Making the most of small business checking is important to many business owners who are looking for ways to save and still acquire the tools they need for a successful business. In some cases, businesses spend a portion of their profits on business checking, financial services and money management. By obtaining tips for making the most of small business checking, businesses save money and time.

Small businesses profit the most by seeking the best small business checking account for spending less on maintenance charges and gaining more from special features. When analyzing ways of making the most of small business checking, consider the following:

1. Not all small business checking accounts offer the same small business checking services.

2. Some banks do not charge fees for small business checking accounts.

3. Several business checking account options save time and effort for small businesses.

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

Seek a financial institution that offers free small business checking regardless of account balance

Many banks charge a maintenance fee based on your account balance. The higher you keep your balance, the lower the fee charged. However, the time when your account is low is when you need to save the most. With a little investigation you can find banks that offer maintenance-free checking. Although most fees are not more than $10 a month, the savings is worth looking for a bank with no fee.

I recommend: View business account options from Key. See more information on business checking accounts at Dart Creations.

Consider interest-gaining small business checking accounts

Several banks are now offering interest-bearing checking accounts. At one time, this feature was reserved for savings accounts. However, if your money is in the bank, regardless of the account type, some now pay you interest. The interest rates on checking accounts are typically lower than other accounts, yet any amount of earnings is better than none. Some banks have balance stipulations for interest accounts and others do not.

I recommend: Read about business accounts at NFIB. Gain information about the best business checking from TCU Net.

Find a bank with online small business checking features

Online banking is a big asset to many busy business owners. While many people do not have time to go to the bank before closing, they do have a computer at work that they use to access their account. With online banking, business owners check account balances and deposits, transfer funds and even pay bills.

I recommend: Get information about best small business checking options from Wachovia. Read an article about small business checking from High Beam.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Never feel obligated to stick with one bank if another offers better features for your company. Many businesses have an account at two or more financial institutions.

Choosing the best small business checking account to accommodate your small business checking needs is especially important for the emerging business, whose banking needs can be vastly different from those of Fortune 500 corporations. The best small business checking account – and bank – should simplify your banking and other financial needs.

Here are the top considerations for small business checking:

1. Define your small business checking needs, then find the best bank to fit those needs.
2. Join forces with a bank that that can address your current and ongoing banking needs through small business checking accounts and other banking services.
3. The best small business checking accounts should offer you a variety of features, including payroll services, invoicing services and merchant accounts.

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

Find a small business checking account that meets your needs

Look for a bank that is used to accommodating the special needs of the entrepreneur or small business through its small business checking account choices, terms and options.

I recommend: Wells Fargo has been helping small businesses since 1852 with many small business checking accounts, including low activity small business checking accounts, basic small business checking accounts, and basic small business checking accounts with interest. Other banks offering small business checking accounts include Bank of America, Wachovia, Regions, Citibank and Washington Mutual.

Find free small business checking accounts with value-added services

Yes, we said free. Free small business checking accounts should mean you'll pay no monthly account or transaction fees; this might include free unlimited check-writing capabilities, free transfers, a free ATM or check card, free ATM transactions, and often, free checks.

I recommend: Wachovia offers a wealth of resources for the small biz owner, including small business checking accounts with or without interest (with specific requirements), free Visa Business Check Card (with unlimited transactions), free bad check recovery, online bill pay, and more. Free small business checking accounts are also available from Regions, Washington Mutual and Citibank.

Choose a small business checking account tied into a business savings account

If you're interested in a small business checking account that is tied in with a business savings account, find the financial institution that offers both accounts in one place.

I recommend: Bank of America helps you choose the best small business checking account (some of which link to a business savings account) that offers features according to your business size, financial needs, and type.

The best small business checking accounts offer online banking features

You probably work with online product suppliers, vendors, and clients online, so why not do your banking the same way? Find online banking small business checking accounts with online billing, invoicing, tax services, and more - all without ever leaving your office.

I recommend: Open a small business checking account with WaMu and get business online banking and Business Bill Pay services where available. WellsFargo, Bank of America, Wachovia, Citibank and Regions also offer online banking options for small business checking accounts.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Look for a small business checking account that offers merchant account services to help you grow your business.
• •  Ask questions to clarify the regulations of your account, especially any related fees. Some banks offer value-added features on new small business checking accounts for a limited time before the fees go into effect.
• •  If your banking transactions each month are minimal, look for 'budget' small business checking accounts that offer incentives for a small number of checks written/other transactions.
• •  Many of today's credit unions are working hard to meet the banking needs of their local businesses through small business checking accounts, loans and other business-focused financial products.

