Effectively managing your company’s finances is the bedrock upon which you are able to grow your company. Having the right bank account can greatly assist your company’s success and make a huge difference to your company’s potential future success. The right bank will be able to offer you options for small business loans at reasonable rates, effective banking facilities and affordable deposit, transaction and facilitation fees.
BlueVine – best for online businesses
If your business is one that deals almost exclusively online and is not a cash dependent business, then BlueVine – an online bank with minimal transaction fees and almost zero additional account fees – will be the right choice for you. It operates in all 50 states and, unlike many online banks, BlueVine allows deposits to be made using checks and cash at various retail partner locations (at a premium though) and they offer excellent and accessible customer service. BlueVine would be best suited for businesses that are predominantly online or cashless but if you require anything more than a standard checking account, a brick and mortar bank would probably be better suited to you.
Chase – best national bank
Chase Bank, one of the largest banks in the country, JP Morgan Chase Bank is the best choice for small businesses operating on a very cash heavy business model. Chase Bank has the largest amount of national ATMS in the country (over 16 000) and they offer an exceptionally competitively priced set of business accounts. Their standard business checking account, which is designed for small businesses, has a monthly account fee of $15 which is waived should you maintain a monthly minimum balance of $1500. Chase bank also allows you to link a savings account for overdraft protection and offers much lower minimums for certificates of deposits.
Capital One – best for eCommerce startups
For eCommerce startups, Capital One offers the coveted “free-fee” unlimited transactions service to customers, no ATM fees and a customer service line that is available 24 hours a day which makes it a very attractive option for small businesses. Despite all of these benefits, Capital One charges unusually high rates for wire transfers, and are actually not currently accepting any new customers. Their bank accounts are structured in such a way that they are an excellent fit for eCommerce sites, however the fact that you can’t actually open a new account with them makes them a tricky option for startups – where time is of the essence for the success of the business.
Silicon Valley Bank – best for tech startups
If you are a startup tech company, looking for a bank that can provide you with business loans, venture capital and have a reputation for having their finger on the pulse of the tech industry, then Silicon Valley Bank is for you. They have an excellent reputation within the financial and tech communities and have an impressive lending track record, having funded over 30 000 startup companies. They offer a variety of accounts that can easily integrate with all of your financial management software. There are no maintenance bank fees for the first three years, but this increases to over $50 per month if you are outside of California as all of Silicon Valley Bank’s locations are located within the state.
US Bank – best for SBA loans
For startups looking for easily accessible funds, US Bank offers unbeatable access to Small Business Administration (SBA) 7(a), or SBA loans. US Bank also offers a range of benefits and relatively reasonably priced account packages. They may not offer the best small business checking account, but they do offer excellent access to funds and have a solid reputation and service record. They are not well suited for eCommerce companies as their online transaction fees can be very high and you will need to look out for their transaction fee charges.