Top 5 Best Small Business Bank Accounts for 2021
If you are a small business owner, you know how crucial it is to have a reliable bank account that can cater to all your financial needs. From managing cash flow to paying employees, a suitable bank account can make the task of handling finances easier and more efficient.
In 2021, there are numerous options available for small business bank accounts, but it can be hard to determine which ones are the best for you. To help you make an informed decision, we have put together a list of the top 5 best small business bank accounts for 2021.
1. Chase Total Business Checking
Chase Total Business Checking is the perfect option if you run a small to medium-sized business. It is a low-cost account, with a monthly fee of $15, which can be easily waived if certain requirements are met. The account comes with unlimited electronic deposits and transactions, making it ideal for businesses that conduct most of their transactions online.
2. Bank of America Business Advantage Checking
Bank of America Business Advantage Checking is perfect for businesses that have a high transaction volume. The account has an attractive cash-back program, which can help businesses save money in the long run. It also offers a free overdraft protection feature, which can be a lifesaver during unexpected financial situations.
3. Capital One Spark Business Checking
Capital One Spark Business Checking is a great option for small businesses that want to earn interest on their deposits. The account offers an attractive APY of 0.40%, which is higher than most business checking accounts. It also comes with no monthly fees and no minimum balance requirements, making it an affordable option.
4. Axos Basic Business Checking
Axos Basic Business Checking is ideal for small businesses that are looking for an account with no monthly fees or minimum balance requirements. The account also comes with unlimited domestic ATM fee reimbursements, making it an excellent option for businesses that frequently withdraw cash.
5. Wells Fargo Initiate Business Checking
Wells Fargo Initiate Business Checking is perfect for new businesses that are just starting. The account comes with no monthly fees for the first two months, giving businesses ample time to get on their feet. The account also offers 100 free transactions per month, making it an affordable option for businesses with low transaction volumes.
In conclusion, choosing the right bank account can make all the difference for your small business. By considering the above options, you can find an account that best suits your needs and helps you manage your finances more efficiently.
