How to Compare Small Business Bank Accounts

Choose the right bank for your business.

Running a small business can be tough, and it is important for business owners to have the right tools available. A business bank account is an absolute must for even the smallest business, since it makes record keeping and tax planning easier. Not all business bank accounts are the same, so business owners need to shop around carefully for the best deal.

Things You'll Need

• Rate sheets
• Expense disclosures

Instructions

1. Start by going to the bank where your personal accounts are held. Ask for a rate sheet which shows the current interest rates for personal and business accounts.

2. Ask the bank for a disclosure sheet listing fees and charges for various services. Look for a business checking account that does not charge a monthly maintenance or a per check fee.

3. Find out what the minimum balance requirements are for each business account you are considering. Cash flow can vary widely for small businesses, so look for an account requiring either a small minimum balance or none at all.

4. Check the interest rates at local banks by going to a search site like bankrate.com. You can also check the rates for Internet-only banks, but for simplicity sake it is generally best to have a local bank account for your business.

5. Ask if the bank offers deposit-by-mail options. Many banks allow business owners to scan in their checks and send them to their bank accounts. The money is available as soon as the bank receives the scanned checks. Then all the business owner needs to do is mail the checks to the local branch.

References

• Bankrate.com Website
• Bankfox.com: Scanning Checks