should i open a business bank account

LLCs, partnerships, and corporations all need a separate business bank account. The reason for this is that these types of business entities are taxed. When you start a business, one of your first tasks should be to open a ​business bank account. It's important to keep your business. Find the right business checking account for you. Open a SunTrust Business Checking account with ease and convenience when you sign up through our online.

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What You Need to Open a Business Bank Account

Whether you plan to open a business checking account in person or online, you’ll need to provide basic details about yourself, your business and any additional business owners. You’ll also need a government-issued ID and legal business documentation.

You can typically apply for a business bank account in minutes, especially if you open an account online and have all the required documentation, but it can take up to seven business days for your application to be approved.

Learn what you need to open a business bank account and how to find the best option for your small business.

Business bank account requirements

Exact requirements to open a business bank account will vary based on the bank, your entity type and the state where you formed your business.

Some banks require an opening deposit, which can range from $5 to $1,000, for example, while others allow you to open an account with $0.

You also need to provide details about yourself and your business, along with a government-issued photo ID and certain business documentation illiana financial credit union you open your business bank account. Necessary information will likely include:

Personal details

  • Your name, birthdate and Social Security number.

  • Mailing address and contact information.

  • Ownership percentage in your business.

  • A government-issued photo ID, such as a driver’s license or passport.

If your business has multiple owners, you typically need to include personal details and identification for every owner with 25% or more ownership in the business.

Business details and documentation

  • Business name and DBA or trade name (if applicable).

  • Business address.

  • Employer identification number, or EIN. (Sole proprietors and single-member LLCs may be able to use their Social Security number).

  • Entity type and industry/type of business.

You may also be asked for the following documentation, depending on your business entity type:

  • Sole proprietorships: Business name registration certificate, business license.

  • Partnerships: Partnership agreement, business name registration certificate, business license, state certificate of partnership.

  • LLCs: Articles of organization, LLC operating agreement, business license.

  • Corporations: Articles of incorporation, corporate bylaws, business license.

Banks may have slightly different verification requirements. Review all instructions carefully when it comes to submitting your business documentation.

» MORE: Best free business checking accounts

Choosing a business bank account

Consider what type of business bank account you need, whether you’re interested in an online-only account and how you want to open your account (online vs. in person).

Types of business bank accounts

Business checking accounts

Business savings accounts

Best for: Long-term savings

Best for: Accepting debit and credit card payments

What to keep in mind:

  • Included monthly transactions.

  • ATM access.

  • Account and incidental fees.

What to keep in mind: 

  • APY.

  • Account fees.

  • Minimum balance required to earn interest.

What to keep in mind: 

  • Bundled merchant services.

  • Low transaction fees.

  • Additional fees.

*Merchant accounts are specialized business bank accounts used for accepting debit or credit card payments. You need to open a business checking account before you can get a merchant account.

Compare business bank accounts

Consider the following factors when shopping for a business bank account:

  • Monthly fees.

  • Minimum balance requirements.

  • Included fee-free transactions.

  • ATM access (withdrawals and deposits).

  • Wiring, transfer and payment capabilities.

  • Incidental fees (stop payment, nonsufficient funds, overdrafts).

  • Online and mobile banking.

  • Additional features, such as bill pay, invoicing or integrations with other business tools.

Not sure where to start? Here are a few of our picks for best business checking accounts (see the full list).

NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
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Monthly Fee

$15.00

Waived with $2,000 minimum balance

Monthly Should i open a business bank account with $5,000 minimum balance

APY

0.10%

With $5,000 minimum balance

Bonus

$300

Requirements to qualify

Источник: https://www.nerdwallet.com/article/small-business/what-you-need-to-open-a-business-bank-account

Every startup business needs a business bank account. (Where else will you put all the profits?) But with different types of accounts and banks to choose from, how do you select and open a business bank account? Read on to find out how to pick the best account for your needs and what you'll need to open one.

What Do You Need to Open a Business Bank Account?

Different banks may require different documents to open a business bank account, so check with any bank you're considering before visiting. In most cases, you'll need the following:

  • A Tax Identification Number (TIN): Sole proprietors can use their Social Security number as a TIN. If you have employees or own a corporation or partnership, you'll need to apply for an Employer Identification Number (EIN). You can apply for an EIN online at the IRS website.
  • Personal information: Bring a government-issued photo ID such as a passport or driver's license, and be prepared to provide personal information such as your name, address and date of birth.
  • Business license: Bring a copy of your business license.
  • Assumed name certificate: If you operate as a DBA ("doing business as") and have filed a fictitious business name with your state's secretary of state, bring your certificate.
  • Business organization documents: Provide the documents you filed to form your legal business entity. Depending on your business, this might be articles of incorporation, articles of organization, operating agreement, corporate bylaws or partnership agreement.
  • Estimated monthly credit card sales: This may be needed to open a merchant services account, which allows you to accept card payments.
  • A deposit: If an initial deposit is needed to open your account, verify the minimum amount required ahead of time.

Types of Business Bank Accounts

There are three types of business bank accounts: checking, savings and merchant services accounts.

