Selecting the right bank for your business can be a tricky thing. While most consumers primarily want a bank with low fees and high interest rates — and many businesses prioritize these as well — companies can have a variety of needs.
Some businesses need the ability to make frequent cash deposits, while others need access to loans, credit cards or a vast network of branches. Whatever the needs of your business are, here’s a list of five top-quality banks that offer a diverse range of products and services.
U.S. Bank is one of the largest financial institutions in America. While it can’t compete with some of the industry’s heavyweights in terms of branch locations and asset base, it offers small businesses an extensive selection of account options and services.
The bank’s base offering, the U.S. Bank Silver Business Checking account, is free of monthly service charges and allows up to 25 cash deposits per statement cycle. The account comes with a business debit card and free ATM transactions at any MoneyPass terminal.
For those in need of additional services, the bank offers Gold and Platinum checking packages, in addition to a nonprofit checking account and a premium business checking account.
On top of checking accounts, U.S. Bank offers a host of business services, from payroll services and cash management to business loans, equipment financing, credit cards and more.
Businesses that need full banking services and a massive branch network might gravitate toward Wells Fargo Bank. The bank has 7,200 locations and over 13,000 ATMs, and it maintains an asset base of $1.92 trillion.
Wells Fargo offers three business checking accounts and a host of other business-oriented services, from loans and credit to payroll, merchant services, investments and international services.
Larger companies can avail of the bank’s commercial services division, which in addition to the above services also offers Treasury management, commercial real estate and investment banking services. As such, Wells Fargo can be a good choice for growing businesses that need access to branches and full-service banking.
BlueVine is nearly the polar opposite of institutions such as U.S. Bank and Wells Fargo. Bluevine is a completely online institution that has no branch network and a limited roster of services.
However, what BlueVine does, it does exceptionally well. BlueVine’s business checking account has no fees and a high interest rate. That means no monthly service fees, no overdraft fees, no ATM fees at 37,000-plus MoneyPass ATM terminals and a high 0.60% APY.
Unlike many online banks, BlueVine also allows cash deposits, although this does trigger one of the bank’s few fees, as each cash deposit costs $4.95. In terms of additional services, BlueVine does offer a business line of credit and bill pay capability.
For banks that don’t yet need a lot of high-level banking services but need a place to stash money with no fees and a high APY, BlueVine can make a lot of sense.
Chase Bank is one of the largest financial institutions in the world and thus can be counted on to provide an exceptional range of accounts and services.
One of the company’s main strengths is its great lineup of business credit cards, which typically offer large sign-up bonuses and sizable ongoing rewards.
Many Chase Bank accounts come with fees, but these are generally waivable with larger deposits, making Chase best-suited for larger businesses. However, the bank does have specialized accounts for small businesses, including its Business Complete Banking account, which requires just a $2,000 balance, $2,000 in credit card transactions or $2,000 in eligible Chase Merchant Services deposits to waive the monthly fee. The Business Complete Banking account also currently offers a $300 sign-up bonus with qualifying activities.
If you operate a freelance business, a smaller online bank with specialized services might be more appealing to you than working with a traditional bank.
Lili Bank is specifically designed to work with freelancers, offering services ranging from tax-saving tools and invoice generation to expense management and early access to paychecks. Lili Bank has no monthly fees or minimum balance requirements and charges no overdraft fees on amounts up to $200.
If you upgrade to Lili Pro, you’ll earn a 1.0% APY on savings balances and cash-back rewards at select retailers, but you’ll face a $4.99 monthly fee.
For some businesses, the online nature of the bank and the inability to accept cash deposits will be too much to get around; but, for many freelancers, Lili Bank offers the right services at the right price.
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