Best Checking Accounts for Small Businesses

Being a small business owner isn’t easy – it takes a balancing act in so many different areas. And one of the most important aspects of small business success is being able to manage your finances effectively. This is where a small business checking account can come into play. Small business checking accounts are designed to handle the unique needs of a business, providing the flexibility and features necessary to keep your operations running smoothly.

Keep reading to learn more about how small business checking accounts work, their benefits, and how Academy Bank’s business checking accounts can work for your small business.

How Small Business Checking Accounts Work

Small business checking accounts function similarly to personal checking accounts, but they come with features tailored to business needs. Business checking accounts allow business owners to manage cash flow, pay bills, and handle transactions seamlessly.

Most banks require a minimum opening balance, which varies depending on the institution. Monthly maintenance fees are common but can often be waived if certain criteria, such as maintaining a minimum balance, are met.

Business checking accounts typically include a specified number of free transactions per statement cycle. Beyond this limit, a fee is charged for each additional transaction. Typically, business checking accounts provide business debit cards and check-writing capabilities, allowing for easy and quick access to funds for everyday expenses.

With digital advancements, most banks offer online and mobile banking services. These services include features like electronic funds transfers, bill payments, and account alerts to help manage finances on the go.

Benefits of Small Business Checking Accounts

Having a dedicated small business checking account offers several advantages.

First, keeping business transactions separate from personal ones simplifies accounting and tax preparation, ensuring clear financial records. Paying vendors and employees from a business account rather than a personal one can also enhance your business's professional image.

Business checking accounts help in tracking and managing business expenses efficiently, making budgeting and financial planning easier. And they often come with additional services like payroll management, merchant services, and credit card processing. Business checking accounts provide tools and resources to help manage your cash flow effectively, ensuring that your business has the necessary funds when needed.

Maximizing Efficiency with Business Banking Tools

In addition to the features of small business checking accounts, leveraging advanced business banking tools can further enhance efficiency and financial management. Many banks, including Academy Bank, offer a range of digital tools designed to streamline various aspects of business operations.

For example, automated payroll services can save time and reduce errors in paying employees, while merchant services can simplify the process of accepting customer payments – whether in-person or online. Cash management tools help optimize cash flow by providing insights into your business's financial health and facilitating timely payments and collections.

With integrated accounting software, you can synchronize your transactions directly with your accounting system, ensuring up-to-date records and simplifying tax preparation.

Advanced banking tools can help small business owners ensure they are not only managing their finances effectively but also setting their businesses up for long-term success.

Academy Bank's Business Checking for Small Businesses

Academy Bank's Business Checking account is designed to meet the diverse needs of small business owners, offering a blend of flexibility, convenience, and cost-effectiveness. Features include:

• Flexibility to Handle Cash Flow: Designed to cover everyday business needs, Academy Bank's Business Checking account offers great flexibility.
• Opening Balance: You can open an account with a minimum balance of $100.
• Monthly Service Charge: There is a $12 monthly service charge, which can be waived if you maintain a minimum monthly average balance of $5,000 or a daily average of $2,500.
• Transactions: The account includes 250 items per statement cycle, with additional items costing $0.35 each.¹ (Excludes check purchase debits).
• Unlimited Bill Pay: For a monthly fee of $10, you get unlimited bill pay, helping you manage payments efficiently.
• VISA® Business Debit Card: New account holders receive a VISA® Business Debit Card, providing easy access to funds.
• Business Mobile Banking: With customizable alerts, mobile banking helps you stay on top of your finances.²
• Online Business Banking: The basic package includes essential online banking tools to manage your account effectively.
• Free Monthly eStatements: Keep track of your transactions with free monthly eStatements.³

Get Down to Business with Academy Bank

The right small business checking account can ensure that your business's financial management is in good hands, allowing you to focus on what you do best – growing your business.

Ready to talk to a Business Banker and learn more about Business Checking? Get started today.

 

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¹ $0.05 positive pay per item fee.

² No charge to use Digital Banking on your smartphone or tablet. Message and data rates charged by your mobile phone carrier may apply. Mobile Deposits are subject to verification and not available for immediate withdrawal. Deposit limits and restrictions apply. $0.50 fee per check deposited applies.

³ $5.00 paper statement fee.

Closing new accounts within 90 days of opening will result in a $25 early closure fee. Subject to a $5.00 per month inactive fee after 12 months for no deposit or withdrawal within a 12 month time period. Subject to a $10.00 per month inactive fee after 36 months for no deposit or withdrawal within a 36 month period. After 5 years of no activity, this fee increases to $25.00 per month with a $75.00 unclaimed property remittance fee.