What is the best checking account for my business?

Chalana Williams, First Federal of Lakewood

What is the best checking account for my business?

Choosing the right business checking account is key to effective money management. Here are a few questions to ask when looking for the best choice for your business.

Will you have a large volume of cash deposits and transactions? If the answer is yes, it may be a good idea to look at a commercial checking account.

Another question to ask is what type of minimum balance will you maintain? If your balance will always meet the monthly minimum requirement and have a few thousand dollars in it, you might want to consider also opening a business savings account that offers interest on your balance.

A third point to consider is how often will you be withdrawing from the account? If you think your business will withdraw or transfer money often, you should look for a business checking account that offers unlimited withdrawals, transfers, and ACH or wire transfer capabilities.

These are just a few questions to consider. However, you should also consider banking where you already have personal and/or other business accounts. Working with a business banker can help ensure you find the checking account that fits your business’ needs, available resources and lifestyle.