Banking

A business certificate of deposit (CD) ladder is a financial strategy where you invest in multiple CDs of varying lengths and staggered maturity dates. By using a business CD ladder, you can ensure that you earn the maximum interest return on your business reserve funds while also making some of those funds regularly available to cover company expenses. is an excellent option for building a business CD ladder. It offers eight different business CDs ranging from three months to 60 months in length. Interest rates run from 2.02% to 4.59% annual percentage yield (APY). Visit First Internet Bank for more information. How a Business CD Ladder Works A business CD ladder allows you to invest a portion of your company’s financial reserves in multiple timed accounts. CDs require you to keep the invested funds in the account until it matures—and if you withdraw the funds before maturity, you’ll probably have to pay a sizable penalty. While you can choose to invest all of your reserves in one timed account, it can make those funds inaccessible in case of an unexpected business expense without taking an early withdrawal penalty. Instead, a business CD ladder allows you to split those funds among multiple CDs with staggered maturity dates. By staggering the maturity dates, you’ll have access to a portion of your reserve funds more regularly, allowing you to spend on business expenses or reinvest in a new CD. Pros & Cons of a Business CD Ladder Business CD Ladder Example Here’s one way you could break down an investment of $8,000 using First Internet Bank’s rates as of Nov. 29, 2022. Visit the company’s website for the latest rate information. In this example, you might decide to skip the three-month CD because the APY is so much lower than the other terms. However, if you feel you’d like a portion of your reserves available in three months, you can take the lower return to have the liquidity of those funds sooner. If you don’t reinvest any of your funds once all the business CDs expire, your reserve would be completely liquid at the end of five years. However, each time a certificate matures, you can reinvest in a new CD if you don’t need to spend those reserves at that time. You also have the option to move those reserves to a small business checking account, a business savings account, or a money market account if you need access to those funds in the immediate future. How to Build a Business CD Ladder Step 1: Decide the Amount of Business Reserves You Will Invest Because the funds in a CD are unavailable until the CD matures, you need to decide how much of your business reserves you can afford to put in timed accounts. Make sure your short-term expenses are budgeted so that you know exactly how much you can invest. Step 2: Decide How Many Business CDs to Open While you can open several CD accounts as part of a business CD ladder, you don’t want to open so many that they become difficult to track. The easiest way is to keep consistent maturity dates with a similar amount of money invested in each CD. Having the CDs mature every six to 12 months allows you to plan for those funds to become available regularly. Step 3: Determine the Maturity Terms of Each Business CD You can choose to have your CDs mature at any interval offered by the bank. First Internet Bank, for example, offers maturity terms ranging from three months to 60 months. You want to choose terms that keep funds available regularly. For tracking purposes, having the CDs mature every six to 12 months is much easier to keep track of than opening them at different times and having them constantly become available. Step 4: Open your Initial Business CDs Once you have decided how much you want to invest and the maturity terms of the CDs, you can open your initial CDs. Keep track of the maturity dates of each CD when budgeting your business finances as this will allow you to know when reserves for spending or reinvestment will be available. Step 5: Reinvest your Matured Business CDs or Place in Liquid Accounts Once your business CD matures, you can reinvest them in a new CD at that time. Consider when you need those reserves to become liquid again and choose a CD length that matches your business needs. If you need the funds from a matured CD in the short term, you can transfer those funds to a business checking, savings, or money market account for immediate use by your business. Frequently Asked Questions (FAQs) Is CD laddering worth it? Creating a business CD ladder can be worth it, as it allows you to earn interest on your business reserves without tying them up in long-term CDs. It helps you keep a portion of your reserves liquid, with staggered maturity dates freeing up funds for use or reinvestment. How many CDs are in a CD ladder? There can be any number of CDs in a business CD ladder. The key is keeping the number of CDs to an amount you can track easily. Opening too many CDs with staggered maturities might make it hard to monitor when those will mature and how much money will be available at any given time. Having too few CDs might limit the benefits of a CD ladder to earn maximum interest on your reserves while keeping them regularly available for use. However many you choose, keeping the maturity dates set at a regular interval, such as every six months or every year, can make them much easier to track. What is a good CD ladder strategy? A good business CD ladder strategy is a solid mix of short-term CDs combined with long-term CDs. For example, you might open CDs that mature every three months for your short-term strategy. Those CDs won’t earn as much interest, but they’ll be available for use or reinvestment much sooner. Combine those with longer-term CDs ranging from one to five years. Those will earn more interest but should be opened with funds you won’t need immediate access to, as you’ll have to pay a penalty to withdraw those funds early. Bottom Line A business certificate of deposit ladder is a great way to earn maximum interest yield on your business reserves while keeping a portion of those reserves available for use regularly. It’ll earn more money than keeping those funds in a business savings or money market account, and if you stagger the maturity dates of the CDs, you’ll still have access to those funds when your business needs them. Choose a wide range of maturities, and even banks, to find the best rates and maximize your return on your company’s finances.

