Ricci Recto

If your small business needs affordable business checking with brick-and-mortar banking access, Capital One is an excellent choice. Its basic account, called Spark Business Basic Checking, offers unlimited fee-free digital transactions for a waivable monthly fee. Businesses with higher cash transaction volumes can upgrade to Spark Business Unlimited Checking, which offers unlimited fee-free digital transactions and cash deposits. Although Capital One offers free digital banking, you are required to visit a branch to open an account. The bank operates exclusively in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington D.C. How Capital One Stacks Up With Its Competitors When Capital One Is a Good Fit You need unlimited fee-free transactions: In our list of the best small business checking accounts, we named Capital One the best provider for unlimited everyday transactions because it charges no fees for digital transactions, including online deposits, withdrawals, and transfers. Your business works with cash regularly: The Spark Business Basic Checking Account lets you deposit up to $5,000 per month without fees. Upgrading to Spark Business Unlimited Checking gives you unlimited fee-free deposits. Your limited liability company (LLC) requires you to travel regularly: The bank issues a Spark Miles for Business card that lets you earn travel rewards. The card has a low annual fee and gives out unlimited 2x miles for all your purchases, which is why we consider it among the best LLC credit cards. When Capital One Is Not a Good Fit You need an interest-earning business checking account: Neither of Capital One’s business checking accounts let you earn interest. We recommend , which offers 2.00% APY on qualifying balances worth $100,000 or less. You live outside Capital One’s jurisdiction: To open a business checking account with Capital One, you are required to visit one of its branches, which are located exclusively in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington D.C. If you want a bank with more physical branches, look into , which has 4,700 branches in 48 states. You want a fee-free business checking account: Capital One requires a minimum deposit of $250 and has monthly maintenance fees—though you can waive them when conditions are met. However,  lets you open a basic checking account with no minimum deposit requirement and no monthly fees. Check out more providers in our list of the best small business checking accounts. Capital One Business Checking Overview Capital One Business Checking Requirements To open a business bank account with Capital One, you need to visit one of its physical locations. You will be asked to provide the following: Personal information (name, date of birth, Social Security number, birthdate) Email address and phone number US address and owner establishment date (not a P.O. box) Legal name of business and type of business Business establishment date with signer’s full name Tax ID number, ownership structure, number of employees Percent of ownership and annual gross revenue Click on your entity type below for a list of additional requirements. Capital One Business Checking Features Online & Mobile Banking Capital One offers digital banking through its website and mobile app. The mobile app lets you View balances and export statements Check your credit Pay bills and loans Activate cards Redeem rewards Send and receive money through Zelle On Google Play, Capital One earned 4.6 out of 5 stars with more than 1.3 million ratings, whereas on App Store, it garnered 4.9 out of 5 stars with 5.6 million ratings. Satisfied reviewers praised the app for its simplicity and ease of use. However, a few past users complained that the app tends to glitch during update rollouts. Spark Business Basic Checking A Spark Business Basic checking account, which has a $250 account opening deposit, provides small business owners with unlimited digital transactions, a debit card, and online bill pay. It comes with a $15 monthly fee that you can waive if you have: A $2,000 minimum 30- or 90-day average balance, whichever is greater; or Any two or more active, open products that include a small business loan or line of credit, merchant services account, or a Spark business credit card Spark Business Unlimited Checking A Spark Business Unlimited checking account is for small business owners with less than $10 million in annual sales revenues and cash deposit needs under $40,0000 per month. It offers fee-free cash deposits, unlimited transactions, debit cards, and online bill pay. A $250 account opening deposit is required to open an account. It has a $35 monthly fee that you can waive if you have: A $25,000 minimum 30- or 90-day average balance, whichever is greater; or Any two or more active, open products that include a small business loan or line of credit, Spark ProDeposit, merchant services account, or a Spark business credit card Opening a Spark Business Unlimited checking account entitles you to two Spark Business Basic checking accounts with no monthly fees—as long as the account remains open and in good standing. If the account is closed, then the monthly service fee for the Spark Business Basic Checking accounts will be applied. Spark ProDeposit The Spark ProDeposit service is available only to Spark Business Unlimited Checking account holders. It is a remote deposit service that saves you from bank trips by allowing you to deposit checks using a single feed scanner and/or mobile device. The ProDeposit monthly service fee is $50 and requires a 1-year contract. A free remote deposit capture scanner is provided by Capital One. Other Capital One Business Products Business Savings In our roundup of the best savings accounts for small businesses, we named the Capital One Business Savings Account the best choice for those looking for savings with traditional providers. The account, which has an opening deposit requirement of $250, charges a monthly fee of $3—waivable with a minimum balance of $300. It also offers an introductory APY of 0.20%, which will apply to your entire balance for your first twelve months. After the promotional period, you will earn interest at Capital One’s standard APY rate. Lending Products Capital One offers real estate term loans, Small Business Administration (SBA) loans, and lines of credit, all with flexible lending terms. You can use your business checking account to set up automatic loan payments. Real Estate Term Loans: If you need to purchase, refinance, or improve properties, you can take Capital One’s Real Estate Term Loans for fixed-term loans worth up to $5,000,000. Term lengths can last as long as 20 years. SBA Loans: For longer terms, lower equity requirements, or fixed terms, you can connect with Capital One for SBA 504 and SBA 7(a) loans. Lines of Credit: If you need access to working capital, Capital One provides revolving lines of credit worth up to $5,000,000. Business Cards Capital One business credit cards feature excellent rewards, such as unlimited cash back, no annual fees, and bonus travel miles. As a business owner, you can request free business credit cards for your employees. This will help you keep track of their business spending, as you can set spending limits and review transactions. You also get an itemized report at the end of the year, helping you plan your budget and prepare for tax season. Escrow Express The Capital One Escrow Express sub-account can help you manage risk and ensure due diligence in business transactions. The provider offers three types of Escrow accounts: Tenant Security manages tenant security deposits for property managers and landlords Attorney Trust manages client funds for attorneys and law firms Escrow Standard provides sub-accounting functionality for escrow agents and other businesses You can access your Escrow Express account through Capital One’s Intellix Platform. The platform lets you pay interest, customize disbursement schedules, submit W9s, and more. Trade Credit Capital One offers buy-now-pay-later (BNPL) solutions for B2B relationships. Through these solutions, you can give your clients more time to pay without delaying your access to profits. It’s a great way to improve the predictability of cash flow. Capital One Business Checking Pros & Cons With a cash deposit limit of $5,000 for basic accounts and unlimited fee-free cash deposits for higher-tier accounts, Capital One is an excellent fit for cash-reliant businesses. If you upgrade to Spark Business Unlimited Checking, you can also save on wire transfer fees with unlimited free incoming wire transfers and five free outgoing wire transfers monthly. However, the bank’s physical branches are only available in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington D.C.—and you are required to visit a branch to open an account. Fortunately, it offers a smooth digital banking experience through its website and highly-rated mobile app. Capital One User Reviews Capital One reviews from customers are mixed. Users have given it 1.2 out of 5 on Trustpilot, 3.5 out of 5 on DepositAccounts, and 3.7 out of 5 on WalletHub. Satisfied reviewers mostly praise the bank’s mobile app, which they said is reliable and easy to navigate. A few reported that they’ve had good experiences with the Capital One customer service team, which they noted is helpful and friendly. However, many said the opposite. Negative reviews mentioned that reaching Capital One’s customer service team takes an overly long time and that resolving issues takes even longer. Many also claimed to have had their accounts locked or restricted for unjust reasons. Additionally, a few customers complained that Capital One takes too long (six to seven business days) to provide access to funds from deposited checks. Further, customers said that they dislike that Capital One’s branch presence is continually shrinking. Over the past few years, the bank has closed several of its brick-and-mortar stores, inconveniencing customers reliant on in-person services. Alternatives to Capital One Business Checking Capital One has two excellent business checking accounts, but they may not suit your business needs. If you want interest-earning potential, nationwide access to in-person banking services, or fee-free banking, you may want to bank elsewhere. Here are three alternatives to consider: * is best for earning interest on checking deposits. If you meet its activity requirements, your account can earn 2.00% APY on balances of $100,000 and less. is best for nationwide branch access, as it has 4,700 physical branches across 48 states. is best for fee-free traditional banking. Its Silver Business Checking account charges no monthly service fees. *Bluevine is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Coastal Community Bank. Bottom Line The business checking products of  are suitable for business owners who want fee-free unlimited transactions and access to both traditional and online and mobile banking. Depending on your cash deposit transaction volume, you can choose to open a Spark Business Basic or a Spark Business Unlimited checking account.

