Best Small Business Checking Account – Our Top Picks

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Information about Best Small Business Checking Account – Our Top Picks
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Published on February 26, 2014

Author: FitSmallBusiness

Source: slideshare.net

Description

In order to choose the best small business checking account there are a lot of factors to consider. In today's presentation we are going to focus on fees, features, and transaction costs. So lets get started!

The Best Small Business Checking Account

In order to choose the best checking account there are a lot of factors to consider Most businesses will want to focus fees, features, and transaction costs.

The things that will affect this are: •Your average monthly balance. Generally the higher this number the more features your account will have and the lower the monthly account fees will be. •The number of electronic transactions. If you are doing more than 150 electronic transactions per month, you might want to consider an account with higher monthly fees, but lower transaction costs.

The things that will affect this are: •The amount of cash transactions. If you are doing more than $5000 in cash transactions per month, you may also want to opt for an account with higher monthly fees but lower transaction costs. •Quickbooks Integration - While most banks allow you to download transactions, of the banks we reviewed only Bank of America has quickbooks full integration.

Overall, most banks offer small business checking accounts that follow similar formats. Usually, checking accounts will have a monthly fee that will is waived if you maintain a large enough balance.

In order to explore options, we have broken down the offerings from Bank of America, Wells Fargo, Citibank, and a small local bank to represent what you might expect from a local bank near you.

Best Account for Less than $5,000 average monthly balance:

If your business is just starting out we recommend checking your local and regional credit unions to see what they have to offer. Neither Bank of America nor Citi offer free business checking accounts if your average monthly balance is below $5,000.

Wells Fargo Simple Business Checking Credit Union (Rockland Trust Free Business Checking) Monthly Fee $10 (if below $1000) $0 Account Minimum for Waived Monthly Fee $1000 and enroll in online statements N/A Free Monthly Cash Deposits $3000 
 $0.30/per $100 after Unlimited Monthly Free Transactions 50 
 $0.50/per after 50 $300
 $0.50/per after 300

Wells Fargo Simple Business Checking Quicken/ Quickbooks Integration • WebConnect - Free • DirectConnect online banking with Quickbooks - $14.95/ month. • DirectConnect online banking and Bill Pau with Quickbooks $24.95/Month Credit Union (Rockland Trust Free Business Checking) No

Wells Fargo Simple Business Checking Credit Union (Rockland Trust Free Business Checking) Free Debit Card Yes Yes Interest Paid No No Free Online Banking Yes Yes Mobile Access/ Mobile Check Deposits Yes No Direct Line Customer Service 24/7 phone support Yes

Best Account for $5,000 + average monthly balance:

All the major banks offer accounts with waived monthly fees at this level, and fairly competitive features. Your local credit union may still be the best option, but you might want to consider going with a major bank because they offer a larger selection of ATMs.

CitiBusiness Streamlined Checking Account Bank of America Business Fundamentals Wells Fargo Business Checking Credit Union (Rockland Trust Free Business Checking Monthly Fee $15 Varies by state ($14+) Account Minimum for Waived Monthly Fee $5,000 $5,000 $600 N/A $5,000 10,000 $10,000 $0.20-0.30/per $100 $5000 
 $0.30/per $100 after Unlimited 250 200
 $0.45/per after 200 150
 $0.50/per after 150 300 Free Monthly Cash Deposits Monthly Free Transactions $12 $0

CitiBusiness Streamlined Checking Account Bank of America Business Fundamentals Wells Fargo Business Checking • • • Quickbooks Integration No WebConnect – Free DirectConne ct online banking with Quickbooks and BillPay – $15/month • • Credit Union (Rockland Trust Free Business Checking WebConnect – Free DirectConnect online banking with QuickBooks – WebConnect $14.95/month. – Free DirectConnect online banking and Bill Pay with QuickBooks – $24.95/month.

CitiBusiness Streamlined Checking Account Bank of America Business Fundamentals Wells Fargo Business Checking Credit Union (Rockland Trust Free Business Checking Free Debit/ Credit Card Yes Yes Yes Yes Interest Paid No No No No Free Online Banking Yes Yes Yes Yes Quickbooks Integration No $5,000 No No Mobile Access/ Mobile Check Deposits Yes Yes Yes No Direct Line Customer Service Call Center Call Center Call Center Yes

Best Account for $10,000 + average monthly balance:

If your business can maintain an average monthly balance above $10,000, you can get a free checking account with a higher number of free monthly transactions, and higher free cash deposits. At this level, Bank of America also waives the $15/month fee for Quickbooks integrations, which is worth considering.

CitiBusine ss Flexible Checking Account CitiBusine ss Interest Checking Account Bank of America Business Advantage Wells Fargo Business Checking Credit Union (Rockland Trust Free Business Checking) Monthly Fee $25 (may vary by state) $15 (may vary by state) $29.95 $16 $25 Account Minimum for Waived Monthly Fee $10,000 $10,000 $15,000 $10,000 $10,000 $5,000 $10,000
 $0.30/per
 $100 after $5,000
 $0.30/per
 $100 after Unlimited 20 500
 $0.45/per
 after 500 150
 $0.50/per
 after 150 500
 $0.50/per
 after 500 Free Monthly Cash Deposits Monthly Free Transactions $20,000 500

Quicken/Quickbooks Integration CitiBusiness Flexible Checking Account WebConnect – Free CitiBusiness Interest Checking Account WebConnect – Free CitiBusiness Interest Checking Account WebConnect and DirectConnect online banking with Quickbooks and BillPay – Free • • Wells Fargo Business Checking Credit Union (Rockland Trust Free Business Checking) • WebConnect – Free DirectConnect online banking with QuickBooks – $14.95 per month. DirectConnect online banking and Bill Pay with QuickBooks – $24.95 per month. WebConnect – Free

CitiBusine ss Flexible Checking Account CitiBusine ss Interest Checking Account Bank of America Business Advantage Wells Fargo Business Checking Credit Union (Rockland Trust Free Business Checking) Free Debit/ Credit Card Yes Yes Yes Yes Yes Interest Paid No Yes No Yes No Free Online Banking Yes Yes Yes Yes Yes Mobile Access/ Mobile Check Deposits Yes Yes Yes Yes No Direct Line Customer Service Call Center Call Center Call Center Call Center Yes

Conclusion Choosing the business checking account that is best for you will depend on the unique requirements of your small business.

smaller side Businesses Should seriously consider the options offer by local banks. They often offer a more robust set of features at a lower price point, as well as superior customer service.

Large Small Businesses May be able to get a robust set of features, plus potentially earn interest on your deposits.

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