Banks and credit unions are financial institutions that provide a variety of business banking products and services. A bank operates for-profit and is available to anyone, while a credit union is a nonprofit financial institution that’s only for its eligible members. Credit unions often offer lower fees and higher annual percentage yield (APYs) and, recently, credit unions have been more aggressive when it comes to matching the central bank’s rate hikes. Credit Union vs Bank at a Glance Available Products Both banks and credit unions offer the same types of financial products and services, including business savings, certificates of deposit (CDs), money market accounts, checking accounts, business loans, commercial real estate financing, business credit cards, investment services, and business insurance. However, smaller credit unions for business may only offer basic business banking products, such as business savings and checking accounts, and may not provide other services that are available with big banks. Monthly Fees Since banks are structured to earn profits, they typically have more (and higher) fees compared to credit unions. However, some banks also offer free business checking accounts, especially those that operate fully online. While many credit unions offer free checking accounts with no minimum balance requirements, some charge fees on certain types of business checking accounts. Deposit Insurance: FDIC vs NCUA Both banks and credit unions offer an equally safe place to deposit your business funds. Banks are covered by the Federal Deposit Insurance Corporation (FDIC) while credit unions are covered by the National Credit Union Administration (NCUA). If a federally insured bank fails, your total deposits are covered by FDIC insurance up to $250,000. Similarly, the total deposits of credit union members are insured by NCUA insurance up to $250,000. Network Availability Most big traditional banks have several physical branches and large ATM networks available nationwide, while some smaller banks have just a limited number of branches and ATMs. Internet banks don’t have physical branches because they only operate online. While credit unions typically have a limited number of branches, most of them are part of a network that allows access to shared branches and ATMs nationwide. Interest Rates Credit unions typically offer lower interest rates on loans and higher APYs on deposits; this is because credit unions are organized as nonprofits. Online-only banks may offer lower loan rates and higher deposit rates compared to their brick-and-mortar counterparts because they don’t have the same operational expenses as traditional banks. Technology & Online Banking Experience Since big banks have higher budgets for technology, their online and mobile platforms are typically more advanced than those of most credit unions. Banks tend to do more technical upgrades and offer more functions and features with their online banking services. However, although rare, you can also find credit unions that provide seamless digital and mobile banking options. It’s important to check the bank’s or credit union’s web-based and mobile banking platforms before you open a business account to ensure that they have all the features and functions you need. Key Statistics Comparing Banks & Credit Unions When To Choose Each Trends & Predictions for Banks & Credit Unions Consumers prioritizing omnichannel banking experiences: According to J.P. Morgan, customers who prefer in-person banking relationships also want the ability to access self-serve options on their own time. This makes it necessary for banks and credit unions to have strong digital platforms available via web and app. Increasing partnerships between financial institutions and financial technology (fintech) companies: The Cornerstone Advisors survey’s results showed that in the last three years, 65% of banks and credit unions had at least one fintech partnership and 35% invested in a fintech company. Fintech partnership activity has only grown since, especially among banks. In 2019, the average bank partnership with fintech was 1.3 per institution but increased to 2.5 partnerships in 2021. Banks’ average investment in fintech also surged from $2.3 million in 2019 to almost $10 million in 2021. Banks consolidating their branches: According to S&P Global Market Intelligence, closure rates for bank branches are especially focused on in-store branches. Data from last year shows 17.4% of banks’ in-store branches have closed, with large banks such as U.S. Bank, Wells Fargo, and JP Morgan Chase taking massive efforts. Growing membership for credit unions: The NCUA Quarterly Credit Union Data Summary states that credit union membership has been increasing yearly since 2016. In Q2 of 2022, the total number of credit union members has risen to 132.6 million from 127.2 million during the same period in 2021, a marked increase of 5.4 million or 4.3%. Bottom Line Are credit unions better than banks? When deciding whether a bank or a credit union is right for your business, it’s important to consider your business’s banking needs and priorities. Go with a credit union if you’re eligible for membership and prefer better customer service and a more intimate banking setup. If your priority is more advanced technology and an array of banking products and services, then working with a bank may be a better option.

Bank of Hope offers five business checking accounts with waivable fees, including a basic account with a low monthly fee of $5. It’s suitable for businesses with low- and moderate-volume transactions. You have the option to earn interest, and you can access online and mobile banking and enjoy specialized Treasury Management services. The bank partners with Allpoint and MoneyPass networks, allowing more savings from fee-free ATM access. Headquartered in Los Angeles, Bank of Hope has full-service branches in nine states: Alabama, California, Georgia, Illinois, New Jersey, New York, Texas, Virginia, and Washington. How Bank of Hope Stacks Up With Its Competitors When Bank of Hope Is a Good Fit You have a low transaction volume: With Business Econo Checking, you’ll only be charged for debits from checks or over-the-counter (OTC) withdrawals above 50 per statement period. You have a moderate transaction volume: You get 300 free transactions with Business Choice and 500 free transactions with Business Premier Checking per statement period. You want to benefit from treasury management services: Bank of Hope provides various treasury management solutions—automated clearing house (ACH) and wire payments, Remote deposit capture (RDC), and Positive Pay, a fraud prevention tool (exclusive to Business Premier Checking)—for waived or reduced fees. You seek monthly maintenance fee discounts: If you enroll in e-statements, $3 will be deducted from your account’s monthly service charge, allowing more savings. For a Business Econo Checking account, $2 is deducted from the monthly fee, provided you have a point-of-sale (POS) debit card transaction every statement period. You’re keen to save on ATM fees: Bank of Hope partners with Allpoint and MoneyPass networks, letting you enjoy surcharge-free ATM access. When Bank of Hope Is Not a Good Fit Your business is outside the bank’s service area: While Bank of Hope has branches in nine states―Alabama, California, Georgia, Illinois, New Jersey, New York, Texas, Virginia, and Washington―it’s still limited if you prefer in-person banking. You can consider , , or for nationwide branch access. You’re seeking rewards for account opening: Business owners can opt to apply for a business checking account at to get an account opening bonus. If your business is located in California, you can also consider . Read our list of best business bank account promos and offers. You prefer unlimited fee-free transactions: Bank of Hope sets a transaction limit, while  provides unlimited everyday transactions for its business checking accounts. That’s why it’s on our lists of the leading small business checking accounts and top free business checking accounts. Bank of Hope Business Checking Overview Bank of Hope Business Checking Requirements You can schedule an in-branch new account opening appointment before visiting a branch. To get started, you can contact (855) 325-2226 from Mondays to Fridays, 5:30 a.m. to 6 p.m. Pacific time and on Saturdays, from 6 a.m. to 1 p.m. PT. Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of required documents. Bank of Hope Business Checking Features Bank of Hope’s business checking accounts offer low or waivable monthly fees, online and mobile banking access, and free transactions at Bank of Hope, Allpoint, and MoneyPass networks. Interest-drawing Account You can open a Business Interest Checking account and earn interest that’s credited to the account monthly. The rates can vary depending on your location. Fee-free ATM Transactions Bank of Hope doesn’t charge ATM fees when you use its ATMs or MoneyPass and Allpoint networks. Note that MoneyPass and Allpoint are withdrawal-only ATMs. Online & Mobile Banking Business owners can view their account balances, transfer funds between Bank of Hope accounts, initiate wire transfers, and deposit checks using their mobile devices. Reviews for the Bank of Hope Business Mobile app are dismal on the App Store (1.6 out of 5) and average on the Play Store (2.8 out of 5 stars). Some users report positive experiences due to its simplicity. However, others had issues with logging in and receiving error messages, which resulted in lower ratings. Business Checking Packages Bank of Hope offers additional Treasury Management services for two business checking accounts, Business Choice Checking and Business Premier Checking. *Only Bank of Hope fees are waived. Additional fees may be charged by third parties or other banks. Business Services Merchant services: BankCard Services―NAVYZ provides POS, kiosk, online ordering, and chip insert, and tap payments for all businesses. Treasury management services: Bank of Hope provides ACH and wire payments, RDC, cash vault and smart safe, lockbox, Payee Positive Pay and ACH Positive Pay, zero balance accounting, and title and escrow banking. Other Banking Products Bank of Hope has business money market accounts (MMAs), certificates of deposit (CDs), lending products, trade services, and foreign exchange services. Business money market: The bank has two kinds of MMAs: Business Money Market: For a $2,500 minimum deposit, you can earn interest, which varies depending on your location. Maintain a $2,500 minimum daily balance or a $5,000 average daily balance to waive the $15 monthly fee. Business Prestige Money Market: With a $25,000 minimum deposit, you can earn higher interest rates, which vary depending on your location. Maintain a $25,000 minimum daily balance to waive the $25 monthly fee. CDs: For $1,000 opening deposit, you can earn interest with rates, which vary depending on your location. The terms range from 1 month to 60 months. Interest on Lawyer Trust Accounts (IOLTA) accounts: The bank offers this as an attorney-client trust account with no monthly fee. It requires a $100 opening deposit and credits accrued interest in your account every month. The rate varies depending on your location. Business lending: Bank of Hope offers Small Business Administration (SBA) lending, multifamily lending, commercial lending, mortgage warehouse lending, commercial equipment leasing, and corporate lending. Trade services: The bank helps businesses facilitate trade through commercial letters of credit, standby letters of credit, and documentary collections. It also offers Trade Services Online. Foreign currency exchange: Business owners can enjoy competitive rates with more than 70 currencies available for purchase and sale at Bank of Hope branches. Bank of Hope Business Checking Pros & Cons Bank of Hope has excellent business checking accounts overall. For all types, you get $3 deducted from the monthly fee if you enroll in e-statements. Moreover, for Business Econo Checking, you get $2 deducted from the monthly fee if you have a POS debit card transaction each statement period. If you open a Business Choice or Business Premier Checking, you also get to enjoy free wire fees (check the Business Checking Packages table to see specific limits). However, the bank doesn’t provide a free business checking account for nonprofits and has no welcome bonus for new business checking account holders. Its monthly fee for Business Premier Checking is also steep at $75. Alternatives To Bank of Hope Business Checking For those who find Bank of Hope’s service area limited, need a nonprofit checking account, and want to earn a high APY, here are three alternatives to consider: is best for business owners seeking in-person banking services. It has branch coverage in 48 states. is best for nonprofit organizations wanting to open checking accounts with no monthly fees. is best for business owners looking to generate a high 2.0 % APY from their qualified deposits. Bottom Line provides great business checking account options to new and established businesses located near its branches. You can enjoy a low monthly fee with Business Econo Checking and benefit from various waived Treasury Management service fees with a Business Choice Checking or Business Premier Checking account. Further, its vast network partnership with Allpoint and MoneyPass allows you to save a lot on ATM fees. It also has several lending products available for additional business financing.

The best banks for nonprofits should provide business checking accounts with few or no monthly fees. Some offer specific checking accounts for nonprofit businesses, while others have low-tier accounts with limited fees that are waivable if certain conditions are met. These providers should allow you to conduct business with as few banking fees as possible. Even banks that don’t offer specific nonprofit business checking accounts may offer assistance for nonprofit organizations. Some accounts specifically geared toward nonprofits include limited fees, interest-earning capability, and support for large occasional deposits and withdrawals. Here are the eight best banks for nonprofits, with links directly to provider sites: †: Best overall for nonprofits for no cash deposit fees and most free transactions : Best for nationwide access to business checking and ongoing rewards †: Best for nonprofits with large fundraising events : Best traditional bank for small nonprofits †: Best for nonprofits that want financial wellness programs for staff : Best for large, high-volume nonprofits needing premium checking *: Best for earning a high annual percentage yield (APY) with no banking fees : Best for earning interest regardless of account balance *Bluevine is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Coastal Community Bank. †Providers are geographically limited. See the Truist Bank geographic limitations, U.S. Bank geographic limitations, and PNC Bank geographic limitations to see if your business is located in an area served by these. Best Banks for Nonprofits At-a-Glance See fullscreen table × Truist: Best Overall for No Cash Deposit Fees & Most Free Transactions Truist Community Checking Overview Bank of America: Best for Nationwide Access to Business Checking & Ongoing Rewards Bank of America FundamentalsTM Business Checking Overview U.S. Bank: Best Bank for Nonprofits With Large Fundraising Events U.S. Bank Nonprofit Business Checking Overview Wells Fargo: Best Traditional Bank for Small Nonprofits Wells Fargo Initiate Business Checking Overview PNC Bank: Best Nonprofits That Want Financial Wellness Programs for Staff PNC Bank Non-Profit Checking Overview Chase: Best Bank for Large, High-Volume Nonprofits That Need Premium Checking Chase Business Complete BankingSM Checking Overview Bluevine: Best for a High APY With No Banking Fees Bluevine Business Checking Overview TIAA Bank: Best for Earning Interest Regardless of Account Balance TIAA Bank Non-profit Checking Overview How We Evaluated the Best Banks for Nonprofits We understand that nonprofit organizations desire banking with as few fees as possible. To choose the best banks for nonprofits, we looked for institutions that have accounts specific to nonprofits and prioritized banking fees, accessibility, and features like bill pay and lending. If an institution didn’t offer a nonprofit-specific account, we looked at how their products and services stacked up compared to others with a specific account. When to Use a Local Bank or Credit Union The benefit of choosing a local bank or credit union over a traditional or online bank is the