City National Bank Business Accounts Reviewed

Sally Lauckner

Sally Lauckner is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has a decade of experience in digital media and has held various editorial roles at the Huffington Post, AOL.com, and Glamour magazine. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University. Email: sally@fundera.com.

The key to running your business as smoothly as possible might just be opening the right business checking account. The right business bank account can allow you to make all your transactions at no extra cost. You could even potentially have extra allowances for more flexibility.

City National Bank offers a number of business checking accounts with a variety of special features and perks. These benefits could really help you run your business in the most effective ways possible. When considering your options, just be careful about the potential costs that could come with the account (more on that later). That way, you’ll avoid doing more harm than good to your finances and your business.

The bank is also relatively limited in its physical presence, restricting access for customers outside its serviced areas. The bank maintains 71 offices in Southern California, the San Francisco Bay Area, Nevada, New York, Nashville, Atlanta, Minneapolis, and Washington, D.C. If you’re a small business owner located in one of those areas and you’re looking to open a new business checking account, read on.

The 4 City National Bank Business Accounts Reviewed

Knowing what you’re looking for in a business checking account will help you figure out which of the four City National Bank accounts will work best for you. They range in features and limitations to fit all kinds of business owners’ needs, whether you’re just starting out or you’ve already made it to a higher spending threshold.

City National Business Checking Account

The Business Checking account from City National works for businesses that make a relatively low number of transactions each month. You should also consider this account if you can meet the $7,500 balance minimum to waive the high $22 fee.

You’ll want to keep an eye out on your transactions with this account, as you’re limited to 100 free combined transactions. After that, each additional transaction will cost $0.45. This includes not only deposits and checks, but also electronic credits, incoming and outgoing wires, and all electronic debits. You’re also limited to $5,000 in cash deposits. Each dollar above that will cost $0.002.

Monthly fees and limits:

  •      $22 monthly fee, waived with $7,500 minimum average daily balance
  •      First 100 combined transactions free
  •      $5,000 cash deposits allowed

Best for:

  •      Business owners with low transaction thresholds

City National Business Checking Plus Account

The Business Checking Plus offers slightly more allowances in its cash deposits and transaction limits. This can make for a more flexible account, benefitting growing businesses. You’re allowed 350 combined transactions for free each month.

You should be careful about the monthly fee, though, as it is pretty high at $30, which can take a chunk out of what you could be saving. You’ll need a pretty high average daily balance to waive the fee, too, so only open this account if you can safely take on this financial responsibility.

Monthly fees and limits:

  •      $30 monthly fee, waived with $25,000 minimum average daily balance
  •      First 350 combined transactions free, $0.45 each additional
  •      $20,000 cash deposits allowed

Best for:

  •      Accounts with balances of at least $25,000
  •      Business owners who make fewer than 350 transactions

city national bank business account

City National Business Builder Elite Account

The City National Business Builder Elite account is a whole package that bundles a variety of accounts and features. This way, you can save some money on certain fees while taking advantage of more benefits. This package requires a Business Elite Checking or Business Elite Checking with Interest Account as the primary checking account.

This package’s perks waive the fees for Business Bill Pay, a Commercial Credit Card with City National Rewards®, Business Term Loan, Online Loan Transfers, RABco Payroll Services, Inc., foreign currency exchange services, and domestic incoming wires.

Monthly fees and limits:

  •      $50 monthly fee, waived for the first three months then waived with $50,000 minimum average daily balance
  •      First 500 combined transactions free, $0.45 each additional
  •      $25,000 cash deposits allowed

Best for:

  •      Busy business owners who could use extra perks
  •      Accounts with high balances

City National Analyzed Business Checking Account

The Analyzed Business Checking account adds the perks of Account Analysis to your City National Bank Business accounts. The Account Analysis program allows you to rack up Earnings Credit, which you can then use to offset the costs of treasury management and depository products. The bank calculates Earnings Credit by multiplying the Earnings Credit Rate by your cumulative deposit balances across your accounts with Account Analysis.

Account Analysis comes with a comprehensive statement that includes itemized depository and treasury management service fees, analyzed account balances, and earnings credit information. These tools can help you better manage your finances.

Monthly fees and limits:

  •      Accounts 1-10: $21 each account per month
  •      Accounts 11-50 $19 each account per month
  •      Accounts 51-150 $15 each account per month
  •      Accounts 151+ $13 each account per month

Best for:

  •      Business owners who can take advantage of the extra tools

city national bank business account

Choosing the Best Business Checking for Your Small Business

If you’re looking for a new business bank account, it helps to know what you want and need from your new account. Do you need a lot of room and flexibility to make hundreds of transactions each month? Or do you need a simpler account with a low monthly fee? Answering these kinds of questions will help you narrow your search.

Fees

Each City National Bank Business Checking account charges a monthly fee. These fees range from $22 to $50. You can waive each monthly service fee with a minimum daily balance, but these minimums can also climb pretty high.

You’ll also face fees for exceeding certain transaction and deposit limits, found below.

Transaction Limits and Balance Minimums

Unlike personal checking accounts, business checking accounts strictly limit you to a certain number of transactions each month. This includes deposits, checks, and incoming and outgoing wires.

City National Bank Business Accounts range from limiting you to 350 transactions per month to 500 per month, depending on the account. This allows you to potentially find the account that allows you to make all your necessary transactions without an extra cost.

Who Are City National Bank Business Checking Accounts Right For?

City National Bank Business Checking accounts all charge some pretty high monthly fees. You’ll want to be careful of these, as they can deplete your savings over time. Plus, in order to waive these fees, you’ll need high account balances. If you can’t responsibly meet those balances, you should look elsewhere for the right checking account.

Editorial Note: Fundera exists to help you make better business decisions. That’s why we make sure our editorial integrity isn’t influenced by our own business. The opinions, analyses, reviews, or recommendations in this article are those of our editorial team alone. They haven’t been reviewed, approved, or otherwise endorsed by any of the companies mentioned above. Learn more about our editorial process and how we make money here.

Sally Lauckner

Sally Lauckner is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has a decade of experience in digital media and has held various editorial roles at the Huffington Post, AOL.com, and Glamour magazine. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University. Email: sally@fundera.com.

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