Business Bank Accounts

What are Business Bank Accounts?

Business bank accounts are fully-featured bank accounts designed specifically for modern businesses, and offer a host of features that streamlines business banking. Beyond just storing a company's funds, business bank accounts and banking services today offer features like billing, invoicing, spend management, expense reporting, business credit cards, bill pay, budgeting, and more. Business bank accounts also offer a wide range of integrations with the software that your business already uses. Compare the best Business Bank Accounts currently available using the table below.

  • 1
    Wallester

    Wallester

    Wallester

    As a regulated financial company, Wallester holds a license and is an official partner and Principal Member of Visa. Wallester Business allows companies to open an account and instantly issue an unlimited number of Visa virtual and physical cards to manage all corporate expenses through a single platform. Wallester provides different packages to meet the specific needs of companies, including a free option. The platform is easy to use and offers efficient expense monitoring and management.
    Starting Price: $0
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  • 2
    Zil Money

    Zil Money

    Zil Money

    Zil Money, A simple and secure platform to move money seamlessly online on-demand. The platform offers: Pay By Credit Card: Use credit cards even when your vendors don't accept them. Pay using a credit card without a payee fee. Pay by credit card & receiver gets funds as a wire transfer or ACH Payroll funding by Credit Card: No payday tensions for businesses , preserve cash. ACH Payment Make one-time or recurring ACH/RTP payments in one click. Wire Transfers Send money electronically from one financial institution to another. Bill Pay: Pay & schedule bills online Digital Checks: Digitize your paper checks and make your payments via email or text. Software Integrations Integrate Zil Money with your accounting and payroll software. Cloud Bank: Open an online bank account Check Printing: Drag and drop to instantly create checks & print using any printer Payment Link: Create and send a secure URL for customers to make online payments
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    Starting Price: $0
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  • 3
    CARDZ3N

    CARDZ3N

    CARDZ3N

    CARDZ3N supports global payments for credit cards, ACH, SEPA, and Crypto (140+ coins). CARDZ3N processes payments for emerging markets & high-risk businesses, including CBD, crypto exchanges, gambling, travel, and more. We also offer a Stripe Alternative with rates starting at 2.25% for non-profits & 2.75% & $0.25 for e-commerce. CARDZ3N also offers other payment options, such as ACH, payroll and HR, benefits, or business capital. CARDZ3N Our mission is to solve the most pressing problems facing our clients, large and small. Our unique approach is what distinguishes us and what makes us different. We offer a wide range of services and solutions that help organizations achieve their vision, facilitate change, and maximize performance and productivity.
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  • 4
    Juni

    Juni

    Juni Technology AB

    As a financial management platform made for ecommerce, we’ve built a fintech platform that empowers you to run a hassle-free business and unlock new growth. Our centralised dashboard will simplify your spend and expense management, allowing you to track your funds by seamlessly integrating all your bank accounts, networks and payment services in one place. Our business cards are made for media buying, with reward features such as 2% cashback for your first 30 days and up to 1% thereafter, plus FX fees capped at 0.25%. Our cards and accounts are available in multiple currencies: EUR, USD, GBP and SEK*. You can even integrate Juni with your Google Ads account and Juni will auto-fetch your Google invoices and match them with your transactions. * SEK cards and accounts currently available for EU-based companies only. Enable subtitles on video for information related to Mastercard
    Starting Price: $0
  • 5
    Wise

    Wise

    Wise

    The only business account you need to go global. Everything you need to grow your business and operate internationally — without the high fees, hefty admin, and headache of a local bank. We safeguard your money in top financial institutions. We're an authorized financial services provider. Pay invoices with the real exchange rate in 70+ countries from your phone or app. 50% of payments are instant or arrive in an hour. All you need is your recipient’s bank details or email. They don’t need a Wise account to get paid. Save time and money on international payroll, employee reimbursements, or recurring payments. Pay up to 1,000 people in one click. Just upload a spreadsheet with details for each transfer and submit one payment. Add team members to your account to help with payments. All past payment info is saved for the future.
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    Sila