If you need a business savings account from a provider that offers both digital banking and in-person branch services, Capital One is a great option. The Capital One Business Advantage Savings account offers an introductory interest rate of 0.20% for your first 12 months. Although its services aren’t free, you can waive its $3 monthly fee easily by maintaining an average monthly balance of $300. How Capital One Stacks Up With Its Competitors *First Internet Bank will reimburse United States-based ATM fees at a limit of $10 per month. When Capital One Is a Good Fit You rely on in-person banking: As the eighth-largest consumer bank, Capital One has several branches across the country, with most locations concentrated in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C. Your business works with cash regularly: With 70,000 ATMs across the country, Capital One is a good fit for businesses that frequently withdraw cash. Additionally, the Capital One Business Savings account has a free cash deposit limit of $5,000. You want access to full-service business banking: Capital One offers tiered business checking accounts, credit cards, lending products―including real estate term loans, Small Business Administration (SBA) loans, and lines of credit―escrow accounts, and merchant services. When Capital One Is Not a Good Fit You want to earn interest at competitive rates: Compared to its competitors, Capital One’s APY rates are on the lower side. ’s business savings account is our top choice for the best savings accounts for small businesses because it offers an APY of 3.50%. You aren’t located near a Capital One Branch: You’re required to visit a physical Capital One branch to complete your business savings account application. There are locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C. If you live outside Capital One’s service areas, , which has branches in 48 states, might be a better option. If your small business meets these scenarios, see our guide to the best banks for small businesses for additional recommendations. Capital One Business Savings Overview Capital One Business Savings Requirements Only legal US residents aged 18 or over are allowed to apply for a Capital One Business Savings account. You’re required to visit a branch to open an account, and Capital One will require the following information: Personal information, including name, date of birth, and Social Security number Email address and phone number US address and owner establishment date (not a PO box) Legal name of business and type of business Business establishment date with signer’s full name Tax ID number, ownership structure and number of employees Percent of ownership and annual gross revenue Capital One may request additional information and documentation, depending on business ownership structure and other factors. Click on your business type below for a list of additional requirements. For a downloadable checklist of documents banks typically require, refer to our guide on how to open a business bank account. Capital One Business Savings Features Promotional Interest Rate For the first 12 months, Capital One will pay you a high-yield introductory interest rate on balances under $5 million. The promotional rate expires 365 days after an account is opened. After which, standard variable APY rates will apply to the account’s entire balance. Rates vary by region and can change at any time without notice. Waivable Monthly Fee Capital One charges business savings accounts a $3 monthly fee. It can be waived by maintaining a minimum average monthly balance of $300. Digital Banking You can bank digitally through the Capital One website and the Capital One mobile app, available on iOS and Android. Through digital banking, you can View balances Export statements Pay bills and loans Redeem rewards Activate credit and debit cards, Send and receive money through Zelle Millions of reviewers on the App Store and Google Play have given the mobile app positive ratings. According to reviewers, the app is visually appealing and easy to navigate. Overdraft Coverage You can link your savings account to your Capital One checking for free to protect yourself from overdraft fees. If you overdraft your checking account, Capital One will pull funds automatically from your savings account to cover the cost. Certificates of Deposit (CDs) Capital One also offers business CDs. However, applicants can only access CD information by speaking to a Branch Ambassador at a Capital One branch. Other Capital One Business Products Capital One Business Checking Capital One offers two business checking accounts: Capital One Basic Checking for everyday businesses and Capital One Unlimited Checking for businesses with higher balances and larger transaction needs. Both come with free debit cards, overdraft coverage, digital banking, and online bill pay. In our list of the best checking accounts for small businesses, we named Capital One Basic Checking as the best choice for unlimited everyday transactions. There are no fees or limits for digital transactions. Business Credit Cards Capital One business credit cards are protected under the $0 Liability Policy. They come with a number of account management and business management features. The bank lets you pick your own monthly due dates and set up automatic payments. You can also issue employee cards and customize transaction limits to control spending. Lending Products Capital One offers real estate term loans, SBA loans, and lines of credit, all with flexible lending terms: Real estate term loans: These are fixed-term loans for purchasing, refinancing, or improving property; loans can be worth up to $5 million and term lengths can last as long as 20 years SBA loans: Businesses that need longer terms, lower equity requirements, or fixed terms can connect with Capital One for SBA 504 and SBA 7(a) loans Lines of credit: Capital One provides revolving lines of credit worth up to $5 million Escrow Express If you want to manage risk and ensure due diligence in business transactions, you can use Capital One’s Escrow Express sub-account to manage transaction funds. It offers three types of escrow accounts: Tenant Security manages tenant security deposits for property managers and landlords. Attorney Trust manages client funds for attorneys and law firms. Escrow Standard provides sub-accounting functionality for escrow agents and other businesses. Capital One’s Intellix Platform gives you 24/7 access to your Escrow Express account. Through digital banking, you can pay interest, customize disbursement schedules, submit W-9s, and more. Capital One also provides account summaries and statements for in-depth account reporting. Trade Credit Through Trade Credit, Capital One’s business-to-business (B2B) credit program, you can give your B2B customers buy now, pay later (BNPL) options. These solutions give your clients more time to pay while keeping your access to profit. Trade Credit improves the predictability of cash flow and reduces non-payment fraud risks. Capital One Business Savings Pros & Cons *As of December 2022, the national average APY for savings accounts is 0.30%, according to the Federal Deposit Insurance Corporation (FDIC). Capital One’s promotional APY of 0.20% is lower than the national average of 0.30%. When the promotional period ends, you’ll receive an even lower rate. One of Capital One’s biggest weaknesses is accessibility. The bank is only available in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C. Applicants are required to visit a branch to open an account. To compensate for having a smaller branch network, Capital One offers efficient digital banking services and access to more than 70,000 fee-free ATMs. Capital One Business Savings User Reviews Capital One has a rating of 1.2 out of 5 on Trustpilot, 3.5 out of 5 on DepositAccounts, and 3.7 out of 5 on WalletHub. Customers with good experiences claim that Capital One’s services are smooth and reliable. Many praised the bank’s app, which they said had a smooth interface that made online payments easy. Customers also like that the bank offers rates that keep up with current market conditions. However, many reviewers complain of poor customer service. Reports of rude staff and unresolved banking issues are common. Additionally, many past customers claimed to have had their accounts locked or restricted without due explanation. Many also complained about Capital One’s shrinking branch presence. In the past few years, the bank has been closing dozens of its brick-and-mortar stores in favor of strengthening its digital banking offerings. This has been inconvenient for customers who prefer banking in person. Alternatives To Capital One Business Savings Although Capital One offers a great range of banking products, it may not meet your banking needs. If you want to take your money further, it may be best to look into an online-only provider. Today’s online banking solutions offer higher rates, lower fees, and additional cost-saving features. Here are a few alternatives to consider: is best for high APY as it offers 3.50% APY on its business savings accounts. Interest compounds daily. is best for ATM fee reimbursements. It refunds of up to $12 monthly on any surcharge fees you may incur at out-of-network ATMs. * is best for earning interest on checking balances. In our list of the best free checking accounts for small businesses, we rated Bluevine the best for earning interest. Though the provider doesn’t offer a savings account, its checking account offers a 2.00% if you meet its activity requirements. *Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank. Bottom Line If you want a bank that provides both in-person branch access and reliable digital banking services, is a good place to put your savings. However, the bank’s business savings rates fall short compared to other online banks in the market. Additionally, a significant percentage of customer reviews complain of unhelpful customer service.