  1. Business checking account: A business checking account works like a should i open a business bank account checking account, with a few key differences. For example, business checking accounts typically have higher minimum deposit requirements to avoid fees. They may also have features personal accounts don't, such as free wire transfers, scanners you can use to deposit checks in bulk, or integration with business accounting software.
  2. Business savings account: As your business grows, a business savings account helps you set aside funds you don't need immediately, such as money for taxes, while earning interest.
  3. Merchant services account: This type of account is used to accept credit and debit card payments from customers, either online or in person.

What to Look for in a Business Bank Account

The business bank account you choose can make a big difference to your finances, so carefully compare your options before making a decision. Consider the following features:

  • Fees: Checking and savings accounts typically charge a monthly fee, which is often waived if you keep a certain amount of money in your account or spend a certain amount on a bank-issued credit card. Other fees may include cash deposit fees, wire transfer fees, transaction fees, transfer fees, insufficient funds or overdraft fees, and fees for using the ATM or for visiting the teller. Clarify all the fees you may have to pay.
  • Minimum balance requirements: Some business bank accounts have high minimum balance requirements. To avoid being charged a service fee, choose an account with a minimum balance you can easily sustain.
  • Interest rates: Business savings accounts and some business checking accounts earn interest on your balance. Depending on your average balance, a higher interest rate can make a difference.
  • Check and cash deposits: If you plan to make lots of check deposits, choose a bank that streamlines the process. Some banks provide scanners you can use to quickly deposit large batches of checks remotely from your business. Ask if there are limits on the number of cash deposits you can make each month without a fee.
  • Limits on withdrawals: Savings accounts generally limit the withdrawals you can make per month before being charged. This can get costly if you frequently need to transfer money from one account to another.
  • Convenient branch and ATM locations: If you need to visit the bank frequently, you'll want one with plenty of convenient locations and a large network of ATMs you can use without a fee.
  • Software integrations: Does the bank's bookkeeping software work with the financial applications you use? A business bank account that integrates with your business's accounting, payroll or tax preparation software greatly simplifies financial management.
  • Online features and services: You probably do most of your personal banking online—why should your business banking be any different? Find out what online and mobile banking features the bank offers.
  • Perks: Some banks offer perks such as access to business specialists or cash bonuses for depositing a certain amount when you open an account. Others offer money management tools, such as Bank of America's free cash flow dashboard, which connects to other business apps, like Expensify, to better manage cash flow.

When choosing a merchant services account, ask about these fees:

  • Discount rate and transaction fee: Banks charge a percentage of each transaction (the discount rate) as well as a flat per-transaction fee for processing card payments.
  • Setup and cancellation fees: There's generally a setup fee to open your account and a cancellation fee if you close the account before your contract ends.
  • Monthly minimum processing fee: If you don't process a certain amount of payment card sales in a month, you may face a fee.
  • PCI compliance fee: This is the cost for compliance with industry payment security standards.
  • Chargeback fees: If a customer gets a refund for a transaction, you may have to pay this fee.
  • Statement fee: Some banks charge statement fees to produce your monthly statement.
  • Address Verification Service (AVS) fees: Fees for verifying that a card user's address matches the address on file with the card.

The Federal Deposit Insurance Corporation (FDIC) insures bank accounts up to $250,000 per account per entity. If you need to keep more than that in any account, you should open accounts at multiple banks to ensure your money is protected.

No matter what type of account you're opening, choose a bank that can accommodate your business as it grows. Evaluate the business financing options the bank offers, such as business credit cards, business lines of credit and business loans. If you ever need to borrow money, you may have an edge at the bank where you already do business.

The Bottom Line

Before making your final decision about a business bank account, think about your banking needs and plans for your business. Choosing a bank that can grow with you will help keep your business in good financial health.

Another way to monitor your business's financial health is by keeping an eye on your business credit. You can get a free business credit report at Experian. Opening a bank account for your business is foundational to building your business credit history and achieving a good business credit score, which can make it easier to access business financing in the future.

Источник: https://www.experian.com/blogs/ask-experian/how-to-open-business-bank-account/

5 Reasons Why Your U.S. Business Needs a Business Bank Account

Learn why opening a separate business bank account is crucial for your business and your financial sanity.

Managing Your Finances


When you start a business, you always look for ways to simplify things. You might set up an online calendar so clients can easily book meetings with you, or outsource administrative tasks that you don’t enjoy doing.

But when it comes to simplifying things with your money, opening up a business bank account is crucial for business success. Keeping your business funds separate from personal funds will actually make it simpler and easier to manage your business as it grows.

Here’s what you need to know about the key benefits of having a business bank account, as well as should i open a business bank account to look for when picking the right bank account for business.

Profit to Profitability eBook Ad

What Is a Business Bank Account Used For?

A business bank account is an account that is used solely for transactions related to your business. You can have both a business checking account and a business savings account.

By having a separate business bank account, you can separate your personal and business transactions, which makes it easier to keep accurate books and records.

5 Benefits of a Business Bank Account

Here are the top reasons why you should use a bank account for all your business transactions:

1. Limit Your Personal Liability

When opening a business, many business owners choose to set up a limited liability company (LLC) or a corporation to limit their personal liability in the business. Having an LLC or a corporation separates personal assets from business assets. But to keep this liability protection intact, you need to follow certain rules. Otherwise, you could be at risk of “piercing the corporate veil”—a situation where you could be personally liable for your business debts.

One rule that you need to follow to keep your liability intact is to keep your business and personal finances separate.