    Sila

    Sila

    Sila is an end-to-end payment platform that provides Banking-as-a-Service through a developer-friendly payment API that is scalable and allows for fast and secure money transfers. Sila’s payment platform streamlines building and launching fintech apps and embedded payment products for financial products, fintech, crypto, and Web3. Sila’s offerings include Virtual Accounts, Digital Wallets, KYC/KYB, and ACH payments APIs for software teams. Additional functionality is available through a network of pre-approved and pre-integrated partners (to different degrees). Sila was recognized as the Best Payments as a Service Platform by the 2022 Embedded Banking Awards of Tearsheet. Sila is headquartered in Portland, Oregon.
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    Invoice2go

    Invoice2go

    Invoice2go

    Invoice2go is a mobile-first intuitive Invoicing Manager that strives to help small business owners get paid faster. With powerful features that include Pre-set Invoice Templates, Expense Tracking, and Payment Portal, users can quickly submit Estimates and Invoices to prospective and current clients. Receiving users can access any send document from a web-based or mobile device to view, accept and submit payment. Just like that.
    Starting Price: $25.00/year
  • 8
    NorthOne

    NorthOne

    NorthOne

    Business banking made for America. Business builders asked for better banking. So we built NorthOne. Open an account in minutes. Building your business, creating jobs and serving your community is what you do. It’s hard work. NorthOne makes the hardest parts of running your business easy. Focus on the road ahead, we’ve got your back. NorthOne is proudly built for small businesses, startups and freelancers across America. Make payments easily, keep tabs on your money and put your finances on autopilot through smart integrations with the tools you’re already using. NorthOne was built to make managing money easy so you can focus on running your business. No more branches. No more lines. No more paperwork. Get complete access to your NorthOne Account from your phone or computer, wherever your business takes you. Create Envelopes for taxes, payroll, rent, and anything else automatically.
    Starting Price: $10 per month
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    Statrys

    Statrys

    Statrys Limited

    Statrys is a global payment platform reimagined for SMEs. Grow your business with a virtual Hong Kong business account that’s built to last. An easy-to-use, quick-to-open virtual business account that allows your company to make and receive payments in 11 currencies without the need for foreign exchange. Include the option to deliver corporate cards to your team for day-to-day expenses, and you’ll have a versatile business account that rivals premier corporate accounts. You can use Advanced FX to book exchange rates that enhance your position when paying vendors in different currencies, even when you don’t have them in your balance. And for those working with European clients or vendors, your business can add additional virtual IBAN accounts to expand your payment options. Statrys focuses their efforts on absolute transparency when it comes to payment fees and transaction charges and most of all on an excellent and person-to-person customer support.
    Starting Price: $88 HKD per month
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    Brex

    Brex

    Brex

    Financial software and services to fuel your growth. Brex lets you send free ACH and wires worldwide, get higher card limits, earn money-saving rewards, and track expenses easily. Built for the ones who do things differently. Scale faster by combining your deposits, spend and controls in one account. That’s the power of all-in-one finance. From employee purchases to paying vendors to accounting, expense tracking is built right in. Email or text us your receipts. We'll match them to the right expenses. Easily sync expense data across systems to automate reconciliation. Run custom spend reports to easily find cost-saving opportunities. Issue cards, search transactions, approve or follow up, and more—in one place. Create unique cards with custom limits for each subscription, vendor, and employee. All for free. Set custom limits and give users approved ways to spend for specific items, such as training or WFH snacks.
    Starting Price: $5 one-time payment
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    WorkMade

    WorkMade

    WorkMade

    We automatically set aside what you owe for your state and federal income taxes - both for quarterly and end of year. When it's time to file, WorkMade handles it all for you, in-app. As you earn and spend money on your business, the WorkMade app does the work in the background. No more wondering if you'll ever get paid. WorkMade gets your money fast when you need it. Easily send and receive money through pay by bank, wires, and check deposits. Cash out your earnings instantly.
    Starting Price: Free
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    Kabbage

