Anyone who owns their own business knows the advantages of using a separate checking account for these expenses to eliminate the risk of mixing personal and business. However, your personal checking account bank may not offer a business account or offer a few options that don’t work for you. To address the issue, we will list a few of the best checking accounts for your business.
1. Axos Bank Basic Business Checking
You only need $1,000 to open a checking account here and pay $0 in fees. Other perks include a surcharge-free ATM network, meaning you get reimbursed for other bank’s ATM fees across the nation. You can debit, credit, and deposit up to 200 items per month and only pay $0.30 for each transaction after. If you still use checks, the first 50 are free. We also love how compatible their accounts are with QuickBooks.
2. The Fidelity Account for Businesses
Want an account with some investment opportunities? Check out this option from Fidelity. This versatile brokerage account offers trading, mutual fund, and cash management options to help manage your business’s finances. The checking account has direct deposits and direct debits but no debit card. However, your funds go automatically into a money market fund with no minimum balance or monthly fee, but you are under no obligation to participate in any trades. It is a great choice for legal or professional corporations and associations.
3. Navy Federal Credit Union: Business Checking
You don’t have to be in the navy to get access to this account, but you do need to have served in the armed forces either in active duty or as a reservist. You may also get an account if you worked for the Department of Defense or as a contractor for the agency or are an immediate family member. This is one of the few accounts that offers interest and no monthly service fee. There is no fee for electronic transactions and the first 30 non-electronic transactions are free. The remaining are $0.25 for each.
4. Chase Total Business Checking
Those of you who already use Chase banking for your personal accounts, mortgage, etc. can simply add on a business banking account. They have three different options for all kinds of businesses by size. Every account can get service at its nearly 16,000 ATMs and 5,000 branches, as well as online banking options and their app. You can receive associate debit and employee deposit cards upon request, and the monthly fee can be waived under certain circumstances.
See more on all Chase business checking accounts here.
Houston Bookkeeping Help for Your Business
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