ability to build a local relationship. Nonprofits often find it easier to go to local credit unions and community banks for sponsorships, grants, and donations. In some cases, banks will determine their donation decisions by whether that nonprofit is a customer or not. If a solid community relationship is more important to you than having a large bank network, a local bank or credit union is the best option. What You Need to Open a Business Bank Account Each provider listed here may require different documents to open a business bank account. Generally, you’ll need: Employer identification number (EIN) or Social Security number if you’re a sole proprietor Fictitious business name certificate or doing-business-as (DBA) certificate Business formation documents Organization documents, including your ownership agreements Business licenses Government-issued photo ID, such as a passport or driver’s license Frequently Asked Questions How to choose a bank for your nonprofit? When considering a bank for your nonprofit business, you need to find one with limited fees. This includes both monthly fees and fees incurred for transactions and cash deposits. What type of bank account is best for a nonprofit organization? Generally, you should choose a business checking account specifically geared toward nonprofit businesses. Not only will these accounts have limited fees, but the banks often offer guidance and perks that can help your nonprofit. Do nonprofits need a special bank account? While many banks offer specific business checking accounts for nonprofit businesses, it isn’t required that you choose these accounts. Any small business checking account, which charges limited fees and provides excellent support for your nonprofit, will work. Bottom Line When considering a business bank account for your nonprofit, you need to calculate how many transactions you’ll have monthly and annually, how much cash you’ll deposit, and what other features you need from your account. Each provider on this list has an excellent business checking account for your nonprofit. Compare the number of free transactions offered by each and other nonprofit support products available and choose the one that best meets the needs of your nonprofit organization.

The best business checking accounts for limited liability companies (LLCs) should be able to support your business as it continues to grow. It should also be largely fee-free or have waivable fees and provide excellent business support products—including merchant services, lending products, and strong software integration. Some of the financial companies on this list specialize in support for LLC organizations. While some have limited product offerings, the checking account they offer is strong enough to earn a spot here. Here are the nine best business checking accounts for LLCs with links directly to the provider: : Best overall for full-service small business banking tools and premium checking : Best for ongoing rewards and low cash deposit fees *: Best for earning interest : Best traditional bank for free unlimited transactions : Best for LLCs wanting a full-service digital bank *: Best digital-only bank for rapid access to funds and faster payments *: Best digital-only provider for cash back on debit card purchases *: Best for incorporated startups and tech companies *: Best for LLCs needing multiple accounts and debit cards *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership. Partnerships: Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, The Bancorp Bank for Oxygen, and Evolve Bank & Trust for Mercury and Relay. All other banks listed are member-FDIC insured. †The provider is geographically limited. See the Capital One Geographic Limitations to see if your business is located in an area served by the provider. Best Business Checking Accounts for LLCs At a Glance See fullscreen table × Chase: Best Overall for Small Business Banking Tools & Premium Checking Chase Business Complete BankingSM Checking Overview Bank of America: Best for Ongoing Rewards & Low Cash Deposit Fees Bank of America FundamentalsTM Business Checking Overview Bluevine: Best Business Checking for Earning Interest Bluevine Business Checking Overview Capital One: Best Traditional Bank for Free Unlimited Transactions Capital One geographic limitations: Capital One currently requires that you visit a branch to complete an application to open a business checking account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C. Capital One Basic Business Checking Overview First Internet Bank: Best for LLCs That Want a Full-service Digital Bank First Internet Bank Business Checking Overview Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments Novo Business Checking Overview Oxygen: Best Digital-only Provider For Cash Back on Debit Card Purchases Oxygen Business Checking Overview Mercury: Best Digital-only Bank for Tech Companies & Startups Mercury Business Checking Overview Relay: Best for LLCs That Need Multiple Accounts & Debit Cards Relay Standard Business Checking Overview How We Evaluated the Best Business Checking Accounts for LLCs When we evaluated the best business checking accounts for LLCs, we considered the following terms and features: Monthly fees, and how easy they are to waive Minimum opening deposit and balance requirements ATM fees and withdrawal limits/availability Interest earned, if available Customer service availability Cash deposit availability and limits Other business products provided by the bank Wire transfer fees and transaction fees Geographic availability If accounts were available for businesses incorporated as an LLC What You Need To Open a Small Business Checking Account In addition to documents listed or linked in sections above, there are general documents you could be required to have to open a business bank account. Here’s a general list of what you’ll need: Employer identification number (EIN) or Social Security number if you’re a sole proprietor Fictitious business name certificate or doing-business-as (DBA) certificate Business formation documents Organization documents, including your ownership agreements Business licenses Government-issued photo ID, such as a passport or driver’s license If you have other business types besides an LLC, check out our list of the best small business checking accounts. Frequently Asked Questions (FAQs) Do you need a business bank account for LLC? While small businesses organized as sole proprietorships might be able to operate without a business bank account, an LLC should never operate without one. It allows you to keep your business and personal finances separate, helps you build business credit, simplifies tax season, and lends credibility to your business. Do I need an EIN to open a business bank account? If your business is organized as an LLC, then you’ll need an EIN to open a business bank account. The good news is that obtaining an EIN is very easy. The easiest and fastest way to apply for an EIN is through the IRS website. You’ll answer a series of questions and receive your EIN online after completing the questionnaire. The process takes about 10 minutes, and you’ll be able to file taxes on that new EIN about two weeks later. You can also fax or mail in IRS form SS-4 to apply for an EIN. What kind of bank account should I open as an LLC? As an LLC, you should first open a small business checking account. This will allow you to conduct financial business between you and other businesses or customers. You may also consider a business savings account to draw interest on your reserve funds. Consider opening both accounts at the same financial provider, making moving funds from one account to the other easier. Can my LLC use a personal bank account for business? No, your LLC shouldn’t use a personal bank account for business. Once you decide to incorporate your business, you need to obtain an EIN and open a business bank account. This prevents future tax problems and makes it clear to all business partners which funds are business-specific. Bottom Line All the banks on this list can provide your LLC with an excellent business checking account combined with other essential business support products and services. Before choosing a bank, decide what features are most important for your business, and select the bank that best meets your company’s needs.