    Kabbage

    Kabbage

    Use a virtual card number to make online purchases until your debit card arrives. No set-up or monthly maintenance fees, and no minimum balance requirements. Withdraw cash at one of thousands of in-network ATMs nationwide. Cover expenses the old-fashioned way with checks connected to your account. Set up your vendors, organize your bills and issue payments electronically from your account. Deposit eligible checks using the Kabbage mobile app. Make check deposits through the Kabbage mobile app. And for those times you need to write a paper check, you can do that, too. There are no set-up or monthly maintenance fees, and no minimum balance requirements. Within your account, create up to five Reserve sub-accounts to organize your income streams or to set aside money for specific goals. Kabbage Checking accounts are provided by Green Dot Bank, Member FDIC, and are FDIC-insured up to $250,000. Your debit card uses an EMV chip for extra protection of your account.
    Starting Price: $10 per month
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    Revolut

    Revolut

    Revolut

    One place to manage all things business. Get more from your business account with powerful tools that give you total control over your finances. Spend less time on admin and more time focused on what’s important – your business. Join the 500,000+ customers on Revolut Business. Send and receive international payments, with no hidden fees. Multi-currency accounts allow you to hold, exchange, send and receive funds in 28+ currencies - always at the real (interbank) exchange rate. Free international and local payments within your plan allowance, and free transfers between Revolut Business accounts. Stay organized with multiple accounts for your business needs. Spend in over 150 currencies at the real (Interbank) exchange rate. Stay in control – issue physical and virtual cards, track spending in real-time for your entire team. Automate your expenses and capture receipts in the app instantly.
    Starting Price: $32.00/month
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    Novo

    Novo

    Novo

    Award-winning Business Banking. Manage your business finances on the go. Connect Novo to your tools, send invoices, pay, get paid and much more. 'Time is money' and we want you to keep it. Skip the bank line and set up an account on your favorite device. Accept debit and credit card payments for your invoices via Stripe. Get an email confirmation when an invoice is paid by card. Accept invoice payments via Square. Novo Reserves allow you to set aside funds for taxes, profit, payroll, and other large business expenses. Save funds for later, create a rainy day fund or set money aside for taxes. Link your other bank accounts to Novo for seamless transfers. Remote check deposit allows you to deposit a check directly from your phone. Make payments in the US and internationally. Deep integrations as a Stripe Verified Partner. See your Stripe balances right in your Novo account. Get $20,000 in fee-free processing when you sign up for Stripe.
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    Chase Business Complete Banking
    Introducing Chase Business Complete BankingSM. Earn $300 when you open a Business Complete Checking account. For new Chase business checking customers with qualifying activities. A bank account unlike any other. Chase Business Complete Banking1 takes care of the basics, so you can focus on growing your business. Multiple options to waive the $15 Monthly Service Fee1, including maintaining a minimum daily balance, purchases on your Chase Ink® Business credit card, or deposits from QuickAccept transactions. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAcceptSM2. It's a built-in feature with your Chase Business Complete Checking account. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost. Qualifying transactions include debit card purchases, Chase QuickAcceptSM deposits, Chase QuickDepositSM5, ACH (Credits), wires (Credits and Debits).
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    BlueVine

    BlueVine

    BlueVine

    Checking built for small business. Unlimited transactions, live support, and no monthly fees. Success begins with better banking. Small businesses are a big deal. That’s why we’ve built checking based on your needs. No monthly or NSF fees. Earn 1.0% on your balance up to $100,000. Features and support designed to streamline your banking. Your bank shouldn’t charge you to do business. We’re for transparent, fair banking for small businesses. No minimum deposit or balance. No monthly service fees. No ATM fees at 38,000+ MoneyPass® locations nationally. No fees for non-sufficient funds. Two free checkbooks. BlueVine offers one of the nation’s highest yield business checking accounts getting you 1.0% interest on your balance up to $100,000. A checking account designed for the needs of small businesses. Run your business on your terms. Unlimited transactions, no minimum balance required.
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    Chime

    Chime

    Chime

    Welcome to better online banking through Chime. No hidden fees. Get paid up to 2 days early with direct deposit. Grow your savings, automatically. Experience the ease and simplicity of online banking. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Track your account balances, daily transactions, and savings from anywhere with the Chime mobile app. Turn on balance notifications and instant transaction alerts any time you use your Chime Visa® Debit Card. Send money instantly to friends using Pay Friends on our mobile banking app. Chime’s mobile banking app enables you to manage all of your online banking on the go. With over 135,000+ five star reviews in app stores, our mobile app has everything you need with a simple, intuitive design. Tired of waiting for your direct deposit? Open a Chime Spending Account, set up Direct Deposit and you’re automatically eligible to receive your paycheck earlier.
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    Zil

