Robi Mansueto

If your business is looking for a savings account that grows your capital while giving you full access to your funds, TAB Bank may be a great option. Although it doesn’t provide an ATM card for cash withdrawals, it doesn’t have any transaction limits, letting account holders move money in and out as they please. It also has a good selection of business banking products, including lending options, money market accounts, business certificates of deposit (CDs), checking accounts, treasury management, and invoicing. How TAB Bank Stacks Up With Its Competitors When TAB Bank Is a Good Fit TAB Bank earned a spot in our roundup of the best business savings accounts because of its interest-earning savings and business financing options. It’s ideal if you: Are comfortable with online banking: TAB Bank has no physical branches and operates entirely online. Through its digital banking options, which include web banking and mobile banking through iOS and Android, customers can transfer money, make check deposits, and pay bills. Go over six transactions per month regularly: Most savings accounts limit users to six fee-free transactions per month—but this bank’s business savings accounts don’t have a transaction limit. However, because it doesn’t provide an ATM card, customers cannot make cash withdrawals. Need access to lending products: This institution has an excellent selection of business lending products, including accounts receivable (A/R) financing, asset-based lending, equipment financing, term loans, invoice factoring, and commercial real estate (CRE) lending. When TAB Bank Is Not a Good Fit You want an ATM card for your savings account: TAB Bank’s business savings account doesn’t provide an ATM card. If this is a necessity, then ’s business savings account comes with an ATM card that can be used at Allpoint ATM networks nationwide. You prefer in-person banking: TAB Bank lacks physical branches, so all banking transactions must be performed online. Businesses that prefer in-person banking may be better served by , which has over 4,700 brick-and-mortar branches across the United States. You work with cash regularly: TAB Bank doesn’t support cash deposits. Because of TAB Bank’s lack of physical branches and ATM withdrawal options, cash-reliant businesses will struggle to get the physical funds they need. Not only does have multiple physical branches and ATM networks, but it also has a high monthly cash deposit limit of $5,000. Check out our guide to the best business savings accounts for additional recommendations if your small business meets one or more of these scenarios. TAB Bank Business Savings Overview TAB Bank Business Savings Requirements The business savings account application form will ask for the following information: Full name Address Date of birth Social Security number or tax ID number Company name Entity type Nature of business Doing-business-as (DBA) name, if applicable Email address Mobile number The institution may also request certain legal business documents. Our guide to opening a business bank account provides a checklist of the documents that banks typically require. TAB Bank Business Savings Features Variable Interest Rate This bank’s business savings accounts earn interest at a rate of 0.25%, and the interest is credited every month. Rates are variable and may change at any moment without notice. To earn interest, account holders must maintain the required minimum balance of $1. Digital Banking TAB Bank account holders can conduct banking activities, such as checking balances, transferring funds, making deposits, and paying bills, through its website or mobile app, which is available on iOS and Android. The mobile app comes with touch and face ID functionality to enhance security for sign-ins. Reviews for the TAB Bank app are excellent on both the App Store (4.7 out of 5) and Play Store (4.4 out of 5). Users appreciate its ease of use and convenience; we didn’t find any recent negative feedback. Other TAB Bank Business Products Money Market Accounts The TAB Bank Money Market account earns interest at a rate of 0.25%. Like with its savings accounts, money market account balances of up to $250,000 are insured through the FDIC. Businesses must also make a $25 opening deposit to open an account and maintain a $1 balance to earn interest. CDs TAB Bank’s CDs have interest rates ranging from 3.30% to 3.92% and terms as short as six months to as long as 60 months. Customers can open multiple CD applications for one or more businesses. Only balances worth $1,000 and above earn interest. Checking Accounts It offers two business checking accounts: the interest-earning Business Checking account and the credit-earning Analyzed Business Checking. Both provide Mastercard debit cards, mobile banking, online banking, and bill pay. The Business Checking account has an APY of 0.25%. Meanwhile, Analyzed Business Checking doesn’t earn interest, but it pays earnings credit at a rate of 0.25% and comes with a dedicated relationship manager. If you’re looking for more competitive accounts, check out our guide to the best small business checking accounts. Lending Products The lending products that TAB Bank offers include A/R financing, invoice factoring, asset-based lending, equipment financing, business term loans, and commercial real estate: A/R financing: Businesses can use this to secure lines of credit while using unpaid customer invoices as collateral. This effectively covers gaps in cash flow and makes up for possible late payments. Invoice factoring: Like A/R financing, invoice factoring solves cash flow gaps by using unpaid customer invoices as collateral for securing working capital. However, unlike A/R financing, invoice factoring provides cash instead of a line of credit. Asset-based lending: This bank’s asset-based lending monitors business collateral and credit to underwrite asset-based loans. Equipment financing: Only available for trucking companies, this lets businesses secure flexible term loans for purchasing and maintaining business equipment. Term loans: By using an intuitive pre-qualification process, the bank provides flexible term loans for small and mid-sized businesses that may otherwise have limited access to financing options. The minimum amount a business can borrow is $30,000, while the maximum is $350,000. CRE: TAB Bank offers construction loans for experienced developers, bridge loans for senior housing developers, and term loans for other property types. Term loans can last up to 10 years. Autobooks Autobooks, a payments and accounting product suite, lets businesses send professional invoices directly to customers’ inboxes. The invoice leads customers to appropriate payment channels, which accept payments via debit card, credit card, and electronic bank transfer. Money goes directly to the business’ checking account. Businesses have access to payment histories that let them know which customers have paid and which have not, as well as detailed reports like balance sheets and general ledgers. Treasury Management Through TAB Bank’s Treasury Management services, businesses gain access to a customizable dashboard that allows them to manage day-to-day business operations, including payroll, merchant services, relationship management, and supply chain management. The tool lets businesses control all working capital under one location. Services under TAB Bank Treasury Management include: Positive pay Merchant services Online wire transfers Secure online banking Loan and account sweeps Remote deposit capture Financial balance reporting Lockbox services and processing Dedicated relationship manager Supply chain management services Analyzed business checking account ACH origination and payroll distribution Online domestic and international wire transfer services TAB Bank Business Savings Pros & Cons Given the lack of monthly fees and low minimum balance requirements, it’s affordable to maintain a TAB Bank business savings account. And because it has no transaction limits, its savings account grows money while keeping funds accessible. Besides that, the bank’s mobile app, available on iOS and Android, is highly rated and praised for being well-designed and user-friendly. Where TAB Bank falls short is its lack of support for cash-reliant businesses. It has no brick-and-mortar branches and thus doesn’t allow cash deposits. Additionally, its business savings account doesn’t offer free incoming wires. TAB Bank User Reviews Tab Bank has a 2.5 out of 5 rating on DepositAccounts. Users appreciate the fast and friendly service, excellent bank product rates, and easy account opening process. However, others weren’t pleased with the low ACH transfer limits, short customer service hours on weekends, and long waiting period for outgoing fund transfers for new accounts. Alternatives to TAB Bank Business Savings Although TAB Bank provides a decent range of business services outside of savings, its business savings account might pale in comparison to banks with higher APY offerings. Besides that, its lack of brick-and-mortar locations is a turn-off for businesses looking for physical branch banking options. Here are three option banks to consider: is best for businesses looking for tiered APY that rewards higher balances. TAB Bank doesn’t increase interest rates for higher balances. is best for businesses needing fee-free wire transfers. TAB Bank charges $15 for incoming wire transfers and $30 for outgoing wire transfers. is best for businesses seeking brick-and-mortar locations. It’s available in 48 states, whereas TAB Bank has no physical branches. Bottom Line is a decent banking option for businesses that want to grow their excess business funds and gain access to useful treasury management services and lending products. However, given its lack of physical branches, cash deposit functionality, and ATM cards, cash-reliant businesses may have to look elsewhere.

