As a startup business, you may feel spoilt for choice where banks are concerned. Though it may seem so, not all banks offer tailor-made solutions to startups, which you will realize as you visit banks to open an account for your business. Few banks though, are exceptions as they offer the best services for a startup business.
How To Identify The Right Bank
The job can be tougher than one may realize. Here are the factors you need to look for while making a comparison of different banks:
- Fees charged
- Upper limit for restaurant loan to small businesses
- Interest rates
- Flexibility to accommodate startup’s needs
- Additional features
- Support system
Best 5 Banks For Businesses
There are quite a number of banks that offer essential services to startups costs out of which the banks mentioned below take the first five places.
1) Wells Fargo
Wells Fargo offers great customer support for startups. Some of the special features of Wells Fargo include:
- Monthly fee can be waived if $7500 is maintained in your account. Other ways monthly fee can be waived include making a minimum of 10 debit purchases a month.
- Minimum opening deposit is $25, which when compared with Bank of America is higher as BOA has nil minimum opening deposit, it is much lower when compared to few other banks.
- First 200 transactions every month carry nil charges.
- Deposits in cash up to $7500 a month are not charged.
- Business credit cards are offered to help with the cash flow.
- Wells Fargo small business insurance coverage offers insurance cover to your assets and staff.
Citibank is one of the most favored by many startups. The special features of Citibank include:
- Monthly fee of $15 can be waived if $5000 monthly balance is maintained.
- Minimum opening deposit is @25, which is same as Wells Fargo.
- Fee is not charged for transactions up to 250 every month.
- Cash deposit up to $10000 is not charged.
3) Bank of America
Preferred by many as the first choice, Bank of America, the largest in the country has unique features to offer its clients. They include:
- Monthly fee of $17 is waived if $3000 is maintained every day in account. Alternately, an average balance of $5000 can be maintained.
- The best feature is that the minimum opening deposit is nil.
- Cash deposits up to $7500 every month is not charged.
4) U.S. Bank
Ranking among the largest banks in America, U.S. Bank is renowned for its specialized services to startups.
- Maintaining minimum balance is not required
- Nil opening deposit
- Fee is not applicable for the first 150 transactions every month.
- Cash deposit up to $2500 each month is not chargeable.
5) First Citizens Bank
One of the unique features of First Citizens Bank offers Business Visa Credit Card to meet daily expenses. Other features include:
- Nil monthly fees.
- Up to 175 transactions every month go without charge.
- Cash deposit up to $5000 every month is not charged.
- Financing for purchase of equipments
- Personalized support to assist in the growth of your business
Choosing the right bank for your business goes a long way in the smooth functioning of your business. Take off with the right bank for successful landing at the top.