It’s important to compare business bank accounts to find one that best suits your LLC’s needs. Here are a few points to consider.
Transaction limits. Many business checking accounts set limits on the number of transactions you can make each statement period before additional fees are assessed. Transactions typically include ACH payments, checks and deposits, and fees may be $0.25 to $0.50 or more per transaction over the limit. Look for an account with limits that meet your operational needs. The best business checking accounts set high limits on free transactions or none at all.
Fees. Bank fees can be a drag on your business profit. Find a bank account that doesn’t charge fees for activities you plan to do—such as making cash deposits, withdrawals, wire transfers or performing other transactions. Pay attention to monthly maintenance fees, which are often found with business savings, checking and money market accounts, and how to avoid them.
Rates. Finding a business account with the best APY possible is a no-brainer, but you should weigh other features along with interest rates to make sure an account is a good fit.
Requirements. Always find out how much you’ll need to deposit to open an account and what balance you’ll need to maintain to earn the best rates and avoid fees. CDs and money market accounts typically have higher minimum deposit and balance requirements than checking and savings accounts. Avoid committing to minimums you can’t comfortably meet.
Business banking features. Being able to grow or start an LLC may require having access to additional features like merchant services, invoicing tools and payment platforms. To compare accounts, think about the services you need now, as well as those you may need in the future. Find out if these are included free or carry extra fees.
Customer service and access. Being able to get support if anything goes wrong is a must. Look for banks that offer 24/7 customer service via your preferred channels, such as phone or live chat. If in-person banking is important to you, check out ATM and branch networks.