The nonprofit collective Self-Help Federal Credit Union offers business owners an interest-earning business checking account that comes with a waivable $15 monthly fee. Its membership requirements are easy, and it has no opening deposit and minimum balance requirement. The account provides free ATM usage, a free VISA debit or ATM card, and online and mobile banking access. Self-Help Federal Credit Union has brick-and-mortar branches in California, Illinois, Washington, and Wisconsin. How Self-Help Federal Credit Union Stacks Up With Its Competitors *Self-Help Federal Credit Union and Affinity Plus Federal Credit Union are National Credit Union Administration (NCUA)-insured. **Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank. When Is Self-Help Federal Credit Union a Good Fit Your business deals with up to 100 transactions per month: Under Self-Help FCU, business owners can make up to 100 free transactions per month. It also provides up to 20 free bill payments, and exceeding the limit raises the bill payment fee to $1. Your business is just starting out: Self-Help FCU has zero minimum balance or opening deposit requirements. Its website also provides a number of business education resources. You struggle to secure loans from other institutions: Self-Help FCU aims to provide financial assistance to unconventional borrowers, such as nonprofits, churches, social service organizations, and green businesses. Businesses can access Self-Help FCU’s loan options without providing valuable collateral. You want to support social justice causes: It invests the revenue it generates directly into its members and partner communities. Deposits under Self-Help FCU are used to support development assistance projects. When Self-Help Federal Credit Union Is Not a Good Fit You want to earn interest on checking deposits: Although Self-Help FCU’s business checking accounts are interest-bearing, their APY of 0.05% pales in comparison to competitor rates. A good alternative would be the fintech solution , which offers an APY of 2.0% on qualified business checking accounts. You rely on in-person banking but live outside Self-Help FCU’s jurisdiction: It only has physical branches in four states: California, Illinois, Washington, and Wisconsin. However, its sister institution, Self-Help Credit Union, has branches in North Carolina, South Carolina, Florida, and Virginia. Larger banking companies, such as , will have more branches available nationwide. You don’t want to pay monthly fees: Self-Help FCU charges a monthly fee of $15 for businesses that don’t meet a combined average daily balance of $25,000 for all accounts. The credit unions and  have account options that require no monthly fees. If your small business meets one or more of these scenarios, read our guide to the best small business banks for additional recommendations. Self-Help Federal Credit Union Business Checking Overview Self-Help Federal Credit Union Business Checking Requirements Opening a business banking account requires membership with . Individuals who have family or employee associations with Self-Help, or are working, living, or attending school in any one of its eligible counties, are qualified for membership (to determine whether you belong to an eligible county, contact Self-Help FCU). Those ineligible may gain membership to the Center for Community Self-Help by making a one-time $5 donation. Self-Help Federal Credit Union Business Checking Features Self-Help FCU offers a full range of banking services, including business checking, savings accounts, and loans. Its business checking accounts come with a number of basic features, such as free debit and ATM cards, interest-earning capacity, and free online and mobile banking. Free Visa Debit or ATM Card Opening a business checking account with Self-Help FCU earns account holders their own Visa card automatically. It can be either a debit card or an ATM card. Interest on Checking Account Balances All of Self-Help FCU’s business checking accounts earn interest at an APY of 0.05%. Unlike its savings and money market accounts, business checking accounts aren’t required to maintain a specific minimum balance to earn interest. Free Online & Mobile Banking Self-Help FCU’s mobile banking app, free for both iOS and Android, comes with a comprehensive set of features. It also contains each user’s transaction history and a directory of available Self-Help FCU ATM and physical branch locations. Via the app, account holders can deposit checks to any of their Self-Help FCU accounts, pay loans, and pay bills. Account holders can also transfer money from their Self-Help FCU accounts to other third-party banks and credit unions. Reviews for the Self Help FCU app are poor to average on both the App Store (2.5 out of 5) and Google Play (3.5 out of 5 stars). Users rated it positively for its ease of use and convenience, while most low ratings centered on login issues and frequent app crashes. Other Self-Help Federal Credit Union Business Products Small Business Loans Self-Help FCU account holders doing business in Illinois and North Carolina can take loans worth $15,000 and up. However, those outside those states can only qualify for business loans worth $500,000 or higher. These small business loans are valid for any project involving expansion, renovation, and building or equipment purchases—and their requirements are flexible. Self-Help FCU evaluates criteria such as industry experience, creditworthiness, capital, cash flow, collateral, and personal debt-to-income ratio. Existing businesses or nonprofits must also provide a 10%–30% loan down payment and collateral in the form of real estate, vehicles, equipment, and others. Other Business Loans Self-Help FCU extends commercial loans, charter school loans, child care loans, commercial real estate loans, faith-based loans, food system finance loans, and multifamily housing loans. It’s also an approved Small Business Administration (SBA) lender offering SBA 7(a) loans and SBA 504 loans to small businesses. Business Savings & Money Market Accounts Businesses that need a safe place to park their money can consider Self-Help FCU’s two savings account options. Its business savings account lets customers earn interest at an APY of 0.15% for no monthly service fee nor minimum balance requirement. The minimum deposit is a low $5. Savings account holders also have access to free online banking and e-statements. Rates are higher in the organization’s Money Market products—accounts that meet Self-Help FCU’s minimum balance requirement of $500 earn dividends at an APY of 1.89%. However, account holders only get six free withdrawals and transfers each month, including checks. Additional transfers or withdrawals cost $10 per transaction. A $500 minimum deposit is required to open a money market account. Term Certificates For higher rates, business owners can open a term certificate ranging from three months to five years. APY starts at 0.10% up to 3.46%—the returns are guaranteed, and the funds are NCUA-insured up to $250K for added investment protection. If you withdraw early, penalties apply. A $500 minimum deposit is required to open a term certificate. Self-Help Federal Credit Union Business Checking Pros & Cons Self-Help FCU offers a great range of banking services at a low cost and with easy membership requirements. Its thorough loan options is one of the reasons Self-Help FCU made our list of the best credit unions for small businesses. Although its branch locations are limited, it compensates by providing free online and mobile banking. However, it doesn’t offer competitive rates on its interest-bearing business checking accounts. Additionally, reviewers have expressed that its mobile application leaves much to be desired. Users who left comments on the App Store complained that the app is slow and unresponsive and that it crashes constantly. Its outdated user interface makes it difficult to navigate. Self-Help Federal Credit Union User Reviews Self-Help Federal Credit Union has poor to average ratings on WalletHub (3.4/5), DepositAccounts (2.5/5), and Yelp (2.0/5). Users appreciate that the credit union has low and no hidden fees, great customer service, and high interest rates. However, other users said that they were unsatisfied with the long check-clearing period and short operating hours. Alternatives to Self-Help Federal Credit Union Business Checking For certain businesses, Self-Help FCU’s low APY, poorly rated mobile app, and lack of physical branch locations might be dealbreakers. In these scenarios, consider these three options: is best for business owners seeking competitive interest rates. One of Self-Help FCU’s biggest weaknesses is that its business checking account has a low APY. The fintech solution Bluevine offers a 2.0% APY on qualifying balances and has no monthly fee. is best if you want access to a wide range of affordable business banking services. That’s why it’s our top pick for the best credit unions for small businesses. Its mobile application also has a high ranking on Google Play, with users praising its pleasing and easy-to-navigate interface. is best for business owners who prefer in-person banking. It has over 4,700 available brick-and-mortar branches and, such as Self-Help FCU, charges a monthly fee of $15 for its basic business checking products. If you’re looking for more recommendations, check out our guide to the best small business checking accounts. Bottom Line For women, people of color, and low-income families and communities, ’s mission to provide quality financial services to underserved communities might make the credit union a great banking option. Although its business checking accounts don’t offer competitive rates, it can meet business needs through its extensive range of services, which includes not just checking but also loans and savings accounts. Easy membership requirements make Self-Help FCU accessible to all types of businesses.

