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Last Updated on April 13, 2022

One of the worries small businesses have is how they’ll handle their financials and who will be responsible for their banking needs. It’s a legitimate concern when deciding which banks to handle your money or which banks to choose for financial support.

Depending on what you plan to do in your business, you may find the choice of banks a bit overwhelming.

These banks on this list all ensure that you will not be paying outrageous fees. They offer multiple checking accounts for businesses. Their extra benefits, such as merchant services, allow for custom experiences tailored to your business needs.

What Makes a Bank Choice Ideal?

When deciding which bank to pick, multiple factors come to play. The first and most basic is a good business checking account option.

Why would you want multiple checking accounts? There are many reasons you may wish to have various checking accounts as a business. The first and most common reason is to keep better track of your money.

Some small businesses prefer to spread out their expenses via checking accounts. For example, one checking account is strictly to pay their employees, while the other is to receive incoming payments from clients.

You may have a business checking account dedicated to paying contractors or outsourced help if you hire many contractors. Regardless of your reason, having the option for these accounts is excellent for small businesses, and more options are always good.

It’s important to note that using too many accounts may complicate managing your cash, so it’s best to keep your accounts to what you need to keep tabs on.

Banks that offer secured and unsecured business loans are essential. Having those loan options is vital when you need more funds to expand or keep up with demand.

Small businesses will tend to use secured loans more than unsecured ones, so having a reliable history with the bank will also ensure even lower interest rates.

Other than the unique features that banks offer, the last and one of the most important things to remember is the insurance of your money.

Top 5 Banks For Small Businesses

Each of the banks listed below are known to provide quality service for small business owners and have various options for banking and financing.

Chase Bank

Chase Banks‘ appeal is the sheer number of locations in the US and its online banking experience. With minimal fees as long as your business account has a minimum of $2,000 in its balance and has benefits to their business credit card.

Chase offers you amazing business benefits while also having a lot of locations in the US in case of traveling, avoidable fees, and an excellent online banking experience. Managing accounts with Chase Bank will probably be the best experience you’ll have.

US Bank

US Bank is a popular choice because of the amount of access you’ll have to their ATMs around the United States. The US Bank comes with all the standard features a small business may need within its Silver Business account.

For smaller businesses that don’t process many transaction fees, their Silver Business account allows the user to deposit up to 25 mobile checks each month with no fees.

Additionally, you gain access to payroll services, invoicing, and financing options.

Wells Fargo

Best known for its SBA loans and its number of branches, Wells Fargo ensures that your business has financing options.

Wells Fargo does come with fees, but only if certain conditions, but luckily some of them are avoidable. For example, only accounts under $500 are subject to fees.

There is no missing out with Wells Fargo. They offer every desired feature a small business may need, such as business tax services, payroll, and finance options.

Capital One

Capital One is one of the best banks for businesses that make numerous transactions per month. Reliable in many ways and providing services that its competitors provide makes it a great choice for small businesses that handle more significant transactions.

Capital One has a satisfactory online banking experience and the option of using their business credit card service.

Capital One serves as a bank that tailors its experience toward its customers, so a lot of the features and services can be adjusted or personalized. At the same time, this doesn’t mean unlimited options. Its options open up a bit more than the standard business banking experience.

PNC

PNC is one of the most reliable banks for small businesses because of how active they are servicing them. Following the standard, maintaining a minimum of $5,000 assures no additional maintenance fees for your account.

With their standard business checking account, you are only allowed 150 transactions without fees, but their checking plus raises that limit to 500 transactions.

PNC offers merchant services, business credit cards, business loans, and customer support for anything you may need as a business owner.

Alternative Funding Options

If you’re a business strictly looking for funding options, those can come from many credit providers that offer secured or unsecured business loans. Additionally, merchant cash advances services serve as an alternative to secured and unsecured loans.

Traditional banking is no longer the only method available for acquiring loans for your business, and it’s still important to look at funding options available for your business needs. Although, having a bank that provides you with funding options is very convenient.

The Bottom Line

Remember your essentials if you feel that none of these banks are what you need. You need a bank that provides services for you, such as passive interest, loans, and low-cost fees.

It’s important to understand how fast transaction fees can add up if you pick the wrong bank for your business. If you’re a business that makes many transactions a month, it may be best to go with a bank that offers limited fees, such as Capital One.

The banks listed above are the best choices for various businesses, such as brick and mortar, e-commerce, and service-based businesses. Remember the basics, passive interest earned, loan options, and low fees. Don’t feel obligated to pay hefty fees for services you know you won’t use.