Rayanne Harmon

The Chase Performance Business Checking account is tailored to meet the needs of businesses with a high transaction volume. It’s also well suited for small and midsize companies searching for a cost-effective way to manage cash flow, deposits, wires, and payroll. There is a $30 monthly fee—unless you maintain a minimum balance of $35,000. This…

I’ll walk you through how to open a sole proprietorship bank account, from registering your business and finding a bank to opening and funding the account. Setting up a bank account for a sole proprietorship is an important step in your business journey because having a dedicated bank account will give your business credibility with…

A business money market account (MMA) is a flexible, low-risk method of saving money while maintaining access to the funds you have on deposit. It functions like a savings account by offering an APY equal to or higher than most regular business savings accounts. It has features similar to a checking account, such as check-writing…

Novo, an online-only platform, provides a business checking account with no monthly fees and minimum balance requirements. It is a good option for customers who don’t run cash-heavy businesses and accept most payments electronically. The provider also offers physical and virtual debit cards and business tools—including invoicing, mobile check deposit, and integration with financial business…

North One is a financial technology (fintech) company bringing enterprise banking features to small business accounts across the US. It’s an online-only financial institution offering all the account options of a traditional bank with the upgraded features of an elite bank. Once you factor in third-party integrations, this platform is a one-stop shop. North One’s…

I’ll walk you through how to separate business and personal finances, from registering your business with the IRS and tracking expenses to engaging a tax professional and drawing clear dividing lines. Maintaining a division between your personal and business finances is crucial and should be one of the first things you do when starting a…

A joint account provides each business partner with full transparency regarding company finances, including its saving and spending habits, and is generally used by a partnership or an LLP. This allows all partners to consolidate their finances into one account so that managing and protecting company funds is easier. As a result, bookkeeping will be…

I’ll walk you through how to build business credit, from establishing your business and getting a DUNS number, to establishing a credit line, and to monitoring your credit report. Building business credit can help lower your borrowing costs, reduce insurance rates, and build stronger relationships with your vendors. The image below shows seven steps and…

The two most prevalent business banking models are retail and commercial. Retail banking primarily focuses on the general public, covering individuals, communities, and small businesses. Commercial banking, on the other hand, offers products and services that are beneficial to business customers. Deciding which option is right for you will likely depend on your business model…

The Federal Deposit Insurance Corporation’s (FDIC) main role is to protect money on deposit with an insured bank in the unlikely event of a bank failure. It also maintains stability and confidence in the nation’s financial system, and it insures each depositor at an institution up to $250,000. Periodic audits are done on all participating…