Online banking allows you to manage your bank accounts using your desktop computer or mobile device and the internet, which is why it’s also referred to as internet or web banking. Most traditional banks, or banks with brick-and-mortar branches, offer an online banking option to their clients. Generally, it covers typical banking activities, such as viewing account balances, paying bills, and transferring funds from one account to another, which are done through an internet-enabled device. You can conduct your transactions from the comfort of your home or office or while you’re on the go. How Does Online Banking Work? For web banking, you need to have a computer or device connected to the internet, and you’ll have to register with your financial institution’s online banking service. The transactions you can perform online will depend on your provider—many allow fund transfers and bill payments while some go a step further by letting customers open new accounts and apply for credit cards and loans. You can also request check reorders, debit card replacement, and cancel check payments via online banking portals. Is Online Banking Safe? When banking via the internet, you’re using secure websites and services to conduct your transactions. However, there are always risks involved, and it’s possible for your information to be compromised—whether you’re banking with a traditional or online bank. As such, protecting your online password and monitoring your account regularly will keep your account safe wherever you choose to bank. Most checking and savings accounts under online-only banks are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000, just like brick-and-mortar banks. You can always verify this before opening an account. What Is Mobile Banking? Mobile banking is performing financial transactions through a mobile app—you can send money, pay bills, deposit checks, and review your account balance easily. Typically, it’s available 24 hours daily, allowing you to skip branch visits. Traditional banks often offer mobile banking to provide convenience to their customers, who have to download the app provided by their financial institution. What Is Digital Banking? Even if it seems similar to online banking, digital banking is far more extensive. It’s broad and includes online and mobile banking services, which entails using a web browser and mobile app. It has a high level of process automation and digitizes both the front and back ends of banking. It’s offered by traditional banks, credit unions, and online-only banks. With it, users can do much more than standard banking activities. You can use customized money management tools, open investment accounts, and apply for loans. As technology grows more sophisticated, users can expect digital banking to flourish even more. For instance, artificial intelligence (AI) is becoming increasingly popular in digital banking, and this can be observed through chatbots providing automated customer service. What Is An Online-only Bank? An online-only bank is a financial institution offering a variety of banking products and services, including checking and savings accounts. These banks usually don’t have physical branches and operate through digital platforms. Although the lack of physical locations means cash processing is inconvenient, most people won’t find this a big obstacle with electronic deposits and transfers. Opening a business account through an online-only bank is convenient, especially for non-cash-intensive businesses. What Is a Fintech? Fintech, short for financial technology, is a term that encompasses optimizing technology to make financial services available to customers. Fintechs aren’t banks but offer retail banking services and provide FDIC insurance coverage through bank partnerships. Fintech companies make payments, lending, investment, and banking efficient not only for consumers but also for businesses since they can maximize automation and digital technology to streamline their operations. With fintechs bringing innovation to financial services, they can disrupt the banking industry easily, given their focus on consumers. Fintechs compete with traditional banks through their tech-advanced products and services offered virtually and without personal assistance. As a result, the operational cost is much lower than traditional banks. Service fees are also minimal to none. Pros & Cons of Banking with Online Banks & Fintechs Online banks and fintechs usually provide some or all of the banking products and services that most traditional banks offer, often at a lower cost. And while online banking offers many great benefits for consumers, it also comes with some drawbacks. Fintechs vs Online-only Ba​​nks vs Traditional Banks with Online Banking Fintechs, online-only banks, and traditional banks offering online banking are often interchanged, but these are three different types of financial providers. The table below helps to distinguish one from the other. When To Consider an Online-only Bank Online-only banks are great for those who don’t make cash deposits or need in-person services regularly. Since most already bank online with their major banks, the transition from traditional to online-only banking shouldn’t feel much different from utilizing the online banking features with a major bank. With online-only banks and fintechs, you can still make online payments, fund transfers, and deposits. Business owners also find online-only banks and fintechs more enticing because most of them offer low-cost accounts and higher interest rates on savings accounts. Further, even if the online-only bank you choose has no physical branch locations, it’ll likely have a large surcharge-free ATM network available for all account holders. Bottom Line Online banking is convenient for users since they can transact whenever and wherever they choose. But online banking is limited when it comes to large cash withdrawals and is also exposed to certain risks. However, with banks continually improving their security features and by taking proper security measures, you can conduct your online banking activities safely.

As an organization that prioritizes business owners who have served the country, Navy Federal Credit Union limits membership to current and retired members of any branch of the armed forces and their eligible family and household members. You enjoy several unique business banking services—including three tiers of free interest-bearing checking accounts, unlimited, fee-free electronic transactions, and lower wire transfer costs. Outside of business checking, it offers additional business banking products, such as money market accounts and certificates of deposit (CDs). How Navy Federal Credit Union Stacks Up With Its Competitors See fullscreen table × *Navy Federal Credit Union, Affinity Plus Federal Credit Union, and Bethpage Federal Credit Union are member-National Credit Union Administration (NCUA) insured. When Navy Federal Credit Union Is a Good Fit Navy Federal offers three business checking products, each designed for different business sizes. The lowest tier, called the Navy Federal Business Checking account, requires no monthly fees but charges for nonelectronic transactions past a certain limit. The higher tiers, Navy Federal Business Plus Checking and Navy Federal Business Premium Checking, have higher transaction limits but also charge higher monthly fees. Click through the tabs below to see who each business checking product is optimal for and why. When Navy Federal Credit Union Is Not a Good Fit Neither you nor any of your relatives have served in the United States Armed Forces or US Department of Defense (DoD): To qualify for membership at Navy Federal, account holders must be active, retired, or veteran members of any branch of the US Armed Forces, have worked for the DoD, or have close family or household members that have belonged to either of these institutions. A more accessible credit union would be as its only prerequisite for membership is a one-time donation to the Affinity Foundation. You want to earn competitive interest rates: Although Navy Federal offers free interest-bearing business checking accounts, the APY these accounts offer tend to be lower compared to their peers. , which has an APY of 2.0% for qualified checking accounts, might be a better income-earning option. You want an account with a low opening deposit requirement: All three of Navy Federal’s business checking products require account holders to make an initial deposit worth at least $250. If you want to open a bank account but lack the funds to make opening deposits, consider . If your business meets one or more of these scenarios, see our guide to the best small business checking accounts for additional recommendations. Navy Federal Credit Union Business Checking Overview *Contact Navy Federal Credit Union at (800) 503-2345 for complete products and pricing. Navy Federal Credit Union Business Checking Requirements Opening a business checking account with requires applying for membership. To qualify for membership, you have to be one of the following: An active service member, a retired service member, or a veteran An immediate family member of a military service personnel (parents, grandparents, children, grandchildren, siblings, spouses, and household members all qualify) An employee of the DoD, which includes DoD civilian employees, contractors and US government employees working in DoD stations, and DoD civilian retirees and annuitants Read our guide on how to open a business checking account. It includes a downloadable checklist of required documents by business type. Navy Federal Credit Union Business Checking Features Three Business Checking Accounts Navy Federal’s business checking products are split into three tiers: Business Checking for small businesses, Business Plus Checking for growing businesses, and Business Premium Checking for large businesses. Its lower tiers cost the least to maintain, but its highest tier accommodates larger transaction quantities and rewards high earnings. The main difference between the three tiers is the transaction limit before fees. As mentioned above, Business Checking, which is Navy Federal’s most basic business checking account, only provides 30 free nonelectronic transactions before charging a $0.25 fee per transaction. In comparison, Business Plus Checking provides 50 free nonelectronic transactions, while Business Premium Checking provides 100. Unlimited Fee-free Electronic Transactions Though nonelectronic transactions have different limits depending on the account type, Navy Federal account holders can make as many electronic transactions as they want without having to pay a fee. GO BIZ Debit Card All accounts opened under Navy Federal will receive the Navy Federal GO BIZ debit card, a free debit card that uses contactless, tap-to-pay technology. The card has a Zero Liability policy that assures consumer protection from fraud. Under the policy, Navy Federal promises to investigate fraud claims and issue provisional credit to help consumers get their money back. The GO BIZ debit card also comes with Visa® Travel Accident Insurance. Other Navy Federal Credit Union Business Products Business Credit Cards The GO BIZ Rewards Credit Card lets businesses increase their purchasing power at no annual fee and currently has annual percentage rates (APRs) ranging from 12.15% to 18%. It, like the GO BIZ Debit Card, comes with a Zero Liability policy that protects account holders from fraud. The card is available in both Visa and Mastercard forms. What sets the GO BIZ Credit Card apart from its debit card counterpart is its rewards program. Every $1 spent using it earns 1 reward point, which account holders can use to redeem rewards like gift cards, cash back, and airline tickets. Money Market Savings Accounts Navy Federal offers two money market accounts: the Money Market Savings Account and the Jumbo Money Market Savings Account. These accounts earn dividend interest on a daily basis and under no term restrictions. The rates are compounded and credited every month. The Money Market Savings Account requires a minimum balance of $2,500, whereas the Jumbo Money Market Savings Account offers higher APY rates when users meet the minimum balance of $100,000. Business Certificates Businesses that require less flexibility with their savings access can benefit from using Navy Federal’s high-dividend business certificates of deposit. Term lengths can last as long as 7 years or as short as 3 months. The minimum purchase for a certificate of deposit at Navy Federal is $100, and outside of special offers and promotions, there’s no maximum purchase limit for certificates of deposit. Business Loans Aside from credit cards, Navy Federal Credit Union offers a number of different business loan products—such as options for commercial real estate, vehicles, equipment, and hauling. It also has lines of credit available for businesses that need help covering gaps in cash flow. Navy Federal Credit Union Business Checking Pros & Cons In our list of the best credit unions for small businesses, we name Navy Federal as our top choice for military members, families of service members, and department of defense personnel. The number of services, combined with the institution’s low fees, make Navy Federal a great choice for veteran business owners who want a full range of business banking services. However, for people who haven’t worked with the armed forces or the DoD, Navy Federal isn’t an option at all. Additionally, account holders will struggle to earn interest on their deposits due to the credit union’s low APY. Its opening deposit requirement is also on the high side. Navy Federal Credit Union User Reviews Navy Federal Credit Union has a 4.6 out of 5 rating on Trustpilot. Users who left positive feedback praised its stellar customer service, great loan rates and cash back, product options, and convenient online banking. However, some said they were unsatisfied with the time it took to get approved for a loan, long wait times on the phone, and denied loan applications. Alternatives To Navy Federal Credit Union Business Checking Navy Federal Credit Union’s main drawback is that it limits membership to former and current members of the US service personnel. Business owners who don’t fall under this category can seek alternatives with more flexible membership requirements. Many banks and credit unions also offer more competitive interest rates. Here are three alternative options to consider: is best for business owners who are satisfied with banking online and want competitive APY rates. Though it has no branches outside of Minnesota, it has a highly-rated mobile app that reviewers laud for streamlining the online banking experience. To qualify for membership, business owners only need to make a one-time donation of $25 to the Affinity Plus Foundation. is best for businesses seeking more competitive interest rates. This fintech solution offers an APY of 2.0% for qualified business checking accounts. To qualify for its most competitive rate, businesses need to either make purchases worth at least $500 using the Bluevine debit card or receive at least $2,500 worth of payments each month from automated clearing house (ACH) transfers, wire transfers, mobile check deposits, or their merchant processing provider. is best for business owners looking for a financial institution other than credit unions. Established banks like Chase offer full-service business banking and have many physical branches. Bottom Line understands that business banking isn’t a one-size-fits-all situation, which is why it designed three tiers of business checking accounts that minimize the financial load on smaller businesses and provide financial rewards for larger ones. Additionally, its wide range of physical branch locations makes in-person banking easy and accessible. Convenience and flexibility make Navy Federal a great banking choice for former and current members of the US service personnel and qualified family members.

Among the many credit unions in America, Affinity Plus Federal Credit Union, which only has branches in Minnesota, stands out by charging little to no monthly fees while providing an extensive list of business products. These include checking accounts, savings accounts, certificates, credit cards, and loans. Deposits in Affinity Plus FCU checking accounts earn interest at competitive rates, with its annual percentage yield (APY) being 0.050% for small business accounts and 0.100% for commercial accounts. It also has a generous rewards program that lets users earn points for deposits, loans, and purchases. When opening a business bank account, the advantages of credit unions are worth considering. Not only do credit unions like Affinity Plus FCU offer the full range of banking services modern businesses need, but they also offer competitive rates and lowered fees that give them an edge over other banks in the market. How Affinity Plus Federal Credit Union Stacks Up With Its Competitors See fullscreen table × *Affinity Plus Federal Credit Union and Bethpage Federal Credit Union are member-NCUA insured. **Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank. When Affinity Plus Federal Credit Union Is a Good Fit You want a credit union that offers a full range of banking services: Affinity Plus FCU is our top pick for the best small business credit unions given its extensive product offerings, competitive interest rates, and rewards options. Its wide range of banking products (which include two business checking accounts, business credit cards, lines of credit, loan products, certificates of deposit, and money market accounts) allow business owners to keep all their banking activity within one establishment. Your business needs to withdraw cash on a regular basis: Affinity Plus lets you withdraw funds fee-free from over 60,000 ATMs within the MoneyPass, Co-op, and SUM ATM networks. You want to earn interest on funds deposited in checking accounts: Its two business checking accounts let businesses earn dividends on their checking account balances at competitive interest rates. You want to earn rewards on purchases: Affinity Plus has a rewards program called MyPlus Rewards, which lets businesses earn points for debit card purchases, loans, and savings. Points can be redeemed as a number of rewards, including gift cards, cash back, travel and events, and loan rate reductions. When Affinity Plus