They allow you to separate business and personal spending, which can protect your personal assets and simplify bookkeeping and tax preparation. Your business will need a certain type of account to accept credit and debit card payments. And a dedicated bank account can also help make your business look more professional.

Best for Merchant Services + Branch Access

The great thing about hiring a Paro freelancer is you pay only their base rate, which is a fraction of the cost of hiring one of these professionals through an accounting or bookkeeping firm. This type of APY is unheard of for a checking account and normally requires a high-yield savings account. The Standard account offers 2.0% on up to $250k, the Plus account offers 3.0% on up to $250k, and the Premier account offers 4.25% on up to $3M.

Banking services and FDIC insurance are provided through Thread Bank2,3; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted. We chose the NBKC Bank Business Checking Account because it doesn’t have fees or minimums, making it friendly to small businesses and startups without a lot of capital. Freelancers, influencers, and small online businesses or 1099 workers looking to simplify their bookkeeping and streamline their banking will find the extensive features of Found to be useful. You can often find promotional offers to open new Wells Fargo accounts. Explore the current Wells Fargo bank bonuses to see what you could earn.

How to Open a Business Bank Account

It also will look for candidates who are conversant in your software, such as QuickBooks, Xero, Netsuite, and many other programs. Paro uses a multi-step vetting process to review the applications they receive and build a database of thousands of CPAs, financial analysts, internal auditors, finance vice presidents, and bookkeepers. Many of Paro’s freelancers have worked at highly respected companies such as Deloitte, Ernst and Young, KPMG, and the IRS. Get free Overdraft Protection with a linked Capital One Business deposit account. Enhance your everyday flexibility and control with more account features. This account from Bank of America was designed with small business in mind.

Best for Bookkeeping Services

1. Axos costs businesses $0-$10/month, depending on which of Axos’ two business checking accounts you use.
2. Small business owners can also take advantage of Chase offerings such as small business loans, credit cards, and savings accounts in addition to checking.
3. And when every list of the best business checking accounts seems to include choices, how can you really know which bank to go with?
4. More or less than this and you’re probably better off going with a different account.
5. This account charges fees for paper statements, checks and outgoing wire transfers.
6. However, this service comes with a charge of 1.5% of the transaction amount.

The Bank of America Business Advantage Relationship Banking account has a steep but waivable monthly fee of $29.95. It provides fee waivers for common banking activities as well as other business bank accounts and allows 500 free transactions per month. The Bank of America Business Advantage Fundamentals™ Banking is $16 a month in a process costing system the number of wip inventories and allows 200 monthly transactions. Both offer interest boosts, discounts and more through Preferred Rewards for Business.

Small business checking accounts vs. small business savings accounts

If you operate a business that handles a large volume of transactions and cash every month, you’ll be hard-pressed to find a better account for your needs than PNC Bank’s Treasury Enterprise Plan. botkeeper raises $25 million to automate accounting tasks We chose the PNC Bank Treasury Enterprise Plan because it includes a high monthly transaction limit of 2,500 and allows businesses to deposit $50,000 in cash monthly with no additional charge. This account also has investment options for excess cash with the ability to set up an automatic sweep into a money market account for balances over a minimum you set. We chose the checking accounts below based on our research into the small business account landscape. We evaluated accounts on important factors, like fees, minimum balance and deposit requirements, and APYs, to recommend the best products for a variety of circumstances. All your business checking account needs from cash flow management to more complex transactions—covered.

Small business owners can also take advantage of Chase offerings such as small business loans, credit cards, and savings accounts in addition to checking. Grasshopper gets our seal of approval as the overall best business checking account because it not only offers APY on its checking accounts but also 1% cashback. Add in unlimited transactions, no monthly fees, no overdraft fees, and a slew propeller industries email format of unique features like automated savings and invoicing, it’s no wonder Grasshopper makes the top of the list. A business money market account is similar to a savings account in that it earns interest and provides a place to build up cash reserves. However, this type of account typically comes with some features of a checking account, such as an ATM card or paper checks, that offer easier access to your funds. Money market accounts may pay higher interest rates than savings accounts but can also have steep balance requirements.

We like Novo for its ability to connect and automate business processes with the apps you’re already using to run your business. You can take a payment in Stripe, update inventory in sheets, and pay your employee in Gusto all while Novo integrates the data in your account. Found currently offers a $100 bonus to Care.com users who sign up and deposit $1,000 in total earnings into their Found accounts (terms apply). Not only does separating your business and personal finances help you stay organized, but it may make you appear more professional and established to your clients, as well. Clients will pay your business directly instead of sending payments to your personal account. This may also be a useful way to protect your personal assets from legal liability if your business is sued or faces debt problems.