Open A Small Business Bank Account Online

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Open A Small Business Bank Account Online

Running an online business is a lot of work. From creating great content to website traffic, sales, and order fulfillment, there’s a lot to think about. One thing you don’t want to worry about is your bank account.

Common Requirements To Open A Business Bank Account

The good news is that there are many great business bank accounts out there that can help you manage your finances and save money (all with different bank account requirements).

If you want to open a great business checking account for your ecommerce store, try Bonsai Cash. Our bank has no hidden fees or monthly minimums, is easy to set up (we don’t need an app), and helps separate your business from your personal income taxes.

Designed specifically for small business owners and entrepreneurs, Bonsai offers a simple and intuitive online banking experience with all the features you need to manage your finances.

One of the best things about Bonsai Cash is that there are no monthly fees, minimum balance requirements, or transactions for business checking accounts. This can be a huge relief, especially if you are just starting out and every penny counts.

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While Bonsai’s free offer is a standout, it’s these little things that make it a reliable business checking account for any small business owner.

One of those small details is Bonsai Envelopes, which offers a way to save and manage your company’s money. Accounts serve as a sub-account of your main account. They allow you to save money for certain business purposes, such as employee wages, quarterly taxes, and rainy day funds.

The most impressive thing is that you don’t have to manually add money to your envelope. Bonsai Cash makes your life a lot easier by allowing you to automate the whole process – meaning you can set up your account to send a percentage of your cash in to a specific envelope. For example, if you are saving for taxes, you can put 20% of the money in your account into a “Tax” envelope.

This means a daily limit of $5,300 is enough to keep your e-commerce business in good shape.

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The account interface is also clean and easy to navigate, and you can easily see all of your account activity in one place. Creating an account is also a simple process and you can do it in minutes. You are connected with virtual cards and physical debit cards for business.

Basic Business Check has no monthly fees and no minimum deposit, but you pay no interest.

A small business interest checking account, on the other hand, earns interest on your balance but requires a monthly payment. However, you may have the right to refuse payment.

With a Basic Business Check account, you get your first 50 checks free every month and up to 200 free transactions (account deposits, credits, and debits) when you open one. However, the minimum deposit requirement is $1,000, which is high compared to other banks.

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Business Interest Current Accounts have an annual percentage rate (APY) of 0.81% on balances up to $50,000. If your balance exceeds $50,000, you may still earn interest, albeit at a lower rate.

For balances between $50,000 and $250,000, you’ll earn 0.20% interest. And if you keep a larger balance ($250.00 40.5 million), the account will pay 0.10% interest.

To open a business interest account, you need to make a minimum deposit of $100, which is very simple compared to other bank accounts. Also, if your average balance is $5,000, you can ignore the $10 monthly service fee charged by the bank.

Relay is a fully digital business bank that offers free business checking. Relay has no minimum balance requirements, transaction limits or overdraft fees and includes free introductory bank transfers and the ability to create multiple accounts.

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For $30 per month, you can access a premium Relay Pro account that offers same-day ACH access and free transfers, as well as credit card features like the ability to automatically import invoices from the billing platform.

However, Relay does not have a physical branch, so all financial transactions are done on the website or mobile app.

Designed primarily for sole proprietors and sole proprietorship LLCs, the TIAA Small Business Current Account includes several benefits to help you effectively manage your business finances.

This 0.10% APY interest account has a minimum deposit of $1,500. However, the bank does not require you to pay a monthly service fee.

Business Checking Accounts

This account balances the benefits of online banking with the convenience of having an ATM near you with one of the largest ATM networks in the country.

This account reimburses you for the ATM fees you incur when withdrawing money from an offline machine. However, the catch is that you must maintain a balance of at least $5,000 in your account. If you have a balance of $5,000, TIAA will give you back up to $15 each month.

BlueVine is an Internet-based FDIC-insured bank that offers business checking accounts and lines of credit to its customers. BlueVine’s most exciting features include:

Despite all these features, the standout feature of this account is its high APY. BlueVine offers 1.2% APY on balances from $1 to $100,000.

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Considering the national average interest rate on checking accounts is 0.03% and the average on savings accounts is 0.06%, BlueVine’s 1.2% interest rate is exceptional and clearly ideal for most e-commerce business owners.

Mercury is an online-only banking platform with no monthly fees, transaction fees, minimum deposits or minimum balances. In addition, Mercury Allpoint offers cash withdrawals through the network and does not charge any fees for using ATMs outside of the network, although ATM providers may charge you a fee.

You can use the digital tools built into your account to send and receive online payments, track transactions and cash flow statistics, and track expenses. The Mercury iOS app lets you manage your debit cards—change spending limits, freeze them, add them to your mobile wallet, and create virtual debit cards through the software.

Overall, Mercury makes it easy for you to get started with affordable business banking. You can quickly set up a business bank account with minimal effort. This, combined with Mercury’s online tools and user permissions, makes the account an attractive option for many small e-commerce owners.

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If you’re looking for a complete business banking solution, Chase Business Complete Banking is a great choice. With this account, you can access checking, savings and shopping services.

Chase’s entry-level checking account, Chase Business Complete Banking, offers a $300 bonus to new customers, the largest of any account on this list. As an added bonus, the Business Complete Banking Account combines online, mobile and face-to-face banking with an easy-to-use digital platform and a large network of physical branches.

Another feature of this account is QuickAccept, which allows you to use a mobile card reader or the Chase app to accept payments using debit or credit cards. You may pay transaction fees, but this feature can be a great addition to your e-commerce business.

If you’re looking for a one-stop shop for all your business banking needs, Chase Business Complete Banking is a great choice.

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Taking the time to do your research can save you a lot of headaches when looking for the perfect business bank account.

Even so, there are many factors to consider when choosing a bank account for your business, but these eight are a good place to start.

There are many banking options for a new business account. Opening an account at a traditional bank can take time. You will need to submit a lot of documents to the bank, and the bank may run a credit check on you and your company, which may take several days.

Fortunately, online banking offers a much simpler and smoother process. All you need is your ass

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