January 23, 2023
Affinity Plus Federal Credit Union Business Checking Review 2023
Among the many credit unions in America, Affinity Plus Federal Credit Union, which only has branches in Minnesota, stands out by charging little to no monthly fees while providing an extensive list of business products. These include checking accounts, savings accounts, certificates, credit cards, and loans. Deposits in Affinity Plus FCU checking accounts earn interest at competitive rates, with its annual percentage yield (APY) being 0.050% for small business accounts and 0.100% for commercial accounts. It also has a generous rewards program that lets users earn points for deposits, loans, and purchases. When opening a business bank account, the advantages of credit unions are worth considering. Not only do credit unions like Affinity Plus FCU offer the full range of banking services modern businesses need, but they also offer competitive rates and lowered fees that give them an edge over other banks in the market. How Affinity Plus Federal Credit Union Stacks Up With Its Competitors See fullscreen table × *Affinity Plus Federal Credit Union and Bethpage Federal Credit Union are member-NCUA insured. **Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank. When Affinity Plus Federal Credit Union Is a Good Fit You want a credit union that offers a full range of banking services: Affinity Plus FCU is our top pick for the best small business credit unions given its extensive product offerings, competitive interest rates, and rewards options. Its wide range of banking products (which include two business checking accounts, business credit cards, lines of credit, loan products, certificates of deposit, and money market accounts) allow business owners to keep all their banking activity within one establishment. Your business needs to withdraw cash on a regular basis: Affinity Plus lets you withdraw funds fee-free from over 60,000 ATMs within the MoneyPass, Co-op, and SUM ATM networks. You want to earn interest on funds deposited in checking accounts: Its two business checking accounts let businesses earn dividends on their checking account balances at competitive interest rates. You want to earn rewards on purchases: Affinity Plus has a rewards program called MyPlus Rewards, which lets businesses earn points for debit card purchases, loans, and savings. Points can be redeemed as a number of rewards, including gift cards, cash back, travel and events, and loan rate reductions. When Affinity Plus Federal Credit Union Is Not a Good Fit Your business relies on wire transfers: Affinity Plus charges a $10 fee for every incoming wire transfer, $15 for outgoing domestic wire transfers, and $40 for outgoing international wire transfers. A good alternative would be , which charges no fees on incoming and outgoing wire transfers. Your business needs to draft and receive large quantities of checks per month: Affinity Plus designed its business checking products for low transaction volumes. Per month, Affinity Plus FCU’s Small Business Checking charges $0.20 per check over 50 for monthly check clearing and $0.20 per check over 50 for monthly check deposits. Affinity Plus Commercial Checking can accommodate larger volumes. Your business is based outside of Minnesota and you want to conduct banking in person: All of Affinity Plus FCU’s physical branches are located within Minnesota. Consider larger banks, such as and , for more access to in-person banking services. If you meet one or more of these scenarios, check out our guide to the best banks for small businesses for additional recommendations. Affinity Plus Federal Credit Union Business Checking Overview Affinity Plus Federal Credit Union Business Checking Requirements To open a business checking account, you must apply for membership at . Eligibility for membership usually depends on where you’re employed, where you studied, and where you live. If you haven’t worked, studied, or lived in Minnesota, you can qualify for membership by making a one-time donation worth $25 to the Affinity Plus Foundation. Affinity Plus Federal Credit Union Business Checking Features Affinity Plus FCU’s business checking account comes with a number of usual features. This includes a rewards program, free ATM usage, business credit cards, equipment and vehicle loans, lines of credit, and merchant services. Rewards Program The Affinity Plus FCU MyPlus Rewards program lets users earn points from purchases, loans, deposit accounts, and other special point-earning offers. The Affinity Plus debit card earns 1 reward point for every $4 spent, while the Affinity Plus Visa® Business Rewards credit card earns 1.5 points per $1 spent. Points can be redeemed for lower rates on business loans. Free ATM Usage Affinity Plus FCU users can withdraw funds from over 60,000 Money Pass, SUM ATM, and CO-OP ATMs across the country. ATM withdrawals come free of charge, except in select locations. The Affinity Plus FCU website contains a list of free ATM locations. Customer Service Affinity Plus FCU provides several customer service channels. For account support and product information, you can call (800) 322-7228 from Mondays to Fridays, 8 AM to 5:30 PM, and Saturdays, 8 AM to 12 PM. It also offers a Chat with a Live Agent and a chatbot feature for common questions. Also, you can use video banking for face-to-face service and document signing by scheduling a video appointment. Equipment & Vehicle Loans For a flat document processing fee of $150, users of Affinity Plus FCU Business Checking can access loans for vehicles, industrial machines, or electronic equipment. Loans can amount to up to 80% of the equipment's value. Loan terms may last as long as 60 months, and predictable payments come with fixed interest rates. The equipment loan is available for new or used equipment. For loans up to $25,000, it may need to be