    Zil

    Zil Banking

    Zil Banking is an online banking platform that can meet all your business needs with no fees and hidden charges. Zil Banking offers you a free business checking account with no minimum balance requirement and opening deposits. Also, Zil online banking provides instant money transfers between Zil accounts, ACH, and Wire transfers. Get your paychecks early with faster direct deposits using Zil online banking. Set up direct deposit with Zil and receive your paychecks two days before without any hidden charges. You will get access to your paychecks before it’s available at traditional banks. Also, it will help you pay bills, rents, and other payments early without any dues.
    Starting Price: Free
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    Bonsai

    Bonsai

    Bonsai

    What if you could run your entire business in one place? Bonsai is the only business management tool that combines CRM, invoicing, accounting & banking. No more "Managing my projects, contracts, and invoices is a time-consuming hassle." Generate custom contracts by picking from 1000+ templates in Bonsai’s library, and get paid faster by creating professional invoices in seconds with global payments and automatic reminders. No more "Tracking my expenses stresses me out." Track your income and automatically categorize your expenses to maximize write-offs. Say goodbye to spreadsheets & tax stress and hello to a bigger tax return. No more "Managing my clients’ expectations is hard." Use Bonsai's simple CRM to manage your clients and projects, and keep track of what matters. Turn new leads into clients, and clients into recurring business. Grow your business in no time while Bonsai takes care of the rest.
    Starting Price: $17 per month
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    Oxygen

    Oxygen

    Oxygen

    You’re burning with ambition. You’re a pioneer. At Oxygen, we invite you to partner with us. Launch yourself with mobile business banking built for you. We want you to win. Breeze through the process of incorporation in the Oxygen app – wherever you are in the US. With no monthly fees to tie you down, you can enjoy our 24/7 banking services without the bills. Create one-time use cards with no fear of sharing your Oxygen Visa® Business Debit Card details. You can control monthly spend, merchants authorized, and freeze or cancel virtual cards with a tap. Earn instant cashback rewards (5%) at approved merchants using your Oxygen Visa® Business debit card. No games, gimmicks or tricks – just real money. Handy integration with SaaS accountancy tools means you can tie up all your financials in real time.
    Starting Price: Free
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    Lunar

    Lunar

    Lunar

    With Lunar Business, you’ll get everything you need to build up your business. Get an all-in-one solution that makes it easier for you to manage your finances and helps you accelerate growth. Get an account made by entrepreneurs, for entrepreneurs. We want to allow every entrepreneur to bring their passion, idea, and dream to life. Getting a bank account should be easy. Managing your finances should too, enable you to, without hassle, focus on the fundament of your business and growth. Because of that, we’re super pleased that every other newly established company applies for a Lunar business account. Do what 400.00 have already done and get a free account, card, and the best banking app in Denmark. The app provides you with everything you need to manage your money smarter than ever. Save up for your dreams, easier than ever. The perfect budgeting tool for you to stay on top of your spending.
    Starting Price: $7.17 per month
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    Holvi

    Holvi

    Holvi

    Holvi’s all-in-one business account helps you calm the chaos of self-employment. Create, send and track invoices right in Holvi. Get paid fast, and keep your business earnings separate from personal finances. Cover your costs with Holvi Business Mastercard® and simplify complicated tasks like expense reporting and receipt matching. From real-time cash flow insights to detailed accounting reports, get the info you need to make smarter business decisions. Sole traders looking to simplify work life with easy invoicing, expense management and bookkeeping tools. 1–9 employees. Self-employed people and small teams looking to manage team spending and scale smart. 10–50 employees. Established small businesses looking to streamline operations and gain financial clarity. Shows your upcoming balance based on scheduled transactions in and out – so you always stay ahead of the curve.
    Starting Price: $0/month/user
  • 23
    Bank of America Business Advantage
    Introducing Bank of America Business Advantage Banking, a business checking solution that evolves with your business. Compare business checking account settings. Change your setting at anytime and keep your existing account number. Business Advantage 360, our small business online banking and Mobile Banking with fully integrated Cash Flow Monitor tool, Bill Pay and Mobile Check Deposit. Business debit cards with $0 Liability Guarantee. Business savings account ($10 or $0 per month). Premium tools for large or growing businesses. Additional business checking and savings account included for no Monthly Fee. Ability to grant and customize account access levels per employee. No fees for incoming wires, stop payments, electronic deposits and more. Manage your business on the go with the Bank of America mobile app. Deposit checks, request transfers, pay bills and monitor pending transactions.
    Starting Price: $10 per month
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    Countingup