If you need a business banking provider that scales as your business grows, Silicon Valley Bank (SVB) is a great choice. Designed for early-stage startups and venture-funded businesses, it offers two small business banking products: SVB Edge and SVB ScaleUp. Both accounts offer unlimited fee-free transactions, software integrations with QuickBooks, Xero, and Expensify, and discounts on business tools like Google Cloud, Amazon Web Services (AWS), Zoom, and Slack. How Silicon Valley Bank Stacks Up With Its Competitors *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Evolve Bank & Trust for Mercury and Coastal Community Bank for Bluevine). **Third-party operator fees may apply. When Silicon Valley Bank Is a Good Fit You need flexible lending options: When you’re looking for growth opportunities and you need additional funding, SVB extends venture debt, growth capital, and working capital loans to meet your expansion plans and short-term operational costs. You want to save on monthly fees for your first three years of operations: The SVB Edge business checking account waives monthly fees for the first three years upon account opening. Meanwhile, the SVB ScaleUp business checking account waives monthly fees for the first year upon account opening. You want discounts on business software: SVB offers discounts on some of the most widely-used business tools, including AWS, Google Cloud, Zoom, and Slack. You want to earn rewards on credit card purchases: With an SVB business checking account, you can qualify for an SVB Innovators Card, which is among our list of the best business credit cards with no personal guarantee. The charge card is made for startups that can pay balances in full every month, lets you earn 2x unlimited points, and has no annual fee. SVB also offers as many free employee cards as you need. You want to earn competitive interest on savings: The SVB Edge account comes with a free startup money market account, which earns interest at a rate of 3.40%. When Silicon Valley Bank Is Not a Good Fit You want to bank without a monthly fee: While SVB charges no monthly fees on your first three years of using SVB Edge (or your first year of using SVB ScaleUp), it charges a steep $50 monthly fee after that period. , , and are great alternatives for freelancers and self-employed professionals looking to save on fees without a time limit. You want a bank with a strong branch presence: SVB only has branches in Arizona, California, Colorado, Florida, Georgia, Illinois, Massachusetts, Minnesota, New York, North Carolina, Oregon, Pennsylvania, Texas, Utah, Virginia, and Washington. A better alternative would be , which has 4,700 branches across 48 states. You want to earn interest on checking deposits: SVB business checking accounts don’t earn interest. offers 2.00% APY to accounts that meet its activity requirements. If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations. Silicon Valley Bank Business Checking Overview Silicon Valley Business Checking Requirements To open a business checking account, you can apply through the Silicon Valley Bank website You will need to provide the following information: Full name Address Date of birth Tax identification number (TIN) A driver’s license or other identifying documents will be required for beneficial owners, authorized signers, contracting officers (individuals authorized to transact on your behalf—such as making withdrawals, writing checks, transferring funds, stopping payments, and obtaining ancillary services), and other designated signers on the account. You also need to provide legal business documents depending on your business entity type. Examples of required documents include: Certification of trust Court orders Partnership agreements Certificates of limited partnership Filed articles of incorporation Filed fictitious business name statements Silicon Valley Bank Business Checking Features SVB offers two small business checking accounts with no monthly fees for a set period, online and mobile banking, startup resources, and an SVB Innovators Card. SVB Edge This is a free business checking account for new startups. It charges no monthly fees for three years and offers free online banking, unlimited incoming wires and ACH, and unlimited outgoing wires—including foreign currency, bill payments, and mobile deposits. After three years, SVB will charge you a monthly maintenance fee of $50 and outgoing fees for both domestic and international wires. SVB ScaleUp SVB ScaleUp is optimal for rapidly growing startups and venture-funded businesses. It comes with a $500 monthly credit to cover the service fees, and its monthly fee is waived for the first year. The account provides access to remote deposit capture, lockbox services, online banking (with foreign exchange), SVB Transact Gateway for payment automation, domestic and international wires for USD and other currencies (incoming and outgoing), and fraud control services. SVB Mastercard Business Debit Card On account opening, you can choose to apply for a free SVB Mastercard Business Debit Card. The card is protected from fraud under Mastercard’s Zero Liability Protection policy. Digital Banking You can conduct banking transactions online through the SVB website or mobile app. The app lets you do the following: Manage accounts Manage cards Deposit checks Schedule and approve payments Transfer funds However, the app has mostly received negative reviews, earning a rating of 3.1 stars on the App Store and 2.5 stars on Google Play. According to past users, the app lags often and is difficult to navigate and log into. Business Services Fraud prevention: Startups can rely on SVB to lower the risk of fraud through Positive Pay, where cleared checks are compared with issued checks. It also uses ACH Blocks and Filters to keep unauthorized ACH debits and credits from posting to an account. Additionally, SVB secures online transactions with the IBM Security Trusteer Rapport software, adding more protection from financial malware, and offers online controls through dual administration and alerts. Remote capture: You can deposit your check easily using your mobile device or scanning several checks through a desktop scanner. SVB also provides a remote lockbox facility for a high volume of checks and remittance documents. Bill Pay Plus: You can automate bill payments by setting payment schedules. It also allows you to sync with leading accounting apps, such as QuickBooks, NetSuite, Xero, and Intacct for greater efficiency. SVB Direct Connect: Direct Connect lets you sync current and past account data automatically to the bank’s Open Financial Exchange service for better cash management. It allows you to add popular financial management apps such as QuickBooks, Quicken, Xero, Expensify, and others. SVB Transact Gateway: To improve productivity, this feature allows you to automate payment initiation, processing, account reporting, and reconciliation by linking your company’s accounting software and back-office systems with your company’s online banking payments and data. Discounts: Silicon Valley Bank provides discounts on accounting and human resources (HR) software, infrastructure products, and other business services. Among them are Gusto, Google Cloud, AWS, Zendesk, Bioverge, and CipherBio. Other Banking Products Silicon Valley Bank also supports startups and venture-funded firms by providing business market accounts, business credit cards, and lending options. Analyzed Checking Businesses with high transaction volumes should choose SVB’s Analyzed Checking account, which offers a full suite of cash management services. Though the account charges a monthly fee of $32, it lets you waive fees through earnings credit, which is based on your balance. SVB Startup Money Market SVB Edge also provides a money market account with an APY of 4.33% on balances of $4,000,000 or less. Balances exceeding $4,000,000 earn interest at a rate of 1.00%. Interest is accrued daily and credited monthly. Credit Cards SVB offers two types of credit cards. The SVB Innovators Card provides high credit limits that scale with your business needs. It earns 2x rewards points on purchases with no caps for points earned. You can also issue cards to employees. The SVB Multi Card Mastercard is designed for larger businesses. It also offers scalable credit limits and expense management controls for employee cards. Virtual Card Program The SVB Virtual Card Program lets you instantly create single- or multiuse virtual cards for employee use. You can customize transaction and authorization controls to limit when, where, and how cards will be used. Lending Products SVB offers venture debt, growth capital, working capital, and mezzanine loans. Global Business Solutions For international expansion, SVB has banking solutions that include opening multi-currency accounts, foreign exchange risk services, and global trade finance. Silicon Valley Bank Business Checking Pros & Cons SVB’s business products are ideal for startups intending to expand within one to three years. Waiving monthly service fees for the first few years of use helps keep business checking costs affordable at early stages, while access to lending products and high-yield money market accounts help fund business development. However, if your business fails to grow within SVB’s promotional period, you may find it difficult to pay the bank’s regular monthly service fee of $50. If you’re an SVB ScaleUp account holder, you cannot use your $500 monthly credit to cover monthly fees. Silicon Valley Bank Business Checking User Reviews There are very few Silicon Valley Bank reviews from users available online. The bank has a rating of 2.5 out of 5 on WalletHub, from about 30 reviews. However, past users haven’t published written reviews on this platform. On Trustpilot, the bank received a rating of 2.9 out of 5, but only from around 10 reviews. G2 users gave the bank a rating of 4 out of 5, from about 10 reviews. Because there are so few reviews, it’s difficult to paint an accurate picture of customer satisfaction. Other than two comments calling the bank’s website interface “confusing,” there are few common threads unifying the bank’s negative reviews; most complaints seem to talk about isolated experiences or minor transgressions. However, the few positive reviews available agree that Silicon Valley Bank is quick to respond to customer concerns and questions. Customers praised the bank for having a personable team with a good knowledge of tech industry needs. Alternatives To Silicon Valley Bank Business Checking Though Silicon Valley Bank offers great business checking options for startups, the steep monthly service fees the bank charges after the promotional period may eat away at your earnings. If you prioritize cost-efficiency over in-person banking access, consider choosing an online-only provider. * is best for earning interest. If you meet its activity requirements, you can access its APY of 2.00%, which applies to balances up to $100,000. * is best for affordable wire transfers. Relay Standard charges just $5 for outgoing domestic wire transfers and $10 for outgoing international transfers. * is best for cash back on debit card purchases. You can earn up to 5% cash back by using your Oxygen debit card for purchases with select partner retailers. *Providers are fintech platforms backed by and FDIC-insured through a supporting bank partnership (Coastal Community Bank for Bluevine, Evolve Bank & Trust for Relay, and The Bancorp Bank for Oxygen). Bottom Line The business checking products of are great for startups and venture-funded businesses looking to open a fee-free checking account. Perks like accounting software integration and business tool discounts help fast-growing businesses save time and money. Finally, its lending products and scalable credit cards make it easy for startups to sustain their business operations and take their growth plans to the next level.

