business banking

Financial District

overview

As you start your new business, you'll need to choose a bank to help you manage your finances, including business loans, credit, and savings and checking accounts.

Business banks also provide you with merchant service accounts, which allow you to accept credit and debit card payments from your customers. 

shop around

Accountant

Shop around to find the lowest fees and best benefits.  Be sure to compare introductory offers, interest rates, transaction fees, termination fees, and a minimum account balance.

 

For your merchant services account, look into their transaction rates and monthly fees. 

features to look for

While many major banks offer both commercial and business services, business bank accounts offer different services than a personal account.

Analyzing Data

New entrepreneurs often choose the bank that they are already using for their personal accounts. However, rates, fees, and services vary by bank. While your personal bank may offer great options for you individually, it might not be the best bank for your business.

Explore your Options

Once you've chosen which bank you want to work with, visit them online or at their local branch to get started. Here are some additional resources to help you get started with your business banking:

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novo.png

Best for: 

  • Businesses that are ok with completely digital, app based only account.

  • Businesses that don't need many cash based transactions.

Features:  

  • Digital/app based account.

  • Nearly fee free.

  • Integrates with software like Xero, TransferWise.

chase.png

Best for: 

  • Multiple checking account options.

  • Business credit card linked to checking.

Features:  

  • Additional services like payroll and HR.

  • Business loans.

  • SBA lender.

  • Full service banking.

bluevine.png

Best for: 

  • Businesses that are OK with completely digital, online only account.

  • Businesses that also need financing services such as invoice factoring or lines of credit.

Features:  

  • Digital only account.

  • Nearly fee free.

  • Earn interest on business checking account.

  • Financing and loan services available.