The Really Useful Information Company (TRUiC)- known for being the ultimate ‘’go-to guide’’ for anything commercial business related- including financial services and business bank providers, has recently revealed their list of best banks for small businesses in 2021.
A plethora of factors were taken into account when developing this list, including: a) the type of business in question, b) the volume of bank requirements that are mandated, c) the specific needs of individuals’ businesses, and d) a variety of other perks and bonuses (where applicable).
Let’s have a look at some of these below.
TRUiC’s Best Credit Union: Navy Federal Credit Union
TRUiC’s team of specialised entrepreneurs have elected Navy Federal Credit Union as the best Credit Union option for small businesses at the moment. This is because they offer two business savings accounts, three checking accounts, and business CDs (Certificates of Deposit).
The only real downside of Navy Federal Credit Union is that any business owner interested in opening a business account with the financier will need to also have a personal checking account with them; this is only available for the individuals who currently have (or have had) some sort of affiliation with the U.S military.
This means that, even though this option is not open to everybody, it remains an extremely strong choice for the lucky individuals who can benefit from it. This is because credit unions (generally speaking) offer much lower fees than traditional banks- in conjunction with higher interest rates.
Navy Federal currently offers a 0.05% interest on their lowest tier business checking account. For contextual purposes, most conventional banks offer no interest for their ‘’lowest tier’’ alternatives.
TRUiC’s Best Online Bank: BlueVine
BlueVine was ranked as one of the best banks for small business services by TRUiC. The company is extremely good for businesses that do not handle a high number of cash transactions, and for ones that are interested in acquiring relatively non-complex and straightforward business loans.
Bluevine actually began as a small business lender initially, before eventually transitioning into an actual online bank.
The company’s Online Business Checking account provides the following benefits:
- An unlimited number of transactions (with no applicable minimum balance required).
- Zero monthly, non-sufficient funds or incoming wire fees.
- 1.0% interest for businesses whose balance exceeds USD $1000.
- Dedicated around the clock live support.
If you are currently interested in opening up a BlueVine business checking account, you will be happy to know that this can be done extremely easily by simply: visiting their website, and filling out an online application with your relevant details and mandated legal documents.
Best Brick-and-Mortar Bank According to TRUiC: Chase Bank
Unlike BlueVine, Chase Bank may be one of the best banks for small business owners that regularly work with large amounts of cash (those in the hospitality sector, for example).
Chase Bank is also a great fit for businesses that operate in more than one location, as they have over 4,700 brick-and-mortar locations across the United States which offer a variety of packages tailored to a variety of different business sizes.
Below you can see a quick bullet-point summary of the bank’s most favourable traits:
- It offers exceptionally low fees for business owners when opening their business accounts.
- It allows business owners to benefit from having access to over 16,000 Chase ATMs.
- It allows business owners to benefit from even higher interest rates if they choose to link multiple bank checking accounts together
- It relies on mobile-optimized and user-friendly websites and apps- making customer-experiences very satisfactory.
U.S Bank: TRUiC’s Best No-Fee Business Bank Account
No-Fee business bank accounts are likely an optimal choice for owners of small startups with a relatively low amount of total monthly transactions.
Whilst there are many U.S banks and financial institutions which offer such a structure, TRUiC has highlighted US Bank as the current best choice.
This is because the prolific size of US Bank (currently being the fifth largest bank in the entire United States of America) inadvertently makes it a great choice for most businesses which are located in the western (or midwestern) parts of the U.S- having almost 3,000 branches across 26 distinct states.
Above we have delineated TRUiC’s best business bank account options for small businesses in 2021. Currently Blue Vine is at the top of their review list. whilst this list is undoubtedly one to look out for, it should go without saying that it is by no means exhaustive. Starting businesses are always encouraged to do their own research before making a final choice.