They also usually come with features to help you keep tabs on revenue and expenses, and tools to make tax season easier. Sole proprietors may be more interested in accounts that are as light as possible on fees, with features that can help save money. Low fees, rewards, and high APY are some of the the perks you should expect from your business checking account. Transactions through Nav can be separated automatically into multiple organized accounts and customers can issue employees their own virtual cards. Money can be sent across multiple accounts and divided out by category so you can see exactly where your money is going. With unlimited domestic automated clearing house (ACH) transactions, you can send money and schedule payments as often as you need to.
How to choose a business bank account
There are three financial statements that all small businesses should consider creating. If you select one accounting method and then decide that you’d like to change it after filing your taxes, you’d need to complete IRS Form 3115 to formally do so. Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism.
Money Market Savings has a $5 monthly fee, waived with a $4,000 minimum daily balance. It earns 3.46% APY with a daily balance of $5 million or below and 4.95% APY with a daily balance above $5 million. Regular Savings has a $22 monthly fee, waived with a $1,000 minimum general rules for debits and credits daily balance. You’ll need to call the bank for information about Commercial Checking.
Best for Low Fees
As Navigate Business Checking customers grow their business, the bank offers a premium Optimized Business Checking account for larger, more experienced business owners. If you are new to the business world and just starting out, Wells Fargo offers Initiate Business Checking, an account geared towards fledgling small businesses needing digital tools and support. If your business is a sole proprietorship or single-person LLC, you can use your Social Security number—instead of an Employer Identification Number—to open a business checking account. But if your business has employees or operates as a corporation or partnership, you will need an EIN. Choosing the best business checking account for your small business is a personal decision based on your business’s needs and your own habits and wants. We like this account because it includes unlimited domestic ATM reimbursements for third-party ATMs and discounted business services with partners Celero and ADP.
- The account offers surcharge-free ATM access at over 37,000 MoneyPass ATMs.
- However, yields vary by state, and you may be able to qualify for an adjusted rate by speaking to your branch manager.
- A business bank account is a necessity for any business owner who takes their venture seriously.
- All three of these accounts include no ATM fees at PNC Bank ATMs, no set-up fee overdraft protection, free online banking, free bill pay and cash-back rewards through PNC Purchase Payback.
Relay Business Banking
Account holders can deposit checks from their phones and create dedicated employee login information so they can share access with the rest of their team. Other perks include various accounts payable integrations that can help streamline your business operations and up to $3 million in FDIC insurance. Axos charges no ATM fees and gives unlimited refunds on the fees charged by other ATM operators. You can also make deposits at compatible Allpoint+ ATMs with no fees charged by Axos. On the personal side, you’ll need a valid ID like a driver’s license as well as your Social Security number.
Relay Business Checking
Using a comprehensive bookkeeping software program often becomes easier over time. The best bookkeeping software syncs with your business bank account and payroll systems so that you’re easily able to import and export transaction history. We’ll cover some of the best business bookkeeping software options a little later. This ensures that you have the correct amounts when you’re ready to deduct business expenses on your annual tax return.
First Internet Bank also offers several business deposit accounts, including a savings account, money market account and CDs. First Internet Bank has two business checking accounts, a regular business savings account, a business money market account and business CDs with terms ranging from three months to five years. The right bank accounts allow you to deposit, hold, and spend money, and some account types enable you to accept credit and debit card payments. We chose the checking accounts below based on research into factors like fees, minimum balances, deposit requirements, and APYs to recommend the best products. To appear on this list, the business checking account must be nationally available. Dedicated banking relationship managers are available Monday through Friday.
There are very few fees, and LendingClub partners with Autobooks for quick and easy digital invoicing and payments. You can also process unlimited transactions and get ATM fee rebates for out-of-network transactions. They allow you to separate business and personal spending, which can protect your personal assets and simplify bookkeeping and tax preparation.