    Countingup

    Countingup

    Make payments, get cash flow insights, tax estimates and more. Enter your details to receive a link to the app. The Countingup business current account has built-in accounting software that automates the time-consuming aspects of bookkeeping and taxes. Use your Countingup app to create and send unlimited professional invoices for free, and receive alerts when you've been paid. With all your financial data in one place, you'll receive real-time insights into your business finances with profit and loss reports, tax estimates and unpaid invoices. Share your bookkeeping data with your accountant in an instant with zero chance of duplication errors, data lags or inaccuracies. If you're operating as a sole trader or running a limited company on your own, our business current account is for you.
    Starting Price: $4.95 per month
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    bunq

    bunq

    bunq

    Free to do business wherever and whenever you want. Setup a sub-account for all your needs in seconds. No paperwork. No branch visits. Total control over all your subscriptions. Tired of those monthly surprises? With one clear overview of all your subscriptions, you save money instantly and effortlessly. Have your business bank account up and running in no time, using just your phone, business details and ID. No branch visits, no waiting, no paperwork. Transparency, freedom and continuous improvement. The belief of continuously improving things defines who you are. With Ownership, Effective Communication and User-Centred Thinking as your core values, your driven to push boundaries and innovative. Join The Free in building a bank that is changing the world. bunq was created with you in mind. Rather than building another transparent, socially conscious bank, we took it one step further. We built your money's Swiss army knife.
    Starting Price: €2.99 per month
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Guide to Business Bank Accounts Software

A business bank account is a type of financial account that is specifically tailored to the needs of businesses. It is a separate account from an individual’s personal bank account, and it can be used for many different purposes including tracking expenses, paying taxes and employees, and managing cash flow. Business bank accounts are offered by most major banks, often as part of small business packages.

Business bank accounts typically have features that make them distinct from regular personal checking or savings accounts. One feature common to most business banking accounts is special overdraft protection options, which may allow a certain amount of overdraft without penalty or fee. Businesses often require additional services such as online banking, merchant services (for accepting debit/credit cards), ACH capabilities (for direct deposits to and from other businesses) and payroll processing. Banks will generally provide these services at an additional cost beyond what they charge for the basic checking or savings account.

In addition to the various services available with a business bank account, it also provides added security and protection because any transactions made using the business’ funds must be authorized by an executive officer (e.g., a CEO or CFO). The signature requirements on checks issued by businesses are usually higher than those required on personal checks; this provides businesses with extra assurance that their money isn't being misused. There may also be separate credit lines associated with the business checking or savings accounts—allowing owners to cover short-term costs if necessary—that are backed by their own assets rather than those of the company itself.

Insurance coverage for funds in U.S.-based FDIC-insured banks varies depending on whether its held in a commercial or personal deposit account;  commercial deposit accounts may have up to $5 million in FDIC insurance while personal deposit accounts generally offer up to $250K per depositor at one institution; however some institutions may offer higher limits so it's always important to check with your particular bank or credit union before signing up for a business checking account.

Businesses may qualify for discounts when opening up their banking relationship online - often times these deals include waived monthly fees, reduced minimum balance requirements and sometimes even free transactions! Many banks offer specific packages designed especially for entrepreneurs – this can include helpful extras like cashback rewards program signups, no-fee ATM access across networks and other incentives designed around supporting small business growth goals.