If you’re looking for a full-service credit union that can meet your business checking needs, First Tech FCU is a great option. It has two different business checking accounts: the basic Simple Business Checking account and the interest-earning Business Dividend Checking account. Both provide a good number of perks, including a free rewards-earning debit card, free digital banking, and a customizable banking alerts system. Other First Tech FCU products include business savings accounts with competitive rates, business certificates of deposit (CDs), and business insurance. The Palo Alto-based credit union has branch locations in California, Colorado, Georgia, Idaho, Oregon, Massachusetts, Texas, and Washington. It also offers in-person banking services through Co-op Shared Branch network locations. How First Tech Federal Credit Union Stacks Up With Its Competitors *Third-party operator fees may apply. When First Tech Federal Credit Union Is a Good Fit You want nationwide access to in-person banking services: Although First Tech FCU only has 41 branches, it provides access to in-person banking services through its participation in the Co-op Shared Branch Network. First Tech FCU Customers can conduct in-person banking services at any Co-op Shared Branch Location. You want to earn interest on checking deposits: First Tech FCU offers an interest-earning account called Business Dividend Checking, which earns interest at a rate of 0.05% on balances under $50,000 and 0.10% on balances of $50,000 and over. However, waiving Business Dividend Checking’s $15 monthly fee requires maintaining an average daily balance worth $5,000. You want to earn rewards on debit card purchases: Your First Tech FCU business checking account will come with a free Business Debit Mastercard, a rewards card that earns one point for every $2 spent. Points can be redeemed for travel, merchandise, events, and gift cards. Your business needs insurance products: In our roundup of the best credit unions for small businesses, we named First Tech FCU the best credit union for business insurance. It offers liability insurance, workers’ compensation policies, builder’s risk policies, and commercial vehicle policies. When First Tech Federal Credit Union Is Not a Good Fit Your business needs lending products: First Tech FCU lacks business-specific lending products. A good alternative would be , whose wide range of lending products caters specifically to small businesses. You want to bank without a monthly fee or minimum balance requirements: There are no fee-free First Tech FCU accounts. The Minnesota-based  offers similar services while having no monthly fees or minimum balance requirements. You want access to competitive interest rates: The highest APY First Tech FCU’s checking accounts offer is 0.10%. The online-only banking solution  earns interest at a rate of 2.00% on qualifying balances up to $100,000. If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for more recommendations. First Tech Federal Credit Union Business Checking Overview First Tech Federal Credit Union Business Checking Requirements To open a business bank account, business owners must first become members at First Tech FCU. Those who meet the following criteria qualify for membership: Individuals who live or work in Lane County, Oregon Employees (and their family members) who work for the State of Oregon or for an innovative company in First Tech FCU’s partner list Members of the Computer History Museum or the Financial Fitness Association Family members or household members of existing First Tech members Those who don’t meet the above criteria may contact First Tech at (855) 855-8805 or stop by a branch to gain more information. First Tech Federal Credit Union Business Checking Features First Tech FCU offers two business checking products: Simple Business Checking, which doesn't earn interest, and Business Dividend Checking, which earns interest depending on the account’s balance. Both accounts come with a free rewards-earning debit card, free digital banking, and banking alerts. Interest-earning Account Members who choose the higher tier (Business Dividend Checking) earn interest on their accounts at a rate of 0.05%. If the account balance exceeds $50,000, the interest rate rises to 0.10%. Although there’s no minimum balance requirement to earn interest, there’s a minimum balance requirement ($5,000) to waive the $15 monthly fee. Note that opening a Business Dividend Checking account requires a minimum opening deposit of $100. Rewards-earning Mastercard Debit Card Both of the credit union’s business checking accounts come with a free Business Debit Mastercard, which earns one rewards point for every $2 spent. It also has a number of fraud-prevention tools, including chip-and-PIN technology, real-time fraud monitoring, and theft resolution services. It also has several benefits, like discounts on useful business software, such as Microsoft 365, Salesforce, Intuit QuickBooks Online, and Intuit TurboTax Discount. Users can redeem points for travel, merchandise, events, and gift cards. Digital Banking Thanks to First Tech FCU’s extensive digital banking features, users can conduct a good majority of their banking transactions online. Through the First Tech FCU website and mobile app, users can view balances, pay bills, deposit checks fee-free, and view e-statements. Making an e-deposit under First Tech FCU digital banking only requires scanning or taking a photo of a physical check. First Tech FCU’s mobile app, available for iOS and Android, has received a lot of praise from users. Satisfied customers commented on the app’s clean user interface, ease of account fund management, and customer service. Alerts To keep users updated on transaction progress, First Tech FCU sends notifications for important events, including cleared checks, completed transactions, transfer failure and success, and insufficient funds. Users receive these alerts through email or mobile, depending on their preference. They’re also free to customize alerts according to their needs. Other First Tech Federal Credit Union Business Products Business Savings First Tech FCU’s business savings accounts come in three tiers: Simple Business Savings is available to non-members and offers an APY of 0.05% and requires a minimum opening deposit of $25. Business Membership Savings, which is exclusive to First Tech FCU members, offers an APY of 0.05% for a lower opening deposit of $5. Business Instant Access, which is also exclusive to First Tech FCU members, uses a tiered APY system. Its rates range between 0.35% to 0.70%, depending on your account’s average daily balance. The monthly fee is $10, which can be waived by meeting the minimum average daily balance of $5,000. Business Certificates of Deposit First Tech FCU’s business CDs earn interest at an APY of 0.40% for its shortest term (six months) and 1.70% for its longest term (60 months). Dividend rates are fixed, making profit predictable. Business Insurance To protect businesses from unforeseen circumstances and accidents, First Tech FCU offers a wide range of business insurance products, which include Directors & officers (D&O) liability Inland marine policy Business umbrella policy Professional liability Workers’ compensation policy Commercial vehicle policy Employment practices liability Crime insurance Business owner’s policy (BOP) Builders risk policy First Tech FCU is able to offer these products and services through its partnership with Addison Avenue Financial Partners, LLC. First Tech Federal Credit Union Business Checking Pros & Cons Although First Tech FCU only operates physical branches in eight states, the credit union’s participation in the Co-op Shared Branch network gives customers the freedom to access in-person banking services anywhere in the country. Its mobile banking app, which is well-rated on Google Play and App Store, provides an easy digital banking experience. However, First Tech FCU isn’t a good fit for businesses wanting to bank without a monthly fee. Its basic checking account charges a $6 monthly fee, which can only be waived with a minimum balance of $1,500. Although it offers interest-earning checking, accounts are required to maintain balances of $50,000 or over to access First Tech FCU’s highest rates. First Tech Federal Credit Union Business Checking User Reviews First Tech FCU has a rating of 2.7 out of 5 on WalletHub and 4.3 out of 5 on Trustpilot. Customers seem to have mixed experiences with the credit union’s customer service arm. A few claimed that the credit union is slow to resolve issues and provides conflicting information when asked about credit union policies and products. They note that many of its physical locations only have one teller available, which elongates wait times. However, the larger majority said that First Tech FCU’s customer service staff is friendly and helpful. Positive reviews typically praise First Tech FCU’s ability to provide personalized customer service. According to reviewers, the staff takes time to understand each customer’s financial situation and recommend products according to their needs. Many positive reviews also remark on First Tech FCU’s lending products. Customers like that the credit union offers better loan rates than its competitors and that it makes the loan application process fast and seamless. Alternatives to First Tech Federal Credit Union Business Checking If you want access to higher interest rates, fee-free business checking, or lending products, you may want to consider these alternatives: * is best for businesses seeking competitive interest rates. The digital-only banking solution offers 2.00% APY on balances up to $100,000 if your account meets its activity requirements. is best for fee-free business checking. It charges no monthly fee and has no minimum balance requirements. is best for full-service banking and access to lending products. It offers business lines of credit, small business loans, and commercial real estate financing. *Bluevine is a financial technology (fintech) platform that provides Federal Deposit Insurance Corporation (FDIC) insurance through a supporting bank partnership with Coastal Community Bank. Bottom Line The business checking accounts of  provide all the checking features a typical small business would need. However, the provider offers no free account options, which might be a dealbreaker if having access to lower fees is your main reason for choosing a credit union over a traditional bank. Still, First Tech FCU is an excellent, affordable option if you need a business checking provider that also provides business insurance products.

