5 Best Small Business Checking Accounts For 2023

As a small business owner, there are tons of things that you will have to take care of. And one of them is opening a business bank account. Remember, every business has its own set of requirements. So you must open a bank account suited to your needs. For this, you must learn more about the best business accounts for small businesses. This will help you make an informed decision.

It doesn’t matter if you are just starting out or have been in business for a while. A proper small business bank account is mandatory if you want to manage everything smoothly. How else will you handle your financial operations, receive deposits and make payments? A business bank account will also help you with bookkeeping and tax reporting. And let’s not forget about the legal aspects of your business too.

While trying to find the best business bank accounts for small businesses, you must remember one thing. There’s no business bank account that works for everyone. You have to figure out the requirements of your business, its size, and its complexity and make your choice accordingly.

The Best Business Bank Accounts For Small Businesses

Think about it. Your business bank account is going to be the center of your company’s finances. You will be using it for so many aspects of your small business, like paying invoices, bills, and even the employees. But why can’t you use your personal account for your business too? After all, your business is pretty small. We bet that’s what you are thinking. But you will soon realize how this can backfire.

A personal bank account is hardly set up, keeping business requirements in mind. So it has quite a lot of limitations that can be a problem for your business. On the other hand, the best business bank accounts for small businesses are meant to support you even as your business grows.

Now that you know why you should be looking to open a business bank account at the earliest, let’s give you a few options. This will also help you understand what you should be looking for while going through the best business bank accounts for small businesses.

The best thing about this business account is that it has the feature of unlimited electronic deposits! The bank has many types of business accounts, so you will easily be able to find something suited to the size of your business venture.

There’s more. The bank offers incentives too. You get up to a $300 bonus when you deposit around $2000 within a month of opening your account. You also get many reward-earning credit cards with this option. And, of course, there’s the benefit of making the most of a huge branch network too.

But remember, your balance in the account should not dip below the set minimum amount for 60 days if you don’t want to lose your bonus.

Chase bank has nearly 4700 branches and access to 16000 ATMs. So you have the opportunity to leverage the ban’s size to your small business’s benefit. The bank also offers business loans, credit cards, and a lot more, which is why it’s worthy of being considered one of the best business accounts for small businesses.

This is another interesting option that you have, especially if you are a sole proprietor with plenty of clients. What works in favor of this bank is that it offers unlimited transactions with practically no monthly service fees!

Furthermore, you can access more than 37,000 MoneyPass ATMs without any additional fee if you open up your account here. The bank does not charge overdraft fees either. And it’s highly beneficial for small businesses that want more incentives. The bank offers small businesses an opportunity to earn 2% interest.

If you have a hard time handling your business account with other payment platforms, this is the perfect option for you. It allows you to sync your account with multiple payment platforms and accounting tools.

This one works best for small businesses that do not have a large deposit during their initial days. $50 is all it would take to get yourself a no-interest business account, and that too without monthly maintenance. There’s no minimum balance requirement either.

You can sync your account with QuickBooks, too, which will make it easier to manage your digital transactions. And when your business grows, you can easily upgrade to another account with better features without having to change your account number. Sounds perfect, right?

Not every small business has complicated requirements. If you want to keep things simple and won’t be needing to make more than a few monthly transactions with your business account, this is one you can check out.

It has no monthly maintenance fee, and there’s no minimum balance requirement either. It works pretty well for business owners new to the field. You can make up to 50 transactions in a month with $2000 in cash processing.

If your small business is on the road to great growth, this is the business account for you! It allows for 250 transactions and $20,000 cash deposits per pay period! And if you manage to keep the minimum daily balance to up to $10,000, you won’t have to pay the monthly fee either.

Small business owners will also benefit from this account as it wouldn’t charge you for any incoming wire transfers or money orders. And you get two complimentary outgoing domestic wire transfers too. You can open your account with a deposit of $25.

Select The Business Bank Account For Your Small Business Carefully

There’s too much at stake here. It can be tricky to change your accounts once your business gains traction. So make sure that you make your choice wisely. Look at the best business bank accounts for small businesses and go for the one that suits your requirements to perfection.