Small business banking in the United States: Small and medium businesses (SMEs) and entrepreneurs are in demand. In order to be successful, a trader must first start with something. A bank account, rather than an alternative, is a necessity for those who run a neighbourhood store or a small business, even a restaurant. Hence, we have presented a list of the top banks for small businesses in the United States , so you can make your decision.
If your company has access to its own checking account, processes payments with a POS or POS, and does not have to rely on third-party merchants, then it will be unable to access other services, such as savings accounts, credit cards, certificates of deposit, and revolving credit lines. The payment of taxes, utilities, and payroll will be much easier, and you will be able to keep your capital and earnings safe.
However, it is not enough to simply open an account at your nearest bank to enjoy the best offer. Unlike large corporations and companies, small and medium-sized businesses have specific characteristics that distinguish them. So, you will need to determine which banks in the USA offer the best range of services for businesses, which one charges the least fees and, ultimately, which one suits your needs and business pace best.
What should you take into account before opening a bank account for your SME?
There are aspects of the bank account that may or may not be important to your business, depending on where you are located, such as:
- You may accept cash deposits.
- A variety of accounts are available (savings, checking, etc.).
- Virtual or mobile check deposits are possible.
- Access to ATMs is free.
- How are customer service departments, both online and in person?
Fees are, of course, a key consideration before opening a bank account for your small business. Even though it is understandable that bank rates for individuals are much lower than for small, medium, or large companies, there are institutions that work with really accessible fees, charges, and commissions. If you choose the right one for you, you can save on the monthly maintenance fee, the cash deposit fee, and other related expenses.
All companies are different now! Therefore, you should pay attention to your movement and the characteristics of your business. Consider that if you don’t usually receive checks from clients, you may not need a bank that allows virtual deposits of checks, but rather an account that allows free cash deposits or charges a fairly low excess transaction fee, if the account doesn’t allow free cash deposits.
You might be able to find a good option with online banks. Almost all of them do not charge customers a monthly maintenance fee, or at least offer one that is less costly than traditional banking. For example, when choosing a bank, you should consider the amount of services it offers, as well as the letter of rates, charges, and commissions to avoid losing money on the account.
Keep Reading: How can Bank of America increase credit card limits?
What is the best bank to open a business account?
Let’s see which are the best small business banks in the United States now that our topics have been clarified:
# 1 Chase: Ideal for small businesses
Chase Bank might be the best choice for you if you prefer a traditional banking experience. Here’s why. Its portfolio is specifically designed to meet the needs of small businesses. Since Chase has offices throughout the country, you will be able to deposit cash at any branch. As an additional benefit, it offers free business checks to companies who maintain a balance of at least $ 1,500.
Chase Bank has a number of other advantages that make it an attractive alternative. Among its best features are its Internet banking system and mobile banking platform. Moreover, it offers a number of credit cards for businesses, including Chase Ink Preferred . As a result of this card, you can apply for free trips or receive discounts on your purchases.
How do you rate it? If your company has several bank accounts, you can access them all with Chase online banking, so you can save time and money managing your finances.
The Chase has a wide range of benefits, so you can see why it occupies the top position on our list. When you think twice, it offers everything a small business could need, from hundreds of branches, ATMs and offices across the country to the exemption of commissions when withdrawing cash and making deposits.
Is there anything else I should know? Your employees could also make use of the Chase bench. In addition to offering convenient payroll payments, it has attractive features, rates, and commissions for workers.
Navy Federal Credit Union is not technically a bank, but its services for stores, small businesses, restaurants, coffee shops, and coffee shops make it a notable inclusion on this list, since it is one of the few credit unions that provide excellent commercial service. Checks and accounts for savings, superb loans and microloans, platforms for paying employees, and even retirement plans and insurance are available to business owners.
You must first become a business member of Navy Federal Credit Union before you can open a business account. In order to get started, you must join the credit union as an individual and make an initial deposit of $100.
Businesses are generally not welcomed in credit unions. In this case, however, SMEs will have access to credit union services. You will spend less on commissions and surcharges because of its catalogue, and you will get more money in interest on your savings account if you open an account. If the catalogue is compatible with what you need, do not miss the opportunity to open an account with it. You will be able to increase your company’s investment capital, which will lead to future growth.
