Three Best Banks For Small Businesses In 2021
As a small business owner, you would definitely look for a bank that suits your needs. Whether a bank is the best one for you or not would depend on what you require – a savings account, a checking account, or any other financial service. Aside from storing your money and helping you manage your daily expenditures, a business bank account also offers you business loans, credit cards, or merchant services. It’s not mandatory to avail of all the financial services from a single institution. However, there are small business owners who find collecting a series of products from a single bank worthwhile. Below is a comparison of the national banks, regional banks, online banks, credit unions, as well as nonbanks so that you find it easy to choose the best bank for your small business.
If you are looking out for online business banking that wouldn’t require you to shell out any fee, then NBKC can be a great option. Aside from offering a business checking account completely free of cost, it also offers a high-yield business account for which you won’t have to shell out a single penny. Although NBKC doesn’t have a few integration tools that you would usually get at nonbanks, you can avail of some conventional banking services such as cash management solutions and business credit cards. With NBKC, you get free access to more than 34,000 MoneyPass ATMs across the country. With the help of your NBKC business debit card, you can deposit cash at MoneyPass ATMs free of cost. You can avail online banking and mobile banking services. NBKC also offers mobile check deposits as well as online bill pay services. Fraud management, customizable cash management, disbursement, and collection services are also on offer.
If accessing the branch physically is of utmost importance to you, then Chase can be your choice. It happens to be the biggest bank in the entire United States as far as domestic assets are concerned. An array of small business banking services is on offer. This makes Chase different from the other brick-and-mortar banks that are available in the country. The financial products that you can avail of are two business savings accounts, more than two business checking accounts, the Chase Ink suite of business credit cards, etc. Located in 38 states, Chase has 4,700 branches and a network of 16,000 ATMs. You can either apply online or visit a Chase branch in person to open a business account. With all accounts, you get business debit cards devoid of any cost. Mobile banking, bill pay, and online banking can be done efficiently. There is around-the-clock customer care service. Chase offers SBA loans, equipment financing, lines of credit, as well as financing for commercial real estate.
Located in 37 states. Wells Fargo has the largest network in the entire United States with 52,000 bank branches and more than 13,000 ATMs. Automatically, it becomes the perfect choice for those who own small businesses and prefer to bank in person. If you are looking out for business loans, Wells Fargo happens to be a top financial institution that offers excellent financing options. By September 2020, Wells Fargo has the record of approving a maximum of SBA 7(a) loans in the country. All accounts are associated with mobile banking, online banking, and secure banking services. Customers can open every single business checking account online, over mobile, or by visiting a bank branch in person. Customer support timings have been extended.
How Would You Identify that a Bank is Best for Your Small Business?
Always take your long-term and short-term financial objectives into account. Next, find out if you prefer brick-and-mortar banks or want to opt for online banks. Then figure out what services or product services are of absolute necessity to you. If you wish to open a business checking account, then filter your search by just looking out for the most preferable checking account options that your business needs. Don’t overlook the fees. Ensure that you have detailed knowledge about the fees you need to pay for a business account. Don’t forget to explore all the options before you sign up.
If your business requirements change over the years, choose a bank that has the capacity to cater to you for a longer duration. Keep on exploring alternate banks. Never end your search.
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