to check the latest rates before opening an account.