2. Organize Your Business Records

While combining your business and personal money in one account may seem easier, it can put you in a bad spot come tax time.

That’s because it’s incredibly challenging to do accurate bookkeeping when you have to sort through personal transactions—like trips to the grocery store—just to find a business transaction. It not only takes a lot of time, but you could miss important business expense deductions, which will cost you a lot of money on your tax bill at the end of the year.

3. Establish Credibility With Clients

When building trust with clients and future clients, it’s important to treat your business like a business—not like an extension of your personal life. When you’re running a small business, it can look unprofessional to pay your contractors with a personal check or have your clients write a check to you as an individual.

Will this lose you business? Maybe not. But having a dedicated business banking account shows that you’re a serious professional. This is especially important as you scale your operations and evolve from freelancer to business owner.

4. Monitor Business Progress

One of the best things you can do to establish a healthy business is to monitor its growth and look for opportunities. Monitoring your business financials is a big part of that.

Keeping your business account separate from your personal account lets you check in and check on your progress regularly, so you can make plans to improve and grow.

5. Hobby or Business?

The IRS has 9 factors when determining whether your business is actually a business, or whether it’s really just a hobby. The first factor on that list: “Whether you carry on the activity in a businesslike manner, and maintain complete and accurate books and records.”

Those criteria will be easier to prove if you have a separate business account.

What Is a Good Bank for a Business Account?

This section will go over what someone should look for when choosing a business bank account. Consider fees, ease of performing activities (like depositing checks), minimums, cash, and transaction limits, as well as how easily it integrates with programs you already use.

Not all banks are created equal when it comes to business bank accounts. You’ll want to do your research before deciding which bank is best for your small business. Some things to consider include:

  • Fees: Some banks charge a fee for everything—a fee for depositing a check, a monthly maintenance fee, a fee for having a small balance. Get a full listing of fees before you decide to give a bank your business.
  • Minimums: Do you need to keep a minimum amount of cash in your bank account? That may be tough for some businesses, specifically in the beginning. A bank that doesn’t require minimum balances may be a better option.
  • Transaction limits: Some banks have transaction limits that may be challenging for your business. For example, if you make a lot of different cash and check deposits daily, you’ll want to look for a bank that doesn’t have a low daily limit on these types of transactions.
  • Additional debit cards: If you have employees and want to allow one of your employees access to your debit card, check with a bank to see what they offer. You’ll want to look for a bank that offers multiple debit cardholders for an account and also the ability to put limits on the employee’s debit card, so they can’t withdraw or spend more money than you approve.
  • Ease of integration: Finding a bank that easily integrates with the accounting and budgeting software you use can make running your business much easier.

What Do You Need to Open Your First Business Bank Account?

Before heading down to the bank to open a business account (or applying online), spend some time gathering the documents that you need. Depending on your business structure, you won’t need all of the documents listed below, but this list should give you a starting point:

  • EIN or federal tax ID: If your business is a sole proprietorship, you won’t need an employer identification number (EIN), but you can still provide one if you have it. For all other business types, you’ll need to provide your EIN to open a bank account.
  • Articles of organization or incorporation: If your business is an LLC or a corporation, be prepared to provide your articles of organization or incorporation, whichever you filed with your state when you registered your business.
  • Certificate of good standing: Your bank may require a certificate of good standing from your state, showing that you are up to date on taxes and other requirements.
  • Personal identification: Photo ID is often required to verify your identity when opening any bank account.
  • Copy of your DBA filed with the state: If you run your business using a DBA (doing business as), your bank will want to see a copy of the DBA filed with the state.
  • Copy of partnership agreement: If your business is organized with a partnership, be prepared to provide your bank with a copy of the partnership agreement.

Are There Situations When You Don’t Need a Business Bank Account?

If you’re a sole proprietor, you’re technically not required to have a separate business bank account. However, it’s still a good idea to keep your money in a business account, rather than in your personal account.

While it won’t help you limit your personal liability—a sole proprietorship doesn’t have any personal liability protection—it will provide the other benefits listed above. It’ll keep you organized and looking like a credible small business, you can easily monitor your financial progress, and it helps you look more like a business and less like a hobby.

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A Last Thought on Business Bank Accounts

A business bank account is an important part of establishing yourself as a business. Take the time to set it up correctly at the beginning and you’ll alleviate headaches down the road. As your small business grows, it’s crucial to build a proper legal and financial foundation—download a free business invoice template to aid in this as well.

Opening a separate bank account is one small step in that direction, and will help keep your books organized, as well as ensure your business and personal lives remain separated. In addition, opening a bank account will help form your business’ credit history—a big milestone should you ever want to take out a business loan or line of credit in the future.

This post was updated in October 2020.



about the author

Freelance Contributor Erica Gellerman is a CPA, MBA, content marketing writer, and founder of The Worth Project. Her work has been featured on Forbes, Money, Business Insider, The Everygirl, and more. She currently lives in Hawaii.


Источник: https://www.freshbooks.com/blog/why-you-need-a-business-bank-account
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Источник: https://www.53.com/content/fifth-third/en/business-banking/managing-business/checking-account-solutions.html

8 Best Business Bank Account Promotions & Offers – November 2021

Most of the best bank account promotions on the market right now cater exclusively to consumers. Indeed, many of the United States’ best online banks seem to favor personal account holders rather than business owners.

