Choosing the right business bank account means having access to more than just a checking account. As stated by theislandnow.com, some of the accounts on this list include free checks, free ATMs, and no per-check fees for an accurate picture of how much money you’re saving.
List Of Different Types Of Accounts To Choose From
1) Gold Business Account – One of the most popular with customers is Chase’s Gold Business Account at J.P. Morgan Chase & Co. It pays a 2.5% interest rate on balances up to $100,000 and an unlimited amount of transactions per month. The main difference between this account and its two main counterparts is that while it’s a business account, users may also keep their money in the consumer checking account if they want to. However, that decision must be made in writing by the owner of the business. The minimum deposit amount is $500 per month.
2) Platinum Business Account – This version has the same benefits as above, but with no monthly fee for the first six months and then a $25 per month fee thereafter. The minimum deposit amount is $2,000 per month or $75,000 per year.
3) Signature Business Account – Chase offers a third version of the Gold Business Account called the Signature Business Account. While it has all of the same features as the Gold and Platinum accounts, it has a lower interest rate of 0.01%. The minimum deposit amount is $1,000 per month or $50,000 per year. However, users may not have both business and personal accounts with Chase at the same time.
4) Business Money Market Account – This is an account that offers a high rate of return on up to $15 million ($5 million for an individual or non-profits). The minimum deposit amount is $1,000 per month with a balance requirement of $1 to open and $25,000 to earn more than 0.01% interest on the account. It also offers no monthly fees if you meet the balance requirements.
5) Business Checking Account – Though not as high-yield as some of its counterparts, this account is free if you make 20 or more transactions per month. The minimum deposit amount is $500 per month and there’s a monthly fee of $10 for balances below $5,000 and a fee of $15 for balances below $50,000. Those fees go away when your balance goes above that amount or you make 20 or more transactions in a month.
6) Business Interest Checking Account – Similar to the business checking account, this account from US Bank pays no monthly fee as long as you maintain a balance of $2,500 or more. However, you only need to make five transactions per month rather than 20. The minimum deposit amount is $1,000 per month and there’s a $10 fee for balances below that if it drops below $1,000.