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If you have an established business, a startup, or a home-based business, you have probably thought about banking options. Opening a bank account is not always as simple as we would like it to be -- it requires research and careful attention, since we are dealing with our most critical issue: our money.
But, similar to other industries, the banking industry is adapting to digital market demands.
Business trends of 2021 suggest that eCommerce will continue to be prioritized by many companies, as will the demand for virtual services by consumers. For many business owners, the traditional brick-and-mortar banking experience is giving way to the convenience of online banking.
Online banking is no different than traditional banking. It offers nearly every service found at a local branch -- deposits, transfers, payments, etc. Of course, the difference is that all of your transactions are done entirely online, at your own convenience. Understanding this desire for convenience, many major banks and credit unions now offer online banking.
For a busy business owner, banking on the go is a huge advantage. However, choosing the right online bank to set up a business account requires careful attention.
Let's look at some of the best online business bank accounts available today.
Some business owners desire online banking convenience. They may also find comfort in knowing a physical branch is just around the corner. Chase Business Online brings the vast resources of the banking giant to the small business owner with a simple, online banking option. Chase Business Online banking is FDIC-insured.
Chase Business Online offers members superior management features and security. Digital payment features allow you to control your business's cash flow entirely online -- with 250 transactions per month with no fee.
If you're a small business owner seeking the convenience of an online bank account with a personal touch that understands your needs, Small Business Bank is a great option. Small Business Bank offers online banking for small businesses of every type -- whether sole proprietors, small LLCs, or corporations.
Small Business Bank is FDIC-insured and offers its members free business checking and two online saving account options: High Yield Savings and Money Market Savings.
BlueVine is another great online bank account option for business owners who enjoy earning interest on their money. BlueVine is FDIC-insured.
BlueVine has excellent online features, competitive interest rates, and support for small business owners.
If you are a new business owner looking to set up a simple online banking account, then Axos Bank is a great choice. Axos Bank is FDIC-insured.
The Axos banking experience is hassle-free and has simple online account features.
Bonus Offer: If you started your business after June 2020, Axos offers a $100 bonus to new business owners when they sign up for a checking account.
Radius Bank is another online bank with banking account features perfect for small business owners. Radius Bank is FDIC-insured.
Radius Bank's online checking account boasts superior online mobile banking features and money management platforms.
There are many factors to consider before choosing an online bank account for your business. Here are some of the most important:
Online banking is here to stay and choosing an online bank account for your business requires careful consideration. Security is always paramount -- finding a bank that is FDIC-insured should be a top priority.
In addition, account management features, mobile platforms, potential interest return rates on your money, transaction fees, and overall banking convenience are factors to consider when making the right decision for your business account.
You need to know what services would best serve you and, in effect, help you to best serve your customers and clients.