Federal Credit Union Is Not a Good Fit Your business relies on wire transfers: Affinity Plus charges a $10 fee for every incoming wire transfer, $15 for outgoing domestic wire transfers, and $40 for outgoing international wire transfers. A good alternative would be , which charges no fees on incoming and outgoing wire transfers. Your business needs to draft and receive large quantities of checks per month: Affinity Plus designed its business checking products for low transaction volumes. Per month, Affinity Plus FCU’s Small Business Checking charges $0.20 per check over 50 for monthly check clearing and $0.20 per check over 50 for monthly check deposits. Affinity Plus Commercial Checking can accommodate larger volumes. Your business is based outside of Minnesota and you want to conduct banking in person: All of Affinity Plus FCU’s physical branches are located within Minnesota. Consider larger banks, such as and , for more access to in-person banking services. If you meet one or more of these scenarios, check out our guide to the best banks for small businesses for additional recommendations. Affinity Plus Federal Credit Union Business Checking Overview Affinity Plus Federal Credit Union Business Checking Requirements To open a business checking account, you must apply for membership at . Eligibility for membership usually depends on where you’re employed, where you studied, and where you live. If you haven’t worked, studied, or lived in Minnesota, you can qualify for membership by making a one-time donation worth $25 to the Affinity Plus Foundation. Affinity Plus Federal Credit Union Business Checking Features Affinity Plus FCU’s business checking account comes with a number of usual features. This includes a rewards program, free ATM usage, business credit cards, equipment and vehicle loans, lines of credit, and merchant services. Rewards Program The Affinity Plus FCU MyPlus Rewards program lets users earn points from purchases, loans, deposit accounts, and other special point-earning offers. The Affinity Plus debit card earns 1 reward point for every $4 spent, while the Affinity Plus Visa® Business Rewards credit card earns 1.5 points per $1 spent. Points can be redeemed for lower rates on business loans. Free ATM Usage Affinity Plus FCU users can withdraw funds from over 60,000 Money Pass, SUM ATM, and CO-OP ATMs across the country. ATM withdrawals come free of charge, except in select locations. The Affinity Plus FCU website contains a list of free ATM locations. Customer Service Affinity Plus FCU provides several customer service channels. For account support and product information, you can call (800) 322-7228 from Mondays to Fridays, 8 AM to 5:30 PM, and Saturdays, 8 AM to 12 PM. It also offers a Chat with a Live Agent and a chatbot feature for common questions. Also, you can use video banking for face-to-face service and document signing by scheduling a video appointment. Equipment & Vehicle Loans For a flat document processing fee of $150, users of Affinity Plus FCU Business Checking can access loans for vehicles, industrial machines, or electronic equipment. Loans can amount to up to 80% of the equipment's value. Loan terms may last as long as 60 months, and predictable payments come with fixed interest rates. The equipment loan is available for new or used equipment. For loans up to $25,000, it may need to be secured, whereas loans above $25,000 are required to be secured. Lines of Credit Affinity Plus FCU offers revolving lines of credit with low minimum monthly payments. Interest rates are variable but have a maximum of 18% for three years. You also have the option of paying only the interest each month. Like with equipment and vehicle loans, Affinity Plus FCU charges a flat fee of $150 for document processing. Merchant Services Program Affinity Plus FCU partnered with payment gateway SwiftPay to give businesses access to credit card processing services and other merchant services. SwiftPay’s offerings include cash discount programs, mobile loyalty programs, cash advances, point-of-sale (POS) solutions (Clover, Clover Mini, and Clover Mobile), and currency conversion programs. Highly Rated Mobile App Though Affinity Plus FCU limited its branch locations to Minnesota, it made up for its lack of physical banking options by increasing online accessibility. Its mobile app lets account holders conduct banking transactions—including check deposits, bank transfers, and bill payments—from the comfort of their devices. The app’s well-designed interface and reliability earned it 4.6 stars (out of 15,000+ reviews) on Google Play and 4.8 stars (out of 50,000+ reviews) on App Store. Other Affinity Plus Federal Credit Union Business Products Business Savings Businesses that have fewer day-to-day transactions can keep their earnings stored in Affinity Plus Federal Credit Union’s Business Savings account for a minimum balance of $10. Deposits are federally insured by the National Credit Union Association (NCUA) for up to $250,000 and earn interest at a competitive APY of 0.100%. The interest accrues daily and compounds monthly. Affinity Plus FCU also offers a product with the same APY called Business Shares II. It’s a type of business savings account that lets users save for specific purposes (such as payroll or taxes) without having to maintain a minimum balance. Business Certificates Affinity Plus Federal Credit Union offers business-focused certificates of deposit (CDs) with terms ranging from 3 months to 5 years. Funds placed in Affinity Plus Federal Credit Union’s business certificates earn interest on a daily basis and compound monthly. Because interest rates are fixed, earnings on business certificates are fairly predictable. Basic Certificate requires a $500 minimum balance, with terms ranging from three to sixty months. There’s no limit on the amount of your single deposit. Wahoo Certificate has no minimum balance and offers one no-penalty withdrawal. The term is fixed at 12 months, and the number of deposits is unlimited with a maximum balance of $25,000. Certificate Builder has a low $100 minimum balance requirement and promotes unlimited deposits at a fixed 12-month term. Business Credit Cards Affinity Plus FCU’s business credit card is called the Visa® Business Rewards credit card. The variable-rate credit card charges no annual fee and no documentation fee for your application. It has an annual percentage rate (APR) of 2.90% for 12 months. However, after the promotional period, The APR will rise to 14.9%–18%, depending on what the user qualifies for. The card comes with tech perks, including contactless payments, digital wallet capabilities, and fraud protection. Affinity Plus Federal Credit Union Business Checking Pros & Cons Fans of in-person banking may not appreciate Affinity Plus FCU’s lack of physical branches outside of Minnesota. However, business owners who are satisfied with online banking will find that its extensive banking service offerings, combined with its well-designed mobile application, make it a great choice for business banking. For a credit union, it has very accessible membership requirements. Affinity Plus Federal Credit Union User Reviews Affinity Plus FCU has low to average ratings on WalletHub (3.6 out of 5), DepositAccounts by Lending Tree (2.5 out of 5), and Yelp (2 out of 5). Users rated it well for its friendly customer service, great rewards program, and outstanding online banking platform. They said that they also appreciate the easy loan process and excellent mortgage rates. However, some found it inconvenient for its lack of an online account opening option, long branch queues, and lengthy waiting periods when they called. Alternatives To Affinity Plus Federal Credit Union Business Checking Although Affinity Plus FCU offers a number of useful business banking services, it might not be the best choice for business owners who need fewer fees, improved physical branch accessibility, and cheaper wire transfer capacities. Here are three alternative options to consider: is best for fans of in-person banking who want a full range of banking services. As one of the biggest financial institutions in the country, it has no shortage of physical branch locations and doesn’t require membership, making it an accessible choice. is best for businesses that are comfortable with banking exclusively online. It’s an internet-only bank that offers competitive interest rates on checking and savings deposits. Its business checking account has a 2.0% APY for qualified account holders. is best for business owners looking for another internet-only banking option. It charges very few fees for its services. Incoming domestic wires are free, outgoing domestic wires are $10, incoming international wire transfers cost $5, and outgoing wire transfers cost $25. Grasshopper also provides cash back rewards for debit card purchases. Bottom Line Though lacks physical branches outside of Minnesota, it remains a very accessible banking option due to its top-notch mobile app and flexible membership requirements. If you’re a business owner who wants to conduct all banking activity, including checking, savings, loans, and lines of credit, under one establishment, Affinity Plus FCU could be the credit union for you.

