Managing and growing a successful small business requires more than just business savvy, it also requires strong cash management capabilities. However, even strategic business owners can see some of the benefits disappear if they lose funds to a bank account that charges costly fees for various services that could be free elsewhere.
Financial website WalletHub recently compared more than 200 business bank accounts from financial institutions across the country to find not only the best overall business bank accounts, but also those with the highest interest rates, the best rewards and the lowest fees.
Various factors go into finding the best banking solution for a small business, particularly how the business operates in terms of its creditors, customers and suppliers. For many of the smallest businesses, the best option could even be a personal checking account, as long as the owner does not comingle funds. Business accounts can be valuable for most, however. And similar to business credit card accounts, checking accounts often offer features that businesses need, but that aren't included in traditional personal accounts.
Best Overall: Lake City Bank Business Rewards Checking
Highest Interest Earning Rate: Bofi Federal Bank Rewards Checking Account
Best Rewards: First Bancorp Business Essentials Checking
Lowest Fees: Bank of Texas, National Association Free Small Business Checking
Best for Cash Businesses: United Community Bank Business Value Checking
The full can be viewed at WalletHub.com.