Businesses often need a bank that provides multiple checking options, credit cards, savings accounts, business loans and superior customer service.
Navy Federal Credit Union stands out among small business banks as one of the best options, offering several checking options and benefits including free online banking and ATM transactions, SBA loans and practice financing solutions.
Axos Bank offers an array of banking products tailored for small businesses, from checking and savings accounts to merchant services and robust financing services. Furthermore, Axos offers accounts with unlimited transaction processing without monthly fees attached.
Rewards Checking, their most popular account, earns interest without incurring a monthly maintenance fee and comes with unlimited ATM fee reimbursements domestically. In addition, this online-only bank boasts some of the highest savings rates around; its money market accounts may not always rank highly though.
Axos provides businesses with other products for business use, including point-of-sale terminals and eCommerce tools, in partnership with Centerstone SBA Lending to offer small business loans, payroll management services, as well as easy checks delivery for employees.
Bluevine provides small business owners with various features, including higher credit limits and fast application and funding times. In addition, they offer free business checking that enables owners to keep personal and professional accounts separate while still remaining compatible with accounting software platforms – without needing to maintain minimum balances or limit monthly transactions.
Bluevine may not provide as much support as traditional banks, but its customers have high praise. Based on over 7,000 customer reviews on Trustpilot, its rating of 4.2 stars out of five gives Bluevine an outstanding standing among customers. Bluevine can help small business owners who wish to increase interest on their checking account balances while using subaccounts for tracking budgets and expenses.
Novo is an online banking tech company specializing in digital tools for small businesses and side hustles. Offering fee-free business checking as well as a range of useful integrations for users, Novo also provides merchant cash advances (MCA) and free ACH transfers.
Their mobile app is user-friendly, drawing praise from new customers for its functionality and integrations, but some have expressed disappointment at not having access to customer support services.
Novo offers low and no fees, such as its $50 opening balance requirement and no monthly maintenance fee. Furthermore, it doesn’t charge fees for foreign transactions, incoming wires or ATM withdrawals either – making this bank ideal for most businesses’ needs. Unfortunately though, it doesn’t offer many of the ancillary services such as savings accounts or loans offered by traditional banks – which may pose issues for some.
Establishing a business bank account helps small-business owners separate their personal finances from those of their company, make expenses easier to track, maintain accurate financial records and avoid unneeded expenses and tax liabilities.
Considerations must be given when selecting an ideal bank for small businesses in New York, such as fee structures, lending options and additional services offered. Some top banks in the city provide tailored solutions specifically targeted towards startups while others may provide a wider array of business banking offerings.
Chase offers an array of business accounts and credit cards, from checking account options to one of the premier online banking systems available today. In addition, this bank provides small business loans and franchise financing as well as commercial real estate loans.
Capital One Bank offers businesses that require frequent cash deposits a great option when it comes to deposits, with its Business Basic Checking account providing high withdrawal limits as well as free transfers and withdrawals. Furthermore, Capital One takes financial education seriously by providing various online tools designed to assist in improving one’s finances.
Navy Federal Credit Union offers another fantastic banking option for small businesses, providing comprehensive banking services including checking and savings accounts, loans, credit cards and payment processing for businesses of any kind. They even provide retirement and insurance options for their employees in addition to an easy online banking system with invoicing and bookkeeping tools included!