The digital banking platform Found is an excellent business checking option for freelancers, self-employed individuals, and sole proprietors looking for affordable digital banking solutions. Aside from having $0 monthly fees, Found offers useful features, such as built-in bookkeeping, invoicing, and tax tools, which can help any solopreneur manage their business on their own. Found doesn’t do credit checks, which makes the account accessible to any type of business owner. How Found Stacks Up With Its Competitors *Third-party operator fees may apply. **Providers are financial technology (fintech) platforms backed and Federal Deposit Insurance Corp. (FDIC)-insured by a supporting bank partnership (Piermont Bank for Found; Middlesex Federal Savings for Novo; and Choice Financial Group for Lili). When Found Is a Good Fit You’re comfortable with banking exclusively online: There are no brick-and-mortar Found branches. You want to bank without monthly fees: The Found business checking account doesn’t have monthly fees, minimum opening deposit requirements, or minimum balance requirements. You don’t have a good credit history: Found will let you open an account without performing a credit check. You want a bank that can help you keep track of your expenses: Whenever you make transactions with your Found debit card, Found tracks and categorizes the expense automatically. It uses your banking history to create detailed expense, income, profit, and loss reports in real time. You want a bank that can help you stay on top of your taxes: The Found business checking account offers expense management and tax planning tools, helping you categorize expenses and track tax write-offs for more savings. When Found Is Not a Good Fit You need support for cash deposits: As an online-only provider, Found doesn’t accept cash deposits. We recommend if your business meets this scenario, as it allows up to $7,500 fee-free cash deposits per month. You need support for mobile check deposits: Currently, Found doesn’t allow mobile check deposits. Similar online banking platforms that offer mobile check deposit functionality include and . You use wire transfers regularly: Found doesn’t allow wire transfers. The best provider for affordable wire transfers is , which offers fee-free incoming wire transfers and charges $5 for outgoing domestic wire transfers and $10 for outgoing international wire transfers. You need access to a full range of banking products: The only banking product Found offers is business checking. If you’re looking for an online provider with a complete business banking product selection, consider , which offers business checking, savings accounts, money market accounts, CDs, and lending products. You want to earn interest on checking deposits: The Found business checking account doesn’t earn interest. The best provider for high APY is , which earns qualified 2.00% APY on balances up to $100,000. If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations. Found Business Checking Overview Found Business Checking Requirements You can visit the Found website to open a business checking account. You’ll need to provide your personal information, such as legal name and address, social security number, and date of birth. Found doesn’t require a self-employed individual or freelancer to provide information on any kind of business structure when applying for an account, but if you have an LLC, you can add your EIN once you sign up. Found prohibits certain businesses from opening an account—you can check this list for more information. Before opening an account, read our guide to opening a business bank account. It includes a free downloadable checklist of required documents. Found Business Checking Features Found’s business checking account offers no monthly fees, a Mastercard debit card, and built-in bookkeeping and invoicing software with tax planning tools. Business Debit Card Found issues a business debit Mastercard to small business owners, providing easy tracking of expenses and payments. You can also freeze your card for security in the Found app. In addition, you can connect Found to useful business platforms, such as Stripe, PayPal, Venmo, and Etsy. Online & Mobile Banking Found offers digital banking through its website and mobile banking app. The app has received mostly positive reception from past users, with a ranking of 4.8 stars on the App Store and 4.6 stars on Google Play. Reviews mostly praise the bank’s numerous business tools, particularly tax estimates and personalized invoicing. However, many complain that Found’s customer service leaves much to be desired. Bookkeeping Found will track and categorize expenses automatically whenever you use your Found debit card. You can also add receipts to your transaction history with the app’s built-in photo receipt capture feature. To give you a clear picture of your business activity, Found uses your account history to create real-time expense, income, profit, and loss reports. Tax Tools When Found tracks and categorizes your expenses, it notes down tax-deductible items and analyzes your banking data to provide real-time estimates of how much you owe in taxes. It even auto-generates a self-employed Schedule C form to reduce your paperwork during tax season. Invoicing Small business owners can create free, unlimited, and customized invoices for professional branding. The invoicing software includes credit cards, debit cards, direct deposits, Cash App, Zelle, Venmo, and PayPal as payment options. It also allows automated billing through scheduling future and recurring invoices. Other Found Business Products If you want access to more advanced business tools, you can upgrade to Found Plus, which costs $14.99 per month (or $95.88/per year). Through Found Plus, you can: Create unlimited rules for bookkeeping categories Create custom bookkeeping categories Pull expense data through photo receipt capture Export bookkeeping data Pay taxes directly from the app Found Business Checking Pros & Cons Found’s integrated business banking solutions are best for freelancers, self-employed individuals, and sole proprietors who do their own bookkeeping and taxes. Having an all-in-one money management solution reduces the manual load of transferring banking data to your bookkeeping system or computing how much you owe in taxes. However, Found lacks many integral business banking features. Like most digital-exclusive banking solutions, Found cannot accept cash deposits, making it a bad fit for cash-reliant businesses. It also lacks a mobile check deposit feature, which means that you can only accept payments through Found’s invoicing tool or transfers from other banks and payment gateways. Additionally, Found doesn’t offer customer service via phone. Found User Reviews Found has a rating of 4.5 out of 5 stars on Trustpilot. The majority of users said that they’re satisfied with its services, and self-employed individuals and full-time business owners find its tax preparation and expense-tracking tools useful. Because the app has these features built-in, users get to save on fees they might have otherwise spent on additional bookkeeping software or services. Most users also noted that the platform’s interface is well-designed and easy to navigate. Dissatisfied customers dislike that the app lacks support for mobile check deposits. A few users also claimed that the provider’s customer service team takes a long time to respond to concerns and inquiries. Since email is the only contact channel Found uses, the customer service team can be difficult to reach for urgent concerns. Alternatives to Found Business Checking Found is one of many fintech providers aiming to streamline business cash management by blending business checking with budgeting, bookkeeping, tax preparation, and invoicing. If Found cannot meet your business needs, there are many similar alternatives you can look into. * is best for businesses needing personalized invoicing, tax preparation assistance, and cash deposit support. Like Found, Lili offers personalized invoicing and tax preparation tools that help you save for tax season, track write-offs, and fill Schedule C forms. Its advantage over Found is that it supports cash deposits through Green Dot retail branches. * is best for businesses wanting personalized invoicing and fee-free ATM usage. It also offers personalized invoicing for businesses and, unlike Found, provides unlimited ATM fee reimbursements. * is best for businesses looking for bookkeeping tools and affordable wire transfers. Like Found, Relay tracks and categorizes your business expenses, and what sets it apart from Found is that it allows wire transfers and charges affordable wire transfer fees. *Providers are fintech platforms backed and FDIC-insured by a supporting bank partnership (Piermont Bank for Found; Choice Financial Group for Lili, Middlesex Federal Savings for Novo, and Evolve Bank & Trust for Relay). **Lili only allows cash deposits through Green Dot retail locations; Novo allows cash deposits through money orders. Bottom Line A business checking account is ideal for freelancers, self-employed professionals, and sole proprietors who do the majority of their business management on their own. With Found, you can save on zero monthly fees and streamline your business operations with built-in accounting, invoicing, and tax tools.

