It can be difficult to choose the correct bank for your company. While the majority of users prefer a bank with cheap fees and interest rates — and many organizations do as well — enterprises have a wide range of requirements.
Some companies necessitate cash deposits, while others require loans, credit cards, or a large branch network. Here’s a list of five top-notch banks that provide a wide array of goods and services to meet your company’s demands.
List of good banks to use in your business
The United States Bank has been one of the country’s largest commercial banks. While it lacks the branch locations and cash position of some of the industry’s heavyweights, it does provide a wide range of account alternatives and services to small businesses.
The U.S. Bank Silver Corporate Checking account, the bank’s most basic product, is free of monthly service fees and allows up to 25 cash transactions per statement cycle. A business debit card is included, as well as free ATM operations at any Configuration parameter terminal.
For customers who demand additional services, the bank offers Gold and Platinum checking packages, as well as a nonprofit checking account and a premium business checking account.
In addition to checking accounts, U.S. Bank offers a variety of business services, such as payroll and cash management, as well as business loans, equipment financing, credit cards, and more.
Wells Fargo Bank is a good choice for organisations that need a lot of banking services and a lot of branches. The bank has roughly 13,000 ATMs and 7,200 locations, with a total asset base of $1.92 trillion.
Wells Fargo provides three business checking accounts, as well as loans and credit, payroll, merchant services, investments, and international services, among other things.
Larger businesses can use the bank’s commercial services division, which provides services such as Treasury management, commercial real estate, and investment banking, in addition to the aforementioned. As a result, Wells Fargo is a great option for growing businesses that require branch locations and full-service banking.
Institutions like U.S. Bank and Wells Fargo are nearly the polar opposites of BlueVine. Bluevine is an entirely online organisation with no physical locations and a limited range of services.
BlueVine, on the other hand, excels at what it does. There are no fees and a high interest rate on BlueVine’s business checking account. That means no monthly subscription costs, no overdraft charges, no ATM fees at the 37,000+ MoneyPass ATMs, and a high 0.60 percent annual percentage yield.
Unlike many financial institutions, BlueVine accepts cash deposits, albeit each cash deposit costs $4.95, which is one of the bank’s few fees. In terms of extra services, BlueVine provides a business line of credit as well as the opportunity to pay bills online.
BlueVine can be a good fit for banks that don’t require a lot of high-level banking services but do require a place to hold money with no fees and a high annual percentage yield.
Chase Bank is one of the world’s major financial institutions, so you can expect a wide selection of accounts and services from them.
One of the company’s greatest assets is its extensive range of business credit cards, which often come with generous sign-up incentives and ongoing benefits.
Several Chase Bank accounts require fees, all of these are frequently waived with larger deposits, making Chase an excellent choice for larger businesses.
The bank does, however, provide speciality accounts for small businesses, such as with the Business Complete Banking account, which has a $2,000 minimum balance, $2,000 in card transactions, or $2,000 in eligible Chase Merchant Services deposits and waives the monthly fee.
The Business Complete Banking account currently offers a $300 sign-up bonus if you complete certain steps.
As a freelancer, dealing with a smaller online bank that offers specialised services may be more enticing than working with a traditional bank.
Lili Bank is a bank that caters to freelancers, offering everything from tax-saving tools and invoice preparation to expense control and early payout access. With Lili Bank, there are no monthly fees or minimum balance limitations, and there are no overdraft fees on balances under $200.
You’ll get a 1.0 percent APY on savings balances and cash-back incentives at select merchants if you upgrade to Lili Pro, but you’ll have to pay a $4.99 monthly charge.
For some enterprises, the bank’s online nature and inability to take cash deposits will be too much to overcome; nonetheless, Lili Bank provides the appropriate services at the right pricing for many freelancers.