But not all banks give business owners short shrift. If you’re a small-business owner, solopreneur, or freelancer, you just need to know where to look to find potentially lucrative credit union and bank account bonuses and referral opportunities.

Let this list guide you to entrepreneur-friendly banks and credit unions hungry enough for your business to pay you for it.

Best Business Bank Account Bonuses (November 2021)

These are the best business bank promotions this month. Unless otherwise noted, all are available to businesses of all sizes, including sole proprietors and freelancers without formal incorporation.

However, business checking and savings accounts impose minimum balance requirements, monthly maintenance fees, and other requirements or restrictions that can impact their suitability.

And all accounts must be open and in good standing when the bonus is paid.


1. Chase Business Complete Banking (Chase Business Complete Checking) – $300 Bonus

Chase Bank Logo

A very attractive offer awaits Chase-curious entrepreneurs, including sole proprietors new to Chase Business Complete Banking: $300 for newChase Business Complete Checking customers who open an account online or in-person and complete qualifying activities. This offer is valid through Jan. 20, 2022.

It’s not difficult to qualify for this opportunity. All you need to do is open a new Chase Business Complete Checking account with qualifying activities (described at the link above).

No minimum opening deposit is required. Once your Chase business checking account is open, you’ll have multiple ways to waive the $15 monthly service fee.

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and Puerto Rico.

Apply Now


2. Axos Bank Basic Business Checking — $100 Cash Bonus

Axos Bank Logo

Open a newAxos Bank Basic Business Checking account by the offer end date using the promo code “EARN100” to earn a $100 welcome bonus. Here’s how it works:

  • Apply for your new Axos Bank Basic Business Checking account by the offer end date with a minimum opening deposit of $1,000.
  • Maintain an average daily balance of at least $5,000 during the first three months (new funds only).
  • You’ll receive your $100 cash bonus in your new checking account within five business days of your third statement cycle date.

This is a truly free business checking account with great perks for account holders.

For more information, read our Axos Bank review.

Learn More


3. Brex Cash — Up to 50,000 Bonus Points

Brex Logo

Open a newBrex Cash account and spend $3,500 in purchases within 30 days to earn 30,000 bonus points. Or spend $9,000 in purchases within 30 days to earn 50,000 bonus points — it’s up to you.

This is a truly fee-free business account that earns cash back on eligible purchases. So, you can look forward to no account fees or minimum daily balance requirements, a generous ongoing rewards program, and value-added perks worth $150,000.

Learn More

*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.


4. NorthOne Business Banking (NorthOne Deposit Account)

Northone Logo 11 2 20

Open a newNorthOne Business Banking account (NorthOne deposit account) to take advantage of a limited-time bonus opportunity available exclusively to Money Crashers readers: one month of free business banking.

That’s a $10 value — NorthOne’s customary monthly maintenance fee for business banking customers. To get the bonus, simply open your account using the link above or below.

This offer expires April 26, 2022. It’s valid only for new customers who haven’t been approved for a NorthOne deposit account in the past 48 months. The account maintenance fee waiver doesn’t apply to other fees NorthOne may charge, such as overdraft, insufficient funds fees, and wire transfer fees.

Learn More


5. Huntington Unlimited Plus Business Checking — $750 Bonus Cash

Huntington Bank

Through March 7, 2022, you can earn a bonus worth $750 when you open a new Huntington Bank Unlimited Plus Business Checking account and complete qualifying activities. Here’s how it works: 

  • Open a new Unlimited Plus Business Checking account between Nov. 1, 2021, and March 7, 2022
  • Make cumulative new money deposits of at least $20,000 within 60 days of account opening
  • Keep your account open for a minimum of 90 days

After completing these qualifying activities, you should receive your $750 bonus in your account within 14 business days.

Moving forward, enjoy these great Unlimited Plus Business Checking benefits:

  • Unlimited transactions§ and up to $25,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
  • Waived monthly maintenance fee with $50,000 in combined deposit relationship balances (otherwise, $40/month)#
  • Your choice of two additional bonus services, such as up to 25 returned deposit items per month and two free incoming domestic wires

Apply Now

Disclosures:

o To be eligible for the $750 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $20,000 within 60 days of account opening.
o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject to account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.

o Your $750 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#The business can avoid the monthly checking maintenance fee ($20.00 for Unlimited Business Checking and $40.000 for Unlimited Plus Business Checking) for any statement period on this checking accountwhen the business keeps a total deposit relationship balance of at least $10,000 for the Unlimited Business Checking account and $50,000 for the Unlimited Plus Business Checking account in a combination of deposits held directly by us. Eligible deposits are this checking account and any other checking, money market, savings, or certificate of deposit (CD) account(s) owned by the business, but deposits owned by separate legal entities (even those that share EINs or TINs) are not eligible. We figure the total relationship deposit balance each month by adding the average daily balance for all eligible deposit account balances of the business for the applicable statement period. We calculate the average daily balance by totaling the balances in your account from the end of each day in the applicable statement period and dividing that amount by the number of days in that period. However, for new accounts or closed accounts, we only count the number of days that the account was open during the applicable statement period for purposes of determining the average daily balance.


