I’m trying to figure out the best bank for someone starting a small business.
I’m starting a property management business and need to decide if big banks or small banks are better, both short term and long term.
Do big banks offer good support? Are smaller banks more reliable for the long haul? I don’t know much about this, so if my questions sound odd, sorry about that.
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Big banks and even most small ones won’t really see you as a priority.
Any FDIC-insured bank can handle your needs as long as they think you’re a safe bet.
I use a large family-owned bank that’s right across the street from me. Even with $1 million in annual revenue, I’m just a small blip on their radar.
Reese said:
@Sparrow
What do you mean by “not a priority”?
I mean they treat you like any other account holder. You’ll get the standard services, but if you leave, it won’t really affect them much.
Check out local credit unions. Since they’re member-owned, they usually put their members’ interests first compared to regular banks.
Look for a local bank that offers free ACH services for businesses.
Also, pick one that’s close by so you can easily deposit cash if your tenants pay that way.
Yes, smaller banks or credit unions can work well for businesses. Just pick one that’s convenient or a small regional option.
I’ve been using Bluevine Business checking for four years now and I’m happy with it. It’s free and offers a good interest rate (I think 2%).
Everything is online, and you can use ATMs when needed. I mostly do transfers and mobile check deposits, so it fits my needs.
The local banks in my area charge fees for business accounts, and even if they offer interest, it often just offsets those fees. That feels pointless to me.
It depends on what you need.
If it’s just a basic account to deposit and withdraw money, most banks can do that. Just make sure their limits fit your business.
For loans, find a lender that specializes in small businesses, especially if you’re looking for an SBA loan. Local SBA lenders can guide you through the process better than big firms.
If you’re buying and selling real estate, a bank that focuses on real estate is worth considering. They might be national but can save you time.
You don’t need the perfect bank right away. As long as your bookkeeping is solid, you can switch later if needed. Don’t overthink it—pick one and get started.
The easiest option is to use the same bank you already use for personal accounts. It makes transferring money between your business and personal accounts much simpler (though those accounts should always stay separate).
Go for small, local banks. Avoid the big corporate banks—they don’t prioritize small businesses.
Big corporate banks don’t really care about small businesses. Let me save you some headaches: the best bank I’ve used in 25 years is Mercury. They offer great features, no fees for ACH transfers, and are specifically designed for small businesses.
I’m never going back to traditional banks. If you’re interested, here’s a referral link to get a $250 bonus.
Pick a bank that’s on your way to work or nearby.
You’ll save time and hassle, even if it costs a bit more.