When it comes to small business banking, the financial institution you choose is important. While most banks have a few appropriate features for small businesses, some are more small business-friendly. These banks have special programs, accounts, and loans explicitly geared to businesses.
These are our top choices for 2022
Capital One: Accounts and Credit Cards for Your Business Needs
Capital One has several appealing features for businesses. One that stands out is their business checking account, which does not charge fees for transactions. But it’s the credit cards that this bank is known for. It has some of the industry’s most popular credit cards for business and personal use. It also has some very appealing lending options and offers several cash flow management solutions that are beneficial for business account holders.
Wells Fargo: Business Loans and Widespread Branch Access
Wells Fargo has been around for a long time and is one of the largest banks in the U.S. Its list of accounts, credit cards, and lending options for businesses is extensive. While this is a very small business-friendly bank, it is best suited for companies with good credit and has been in operation for at least two years due to its somewhat stringent lending criteria. It does have thousands of physical locations and more than 10,000 ATMs across the country, so it is a good option for businesses that need a sizeable network.
U.S. Bank: A Bank that Grows with Your Business
U.S. Bank has five business checking options: a simple account for startups, a more robust account for larger businesses, and everything in between. Each checking account has business-friendly features such as the Silver Business Checking, which is fee-free for the first 125 transactions each month and costs $0.50 per transaction. Premium accounts are eligible for earning credits to offset various fees associated with account activity. There are also several options for credit cards and many lending opportunities for various stages of a company’s growth.
First Internet Bank: Bundled Business Banking Services
This is an online bank with no physical branches, but its business checking account doesn’t charge transaction fees, monthly service fees, or ATM fees. In fact, the first $10 in ATM fees each month are reimbursed. It also has an impressive selection of commercial loans, SBA loans, and other lending products. This is a great choice if you don’t mind doing your business banking on a computer or smartphone.
Axos Bank: The Credit Union that Makes Business Banking Easy
Axos has a business checking account that can earn an impressive 1.01% APY for account holders who maintain an average daily balance of $5,000 but do not exceed $49,999.99. For businesses that cannot meet the minimum balance requirements, there’s also a Basic Business account with no transaction fees. There are several commercial lending options for businesses as well.
When looking for the best bank for small businesses, look for the best one for your business. Examine the products and services that meet your current needs and look for a financial institution that gives you room to grow.
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