US: Our Top 5 Best National Banks for 2021
If you are currently interested in launching your own business, one of the most important choices you will have to make is which bank to open your business’s bank account with. Whilst this may not seem like the most necessary factor at first, depending on your business structure it may be a legal necessity (such as with an LLC).
Moreover, finding the best bank choice for you and your business can go a long way in building your business’s credit score quickly, and consequently in ensuring that you do not bottleneck your company’s growth in the future through lack of adequate financing.
Below we have delineated our top 5 best banks for small business owners in 2021.
BlueVine is arguably the most holistically beneficial option for starting business owners at the moment.
This is particularly the case for the business owners that do not handle large amounts of cash during their business’s operations, as well as for those that will likely need access to a sustainable and predictable source of financing in the near future.
BlueVine additionally offers what is known as BlueVine Payments- an exclusive bill pay service that allows its users to utilize a credit card to pay their business vendors (with BlueVine paying them) for a fixed fee of 2.9%.
2. Navy Federal Credit Union
The Navy Federal Credit Union can be a great choice for all types of businesses- regardless of their size or age. The company offers: a) two business savings accounts, b) three checking accounts, and business Certificates of Deposit (CDs).
Before attempting to sign up with them, however, you should consider that the credit union’s business bank account-related services are only available to the individuals that already have a personal checking account with the company as well.
Whilst this may not sound like the end of the world, personal bank accounts with Navy Federal Credit Union are only attainable by a person with a military affiliation.
3. Chase Bank
Chase Bank can be a very convenient choice for you if your business handles large quantities of cash, as well as for the ones that operate in a variety of different physical locations around the country- due to the bank’s exceptionally high (4,700) number of brick-and-mortar branches in the U.S alone.
Another significant benefit of choosing Chase Bank is that their packages are tailored for a variety of different business sizes, and so they tend to provide ‘’something for everyone’’.
The bank offers both: business savings, and business checking accounts, each specifically designed so as to accommodate a variety of different industries and business sizes.
4. US Bank
US Bank is (generally speaking) a very advantageous choice for small businesses (and startups) as they have a no-fee business account option which can be of significant assistance for business owners with limited pools of capital.
Given US Bank’s leading expertise and renowned prominence in the field of corporate banking, signing up with them can mean that you will benefit indirectly in a variety of different ways as well. The bank’s sheer size (fifth-largest U.S bank) additionally makes it a great choice for business owners who are registered in the western or midwestern parts of the U.S.
5. Wells Fargo
Wells Fargo specialises in small business lending, which makes it an almost perfect choice for relatively small business owners with future expansion plans that will undoubtedly require third-party financing.
According to research conducted by The Really Useful Information Company (TRUiC), Wells Fargo (which is also the largest commercial bank in the United States) is one of the most favourable options for businesses looking to get approved for Small Business Administration (SBA) 7(a) loans.
Additional benefits include: credit cards, access to Card Studio Design, and increased flexibility.
Picking the right bank for your business’s bank account is undoubtedly extremely important. Working with a financier that understands your company’s specificites, industry, size, and growth aspirations can ensure that there are no hurdles in the long-run (particularly in relation to financing options), and set your business on the right path from the get-go.