No matter the shape and size of your business, it is essential that you are able to keep your personal and business finances separate and that you have full control over all of your business-related incomings and outgoings. What’s more, the IRS explains that it is crucial for businesses to have a dedicated business checking account if they want to avoid a headache during tax season.
After all, if your personal and business expenses are blurred, it can be very difficult to determine what business tax you owe, what your business expenses are, and how well your business is actually doing. Of course, simply having a separate account for your business finances is not sufficient.
You need to know the best business checking accounts that will help your company thrive. If you are on the hunt for the best small business checking account, we have got you covered. Read on to find out the top business checking accounts for 2021.
1. Hatch Business Checking Account
If you are looking for online business checking accounts that are easy to set up and offer everything that you need to grow your business, Hatch should be your first port of call for business checking with perks. This innovative fintech company offers digital-only business checking accounts that allow you to control every aspect of your business finances via a nifty and user-friendly mobile app.
What makes this account great for first-timers is that no only are the banking fees as low as $10 a month, but there are no minimum balance requirements. This means you do not need to worry about having a certain amount of cash in your open business checking account. Rather, Hatch will simply leave you alone and let you focus on your business.
2. BlueVine Free Business Checking
BlueVine is another great choice for anyone looking for free business checking accounts. Deposit as little as $1 into your BlueVine account, and you can instantly enjoy APY on balances up to $100,000.
There are no monthly fees for BlueVine business customers, and all new members receive a free MasterCard that you can use for all of your business-related purchases and expenses. What’s more, signing up and receiving a business checking account takes under five minutes and can be done entirely online.
3. Security Service Federal Credit Union Account for Business
If you are looking for something a little bit more traditional and a bit more bricks-and-mortar, then consider opening a business checking account with the Security Service Federal Credit Union. This federally charted and insured credit union has 25,000 business customers and manages around $10 billion in assets.
This one is definitely for entrepreneurs that are dealing with large-scale revenues and expenses. A business checking account with these guys is only free if you have a minimum balance exceeding $50,000. For this, you get access to a dedicated network of business attorneys, as well as the strongest deposit insurance in the business.
Now That You Know the Best Business Checking Accounts…
Now that you understand the best business checking accounts for your needs, it is time to fill your business account with profits! To learn more about how to grow your business and realize significant profits, make sure to consult our dedicated Money guides today.