If you need a fee-free online banking solution that can help you keep track of transactions, organize business expenses, and distribute financial responsibilities, Relay Financial is an excellent choice. Its basic checking account, Relay Standard, lets you open up to 20 subaccounts, create up to 50 debit cards, and assign money management permissions to team members and advisors. Upgrading to the premium service Relay Pro gives you access to fee-free wire transfers and streamlined accounts payable. How Relay Stacks Up With Its Competitors *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Evolve Bank & Trust for Relay, and Middlesex Federal Savings for Novo, and Coastal Community Bank for Bluevine). **Third-party operator fees may also apply. When Relay Is a Good Fit You want a bank that can help you budget: Relay lets users create multiple subaccounts under a single checking account. Creating separate accounts for different expense types, such as taxes, payroll, and operating expenses, helps you keep track of how much money you have for different expenses. You can also transfer funds between subaccounts fee-free. You want to delegate money management responsibilities to employees and advisors: Through Relay’s account permissions feature, you can give employees access to specific checking accounts and debit cards. You can customize access levels and set spending limits to prevent the misappropriation of funds. You want a bank with no monthly fees or minimum balance requirements: Relay’s basic account, called Relay Standard, doesn’t charge monthly fees. Also, neither Relay Standard nor Relay Pro has any opening deposit or minimum balance requirements. You send and receive wire transfers regularly: Relay’s wire transfer fees are some of the most affordable in the market. Incoming wire transfers (domestic and international) are free, while outgoing wire transfers cost $5 (domestic) and $10 (international). You don’t work with cash and can bank exclusively online: Though Relay lacks physical branches and cash deposit features, it compensates by providing free digital banking services, including online banking and mobile banking through iOS and Android. When Relay Is Not a Good Fit You work with cash regularly Because Relay has no physical branches, it doesn’t accommodate cash deposits. A better alternative would be , which lets basic accounts deposit up to $7,500 fee-free. You want to earn interest: Neither of Relay’s checking accounts bears interest. If you want to earn interest on checking balances, consider , which offers qualified accounts an APY of 2.00% on balances up to $100,000. You want a full suite of banking services: So far, business checking is the only service Relay offers. If you need an online bank with a full suite of banking products, look into , which offers savings accounts, money market accounts, certificates of deposit (CDs), and lending products. Your business belongs to an industry Relay doesn’t support: Relay doesn’t serve privately-owned ATMs, money services, cannabis vendors, illegal gambling sites, and businesses providing or exchanging cryptocurrencies. If you need a banking solution with more flexibility, consider , which offers banking products designed specifically for cannabis vendors. If your business falls under one of these categories, check out our list of the best small business checking accounts for additional alternatives. Relay Business Checking Overview Relay Business Checking Requirements You can open a business bank account with Relay through the Relay website. Upon account opening, you’ll be asked to provide the following information: Name Gender Phone number Email Chosen password All beneficial owners, including any stakeholder whose business share exceeds 25%, or employees with significant responsibility in managing legal entity customers, such as chief executive officer (CEO), chief operating officer (COO), chief financial officer (CFO), or company treasurer, will need to provide the following: Any valid government ID photo Social Security number (for United States citizens) or Passport Number (for non-US citizens) Personal address Position or title Personal and business phone numbers Email address Document requirements for Relay Business Checking differ depending on the type of business entity you run. Click on the tabs below to see the requirements per business type. After meeting Relay’s business checking account requirements, all beneficial owners must verify their identities through video authorization. To complete the process, each beneficial owner will need to record a front-facing video of themselves saying, “I authorize account opening at Relay Financial.” You can then make an initial deposit via ACH or wire transfer. Once an account has been funded, you can add money through mobile check deposits. Relay Business Checking Features Relay’s integrated accounting and banking tools streamline financial management at a relatively low cost. Here are some of its key features. Multiple Checking Accounts With Relay, you can create up to 20 individual subaccounts under a single account name. Each account is FDIC-insured and comes with its own account number. Because Relay lets users instantly transfer money between checking accounts, you can use Relay’s multiaccount system to create dedicated checking accounts for every major business expense, such as taxes, payroll, and operating costs. Customizable Debit Cards Once you open an account, Relay will mail a physical debit card to your business address automatically. Afterward, you may issue up to 50 virtual or physical Mastercard debit cards. Relay will activate virtual cards instantly and ship virtual cards to your business address (or preferred US address) within eight to 10 days of issuing. Users must tie each debit card to a specific checking account. Any location that accepts credit cards will accept your Relay debit card. Additionally, more than 32,000 Allpoint ATMs accept Relay debit cards for fee-free cash withdrawals. Team Member Account Permissions You can give team members access to specific subaccounts and debit cards. As the main user, you can monitor card activity and set daily spending and ATM withdrawal limits. Because you have complete authority over all account permissions, team members with debit cards can contribute to financial tasks, such as paying bills or handling bookkeeping, without having too much control over your business money. Accounting Software Integrations Relay accounts integrate seamlessly with QuickBooks Online and Xero. Instead of inputting financial information manually, businesses can use Relay to import transaction data directly into their chosen accounting software. As such, small business owners can update their bank feeds with ease, painting a clearer picture of business cash flow. Upgrading to Relay Pro Relay Pro costs $30 per business per month and offers the following benefits: Fee-free domestic and international wire transfers Same-day ACH Batch bill payment Automatic bill import from QuickBooks Online and Xero Ability to set multilevel approval rules for bill payments Other Features Low-cost transfers: Relay Standard users can send and receive ACH transfers and mobile checks fee-free. Incoming wires are also fee-free, but outgoing domestic wires cost $5, and outgoing international wires cost $10. Mobile app: Though Relay is mainly a web-based software, users can also conduct banking through Relay’s mobile app, which is available on both iOS and Android. Detailed transaction history: Each entry will include thorough transaction details, including how much you paid, which company received your money, which debit card you paid with, and which checking account the transaction pulled funds from. 24/7 support: Relay’s customer experience team can be reached via email seven days a week. They strive to respond to email inquiries within the same day. However, Relay’s phone support team is only available Monday to Friday, from 9 a.m. to 5 a.m. Relay Business Checking Pros & Cons Relay business checking is the best choice for businesses needing multiple checking accounts. With detailed transaction data, accounting software integration, and the ability to separate funds into dedicated accounts and cards, it helps companies simplify money management procedures. However, because Relay focuses exclusively on business checking, the platform lacks many basic banking features, including lending services, interest-bearing accounts, and support for cash deposits. Relay User Reviews Relay has a rating of 4.4 out of 5 stars on Trustpilot. Many users said that they found the ability to create multiple accounts, its key feature, useful for organizing expenses. They also found the platform intuitive and easy to navigate. Majority praised Relay for offering helpful and responsive customer service and said that the customer service team usually responds to concerns within 24 hours or sooner. However, a major complaint many users raised is that the provider requests too much personal information from its applicants. Others claimed that it had locked their accounts without providing an explanation, and some complained that it takes six to seven business days to clear check deposits, which can be inconvenient for cash flow. Alternatives To Relay Business Checking Although the ability to create multiple subaccounts and debit cards might be useful for businesses with large teams, not all businesses need Relay’s complex financial management tools. Here are a few alternative fee-free online business banking solutions worth considering: * is best for unlimited ATM usage. It refunds all ATM fees at the end of each month, giving you the freedom to make fee-free ATM transactions at any network. * is best for cashback on debit card purchases. By using its debit card on purchases with partner retailers, you can earn up to 5% cashback. * is best for tax preparation. Through its Tax Optimizer feature, you can set up automatic transfers that funnel a customizable percentage of your monthly income into a dedicated tax bucket. Additionally, Lili uses your banking data to fill up your Schedule C form automatically. *Providers are fintech platforms backed by and FDIC-insured through a supporting bank partnership (Middlesex Federal Savings for Novo, The Bancorp Bank for Oxygen, and Choice Financial Group, Inc. for Lili). Bottom Line Having integrated bookkeeping and banking solutions makes a great choice for businesses wanting to simplify cash management processes. Additionally, the ability to create multiple subaccounts and debit cards makes Relay a good fit for small business owners looking to distribute financial responsibilities to their team members. However, if you need access to additional banking products, such as savings accounts and lending products, you may have to look elsewhere.

