Business Banking Blog Posts | Page 2

A business bank account doesn’t have to cost you anything. You can find online accounts for your business that have $0 minimum deposits, $0 monthly fees, and $0 minimum balance requirements.

FDIC insurance is a government-run insurance program. The Federal Deposit Insurance Corporation protects deposits made with regulated institutions such as banks. In the unlikely event that your bank goes out of business, the government will step in and make sure that none of the bank’s customers lose their money.

Maybe your business has been generating a solid amount of income, and you’ve been storing that cash in a traditional business savings account. You want to make more passive income on your savings, but you don’t want to risk your funds evaporating in a volatile marketplace. A high-yield savings account is the middle ground for business owners in this scenario.

If you’re currently using your personal savings or checking account as a savings account for your business, it’s time to start researching and deciding what bank is going to be best for you. Read our article on the documents needed to open a business bank account to learn more about your next steps.

While banks and credit unions are similar, certain features or perks may make one stand out to you more than the other. With this information, you can make an informed decision about which type of financial institution is the best fit for you.

Yes, you need a business checking account. A business bank account is an essential tool just like the internet or your computer, you could run your business without one, but why should you? This protects you legally and helps with taxes. 

A bank account for freelancers can help you organize your finances, develop a business credit record, and avoid tax trouble. Whether you’re an independent contractor, a freelancer, or otherwise self-employed, you need a bank account designed for your needs.

Banking as a service is a software solution that financial technology companies, or fintechs, use to provide banking services to customers. Backed by traditional banks, fintechs offer bank accounts, credit cards, and more through one platform. BaaS providers aim to integrate as many financial services as possible, streamlining small businesses’ financial practices and accounting.

The best type of bank account for a small business depends on what type of business it is. Banks that process many cash transactions will need a bank that accepts cash deposits, for instance. Look for a bank that offers integrations with software you already use, like your eCommerce platform and accounting software, too.

When it comes to deciding between Chase vs Capital One business banking, the competition is close. Both offer branch access, cash deposits, savings options, and access to credit. Which one will be a better fit for your small business?