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Meagan Francis

Guide to Business Banking Rates and Quotes

Take advantage of the Web to shop for the best deals

By Meagan Francis, Director, Studio 4b

When choosing a bank to do business with, you'll probably look at many factors — from monthly fees to the branch's hours and proximity to your office. But whether you're opening a simple checking account, looking for a loan, or investing, you'll want to check out interest rates before you settle on a financial institution.

Interest rates can affect your business's bottom line in a variety of ways:

  1. The amount of interest you can earn through your business's checking or savings account,
  2. The amount of interest your business can earn through investments like certificates of deposit (CDs) and money-market accounts, and
  3. The amount of interest you'll pay on loans or lines of credit to start or grow your business.

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


Compare account rates online

Interest rates on checking accounts, CDs, money market accounts and more can vary even in the same geographical area. Find out all your options by calling around or visiting an online search before you decide which financial institution should get your business.
I recommend: Bankrate.com's Small Business section features a database with rates on checking and high-yield accounts nationwide.

Use an online bank

Financial institutions that do their business online often have lower overhead than brick-and-mortar banks, meaning they can pass their savings on to you through higher interest rates.
I recommend: ING Direct offers several financial products, including CDs, savings accounts, and mutual funds, and is backed by the power of a major international financial institution.

Shop for low-cost credit

Even a small difference in your business credit or loan interest rate can add up to a lot over the course of the loan. Search carefully for the best terms before you choose a lender.
I recommend: LendingTree.com allows you to search for the best rates on business lines of credit, credit cards, and other financing.

Tips & Tactics
Helpful advice for making the most of this Guide

  • Whether you're choosing a line of credit or a savings account, check the fine print for fees and other unwelcome surprises.
  • Interest rates are often negotiable, particularly if the bank believes it will lose your business otherwise.
  • Talk to your banker periodically to make sure you're still getting the best deal possible for your business. As the market fluctuates and your business grows, you may find yourself in a position to ask for better rates or take advantage of special offers.
  • Keep an eye on the competition. Shop around periodically to make sure your financial institution is still giving you the best possible rates.

The official source of Business Banking Rates and Quotes is the Bank Rates page at Business.com

More Featured Listings
Chase Business Banking Coupon
Open a Chase Business Checking Account and Earn $100. Learn More!
www.chase.com/business
Earn From 2.00% to 2.30%
With GE Capital Corporation. Not An Offer Of Securities For Sale.
www.geinterestplus.com
Compare Insurance Quotes
Business, Auto, Home, Health, Life & Group Insurance. Get Quotes for Your Insurance Needs.
Business | Auto | Home | Health
www.NetQuote.com
Related Resources

Recommended Solution Providers

RBC Royal Bank Rates
This bank has a good directory page of various rates. In addition, there are links to various tools such as currency converters.

Wachovia Small Business
The small business site for a large bank organized as a directory where one can find rates on any of their instruments.

The Bank of New York: Small Business
A small business site of a popular bank that has investment products and borrowing links.

Washington Mutual: Business Banking Services
This site lists all savings and borrowing products from this bank, customized to the state level.

Chase: Small Business
The site of a major bank, this page lists small business credits, loans and investments.

HSBC Business Banking: Credit, Checking, Loans and Cash Management
This site has all lending and borrowing products for businesses from HSBC.

Bank of America: Small Business
Bank of America's page that lists small business credits, loans and investments.

Best Sites to Learn More

Bankrate.com
A finance site that lists all the prevailing bank rates. This site also has many useful topical articles and finance vendor links.

MSN Money: Banking Online Tools and Services
This page gives rates and links to many topics and articles relevant to the current lending environment.

BanxQuote
A site that offers real time quotes on the most popular banking rates.

CNNMoney.com: Interest Rates
The CNN site shows major rates, and gives the user the ability to search by zip code to localize the bank rates.

Federal Reserve Bank: Selected Interest Rates, Web-Only Daily Update
A page showing key interest rates from the U.S. monetary policy authority.

CUNA.org: Daily Financial Rates
A credit union that provides a page with rates, including everything from mortgages to government paper.

Yahoo! Finance
This page has many common rates listed including foreign currency. In addition, there are many relevant financial topics that the user can select for more information.

MoneyRates.com
A site that shows current rates, and news referring to the latest changes in bank rates.

Best Blogs and Forums

Money Talk: Your Financial Forum
A forum discussing all things money and banking.

GoTalkMoney.com: Money Forum
This large forum has many categories including such categories as "best CD rates" and "money market rates".

SavingAdvice.com: Investment & Banking
A forum that has much communications traffic on prevailing rates and bank comparison shopping.

Bank Deals - Best Rates and Deals
A blog where the author looks nationally for the best rates and publishes them on his site.



FEATURED LISTINGS
Chase Business Banking Coupon
Open a Chase Business Checking Account and Earn $100. Learn More!
www.chase.com/business
Earn From 2.00% to 2.30%
With GE Capital Corporation. Not An Offer Of Securities For Sale.
www.geinterestplus.com
Compare Insurance Quotes
Business, Auto, Home, Health, Life & Group Insurance. Get Quotes for Your Insurance Needs.
www.NetQuote.com

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Apply for up to $100,000 of ready cash with a simple online form
A business line of credit – ready cash anytime you need it – is a marvelous and flexible financial tool to help a small business grow and keep you in control. Establishing the revolving credit line is cheap, you only pay interest on what you borrow and you can use the line for almost anything: Remodel, upgrade or expand your business into a new space. Upgrade your phone system, computers or other equipment and technology. ... Read more

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