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.