Whenever you’re running any business – even if it’s just a little something on the side – it might be in your best interest to create a business account at your bank of choice so that you can keep the money associated with your business expenses separated from your money. Saving money in one of the best online business checking accounts will also make things easier when paying taxes.
Sure, you can get away with a PayPal (or similar) business account in the early days. Still, ultimately you might find that it’s better for growth to upgrade to a business checking account with an actual FDIC bank as they offer more services than PayPal.
Another reason for opening a checking account exclusively for your business-related finances, transactions, expenses, etc., is because you will be less likely to be affected personally should you face any lawsuits or be found responsible for potential legal issues. If you are part of a C-Corp, S-Corp, or LLC, you will want to register for one of the best online business checking accounts. Otherwise, your checking account or assets will take a hit.
How do you go about starting a commercial bank account? In the old, pre-internet days, the process was quite a hassle. People had to bring various documents and meet with bankers in person. Unless they wanted to drive a long distance, they were limited to local banks.
Best Online Business Checking With Direct Deposit
The age of the internet has changed all of that. Now, distance is not a problem. Most banks allow people to open up accounts online via direct deposit. More and more online-only banks are opening up as time goes by and are very easy to get started with.
There is no one “best online business checking account” for all. Instead, look for one that offers a few different types of checking accounts for businesses. Then, look over the options and determine which account type is ideal for you. Of course, this will depend on factors such as the size of your business, account balances, frequency of debit card use, and so on.
All account types should offer unlimited debit card use and free domestic ATM use (or fee reimbursement). Of course, you should never have to pay any maintenance fees, either.
How about looking into Axos Bank to see if its account types would be the best online business checking option for you. Possibilities include Cashback Checking, High Account Balance Checking, and Essential Business Checking. In addition, there are no fees to worry about.