Choosing the right bank account for startups or small business is not at all an easy task. In order to have more accounts to be opened most banks do not provide clients with required information. Also the agents do not suggest the bank which fulfills clients need but those banks which gives them more return such as commission. Today there are banks at national and international level which have tailor made accounts to cater the small businessman. Here are top rated banks for small business.
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Citi has customized offerings for small businesses such as if you make between 200 to 300 transactions per month, you will probably need the Streamlined Checking Account. For about $17 per month you get 250 monthly transactions, a debit card, overdraft protection and remote check deposit, and for a fee you can connect QuickBooks to your Citi account. This depends on the state where you live. If you have still higher number of transactions, their Flexible Checking Account would be a better fit, although it requires an average monthly minimum balance which is sort of a higher amount of $10,000. Citi also has some specialized accounts which requires less paper work and for business having unique needs.
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If you want to go for traditional banking style probably Chase is the best option for you. It offers business checking with zero fees if you maintain the minimum stated balance and also it does have one of the finest online as well as mobile banking systems. Chase takes the top position because it offers everything your business might need and options to dodge monthly service fees. Both small, solo businesses and brick-and-mortar businesses with many employees can easily find their needs met at Chase as it also has its branches at multiple locations so it is easy to find one.
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Wells Fargo is a hugely popular bank; it is the largest Small Business Administration lender for SBA loans, having more branches than any other bank in the United States. Wells Fargo offers four different business checking accounts. These accounts all have monthly fees but that can be avoided by keeping minimum balances as per standards. As this bank is a huge setup, they can virtually provide you with services such as PR, Human resource management and lot more.
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Capital One is the best online bank for small businesses especially for those businesses which doesn’t require more cash transactions. Capital One offers Spark Checking and Spark Savings accounts which are among the best in class for online accounts. It is important to note that Capital One has temporarily paused new applications for the Spark Checking accounts and one can only sign up for savings right now. Capital One offers great banking services for small businesses, particularly solo, nomadic, freelance, and other small businesses that don’t use cash and can avail online banking facilities faster.
Also keeping up with the big banks gives facilities of online and mobile banking but for small business one can also go for local banks and credit unions as they offer accounts with comparatively low fees and zero minimum balance accounts.