secured, whereas loans above $25,000 are required to be secured. Lines of Credit Affinity Plus FCU offers revolving lines of credit with low minimum monthly payments. Interest rates are variable but have a maximum of 18% for three years. You also have the option of paying only the interest each month. Like with equipment and vehicle loans, Affinity Plus FCU charges a flat fee of $150 for document processing. Merchant Services Program Affinity Plus FCU partnered with payment gateway SwiftPay to give businesses access to credit card processing services and other merchant services. SwiftPay’s offerings include cash discount programs, mobile loyalty programs, cash advances, point-of-sale (POS) solutions (Clover, Clover Mini, and Clover Mobile), and currency conversion programs. Highly Rated Mobile App Though Affinity Plus FCU limited its branch locations to Minnesota, it made up for its lack of physical banking options by increasing online accessibility. Its mobile app lets account holders conduct banking transactions—including check deposits, bank transfers, and bill payments—from the comfort of their devices. The app’s well-designed interface and reliability earned it 4.6 stars (out of 15,000+ reviews) on Google Play and 4.8 stars (out of 50,000+ reviews) on App Store. Other Affinity Plus Federal Credit Union Business Products Business Savings Businesses that have fewer day-to-day transactions can keep their earnings stored in Affinity Plus Federal Credit Union’s Business Savings account for a minimum balance of $10. Deposits are federally insured by the National Credit Union Association (NCUA) for up to $250,000 and earn interest at a competitive APY of 0.100%. The interest accrues daily and compounds monthly. Affinity Plus FCU also offers a product with the same APY called Business Shares II. It’s a type of business savings account that lets users save for specific purposes (such as payroll or taxes) without having to maintain a minimum balance. Business Certificates Affinity Plus Federal Credit Union offers business-focused certificates of deposit (CDs) with terms ranging from 3 months to 5 years. Funds placed in Affinity Plus Federal Credit Union’s business certificates earn interest on a daily basis and compound monthly. Because interest rates are fixed, earnings on business certificates are fairly predictable. Basic Certificate requires a $500 minimum balance, with terms ranging from three to sixty months. There’s no limit on the amount of your single deposit. Wahoo Certificate has no minimum balance and offers one no-penalty withdrawal. The term is fixed at 12 months, and the number of deposits is unlimited with a maximum balance of $25,000. Certificate Builder has a low $100 minimum balance requirement and promotes unlimited deposits at a fixed 12-month term. Business Credit Cards Affinity Plus FCU’s business credit card is called the Visa® Business Rewards credit card. The variable-rate credit card charges no annual fee and no documentation fee for your application. It has an annual percentage rate (APR) of 2.90% for 12 months. However, after the promotional period, The APR will rise to 14.9%–18%, depending on what the user qualifies for. The card comes with tech perks, including contactless payments, digital wallet capabilities, and fraud protection. Affinity Plus Federal Credit Union Business Checking Pros & Cons Fans of in-person banking may not appreciate Affinity Plus FCU’s lack of physical branches outside of Minnesota. However, business owners who are satisfied with online banking will find that its extensive banking service offerings, combined with its well-designed mobile application, make it a great choice for business banking. For a credit union, it has very accessible membership requirements. Affinity Plus Federal Credit Union User Reviews Affinity Plus FCU has low to average ratings on WalletHub (3.6 out of 5), DepositAccounts by Lending Tree (2.5 out of 5), and Yelp (2 out of 5). Users rated it well for its friendly customer service, great rewards program, and outstanding online banking platform. They said that they also appreciate the easy loan process and excellent mortgage rates. However, some found it inconvenient for its lack of an online account opening option, long branch queues, and lengthy waiting periods when they called. Alternatives To Affinity Plus Federal Credit Union Business Checking Although Affinity Plus FCU offers a number of useful business banking services, it might not be the best choice for business owners who need fewer fees, improved physical branch accessibility, and cheaper wire transfer capacities. Here are three alternative options to consider: is best for fans of in-person banking who want a full range of banking services. As one of the biggest financial institutions in the country, it has no shortage of physical branch locations and doesn’t require membership, making it an accessible choice. is best for businesses that are comfortable with banking exclusively online. It’s an internet-only bank that offers competitive interest rates on checking and savings deposits. Its business checking account has a 2.0% APY for qualified account holders. is best for business owners looking for another internet-only banking option. It charges very few fees for its services. Incoming domestic wires are free, outgoing domestic wires are $10, incoming international wire transfers cost $5, and outgoing wire transfers cost $25. Grasshopper also provides cash back rewards for debit card purchases. Bottom Line Though lacks physical branches outside of Minnesota, it remains a very accessible banking option due to its top-notch mobile app and flexible membership requirements. If you’re a business owner who wants to conduct all banking activity, including checking, savings, loans, and lines of credit, under one establishment, Affinity Plus FCU could be the credit union for you.