Grasshopper Bank is highly recommended for businesses wanting an online, fee-free, interest-earning business checking account. It lets you earn a 1.5% annual percentage yield (APY) uncapped on all balances with no minimum requirement. It comes with a free Visa debit card, offering 1% cash back for online and in-store signature-based purchases. It also supports unlimited transactions and free payment transfers through automated clearing house (ACH) and incoming domestic wires. On top of that, you get free payment and invoicing software, Autobooks, to manage your cash flow better. Grasshopper Bank doesn’t accept cash deposits and has no brick-and-mortar branches, but you can make quick check deposits through its mobile app. At present, the bank limits itself to business checking products, lending, and financial technology (fintech) solutions. If those services fit your needs, then consider opening a business checking account with Grasshopper Bank. How Grasshopper Bank Stacks Up With Its Competitors See fullscreen table × *Bluevine is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Coastal Community Bank. When Grasshopper Bank Is a Good Fit Businesses with regular online and in-store purchases via debit card: Using its Visa debit card earns you unlimited 1% cash back on qualified purchases. Startups that want more savings on their checking accounts: Apart from its cash back offerings, it’s ideal for startups because it requires no monthly fees, no minimum balance, and provides 1.51% APY uncapped on all balances. Ecommerce businesses whose needs are fulfilled by an online-only bank: Grasshopper Bank allows its customers to deposit checks instantly and create personalized digital invoices through its online and mobile app. Small businesses that want to maximize an integrated free payment and invoicing software: Grasshopper Bank is on our list of best online business banks since it provides Autobooks for free, allowing customers to create professional invoices quickly and accept payments by credit card, debit card, and ACH transfer. It’s also why this bank is included in our lists of the best banks for startups and leading small business checking accounts. Businesses seeking a variety of financing options: Grasshopper Bank offers SBA loans, commercial real estate lending, venture capital, and private equity lending. For former Brex customers searching for financing solutions and digital integrations, Grasshopper Bank is included in our best Brex cash management account alternatives. When Grasshopper Bank Is Not a Good Fit Businesses that need cash deposits: Grasshopper Bank is a digital-only bank and doesn’t have a facility that accepts cash deposits. and are great alternatives as both have many brick-and-mortar branches and ATMs around the country that can accept cash deposits. Businesses that want to grow their funds through business savings and business investment products: Grasshopper Bank currently limits its offers to lending products. and are better options for fund growth since they promote business savings, business certificates of deposits (CDs), and business money market accounts. Grasshopper Innovator Bank Business Checking Overview Grasshopper Bank Innovator Business Checking Requirements Visit to open a business checking account. You’ll need to provide your personal information—such as name, email address, mobile number, and address. For legal entities, an employer identification number (EIN) and business address are required. Find more information on how to open a business checking account from our guide to opening a business bank account. A downloadable checklist is provided to help you. Grasshopper Bank Innovator Business Checking Features Grasshopper Bank’s Innovator Business Checking account offers interest, a visa debit card with rewards, and access to digital tools and SBA loans. Interest-Bearing Account You’ll earn 1.51% APY on all balances with no minimum and no cap on your earnings. You also save more as Grasshopper Bank’s Innovator Business Checking has no monthly fees. Visa Debit Card With Rewards A free Visa debit card is provided with your Grasshopper Bank Business Checking account. You can also create and issue virtual debit cards for contactless payments or online purchases. It’s convenient, secure, and entitles you to a 1% cashback on your online and in-store signature-based purchases. Online & Mobile Banking Grasshopper Bank lets customers apply for an online account in five minutes. You can also make instant check deposits through its mobile app. Unlimited transfers through free ACH, and incoming domestic wires are available. There are no reviews for the Grasshopper Bank app on the App Store and few reviews on the Play Store (5 out of 5). Positive feedback centered on its simple interface and ease of use. Currently, there are no negative reviews. Digital Tools Access You can pay bills seamlessly using ACH and send personalized invoices for faster payment collection. Grasshopper Bank lets you use Autobooks, QuickBooks, or any preferred accounting software to automate your bookkeeping. It also allows you to set user permissions, ensuring more secure transactions. In addition, the bank has business online banking guides to help you manage your transactions. Free Autobooks Grasshopper Bank provides Autobooks for free, integrated as a free payment and invoicing software with your business checking account. Small businesses can take advantage of financial tools to get paid quickly and issue professional invoices to their customers. SBA Loans Grasshopper Bank is an SBA Preferred Lender providing SBA loans, specifically SBA 7(a) Loans and SBA 504 Loans to small businesses and startups with competitive terms and low down payments. A variety of financing options are available for acquisitions and expansions, real estate and construction, partner buyouts, succession planning, and debt refinancing. Access to banking specialists is open to business owners. Startup Banking Services Grasshopper Bank is a great partner to startups as it provides growth-stage lending solutions and strategic support by helping them navigate multiple fundraising and qualifying investors. The bank also assists with accelerator applications, pitch practice, and deck reviews. Other Banking Products Grasshopper Bank offers the following solutions for startups and commercial businesses: Lending: Flexible funding for venture capital and private equity. Grasshopper has General Partner Term Loans, Fund Capital Call Lines of Credit, Management Company Working Capital Lines of Credit, Commercial Real Estate Lending, and Yacht Lending solutions. Fintech: Grasshopper Bank delivers application programming interface (API) banking in partnership with Treasury Prime. Grasshopper Bank Innovator Business Checking Pros & Cons Grasshopper Bank’s Innovator Business Checking is a great banking product that doesn’t require monthly fees or a minimum account balance. You can earn 1.51% APY on all account balances and also benefit from fee-free withdrawals at MoneyPass and SUM network ATMs. Note that Grasshopper Bank is a digital-only bank and can’t accept cash deposits. No account bonus is given when you open an Innovator Business Checking account. Grasshopper Bank User Reviews Grasshopper Bank has a 2 out of 5 rating on DepositAccounts under Lending Tree. A user rated it positively for its fast account opening and virtual debit card feature. However, another user complained that the bank locked an account flagged as risky and remains uncommunicative with the reason. Another negative review was due to account closure despite the complete submission of document requirements. Grasshopper Bank reviews are few given that it’s relatively new. Alternatives to Grasshopper Bank Innovator Business Checking If depositing cash, earning a higher interest rate, and maximizing your business funds are your main objectives, there are other banks you can check out. Here are three alternative options to consider: is best for businesses needing to deposit cash regularly. It offers no fees for cash deposits of up to $5,000 every month. is best for business owners aiming to earn higher interest for their business checking accounts. It offers 2.0% APY, provided conditions are met. is best for startups that want to take advantage of investment and savings products to grow their business funds. Bottom Line is optimal for small businesses and startups that want the conveniences a digital bank offers and fee-free interest-bearing accounts. You can benefit from unlimited transfers and cash back rewards from its free debit card. If your business isn’t reliant on transacting with traditional bank branches and depositing cash, Grasshopper is suitable. As your business grows and you need more funding, you can take advantage of the SBA loans it offers.

