How to find the best commercial bank account for you
Not all online banks on our list will be a viable solution for your business. It would help if you narrowed down your options based on certain factors. We use this methodology here at Quick Sprout to find the best online bank for you.
You can start by narrowing down your choices based on the size and structure of your organization. Some bank accounts are for start-ups, private owners, and freelancers. Others are designed for small businesses to medium and large organizations.
For example, if you have a small business with three locations and 30 employees, you can immediately eliminate the accounts designed for freelancers and individual members.
Lots of commercial bank accounts have monthly fees. Some banks offer free banking, and others let you off the monthly fee by keeping the minimum daily balance.
Unlike personal checking accounts, current accounts are usually monthly transactions. You may have to pay up to $ 0.50 per transaction once you exceed that limit.
Regardless of your circumstances, you can find a way to avoid these charges by finding an account that covers your banking business.
The US Bank is a domestic chain with 3,000+ branches and more than 4,800 ATMs. In addition to its online banking solutions, you will be able to conduct banking activities in person if your business needs to deposit money.
US Bank holds four different current accounts. Anyone who has online banking.
- No monthly fee
- $ 5 paper statement fee
- 125 free trades per month ($ 0.50 per trade after)
- 25 accessible units of cash payments per month
The US Bank’s balance sheet with companies is simple and made for startups and small businesses.
- $ 20 monthly fee (waived with reasonable balance)
- Free press releases
- 300 free trades per month ($ 0.45 for remaining transactions)
- 100 accessible units of cash payments per month
- Interest bearing
The observation account for gold companies is for small and medium-sized companies with moderate trading.
- $ 30 monthly fee (waived with reasonable balance)
- 500 free trades per month ($ 0.40 for remaining works)
- 200 accessible units of cash payments per month
The US bank’s checking account with banks rewards business owners with higher deposits.
The premium account is unique. It is an intelligent account, which means that commissions can be offset against credits from your account activity. It is unclear what these fees, recognition, and training would be on the website. But the bill is made for larger organizations with a lot of balance and a lot of activity. You must contact US Bank directly for more information.
In addition to these four checking accounts, the US Federal Reserve also provides loans to small businesses, credit cards, and retailers. You will have access to everything you would expect from a domestic bank.
Checking accounts and banking solutions
What do you want to get from your online bank? You need to have a minimum stop account.
But the day may come when you need access to other banking solutions.
- Savings accounts
- Business CDs and CDARS
- Merchant service
- Corporate loans
- Business credit card
It’s easier to get all this under one roof than to look for another bank later.
Access to banking in person
Online banking is not for everyone. If you have a real money-making shop, you need to be able to invest in a branch.
Banks such as Chase, US Bank, Citizens Bank, and the Navy Federal Credit Union all have branches for commercial banking. Make sure there is a branch in your area.
Accessibility for mobile phones
Part of being a great online banker means having a great mobile app. The majority of your online banking can be done from your hand.
Mobile applications are used for things like remote control deposits. But you will want to get an app that goes beyond this essential feature. All the banks on our list have modern and efficient mobile applications for your commercial banking needs.
Here is an overview of the ten best commercial banking solutions on the market today:
- Novo – A simple online business checklist with no hidden fees.
- Axos Bank – an online bank with interest-bearing control solutions.
- Chase Bank – The best online trading for trading accounts of all sizes.
- TIAA Bank – The best advocacy for private owners and one company.
- United States Bank – Landsbanki with four supervisory accounts and banking services.
- Navy Federal Credit Union – The best online bank for business owners with links to the military, the National Guard, and the DoD.
- Azlo – The best online-only commercial bank for freelancers.
- Radius Bank – The best online banking solution for growing companies.
- Citizens Bank – No minimum balance requirements and free checks available.
- The first internet bank – The best commercial bank for the complex needs of retail banking and large business volume.
I deliberately took with banks for all types of companies here. From freelancers to companies and everything in between, I know you can find what you are looking for on this list.