For businesses that want a traditional, brick-and-mortar bank that provides full-service banking with a wide variety of business banking services, Chase is a great choice. Its midtier business checking product, Performance Business Checking, is well-suited for businesses with higher transaction volume. The account offers unlimited electronic transactions, 250 free monthly transactions, and up to $20,000 in free cash deposits monthly. Performance Business Checking costs $30 a month, but customers can waive the fee by maintaining a combined average daily balance of $35,000 in qualifying Chase business deposit accounts. How Chase Performance Business Checking Stacks Up With Its Competitors *Transactions refer to all debits, deposits, and withdrawals made with a teller and paper checks written on the account. Electronic transactions, including electronic deposits, electronically deposited items, automated clearing house (ACH) and ATM transactions, Chase QuickDeposit, debit card purchases, and internal transfers, are free. When Chase Performance Business Checking Is a Good Fit You’re looking for a bank that provides a wide array of business banking services: The products Chase offers include savings, lending products, retirement planning, and other business services. The multiple business products offered are why we ranked Chase number one among the best banks for small business. Your business makes frequent cash deposits: Chase Performance Business Checking allows $20,000 in cash deposits monthly before charging fees for every $1,000 over that amount. It’s one of the reasons Chase is one of our leading small business checking accounts. You want unlimited fee-free electronic deposits: The Chase Performance Business Checking account offers unlimited fee-free electronic deposits, electronically deposited items, ACH and ATM transactions, and Chase QuickDeposit. You prefer the option of in-person banking: Chase has more than 4,700 banking locations in the United States. You want a bank that offers account opening rewards: Provided new Chase business checking customers meet specific activity requirements, they can receive a $300 bonus. It’s one of the reasons we selected Chase as the top-recommended bank for startups. Your limited liability company (LLC) needs full-service banking that helps track expenses and cash flow and can scale services as the business grows: Chase offers merchant and collection services, making it our top choice for the best business checking accounts for LLCs. You need a bank offering lending products: Chase has business lines of credit, business loans, Small Business Administration (SBA), and commercial real estate loans to go with its excellent business checking product. This is why it’s one of our top banks for real estate investors. Performance Business Checking is the middle tier of three business checking accounts offered by Chase. If your cash deposit amounts or transactions fall in line with one of Chase’s other accounts, you may want to consider one of Chase’s other business banking options. When Chase Performance Business Checking Isn’t a Good Fit You want to bank without a monthly fee: Chase charges a monthly service fee of $30 for the Performance Business Checking account. If you want fee-free business checking and don’t mind banking exclusively online, consider digital-only banks such as . Like Chase, it offers a full range of business banking services. You’re looking for an interest-bearing checking account: The Chase Performance Business Checking account doesn’t draw interest. is an excellent alternative because it offers a 2.00% APY on deposits up to $100,000. You have to make frequent ATM withdrawals from outside of Chase’s ATM network: While Chase doesn’t charge for out-of-network ATM withdrawals with its Performance Business Checking, you’ll still have to pay third-party ATM fees. is a good alternative, as the company refunds all ATM fees at the end of the month. You make more than 250 transactions per month: Although Chase has no limit for electronic transactions, debits and teller withdrawals and deposits involving paper checks are limited to 250 per month. offers up to 500 free transactions for a monthly fee of $29.95. Businesses that operate in Louisiana, Maryland, New Jersey, New York, Texas, and Washington, D.C., can also consider the Basic Business Checking account, which offers unlimited fee-free transactions for a monthly fee of $15. Chase Performance Business Checking Overview Chase Performance Business Checking Requirements To open a business bank account with Chase, apply directly through its website or visit one of its 4,700 banking centers. Chase’s document requirements depend on how your business is organized. Here are the requirements per company structure. Chase Performance Business Checking Features Chase Performance Business Checking, the middle tier of Chase’s business checking products, has some outstanding features that can help your business grow. Physical Debit Cards Chase provides a free business debit card with unlimited debit card purchases and free Chase ATM transactions. You can also request associate debit and employee deposit cards. Payment Acceptance Through Chase QuickAcceptSM Using Chase QuickAcceptSM, you can accept payments from anywhere through the Chase Business Online website and the Chase Mobile app. The payment is delivered the same day at no additional fee. You can also enter card transactions, issue refunds, track disputes, and more through the service. There are no hidden fees or monthly contracts. Fees on entries or swipes through QuickAccept or a Smart Terminal are as follows: Key entry transactions: 3.5% plus 10 cents per authorized transaction when card information is inputted through the app or through a Smart Terminal (a card reader which is sold separately) Swipe/dip/tap transactions: 2.6% plus 10 cents per authorized transaction via card reader or Smart Terminal. Chase will return transaction fees if a payment is refunded in full. Fraud Protection Services Chase helps protect your cash flow from fraud with check monitoring and approval, payment limits, and alerts to any changes to your account. An optional service, Chase allows you to upload a file or enter information about checks you have written, and Chase will compare checks presented for payment against that file to prevent fraud. This service is free with Chase Performance Business Checking. Free ATM Usage in the Chase Network There are no ATM fees if you use one of the more than 16,000 ATMs in the Chase network. With Performance Business Checking, Chase doesn’t charge for using an out-of-network ATM. You’ll still likely be charged by the out-of-network ATM operator. Account Opening Bonus You can earn a $300 bonus for opening a Chase business checking account. You can only earn the new checking account bonus every two years from the last enrollment date and only once per account. You also have to meet the following criteria to earn the bonus: Visit a branch or Chase’s website and open a new Chase Business CheckingSM account Deposit a total of $2,000 or more in new money into your new checking account within 30 days of offer enrollment Maintain at least a $2,000 balance for 60 days from the offer enrollment; the new money cannot be funds held by your business at Chase or its affiliates Complete five qualifying transactions within 90 days of offer enrollment Perks With Chase Business Credit Cards & Savings Chase offers a $750 bonus cash back and 1.5% on every purchase made with its Chase Ink Business Unlimited card. If you make $2,000 in monthly purchases on your card, that will waive your checking account's monthly fee. Owning a Chase Performance Business Checking account qualifies you to waive the monthly fee for Chase’s higher-tier business checking account, Chase Business Premier Savings. Access to Chase Business Services You can get access to Chase Business Services, including merchant services, collections services, and Chase QuickDeposit. You can also send or receive payments with Zelle®. Chase also offers ACH payment services, access and security managers, and wire transfers. Other Chase Business Products Business Savings There are two types of business accounts offered by Chase: is an interest-drawing savings account with a monthly fee of $10. However, you can only waive the monthly fee by linking your account to a Chase Business Complete Banking account or maintaining an average ledger balance of $1,000. , an interest-drawing savings account, is designed for businesses with higher savings balances. It has a monthly fee of $20, which can be waived by either meeting an average ledger balance of $25,000 or linking the account to any Chase business checking account. For both accounts, the minimum deposit requirement is $25. APY varies depending on the state your business is located in. Business CDs Chase Business Certificates of Deposit (CD) earn fixed interest rates on Federal Deposit Insurance Corporation (FDIC)-insured deposits for an opening deposit of $1,000 and no monthly fee. Terms range from 31 days to 10 years. You can access interest rates by choosing longer terms or depositing higher balances. If your CD is linked to a Chase business checking account, you can earn higher relationship rates. Lending & Retirement Services Chase offers business lines of credit, business loans, commercial real estate loans, and SBA loans. The company also offers equipment and trade financing. In addition, you can access 401(k) plans through Everyday 401(k) by J.P. Morgan. Chase provides access to those plans with low costs, starting as low as $75 per month plus $5 per participant. Business Credit Cards There are nine Chase business credit cards. These include cards that offer cash back rewards, cards that earn redeemable points, and cards that offer airline miles rewards. Chase Performance Business Checking Pros & Cons Chase has a great account opening bonus, easily waived monthly fees, and built-in card acceptance. Although Performance Business Checking offers unlimited fee-free electronic transactions, there’s still a limit of 250 monthly free teller withdrawals and deposits involving paper checks. If you need more free transactions per month or a higher free cash deposit limit, Chase does offer Platinum Business Checking℠, which is one tier higher than Performance Business Checking. Additionally, none of Chase’s business checking products earn interest. The Chase mobile app has good reviews on both App Store (4.8 out of 5 stars) and Google Play (4.4 out of 5 stars). Those who rated the app highly were pleased with the ease of use and navigation layout. Some of the negative reviews noted issues with push notifications from the app. Alternatives to Performance Business Checking If you want lower fees, higher interest rates, and other cost-saving features, it’s usually better to go with a digital-only banking solution. Here are a few alternatives you can consider: * is the best digital-only bank for earning interest. Qualified accounts earn an APY of 2.00% on balances up to $100,000. is best for full-service online banking. Its business banking product selection includes fee-free business checking, fee-free business savings, and lending products. * is best for affordable wire transfers. Under the Relay Standard business checking account, incoming wire transfers are free, while outgoing wire transfers cost $5 for domestic recipients and $10 for international recipients. *Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Evolve Bank & Trust for Relay) Bottom Line is one of our top choices for business banks and checking accounts due to bonuses available, waivable monthly fees, and multiple account types that can grow with your business. Chase Performance Business Checking, its middle-tier business checking product, is a great option for businesses with high transaction and cash deposit volumes. If your business continues to grow, Chase offers one higher tier of business banking that can continue to support your company.

Chase offers three outstanding business checking account options for small business owners seeking traditional, brick-and-mortar banking. The highest-tier account is Chase Platinum Business CheckingSM, which offers up to 500 fee-free monthly transactions and a free cash deposit limit of $25,000 monthly before fees are charged. It comes with the highest monthly fee of $95, which can be waived if you have a combined average daily balance of $50,000 and link to a Chase Private Client Checking account or a combined average daily balance of $100,000 in qualifying business deposit and business investment balances. Like the other two Chase accounts, it has no opening deposit requirements. If you cannot qualify to waive the monthly fee, consider the middle-tier Chase account, Performance Business Checking, unless you need the higher free transaction and free cash deposit limit. How Chase Platinum Business Checking Stacks Up With Its Competitors *Transactions refer to debits and deposits or withdrawals made with a teller and paper checks written on the account. Electronic transactions, including electronic deposits, electronically deposited items, automated clearing house (ACH) and ATM transactions, Chase QuickDeposit, debit card purchases, and internal transfers, are free. When Chase Platinum Business Checking Is a Good Fit You need a traditional bank with a wide variety of business banking services: Chase offers a full suite of business banking services including savings, lending products, and retirement planning. Its multiple business products are why we ranked it number one among the best banks for small business. Your business makes frequent cash deposits: Chase Platinum Business Checking allows you to make $25,000 in cash deposits monthly before charging fees for every $1,000 over that amount. It’s one of the reasons Chase is in our list of the leading small business checking accounts. You want unlimited fee-free electronic deposits: Under Chase, all electronic deposits, including electronically deposited items, ACH and ATM transactions, and Chase QuickDeposit, are free. You prefer the option of in-person banking: With more than 4,700 locations in the United States, it’s likely that there is a brick-and-mortar branch near you. You are looking for a business checking account with a cash bonus for opening an account: Chase offers a $300 cash bonus to new businesses that meet its qualification requirements. This is one reason why Chase is among our top-recommended banks for startups. Your limited liability company needs a bank to help you accept and manage payments: Chase offers merchant and collection services that can be linked directly to your business checking account, making it an excellent choice for a business checking account for LLCs. You need a bank that also offers lending products: In addition to the variety of deposit accounts offered by Chase, it offers multiple lending products—like business lines of credit, business loans, commercial real estate, and Small Business Administration (SBA loans)—which is why it is one of the top banks for real estate investors. Platinum Business Checking is the highest tier of three business checking accounts offered by Chase. If your cash deposit amounts or transactions fall in line with one of Chase’s other accounts, or if you cannot qualify to waive the $95 monthly fee, you may want to consider one of Chase’s other business banking options. When Chase Platinum Business Checking Isn’t a Good Fit You want interest-bearing checking: The Chase Platinum Business Checking account does not draw interest.  