6 Best Banks For Small Businesses & Freelancers
When you’re starting your own business or taking on freelance work, there are several factors to consider. One of the major aspects is how you will manage and maintain your finances. While there are many banking solutions available – from traditional entities to fully online solutions – it can be difficult to determine which one you should use. That’s why you need to know the best banks for your small business.
When searching for a bank for your growing company or freelance side hustle – you will need to consider:
- The amount of money you will need to open the account
- Monthly or yearly fees associated
- Options for credit cards and cash back offerings
- Savings options that help put money back into your business
- And, services such as merchant and credit card payments that streamline your transactions
By comparing and contrasting what each bank has to offer, you will be able to find the best bank for your business.
So, to help get your started – here is our list of the 6 best banks for your small business and freelance career.
6 Best Banks For Small Businesses & Freelancers
The first best bank for small businesses is Wells Fargo.
With their small business checking, you can open your account with as little as $25. Their simple checking is great for home-based, nonprofit and smaller organizations. While, they offer a platinum business account for companies looking for premier relationship benefits.
For example, the Simple Business Checking includes:
- 50 transactions and $3,000 in cash deposits
- Maintain a $500 average balance to avoid the $10 monthly service charge.
And, with the Business Choice Checking you will receive:
- 200 transactions with $7,500 in cash deposits
- Great for new and growing businesses
Finally, the Platinum Business Checking offers:
- 500 transactions and $20,000 in cash deposits
- For businesses with higher balances and large volume of transactions
In addition to checking accounts, Wells Fargo offers 2 business credit cards for your small, growing company. Their options include:
- Wells Fargo Business Platinum Credit Card
- One time cash back bonus of $500 or 50,000 bonus points when you enroll in the Rewards Program and spend $3,000 in the first three months
- Earn 1.5% cash back on every $1 spent
- 0% introductory rate for the first nine months
- Wells Fargo Business Secured Credit Card
- 1.5% cash back on every $1 spent
- $0 annual rewards program fee
- $500 to $25,000 credit line
- Zero liability protection
Plus, Wells Fargo offers merchant services for payment processing and payroll option for compensating your employees. To see if Wells Fargo is the right bank for you, read more here.
The second best bank for small businesses is Capital One.
At Capital One, they offer you personalized advice and resources to prepare and grow your business. With their services, your small business will have access to savings, checking, lending, credit card options, escrow express, merchant services, cash flow and retirement.
First, they have a business advantage savings account that can be opened with $250. It has 2.00% Annual Percentage Yield.
Second, they offer two business checking accounts:
- Spark Business Basic Checking
- Unlimited Transactions Each month
- Deposit up to $5000 in cash with no fee and $1 for every $1000 deposited after.
- Standard wire fees
- $15 monthly service charge. Fee is waived with $2,000 minimum balance
- Unlimited Business Checking
- 5 free domestic wire transfers per month
- 2 Basic Checking accounts at no cost
- Unlimited transactions
- No fee for cash deposit
- Free incoming wires
- $35 monthly fee, waived with $25,000 minimum balance
Third, Capital One has two business credit cards that will help you put money back into your business.
- Spark Cash Back Rewards
- Unlimited 2% Cash Back
- One time cash bonus of $500 with Spark Cash or $200 with Spark Cash Select
- Spark Miles Rewards
- Unlimited 2x Miles with no annual fee
- One time bonus of 50,000 miles with Spark Miles or 20,000 with Spark Miles Select.
Plus, they offer free employee cards, a year end summary to help simplify your planning, budgeting and taxes, easy accounting with Quickbooks integration and no foreign transaction fees.
Check out if Capital One is best for your growing business by reading more here.
The third best bank for small businesses is Chase.
With the Chase business bank, you have access to services such as:
- Personal Banking
- Business Checking
- Merchant Services
- Business Credit Cards
- Business Lending
First, their business checking account is currently offering $200 for new clients. With Chase Total Business Checking you will receive:
- 100 transactions per month at no charge
- Unlimited electronic deposits
- $5,000 in cash deposits
- Domestic and international wire transfers
- $15 monthly service fee or waived with $1,500 daily balance
Second, with Chase you can open up a merchant services account and get easy to understand pricing with accepting credit cards online such as 2.9%.
