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Small Business Banking

Quickly find information on banking services for small businesses. Review listings for links to small business banking information and banks offering small business accounts and services.
ING DIRECT: Business Savings Account Official Site
Earn 3.15% APY for your business. Savings with no fees + no minimums. Grow your money while you grow your business. Apply online.
Apply Online
business.ingdirect.com
Business Line of Credit as Low as Prime + 0%
Up to $100,000 in capital you can draw on anytime, for any business need. No app, annual or access fees. Must have great credit. Open online today.
Business Checking | Business Savings | Line of Credit
SwiftFinancial.com/Business_Loans
Small Business Banking with Washington Mutual Banking
Switch to WaMu Free Checking. Enroll 100% online. No monthly fee!
Start Now! | Apply On-line | Pick A Perk
www.WaMu.com
WaMu Banking
Switch to WaMu Free Checking. Enroll 100% online. No monthly fee!
wamu.com
American Express Business
Spend $1,000 by 10/31/08 and Earn a Free Domestic Round-Trip Flight
www.americanexpress.com/business
Small Business Insurance
AAA fulfills all small business insurance needs. Get a quote now!
www.AAA.com
Small business banking
View info on small business banking. Use our Free Tools and Research.
www.Banks.com
3.15% APY Savings Account
New from E*TRADE Bank. Free One-Click Transfers. Apply Now!
Open an Account | Pricing and Rates
ETRADE.com
Remote Deposit Capture
Cut costs, improve cash flow and net income. Visit RemoteDepositCapture.com, the industry's independent authority on remote deposit capture.
www.RemoteDepositCapture.com
DepositNow A/R for QuickBooks
Small business banking software lets you deposit checks online 24/7 and balances your accounting records automatically.
DepositNow.com
Make real Cash
sign up now, make $100+ a day no setup fee
loadsofcashforfree.blogspot.com
Small Business Loans
Tired Of Searching? Fill Out One Form & Lenders Will Contact You!
www.iBank.com/SmallBusinessLoans
PNC Bank Corp. Webinars
Economic Development Finance 101 webinar. May 22. Register today!
www.pnc.com/joinus
Listings
Small business banking
View info on small business banking. Use our Free Tools and Research.
www.Banks.com (Paid)
3.15% APY Savings Account
New from E*TRADE Bank. Free One-Click Transfers. Apply Now!
Open an Account | Pricing and Rates
ETRADE.com (Paid)
Alliance Bank
Geared solely to serve businesses and professionals with deposit accounts and lending solutions through SBA, accounts receivable and conventional loans.
www.allbank.com
Broadway National Bank
Commercial bank offering SBA loans, merchant credit card processing, personal services and business services to the communities of Manhattan and Brooklyn.
www.bnbbank.com
Business Line of Credit as Low as Prime + 0%
Up to $100,000 in capital you can draw on anytime, for any business need. No app, annual or access fees. Must have great credit. Open online today.
Business Checking | Business Savings | Line of Credit
SwiftFinancial.com/Business_Loans (Paid)
Cupertino National Bank
Offers commercial loan services, including specialized accounts receivable loans, international trade finance loans, Small Business Administration (SBA) loans. Also provides real estate developers, contractors, and property owners with residenti...
www.cupnb.com
DepositNow A/R for QuickBooks
Small business banking software lets you deposit checks online 24/7 and balances your accounting records automatically.
DepositNow.com (Paid)
ING DIRECT: Business Savings Account Official Site
Earn 3.15% APY for your business. Savings with no fees + no minimums. Grow your money while you grow your business. Apply online.
Apply Online
business.ingdirect.com (Paid)
Remote Deposit Capture
Cut costs, improve cash flow and net income. Visit RemoteDepositCapture.com, the industry's independent authority on remote deposit capture.
www.RemoteDepositCapture.com (Paid)
Small Business Banking with Washington Mutual Banking
Switch to WaMu Free Checking. Enroll 100% online. No monthly fee!
Start Now! | Apply On-line | Pick A Perk
www.WaMu.com (Paid)
Summit Bank
Provider of personal and commercial financial services, including SBA loans, construction loans and services geared specifically toward women in business.
www.summitbanking.com
WaMu Banking
Switch to WaMu Free Checking. Enroll 100% online. No monthly fee!
wamu.com
American Express Business
Spend $1,000 by 10/31/08 and Earn a Free Domestic Round-Trip Flight
www.americanexpress.com/business
Small Business Insurance
AAA fulfills all small business insurance needs. Get a quote now!
www.AAA.com

Guide to Business Banking for Startups

Why having a business bank account makes dollars and sense


A first step to establishing your small business is setting up a business bank account. Many new and part-time small business owners are guilty of using their personal checking account to handle transactions. But that just won't cut it for a variety of reasons and can make tracking money confusing, especially at tax time or if you are audited.

Self-employed sole proprietors are frequently guilty of not having business bank accounts. But if you want to take advantage of the tax breaks that business ownership offers, and protect yourself from personal business liabilities, separating your finances is one important step.

The type of account you need depends on various factors, including the size of your business and whether you are a non-profit, sole proprietor, LLC or corporation. Here are three key reasons you can benefit from having a business bank account:

  1. Deducting business expenses. A personal account makes it harder to justify to the government that your business is legit if it could be mistaken for a hobby. It is also easier to miss deductions if your expenses are commingled with your personal transactions.
  2. It simplifies your record keeping and life, by managing cash flow separately from your personal accounts.
  3. It makes your business look more professional to clients by having checks with your business' name on it, for instance.


Action Steps

The best contacts and resources to help you get it done

Shop around With so much competition, banks are throwing out incentives to lure small business owners, including free checking accounts and even cash payments of $50 or more just to open a business account. Fees and services vary by bank, so you may need to ask some questions.

I recommend:  Surf the Web to save leg work when looking for the best bank for your buck. Bank of America, Wells Fargo, and Washington Mutual are just a few of the biggies who cater to small business. For online-only banking, NetBank offers small business accounts and services.

What's required The information you need to open a business bank account includes basics such as your business name, a DBA ('doing business as' name) social security number and other details. One major piece of information you will need that personal accounts don't require is a government-generated employer identification number (EIN), also called a tax identification number (TIN).

I recommend:  Many banks, such as Wachovia, will list online what they require to open an account. You can obtain an EIN by completing an online application from the IRS, or by calling their toll-free Business and Specialty Tax Line at (800) 829-4933.

Don't forget plastic The world runs on plastic. Having a separate credit card for your business is often required to handle online transactions, and it makes it easier to keep track of purchases.

I recommend:  Bank of America, Citibank and others offer a variety of credit-card options for small businesses that are at varying levels of size and income. American Express is another popular choice because you can accrue Membership Reward points and airline miles, and Amex categorizes all of your purchases in a year-end statement. Just watch for fees!

Tips & Tactics

Helpful advice for making the most of this Guide
  • When considering bank fees remember they are partly tax deductible as a business expense.
  • Opening an account early on in your business can help establish relationships needed for future financing.
  • Look for banking extras such as online banking, payroll and tax services, and discounted employee banking. Try a VISA check card. You may need one in case you need to build credit to obtain a credit card.

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How-To Guide from WORK.COM

By Cherie L. Berkley
Why having a business bank account makes dollars and sense.
A first step to establishing your small business is setting up a business bank account. Many new and part-time small business owners are guilty of using their personal checking account to handle transactions. But that just won't cut it for a ... Read more
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