Business Bank Account Features

  • Balance Monitoring – Business bank accounts allow customers to view their account balances and track transactions in real-time, making it easier to manage cash flow and eliminate overdraft charges.
  • Financial Management Tools Many business bank accounts offer tools such as budgeting software and expense tracking that can help businesses identify savings opportunities and reduce costs.
  • Access to Online Banking – Most business bank accounts provide access to online banking services, which enable customers to pay bills, transfer funds, and access deposits on the go.
  • Check Writing – With most business bank accounts, customers can write checks for purchases or pay vendors without having to withdraw cash from their accounts.
  • Low Minimum Balance Requirements – Most business bank accounts require minimal deposits or balances in order to maintain an active account; this makes them ideal for small businesses with limited resources.
  • Interest Earnings – Depending on the type of account, some banks may offer interest earnings on deposits held in the account. This can be especially beneficial for businesses that maintain high balances in their accounts over time.
  • Automatic Payments – Automated payments let customers easily set up recurring payments for utility bills or other invoices; this helps businesses save time since they don't have to manually make payments each month.
  • Specialized Services – Some banks may offer specialized services such as merchant accounts, payroll processing, cash management accounts, and lines of credit. These can help businesses manage their finances more efficiently.

Types of Business Bank Accounts

  • Savings Account: A business savings account is a type of deposit account used for storing and accumulating money over time. The interest rate is usually higher than that of a regular checking account and the funds are more easily accessible than in other types of investments.
  • Checking Account: A business checking account can be used to pay bills, make purchases, withdraw cash, and transfer money from one bank to another. This type of account offers more flexibility than a savings account and typically provides free or lower-cost services such as online banking, direct deposits, and ATM use.
  • Money Market Account: A business money market account is a special type of deposit account that allows businesses to earn higher interest rates on their deposits while still keeping their funds liquid. Funds in this type of account can be withdrawn at any time without penalty but may require a minimum deposit amount.
  • Certificate Of Deposit (CD): A business CD (Certificate Of Deposit) is an investment product offered by banks or financial institutions that pays a fixed rate of return over a predetermined period of time. CDs generally have higher interest rates than traditional savings accounts, though access to the funds may be limited for specific periods until the full term has been met.
  • Credit Card Accounts: Business credit cards offer convenience when making purchases and withdrawing cash from ATMs around the world. They typically come with rewards programs which offer points or cash back for spending on certain items or in certain locations and may also provide access to additional benefits such as travel insurance and car rental discounts.
  • Merchant Accounts: A merchant account is a type of bank account specifically designed for businesses that accept payments from customers. This type of account allows businesses to receive and process credit card, debit card, electronic check, and other forms of payment quickly and securely.
  • Line Of Credit: A business line of credit is an agreement between a lender and borrower that allows the borrower to draw funds up to a certain amount over a set period of time. Interest rates on these types of accounts may vary based on the current market rate as well as the borrower’s credit worthiness.
  • Business Loan Accounts: A business loan is a type of financing for businesses that need to borrow money for operating needs or expansion. These loans can be used for a variety of purposes such as purchasing equipment, expanding inventory, and hiring employees.
  • International Accounts: An international account is a type of business bank account that allows companies to send and receive payments in multiple currencies across countries. This type of account enables businesses to participate in global commerce with foreign customers, suppliers, and partners.

Benefits of Business Bank Accounts

  1. Interest: Business bank accounts typically offer interest on balances, allowing businesses to earn more money from their cash reserves.
  2. Separate Identity: By having a separate account for business transactions, it is easier to identify and record all income and expenses related to the business operations.
  3. Professionalism: Having a dedicated business account can also be seen as more professional when dealing with suppliers and customers.
  4. Security: With a separate account for business purposes, there is an extra level of security that helps protect personal funds from being used inappropriately or unlawfully.
  5. Accessibility: Many business accounts provide access to online banking platforms, which enable easy tracking of transactions and payments in real-time. This allows businesses to make decisions quickly while staying organized with their finances.
  6. Support & Services: Having dedicated services support like loans or credit line can help small businesses access financial resources when needed most quickly and easily.
  7. Specialization: A specialized business bank account may offer features such as merchant services or payroll services that are designed specifically for businesses’ needs and are not available with standard consumer accounts.
  8. Increased Financial Services: With a business bank account, businesses can take advantage of higher transaction limits, bulk payments and other services that are not available with consumer accounts.
  9. Automated Bookkeeping: Many banks provide accounting software integration that allows businesses to track expenses and keep their books updated without manual effort.
  10. Tax Preparation Support: Business bank accounts may offer services such as generating reports for tax preparation purposes, making it easier for businesses to stay on top of their taxes each year.
  11. Discounts & Bonuses: With a business bank account, businesses may be eligible for discounts and rewards on certain services, such as reduced fees or cashback bonuses.

