As a young entrepreneur, it doesn’t matter if you’re starting out or if you’ve been operating for years. What matters is having a good business bank account. A business bank account is essential in a business’s financial operations because it helps receive deposits from customers and make payments to vendors and employees. Furthermore, business bank accounts are necessary for tax reporting, bookkeeping, and various legal reasons.

There are several types of business bank accounts, and they vary depending on your business size and complexity. Furthermore, each account has its advantages and disadvantages.

Read on to find out the best accounts for entrepreneurs 

Best Online Bank Account: BlueVine

Operating an online business or a business that hardly deals with cash requires an online bank account. BlueVine is one of the best online banks because they allow you to carry out as many transactions as you like without a fee. Also, they don’t charge any fees for you to own the account. Therefore, as a startup, you don’t have to bother about the money necessary for covering the bank account fee.

Another benefit of BlueVine is that you don’t have to pay monthly fees or penalties for too many transactions. Also, you get a 1% interest in your balance, and at over 38,000 money pass locations, there are no ATM fees. Furthermore, you get two free checkbooks, dedicated support, and you don’t have to pay fees for non-sufficient funds.

BlueVine also has a mobile app, and it is perfect for online and brick-and-mortar businesses. Using any GreenDot location nationwide, you can make cash deposits into your business account. However, it is important to note that BlueVine charges $4.95 for each GreenDot deposit.

BlueVine is convenient and hassle-free with excellent customer support. They also have a user-friendly, ultra-convenient, cutting-edge website and mobile app for online businesses that like innovation.

Best National Bank: Chase

Chase is the best national bank for startups in the United States because of its mastery in business banking. The bank provides services that suit startup businesses, including no minimum deposit to open an account. They also have numerous branches and ATMs nationwide. Furthermore, the bank offers mobile and online banking services, free ATM/debit cards, account setup and monitoring for employees, and no fees for military members. The bank also allows online bills payment and setting up and monitoring employees’ accounts.

Chase bank can help you get your business off the ground because they offer perks like paying you $300 when you open a complete checking account with qualifying activities. You also have multiple options of waiving fees, and there is a built-in card acceptance that allows you to accept card payments in the U.S anytime and anywhere.

Furthermore, you get same-day deposits at no additional cost and alerts that help you stay on top of your account activity. Also, the Chase business online and Chase mobile help with easy account management, and you can carry out unlimited electronic deposits.

Best Bank for Brick-and-Mortar Locations: Wells Fargo

Wells Fargo is the best bank for startups and entrepreneurs seeking a local presence because they provide four individual bank accounts for every business stage. As a sole proprietor, you can open a Wells Fargo simple business checking account, and you can upgrade the account when you have more monthly transactions. However, for a limited liability company, you’ll want to start with the Wells Fargo best choice checking account.

Other benefits Wells Fargo offers include Zero liability protection on debit cards, 24/7 fraud monitoring, business banking activity and account alerts monitoring, and fee waivers and discounts. Furthermore, the easy options available help you stay in control of your cash flow, and you can access your account from multiple devices or ATMs anytime.

Although Wells Fargo provides the best business bank accounts for brick and mortar businesses, it is important to note that there is a limit of 50 transactions per month and a $10 monthly fee for account balances below the $500 average.

Conclusion

A business bank account is necessary for handling the financial operations of a business. The type of account you should open depends on the nature of your business.