If you’re looking for a banking solution that helps with the day-to-day financial tasks on your business to-do list, small business banking online might be the best option for you. These accounts offer features specifically designed for small businesses, such as a separate debit card for all of your business transactions, online and mobile banking and budgeting tools.
Which bank is best for small business current account?
Many banks also include a line of credit for your business to help with cash flow, protect against overdraft fees and buy materials or services. If you have an online-only bank, it’s worth checking out their line of credit options to see if there is one that fits your needs.
Other features to consider are the number of transaction limits and fees on your account, whether you have a dedicated customer service line or not, and how quickly you can get paid after submitting invoices. Also, if you make a lot of cash deposits and want to avoid fees, look for an account that allows a higher cash-deposit threshold before fees kick in.
For instance, the award-winning Do More Business checking account by Novo has no monthly or transaction fees and comes with software integrations that allow you to receive payments faster than other providers. It’s also a top choice because it’s FDIC-insured and offers industry-leading benefits, like the ability to track all your finances in a single dashboard. This business account is part of the larger platform that includes merchant accounts and a cash back rewards program.