pays qualified users 2.00% interest on balances up to $100,000. You want to bank without a monthly fee: Chase Platinum Business Checking is the bank’s most expensive business checking product at a monthly service fee of $95, which can only be waived by meeting steep activity requirements. If you don’t mind banking exclusively online, digital-only banks tend to be more affordable. The fee-free  is a good choice because, like Chase, it offers a full range of business banking services. You make frequent ATM withdrawals from outside of Chase’s ATM network: While Chase doesn’t charge for out-of-network ATM withdrawals with its Platinum Business Checking, you will still have to pay third-party ATM fees. If you frequently make ATM withdrawals, and don’t want to worry about third-party fees,  is a good alternative, as it refunds all ATM fees at the end of the month. You want the same amount of monthly transactions for a cheaper monthly fee: ’s Advantage Relationship Banking offers up to 500 free transactions and up to $20,000 in free cash deposits per month for a monthly fee of $29.95 (which can also be waived). Chase Platinum Business Checking Overview Chase Platinum Business Checking Requirements To open a business bank account with Chase, you may apply directly through its website or visit one of its 4,700 banking centers. Chase’s document requirements depend on how your business is organized. Here are the requirements per company structure. Chase Platinum Business Checking Features Chase Platinum Business Checking, the highest tier of Chase’s business checking products, has some outstanding features that can help your business grow. Waivable Monthly Fee The Chase Platinum Business Checking account costs $95 a month, but that fee can be waived one of two ways: Maintaining a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances. Maintaining a combined average daily balance of $50,000 and linking a Chase Private Client Checking account. Access to Chase Business Services Chase Business Services offers a variety of additional features for your business needs. They include: Merchant services Collection services Chase QuickDeposit Send and receive payments with Zelle® ACH payment services Access and security manager Wire transfers Payment Acceptance Through Chase QuickAcceptSM If your business needs to accept credit card payments, you can do that with Chase’s QuickAccept. Payments can be accepted through the Chase website or mobile app with QuickAccept, with payment being delivered same-day for free. In addition to payment acceptance, QuickAccept allows you to enter card transactions, issue refunds, and track disputes. You are not required to sign a monthly contract and there are no hidden fees. The fee structure for entries or swipes through Quick Accept or Smart Terminal are as follows: Key entry transactions: 3.5% plus 10 cents per authorized transaction when card information is inputted through the app or through a Smart Terminal (a card reader which is sold separately) Swipe/dip/tap transactions: 2.6% plus 10 cents per authorized transaction via card reader or Smart Terminal Chase will return transaction fees if a payment is refunded in full. Account Opening Bonus Chase offers a $300 account opening bonus with its Platinum Business Checking. It’s a bonus you can only earn once per account, and only once every two years from the last enrollment date. In addition, you must meet the following criteria to earn the $300 bonus: Visit a branch or Chase’s website and open a new Chase Business Checking account Deposit a total of $2,000 or more in new money into your new checking account within 30 days of offer enrollment Maintain at least a $2,000 balance for 60 days from the offer enrollment; the new money cannot be funds held by your business at Chase or its affiliates Complete five qualifying transactions within 90 days of offer enrollment Fraud Protection Services A free and optional service with Chase Platinum Business Checking, Fraud Protection Service allows Chase to compare your signatures on file with the company with returned checks to limit fraudulent transactions. You can upload a file or enter information about checks you have written, and Chase will use that information as checks return to keep your account safe. Free ATM Usage in the Chase Network If you use one of the more than 16,000 Chase ATMs, you will pay no ATM fees. With Platinum Business Checking, Chase doesn’t charge for using an out-of-network ATM. You will still likely be charged by the out-of-network ATM operator. Perks with Chase Business Credit Cards & Savings Chase offers a $750 bonus cash back and 1.5% on every purchase made with its Chase Ink Business Unlimited card. If you make $2,000 in monthly purchases on your card, that will waive your checking account's monthly fee. In addition, by linking this checking account to an interest-bearing Chase Business Savings account, you can have the monthly fee on the savings account waived. Physical Debit Cards When you open a Chase Platinum Business Checking account, you will receive a free business debit card. Chase provides unlimited debit card purchases and free Chase in-network ATM transactions. If needed, you can also request associate debit and employee deposit cards. Other Chase Business Products Business Savings There are two types of business accounts offered by Chase: Chase Total Business Savings is an interest-drawing savings account with a monthly fee of $10. Designed for smaller businesses, it lets you waive the monthly fee by linking your Chase Business Complete Banking account or maintaining an average ledger balance of $1,000. Chase Business Premier Savings is an interest-drawing savings account designed for businesses with higher savings balances. It has a monthly fee of $20, which can be waived by either meeting an average ledger balance of $25,000 or linking the account to any Chase business checking account. For both accounts, the minimum deposit requirement is $25. APY varies depending on the state your business is located in. Business CDs Chase Business CDs earn fixed interest rates on Federal Deposit Insurance Corp. (FDIC)-insured deposits for an opening deposit of $1,000 and no monthly fee. Terms range between 31 days to 10 years. You can access interest rates by choosing longer terms or depositing higher balances, and you can earn higher relationship rates if your CD is linked to a Chase business checking account. Retirement & Lending Services By opening an account with Chase, you can get access to Everyday 401(k) by J.P. Morgan. This service provides low-cost 401(k) plans starting as low as $75 per month plus $5 per participant. In addition, Chase offers several commercial