If you’re looking for an affordable, interest-earning business checking account, Bethpage Federal Credit Union’s Free Business Checking With Interest is a great option. The account offers unlimited transactions with no monthly service fees and earns interest at a rate of 0.20% —one of the highest offered by today’s credit unions. Additional benefits include free digital banking, free debit cards, and merchant services. How Bethpage Federal Credit Union Stacks Up With Its Competitors See fullscreen table × *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 Bethpage Federal Credit Union Is a Good Fit You want to earn interest on checking deposits: In our list of the best credit unions for small businesses, we chose Bethpage FCU as the best credit union for interest-earning checking. Free Business Checking with Interest earns an APY of 0.20%. You want nationwide access to physical branch banking: Although Bethpage FCU’s physical branches are located exclusively in New York State, its participation in the Co-op Shared Branch Network means you can conduct transactions at any of the 5,000 Co-op Shared Branch locations across the country. You want a business checking account with unlimited free transactions and no monthly fees or minimum balance requirements: Having lower fees is one of the biggest advantages of choosing a credit union over a bank. As a credit union, Bethpage FCU is able to offer lower fees than traditional banks. Free Business Checking With Interest charges no monthly service fees or minimum balance requirements. You want access to investment advisory services: Bethpage FCU offers investment products specifically for businesses. Its financial consultants help businesses create investment plans that meet their needs. These offers include retirement planning, succession planning, wealth management, and investment services (investment plans involving stocks, bonds, mutual funds, annuities, and cash management solutions). When Bethpage Federal Credit Union Is Not a Good Fit Your state of residence lies outside of Bethpage FCU’s online application jurisdiction: Currently, Bethpage FCU only accommodates online applications from Arizona, California, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, New York, North Carolina, South Carolina, Virginia, and Washington. Those who live outside of these states will have to travel to one of Bethpage FCU’s physical branches in New York to apply for membership. If you want a more accessible credit union, check out . You want competitive interest rates: Bethpage FCU earns interest at a rate of 0.20%. The fintech solution  can take your money further with an interest rate of 2.00% on qualifying balances of $100,000 or less. If your small business meets one or both of these scenarios, see our roundup of the best small business checking accounts for additional recommendations. Bethpage Federal Credit Union Business Checking Overview Bethpage Federal Credit Union Business Checking Requirements Only members can open business bank accounts with Bethpage FCU. To become a member, you need to open a Bethpage FCU savings account with an opening deposit worth at least $5. Though anyone can become a member, online applications are limited to residents of the following states: New York Arizona California Connecticut Florida Georgia Illinois Nevada New Jersey North Carolina South Carolina Virginia Washington If you aren’t a resident of one of these states, you’ll need to submit your application to one of Bethpage FCU’s physical branches. Bethpage Federal Credit Union Business Checking Features A Bethpage FCU business checking account comes with high APY rates, a free business debit card, and free online and telephone banking. Interest-Earning Account Balances under Bethpage FCU business banking accounts earn interest at a dividend rate of 0.20%. To be eligible for interest, an account needs to have a balance worth at least $0.01. Free Business Debit Card Bethpage FCU supplies free debit cards automatically to businesses that open business checking accounts. Debit cards under Bethpage FCU use chip technology to increase security and reduce fraud. Free Online & Telephone Banking Bethpage FCU account holders can bank remotely fee-free. Through the Bethpage FCU website, account holders can transfer money, pay bills, and make transactions. The bank’s mobile app, available on iOS and Android, also lets account holders deposit checks, transfer funds, and view balances and transaction history. The app, highly rated on both App Store and Google Play, has received a lot of user praise for running smoothly and having easy navigation. Merchant Services Bethpage FCU has merchant services (powered by CardWorks) that let businesses accept customer payments from all major debit and credit card providers, including Apple Pay. It also offers mobile payment acceptance solutions for both smartphones and tablets. Technical support for merchant services under Bethpage FCU operates 24/7/365. Small Business Trio Account holders can sign up for Bethpage’s Small Business Trio, a bundle of small business banking solutions. It includes free business checking, merchant services powered by CardWorks, and a cash rewards business credit card. Other Bethpage Federal Credit Union Business Products Credit Cards Account holders can choose between three types of Mastercard business credit cards: low-interest cards, cash back rewards cards, and points-earning rewards cards. All come with no annual fee and a maximum line of $50,000 and are protected under Mastercard’s Zero Liability fraud policy. Business owners with multiple employees can request additional cards per account for team member expenses. Business Savings Business owners needing a place to park their money can choose between Bethpage FCU’s savings accounts, money market accounts, and business certificates. Of the three, Bethpage FCU Business Savings Accounts have the lowest APY at 0.10%. They also require a minimum balance of $5. Business Money Market Account The Bethpage Money Market account is more competitive, offering an APY of 2.00%. The minimum balance requirement for earning interest is $500. Business Certificate Accounts Bethpage offers its best rates through Fixed Rate Business Certificate accounts, which have APY rates from 2.25% to 4.50% and terms from three to 60 months. The minimum balance requirement for earning interest is $50. Lending Products Vehicle loans: Businesses that need to purchase vehicles for their company can secure low-rate loans for flexible terms. The maximum term length for a Bethpage FCU vehicle loan is 84 months. Commercial mortgages: Long Island businesses can work with Bethpage FCU to access owner-occupied and non-owner-occupied mortgages. Businesses can buy properties of any type, size, and location. Business line of credit: Bethpage FCU offers secured and unsecured lines of credit. Credit can be revolving so that businesses can borrow and repay when needed. Term loans: Through term loans, Bethpage FCU account holders can expand their businesses, buy equipment, and acquire additional assets while paying loans over a predictable period. Low interest rates are available for businesses interested in saving. Investment Services Bethpage FCU’s investment services let business owners connect with professional financial consultants and create investment strategies for retirement, succession planning, and wealth management. However, unlike Bethpage FCU’s banking services, investments made under the guidance of financial consultants aren’t National Credit Union Administration (NCUA)-insured and may lose value. Bethpage Federal Credit Union Business Checking Pros & Cons One of Bethpage FCU’s biggest advantages over other traditional banks in today’s market is that it offers unlimited fee-free transactions without charging a monthly service fee or having minimum balance requirements. Its business checking accounts also earn interest. However, its APY of 0.20% pales in comparison to rates offered by digital banks. Bethpage FCU has no physical branches outside the state of New York but provides in-person banking services through Co-op Shared Branch locations. Although it offers online and mobile banking, only applicants living in Arizona, California, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, New York, North Carolina, South Carolina, Virginia, and Washington can open their accounts online. Applicants who reside elsewhere need to visit a physical branch in New York. Alternatives to Bethpage Federal Credit Union Business Checking Although Bethpage FCU offers affordable business checking, it may not meet your business needs. If you need a provider that offers wider geographic coverage, competitive interest rates, and other cost-saving features, you may want to look elsewhere. Here are a few alternatives to consider: is best for nationwide branch access as it has 4,700 brick-and-mortar branches operating in 48 states. * is best for competitive interest rates. Qualified accounts earn interest at a rate of 2.00% on qualifying balances of $100,000 or less. * is best for fee-free ATM usage. Because it reimburses all ATM fees at the end of each month, users are free to make transactions at whichever network is most convenient. *Providers are fintech platforms backed by and FDIC-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Middlesex Federal Savings for Novo). Bottom Line Despite its flexible requirements for eligibility, membership at isn’t very accessible, given that online applications are limited to a few states. However, for businesses operating in New York, Bethpage FCU’s low fees and competitive interest rates make it a great choice for business banking. Account holders can also enjoy a great range of business products outside checking, including savings accounts, lending products, and investment services.

