Best Business Bank Account

Most people that have a business need a business bank account. You may be wondering with all the choices between banks which account is best for you. Some offer services that you need while other services are only “nice to have”, you may be looking for a free business checking account or a full service operating line of credit.

Regardless of what type of account you are looking for we know fore sure that banks love small businesses. Just look at the kinds of offers they have

Free for the first year
0 rate APR on credit transfers
Free checking account
The reason many of these offers are only introductory offers is because banks are aware that if a small business owner begins working with 1 bank then they are unlikely to switch when they begin to grow. Even IBM had to open a business bank account when it was very small!

what bank account will be best for you, consider…

Are you always carrying a positive balance. If you are always going to be carrying a positive balance than look for banks where you will be able to get a high interest rate on your deposit
Are you often requiring a line of credit to make payroll? If this is the case look into accounts which have the lowest interest rate and no overdraft penalty.
If you make a lot of cash withdrawals be sure to drive around your area and identify where the bank machines are for that bank.
Online banking is becoming a default free option on most business banks but make sure that the bank you are going with offers a free online banking option as this is the best way to keep your costs down.
Business advice – Some banks pride themselves on being partners in your business and will offer free business consultation. Depending on you and your business this may be useful. However, if you run a high tech niche business don’t expect your banker to be able to help forecast cash flow demand through product development. Don’t forget they work for the bank!
Most likely you will want a credit card for your business and it makes sense to attach it to your business bank account. Make sure to understand the terms of the credit card and take that into consideration when selecting a bank. Some banks will give credit cards terrible terms and conditions because they know the entrepreneur will be putting more emphasis on the bank account compared to the credit card.

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