The Finest Enterprise Financial institution Accounts for Small Companies

• The bank’s tools

If you use QuickBooks, payroll software, or another accounting tool, you may want to work with a bank that allows you to integrate the data from your software. It’ll be a lot more efficient to balance your books if withdrawals automatically show up in QuickBooks. If you use PayPal or Square, you may find it helpful to have those transactions show up in your checking account too.

• The size of the bank

Small or large? Ultimately, it boils down to personal preference. Having a close relationship with someone who works at a local bank (or a local branch of a national bank) can have its benefits. That person may have the ability to adjust fees or give you more wiggle room on a small business loan application. The downside of smaller banks is that information isn’t always clearly spelled out online, you may have to open an account in person, and the digital tools may be lacking. By contrast, larger and national banks are more likely to clearly outline the fine print online, allow you to open an account digitally, and roll out digital tools first, which can all offer convenience and efficiency.

• Convenience

If you already work with a bank you like for your personal finances, and it has a business checking account option that matches your needs, there’s nothing wrong with keeping both accounts at the same bank. Being able to access information from multiple accounts in one location or application is a nice bonus.

Should you join a credit union?

A business bank account is a great way to keep tabs on your professional finances, but it’s not the only option. Some small business owners might find themselves drawn to a credit union, which is typically a community-minded organization that has a sense of connection to a neighborhood, or region, and a cooperative mentality. The main difference between the two is that a bank is a for-profit financial institution, and a credit union is generally a nonprofit service. Additionally, small business owners will have to become a member of a credit union to use their services, while a bank only requires an account.

If you opt for a credit union, it’s important to do your research. Although many credit unions might offer similar services—such as administering loans as well as setting up checking and saving accounts—they might have fewer features than a typical bank.

The best bank accounts for small businesses

There are more than 4,500 commercial banks in the U.S. offering thousands of business checking account options. But what busy entrepreneur has time to sort through it all? Read the list below for AD PRO’s best business checking accounts.

Best Bank Accounts for Small Businesses With Sole Proprietors or for Start-Ups

With Well Fargo’s most basic business bank account, you can make up to 100 transactions per fee period at no charge and deposit up to $5,000 in cash each month. Deposits above $5,000 will incur a 30-cent fee per $100. Although this account has a $10 monthly service fee, you can avoid the cost by maintaining a $500 daily balance. With a minimum opening deposit of just $25, this simple business banking solution is excellent for the small business with limited cash-flow activity. The Initiate Business Checking account might be the simplest of Wells Fargo’s offerings, but it still offers zero-liability debit card protection as well as fraud monitoring. And, as with all Wells Fargo business checking accounts, small business owners can apply online or at one of their branches and send the deposit and required documents at a later date.

Sole proprietors with a lot of clients—such as freelancers or contractors—will find a lot to love about BlueVine’s business checking account. Unlike larger banks, BlueVine has no minimum deposit, balance requirement, or monthly service fee. What’s more, account holders can access over 37,000 MoneyPass ATMs with no additional fee. Small business owners can also earn a 0.60% interest on balances up to $100,000. And, to make your business banking even easier, you can sync up your BlueVine business checking account with payment platforms like Stripe and PayPal as well as accounting tools like QuickBooks and Wave.

This small business checking account with no monthly maintenance fee or minimum balance requirement allows you to conduct up to 75 transactions per month and deposit up to $2,500. Receive Comerica’s bill-pay service at no charge for 12 months (after that period it’s $6.95 per month). Another bonus: As your business grows, you can upgrade to another account using the same account number. Comerica is not a nation-wide branch, but it does have various locations in Texas, Arizona, California, Florida, and Michigan. Fees and conditions vary by state.

If your business bank account needs are fairly simple, and you require few monthly transactions, the SunTrust Simple Business Checking account could be a good option. The $5 monthly maintenance fee is waived for the first year; after that, you can avoid the extra charge when you make at least five debit or credit transactions per month. The account includes 50 transactions and $2,000 in cash processing per month. SunTrust clearly outlines all stipulations and rules on its site, allows you to apply online, and has some great small business resources online. One potential downside? There are only branches in Washington, D.C. and 10 other states: Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia.

With no monthly account maintenance fee for the first three months and a current sign-up bonus of $200 cash, this competitive account may be a good fit if you need checking but not a lot of transactions (150 or fewer per month). Once the $10 monthly fee kicks in, you can avoid it by maintaining a $500 average monthly collected balance. PNC has branches in over 20 states, plus Washington, D.C.