If you’re looking to open a business checking account with access to in-person banking services, merchant services, and a full range of bank products, Wells Fargo is a great choice. It offers three types of checking accounts: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. You can start with Initiate and switch to the higher-tier Navigate and Optimize accounts as your business grows. How Wells Fargo Stacks Up With Its Competitors See fullscreen table × When Wells Fargo Is a Good Fit You want access to a full range of bank products: Wells Fargo offers business savings, a wide range of credit cards, merchant services, and lending products aside from business checking accounts. You prefer in-person banking: If your business is better served by traditional banking, you can access more than 4,500 Wells Fargo locations in the country. You want an affordable business checking account that can accommodate low transaction volumes: The Wells Fargo Initiate Business Checking account offers 100 fee-free transactions per month for a waivable monthly fee of $10. Your business uses cash on a regular basis: Wells Fargo Initiate Business Checking allows fee-free cash deposits up to $5,000 per month. You work in real estate and want to save on lender closing fees: You can save more money if you make several real estate transactions since Well Fargo doesn’t charge for closing costs, appraisals, and loan origination fees. This is why it’s one of our best banks for real estate investors. When Wells Fargo Is Not a Good Fit You want a fee-free interest-earning checking account: Though Wells Fargo has an interest-earning business checking account, you need a $10,000 minimum daily balance to waive the $25 monthly fee.  offers 2.00% APY without a minimum balance requirement, provided you meet the account’s activity requirements. You need more free transactions and higher cash deposit limits: Even if Wells Fargo has higher-tier accounts allowing more free transactions and higher fee-free cash deposits, you might want to consider . It features 200 free transactions and fee-free cash deposits of up to $7,500 at a lower waivable monthly fee. If you live in areas where  branches exist, you can also maximize its offer of free unlimited transactions and no cash deposit fees. You use wire transfers regularly: Wells Fargo Initiate Business Checking charges high fees for incoming and outgoing wire transfers. A more affordable alternative would be , which charges no fees for incoming wire transfers, $5 for outgoing domestic wire transfers, and $10 for outgoing international wire transfers. See more providers in our roundup of the best small business checking accounts. Wells Fargo Business Checking Overview Wells Fargo Business Checking Requirements You can open a Wells Fargo bank account online, through the phone, or in person. If you visit a Wells Fargo branch to open a business checking account, all owners, partners, and key executives of your business are required to appear, provide personal and business information, and present the following documents: Original or certified copies of your business documents Taxpayer identification number (TIN) for both the business and the individuals opening the account [employer identification number (EIN) for businesses and Social Security number for individuals] Two forms of personal identification, and one must be a government-issued ID If you choose to apply online or over the phone, instructions are provided on how to submit the business documents. You’re also required to complete and sign these forms: Authorization for Information and Certificate of Authority (PDF) includes business and individual information and authorizes the bank to check your credit. Certification Regarding Beneficial Owners of Legal Entity Customers (PDF) certifies the beneficial owners for business customers operating as a legal entity. This form isn’t required for sole proprietorships. Click on the tabs below for the additional business checking requirements according to business type. Before account opening, check our guide to opening a business bank account for a free checklist of required documents. Wells Fargo Business Checking Features Wells Fargo Business Checking account offers a debit card, online and mobile banking, business services, and fraud control systems. Note that Wells Fargo’s products and services may vary by location. Waivable Monthly Fee Monthly fees are waivable for Initiate Business Checking and Navigate Business Checking. To waive fees, you must meet one or more of the following conditions: Initiate Business Checking Maintain a $500 daily balance or Maintain a $1,000 average ledger balance Navigate Business Checking Maintain a $10,000 daily balance or Maintain a $15,000 average combined business deposit balances Debit Card Wells Fargo provides a business debit card with contactless technology that you can use at contactless-enabled merchant terminals, for transit turnstiles, and to access Wells Fargo ATMs. Zero Liability protection ensures that any unauthorized card transactions will be reimbursed when reported promptly. Further, your debit card can be customized according to your preferred logo or an image from the Card Design Studio® library for free. Digital Banking With Wells Fargo Business Online® and Wells Fargo Mobile®, you can access your business checking account securely using a computer, tablet, or mobile device. Through digital banking, you can do the following: Pay invoices and bills Transfer funds Explore online payment services Update account information The Wells Fargo mobile banking app is well-received, with a rating of 4.8 stars on both the App Store and Google Play. Past users remark that the app is easy to use. However, several reviewers have complained that the app constantly requires you to update your personal information upon logging in, which can be inconvenient when you need quick access to your account. Business Services Merchant services: Wells Fargo offers more payment options for your customers with the POS system Clover, which accepts credit cards, debit cards, and digital wallet payments. Depending on your business, you can pick among Clover products—from compact devices, hand-held devices, card readers, or available apps you can find on the Clover App Market. The bank also provides ecommerce solutions through Authorize.net by integrating shopping carts on your website or accepting payments by keying in card information into a web browser. Payroll services: Wells Fargo uses RUN Powered by ADP® for automatic payroll processing and simplifying small business payroll taxes. Fraud Control For security against fraud, the bank features Control Tower® and Account Access Manager. Control Tower lets you turn your cards on and off to restrict purchases, view recurring payments, and track the digital wallets linked to your account. Meanwhile, Account Access Manager allows business owners to review and change user access in their business accounts. Other Wells Fargo Business Products Savings Accounts Business Market Rate Savings: For a minimum opening deposit of $25, you can earn interest. A $5 waivable monthly service fee applies. Business Platinum Savings: For a minimum opening deposit of $25, you can earn interest. A $15 waivable monthly service fee applies. Business CDs Special fixed-rate CDs: A California-exclusive CD that offers an APY of 3.50% for seven-month terms and 3.75% for 13-month terms. The minimum opening deposit is $5,000. Standard fixed-rate CDs: For a minimum opening deposit of $2,500, you’re guaranteed fixed interest rates between 0.01% and 2.00%. Terms range from one month to six years. Business Credit Cards You can choose flexible rewards, either cash back or points, when you open a Wells Fargo Business Platinum Credit Card, Wells Fargo Business Elite Signature Card, or Wells Fargo Business Secured Credit Card. Lending The bank offers Small Business Administration (SBA) loans, business lines of credit, commercial loans, real estate financing, and healthcare practice financing for additional funding. Wells Fargo Business Checking Pros & Cons Wells Fargo provides in-person banking convenience at more than 4,500 brick-and-mortar branches nationwide. It also offers waivable monthly fees and more checking account options as your business grows. Furthermore, you can access its merchant services with a wide array of business payment solutions. In addition, lending, credit cards, and business savings are available to boost your funds and finance your expansion plans. On the other hand, Wells Fargo offers only up to $5,000 free cash deposits every month under its Initiate Business Checking account—other banks offer higher free cash deposit limits at lower monthly fees. Wells Fargo also doesn’t have any welcome bonus for newly-opened accounts. Alternatives to Wells Fargo Business Checking Although Wells Fargo offers excellent business checking accounts, choosing an online-only provider might help you save on costs. Today’s online-only banking solutions offer higher interest rates, unlimited fee-free transactions, lower fees, and additional cost-saving features. * is best for earning interest on checking deposits. Qualified business checking accounts earn 2.00% interest on balances up to $100,000. * is best for fee-free ATM usage as it reimburses all ATM fees at the end of each month. * is best for cash back on debit card purchases. When you use the Oxygen debit card with partner retailers, you can earn up to 5% cash back. *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for BlueVine, Middlesex Federal Savings for Novo, and The Bancorp Bank for Oxygen) Bottom Line Business Checking provides flexible options for business owners seeking a traditional bank with a strong branch presence. When starting with a low transaction volume, you can open an Initiate Business Checking account. Once business growth increases your transaction and cash deposit volume, you can open a Navigate or Optimize checking account. All business accounts also have access to multiple bank products—from savings and credit cards to lending and merchant services—making Wells Fargo a great choice for convenience as your business evolves.