January 20, 2023
Best Business Bank Account Promos & Offers January 2023
The best business bank account promotions should entice companies to sign up for a new business checking, savings or credit card product by providing cash back bonuses or statement credits. These bonuses should be easy to attain with clearly stated qualification requirements. We have searched our recommended business banks to find the best and latest account promotions and offers. Here are the best ones for January 2023: : Fit Small Business exclusive: Earn $300 cash back when you spend $2,000 on your debit card within 90 days : Earn up to $500 in cash back and statement credits for signing up for a new account *: Earn $400 cash back bonus for opening a new account : Earn $300 cash back bonus for opening a new account *: Earn up to $750 cash back bonus for opening a new account : Earn up to $500 cash back bonus for opening a new account *: Earn $200 cash back bonus for opening a new account *: Earn up to $2,000 cash back bonus for opening a new account : Earn up to $500 cash back bonus for opening a new account : Earn up to $200 cash back bonus for signing up for a new account *These providers are geographically limited. See our banking reviews for each provider for details or visit the provider’s website for more information. See fullscreen table × *See provider section for details Mercury: Earn $300 Cash Back When You Spend $2,000 on Your Debit Card Within 90 Days of Account Opening Bank of America: Earn Up to $500 in Cash Back & Statement Credits U.S. Bank: Earn $400 Cash Back Bonus For Opening a New Account Chase: Earn $300 Cash Back Bonus for Opening a New Account Huntington Bank: Earn Up to $750 Cash Back Bonus for Opening a New Account PNC Bank: Earn up to $500 Cash Back Bonus for Opening New Account Truist: Earn $200 Cash Back Bonus for Opening a New Account Citibank: Earn Up To $2,000 for Signing Up for a New Account M&T Bank: Earn Up To $500 for Signing Up for a New Account Axos Bank: Earn Up To $200 for Signing Up for a New Account Frequently Asked Questions (FAQs) What banks give the best account opening bonuses? The bank that gives the best account opening bonus is Citibank. If you meet certain qualifications, you can get up to $2,000 cash back for opening a business checking account. Which bank offers the best business bank account? Bank of America offers the best small business checking account on the market with waivable monthly fees and scalable banking features that can grow with your business. Which bank is best for a small business? Thanks to its excellent business checking accounts, full-service banking, outstanding lending products, merchant services and investing advice, Chase is the overall best business bank for small business. Bottom Line All of the providers on this list offer great benefits for opening a business bank account. Before you choose an institution, check out our list of the best small business checking accounts and compare account offerings. Choose one that not only provides a great account opening bonus but also has benefits that can help your business in the long term. Be sure to check out this article regularly for the latest business bank account promotions and offers.
January 17, 2023
Grasshopper Bank Business Checking Review 2023
Grasshopper Bank is highly recommended for businesses wanting an online, fee-free, interest-earning business checking account. It lets you earn a 1.5% annual percentage yield (APY) uncapped on all balances with no minimum requirement. It comes with a free Visa debit card, offering 1% cash back for online and in-store signature-based purchases. It also supports unlimited transactions and free payment transfers through automated clearing house (ACH) and incoming domestic wires. On top of that, you get free payment and invoicing software, Autobooks, to manage your cash flow better. Grasshopper Bank doesn’t accept cash deposits and has no brick-and-mortar branches, but you can make quick check deposits through its mobile app. At present, the bank limits itself to business checking products, lending, and financial technology (fintech) solutions. If those services fit your needs, then consider opening a business checking account with Grasshopper Bank. How Grasshopper Bank Stacks Up With Its Competitors See fullscreen table × *Bluevine is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Coastal Community Bank. When Grasshopper Bank Is a Good Fit Businesses with regular online and in-store purchases via debit card: Using its Visa debit card earns you unlimited 1% cash back on qualified purchases. Startups that want more savings on their checking accounts: Apart from its cash back offerings, it’s ideal for startups because it requires no monthly fees, no minimum balance, and provides 1.51% APY uncapped on all balances. Ecommerce businesses whose needs are fulfilled by an online-only bank: Grasshopper Bank allows its customers to deposit checks instantly and create personalized digital invoices through its online and mobile app. Small businesses that want to maximize an integrated free payment and invoicing software: Grasshopper Bank is on our list of best online business banks since it provides Autobooks for free, allowing customers to create professional invoices quickly and accept payments by credit card, debit card, and ACH transfer. It’s also why this bank is included in our lists of the best banks for startups and leading small business checking accounts. Businesses seeking a variety of financing options: Grasshopper Bank offers SBA loans, commercial real estate lending, venture capital, and private equity lending. For former Brex customers searching for financing solutions and digital integrations, Grasshopper Bank is included in our best Brex cash management account alternatives. When Grasshopper Bank Is Not a Good Fit Businesses that need cash deposits: Grasshopper Bank is a digital-only bank and doesn’t have a facility that accepts cash deposits. and are great alternatives as both have many brick-and-mortar branches and ATMs