The best bank for your small business may be quite different than your personal bank. Some are more personal, and your banker’s focus will probably be more on the success of your business than your personal financial life. Nevertheless, there are several important things to consider before selecting a bank. A few points to keep in mind when choosing a bank include its reputation, fees, and credit cards. If you’re unsure which bank is best for your business, keep reading.
Relay Financial – While it doesn’t offer lending services to small businesses, it does offer robust business banking features that save you time. Relay offers no-fee business accounts, so you don’t have to pay a monthly service fee. In addition, they offer an extensive range of financial services, including merchant services and access to credit. While most online banks offer business banking accounts, credit unions tend to be more personal.
Wells Fargo – Another top bank for small businesses is Wells Fargo, which has over 4,900 branches in 37 states. Its business checking accounts offer no-fee options, such as the free Navigate Business Checking account. It waives all incidental fees, including monthly fees. Moreover, the bank offers a variety of commercial real estate financing options, such as small business loans and business lines of credit.
Wells Fargo – If you’re looking for a bank in North Carolina, you should consider both Bank of America and Wells Fargo. Both banks have a good selection of business checking accounts. They also offer several ways to waive account fees. The latter waives account fees if you have a balance of more than $5,000. And while a bank with a wide range of services may not be the best choice for your business, they can still be the best option for you.
NorthOne – Another digital-only banking service, NorthOne was founded in 2017 and has a mobile-friendly business checking account. Its business checking account also comes with unlimited transactions, and it supports integrations with popular accounting software. Lastly, although NorthOne does not offer loan products directly to customers, it offers financial support to small businesses, and it does not charge any fees to apply for a loan. If you’re looking for a small business bank, it’s best to consider Wells Fargo.
Square Banking – Another innovative financial service, Square is poised to become the best bank for small businesses in 2021. The platform is easy to use, and the company’s POS app allows you to manage your accounts on the move. It also offers a variety of products and services for business owners and makes banking simpler for them. It also extends loan offers to eligible small businesses that use its Square POS system. The benefits of Square are plentiful.
TD Bank – Although it is only available on the East coast, this US-based bank offers a wide range of business banking services. They also offer SBA loans and commercial real estate loans. Moreover, they have a nationwide network of ATMs that allow you to make deposits and withdrawals. This bank is an excellent choice for those who prefer the convenience of online banking. There are some downsides to choosing TD Bank, however.