Choosing a Small Business Bank Account

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small business bank account

A small business bank account is a necessity for day-to-day business activities such as receiving deposits, paying vendors and more. You’ll also want a separate account for savings and to earn interest on your money. Choosing the right business checking account and bank will help you manage your money effectively, and may even open up new opportunities for your business.

In our article, we review the best business banking accounts and the services they offer to make it easier for you to select the one that’s right for your business. We look at fees, minimum balance requirements and features like ATM access to find the most competitive options. We also discuss why it’s a good idea to have your business finances separate from your personal ones, making it easier to track expenses, present a more professional image for your business and take advantage of tax deductions and credits.

Top Small Business Banks: Finding the Perfect Financial Partner for Your Business

TD Bank, our winner in this category, offers a free business checking account with unlimited transactions and a low monthly service charge, as well as five different small business credit cards. It also has a strong presence in the East Coast and offers extended business banking hours. First Horizon Bank, another top choice, has three small business checking accounts and a range of additional services including a cash management suite and merchant services. Its free basic business checking account requires a $2,000 average daily balance to waive its monthly fee, which is higher than many other competitors.

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