Banking in Alabama can be helpful for small businesses once you find out where to go. Although many banks provide similar services, they are not all the same. Some specialize in specific areas, such as business savings accounts with high interest rates or attractive credit card offers. Once you find out how to make banks work for you, your business will run even more smoothly.

Banks in Alabama can provide many benefits for your business, no matter where you live in the state. Since so many banks exist, you will need a way to choose the best fit for your business. The following are tips for selecting an Alabama bank:

1. Make sure the bank is flexible and customer service-oriented, which includes not charging fees for every little thing.
2. Select a bank that can offer your business a short-term loan if needed.
3. Your chosen bank should extend convenience to you, such as having either several locations or just one very close to you, and should have an ATM.

Action Steps
The best contacts and resources to help you get it done

Select an Alabama banking institution that offers a business checking account

Obtaining a business checking account is crucial to any small business, as it allows you to keep your personal funds separate from your business funds. You can often connect the two accounts so you can transfer money from your business account to your personal checking account quickly, but be sure your bank offers such convenience.

I recommend: FNB Bank offers Northeast Alabama residents several interest-bearing options for business checking accounts, while First Metro Bank features commercial banking in Alabama with no minimum balance requirement.

Check out Alabama banking institutions that feature savings accounts with high interest and low fees

Some Alabama commercial banks pay great interest on savings accounts for small businesses, as well as minimal monthly fees. Many Alabama banks either do not offer business savings accounts or do not feature high interest rates on them, so be sure to look for this option before signing up for a checking account with anyone. It is always best to have a checking and savings account with the same bank to make for easy account transfers.

I recommend: Headland National Bank offers unlimited deposits and withdrawals when you open a business savings account, and Regions charges only a small monthly fee for such an account.

Find an Alabama commercial banking institution with the option of a business credit card

Not every bank offers a business credit card account, but finding a bank in Alabama that does is important. A credit card specifically for your business is helpful when purchasing materials or taking clients to dinner. It is considered standard in the business world to have a company credit card, and finding such an offer in Alabama is possible.

I recommend: BankTrust offers lines of credit for your business, and United Bank features a Visa business credit card with extended purchase security and both travel and emergency assistance for anyone at your company.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Most Alabama banks have a few employees on-hand that specialize in business, and these people are beneficial to talk to before opening any business account. When shopping for a bank, be sure to take the helpfulness of employees into account, along with interest rates, monthly fees, and minimum deposit requirements.