Business Bank AccountsHow to Find a Good Bank

Finding a good bank is important if you want the best possible results. If you don't know where to find the right bank for your situation, look online. You can uncover a variety of banks that offer business accounts. When you want the most from your effort, look for banks that offer the right benefits:

  • Great Fees
  • Transaction Volume
  • Future Goals
  • Access

A bank with great fees saves you more money than you might think. Even a small difference adds up over time. You also want to consider the transaction volume. You want a bank that is easy to access no matter your location, and you will be on the right path in no time. The great benefits take your business to a new level.

Fees

The transaction fees you pay with any bank are important to consider. Some people don't look at the service and transaction fees that they must pay, which is a mistake. Ensure you know what you are getting yourself into before you begin. Some banks, for example, charge hidden fees that you don't want to face. You will likely pay yearly fees and fees for each transaction. The number of sales you make play a role in what you will pay. In addition to the number of sales you have to pay, the additional fees you get play another role in your expenses. Some banks offer savings bonuses, reward points and more.

Transaction Volume

Your transaction volume plays a role in the bank you choose. If you have a small business, look for banks that cater to small businesses, and you will be off to a great start. Large businesses should look for banks that can meet their needs and handle their transaction volume.

Future Goals

Your future goals are another factor you should keep in mind. If you are a small business but plan to grow, keep that in mind when you pick a bank. You want a bank that lets you start small and that grows with you. You also want a bank that can meet your needs now and in the future, and you will be on your way to the next level. Ensure you ask plenty of questions when choosing a bank so that you find one that is good for you now and for years to come. Doing so gives you the best odds of success, and it allows you to build a professional relationship with your bank over the years.

Access

You want a bank that is easy to access. Look on each bank's website to see if they offer the access features you want, need and deserve. If you enjoy banking from home, look for banks that offer mobile banking applications that work with your smartphone. You can check your balance and make payments from any location that has internet access. Some banks even offer online banking that meets your needs more than the rest, and you will be happy with the outcome.

Business Bank Accounts OnlineDo I Need a Business Account if I'm Self-Employed?

You are likely wondering if you need a business bank account when you are self-employed. The answer depends on your situation and what you would like to achieve. If you run a small business and don't make as much profit as you would like to make, you can make it with a personal bank account. On the other hand, get a business account if you want to get the most from your business and enjoy increased profitability. You will know you are on the right track when you see the outcome for yourself.

What Is the Difference Between a Business and Personal Bank Account?

Personal bank accounts come with fewer service fees and are easier to maintain in most cases. If you only have a part-time business or are just getting started, a personal bank account can work. But you want a business account if you want to take your results to a whole new level. A business bank account gives you banking benefits to which you otherwise don't have access.

Is a Neobank Right for Your Business?

You are likely wondering if a neobank is right for your business. You might also be wondering what a neobank even is. A neobank is not like a standard bank, and some financial institutions don't view them as one. However, a neobank account, in practice, functions much like a traditional bank account. You do, however, get some nice benefits you might not get with normal banks. For example, new banks exist only online and don't have brick and mortar locations. As a result, they often offer cheaper rates than standard banks, allowing you to cut your overhead. The problem is that some people enjoy traveling to their local branch if they have a question or concern.

Look at both options so that you can uncover an option that makes the most sense for you and your bottom line. You will have no trouble finding a bank that meets your needs in every possible way.

How Much Do Business Bank Accounts Cost?