around the country that can accept cash deposits. Businesses that want to grow their funds through business savings and business investment products: Grasshopper Bank currently limits its offers to lending products. and are better options for fund growth since they promote business savings, business certificates of deposits (CDs), and business money market accounts. Grasshopper Innovator Bank Business Checking Overview Grasshopper Bank Innovator Business Checking Requirements Visit to open a business checking account. You’ll need to provide your personal information—such as name, email address, mobile number, and address. For legal entities, an employer identification number (EIN) and business address are required. Find more information on how to open a business checking account from our guide to opening a business bank account. A downloadable checklist is provided to help you. Grasshopper Bank Innovator Business Checking Features Grasshopper Bank’s Innovator Business Checking account offers interest, a visa debit card with rewards, and access to digital tools and SBA loans. Interest-Bearing Account You’ll earn 1.51% APY on all balances with no minimum and no cap on your earnings. You also save more as Grasshopper Bank’s Innovator Business Checking has no monthly fees. Visa Debit Card With Rewards A free Visa debit card is provided with your Grasshopper Bank Business Checking account. You can also create and issue virtual debit cards for contactless payments or online purchases. It’s convenient, secure, and entitles you to a 1% cashback on your online and in-store signature-based purchases. Online & Mobile Banking Grasshopper Bank lets customers apply for an online account in five minutes. You can also make instant check deposits through its mobile app. Unlimited transfers through free ACH, and incoming domestic wires are available. There are no reviews for the Grasshopper Bank app on the App Store and few reviews on the Play Store (5 out of 5). Positive feedback centered on its simple interface and ease of use. Currently, there are no negative reviews. Digital Tools Access You can pay bills seamlessly using ACH and send personalized invoices for faster payment collection. Grasshopper Bank lets you use Autobooks, QuickBooks, or any preferred accounting software to automate your bookkeeping. It also allows you to set user permissions, ensuring more secure transactions. In addition, the bank has business online banking guides to help you manage your transactions. Free Autobooks Grasshopper Bank provides Autobooks for free, integrated as a free payment and invoicing software with your business checking account. Small businesses can take advantage of financial tools to get paid quickly and issue professional invoices to their customers. SBA Loans Grasshopper Bank is an SBA Preferred Lender providing SBA loans, specifically SBA 7(a) Loans and SBA 504 Loans to small businesses and startups with competitive terms and low down payments. A variety of financing options are available for acquisitions and expansions, real estate and construction, partner buyouts, succession planning, and debt refinancing. Access to banking specialists is open to business owners. Startup Banking Services Grasshopper Bank is a great partner to startups as it provides growth-stage lending solutions and strategic support by helping them navigate multiple fundraising and qualifying investors. The bank also assists with accelerator applications, pitch practice, and deck reviews. Other Banking Products Grasshopper Bank offers the following solutions for startups and commercial businesses: Lending: Flexible funding for venture capital and private equity. Grasshopper has General Partner Term Loans, Fund Capital Call Lines of Credit, Management Company Working Capital Lines of Credit, Commercial Real Estate Lending, and Yacht Lending solutions. Fintech: Grasshopper Bank delivers application programming interface (API) banking in partnership with Treasury Prime. Grasshopper Bank Innovator Business Checking Pros & Cons Grasshopper Bank’s Innovator Business Checking is a great banking product that doesn’t require monthly fees or a minimum account balance. You can earn 1.51% APY on all account balances and also benefit from fee-free withdrawals at MoneyPass and SUM network ATMs. Note that Grasshopper Bank is a digital-only bank and can’t accept cash deposits. No account bonus is given when you open an Innovator Business Checking account. Grasshopper Bank User Reviews Grasshopper Bank has a 2 out of 5 rating on DepositAccounts under Lending Tree. A user rated it positively for its fast account opening and virtual debit card feature. However, another user complained that the bank locked an account flagged as risky and remains uncommunicative with the reason. Another negative review was due to account closure despite the complete submission of document requirements. Grasshopper Bank reviews are few given that it’s relatively new. Alternatives to Grasshopper Bank Innovator Business Checking If depositing cash, earning a higher interest rate, and maximizing your business funds are your main objectives, there are other banks you can check out. Here are three alternative options to consider: is best for businesses needing to deposit cash regularly. It offers no fees for cash deposits of up to $5,000 every month. is best for business owners aiming to earn higher interest for their business checking accounts. It offers 2.0% APY, provided conditions are met. is best for startups that want to take advantage of investment and savings products to grow their business funds. Bottom Line is optimal for small businesses and startups that want the conveniences a digital bank offers and fee-free interest-bearing accounts. You can benefit from unlimited transfers and cash back rewards from its free debit card. If your business isn’t reliant on transacting with traditional bank branches and depositing cash, Grasshopper is suitable. As your business grows and you need more funding, you can take advantage of the SBA loans it offers.