6. Huntington Unlimited Business Checking — $400 Bonus Cash

Huntington Bank

Now through March 7, my 1st kiss, you can earn a bonus worth $400 when you open a new Huntington Bank Unlimited Business Checking account and complete qualifying activities. Here’s how it works: 

  • Open a new Unlimited Business Checking account between Nov. 1, 2021, and March 7, 2022
  • Make cumulative new money deposits of at least $5,000 within 60 days of account opening
  • Keep your account open for a minimum of 90 days

After completing these qualifying activities, you should receive your $400 bonus in your account within 14 business days.

Moving forward, enjoy these great Unlimited Business Checking benefits:

  • Unlimited transactions§ and up to $10,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
  • Waived monthly maintenance fee with $10,000 in combined deposit relationship balances (otherwise, $20/month)#
  • Your choice of one additional bonus service, such as two incoming domestic wire transfers per month

Apply Now

Disclosures:

o To be eligible for the $400 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the is first interstate bank open on saturday checking account of at least $5,000 within 60 days of account opening.
o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject walmart money card official site account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.

o Your $400 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#The business can avoid the monthly checking maintenance fee ($20.00 for Unlimited Business Checking and $40.000 for Unlimited Plus Business Checking) for any statement period on this checking accountwhen the business keeps a total deposit relationship balance of at least $10,000 for the Unlimited Business Checking account and $50,000 for the Unlimited Plus Business Checking account in a combination of deposits held directly by us. Eligible deposits are this checking account and any other checking, money market, savings, or certificate of deposit (CD) account(s) owned by the business, but deposits owned by separate legal entities (even those that share EINs or TINs) are not eligible. We figure the total relationship deposit balance each month by adding the average daily balance for all eligible deposit account balances of the business for the applicable statement period. We calculate the average daily balance by totaling the balances in your account from the end of each day in the applicable statement period and dividing that amount by the number of days in that period. However, for new accounts or closed accounts, we only count the number of days that the account was open during the applicable statement period for purposes of determining the average daily balance.


7. Huntington Business Checking 100 — $100 Bonus Cash

Huntington Bank

For a limited time, take advantage of this opportunity to earn a $100 bonus when you open a Huntington Bank Business Checking 100 account and complete qualifying activities. Here’s how it works:

  • Open a new Business Checking 100 account between Nov. 1, 2021, and March 7, 2022
  • Make cumulative new money deposits of at least $2,000 within 60 days of account opening
  • Keep your account open for a minimum of 90 days

Complete these qualifying activities and you should receive your $100 bonus in your account within 14 business days.

Moving forward, enjoy these great Business Checking 100 benefits:

  • 100 monthly transactions§
  • Deposit up to $5,000 in cash or currency monthly in-branch or at an ATM#
  • Free 120-day trial of a fraud tool: Reverse Positive Pay
  • No monthly maintenance fee

Apply Now

Disclosures:

o To be eligible for the $100 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $2,000 within 60 days of account opening.
o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject to account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.

o Your $100 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#Deposit up to $5,000 in cash or currency monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after.


8. PNC Bank Business Checking — Up to $500 Cash Bonus

Pnc Bank Logo

Open an eligible new PNC Bank business checking account (Business Checking or Business Checking Plus) by Dec. 31, 2021, for the opportunity to earn a $200 cash bonus. Here’s how the bonus offer works:

  • Open an eligible account by Dec. 31, 2021.
  • Maintain an average cycle balance (account balance) of $5,000 or more for each of the first three statement should i open a business bank account at least 20 total qualifying debit card transactions within the first three statement cycles.

Once you’ve completed the qualifying activities, you’ll receive a $200 cash bonus in your account within 90 days.

See the respective application pages for Business Checking and Business Checking Plus for more details on avoiding the monthly maintenance fees.

Alternatively, open a new Treasury Enterprise Plan or Analysis Business Checking account by Dec. 31, 2021, for the opportunity to earn a $500 bonus. All you need to do is maintain a minimum average balance of $30,000 throughout the first three statement cycles, and you’ll receive your bonus.

These offers are available nationwide. Limit one offer per customer.

Apply Now


Final Word

Most of the banks mentioned here do not cater to small-business owners exclusively.

They also offer consumer accounts — in some cases, generous and expansive lineups that include free checking accounts, rewards checking accounts, CDs with above-average rates, money market accounts, and high-yield savings accounts that might just keep your emergency fund on pace with inflation.

Others offer cash-back credit cards, among other types of rewards-laden spending aids for individuals.

This matters. After all, every business owner is a person too — one with personal money management needs. That means every business owner needs a personal checking account, among other key personal banking relationships.

If you’d like that relationship to involve the same bank you choose for your business banking needs, perhaps one of these promotions will seal the deal.

Источник: https://www.moneycrashers.com/best-business-bank-account-promotions/

The 7 Best Banks for Startups and Entrepreneurs

Best Business Checking Accounts for Startups and Entrepreneurs

It is important to consider the best business checking accounts for startups and entrepreneurs since business banking is a fundamental requirement for every business. Every entrepreneur needs a business bank account to pay their business insurance, take care of payroll, collect money, have a merchant account bethany beach homes for sale by owner accept credit card payments, and so forth.

Depending on your business type will determine which of the best business checking accounts you might want to consider. They each have their own advantages and disadvantages.