For small and medium enterprises (SMEs) and sole proprietors and freelancers operating a lean business without a support team, Lili is a great choice. It’s a fully digital fintech company offering a business checking account with no monthly fees under the basic plan, a Visa business debit card that earns cash back, a tax write-off tracker, an expense tracker, and fee-free overdraft coverage. Opening a Lili account is also hassle-free through its mobile app. However, to maximize its features, you need to subscribe to the Lili Pro plan, which costs $4.99 per month. How Lili Stacks Up With Its Competitors See fullscreen table × *Providers are financial technology (fintech) platforms backed and FDIC-insured by a supporting bank partnership (Choice Financial Group for Lili, Piermont Bank for Found, and Coastal Community Bank for Bluevine). When Lili Is a Good Fit New freelancers and SMEs with a low volume of transactions: To open a basic account with Lili, you need only a social security number. It has no monthly fees, transaction limits, and minimum balances, though you’re limited to depositing up to $9,000 in cash per month and $6,000 in mobile check deposits monthly. These are some of the reasons we consider it one of the best online business banks. Freelancers or single-member LLCs whose needs are satisfied by online-only banking: Lili’s app has multiple layers of security and allows you to make check deposits, view your finances, pay your bills, receive payments, track your expenses, and create digital invoices. Freelancers and small businesses wanting digital tax preparation assistance: You can take advantage of Lili’s robust tax optimizer, where potential tax write-offs can be monitored. You can also allocate money for a tax bucket and complete your schedule C automatically. Moreover, quarterly and annual expense reports are available, making Lili a powerful solution and one of our best banks for self-employed professionals and best Brex Cash Management Account alternatives. Freelancers without a support staff: It has a secure expense tracking management tool, invoice creation software, and tax planning tools to help you monitor your expenses, issue invoices, and prepare tax forms. Business owners looking to earn interest: Lili doesn’t provide an APY for its business checking account, but it offers a savings account feature with a 1.5% APY under the Lili Pro Plan. Note that the monthly $4.99 fee applies to this premium account. When Lili Is Not a Good Fit Freelancers wanting a traditional bank and to transact in person: Lili is limited to online banking and doesn’t offer investments, business credit cards, and lending products. and have thousands of branches in over half of all states and offer loans and lines of credit, certificates of deposits (CDs), and business credit cards. Sole proprietors or single-member LLCs needing to make heavy cash deposits frequently: It limits cash deposits to $1,000 per day and $9,000 per month. , , and Chase Bank are great alternatives as they have no cash deposit limits when you use their ATMs. Freelancers looking for a higher interest-earning business account: Lili’s basic business checking account has no APY although it offers a 1.5% APY savings account feature under the Lili Pro plan. For a higher interest rate option, you can opt for  where you can earn 2.0% APY for qualifying deposits. Find more providers in our guide to the best small business checking accounts. Lili Business Checking Overview Lili Business Checking Requirements Download the  mobile app (available in App Store and Google Play) to open a business checking account. You’ll need to provide your personal information—such as name, social security number, email address, mobile number, and mailing address. Only single-owner LLCs are allowed to open a business checking account. For DBAs, you’ll need to provide one of the following: DBA registration form, fictitious name registration, or assumed name certificate Lili allows DBA business accounts for businesses if the name isn’t the legal name of the business. Opening a DBA business account requires providing a Social Security number, the business’s employer identification number (EIN), and documentation of the DBA. For an LLC, Lili requires an IRS EIN letter. Lili Checking Features Lili’s Business Checking account offers access to tax and invoice tools and a Visa debit card with cash back rewards. It also has a direct deposit feature that allows two days of early payment than the expected date. Mobile & Online Banking You can do mobile check deposits using Lili’s mobile app and integrate payment apps, such as Venmo, PayPal, and Cash App, into your account. You can also manage your business finances through Lili’s web app. The mobile app’s reviews are excellent on both the App Store (4.7 out of 5) and Play Store (4.4 out of 5). Users appreciate the excellent features, such as the expense tracker, invoice software, and automated tax bucket. The lack of hidden fees and easy app navigation also delights customers. However, some had issues with depositing checks, leading to lower ratings. Visa Debit Card A Lili Business Checking account comes with a free Visa business debit card. Under Lili Pro, your debit card earns cash back rewards for both personal and business purchases at participating merchants. Free withdrawals are also allowed at more than 38,000 partner ATMs. You can monitor and categorize your expenses on your debit card in real time using the Lili mobile app. Further, you can attach a picture or PDF of your receipt to your transaction and safely store it in the app. Balance Up Balance Up is Lili’s fee-free overdraft coverage where your debit card purchases are covered up to $200 (subject to conditions). It’s open to Lili Pro customers and applicable to debit card purchases only. Automatic Savings Under the Lili Pro plan, you can open an Emergency Bucket account, a savings account with 1.5% APY to prepare for emergencies. It lets you set up an automatic transfer at a $1 minimum per day, keep track of your savings, and view monthly statements through the Lili app. Note that the APY is variable and may change at any time. You also need to have 1 cent in savings to start earning interest. Tax Optimizer For more tax savings, use Lili’s tax management tool where tracking tax write-offs is easy. You can view estimated tax savings, allot a portion of your income automatically or manually for tax payment (Tax Bucket), and download auto-generated quarterly and yearly business expense reports. A prefilled 1040 Schedule C form for your business can also be downloaded annually. Invoices & Payments You can create unlimited and customized invoices using Lili’s banking app. Your customers can pay you through ACH, checks, cash, PayPal, Venmo, Cash App, debit card/credit card, and bank transfer via Stripe. For invoices, you can connect up to three payment apps. You can also link your external bank accounts to your Lili account for sending or receiving money. Direct Deposit Lili features a free direct deposit payment method where you can receive your money two days earlier than the expected date. A notice is sent to your Lili app when the money is available. Setting up direct deposit is easy—you can do this by providing your account and routing number on the mobile app or getting a direct deposit form via email. Link your account with Cash App, Venmo, PayPal, and marketplaces to take advantage of the early payment direct deposit feature. With Direct Deposit, you can skip going to banks and writing checks. Lili Business Checking Pros & Cons Lili is a great choice for freelancers and business owners looking for more savings since it has no monthly maintenance fees under its basic tier. You can also benefit from a fee-free $200 overdraft protection when you subscribe to the Lili Pro plan. In addition, withdrawals are free when you use your debit card at more than 38,000 partner ATMs. However, keep in mind that a Lili business checking account is limited to single-owner LLCs and DBAs, so you can’t open a joint account if you have a business partner. It also doesn’t earn interest—although you get an automatic savings account with a 1.5% APY under Lili Pro. Lastly, Lili doesn’t allow sending and receiving of wire transfers. Lili User Reviews Lili has a high 4.7 out of 5 rating on Trustpilot. Users rated it positively for its convenient features, such as monitoring tax write-offs, organizing expenses, and providing overdraft coverage. Users also appreciate the ease of account opening and efficient customer service. However, others mentioned that they wanted more services, such as a higher deposit limit and daily ATM withdrawal amount, live customer support, the ability to issue physical checks, and a payroll service function. Lili actively responds to each review and reassures account holders to look forward to future updates on the platform. Alternatives to Lili Business Checking For businesses wanting to earn high interest, looking to send and receive fee-free wires, and needing a traditional bank, here are three options to consider: is best for LLCs that want to open an account with a traditional bank; online banking and in-person banking are available options. is best for business owners who prefer to earn a high 2.0% interest on their business checking accounts; no account opening deposit and no minimum balance is required. is best for businesses that want to send and receive wires; no wire transfer fees for domestic and international, whether incoming or outgoing. Bottom Line is ideal for small and midsized businesses (SMBs) and freelancers wanting to open an account with no minimum deposit and no maintaining balance, earn cash back rewards from a free debit card, gain access to tax management tools, and use invoice software to create unlimited invoices. If online banking can support your business needs, then opening an account with Lili is highly recommended.

