The author is a freelance journalist and Google News PR specialist. She can be reached at [email protected] — Ed.
A fundamental requirement for every new startup is to consider the best business banking available to you as an entrepreneur. Every startup needs a business bank account to perform various tasks such as pay their business insurance, collect funds, sort out payroll, have a merchant account to accept credit card payments. Your options are varying in offers, and it will depend on your business type which business checking account will work best for your enterprise. The most notable thing that a new business owner might risk is losing their personal assets and property should the company run into some legal troubles or get sued which is what a business checking account will protect you from since all business-related expenses are kept separate from personal expenses.
Here is the latest list of those institutions sitting at the top of the global bank account selection:
Capital One: The Top eCommerce Bank for Startups
In the category of eCommerce, the best business bank account for entrepreneurs and startups is the Spark Business Checking Account from Capital One. The reason for this selection is because Capital One is able to leverage its internet-based banking institution to implement minimal fees for its customers. The business model of eCommerce connects sellers and buyers over the internet and acts as a great way to set up an autopilot business where a business owner can virtually make money 24/7. Although there may be many benefits to their business checking account, it should be noted that you will need to maintain a $2,000 balance to keep you from paying a $15 monthly service fee.
BlueVine: The Top Online Bank Account for Startups
Running an online business, or a business that does not deal that often with cash will reap more benefits with a bank like BlueVine. They don’t charge a fee for having an account, and they allow any business to make as many transactions as they like without any additional costs. As an entrepreneur, it is greatly advantageous not to have to worry about where your money will come from to cover the fees for your bank account as it is well-known that it takes time to build a business from the ground up, and sales don’t always happen consistently.
With hassle-free business banking BlueVine upholds a high standard of customer support and since they cater to the cybersphere, their website and mobile app are user-friendly, cutting-edge and convenient for any person with an online company looking for innovation.
Silicon Valley Bank: The Top Bank for Tech Startups
If your focus as a startup is tech then Sillicon Valley Bank (SVB) is the ultimate go-to bank. Utilized by 50% of all venture-backed tech startups, SVB has access to ample resources, such as venture capital connections, that will benefit tech companies. Not only will they assist you in getting your foot in the door, but they also offer the best business checking accounts for tech startups. As someone who is new to the industry they also offer practical financial and startup advice from the SVB team of experts. Some additional benefits include unlimited free wires which would include incoming, outgoing, domestic, international, and all other currencies which is extremely advantageous for those operating outside the US.
Consumers Credit Union: The Top Real Estate Investment Bank for Startups
suited for real estate investment businesses, The Consumer Credit Union Freedom Business Checking Account is a top performing institution that caters to companies with a broad range of business products and account types. Entrepreneurs and startups that are pursuing real estate investing would greatly benefit from this union since they offer high-interest accounts with zero transaction fees up to the first 100 transactions per month. They also offer a comprehensive and complete online banking service that have partnered with the co-op network to give you full coverage.
Final Take
Deciding which bank account is best for your startup is no easy feat, yet with many great options available you will soon find the right fit for your company. Once you have opened a business bank account, start building credit by using it. This will establish a firm relationship with the bank and will ensure that you do not pierce the corporate veil.