What is The Best Bank For a Small Business? Here’s Our Top 4

Becoming a small business owner can be filled with unforeseen costs that create a fiscal nightmare. When it comes to your business’s bank account, you shouldn’t have to be worried about fees and upkeep charges breaking the budget. A multitude of banks all across the nation, as well as some online banks, offer free accounts to businesses. Though free business accounts tend to not draw any interest, the lack of monthly service fees on the account will balance the scale. Of all the banks that offer business accounts, four rise above the rest and do not charge monthly service fees.

These 4 include:

U.S Bank Silver Business

U.S Bank has over 3,000 locations in 25 states and offers online banking capabilities for easy access. The Silver Business package that U.S Bank offers has absolutely no monthly fees. The package allows for 150 transactions, including making deposits, making a purchase with a debit card, and making online payments without having any fees charged.

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U.S Bank accredits 25 free “units” of cash deposits to be made with no fees. A “unit” is the deposit amount divided by 100 and rounded to the nearest whole number. For example, a $260 deposit counts as 3 units. 260 divided by 100 is 2.6, and 2.6 rounded to the nearest whole number is 3. If the 25 “unit” ceiling is reached, a small fee is then charged to the account. Though the fee varies per state, it tends to be just a few cents per every $100 deposited. In Minnesota, the home of U.S Bank’s headquarters, 17 cents is charged per every $100.

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The only concern with this sort of bank account is within the 150 free transactions. When the cap is met, there is a fee of 50 cents for every single transaction past number 150. If your business is some sort of shop or other outlet that sells items frequently, you may go well over the limit and have many fees to pay at the end of each month.

Capital One Spark Business

To open a Spark Business account, Capital One requires absolutely no minimum deposit. Capital One charges no monthly fees and offers an unlimited amount of transactions (including deposits and withdrawals) with no fee. This feature is very unique since most other banks limit the number of transactions allowed to 100 to 200 per month.

Capital One offers online banking capabilities and has over 40,000 Allpoint/Capital One ATMs placed conveniently all over the nation. Making a withdrawal at any of these points is completely free. Depositing checks is made simple with Capital One’s option of taking a quick picture of the check and uploading it to your account. No need to fret over making those deposits when you can make them from anywhere in the world with this feature.

Capital One’s Spark Business accounts are less personal than the average business bank account. Local branches do not provide support to this type of account. If you prefer face-to-face contact with another human being, a Spark Business account may not be for you. Making cash deposits may be hard as well since only Capital One ATMs accept cash deposits and are only in certain areas of the country.

Wells Fargo Business Choice

The Business Choice account that Wells Fargo offers normally has a $14 monthly fee. However, there are many ways to get this fee waived: making at least 10 debit card purchases a month, keeping a balance of $7,500 in your checking account, have at least $10,000 combined in multiple accounts at Wells Fargo, or sign your business account up for certain Wells Fargo utilities.

With Business Choice, the first 200 transactions on the account are free each month. A fee of 50 cents per item is then charged to the account when the maximum is reached. Businesses that handle a large amount of cash will benefit greatly from a Business Choice account. This type of Wells Fargo account allows cash deposits of up to $7,500 to be made without any fees applied. Other large banks only allow for half of that amount to be deposited before charging the account. If a deposit over $7,500 is made, a charge of 30 cents is added for every $100 in the deposit.

If a Wells Fargo Business Choice account seems like more than your business needs, the bank also offers a Simple Business Checking account. This sort of account has a monthly fee of $10, but it is easily waived by maintaining an average balance of $500 or more. With a Simple Business account, the deposit limit is lower and the monthly transaction allotment is lower. On the upside, this type of account does not require a minimum number of purchases with a debit card to be made to get the fee waived. If you have a smaller business, this type of account is another good option.

Bank of Internet Federal Bank Basic Business

If you prefer to do all your banking on the internet, this completely online bank offers their Basic Business account with no monthly service fee. The Basic Business account allows for 200 transactions per month to be made with no fees. After that, a charge of 30 cents is made for each item.

To deposit checks, they can either be scanned or mailed to Bank of Internet’s headquarters in San Diego, California. There is a monthly limit of 60 scanned check deposits. Another way to transfer funds to your Basic Business account is through wiring. Funds can be wired from an account at another institute to your account, but a fee of $15 to $30 could possibly be charged from the other institute.

To open a Basic Business account through Bank of Internet, a minimum deposit of $1,000 is needed. Bank of Internet offers reimbursement for ATM fees at any ATM found throughout the United States. There is no limit to the amount a customer can be reimbursed, so feel free to make withdrawals whenever needed.

Pick the Account for You

Each and every business account at a bank offers its own unique features. Finding the right account for your business is extremely important. When considering where to place your business’s hard earned money, make sure to keep in mind how often your business will be making transactions with the account and how much your average deposit will be. Not having to worry about monthly fees on your business’s account is also extremely important. U.S Bank, Capital One, Wells Fargo, and Bank of Internet offer spectacular business accounts that are free of monthly fees. These four banks should be high on your list when considering where to open a business account.

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  1. I’ve been absent for some time, but now I remember why I used to love this blog. Thanks, I’ll try and check back more frequently. How frequently you update your website?


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