January 9, 2023
Lili Business Checking Review 2023
For small and medium enterprises (SMEs) and sole proprietors and freelancers operating a lean business without a support team, Lili is a great choice. It’s a fully digital fintech company offering a business checking account with no monthly fees under the basic plan, a Visa business debit card that earns cash back, a tax write-off tracker, an expense tracker, and fee-free overdraft coverage. Opening a Lili account is also hassle-free through its mobile app. However, to maximize its features, you need to subscribe to the Lili Pro plan, which costs $4.99 per month. How Lili Stacks Up With Its Competitors See fullscreen table × *Providers are financial technology (fintech) platforms backed and FDIC-insured by a supporting bank partnership (Choice Financial Group for Lili, Piermont Bank for Found, and Coastal Community Bank for Bluevine). When Lili Is a Good Fit New freelancers and SMEs with a low volume of transactions: To open a basic account with Lili, you need only a social security number. It has no monthly fees, transaction limits, and minimum balances, though you’re limited to depositing up to $9,000 in cash per month and $6,000 in mobile check deposits monthly. These are some of the reasons we consider it one of the best online business banks. Freelancers or single-member LLCs whose needs are satisfied by online-only banking: Lili’s app has multiple layers of security and allows you to make check deposits, view your finances, pay your bills, receive payments, track your expenses, and create digital invoices. Freelancers and small businesses wanting digital tax preparation assistance: You can take advantage of Lili’s robust tax optimizer, where potential tax write-offs can be monitored. You can also allocate money for a tax bucket and complete your schedule C automatically. Moreover, quarterly and annual expense reports are available, making Lili a powerful solution and one of our best banks for self-employed professionals and best Brex Cash Management Account alternatives. Freelancers without a support staff: It has a secure expense tracking management tool, invoice creation software, and tax planning tools to help you monitor your expenses, issue invoices, and prepare tax forms. Business owners looking to earn interest: Lili doesn’t provide an APY for its business checking account, but it offers a savings account feature with a 1.5% APY under the Lili Pro Plan. Note that the monthly $4.99 fee applies to this premium account. When Lili Is Not a Good Fit Freelancers wanting a traditional bank and to transact in person: Lili is limited to online banking and doesn’t offer investments, business credit cards, and lending products. and have thousands of branches in over half of all states and offer loans and lines of credit, certificates of deposits (CDs), and business credit cards. Sole proprietors or single-member LLCs needing to make heavy cash deposits frequently: It limits cash deposits to $1,000 per day and $9,000 per month. , , and Chase Bank are great alternatives as they have no cash deposit limits when you use their ATMs. Freelancers looking for a higher interest-earning business account: Lili’s basic business checking account has no APY although it offers a 1.5% APY savings account feature under the Lili Pro plan. For a higher interest rate option, you can opt for where you can earn 2.0% APY for qualifying deposits. Find more providers in our guide to the best small business checking accounts. Lili Business Checking Overview Lili Business Checking Requirements Download the mobile app (available in App Store and Google Play) to open a business checking account. You’ll need to provide your personal information—such as name, social security number, email address, mobile number, and mailing address. Only single-owner LLCs are allowed to open a business checking account. For DBAs, you’ll need to provide one of the following: DBA registration form, fictitious name registration, or assumed name certificate Lili allows DBA business accounts for businesses if the name isn’t the legal name of the business. Opening a DBA business account requires providing a Social Security number, the business’s employer identification number (EIN), and documentation of the DBA. For an LLC, Lili requires an IRS EIN letter. Lili Checking Features Lili’s Business Checking account offers access to tax and invoice tools and a Visa debit card with cash back rewards. It also has a direct deposit feature that allows two days of early payment than the expected date. Mobile & Online Banking You can do mobile check deposits using Lili’s mobile app and integrate payment apps, such as Venmo, PayPal, and Cash App, into your account. You can also manage your business finances through Lili’s web app. The mobile app’s reviews are excellent on both the App Store (4.7 out of 5) and Play Store (4.4 out of 5). Users appreciate the excellent features, such as the expense tracker, invoice software, and automated tax bucket. The lack of hidden fees and easy app navigation also delights customers. However, some had issues with depositing checks, leading to lower ratings. Visa Debit Card A Lili Business Checking account comes with a free Visa business debit card. Under Lili Pro, your debit card earns cash back rewards for both personal and business purchases at participating merchants. Free withdrawals are also allowed at more than 38,000 partner ATMs. You can monitor and categorize your expenses on your debit card in real time using the Lili mobile app. Further, you can attach a picture or PDF of your receipt to your transaction and safely store it in the app. Balance Up Balance Up is Lili’s fee-free overdraft coverage where your debit card purchases are covered up to $200 (subject to conditions). It’s open to Lili Pro customers and applicable to debit card purchases only. Automatic Savings Under the Lili Pro plan, you can open an Emergency Bucket account, a savings account with 1.5% APY to prepare for emergencies. It lets you set up an automatic transfer at a $1 minimum per day, keep track of your savings, and view monthly statements through the Lili app. Note that the APY is variable and may change at any time. You also need to have 1 cent in savings to start earning interest. Tax Optimizer For more tax savings, use Lili’s tax management tool where tracking tax write-offs is easy. You can view estimated tax savings, allot a portion of your income automatically or manually for tax payment (Tax Bucket), and download auto-generated quarterly and yearly business expense