Andwhen you become a business owner, your banking needs to change, too.
Thats right, it’s possible for you to now open a business account.
Here are some of the best bank accounts for small business owners.
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a small business whose cash flow might not be cracking six figures yet.
The best bank for your small business is going to depend on your situation.
The entry-level savings account (Market Rate) earns 0.15% interest.
For more information on Wells Fargo banks features, check out our fullWells Fargo review.
This offer expires April 17, 2024.
Keep your account open for at least six months, or youll lose the bonus at closing.
Its credit card offerings are also particularly worth noting.
you could also choose the Ink Business Preferred or various airline and hotel business credit cards.
It also offers equipment loans, business installment loans and lines of credit that start at $10,000.
Loan term lengths and repayment terms vary.
Business owners can get up to a $400 welcome bonus.
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For more information on Axos banking features, check out our fullAxos bank review.
Navy Federal Credit Union
Youre a small business owner now.
Maybe you dont want to do business with a multibillion-dollar corporation.
If thats your speed, a credit union like Navy Federal might be right for you.
Business Premium Checking jumps to 100 free non-electronic transactions and can earn up to 0.45% APY.
In addition, Navy Federal has two savings accounts that pay dividends.
The Lili business checking account comes with its own Visa debit card.
For more information on Lilis banking features, check out our fullLili account review.
If a brick-and-mortar location isnt a top priority, add this one to your list.
What Is a Business Bank Account and Why Do You Need One?
A business bank account is where you keep your money for the company.
Keeping these transactions separate is helpful come tax time.
At a minimum a business checking account is a good way to stay organized, period.
You have lots of options when it comes to banks for small business, so do some research.
And your mileage with different banks and business checking accounts will vary depending on your wants and needs.
Ultimately, onlyyoucan determine the best business bank account for you and your business.
Do you want to use the same bank for your personal account, for example?
Are you willing to step outside of the free checking options to earn more perks?
Are you holding out for a debit card it’s possible for you to put your dogs face on?
And if you like the idea of Navy Federal, search forcredit unionsin your area to compare.
The right bank for your business and personal finances is out there.
Youve just got to hunt it down.
Some online banks cater solely to businesses.
Startups tend to benefit from lean and nimble financial services.
Keeping your business finances separate from your personal finances is important regardless of how your business is structured.
In practice, business checking and savings accounts perform the same functions as personal checking and savings.
Small businesses need banks that will support them during times of growth and in lean times.
Contributor Timothy Moore updated this post.
An incentive of up to $400 can be earned during the first five(5) statement cycles.
A statement cycle is a calendar month consisting of at least one day your accountwas open during that month.
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