How to Find the Best Business Checking Account Offers
Starting a business comes with many learning curves. One of those is the idea of branching away from your personal checking account and starting a business checking account. It may not be the first thing on your to-do list, but finding the best business checking account will help your business and its finances thrive in the long run.
When you’re looking for an account, it’s a good idea to look around for the best business checking account offers available to you. Sure, you could go to just any financial institution and create a business checking account, but you want to make sure that you’re getting something more out of it than just a place to deposit money.
Rivermark Community Credit Union has been assisting small and large businesses in Oregon with their business banking needs for years. With the help of a trusted credit union, you can start your business checking account with assurance and some great deals. If you’re ready to get a business checking account, here are a few details to consider as you make your decision.
Different Types of Business Checking Accounts
Not all business checking accounts are built the same. When you’re looking for a credit union to start your account with, they offer a variety of options so that you can find an account that best suit’s your business’s banking needs. At Rivermark Community CU, business owners have two options to choose from when it comes to business checking accounts: Business Checking and Business Checking Plus. As you begin to consider your account needs, you’ll find that one account may work better for you than the other.
The standard Business Checking account at Rivermark is a great option for businesses with low transaction volumes. If your business keeps an average daily balance of less than $3,000, this option will provide you with everything you need to manage your daily money. But if your business takes in more money than that, you may be better suited for an account built for higher funds.
The Business Checking Plus account works well for businesses that have a higher transaction volume. There’s a $10 monthly service charge that comes with this account, but it can be waived if your daily balance is above $3,000. This account also offers extra perks for having a higher daily balance by giving you the opportunity to earn interest on deposits.
When you’re trying to find the best business checking account offers, having the option to choose an account that will work for your money is important. It will prevent you from having to pay more fees than necessary and support you as your business grows.
Transaction Fees
When you’re looking for a business checking account, you’ll want to be aware of what types of transaction fees are associated with the account. Businesses accounts work a bit differently than personal accounts, and although transaction fees are common, the fee percentage differs from credit union to credit union.
With the standard Business Checking account at Rivermark, business owners can deposit up to $2,500 cash per month without being charged a fee. After reaching that point, all cash deposits are subject to a reasonable fee of 0.15%. With the Business Checking Plus account, $10,000 in cash deposits are allowed per month before your business is subject to transaction fees. This gives you a little more wiggle room if your business experiences a higher number of transactions. After reaching $10,000 in cash deposits for the month, the 0.15% fee will be applied to future cash deposits until the month is over.
If you can avoid having too many cash deposits, you may be able to avoid transaction fees altogether, but knowing the possible fee percentages of any business checking account is a good idea in case you have a few months where you go over the limit. The various requirements can help you to better decide which business account will work best for you.
Interest Options
Most people think they can only save or earn money with a savings account, but that’s not always true. One of the best perks you can receive from your business checking account is the opportunity to grow your money. With the right account and financial institution, you can earn interest on the balance in your checking account.
At Rivermark Community CU, the Business Checking Plus account allows you to earn interest on the balance in your account and has one of the best business checking account rates in Oregon. On a sliding scale, your account could earn between 0.25% to 1.00% APY, depending on your balance. With the option for interest on your balances, you’ll have one more thing driving you to work hard.
Business Services
Sometimes, the best business checking accounts offer more than just access to checking. With the right financial institution, you’ll have access to much more than your account, including a knowledgeable and resourceful staff, as well as business resources and services that can help take your business to the next level.
When your business is banking with Rivermark, you have access to a variety of resources. One of the most popular is payroll management. As your business grows and gains employees, you’ll find that doing payroll can quickly turn into a time-consuming job. Rivermark’s partnership with ADP makes payroll easier with 24/7 support, human resources help, online reports, and more. They also allow your employees to work online and have access to your company’s time clock, making time management issues shrink significantly.
Merchant services, inventory management, and security are just a few of the other business services offered through Rivermark Community Credit Union. A business checking account gives you access to those services. Take advantage of these offers, and your business will be better for it.