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. 

You can get an EIN immediately by applying online via the IRS’s website. All other application methods have a waiting period of at least four business days after applying.

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.

From a rewards-checking perks and features perspective, Grasshopper seems worth it. With APY, cashback, built-in cash flow, invoicing, and no monthly fees, Grasshopper Bank has an enticing package for small business owners. Add potential for lending to the mix and Grasshopper Bank could be a good choice.

Lili Bank has a lot going for it: great accounting features, basic tax support, unlimited transactions, no ACH fees, built-in invoicing, checking and savings account options, banking rewards, and flexible eligibility requirements. These factors contributed to our overall rating of 4.1/5.

The biggest disadvantages of a DBA are that a DBA doesn’t establish a new legal entity and you don’t have ownership over your DBA. You couldn’t sue another company for violating a trademark if it registers a business name similar or identical to yours.

BusinessLoans.com is free, quick, easy to use, and can direct you to the funding you need without ever talking to anybody — and if you do need personalized assistance (or if you simply prefer the personal touch), BusinessLoans.com offers that in spades.

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.

Brex Cash delivers most of the features and functions you’d expect to find in a business bank account and then some. Brex’s no-fee structure and unlimited free transactions are reason enough to like Brex Cash; the high APY and rewards rates are even better.