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Finding the perfect business checking account is an important part of optimizing your finances for success as a business owner. As you would when shopping for a personal checking account, you’ll want to minimize fees and maximize the benefits of your business bank account. If you don’t pay attention to the fine print—or this review—you could find yourself paying pesky maintenance and other fees. Read on to find out more about the California Bank and Trust business checking accounts to see if any of them strike your fancy.
See Your Business Bank Account Options
First up is Business Inspire Checking from California Bank and Trust. If you’re just getting started as a business owner and funds are limited, the relatively low minimum balance (or transaction) requirement of $1,000 on this account might appeal to you. On the other hand, as you’ll see below, there are truly free business checking accounts out there if your business is new and you want to be sure you won’t incur any charges.
Monthly fees and limits:
All the accounts from California Bank and Trust have the usual online and mobile banking capability, plus free ATM withdrawals at any California Bank and Trust branch.
Next up on our rundown of the California Bank and Trust business checking accounts is the Business Growth Checking account. This account has a higher cash deposit limit but requires a higher minimum balance if you want to go fee-free.
As the name implies, the Business Interest Checking account from California Bank and Trust lets you earn interest on your deposits with the bank. Plus, you’ll enjoy the same 250-transaction limit and $15,000 cash deposit limit that the Business Growth Checking account offers.
With Business Connect Checking from California Bank and Trust, any money you spend on account analysis and other qualified banking services can help you avoid a monthly maintenance fee. Spend $150 on these services in a month and your fee is waived. The account also has a high transaction limit.
The Business Community Checking account from California Bank and Trust is geared specifically toward nonprofits, whether 501(c)3 or 501(c)4 organizations. The relatively low minimum balance requirement should make the account accessible to even small charitable organizations.
The last California Bank and Trust business checking account on our roundup is the Business Analyzed Checking account. It’s an account designed to meet the needs of business that require significant treasury management and reporting services and have a high volume of transactions.
California Bank and Trust isn’t the only fish in the sea. Below are some alternatives that you might consider if you’re shopping for a business checking account.
Internet-savvy business owners may find Azlo intriguing. The minimum opening deposit, monthly maintenance fee, and minimum balance are all $0. It’s a truly free business checking option.
Of course, because it’s an online-only account you can’t go to a branch for in-person help. The account also doesn’t let you make cash deposits or send money wires. You can, however, use Azlo’s electronic payments system to transfer money.
Open an Azlo Account
Another alternative to the California Bank and Trust business checking accounts is the Chase Total account. The account comes with a $300 signup bonus. That’s the good news. The slightly less good news is that there’s a $25 minimum opening deposit, and a $15 monthly fee unless you maintain a $1,500 balance. You can shave $3 off the monthly fee by going paperless.
You’ll get 100 free deposits per month and unlimited free electronic deposits (not wires). Plus, you can make $5,000 in cash deposits each billing cycle at no charge.
If you don’t need a high volume of transactions or cash deposits, you might be intrigued by the welcome bonus that comes with the Chase Total account. Larger businesses might find themselves stifled by that 100-transaction limit.
Open a Chase Total Account
Midsize businesses and those that average a higher number of transactions per month may be better off considering the Chase Performance account. The Chase Performance account also comes with a $300 signup bonus. It has a $25 minimum first deposit, and a monthly fee of $30 unless you maintain a minimum balance of $35,000.
You’ll get 250 free transactions per month, and unlimited electronic deposits and incoming wires. You can make up to $20,000 in cash deposits per cycle without being charged a fee.
As you can see, this account is geared toward a business with a cash flow on a slightly grander scale. It’s not for the biggest of the big, who might have a higher transaction volume, but it’s a suitable account for a midsize business.
Open a Chase Performance Account
Finding a business checking account that gives you the freedom you need to make transactions but doesn’t leave you feeling like fees are eating into your bottom line? It can be tough. And with so many banks out there—both online and brick-and-mortar—business owners might feel overwhelmed by choice.
That’s where business checking account reviews can come in handy, by breaking down product offerings and helping you compare features and costs. Remember, you don’t have to rush into a business checking account decision. It’s always a good idea to do your research before you take the plunge. Once you open a business checking account, inertia can set in, making it hard to switch to an account that’s a better fit for your needs.