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Why you need a business bank account
Looking for the best business bank account can seem like a daunting task. But every business needs a place to store money, and under the mattress just doesn’t cut it anymore, so what can they do? They could sign up with a normal bank like AMEX or else, but that doesn’t offer the features needed by business owners.
Also using your personal bank account is a big no-no in the business world for obvious reasons, like not mixing personal and professional finances, tax reasons, and easier bookkeeping.
These Banks are fully online, which means there isn’t a branch you can walk into to withdraw money, and while you can withdraw money from any ATM, I wouldn’t suggest keeping money in it for the long term. You should open a business savings account with another traditional bank to keep money inside if you don’t plan on spending it soon.
What Are The Differences Between Traditional Banks And Online Banks?
The biggest difference is also mentioned above, that there aren’t any branches to walk into, but as the online world grows, you can do everything from the bank’s online portal.
Also, I personally wouldn’t keep huge amounts of money in there, due to multiple reasons, one of which is low-interest rates, but for purchases, I’d gladly use their cards.
also, these banks are going to make business accounting and bookkeeping easier for you or your team, but if you don’t have time to do your own bookkeeping, you can read this article here which will clear up everything.
The Best Business Bank Accounts
Novo – the best business bank account for US-based businesses
Novo offers a powerfully simple business checking account with all the tools small business owners need to succeed. Their intuitive digital Tool offers integrations with a variety of banking and accounting tools. As well as unlimited no-fee transactions and no minimum balance, Novo is one of the best business bank accounts for US businesses
Starting with Novo is very easy as well, just apply and it only takes 10 minutes to complete the application, and the best thing is, No credit check; only things you need are proof of identification, business formation docs if an LLC or Corporation, and proof of US residence.
Features:
- No minimum balance
- No Transaction Fees
- All 3rd party ATM fees are refunded
- No Credit Check
- Integration with Software like Xero, Stripe, WIse, Shopify and 1000+ more
- Google Pay and Apple Pay Functionality
- Reserve funds for later, set money aside for taxes, or run Profit First accounting
- Manage Unlimited Invoices for free
- Accept payment through ACH, wire, or Stripe
Novel – The Best Business Bank Account for Non-US residents
Novel is very close to Novo, but they do have an edge, one of which is that you don’t have to reside in the us, but you do need a US-Based Business, which you can do with FirstBase easily, and you can use code “PARTNER5” for 5% off and get access to $150,000 worth of perks.
Domestic ACH transfers, International and Domestic Wires, and 0.05% Cashback are all available with Novel. as well as intelligent notifications, card limits, and no credit checks.
and while Both banks offer most of the same features, Novel has some features for freelancers as well. and they are in the process of creating an invoicing tool built into the software, which makes it one of the best business bank accounts.
Features:
- Integration With Shopify, Stripe, Venmo, PayPal And More
- Payouts
- Domestic ACH, Domestic and International Wire
- 0.5% Unlimited CashBack
- Intelligent Insights
- International Visa Debit
- Real Human Support
- Scanned Check Deposit
- Apple, and Google Pay
Final Thoughts
as you can see above, these two banks are very similar in the terms of being the best business bank account, there are others in this field as well, but they are too similar in my opinion, and the ones mentioned above are the ones that go above and beyond for their clients.
Picking the best business bank account is going to come down to your needs at the end of the day, if you’re from the US then great! You can go with Novo, if you don’t however, you can get a registered business with FirstBase and get 5% off using code PARTNER5 then make an account with Novel, and now you have the best business bank account for your needs.