reports. A prefilled 1040 Schedule C form for your business can also be downloaded annually. Invoices & Payments You can create unlimited and customized invoices using Lili’s banking app. Your customers can pay you through ACH, checks, cash, PayPal, Venmo, Cash App, debit card/credit card, and bank transfer via Stripe. For invoices, you can connect up to three payment apps. You can also link your external bank accounts to your Lili account for sending or receiving money. Direct Deposit Lili features a free direct deposit payment method where you can receive your money two days earlier than the expected date. A notice is sent to your Lili app when the money is available. Setting up direct deposit is easy—you can do this by providing your account and routing number on the mobile app or getting a direct deposit form via email. Link your account with Cash App, Venmo, PayPal, and marketplaces to take advantage of the early payment direct deposit feature. With Direct Deposit, you can skip going to banks and writing checks. Lili Business Checking Pros & Cons Lili is a great choice for freelancers and business owners looking for more savings since it has no monthly maintenance fees under its basic tier. You can also benefit from a fee-free $200 overdraft protection when you subscribe to the Lili Pro plan. In addition, withdrawals are free when you use your debit card at more than 38,000 partner ATMs. However, keep in mind that a Lili business checking account is limited to single-owner LLCs and DBAs, so you can’t open a joint account if you have a business partner. It also doesn’t earn interest—although you get an automatic savings account with a 1.5% APY under Lili Pro. Lastly, Lili doesn’t allow sending and receiving of wire transfers. Lili User Reviews Lili has a high 4.7 out of 5 rating on Trustpilot. Users rated it positively for its convenient features, such as monitoring tax write-offs, organizing expenses, and providing overdraft coverage. Users also appreciate the ease of account opening and efficient customer service. However, others mentioned that they wanted more services, such as a higher deposit limit and daily ATM withdrawal amount, live customer support, the ability to issue physical checks, and a payroll service function. Lili actively responds to each review and reassures account holders to look forward to future updates on the platform. Alternatives to Lili Business Checking For businesses wanting to earn high interest, looking to send and receive fee-free wires, and needing a traditional bank, here are three options to consider: is best for LLCs that want to open an account with a traditional bank; online banking and in-person banking are available options. is best for business owners who prefer to earn a high 2.0% interest on their business checking accounts; no account opening deposit and no minimum balance is required. is best for businesses that want to send and receive wires; no wire transfer fees for domestic and international, whether incoming or outgoing. Bottom Line is ideal for small and midsized businesses (SMBs) and freelancers wanting to open an account with no minimum deposit and no maintaining balance, earn cash back rewards from a free debit card, gain access to tax management tools, and use invoice software to create unlimited invoices. If online banking can support your business needs, then opening an account with Lili is highly recommended.
January 9, 2023
Bethpage Federal Credit Union Business Checking Review 2023
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.
January 6, 2023
Wells Fargo Bank Business Checking Review 2023
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.
January 5, 2023
U.S. Bank Business Checking Review 2023
U.S. Bank is a great business checking provider for businesses needing affordable in-person banking options. Startups, freelancers, and new business owners with low transaction volumes can benefit from the provider’s Silver Business Checking account, which offers 125 free monthly transactions with no required minimum balance or monthly service fees. Larger enterprises should look into U.S. Bank’s Gold and Platinum accounts, which can accommodate higher transaction volumes. The bank also offers a specialty business checking account for nonprofits and grants small business owners access to several cash management services, payment processing systems, and fraud prevention tools. Opening a business checking account at U.S. Bank can be done in person, online, or over the phone. *Units are based on cash deposits divided by 100. **Business checking account applicants must reside in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming. How U.S. Bank Stacks Up With Its Competitors See fullscreen table × *Paper transactions refer to teller withdrawals and deposits made using paper checks. When U.S. Bank Is a Good Fit Sole proprietors or freelancers with a low number of transactions per month: Its Silver Business Checking Account covers 125 free transactions monthly with no maintenance fee, making it a great fit for businesses with limited transaction volumes. This is also the reason it’s part of our list of the best small business checking accounts. Business owners looking for an option to visit a physical branch: U.S. Bank has more than 2,000 branches in 26 states. Startups and new businesses looking for inexpensive basic banking services: U.S. Bank made our best banks for small business and best free business checking account lists because of its no-fee basic business checking account. Moreover, as businesses grow, they can upgrade to U.S. Bank’s other checking accounts (which have waivable fees). Nonprofit businesses looking for zero monthly account fees: U.S. Bank offers 1,800 free transactions per year and charges no monthly fee and requires no minimum balance for its nonprofit checking account. In our roundup of the best banks for nonprofits, we named U.S. Bank the best for organizations with large fundraising events Businesses that issue checks frequently: U.S. Bank has excellent check fraud controls and uses several check verification services. Businesses that need a business line of credit, business loans, or Small Business Administration (SBA) loans for real estate investment: U.S. Bank provides multiple lending options and is among the best banks for real estate investors, especially those looking for short-term financing. When U.S. Bank Is Not a Good Fit Businesses located outside of U.S. Bank’s service area: To be eligible for a U.S. Bank business checking account, applicants must reside in one of the 26 