Pick a Business Checking Account with these Services
Every small business needs its own checking account. At a minimum, it can help you keep your funds separate for book keeping and taxes purposes. But that’s not all a business checking account can do to help make running your business easier.
The first thing to look for when choosing a new bank account are the basic services offered. Here are some criteria to look for when choosing the best account with the right services for you and your business:
- Strong Online and Mobile Banking Platforms As a small business owner, you’re probably working untraditional hours and often on the go. Having a bank with efficient online and mobile banking platforms allows you to run your business from anywhere, anytime. Key account management features to look for include the abilities to make mobile check deposits, internal and external wire transfers, payments to businesses or individuals, etc. – all online or via the app. For an extra benefit, specific banks like Radius provide small businesses with a free debit card and a Radius card app so (find an account that allows you to keep your business’ debit card on a mobile wallet so) that you’re never left having to charge your personal card for a business transaction.
- Financial Management Tools Along with the ability to run a free credit score, it’s important to have tools to gain a holistic view of your financial health. Find an account with Personal Financial Dashboard capabilities that can link and aggregate all your business, personal, loan, and investment accounts from different financial institutions into one online dashboard. From there, track spending habits, set budgets, assess your net worth, and monitor your finances without having to rely on multiple websites or apps – or waste time doing it manually.
- No fees Common fees you’ll run into with business accounts are a cash deposit limit, limit of total deposits, or withdrawals including online transfers, and bill payments. Your transaction volume can add up fast, especially if you make a lot of sales each month. So, it’s best to find a bank with no hidden fees that offers unlimited transactions and no penalties or upcharges.
- Offer APYs Chances are, your business checking account will always house a significant amount of money. If it’s going to sit in your account, you might as well make money from it. Look for a bank that offers an Annual Percentage Yield (APY) for business checking accounts. This will allow you to earn interest and grow your money, which can then be dispersed back to your business. If you’re looking for a business checking account that offers all of these services and more, take a look at Radius Bank’s “Tailored Checking” account. You can earn 0.10% APY1, unlimited transactions and no hidden fees (including free ATMs worldwide) – all while banking from easy-to-use online and mobile banking platforms.
1Annual Percentage Yield (APY) is accurate as of 03/17/2020. Minimum amount to open account is $100.00. Rate tiers are as follows: 0.00% APY applies to balances of $0.01–$4,999.99, and 0.10% APY applies to the entire balance on balances of $5,000 or more. Rates may change after account is opened. Fees may reduce earnings.