The top seven best banks for startups and entrepreneurs:

Best Online Bank Account for Startups: BlueVine

If you operate an online business, or a business that doesn’t often deal with cash, then having an online business bank account will provide you with many benefits that a brick and mortar bank won’t provide. 

For example, BlueVine lets any business make as many transactions as they like, without a fee. The biggest benefit, though, is that they don’t charge a fee for having the account. If you are operating a brand new business, it’s nice to know you don’t have to worry about where the money will come from to cover the bank account fee. It takes time to build a business, and sales don’t always happen overnight.

Benefits

BlueVine offers online entrepreneurs several benefits. You don’t have to worry about paying a monthly fee, you don’t have to worry about penalties for making too many transactions, but let’s see what else BlueVine has to offer.

Here are some additional business checking benefits offered by BlueVine:

  • 1% interest on your balance
  • No hidden fees (e.g., no incoming wire fees, etc.)
  • No ATM fees should i open a business bank account over 38,000 Money Pass locations
  • No non-sufficient funds fees
  • Two free checkbooks
  • BlueVine mobile app 
  • Dedicated support

What to Look Out For

BlueVine is perfect for online businesses and even works for brick and mortar businesses in the sense that you can make cash deposits into your business bank account using any of the 70,000+ GreenDot locations nationwide. There is a caveat that you should know about before depositing money through GreenDot — BlueVine charges a $4.95 deposit fee for each GreenDot deposit.

Who Is BlueVine Best For?

BlueVine is great for businesses should i open a business bank account primarily do business online. BlueVine is probably one of the best business checking accounts for online should i open a business bank account and entrepreneurs in particular. 

This is because they make business banking convenient and hassle-free. Their customer support is excellent. Their website and mobile app are user-friendly, cutting-edge, and ultra-convenient for the online business person who likes innovation without having to read the fine print.

Best National Bank for Startups: Chase

Chase is the best national bank for startups because it is the largest bank in the United States that has mastered how business banking should be done. 

They have everything a startup business needs, like no minimum deposit requirement for opening an account and many branches and ATMs throughout the country, which is extremely convenient.

Benefits

The Chase Business Complete Banking℠ account is arguably one of the best bank accounts for startups and entrepreneurs. Besides being the largest bank in the US with more than 4,700 branches and 16,000 ATMs, Chase bank offers many other perks for being a business banking customer.

Here are some additional business checking benefits offered by Chase Bank:

  • Mobile banking
  • Online banking
  • Send and receive wire transfers
  • Pay bills online through online bill pay
  • Setup and monitor accounts for employees
  • No fees for military members
  • Get free ATM/debit cards

What to Look Out For

Bigger may be better “sometimes,” but there are some things to look out for when you open an account.

Here are some things you need to know before opening a Chase Business Complete Banking℠ account:

  • Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
  • More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
  • Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept(SM).
  • Same-day deposits with QuickAccept(SM). Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
  • Alerts to help you stay on top of your account activity.
  • Easy account management through Chase Business online and the Chase Mobile® app.
  • Unlimited electronic deposits, ACH and Chase Quick Deposit(SM).
  • Convenient access to 16,000 ATMs and more than 4,700 branches.

Who Is Chase Bank Best For?

You can “bank” on Chase bank (pun intended) as being the best national bank for startups and entrepreneurs who want the best business bank account. 

The Chase Business Complete Checking account offers every feature you might expect in a national bank, plus perks not offered by other national banks (e.g., $300 bonus, the most branches and ATMs, etc.). They can help you get your business off the ground and going.

Best Bank for Brick-and-Mortar Locations: Wells Fargo

The Wells Fargo Simple Business Checking account is the best business checking account for startups and entrepreneurs who need a local presence from their bank

This is true for one simple reason – Wells Fargo makes business banking simple because they offer four unique business bank accounts fitted for every stage a business is at. 

Benefits

Wells Fargo has been around for a long time. It is the oldest bank in America. It has a history that has helped it thrive and meet and exceed customer’s needs over the years. 

One thing we like about Wells Fargo is that you can open up a Wells Fargo Simple Business Checking account if you’re a sole proprietor business owner, but then as you have more monthly transactions, you can upgrade to the Wells Fargo Best Choice Checking account. You’ll probably want to start with the Wells Fargo Best Choice Checking account if you want to form a limited liability company (LLC). 

From there, you can keep upgrading two more should i open a business bank account, depending on how well your business is doing. So Wells Fargo does a great job of giving options to businesses.

Here are some additional business checking benefits offered by Wells Fargo:

  • Zero Liability Protection on debit cards and 24/7 fraud monitoring.
  • Easily monitor business banking activity with account alerts.
  • Stay in control of cash flow with easy options to make and receive payments.
  • Access your account anytime on multiple devices or from one of more than 13,000 ATMs.
  • Fee waivers and discounts
  • Customize your business debit card with your logo and tagline

What to Look Out For

We love how Wells Fargo offers the best business bank account for brick and mortar businesses, but even so, there are a few things to keep in mind before opening an account with them.

Here’s what you want to look out for before opening a Wells Fargo Simple Business Checking Account:

  • Limited to 50 transactions per month
  • $10 monthly service fee if your account balance falls below $500 average balance

Who Is Wells Fargo Best For?

Wells Fargo is the best bank for brick and mortar businesses. This is true because they cater to businesses of every size, have branches throughout the United States, and have a history of successfully helping startup businesses and entrepreneurs to grow their business.

