Choosing the best small business checking account to accommodate your small business checking needs is especially important for the emerging business, whose banking needs can be vastly different from those of Fortune 500 corporations. The best small business checking account – and bank – should simplify your banking and other financial needs.
Here are the top considerations for small business checking:
1. Define your small business checking needs, then find the best bank to fit those needs.
2. Join forces with a bank that that can address your current and ongoing banking needs through small business checking accounts and other banking services.
3. The best small business checking accounts should offer you a variety of features, including payroll services, invoicing services and merchant accounts.
Action Steps
The best contacts and resources to help you get it done
Find a small business checking account that meets your needs
Look for a bank that is used to accommodating the special needs of the entrepreneur or small business through its small business checking account choices, terms and options.
I recommend: Wells Fargo has been helping small businesses since 1852 with many small business checking accounts, including low activity small business checking accounts, basic small business checking accounts, and basic small business checking accounts with interest. Other banks offering small business checking accounts include
Bank of America,
Wachovia,
Regions,
Citibank and
Washington Mutual.
Find free small business checking accounts with value-added services
Yes, we said free. Free small business checking accounts should mean you'll pay no monthly account or transaction fees; this might include free unlimited check-writing capabilities, free transfers, a free ATM or check card, free ATM transactions, and often, free checks.
I recommend: Wachovia offers a wealth of resources for the small biz owner, including small business checking accounts with or without interest (with specific requirements), free Visa Business Check Card (with unlimited transactions), free bad check recovery, online bill pay, and more. Free small business checking accounts are also available from
Regions,
Washington Mutual and
Citibank.
Choose a small business checking account tied into a business savings account
If you're interested in a small business checking account that is tied in with a business savings account, find the financial institution that offers both accounts in one place.
I recommend: Bank of America helps you choose the best small business checking account (some of which link to a business savings account) that offers features according to your business size, financial needs, and type.
The best small business checking accounts offer online banking features
You probably work with online product suppliers, vendors, and clients online, so why not do your banking the same way? Find online banking small business checking accounts with online billing, invoicing, tax services, and more - all without ever leaving your office.
I recommend: Open a small business checking account with WaMu and get business online banking and Business Bill Pay services where available. WellsFargo, Bank of America, Wachovia, Citibank and Regions also offer online banking options for small business checking accounts.
Tips & Tactics
Helpful advice for making the most of this Guide
- Look for a small business checking account that offers merchant account services to help you grow your business.
- Ask questions to clarify the regulations of your account, especially any related fees. Some banks offer value-added features on new small business checking accounts for a limited time before the fees go into effect.
- If your banking transactions each month are minimal, look for "budget" small business checking accounts that offer incentives for a small number of checks written/other transactions.
- Many of today's credit unions are working hard to meet the banking needs of their local businesses through small business checking accounts, loans and other business-focused financial products.
The official source of Small Business Checking is
the Small Business Checking page at Business.com
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