Small business checking and financial duties are a critical aspect of running a company. Most small business owners have a personal checking account and a business checking account at their financial institution.

If the business is run from your home, the two accounts may have the same address. Most small business owners differentiate the two accounts by adding the business name in addition to their own name on the small business checking account. When thinking about opening a small business checking account for your small business and looking for the best business checking, consider the following small business checking basics:

1. Small business checking accounts help keep business expenses and personal expenses separate.

2. Co-owners of a small business share a mutual spending account by opening a small business checking account.

3. A separate account for your business, such as a small business checking account, makes paperwork easier when completing end-of-the-year tallies.

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

Consider a basic small business checking account when beginning your business

Most financial institutions will be happy to help you open a small business checking account. These basic accounts are very similar to personal checking accounts. There are no minimum balance requirements. However, depending on your bank, there may or may not be monthly maintenance fees. This is the best small business checking for those just beginning a business with minimal transactions.

I recommend: View a small business checking account comparison from Wells Fargo. Read an article about small business checking at Christianet.

Look for advanced small business checking accounts once your business is established

Advanced small business checking accounts offer more features than basic checking accounts. Most of these accounts offer free checking if minimum balances are kept in the account. Online and phone banking are also typical special features. A check card and an increased opportunity for a line of credit are also possibilities with these accounts. Advanced accounts work better for business with moderate to high number of transactions.

I recommend: View information about cash flow account from Bank Rate. View a question and answer about the best business checking accounts from Wesabe.

Use an analysis small business checking account for high volume transactions

Some banks offer analysis small business checking accounts for companies with a high number of monthly transactions. Along with all of the special features offered with advanced checking accounts, these accounts offer tracking options and opportunities for business owners. Tools for tracking expenses and credits are offered. These accounts help keep transactions organized. Most banks consider this the best small business checking account option.

I recommend: Get more information about analysis account from Bank of America. View more information about small business checking at PNC.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Remember that management of small business checking accounts is just as important as large business accounts. Good bookkeeping skills and account records are essential no matter how large your business grows.

Small business checking is an essential part of doing business. Many banks now offer a wide range of different checking options. Deciding between commercial checking or business interest checking can be difficult. Learning about FDIC deposit insurance and the possibility of a business checking earnings credit allowance are important parts of choosing the right checking account. Business owners should invest the time to learn key terms associated with small business checking accounts and services before selecting them.

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

Merchant services

All banks are different in terms of what merchant services they offer. These services often are linked to small business checking accounts. They provide the business a method of managing cash flow and minimizing their risk.

I recommend: Wachovia provides a look at their merchant services.

Commercial checking

Businesses that have a higher monthly account balance may wish to consider a commercial checking account rather than a business checking account. These accounts may offer unlimited transactions for a set fee. They may also offer an earnings credit allowance.

I recommend: Commerce Bank defines what the company's commercial checking account offers.

Business interest checking

This type of small business checking account provides all of the advantages of a traditional checking account, but also applies an interest payment on balances. This particular type of account is ideal for sole proprietors and nonprofits. The interest paid is often based on a minimum daily or monthly balance within the account. Some commercial checking accounts may also be available as interest baring accounts.

I recommend: EverBank gives a clear description of what their business interest checking accounts provide.

Business checking earnings credit allowance

A business checking earnings credit allowance is a way of offsetting the bank's service charges. They are only used on non-interest bearing accounts. Some banks will peg this rate to the United States Treasury Bill rate.

I recommend: AmTrust Bank provides some details about this credit offered to small business account holders.

FDIC deposit insurance

The Federal Deposit Insurance Corporation, FDIC, protects small business checking account balances up to a specific amount. Small businesses will want to determine if their bank offers this type of protection prior to working with it.

I recommend: The FDIC offers details about FDIC deposit insurance available to businesses. Check the website for updates on insurance amounts.

Client trust accounts

Some small businesses need to establish a client trust account when they hold client funds in escrow. Some banks link these accounts to business checking accounts. They are often required for real estate agents and attorneys.

I recommend: TD Commercial Banking provides information on client trust accounts.