Best Ecommerce Bank for Startups: Capital One

The best business bank account for ecommerce startups and entrepreneurs is the Spark Business Checking Account from Capital One. The reason for being the best in this category is because Capital One is able to leverage its internet-based banking institution to implement low fees for its ecommerce banking customers.

An ecommerce business (electronic commerce) is a business model that connects buyers and sellers over the internet. 

This business model may connect businesses to businesses, businesses to consumers, or even consumers to consumers, but at the end of the day, it’s about doing business entirely online without the constraints of time and place. It is a great business model for setting up an autopilot business where a business owner can still make money, even when sleeping (think of Jeff Bezos and Amazon).

Benefits

Here are some benefits of opening a Capital One Spark Business Checking Account:

  • Unlimited transactions
  • No monthly service fee
  • No minimum balance
  • No ATM fees at over 39,000 Allpoint ATMs
  • No cash deposit fees up to $5000 per month
  • Free debit card
  • Highest interest rates
  • Remote check deposits
  • Killer mobile app
  • 700 brick and mortar locations
  • Helpful customer service 24 hours a day

What to Look Out For

Capital One offers the best business checking account for startups and entrepreneurs looking to build an ecommerce business empire. While you may have your head in a “cloud” (pun intended) with all the wonderful benefits just mentioned, it’s practical to note the flip side of the coin.

Here are some things to look out for when opening a Capital One Spark Business Checking Account:

  • You need to maintain a $2,000 balance to keep from paying a $15 monthly service fee. 
  • There is a $1 fee per $1,000 deposited in the account after the first $5,000 per month.
  • Watch out for ATM fees when you’re not at an Allpoint ATM.
  • Currently, Capital One has restricted access to this account, though they do have a message on their site indicating that access should resume soon for new business owners.

Who is Capital One Best For?

The Capital One Spark Business Checking Account is the best business checking account for ecommerce business owners. This is true because Capital One is matchless in its ability to provide every single benefit an ecommerce company would want in a bank. 

We could not find another bank that provided the 24 hours telephone banking and the zero fees for things that would matter to an ecommerce company like what Capital One delivers.

Best Bank for Tech Startups: Silicon Valley Bank

If you are curious about the best bank for tech startups that will offer you the best business checking accounts, then you’ll be surprised to learn that Silicon Valley Bank (SVB) is utilized by 50% of all venture-backed tech startups, and for good reasons. 

Benefits

SVB is the go-to-bank for tech startups. They have access to resources that benefit tech companies, specifically access to venture capital connections. Besides helping tech startups get their foot in the door, they offer a great business checking account for tech startups.

Here are some additional business checking benefits offered by Silicon Valley Bank:

  • Unlimited free wires – including incoming, outgoing, domestic, international, and all currencies
  • Multiple checking accounts available at no extra charge and an optional debit card
  • No minimum balance requirements
  • Proprietary reports
  • Peer insights
  • Practical finance and startup advice from the SVB team of startup experts
  • Network with investors and other founders at their local networking events

What to Look Out For

Silicon Valley Bank is the best bank for tech startups and offers the best business checking account for techs, but there are a few things you’ll want to look out for as you bank with them.

  • No maintenance fees for three years. After three years, the fee is a whopping $50 per month. The idea, though, is that, with their help, your tech firm will be able to easily justify spending the $50 by then.
  • SVB has only 12 brick and mortar locations, and they’re all in California. If your business is outside of California, you may want to consider other options.

Who Is Silicon Valley Bank Best For?

Silicon Valley Bank is best for tech startups and seasoned tech firms. If you’re considering starting a technology company, Silicon Valley Bank is definitely the best choice bank for getting your business off the ground and scaling it fast.

Check out Silicon Valley Bank’s Startup Banking on their website.

Best Bank for Startup SBA Loans: US Bank

US Bank offers one of the best business checking account for startups and entrepreneurs looking to build business credit and get a Small Business Administration (SBA) 7(a) loan. It’s helpful to bank and borrow money for your business under one roof. 

Besides being convenient, it is a great way to build a strong working relationship with your bank to help ensure your business’s success. This can also help you build business credit.

Getting a small business loan can be a real challenge if you don’t know what you’re doing. There is a process for getting a business loan that ideally starts when forming your business. The mistake most businesses make is not planning far enough in advance. 

The SBA 7(a) loan will require some time to get, plus there’s a mountain of paperwork to complete, plus you’ll want to establish business credit, so you have a chance of qualifying. That being said, US Bank is a great bank for businesses starting out. They don’t charge monthly fees for having an account, so new startups can rest easier knowing they’re not being charged money before they’re making money. They are also good at helping small businesses navigate the lending route, and customer service is great at this bank.

Benefits

Being a long-standing business bank with a good reputation, US Bank knows the business of business financing well. It’s no wonder they do such a great job helping startups to get the funding they need through the SBA loan lending program.

Here are some benefits of opening a Silver Business Checking Package account:

  • 25 free cash deposits per month
  • 125 free transactions per month
  • $100 minimum opening deposit requirement
  • 50% discount on your first check order up to $50
  • 50% discount on the personal Gold Checking Package monthly maintenance fee
  • Free mobile check deposit

What to Look Out For

Though US Bank offers the Silver Business Checking Package account with no monthly fees, something we love about this bank, they will hit you if you start going over the 125 free transactions per month. 