states it serves. and are strong alternatives that operate much more widely across the country. Businesses that want to earn a high APY: U.S. Bank offers low APY for its interest-bearing business checking accounts (up to 0.005% as of this writing). , on the other hand, offers 2.00% APY to accounts that meet its activity requirements. Businesses that send wire transfers regularly: Outgoing wire transfers under U.S. Bank cost $40 for domestic recipients and $75 for international recipients. A good alternative is the fintech solution , which charges $0 for all wire transfers. U.S. Bank Business Checking Overview U.S. Bank Business Checking Requirements Here are the requirements to open a U.S. Bank business checking account: Applicants must be a resident of Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming Social Security number, personal address, and phone number Business’s employer identification number (EIN) or tax ID number Name, email address, and phone number for any additional owners with 24% or more ownership in the company Articles of incorporation, company charter, partnership agreement, or similar legal document (not required for sole proprietors) Government-issued photo ID and Social Security number for you and anyone else authorized to sign checks or make transactions on behalf of your organization. U.S. Bank Business Checking Features Online & Mobile Banking Transfer funds, pay bills, access e-statements, and deposit checks anytime and anywhere using the U.S. Bank Mobile app, available for iOS and Android. U.S. Bank offers digital security coverage, extending zero liability to unauthorized transactions made at usbank.com and through its mobile app. U.S. Bank Smart Assistant, through which you can execute banking tasks via voice, is also available in the mobile app. The mobile app has received stellar reviews, with a rating of 4.8 out of 5 on App Store and 4.7 out of 5 on Google Play. According to users, the app is reliable and easy to navigate. However, some complain that ads for services and partner companies clutter the screen. U.S. Bank Visa Debit Card U.S. Bank issues a Visa debit card with your Business Checking account. You can lock and unlock your card through the U.S. Bank mobile app to prevent use. The business debit card also earns rewards on business purchases. Check Fraud Prevention U.S. Bank uses various check verification services (ACH Filter and Block, Check Filter, SinglePoint® Essentials Positive Pay) to control business check fraud. Electronic Check Services (ECS). can also convert checks into electronic payments at the place of purchase. Overdraft Protection U.S. Bank’s overdraft protection can protect your business from late payments, unexpected expenses, and overdraft fees in the event of insufficient available funds. Remote Deposit Capture U.S. Bank offers remote deposit capture (RDC), where customers can deposit checks electronically by taking pictures of them and sending the images to the bank. The bank provides several RDC options tailored to different business owners’ needs. SinglePoint® U.S. Bank customers can access a convenient cash management platform, SinglePoint, which can be tailored to the user. With SinglePoint, all online accounts and reports can be viewed in one place, and it gives you the option to control user access and protect your accounts through fraud prevention services. It allows you to process account transfers, domestic and international wire transfers, ACH transactions, and instant payments. The platform also lets you manage checks through the Check Payables API and monitor trading activity. Business Services U.S. Bank offers business owners payment processing services, epayment and money transfers, cash management services, payroll services, and gift cards. Payment processing services: Small business owners can benefit from gaining access to point-of-sale (POS) options offered by U.S. Bank and talech Mobile for card payments. Other fast and easy options include Zelle, remote deposit capture, and cash deposit services. Epayments and money transfers: For convenience and speed, businesses can maximize digital payments in the form of echecks, bill pay, wire transfers, international electronic payments, and ACH transfers. Cash management services: Business owners can save time by accessing U.S. Bank’s treasury management service, SinglePoint® Essentials. Viewing transactions and transferring funds are efficient in this portal. For people on the go, connecting mobile devices with mobile SinglePoint® to manage their accounts is also available. Business owners are also provided with more choices to manage their cash through on-site and in-branch cash services. This includes using remote cash deposits, cash vault services, and branch cash services. Online business tax solutions: Using U.S. Bank EasyTax℠, business owners can save time and money in tax payments while remaining fully compliant with all federal, state, and local standards. Payroll services: Payroll processing using ADP, U.S. Bank Focus Card, and SinglePoint® Essentials ACH are available to aid business owners. Other U.S. Bank Business Products U.S. Bank has a full suite of banking products and services for small businesses. This covers business savings accounts, certificates of deposits (CDs), money market accounts, credit cards, and loans. Savings Products Basic business savings: A savings account that earns 0.1% APY. It charges an undisclosed monthly fee, which can be waived with a minimum balance of $500. Business money market: Maintain certain minimum balances and you can earn higher interest on your money market accounts with waived monthly fees. You can choose to open a Platinum, Preferred, or Premium business money market account. Business CDs: A low-risk option to grow your business funds with competitive rates and flexible terms of 14 days to five years. Credit Cards Choose among U.S. Bank’s different cards: Triple Cash Rewards Visa Card, Business Leverage Signature Card, and Business Platinum Card. You’ll be entitled to waived annual fees, cashback, low interest, or rewards. Lending Products Lines of credit: U.S. Bank offers lines of credit for overdraft protection, cash flow management, real estate equity, and materials, equipment, and inventory. Loans: Available U.S. Bank term loan options include quick loans with online applications, conventional financing term loans, equipment financing, and commercial real estate loans. SBA loans: As an SBA Preferred Lender, U.S. Bank provides SBA 7(a) business, SBA 7(a) real estate loans, SBA 504 real estate