When starting a new business, it’s important to make the right decisions to focus on growing your business without worrying about finances or banking issues. One of the most important decisions you can make is what type of checking account you should use as your business account, and this article will help you find one that’s affordable and will also meet your other needs. Here are six affordable business checking account plans that are available today.
Standard Business Checking
The TotalValue Business checking account is ideal for both small businesses and large corporations. It offers unlimited check writing, free debit card, free online banking, and free mobile banking. There are no per-check charges, and the account has a low monthly maintenance fee of $7.95. In addition, TotalValue offers a discounted interest rate on the first $250,000 in balances at 0.15%.
Business Plus Checking
With a checking account plan, you can feel confident in your business and know that your financial needs are being taken care of. TotalValue business plus checking offers a variety of features, making it an affordable option for small businesses. It has no monthly fee and doesn’t charge an overdraft or international transaction fee.
With over six hundred surcharge-free ATMs nationwide, you’ll never be far from one when you need cash on hand. TotalValue business plus checking also gives you unlimited check writing privileges with no per item charges–you won’t have to worry about writing any more checks than necessary. You can even manage multiple accounts with this account, which makes it perfect for people who want flexibility.
The commercial analyzed account uses a more complicated fee structure. They offer different checking accounts to choose from, ranging in price from free to $250 per month. You need at least $2,000 of monthly deposits for a free account. If you have less than this amount, the monthly cost is $30. You can also pay upfront for an annual or monthly fee with your deposit to get a lower monthly fee for your first year or year of service.
For your business account, you need to decide what your cash flow needs. If you don’t want to worry about when you’ll have access to your funds and would prefer that they be immediately available when you need them, then a liquid account may work for you. You can also find accounts that offer free checking with no monthly service fee, which is also an attractive option for small businesses that might not have the means to pay a monthly fee.
There are several other options, too, such as low-fee checking accounts or no-frills checking accounts if you want something that won’t cost much but still has some benefits, like online banking or mobile apps. You will want to know the minimum balance requirement, which could lead to monthly fees if your balance falls below this threshold.
This particular business checking account has a $25 monthly fee, but the fee is waived if the balance exceeds $5,000. You’ll also be able to write up to six checks for free and get discounts on bank services. It is suitable for non-profit organizations and those with trouble meeting minimum balances. The fees are waived if you maintain at least $5,000 in your account.
Attorneys manage client funds via this business checking account by making withdrawals and deposits, paying expenses, and monitoring the balance. Some of these accounts have no minimum balance requirements. For those with limited budgets, any checking account will do as long as it is not a prepaid debit card or requires high fees. These are some options for small businesses looking for affordable business checking accounts.
There are many affordable business checking account plans on the market. Before you decide on a plan, consider your needs and what is important to you. Perhaps you value stability with easy access to funds or care about good customer service. Whatever it may be, make sure your decision will fit all your needs before signing up for any one plan.