How to tell which bank offers the best online banking options? Simple. The tactic in this case and in case a student would like to search and look for the best services is the same.
We need to define the major features the bank should have and compare top online business bankings that are presented on the market.
Good online banking is not just a possibility to pay via the banking application. The best of them include fraud alerts, mobile services, currency exchange, etc. Also, there is usually an option to take a loan or save your money using special accounts.
Those are the features that have become an inseparable part of a reliable and user-friendly online banking. But what makes some online banking stand out among others? Let’s find out.
What to Pay Attention To When Choosing an Online Banking Account
Even though a certain bank might be great considering all the aspects, it might not be a good fit for you. We have different preferences, needs, and goals. Thus, we have to choose a bank based on the following factors:
1. Account Maintenance Requirements
This is the first thing you have to learn. Does the bank charge fees for not enough money on your balance? Does it charge fees for using an ATM? What are the other fees?
The best piece of advice here is to look for a bank with no maintenance fees. Luckily, today there are many options to choose from.
2. Interest Rates
This aspect is crucial for big players, yet, a newbie entrepreneur should consider it, too. Interest rates show how much money you’ll make just having your money on the account. It would be your passive income.
Plenty of banks offer an average rate, thus, it is not so hard to choose one bank. However, there are banks which offer extremely high rates that might help you earn a couple hundred dollars each year doing nothing.
Anyway, do not overestimate this aspect. Though earning money doing nothing sounds attractive, it is not that significant.
3. Transaction Limits
If you are going to make many transactions each month, consider this position accurately. The majority of banks take a fee after you’ve done a certain number of transactions. And, due to certain circumstances, it could rise during the month.
The fees aren’t high, usually. Yet, everyone wants to save as much money as possible. Thus, be aware of a possibility to get charged for making another transaction, and look for the banks that don’t have such a limit if you are not ready to pay for your payments.
Many banks craft their offers for different target groups. Today, there are many banks that have superb options for startups and freelancers, as this niche is in high demand.
Nevertheless, many others create their offers for big players, as it is a stable cooperation and predictable results.
One way or another, it would be great to choose the bank that has something unique to offer just for you. Obviously, banks don’t just come up with ideas or suggestions about what a certain group can like. They conduct research, explore the issue, and then can give you exactly what you are looking for. Do not miss a chance to be heard without even saying a word.
Now, when you have narrowed down your search, it’s time to learn the actual offers.
TOP 5 Online Business Banking Accounts in 2021
There are many great banking accounts presented, but these are the top 5 recommended by the experiences financial advisors and business analysts:
1. Radius Bank — For Quickly Growing Businesses
The Radius bank is not an option for small players, or for those who don’t plan to get on top. This online banking is great for companies that have or are going to have a lot of transactions each day, as they are unlimited in Radius Bank.
For people who are not familiar with such accounts, it might be a surprise that some banks charge a fee for each transaction over the limited number. Still, it is true. Some banks charge up to 20$ per one transaction over the limit! It can be hard when the business is growing. Thus, this unlimited option is an amazing feature.
Though, Radius Bank doesn’t require you to have a minimum balance, it does take monthly $10 fees. Yet, this payment could be easily waved by the 0.75 % APY which you’ll get for a over $5000 balance.
Though the holding of an account isn’t free, it is worth the price, as having an online banking account at Radius Bank your business growth won’t be affected by the bank's odd rules. Everything is logical and reasonable.
2. Novo — Best Solution For Start Ups and Newbie Entrepreneurs
It feels like the Novo online banking account was created for freelancers, young and inexperienced entrepreneurs, and everyone who wants to run their own business but doesn't know what to start with. There is an answer. You can start with opening an online banking account in Novo. It takes about 10 minutes to send a request and costs $50. Though it is not free, the price is absolutely symbolic.
What next? There are no monthly fees. Thus, you can open an account without worrying about your income or lack of it. You shouldn’t transfer money each month so the account is active. Just implement your ideas in life with no worries about your financial legacy.
It is interrelated with many modern online applications, so its integration to your business will be smooth. And, obviously, you can manage your finances using just your smartphone. It is simple, affordable, thus, excellent to start with.
3. Axos Bank — For Involved SEO’s and Happy Employees
This option would be perfect for those companies who care about their employee’s financial literacy and comfort. It has dozens of features that allow companies’ boards and their employees to manage their financial relationships easily.
With this online banking, your employees would be able to get low rates for loans. Also, they won’t pay any fee for using an ATM. There are no monthly maintenance fees, either.
Moreover, if you think you can do better and help your employees manage their finances more efficiently, there is a portal available where you can find a lot of educational information on the subject.
However, to get such an account a client has to pay $1000, and be ready to pay a fee for each transaction above the two hundred limit. Still, if a company is truly interested in their employees growth and development, it would be a proper investment.
4. Mercury — Ecommerce’s Choice
This bank is operating 100% online, so, online banking is its main tool, advertising, customer support and all other departments in one package. It doesn’t require clients to have a minimum balance and charge no monthly fees.
Why is it great for the ecommerce niche? It allows customers to create accounts with no US citizenship. Everyone in the world can get an account. Here, you can create a virtual debit card (or physical, if you need one) and manage your finances wherever you are at the moment.
What is more, the system is easy to navigate. Not a single transaction will be missed. It is easy to access a history and find the needed transfer in seconds. Mostly, it is possible thanks to customized user preferences. There are many features and permissions you can change and adapt for your needs.
5. BlueVine — Excellent For Cash Tracking
Again, this one is a brilliant option for small entrepreneurs or freelancers. It doesn’t take you money for allowing you to get an account in the bank, or for taking money from an ATM, or having not enough money on the balance.
They get you covered if your money just sits in your account — no charges, no fees, no extra expenses.
If you need a loan, you can ask for it, as well. Their offers are attractive and various, thus you have what to choose from. Having applied for a loan, a client can be approved within minutes.
To add, the bank offers round-o-clock live support. So, if you are somewhere in the middle of nowhere and experience some troubles with your account, your problem will be solved promptly. It is simply hard to come up with a reason why not to get an account here.
Choosing an online banking account is an important and serious thing to do. Today, when everything is going online, it is crucial to have an option to control our finances sitting on the couch. However, when it is about money, you have to be absolutely sure in your bank, as otherwise, to go to an offline branch would not be as bad an idea as it might seem.
With our list, we hope you'll get what you need very soon. The era of fruitless hours spent on getting to the bank is in the past with the help of www.buyessayfriend.com
. Enjoy new technologies, and may your business grow exponentially.