Top 10 USA Banks for BusinessBank.pro Magazine Editor
Small company entrepreneurs should have a business bank account that supports rather than restricts their ongoing business activities. Some banks provide a corporate checking account with limitless transactions, low fees, and a long variety of other useful features. We will review the top 10 business banks in the USA in this article so you can decide if it’s appropriate for you.
1. TIAA Banks
TIAA is a part of the worldwide financial services firm. It has a long history of serving educators and other groups. And its headquarters are in Florida. TIAA Bank provides comprehensive treasury services, savings deposit accounts, and commercial checking services.
Notably, the TIAA Bank Small Business Checking account is tailored exclusively for one-person businesses and LLCs with only one member. This checking account offers interest, paying 0.10% APY on all balances. Small Business Checking accounts require a $1,500 minimum deposit to start, and there is no monthly maintenance charge.
For small companies with a modest frequency of transactions, the bank also provides the TIAA Business Checking, which allows up to 200 free transactions and 10 free online bill payments each month. The $5,000 minimum balance requirement for TIAA Business Checking will eliminate the monthly maintenance cost, which does not accrue interest. In addition to business money market accounts and CDs, TIAA Bank also provides a number of alternative checking options, savings deposit accounts, as well as a range of treasury and merchant services.
2. NBKC Business Banks
Although there are four locations of the bank in the Kansas City region, NBKC is a wonderful choice for fee-free online business banking. In addition to providing free high-yield business savings accounts, NBKC also provides free business checking accounts. Opening a free business checking account is entirely online.
Additionally, there are no overdrafts, stop payments, or other incidental costs with this account, and there are also no restrictions on the number of fee-free transactions that can be made. There is free use of more than 37,000 Money-Pass ATMs nationwide and up to $12 in monthly ATM fee reimbursements from other banks internationally.
You will use your NBKC business debit card, you may deposit money without any charges at approved Money-Pass ATMs. Furthermore, mobile check deposits and online bill payments are both free and available through banking services on mobile devices. You also have the choice to add the desktop deposit, ACH credit and debits, merchant processing, and Auto-books invoicing software to your checking account to make it more specialized.
3. Bluevine Business Bank
Bluevine only allows one account, yet it has an incredible array of features. On balances up to and including $250,000, Bluevine Business Checking, an interest-bearing online business checking account, offers a competitive 2.00% APY. (Balances above $250k are not subject to interest.)
You must deposit $2,500 per month in client payments into your Bluevine Business Checking account by ACH, wire transfer, mobile check deposit, or straight from your merchant payment processing company in order to obtain the 2.00% APY. You must also spend $500 each month with your Business Debit Mastercard.
4. U.S Business Bank
One of the few traditional banks that allows online account opening for businesses is U.S. Bank. To open an account, you can alternatively contact or go to a branch.
Furthermore business owners have a choice of three business checking accounts, one of which is free, and may receive a sizeable welcome bonus by engaging in qualifying activities. Additionally, customers of U.S. Bank have access to payment processing, small-business loans, and business credit cards.
5. First Internet Bank
A digital bank with its headquarters in Indiana, First Internet Bank was established in 1999. It provides Small Business Checking and Commercial Checking as its two business checking accounts. The Small Business Checking account on this list does not have a minimum deposit requirement, a minimum balance requirement, or a monthly maintenance charge.
Additionally, First Internet Bank Small Business Checking offers a 0.50% APY for accounts with a $10,000 average daily balance or above. You will get compensated for up to $10 in monthly ATM fees for an unlimited number of transactions. First Internet Bank Commercial offers a different choice for business checking.
Grasshopper Bank is among the best high-yield business checking banks. In 2019, Grasshopper, a wholly digital, FDIC-insured bank that only serves small companies and does not provide consumer accounts, went into operation.
Moreover, startup-friendly features like invoicing and bookkeeping capabilities are incorporated into Grasshopper’s online banking platform’s sole business checking product, a high-yield account that pays 2.25% APY. The professionals at Grasshopper are also available to founders for assistance with everything from accelerator applications to navigating investor prospects.
It’s important to know that cash deposits are not permitted into this business banking account. And while Grasshopper provides strong customer service throughout the week, it does not provide help on the weekends.
7. Northone Business Bank
Actually, NorthOne is a financial services company that aids business owners in handling their financial affairs. The NorthOne platform gives company owners access to a business deposit account for managing money.. It also offers connectivity with other financial services and products they use to manage their finances.
Moreover, NorthOne streamlines financial procedures for mobile small teams and freelancers as a digital platform with a robust mobile app.
Being able to connect these directly to their spending account platform is crucial for small firms employing a range of business and e-commerce tools to maintain a seamless cash flow. Additionally, users may connect to their chosen e-commerce platforms through NorthOne. This allows money to be sent straight to their bank account.
8. Axos Business Bank
With the addition of cash deposits and the removal of transaction limitations, Axos Bank keeps enhancing its already robust free business checking account. Additionally, Axos business accounts offer limitless ATM charge reimbursements in the US and 24/7 customer assistance.
In addition, Axos provides merchant services, business loans (including SBA loans), and interest-bearing checking and savings accounts. Axos offers all of its financial services directly and is guaranteed by the Federal Deposit Insurance Corp., in contrast to many other online banks.
9. Bank of America
Approximately 67 million individuals and small business clients worldwide are served by Bank of America. It provides powerful digital capabilities, including a functional mobile app, just like many of the top banks. It dropped its nonsufficient funds (NSF) fee and decreased its overdraft cost in early 2022, going along with the general industry trend.
Numerous lawsuits and investigations pertaining to mortgages and financial disclosures go back to the 2008 financial crisis as a result of the bank’s significant market share, corporate operations, and economic effect. Since the early 20th century, its business methods of providing services to the middle class and larger banking community have produced a sizable market share.
10. Wise Business
One of the least expensive and most open international money transfer providers in the world produces Wise Business as its business offering. Wise was established in the UK in 2011 and, depending on the US state in which it conducts business. Its US subsidiary works with various FDIC-insured organizations.
You may join Wise Business for free, and once you do, you’ll have access to one of the most affordable tools available for processing payments abroad.
Your Business Bank Account
A business bank account may serve as a strong base for developing a company. It may, among other things, keep your personal and professional lives apart, make accounting and tax preparation easier, and safeguard your personal assets in the event that your company is sued or is the focus of debt collectors.
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