An integral part in opening and maintaining a business is opening a business bank account. A business bank account keeps track of business expenses and deposit payments, and simplifies tax reporting. Below we’ve listed the business accounts one should consider based on the advantages each gives.
Chase bank is an American national bank based in New York that is a subsidiary of J.P. Morgan Chase. J.P. Morgan Chase has over $2.87 trillion in assets, where over 1.4 small businesses contribute to said number, and offers over 5,100 branches and 17,000 banks nationwide, making it accessible for businesses located anywhere in the U.S.
Chase offers some of the most rewards in terms of their business account. Upon signup, you can earn $300 and earn three times the points on the first $150,000 spent on expenditures like shipping, advertisement purchases made with social media sites and search engines, internet and phone services, and travel.
Chase also offers a mobile application that lets business owners securely scan and deposit checks using their smartphone, transfer money between linked Chase deposit accounts and accounts with other institutions, set up future and recurring transactions, and perform online bill pay.
Mercury is known as a bank that is best at supporting startups. Established in 2019, it is an online banking platform with no monthly fees. Mercury also offers 55,000 fee-free ATMs to withdraw cash from, which is useful if your small business relies on cash transactions.
Mercury offers a wide range of benefits specifically designed for startups such as the Mercury Raise program. Mercury Raise gives startups the ability to pitch to investors during their seed stage and receive funding. The program currently has over 330 investors in over 26 countries.
Mercury also lets users assign user permissions when it comes to accessing the bank account, integrates with payment processing applications and accounting software like QuickBooks, Shopify, Stripe, Zapier, and PayPal, and offers a mobile application that lets users view balances and manage their cards.
NBKC bank is a U.S. based bank headquartered in Kansas. Its benefits include no monthly maintenance fees, and no opening deposit requirement. It’s a great choice for small businesses who are budget-conscious.
NBKC is advantageous through its add-on capabilities. Aside from mobile banking tools, NBKC lets you add on desktop deposit, ACH credits and debits, and merchant processing. NBKC also offers an Autobooks invoicing software integration that lets users send and create invoices, accept payments from customers, track payment activity, and generate accounting reports.
Bank of America
Bank of America is an American multinational investment bank and financial services holding company based in North Carolina. Towards the end of 2020, Bank of America was known as the nation’s top small business lender with $50.3 billion in total outstanding business loans. Bank of America has over 4,300 branches and 16,200 ATMs worldwide, making it ideal for small businesses that work internationally.
Bank of America offers online and mobile banking and bill pay, and automatic text account alerts for low balance, bills due, and suspicious activity. However, it also offers an integration with QuickBooks for bookkeeping and payroll processing, and lets users make payments through Zelle in the Bank of America mobile application.
Wells Fargo is an American multinational financial services company that is based in California and New York City. It has a total of $1.955 trillion in assets and serves more than 10% of the small businesses in the U.S. It also offers 5,200 branches and 13,000 ATMs in several international locations.
Wells Fargo allows for a high number of monthly transactions and does not charge a fee when businesses want to stop payments, and prevent the use of cashier’s checks. Wells Fargo also offers budgeting tools like a spending report that charts every dollar your business has spent as well as a budget watch, which users can use to customize their spending goals.
U.S. Bank is the fifth largest bank in the United States based in Minnesota. It has over 3,000 branches, and 4700 ATMs. It is an ideal bank for small businesses that work in cash.
U.S. Bank offers benefits like no monthly fees, no minimum balance required, and allows up to 125 transactions monthly. U.S. Bank also offers APIs to customize your business’s banking experience. This includes account validations, enabling ACH payment or collection requests, setting bank holidays, virtual card payments, and domestic and international wire transfers.
BlueVine is a private, fintech company that offers online business banking and financing to SMBs. Some of BlueVine’s benefits include $0 minimum opening deposit, $0 monthly service fees, no ATM fees, and $0 overdraft fees.
BlueVine offers a Plaid integration that allows BlueVine Business Checking to be a support bank account to all third party applications and banking partners that integrate with Plaid. This means BlueVine account owners can share account information securely and seamlessly with partnered financial applications like Expensify, Venmo, and Xero.
While you’re determining which bank is best for your business, check out these top accounting software products to help manage your business’s finances.