small business bankingChoosing the right small business banking account boils down to having a basic understanding of your business’ needs. Knowing the operational phase of your business as well as its cash flow are both essential when searching for a financial institution to handle your business banking. With the vast array of business banking options available, you can become easily overwhelmed during your decision making process. However, you can save yourself the time and hassle by reviewing the five best small business banking options.

Capital One

Capital One offers business checking and savings accounts, certificates of deposit, credit cards, loans, and lines of credit. Its account portfolio features the Clear Interest Business Checking, Completely Free Small Business Checking, Small Business Rewards Checking, Business Checking, and Non-profit Checking Account. With the exception of the Small Business Rewards Checking and the Completely Free Small Business Checking, all other business checking accounts carry a monthly fee ranging from $5 to $15. You can also take advantage of Capital One’s merchant services, online banking, private client group, and investments and insurance.

First National Bank

First National Bank has a customized package called Business First to cater to the varying needs of business owners. You have the option of opening a Free Checking, 300 Class Checking, a Not for Profit Checking, a Savings or Money Market account. When you open a Business First Checking account you will receive a free Visa check card, free online banking and billpay, and payroll and invoicing. Credit solutions such as overdraft protection, lines of credit, business credit cards, and business loans are subject to credit approval. As a Business First account holder you are entitled to benefits and rewards ranging from premium savings rates to service discounts. Additional services of Business First include merchant services, retirement services, insurance services, investment services, and first at work employee banking.

Bank of America

Bank of America provides small business owners with two business checking account options. The Business Economy Checking account is ideal for start-ups and small businesses. Your account comes with a Visa debit card. There is no monthly maintenance fee unless you are unable to meet the specified balance requirement for your account. In order to be eligible for this account you must maintain an average balance of less than $15,000; have less than 150 checks of paid and deposited items per month; and have less than $10,000 cash deposited per month. On the other hand, the Business Advantage Checking account caters to small to medium businesses. Such businesses must have an average checking balance exceeding $15,000; and have less than 400 checks of paid and deposited items per month.

Wells Fargo

Wells Fargo business checking accounts feature the Gold Business Services Package, Platinum Business Services Package, Analyzed Business Checking, and Business Checking. Excluding the Analyzed Business Checking account, there is a limit on the monthly transactions for the other three packages. Each account also comes with free access to online banking, free mobile banking, and a free business spending report. A monthly maintenance fee is applied to each account if you are unable to meet the balance requirements pertinent to that specific account.

TD Bank

TD Bank has four small business banking options. These include the TD Business Simple Checking, TD Business Convenience Checking Plus, TD Premier Checking, and TD Business Interest Checking Plus. There is a monthly maintenance fee ranging from $8 to $30 depending on the account you hold. Each account also comes with a business Visa debit card with extra reward points.