lending products, including: Commercial real estate loans SBA loans Equipment financing Trade financing Business Credit Cards Chase offers nine business credit cards. Perks of Chase credit cards include cash back rewards, redeemable points, and airline miles rewards. Chase Platinum Business Checking Pros & Cons Chase’s Platinum Business Checking offers a great account opening bonus, an easy-to-waive monthly fee, and built-in card acceptance via the mobile app. If you need fewer transactions or deposit less cash, you might consider one of their lower-tier checking accounts, Business Complete Checking or Performance Business Checking. The Chase mobile app has solid reviews on both App Store and Google Play. With more than 1.7 million ratings on Google Play, the app has a rating of 4.4 stars out of 5. On App Store, Chase is rated 4.8 stars out of 5, with more than 4.1 million ratings. Some reviewers like the app’s ease of use and navigation layout, while others mentioned issues with push notifications from the app. Alternatives to Chase Platinum Business Checking While Chase Platinum Business Checking is a great business checking option, it might not be the best choice for your business needs. Many online-only banking solutions offer affordable business checking products with useful tools and cost-saving features. Here are a few alternatives worth checking out: * is the best digital-only banking solution for earning interest. Should your account meet its activity requirements, you can access an APY of 2.00% on balances up to $100,000. * is the best digital-only banking solution for teams. It lets you create up to 20 sub-accounts within one checking account and issue up to 50 debit cards to team members. If you want to distribute financial management duties, you can give team members access to your business accounts and customize access levels and spending limits to ensure responsible use. is the best digital-only bank for flexible lending solutions. It offers traditional and nontraditional business financing, including SBA lending, commercial real estate lending, yacht lending, and venture capital & private equity lending. *Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership. (Coastal Community Bank for Bluevine and Evolve Bank & Trust for Relay) Bottom Line Like ’s other two business checking accounts, Chase Platinum Business Checking is an outstanding banking product. However, if you cannot meet the criteria to waive the monthly fee, you may want to consider Chase’s mid-tier business bank account, Performance Business Checking. You could even consider ’s Advantage Relationship Banking, which offers the same amount of monthly free transactions and a slightly lower free cash deposit limit for a much lower monthly fee of $29.95.

The best bank accounts for self-employed professionals and freelancers should offer a low-cost business checking account, which should come with limited fees and easy access through phone and web-based applications. In addition, these accounts should have great software integrations to help small business owners send and receive payments through popular payment applications. The financial providers offering these accounts should be able to help freelancers grow with other business support products and services. Many providers also allow cash deposits and withdrawals for businesses dealing with cash payments regularly. Here are the seven best bank accounts for self-employed professionals: *: Best bank account overall for self-employed with a high-interest yield checking *: Best for new freelancers who need digital tax preparation assistance *: Best digital-only bank for rapid access to funds and faster payments *: Best digital-only provider for cash back on debit card purchases *: Best for freelancers looking for detailed expense tracking : Best for self-employed individuals seeking a traditional bank : Best for freelancers who want a full-service digital-only bank *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, Choice Financial Group, Inc., for Lili, Middlesex Federal Savings for Novo, The Bancorp Bank for Oxygen, and Piermont Bank for Found) Best Bank Accounts for Self-employed Professionals At a Glance See fullscreen table × Bluevine: Best Bank Account Overall for Self-employed With High-interest-Yield Checking Bluevine Business Checking Overview Lili: Best for New Freelancers Who Need Digital Tax Preparation Assistance Lili Business Checking Basic Overview Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments Novo Business Checking Overview Oxygen: Best Digital-only Provider for Cash Back on Debit Card Purchases Oxygen Business Checking Overview Found: Best for Freelancers Looking for Detailed Expense Tracking Found Bank Business Checking Overview Bank of America: Best for Self-Employed Individuals Seeking a Traditional Bank Bank of America FundamentalsTM Business Checking Overview First Internet Bank: Best for Freelancers Who Want a Full-service Digital-only Bank First Internet Bank Business Checking Overview How We Evaluated the Best Bank Accounts for Self-employed Professionals When we evaluated the best bank accounts for self-employed professionals, we considered: Whether accounts were available to sole proprietors, self-employed individuals, or freelancers Monthly fees, if any, and how easily they are waived Required opening deposit and balance minimums Transaction limits before fees ACH and wire transfer fees ATM fees and availability Cash deposit fees and availability Interest yield, if applicable Other checking account perks Software integrations Other business services provided Lending products provided Customer service and customer reviews What You Need To Open a Business Bank Account Each provider on this list may require different documents to open a business bank account. Generally, you will need: Employer identification number (EIN) or Social Security number if you’re a sole proprietor Fictitious business name certificate or doing-business-as (DBA) certificate Business formation documents Organization documents, including your ownership agreements Business licenses Government-issued photo ID, such as a passport or driver’s license Frequently Asked Questions Do I need a business bank account if I’m self-employed? Yes, having a business bank account is essential even if you’re self-employed because it allows you to separate your business and personal finances. This makes tax preparation and business financial planning much easier and helps you avoid any potential issues with the IRS. How many bank accounts can you have at once? There’s no limit to the number of business bank accounts you can have at any one time. However, keeping accounts open and not using them opens you up to potentially having a dormant business bank account. Can freelancers open a business bank account? Not only are freelancers allowed to open a business bank account, but freelancers should open a business bank account. Doing so allows you to earn the benefits of some of the best small business checking accounts and keep your personal and business finances separate. Bottom Line All of these providers can help freelancers or self-employed business owners manage their business finances while providing resources to help them grow but each has a slightly different business focus. You should consider what you need your business bank account to do for your company and choose the provider that best meets those needs.