Business bank accounts can vary in cost depending on the type of account and features you would like. Generally, business checking accounts are free or $10 to $15 per month if you opt for an account with extra features such as overdraft protection, special check ordering privileges, or free incoming wire transfers. Savings accounts may range from free to anywhere from $5 - $20 per month depending on the balance requirements and other features desired. Money Market Accounts often have higher minimum balance requirements (usually around $2,500) and carry a higher interest rate than their savings or checking counterparts so these often come with a higher fee structure that ranges from $5 - $25 per month. Depending on the financial institution, there may also be additional fees associated with a business bank account such as annual fees, transaction fees, ATM fees, etc., so make sure to ask your bank what all will be included in your specific account before signing up.

Who Uses Business Bank Accounts?

  • Small Business Owners: Individuals who own their own business and need a bank account for company finances such as payroll, taxes, and other expenses.
  • Sole Proprietors: Individuals who are self-employed and do not have any employees; they use a business bank account to manage their cash flow.
  • Corporations: Companies that have been established as separate legal entities from their owners, requiring them to open a separate banking account for the business's activities.
  • Non-Profit Organizations: Charitable organizations and corporations that have been set up specifically to provide services or goods to the public without making a profit; these typically cannot accept donations unless they maintain a business bank account.
  • Freelancers/Independent Contractors: People who work on projects independently and receive payment directly from clients; they may need a separate business bank account in order to keep track of income and expenses related to their freelance work.
  • Ecommerce or Online Retailers: Businesses that sell products online via websites or third party marketplaces; these will require a business banking account in order to track payments received and process orders.
  • Real Estate Professionals: Agents and brokers who need access to funds quickly when working with buyers and sellers on real estate transactions; they may use business accounts so they don't get mixed up with personal funding sources.
  • Investors/High Net Worth Individuals: Persons with high levels of wealth looking for financial solutions such as saving money for retirement, setting up trusts for heirs, or investing in stocks or bonds; often utilizing special features offered by corporate banks such as higher interest rates or lower fees than those available at traditional commercial banks.

What Software Integrates With Business Bank Accounts?

Software that can integrate with business bank accounts include accounting software, online banking services, budgeting and tracking tools, investment management applications, payroll and tax filing programs, and tax preparation software. Accounting software helps businesses manage their finances by tracking income and expenses, creating invoices, bills, and reports. Online banking services provide secure access to business accounts with features such as balance inquiries, bill payments, and account transfers. Budgeting and tracking tools help businesses better understand their financial position by setting budgets for expenses and generating reports on spending habits. Investment management applications allow users to monitor portfolio performance over time. Payroll and tax filing programs enable businesses to process payroll quickly while also filing taxes electronically. Lastly, tax preparation software assists businesses in preparing complicated federal or state filings accurately and efficiently.

Business Bank Account Trends

  1. Online-Only Bank Accounts: Banks are now offering online-only business accounts that offer maximum convenience, minimal fees, and competitive interest rates for customers. These accounts typically provide 24/7 access to your money and support features such as contactless payments, mobile deposits, and automatic bill payments.
  2. Digital Check Deposits: Business accounts have advanced to include digital check deposits that let you deposit checks into your account in seconds with a picture of the check instead of having to wait days for it to show up in the mail.
  3. Increased Liquidity: Many banks now offer short-term business loans with flexible terms and low interest rates that provide businesses with much needed liquidity during times of economic uncertainty or when cash flow is low.
  4. Streamlined Onboarding Processes: Banks are now taking advantage of technology by streamlining their onboarding processes so businesses can set up their accounts in minutes rather than days or weeks as it used to be in the past.
  5. Automated Bookkeeping Tools: Accounting software integrated with business bank accounts allows companies to keep track of all transactions and financial information accurately in one place with real-time updates from their bank accounts, making bookkeeping easier and more efficient than ever before.
  6. Enhanced Security Measures: Businesses can now take advantage of increased security measures from banks like two-factor authentication services that add an extra layer of security against fraudsters attempting to access customer information without permission or authorization.
  7. Lower Fees for Large Transactions: Banks are often providing reduced fees for large transfers which makes it easier for businesses to manage their finances without running into expensive fees every time they need to make a large payment or transfer money between different accounts both domestically and internationally