Third, with the Chase business card you can earn 5% cash bank in select business categories. The Chase Ink Business Cash Card offers:
- $500 bonus when you spend $3,000 on purchases in the first three months
- No annual fee
- 0% APR on purchases in the first 12 months, variable APR of 15.49-21.49%
- Get 5% cash back on the first 25,000 spent in combined purchases at office supply stores and on internet, cable and phone services
- Get 2% cash back on the first 25,000 spent at gas stations, restaurants
- 1% cash back on all other purchases with no limits on what you can earn.
- Employee cards at no additional cost.
For more information on Chase small business services, read more here.
The fourth best bank for small businesses is Azlo.
This is an easy, fee-free banking service for entrepreneurs. With Azlo, you will get the financial tools and insights to start, build and grow your business. It is an FDIC insured entity, so you can feel secure banking with Azlo.
Their offerings include:
- Bank without fees – no maintenance fees, transaction fees or any other fees.
- Open and manage your account online
- Earnings and information security
- Accounting integration with Quickbooks, Paypal, Transfer Wise and more.
- Invoices with Stripe to accept cards inline and fee free bank transfers
- No international transaction feeds
- Unlimited number of transactions
- No incoming wire fees
For your checking account, you can sign up for the Azlo Visa debit card. With this card, you can:
- Withdraw cash, fee free at any of the 55,000 ATMs in their network
- Make purchases anywhere without foreign transaction fees
- Block and unblock your card with the mobile app
- Real time notifications of purchases
If you’re looking for an easy-to-use banking entity for the self employed and freelancers, check out Azlo today.
The fifth best bank for small businesses is Citibank.
The Citibank Business services offers solutions for everyday banking, financing and growing your business, managing cash flow and doing business globally.
First, they offer 3 checking account options:
- CitiBusiness Streamlined Checking Account
- 250 transactions per month
- Monthly deposits vary by state
- $5,000 balance to waive fee
- Monthly fee of $15
- CitiBusiness Flexible Checking Account
- 500 transactions per month
- $20,000 monthly deposits
- $10,000 balance to waive monthly fee
- $30 monthly fee
- CitiBusiness Interest Checking Account
- 25 transactions per month
- $5,000 monthly deposits
- $10,000 to waive the monthly fee
- $30 monthly fee
Second, they offer two business credit card options:
- CitiBusiness AAdvantage Platinum Select World Mastercard
- 2 AAdvantage Miles per $1 spent on American Airlines purchases at certain vendors
- 1 AAdvantage Miles per every $1 spent on other purchases
- Personal business assistant
- No additional cost for employee cards
- No limit to miles you can earn
- $99 annual fee that is waived the first 12 months
- 17.99-25.00% APR
- First free checked bag on domestic flights
- No foreign transaction fees
- Citi Entertainment
- Costco Anywhere Visa Business Card by Citi
- 4% cash back on gas worldwide for the first $7,000 per year then 1% after
- 3% cash back on restaurants and travel
- 2% cash back on all purchases from Costco
- 1% cash back on all purchases
- No annual fee with Costco membership
- 17.49% APR
- No foreign transaction fees
To see if Citibank fits your small business needs, you can read more here.
The sixth best bank for small businesses is Novo.
This is the bank for today’s entrepreneurs. With Novo, you will receive:
- No minimum balance
- Transparent pricing and no hidden fees
- Accepted worldwide with no charges
- Small business account without hidden fees or paperwork
- Free business checking and debit card access
- Integration with business tools
- FDIC insurance
- Zero liability and bulletproof security
Plus, with your Novo card you can make easy payments, send money, deposit checks and transfer funds. You can also use Apple Pay or Google Pay.
While Novo is still growing its offerings, they are a great bank if you’re looking for a low fee and easy to use financial solution. Check out Novo here.
As you can see, there are several great options and best banks for small business owners and freelancers.
Do you currently use any of these banking services for your work? Connect and share with us on social at @h_collective
For more resources on growing your small business check out 7 Alternatives To Quickbooks and 3 Ways You Can Revolutionise Your Small Business In Real Life