Small Businesses and Bank Accounts

When starting a small business, one of the best first steps you can have is setting up a company. Whether you do a sole proprietorship or setup an LLC, having a business gives you a load of options. I’ve already written about the perks of owning your own business, but now let’s look at what you get and where to open up a business bank account.

If you’re starting as an small business it’s tough finding a good bank. Many require a minimum requirement or have maintenance fees. Most have a maximum number of transactions, and a maximum amount allowed to be deposited each cycle. I’ve outlined 6 of the major banks, to help you better decide which account type to go with.

Bank of America Business Economy Checking

$16 Monthly Maintenance Fee – Unless you have $3,000 deposited or $5,000 average in account
Features Online Banking
200 Transactions per Cycle
Up to $5,000 Deposited per month at no charge

PNC Bank Free Business Checking

No Monthly Maintenance Fee
No Minimum Deposit
Features Online Banking
200 Transactions per Cycle
Up to $5,000 Deposited per month at no charge

Wachovia Free Business Checking

No Monthly Maintenance Fee
No Minimum Deposit
Features Online Banking
150 Transactions per Cycle
Up to $5,000 Deposited per month at no charge

Wamu Free Business Checking

No Monthly Maintenance Fee
No Minimum Deposit
Features Online Banking
Features Merchant Payment Services
250 Transactions per Cycle

Chase BusinessClassic Checking

$33 Monthly Maintenance Fee – Unless you have $5,000 average in account
Features Online Banking
200 Transactions per Cycle
Up to $5,000 Deposited per month at no charge

HSBC Free Business Checking

No Monthly Maintenance Fee
No Minimum Deposit
Features Online Banking
300 Transactions per Cycle

In the end I decided to go with HSBC. They offered me a higher number of transactions per cycle with no monthly maintenance fee and no minimum deposit.

I hope this list was useful for you. Do you use another bank? I’d love to hear how you like them or if you have any other suggestions. Am I missing a bank you think I should add? Leave a comment and let me know