What bank do people recommend small business checking and credit cards from?
What country are you in? Couldn’t find any details on your profile?
In the US: your local credit union.
Thank you for the replies so far, I am in the United States.
I’ve been a “credit unions only” fan for a long time because of the common arguments: working for the members instead of shareholders, lower fees, better service… but this year I moved everything from my credit union to a local (Colorado) for-profit bank (Vectra Bank).
My wife’s business accounts and our personal accounts where there, and over time I could see we were consistently getting WAY better personal service, and loans/credit when we needed them from Vectra. I think it’s because they make all their decisions locally, and provide better pay & benefits to their staff so they can hire great people (and they stick around). Good service ended up being much more important to me than the absolute lowest CD rates, especially when it comes to my business.
So, I’d give commercial & business banks a shot in your area, especially if they’re local.
I use US Bank for my business checking account because they are one of the only banks I found that offer a free checking account without any monthly fees. (Other banks wave their fees if you have a certain amount of funds in your checking account, but there’s no minimum with US Bank)
For my business credit card I have a Chase SouthWest card because I fly SouthWest a lot, and it winds up being about 1.42% cash back for SouthWest flights.
So US Bank has been good overall?
I saw them but didn’t know how reputable they are. I’m on the lookout for Business Checking, but so far have been turned off by their monthly costs, limits on monthly transactions, etc.
I’m not clear on what benefit they even give you over a personal accounts, other than legal protection of not using personal accounts for business (piercing corporate veil). One guess I have is integration with Payroll and other services I’m not currently looking for
Yea, I don’t have a single complaint about US Bank.
I’ve had a free business checking account with them for four years now, and I plan to open savings account soon. The savings account does have a monthly fee if you don’t have a high enough balance, but the balance just needs to be over $300 a month and the fee is waved.