Business checking account

[WhatFreshHell]

Anyone have recommendations for a good business checking account?


The capital one spark looks good but They aren’t allowing new accounts  right now...

Hoping for no monthly fees and good online banking capabilities

[khizr]

I usually rec local, a local/regional bank is going to be there for you a lot more than the bigger bank. Esp if you build a relationship with them.

[SC93]

I agree. We use a local credit union. You are going to laugh when I tell you why we chose who we chose. I am a penny pincher even though I don't have to be but I save every coin I get. Then at the end of every year I take it all to the credit union and they have a coin counter in the lobby that I use. That's all it took for me. lol

Local is way better I think.

[Michael in ABQ]

I'll be opening one soon and going with a local credit union. I looked at the top 4-5 credit unions in my area and they seemed to have the most business options. My current personal credit union is #5 but they don't really have a business department. The others range from a couple of business bankers to 10+ for the largest ones. Those also have more options when it comes to things like a line of credit or other business banking products.

[zazpowered]

Went through this recently and ended up going with bank of america because I use them for personal banking and their application process was pretty simple. If you keep a 3k balance you don't pay any fees. Also got $200 for spending $500+ in the first 3 months with a business credit card with them.

[WhatFreshHell]

Thanks for all of the responses.

I'm leaning towards a credit union as most people have said they are/would as well.

Banking research has been pretty rough, it has been hard to weed out the ones who are giving actual advice and the ones that are just paid advertisements. Most seems to be the latter.

I'd like to take advantage of some of the offers from the larger, private banks, but when it comes down to it I'm thinking that my business wouldn't get the attention it deserves if and when I would need it.

[ketchup]

What do you actually need a business checking account for?  Is it just a side hustle or a full-blown business with payroll etc? If you're talking small scale there's no reason not just use a second personal account.  They tend to have more features and fewer fees.  My GF is self-employed and uses that (most of her income is via paper checks and PayPal).

[WhatFreshHell]

What do you actually need a business checking account for?  Is it just a side hustle or a full-blown business with payroll etc? If you're talking small scale there's no reason not just use a second personal account.  They tend to have more features and fewer fees.  My GF is self-employed and uses that (most of her income is via paper checks and PayPal).

Even without a payroll you need to separate your banking accounts because if your business is sued all of your personal assets can be targeted if there isn't a clear distinction about what is personal and what is business. It also makes it easier if you get audited by the IRS to prove what was for the business and what is not.

This is a recommendation you'll get from most CPAs and business lawyers.

[MasterStache]

I use Chase. $300 bonus to open it and meet simple qualifying activities. Also no fees since it's a veterans account.

[changed for protection]

Wells Fargo is offering a business checking account with a $500 bonus for depositing $2000 and keeping it there 3 months.

[tralfamadorian]

Wells Fargo is offering a business checking account with a $500 bonus for depositing $2000 and keeping it there 3 months.

+1 on looking at accounts with bonuses.

I churn my business accounts like I do my personal accounts. Here's the list from doctor of credit atm:
https://www.doctorofcredit.com/best-bank-account-bonuses/#Best_Business_Bank_Bonuses

Also if you do payroll, it's easy to switch your paycheck deposit accounts/amounts to meet the various qualifications each month for personal checking churning as well. I think it would be a little awkward if I was going to an employer every month and being like "Okay, this month I would like $1500 to this account, $1000 to this account, then the balance to this one." But when I'm doing it myself with my own payroll software, no shame!

[ditheca]

After you get the wells fargo bonus, you can downgrade the account to 'simple business checking' which only requires a balance of $500 to stay fee-free.  Of course if you are actually doing business, it may be too limited for you.

[Vilgan]

Everyone always likes to instantly respond credit unions, but I wonder how many of them have actually opened a business checking account and researched options.

When I looked into it, I found credit unions to have significantly fewer options and features and reduced security, all while not being any cheaper. I went with Chase which has been fabulous. In particular, I can cut an unlimited (as far as I'm aware of) checks to places each month for no cost. Chase creates the check and mails it and all I had to do was specify the vendor or contractor and an amount. The one downside of Chase has been the low limits on mobile check deposits (like 10k). I typically invoice monthly so that means each month I'll have to swing by a Chase branch to drop off my check.

I was biased towards Chase because they offer free business checking for Veterans, but if not for that I was still probably going to bank with them or Wells Fargo. Chase is free if you keep a balance of 1500 anyway which is pretty attainable for most people. All the credit unions I talked to were pretty bare bones and left me unimpressed. Doing things to thumb your nose at the "evil big banks" like using credit unions is fine in theory, but not a priority imo when it comes to business checking.

[nottheturkey]

Last time I looked, at least with a certain minimum balance, they are all the same. What are you specifically looking for? Sign-up bonuses? Zero fees? Security? Syncing with your accounting software? Business advice? If you tell me what you're using to differentiate, maybe I can help.