The best bank account for your small business
To get the full list now, scroll to the bottom of the post!
I don’t know about you, but I have a very hard time making decisions that will affect me for a long period of time.
For instance, it’s been 5 years since I moved into my house, and I still don’t have anything hanging above my couch because I can’t quite decide what I want.
5. YEARS.
However, there are times when you have to have a tad bit more urgency in getting something done, and when you’re starting out your business or aren’t happy with your current bank, opening a new checking account is one of them.
Which is why (good news for you coming up in 3, 2, 1…) I’ve compiled a list of the
BEST SMALL BUSINESS CHECKING ACCOUNTS
Don’t you love when other people do the work for you?
Now, before we dive into what those actually are, I want to fill you in on exactly why you need a business bank account.
And please note the emphasis on “need” in that sentence. I don’t normally like to tell people what to do, but if you already have paying clients, this is not a suggestion, lady.
IT MAKES IT EASY TO RUN THE NUMBERS
If you’ve been running your business out of your personal checking account, you know how difficult (or at least annoying and/or time-consuming) it is to separate out what is business versus what is personal.
You literally have to go through every transaction to deem which is which, and trust me, it’s not something you want to spend your Saturday morning doing (speaking from experience here).
Having that separate checking account where you transact all of your business through (that’s money coming in AND out) makes it SO SIMPLE when you go to actually file your taxes or analyze your numbers, meaning you have more time to focus on what you actually LOVE to do.
ENSURES YOU WON’T BE HANDING THE KEYS TO YOUR HOUSE TO A STRANGER
I know that it may not seem probable that you will ever get sued, but I’m sure that’s the same thing all those people that have gotten sued said before they jinxed themselves and had to haul their behinds to court.
Therefore, to protect yourself in the off chance that it does occur, you want to ensure that they can’t get to your personal assets.
One way to do this is to register as an Limited Liability Company (or “LLC”…more on that in a later post). But even if you registered as an LLC, you still want to show your business is a distinct entity from your personal assets.
Thus, the separate bank account. It’s much better that if someone was going to win in a lawsuit against you, they were only going to get a chunk of your money and not all of it…along with your house, your car, retirement funds, etc.
MAKES YOU SEEM “PRO”
As cool as it is to see people make out a check or send money to an account in your own name, it’s not as cool for them.
Having a separate bank account under your business game gives you credibility as a business owner and makes your clients know they are dealing with a legit business, not some back alley black market peddler.
Plus, it makes you FEEL more official, which makes you ACT more official. Win-win.
Ok, now back to these bank accounts.
In true accountant-style, I mainly looked for bank accounts that were geared to small businesses with the lowest amount of fees and highest amount of flexibility
I wanted to provide those that I felt were the best for a new business owner or ones that have been functioning for a while but don’t carry large monthly balances or have a high number of transactions.
And I’ve put them all in a chart so that you can easily compare them to one another and see which fits best for your business needs.
Want in the know? Just sign up below to get your copy of my Small Business Bank Account Chart!
And if you have any suggestions from ones that you’ve used, send them my way. Always looking to update this for the best & brightest!
