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Owning and operating your own business is a huge responsibility, one requiring you to make a lot of choices – chief among them how to best manage your money. Money management options and accounts vary, with each financial institution offering its own take on the ubiquitous business checking account, and given the wide array of options, it can be tough to nail down exactly what your company needs and where to get it. Here, the financial experts at Customers Bank discuss how to pick the best type of business checking account for a particular business; keep reading to learn more.
What to Consider When Picking the Best Type of Checking Account for Your Business
Lots of factors can set a business apart, from the people who work there to the philosophies of the owners and managers, and what’s right for one company might be totally wrong for another. This fact is as true for business checking accounts as it is for anything else, so it’s important to consider a few factors before signing up for an account on behalf of your company.
Firstly, it’s helpful to think about the kinds of returns you want to get on your money. Many checking accounts offer some form of interest on the balance of a business checking account, but in most cases, the rate of return is quite low. However, some banks, including Customers Bank, provide more growth-oriented checking accounts, which tend to come with a few requirements, such as a higher minimum balance. Depending on how much you want to keep in an account and how much interest you’d like to see, the best type of account for your business could vary.
Secondly, keep in mind that the best type of business checking account is not determined solely by the details of the account itself. Business clients at Customers Bank enjoy access to a number of cash management services, from Positive Pay – which helps protect against fraud – to instant online wire transfers and ACH transactions. For businesses that get a lot of payments by mail, our electronic lockbox service can be a huge time-saver, and our Business Bill Pay option makes it easy to manage all accounts payable from one secure site. Ultimately, what makes one business checking account better than another could be what’s included with the account, rather than variations in interest rates or fee policies.
The Best Customers Bank Checking Account for Small Businesses
Smaller companies that tend to have lower average balances may benefit from a Customers Bank Commercial Interest Checking account. It only takes $50 to start one of these business checking accounts, and there’s no minimum balance once it’s open. No matter the size of the balance, you’ll receive a consistent 0.05% interest rate, and there are no per-check, item, or deposit charges on those transactions. You’ll also have unlimited check-writing privileges, plus full access to our cash management services as well.
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The Best Business Checking Account for Large Companies
For bigger businesses – those that handle a high volume of transactions and that maintain large balances – a Customers Bank Commercial Interest Checking Plus account might be the best type of business checking account. This option shares many of the same benefits as our standard commercial checking account, with one notable difference: a much higher rate of interest. Any business client with one of these accounts can earn a full 1% APY on balances of over $100,000, far more than what many business checking accounts provide. Each Commercial Interest Checking Plus account comes with unlimited check-writing and is free from per-check, deposit, or item fees.
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Options for Companies with Multiple Business Checking Accounts
For some companies, it can be helpful to maintain multiple business checking accounts, though doing so can often be tiresome. To make things easier, Customers Bank offers escrow accounts that allow clients to combine several individual accounts in a single interest-bearing master account. Every client with one of our escrow accounts will receive monthly statements detailing the status of each account as well as annual reports at the end of each calendar year. There are no monthly service charges, and you’ll be able to use the full array of Customers Bank cash management tools as well.
All products and services are subject to approval.
Get the Best Business Checking Account for Your Company at Customers Bank
At Customers Bank, we know that each business is unique, which is why we offer a variety of flexible business banking and lending options designed to cater to the needs of each individual client. To open a business checking account for your company today, simply fill out our online form, and a Customers Bank team member will get back to you shortly.