In this article, we’re exploring how to find the best bank for a business account. Needless to say, the answer depends on a number of key factors.
We’ll share the specific factors and how to think about them below. And, we’ll also answer the most common questions we receive on the topic.
This article is part of our free series on US business banking, specifically how to open a US business bank account for non-residents, which you can access right now by clicking here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Best Bank for Business Account
- How to Navigate Business Banking?
- What Are the Benefits of Choosing the Best Bank for Business Accounts?
- How to Choose the Best Bank for Business Owners?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Best Bank for Business Account
The best bank for a business account needs to offer business checking and savings accounts, business loans, merchant services, business debit and credit cards, and other business-oriented services.
Of course, the best bank should offer these services for low fees, offer competitive interest rates, and have reasonable account opening requirements. Likewise, it needs to provide your business with all the benefits that you ideally want from a bank.
With this in mind, let’s take a look at how to navigate your business banking options, followed by a discussion about the benefits that you can expect.
How to Navigate Business Banking?
In order to navigate your business banking options, you need to have a clear sense of the specific services your business needs, including the business credit cards for LLCs that are available to you, and your priorities in terms of cost, service, and future banking requirements.
By thinking through these variables, you will be able to narrow down your account opening options across the best banks in the United States (and elsewhere) for your company.
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What Are the Benefits of Choosing the Best Bank for Business Accounts?
The specific benefits that business owners can tap into when opening accounts with the best bank will depend on their own priorities and the activities of the business. With this in mind, here’s a look at some of the basic benefits that every business can benefit from when opening accounts.
Benefits of Opening the Best Accounts for Business Banking
- Separation of business and personal finances
- Access to affordable merchant services
- Ability to withdraw funds with payment cards
- Access to business financing for expansion
- Credit building for the business for future financing needs
- Support for international transfers in order to pay overseas suppliers
- More streamlined bookkeeping and accounting
How to Choose the Best Bank for Business Owners?
To choose the best bank for your business, you need to consider the benefits that are most important to you, the fees you are willing to pay, the amount you are willing to deposit, and whether you can meet the account opening requirements of your chosen bank. With this in mind, here is a look at fees, requirements, and deposits you can expect when opening business accounts in the US.
Business Account Monthly Fees
Monthly fees will vary by bank. In many instances, it is possible to eliminate (or reduce) the fees by maintaining a specific balance in the account. However, certain banks do not offer this option. With this in mind, it’s important to review each bank’s fee schedule carefully before deciding where you want to open accounts for your business.
Here’s a look at the specific account opening requirements that businesses should expect to meet when searching for the best bank for business accounts.
Account Opening Requirements
- Corporate registration documents
- Proof of business address
- Tax identification number (EIN)
- Resolution authorizing account opening
- Description of business activities
- Government identification for shareholders
- Completed bank application
- Detailed description of the ownership structure
- Qualifying deposit
- And more
In addition to these requirements, US companies also need to apply for an Employer Identification Number (EIN) by filling out Form SS4 and submitting it to the IRS.
Business Account Deposit Requirements
The required business account deposit will vary by both bank and jurisdiction. However, in general, banks in the United States require local companies opening in person to deposit between USD 1,500 and USD 2,500. On the other hand, non-resident US companies looking to open business accounts remotely are often required to deposit between USD 25,000 and USD 100,000. Though exceptions do apply.
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into the best bank for a business account. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Type of Bank Account Should I Open for My Business?
The type of bank account you should open for your business will depend on the specific needs of your business. However, at a minimum, you should open a checking account to support the day-to-day transactional requirements of your business.
Should You Use a Business Bank Account?
Yes, if you have a business you should use a business bank account. In addition to professionalizing your business in the eyes of customers, it also helps streamline your bookkeeping, ensures proper accounts, and reduces personal liability associated with the finances of your business.
Is It Good for a Business to Have Multiple Bank Accounts?
Yes, it is good for a business to have multiple bank accounts. Having multiple (or backup) accounts ensures that your business is able to continue receiving payments, paying suppliers and employees, and meeting any ongoing financial obligations in the event that there is a disruption with your business’s primary bank account.
Ready to Open Accounts With Banks in the USA?
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And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