# 3 Axos Bank: the best for opening checking accounts online
Capital One took the Spark Business checking account, an excellent alternative for small businesses, off-line at the same time as Axos Bank introduced an account. Among the best banks in the US for small businesses, they are positioning themselves as one of them. Axos Bank’s online banking service is the oldest in the United States. The institution is a trusted one that has a rich history and has a lot of experience in the financial sector, giving you a great deal of peace of mind.
NOTE: As well as business accounts and money market accounts, certificates of deposit, and cash management services, Axos Bank offers business savings and money market accounts. The features and offerings of Axos Bank are quite ambitious when compared to those of other online banks (as well as some traditional banks).
It may be a good idea to take a good look at their services if you rarely handle cash, but you need a bank that covers your basic needs.
Keep Reading: How to open Wells Fargo account online
# 4 Wells Fargo – Best in Number of Offices and Branches
It is not necessary to introduce Wells Fargo. However, what services do you offer small and medium-sized businesses? The best SBA small business lender is much more than you might imagine. It is also the largest bank in the US, with a network of over 2,000 locations.
Business checking accounts are available from Wells Fargo. The average monthly balance established by the bank will generally keep you from paying maintenance fees on these accounts. To avoid additional fees, you must maintain a balance of $ 500 for the Simple Business Checking account.
The sheer size of Wells Fargo means that it can provide almost all the services that a small business might need. Among these are payroll services and business taxes. Wells Fargo also offers additional services to its clients, but you may have to pay a little more for them.
NOTE: The best alternative for you might be Wells Fargo if your business typically conducts many cash transactions. Additionally, you can withdraw money from any of their ATMs in any of their branches near your business. There are over 5,000 ATMs and branches nationwide, making Wells Fargo one of the country’s largest banks.
# 5 M&T Bank: the best to analyse the finances of your company
M&T Bank is another excellent bank for small businesses. Consider opening a business bank account at M&T Bank if your company is located on the east coast of the country. But why? During our study, we found that small and medium size businesses can easily use it. In addition to its 690 branches located in New York, Washington, Pennsylvania, Maryland, West Virginia, Washington, DC, and Florida, M&T Bank has branches in 54 states. What makes this option unique is that it offers something beyond the standard branch network.
M&T Bank, for example, has a world-class service team. Opening a bank account there will give you access to a manager who will give you personalized attention. He will also answer any questions related to their services as well as everything related to bank accounts. As part of this service, a member of our staff also examines the financial information of your business so that you can get a clearer picture of the financial picture and make the right decisions both commercially and financially.
Among the top ten lenders for the SBA, M&T Bank also offers an acceptable variety of bank accounts for small businesses. Among its catalogue of checking accounts you can find at least five options that meet the needs of most small businesses, including those for certain industries, medical services and independent contractors or firms that provide professional services to the public.
To get rid of commissions, you will have to maintain a large balance in your account with M&T Bank. It is necessary to maintain an average balance of $ 2,500 in order to avoid being charged the Simple Checking for Business fee (which is $ 10).
# 6 US Bank: Best for Free ATM Transactions
US Bank lacks the size of the other banks on the list, but it does have a decent number of branches and ATMs across the country. The most notable feature of US Bank is its account, Silver Business, which is specifically designed for small businesses and has no monthly maintenance fee.
Clients who conduct less than 150 transactions per month are ideal for this account since they will be charged $0.50 per transaction over 150. Additionally, you can deposit up to 20 checks virtually for free with the bank. The fee for additional transactions is $ 0.50 if you deposit more than one check a month.
US Bank offers the same extra services as others on the list, such as POS terminals, payment platforms for debit and / or credit cards, payroll services, and even billing.
Note: US Bank’s other checking accounts offer more free transactions per month, but they require that the customer maintain a higher balance to avoid being charged the $25 monthly fee.
We all know how difficult it is to run a business. There is no easy way to do it, but if you want your business to succeed and grow, you need an account that will make the process easier. Thus, we recommend getting one as soon as possible, since then everything should run smoothly, no matter what happens in the future. You can also feel more secure knowing that there are some great banks in America that specialize in serving small businesses like yours. Feel free to comment if you have any questions about which bank would work best for your needs or how they operate!