Here are some things to look out for with US Bank:

  • A $0.50 fee is charged for each transaction above the account’s limit of 125 per month.
  • A $5 fee is charged for paper statements.
  • If you’re an ecommerce company or restaurant or retailer with many merchant transactions each month, this account may not bode well for your bottom line given the higher rate charged per transaction over 125. In this case, you may want to reassess your banking options.

Who Is US Bank Best For?

US Should i open a business bank account is one of the best ope midwest checking accounts for startups and entrepreneurs wanting to learn how to build business credit and get an SBA 7(a) loan. This bank has lots of branches; last we checked, they had 3,067 branches. They also have great customer service and tend to work well with businesses seeking out business loans, especially through the SBA 7(a) loan program.

Read our full US Bank Business Checking Review on How to Start an LLC.

Best Real Estate Investment Bank for Startups: Consumers Credit Union

The best banks for real estate investors are credit unions, and we like Consumers Credit Union since they offer the best business checking accounts offering the highest interest rates

Benefits

High-interest accounts and zero transaction fees up to the first 100 transactions per month make Consumers Credit Union the best business checking account for startups and entrepreneurs pursuing real should i open a business bank account investing. Consumers Credit Union also offers business money market accounts, business credit cards, business loans, business savings accounts, and other business services.

Here are some benefits of opening a Freedom Business Checking account:

  • The current interest rate is 5%
  • $0 minimum average collected balance to avoid monthly transaction fees
  • 100 transactions allowed with no charge
  • $0 monthly maintenance fee
  • Business online banking
  • Business bill pay
  • Electronic statements
  • Paper statements
  • Surcharge-free ATMs in the co-op network
  • Shared branching locations in the co-op network

What to Look Out For

Consumers Credit Union offers the best business checking account for startups and entrepreneurs looking to build a real estate investment empire. While they offer the best business checking account for real estate investors, there are some things you should note before opening an account with them.

Here are some things to look out for when opening a Consumers Credit Union Freedom Business Checking Account:

  • Midwest branch locations. Consumers Credit Union has its main credit union branches in Illinois, in and around the Chicagoland area. They do, however, offer complete online banking services and have partnered with the co-op network.

Who Is Consumers Credit Union Best For?

The Consumers Credit Union Freedom Business Checking Account is the best business checking account for real estate investment businesses. 

This is true because Consumers Credit Union really caters well to businesses with a whole suite of business products and account types. We could not find another national credit union that provided great interest rates, sought out by real estate investors, without the hidden fees many banks charge.

Check out Consumers Credit Union’s Business Banking options on their website.

Why Use a Business Bank Account?

We have discussed in detail the top seven banks for startups and entrepreneurs, detailing the best business checking accounts for startups and entrepreneurs for a range of uses, but we haven’t really explained why you should use a business bank account. It is important to know why your business needs a business checking account.

The most important thing a business can do is open up a business checking account, so owners and shareholders do not pierce the corporate veil. 

The verbiage “piercing the corporate veil” refers to a legal situation in which the courts get rid of “limited liability” and hold owners and shareholders personally liable for a business's actions. This means a business owner may risk losing their personal assets and property should the business get sued or run into other legal troubles, which is not a good thing. 

Having a business bank account protects the owners because it ensures that all business-related expenses are kept separate from personal expenses. You never want to make the mistake of mixing personal and business accounts, expenses, records, etc.

Once you open a business bank account, it is important to use the account. It helps you build business credit, establish a working relationship with the bank, and helps ensure you do not pierce the corporate veil.

Our Choice for the Best Business Bank Account

Choosing the best banks for startups and entrepreneurs was no easy feat; however, with loads of determination and countless hours of analysis, we feel sure we’ve picked the best business checking accounts for startups and entrepreneurs. 

The top two banks, BlueVine and Chase, are the most notable solutions for startups and entrepreneurs because of what they offer in particular.

BlueVine is outstanding because it was originally established as a business loan provider. Later it became a bank, offering a powerful business checking account designed to help startups and entrepreneurs take advantage and leverage the power of lending capital while managing and growing capital in a business checking account. BlueVine offers a solid 1% interest rate on funds in the checking account and great business loan rates too.

Though BlueVine is an entirely online bank, their customer service is unmatched in our opinion. They don’t hide behind the internet and are completely transparent about their rates and fees. They’re not out to “get you” or “pull the wool over your eyes”; rather, they seem to want to help startups and entrepreneurs succeed in business. They’re our top pick overall.

Chase is huge in terms of branch locations and the options they provide businesses for the long haul. Many businesses get started by opening a Chase business bank account and then staying with Chase as their business grows. They have case studies on their website to inspire the entrepreneurial spirit, and we feel they really get the mindset of investors overall.

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Источник: https://startupsavant.com/best-business-bank-accounts
should i open a business bank account

4 Replies to “Should i open a business bank account”

  1. 𝗦𝗹𝗼𝘄 𝗠𝗼 & 𝗧𝗲𝗰𝗵 says:

    I have BofA secured card; $99 for payment for $500 worth of credit line. Hopefully, by the year end, they will product upgrade to unsecured card. I have been BofA checking customer since 2011 so hopefully they take that in to consideration.

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