One simple way to earn interest and make your money work is to open interest-bearing deposit accounts. Whether it’s a basic savings account or an interest-earning checking account, it’s a convenient way to meet your savings goals and watch your funds grow. Since these bank accounts come in a variety of types, including certificates of…
What Is an Overdraft Fee?
An overdraft fee is a banking term that refers to the charges incurred when you don’t have enough funds in your account to cover a check, withdrawal, debit card payment, or auto-debit transaction. Overdraft fees are charged when the bank temporarily covers a financial transaction against insufficient funds, which causes your account balance to go…
What Is APY?
APY, or annual percentage yield, is a banking term used to measure how much interest you will earn on a bank account for one calendar year. APY includes the compounding interest, which is the interest paid on both principal and earnings. APY is calculated using the annual interest rate and the frequency of compounding periods…
4 Best Business Checking Accounts for LLCs for 2021
Editor’s note: This is a recurring post with regularly verified account details. As a limited liability company (LLC) owner, you can open a checking account at most traditional and digital banks to help separate your business and personal finances. The best accounts have features that make LLC banking more convenient, including payroll services and accounting…
5 Best Business Savings Accounts for 2021
Editor’s note: This is a recurring post with regularly updated account details. Business savings accounts are one of the best tools available to help you meet your savings goals while safeguarding funds. The best bank boils down to two types of accounts: online or traditional. In most cases, you’ll get the largest return on your…
6 Best Small Business Checking Accounts April 2021
Editor’s note: This is a recurring post with regularly updated account details. Small business checking accounts provide a handy way to separate your business and personal finances. As a business owner, you can choose between online and traditional brick-and-mortar banks. Online accounts are designed for businesses that don’t need to visit a physical branch, and…
6 Best Free Business Checking Accounts April 2021
There are two types of free business checking accounts: those that don’t charge monthly account fees and others that do but make them relatively easy to avoid by meeting minimum balance requirements. Both types typically also offer an allowance of free monthly transactions and cash deposits. The bank that gives you enough monthly transactions and…
4 Best Online Business Checking Accounts for 2021
Editor’s note: This is a recurring post with regularly verified account details. If you’re a small business that doesn’t normally handle cash, it’s easy to use online checking accounts for your banking needs. The best options offer low-cost checking along with bank features like in-network ATMs, ATM fee reimbursements, and seamless app integration. Simply put,…
4 Best Banks for Real Estate Investors for 2021
Editor’s note: This is a recurring post with regularly verified bank details. If you’re looking for a real estate investor-friendly bank, loan options are likely your top priority. So, we’ve listed the top real estate banks that offer the best in commercial and noncommercial investment property loan options. What’s more, these banks offer business checking…
What Is Commercial Banking?
Commercial banking is a banking term that refers to bank products and services specifically designed to meet the financial needs of corporations, institutions, and government clients, instead of individual clients. Commercial banking products and services include savings and checking accounts, merchant services, treasury services, commercial loans, global trade services, payroll services, and other corporate-related products….
How to Open a Business Bank Account in 6 Steps [+ Checklist]
Opening a business bank account can help you improve your cash flow by separating your business and personal finances. To open an account, you’ll need to follow a six-step process that includes choosing the right type of account, finding the best bank for you, understanding the costs, gathering the required documentation, submitting your application, and…
What Is ChexSystems?
ChexSystems is a reporting agency that retains consumer banking information. However, you’ll only appear in ChexSystems if you have negative bank activity like bounced checks, overdrawn balances, and fraudulent or suspicious activity. If you’ve been reported by a banking institution or retail store to the agency, it can prevent you from opening a new bank…