loans, and SBA PPP loan forgiveness. U.S. Bank Business Checking Pros & Cons *Daily interest rates U.S. Bank is one of the few traditional banks to offer a business checking account (Silver Business Checking) that charges no monthly fee without having a minimum balance requirement. Higher-tier accounts charge monthly fees, but these can be waived by meeting account requirements. Additionally, the bank currently offers an account opening bonus for new business checking accounts. Bank clients can transact in person or online. The U.S. Bank mobile app has earned a high rating on both App Store and Google Play. Though reviewers say ads make the screen clunky, they praise the interface for being easy to navigate. Where U.S. Bank falls short is network availability, transaction limits for free accounts, and APY for interest-earning accounts. The bank is only available in 26 states. Additionally, Silver Business Checking accounts offer only 125 free transactions and $2,500 free cash deposits. Interest-earning accounts like Gold Business Checking and Premium Business Checking with Interest only pay APY up to 0.005%. Alternatives To U.S. Bank Business Checking U.S. Bank is a great business checking provider for businesses looking for both free account options and access to physical branches. However, if you’re looking for lower fees, higher interest rates, and unlimited free transactions, it’s usually better to sacrifice in-person banking and choose online-only providers. Here are three alternative options to consider: * is best for unlimited fee-free ATM usage. It reimburses all ATM fees at the end of each month, giving users the freedom to make transactions at any ATM network. * is best for earning interest on checking deposits as it pays qualified accounts 2.00% APY on balances up to $100,000. is the best full-service online bank. Its product selection includes interest-earning business checking, savings accounts, high-yield money market accounts, CDs, and lending products. *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine). Bottom Line stands out among today’s traditional banking landscape because it offers free business checking (Silver Business Checking), making it a great fit for small businesses that still need in-person banking services and support for cash deposits. Businesses with larger transaction volumes can upgrade to Gold Business Checking or Platinum Business Checking, which have higher transaction limits and waivable monthly fees. Other useful features include overdraft protection, remote deposit capture, payment solutions, merchant services, and cash management.
January 4, 2023
8 Best Banks for Real Estate Investors in 2023
The best banks for real estate investors should provide both excellent business bank accounts and commercial real estate (CRE) lending. They should also offer business support services, including expense management systems and rent collection services. Banks with no lending products or limited lending offerings should have banking products and other services that can assist both landlords and fix-and-flip investors. Here are the eight best banks for real estate investors, with links directly to the bank’s websites: : Best overall for outstanding business checking, business support, and CRE loans : Best for wide-range of CRE loans, business checking, and credit cards : Best for all-in-one landlord and real estate investor banking with CRE loan products : Best for online rent collection with banking product : Best small business line of credit with interest-earning checking : Best for long-term owner-occupied CRE loans : Best digital-only bank with full-service business lending : Best for CRE loans for multifamily properties *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Blue Ridge Bank, N.A. for Baselane and Stessa and Coastal Community Bank for Bluevine). †Provider is geographically limited. See the U.S. Bank geographic limitations to see if your business is located in an area served by it. Best Banks for Real Estate Investors at a Glance Bank of America: Best Overall for Outstanding Business Checking, Business Support & CRE Loans Chase: Best for a Wide Range of CRE loans, Business Checking & Credit Cards Baselane: Best for All-in-One Landlord & Real Estate Investor Banking With CRE Loan Products Stessa: Best for Online Rent Collection with Banking Product Bluevine: Best Small Business Line of Credit with Interest-Earning Checking U.S. Bank: Best for Long-Term Owner-Occupied CRE Loans First Internet Bank: Best Digital-Only Bank With Full-Service Business Lending Wells Fargo: Best for CRE Loans for Multifamily Properties How We Evaluated the Best Banks for Real Estate Investors When evaluating the best banks for real estate investors, we considered the following: Monthly fees, if any, and how easily they’re 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 Software integrations Other business services provided Number of loan offerings Size of loans offered Loan qualifications required Time in business and minimum revenue requirements Loan rates and maximum terms How widely available the bank is 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’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 (FAQs) Which bank is best for investors? Bank of America is our choice as the best bank for real estate investors since it has outstanding business checking products that also provide your Dun & Bradstreet business credit score for free combined with outstanding commercial lending options. What kind of bank account should I open for real estate? When you open a bank account for real estate, you should consider an account that earns interest and has limited fees. While savings accounts earn the highest interest rate, finding an interest-earning checking account like Bluevine is best because you won’t be subject to monthly transaction limits that you might find in savings accounts. Which bank is best for real estate loans? Bank of America is the best bank for real estate loans. It offers loans starting at $25,000, and you can get lines of credit, term loans, commercial real estate loans, and SBA loans. Bottom Line Real estate investors should choose a bank that provides outstanding business checking and great commercial real estate lending. All but one of the providers in this guide offer both, but Stessa’s online rent collection and cash management products are strong enough to merit inclusion on this list. Decide which banking features are most important for your real estate investing business and choose the bank that best meets those needs.