The Best Finance Businesses You Must Work with in 2023
A business bank account is a great financial tool for tracking your company's finances. It is separate from your account, which makes it easier to see what bills have been paid, what expenses have been incurred, and what payments have been received. You can also establish business credit with a business bank account, which can be helpful if you want to sign up for a company credit card or a small loan.
To find the best small business bank account, you must consider your company's average balance, the number of transactions, and logistical factors like bank location and customer service. With various options available, it can be difficult to choose the right one. Today’s list of the best finance businesses for startups—in no particular order—can help you narrow your choices.
Number One: Wells Fargo
The Wells Fargo business bank account, known as the "Initiate Business Checking," is a great option for small businesses with limited cash-flow activity. This account allows up to 100 transactions per fee period with no charge and up to $5,000 in cash to be deposited monthly. If you maintain a $500 daily balance, you can avoid the monthly service fee of $10. This account also offers zero-liability debit card protection as well as fraud monitoring.
Number Two: BlueVine Business
If you're a freelancer or contractor with many clients, you'll love BlueVine's business checking account. Unlike bigger banks, BlueVine has no minimum deposit, balance requirement, or monthly service fee. You can also access over 37,000 MoneyPass ATMs with no additional fee. Plus, you can earn a 1.50-percent interest rate on balances up to $100,000.
And, to make banking even easier, you can sync up your BlueVine business checking account with payment platforms like Stripe and PayPal and accounting tools like QuickBooks and Wave. These features make BlueVine one of the best finance businesses to work with on a corporate and personal level.
Number Three: Comerica
A checking account from Comerica has no monthly maintenance fee or minimum balance requirement, letting you make up to 75 transactions per month and deposit up to $2,500. You'll also get Comerica's bill-pay service for the first 12 months (after that, it's $6.95 per month). Plus, if your business grows, you can switch to another account with the same account number. Comerica isn't available everywhere, but it does have branches in Texas, Arizona, California, Florida, and Michigan. Fees and conditions vary depending on which state you're in.
Number Four: SunTrust
If you are looking for a business checking account with few monthly transaction requirements and a waived maintenance fee for the first year, the SunTrust Simple Business Checking account could be a good option. The account comes with 50 transactions and $2,000 in cash processing per month, and you can avoid the $5 monthly maintenance fee by making at least five debit or credit transactions per month.
SunTrust also has transparent account rules and offers online applications and small business resources. However, there are only SunTrust branches in Washington, D.C., and ten other states.
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