For business owners with modest transactions, HomeStreet Bank is a great choice. It provides two small business checking account options that feature low and waivable monthly fees, free online banking access with an optional bill payer, mobile banking, and no cash deposit fees. Sole proprietors can also generate interest from the Business Advantage checking account. HomeStreet Bank operates full-service branches in California, Hawaii, Oregon, and Washington. How HomeStreet Bank Stacks Up With Its Competitors When HomeStreet Bank Is a Good Fit Sole proprietors with low monthly transactions: HomeStreet Bank’s checking accounts are ideal for sole proprietors with minimal needs. You get 50 free checks per statement cycle under its Business Basics account and 100 free checks with its interest-earning Business Advantage account. Cash-intensive businesses that require frequent deposits: The bank imposes fees only on checks (after the free transaction limit is reached); there are no charges for depositing cash. Small businesses that want low and waivable monthly fees: Business Basics and Business Advantage checking accounts charge $10 and $8 monthly fees, respectively, if you fail to meet the required balances to waive it. Businesses seeking access to business financing: With HomeStreet Bank, you get a variety of lending options, from Small Business Administration (SBA) loans and lines of credit to professional loans for doctors and lawyers. Businesses that want accounting software integration for efficient account reconciliation: With HomeStreet Bank’s Direct Connect service, reconciling your accounts is automatic since fund transfers and bill payments can be done through Quicken or QuickBooks. This service requires enrollment and bank approval. When HomeStreet Bank Is Not a Good Fit Businesses located outside HomeStreet Bank’s service area: HomeStreet Bank’s branches are situated only in four states: California, Hawaii, Oregon, and Washington. If you require in-person banking, it’s best to consider providers with a broader service area, such as , , or . Businesses that want a higher APY: Currently, HomeStreet Bank’s Business Advantage checking account earns 0.10% APY. This is rather low in comparison to fintechs and online banks like , , and , which offer APYs ranging from 1.01% to 2.00%, provided conditions are met. Businesses that prefer not to pay high minimum opening deposits: HomeStreet requires $300 as an initial opening deposit for its Business Basics checking account. only asks for a minimal $1 to open a checking account, while  has no required opening deposit. HomeStreet Bank Business Checking Overview HomeStreet Bank Business Checking Requirements requires all business checking accounts to be opened in-branch. You can call your nearest branch to ask for the relevant documentation prior to your visit. Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of required documents. HomeStreet Bank Business Checking Features HomeStreet Bank’s business checking accounts provide online and mobile banking access, an option to earn interest, and integration with accounting software for easy account reconciliation. Interest-Bearing Account Business owners can open a Business Advantage account that earns APY, with a current rate of 0.10%. The interest is compounded monthly and credited to the account on the last day of the statement cycle. Rates can vary for different states and are subject to change at any time. Business Online & Mobile Banking You can check your account balances online, transfer funds, pay bills, and deposit checks using your mobile device. Business online banking is free with an optional bill payer. Reviews for HomeStreet Bank’s business mobile banking app are generally positive on App Store (4.6 out of 5) and Google Play (3.6 out of 5). Users find it easy to use and convenient, letting them skip bank trips, and negative feedback includes repetitive and time-consuming instructions for depositing checks. Cash Management Services Collecting and disbursing funds: Automated clearing house (ACH) origination, branch deposits, cash concentration, cash vault/armored car, lockbox, wire transfers, Merchant Bancard Services, remote deposit capture, Check2ACH, business credit cards, and corporate purchase cards Managing funds: Cash sweep, loan sweep, and zero balance accounts (ZBA) Information: Account analysis, Positive Pay, ACH Positive Pay, check images on CD-ROM, e-statements, e-notices, and electronic data interchange (EDI) reporting Remote Deposit Capture Business owners can save time and deposit checks directly from their computer or mobile device. HomeStreet offers Merchant Capture, where a check scanner is used for high-volume check deposits (beyond 20 per month). If you process a low number of checks, you can use your iOS or Android device. Direct Connect You can save more time, avoid manual entries, and prevent duplicate transactions by enrolling in Direct Connect. It lets you download all bill payments and transfer funds between your HomeStreet Bank accounts using Quicken or QuickBooks. Your data reconciles automatically since the Direct Connect files can be opened within the accounting software. Note that Direct Connect enrollment is subject to bank review and approval. Other Business Checking Account/s HomeStreet Bank offers a Business Analyzed checking account, Interest on Lawyers’ Trust Account (IOLTA), and Interest on Real Estate Trust Account (IRETA). Other Banking Products HomeStreet Bank has a wide array of business banking products, from savings accounts to credit cards and business loans: Business savings: With a $200 minimum deposit, you can open a business savings account that allows you to earn interest. The rates can vary per state and are subject to change without notice. No minimum balance is required to earn interest, but you need to maintain a $200 daily balance in your account to waive the $1 monthly fee. Money market: HomeStreet Bank offers two types of business money market products. The rates may vary per state and are subject to change without notice. Business Money Market: For a $1,000 minimum deposit, you can open a high-yield account. No minimum balance is required to earn interest, but you need to maintain a $1,000 daily balance in your account to waive the $5 monthly fee. Business Money Market Special Account: For guaranteed high fixed interest, you can open this account with a minimum deposit of $100,000. Funds to open must be new money or funds not currently on deposit with HomeStreet Bank by the account holder. To waive the $5 monthly fee, you need to maintain a $1,000 daily balance in your account. Insured Cash Sweep Account: Business owners with excess cash balances can earn returns through this account. Your funds are protected by multimillion Federal Deposit Insurance Corporation (FDIC) insurance. The monthly service charge is $75. Business credit cards: The bank has different business credit card options available and features free online expense reporting tools. No fees are charged for requesting additional employee cards. Business Cash Preferred Card offers 3% cash back if you use it at gas stations, cellphone providers, and office supply stores, including restaurants. For other eligible purchases, you can earn 1% unlimited cash back. Business Card lets you save on interest with its extended low rate. Smart Business Rewards Card provides 2x points per $1 spent from your top two spending categories. You also gain 1 point per month per $1 spent on your other eligible purchases. Business Real Rewards Card allows you to earn 1.5 points each month for every $1 you spend on eligible purchases. SBA lending: HomeStreet Bank offers SBA 7 (a) real estate loan & SBA 7 (a) business loan, SBA 504, SBA Express, and SBA CAPLines. These come with lower down payments and longer terms. Streamlined business lending: Business owners can take up loans for different business needs. The bank offers a working capital line of credit, equipment loan, nonrevolving line of credit, and owner-occupied real estate loan. Professional practice lending: HomeStreet Bank helps medical doctors, dentists, veterinarians, and lawyers grow their practice through 80% to 100% financing for office expansions, acquisitions, or working capital. The terms can range from seven to 15 years with competitive rates. Commercial lending: The bank offers several business solutions, such as owner-occupied real estate loans, lines of credit, and term loans. Commercial real estate (CRE) lending: For property acquisitions, refinancing, construction, or rehabilitation, you can apply for a permanent loan, Fannie Mae DUS loan, bridge loan, or construction loan. The loan size starts at $2 million and reaches up to $100 million with a floating or fixed rate. Homebuilder construction financing: HomeStreet Bank also provides builder construction financing through construction loans, lot acquisition loans, and land development loans. Industry solutions: HomeStreet serves banking solutions to nonprofit organizations, manufacturing businesses, and property management firms/homeowners' association (HOAs). HomeStreet Bank Business Checking Pros & Cons HomeStreet Bank has two superb business checking accounts offering fee-free cash deposits. It also features Direct Connect, where transaction data are synced automatically with your accounting software for easy bank reconciliation. If you need more business capital or equipment and real estate funding to grow your business, several financing options are available. However, the bank doesn’t provide free wire transfer services. Also, its customer service business phone support is available only from Mondays to Fridays, making it inconvenient for account holders needing banking resolutions on weekends. HomeStreet Bank User Reviews HomeStreet Bank has mixed ratings from WalletHub (4.9 out of 5) and Yelp (2.5 out of 5). Users like the responsive customer service, efficient loan procedure, and high APY on savings. However, there are instances where users encountered their mortgage loans being sold to another bank and long check holding periods. They also wished for a better online and mobile banking system. Alternatives to HomeStreet Bank Business Checking If you want more branch access, no wire fees, and a high APY, you can consider the following banks: is best for business owners needing in-person banking in more areas since its branch presence covers 48 states. is best for businesses sending and receiving wires frequently. Its incoming and outgoing wire transfers are free, whether domestic or international. is best for businesses wanting to save on ATM fees with its unlimited domestic ATM fee refunds. Check out more providers in our list of the best small business checking accounts. Bottom Line is ideal if your business is based in California, Hawaii, Oregon, and Washington since account opening is done at a branch. Business owners with a limited number of check transactions every month can open the Business Basics checking product, while sole proprietors preferring to earn interest can opt for a Business Advantage checking account. HomeStreet Bank lets you save with its fee-free cash deposits, making it a sound choice for small business owners.