Business Banking Blog Posts

You work hard for your business’s money, and your checking account should honor that with great perks, low fees, and helpful banking features. We ruled out the mediocre banks and only included business checking accounts with features and rewards that stood out from the rest.

Most businesses should open a business bank account. Although it’s possible to run a business using your personal bank account, opening a business account makes it easier to track and control your finances. You’ll also find tax time easier and your audit risk lower when you separate your business and personal finances by using business bank services.

Bank statements are important for personal and business finance for a few reasons, including tracking income and expenses, identifying fraud, applying for funding, and tax purposes. 

A bank routing number is a 9-digit number that uniquely identifies your bank account. Also known as American Bankers Association (ABA) routing numbers or routing transit numbers, these numbers were originally created by the ABA to make the check transaction process faster and more efficient. Routing numbers are also used for direct deposit forms, apps like Venmo and CashApp, or payments through services like PayPal.

The best business savings accounts are easy to apply for, offer an interest rate or APY at or above the national average for savings accounts, and offer features aimed at small businesses. We think Live Oak, First Internet Bank, BlueVine, LendingClub, NBKC, U.S. Bank Platinum Money Market, Lili, Grasshopper, and Prime Alliance meet those requirements.

Online banking works similarly to traditional banking; there’s just no physical location for you to visit and sometimes fewer products (loans, different accounts, etc.) to choose from.

From mobile payment apps to wire transfers to good old-fashioned checks, the right money transfer method for your situation will depend on how much money you want to transfer and how quickly you need the transfer to be made. Let’s go through your transfer options. Afterward, check out our guide to business banking if you’re curious about other aspects of business financial management.

BINs work by identifying the type of card being used to make a purchase, the location of the card issuer, and which bank issued the card. Financial institutions can then compare this information to their cardholder data to more easily identify fraudulent charges.

Different banks offer different account types, services, and levels of national coverage. Before you start your search, you need to determine what your banking needs are and the banking services and features you’ll require to meet those needs.

Opening a business bank account for your LLC can be done quickly and easily. You can even apply online. What you need to open a business bank account will depend on how your business is structured and what the bank you choose requires. Expect to provide government-issued identification, an EIN or Social Security number, your business license, and your incorporation documents.