As a small business owner, choosing a business bank account is about much more than making deposits and withdrawals. You want to find a bank that will deliver great service and be a partner as you grow. If you run a small business in the Midwest, you might want to consider Huntington Bank for your business checking needs. Founded in 1866, Huntington Bank boasts nearly 1,000 branches and more than 1,800 ATMs across Illinois, Indiana, Kentucky, Missouri, Ohio, Pennsylvania, West Virginia, and Wisconsin. Plus, there are a variety of benefits to banking with a regional or community bank, such as Huntington.
Huntington Bank has five business checking account options tailored to address the needs of small businesses of different sizes and in different industries. Let’s take a look at each one to determine which option fits best for your small business needs. We’ll also consider a few alternative business checking accounts so you can understand your full range of options when it comes to small business banking.
How to Pick a Business Checking Account
A good business checking account gives you the tools to more effectively manage your business’s cash flow. There are several factors that you should consider when deciding which one is right for you, including:
Service Fees
This includes monthly maintenance fees as well as any fees incurred for going over the monthly transaction or deposit limits. Some banks will waive these fees if you maintain a minimum balance or make a certain number of purchases using your business credit card.
Transaction Limit
This is a cap on the number of transactions you can make with your business checking account each month, including withdrawals, deposits, and transfers. Be sure to have a ballpark number of how many transactions your business makes each month so you can select a bank account that can accommodate you.
Deposit Limit
The deposit limit is the amount of cash you can deposit into your account for free each month. After you reach that limit, the bank will charge you a fee to deposit more funds. The more revenue your business generates, the higher you will want your deposit limit to be.
Minimum Balance
The minimum balance is the amount you must keep in the account to avoid being hit with a fee. Typically, accounts with fewer fees require a larger minimum balance. If your business requires a lot of overhead to operate, you will want to find a business bank account with a low minimum balance.
Breakdown of Huntington Bank Business Checking Accounts
Huntington Bank customizes their business checking accounts to cater to a variety of business types, including nonprofits, startups, and businesses in the healthcare industry. Like most banks, Huntington Bank’s business checking options are tiered, with an initial simplistic option followed by accounts with an increasing number of features. All Huntington Bank business checking accounts include online banking, automated email and text alerts, overdraft protection, free online statements, optional fraud prevention services, online bill pay, and a free online small business education platform.
Huntington Bank Community Business Checking
The Community Business Checking account is Huntington Bank’s introductory business checking account. This account is perfect for businesses with minimal transactions and low monthly balances, such as startups and nonprofits. Terms and limits include:
- No monthly maintenance fee
- No minimum balance
- 150 transactions per month
- $0.60 excess transaction fee
- $5,000 deposit limit per month
- $0.20 fee for every $100 deposited over $5,000
- Access to a variety of treasury management services, including merchant services, remote deposit capture scanner, business security suite, and online payroll
- $3 paper statement fee (waived if you select online statements)
- Free Huntington Bank debit MasterCard business card
Huntington Bank Fast Track Business Checking
For growing businesses, Huntington Bank offers the Fast Track Business Checking account. Terms and limits include:
- $20 monthly maintenance fee (waived if you have at least $5,000 in checking balances or $30,000 combined in checking, savings, CD, and money market accounts)
- $5,000 minimum balance
- 300 transactions per month
- $0.50 excess transaction fee
- $20,000 deposit limit per month
- $0.20 fee for every $100 deposited over $20,000
- Access to a variety of treasury management services, including merchant services, remote deposit capture scanner, business security suite, and online payroll
- No fee on a linked Business Money Market or Savings account
Huntington Bank Accelerated Business Checking
For larger businesses with higher checking activity and greater cash flow needs, Huntington Bank offers the Accelerated Business Checking account. Terms and limits include:
- $30 monthly service fee (waived if you have $25,000 in checking balances or $100,000 combined in checking, savings, CD, and money market accounts)
- $25,000 minimum balance
- 600 transactions per month
- $0.50 excess transaction fee
- $50,000 deposit limit per month
- $0.20 fee for every $100 deposited over $50,000
- Access to a variety of treasury management services, including merchant services, remote deposit capture scanner, business security suite, and online payroll
- Ability to earn interest on money in your account
- No fee on a linked Business Money Market or Savings account
Huntington Bank Healthcare Business Checking
The Healthcare Business Checking account is similar to the Accelerated Business Checking account in terms of transaction and deposit limits. However, Healthcare Business Checking account holders also have access to specialized teams that work with hospitals, physician groups, medical device companies, managed care organizations, senior living facilities, and alternate site providers. Terms and limits include:
- $30 monthly service fee (waived if you have at least $25,000 in checking balances or $100,000 combined in checking, savings, CD, and money market accounts)
- $25,000 minimum balance
- 600 transactions per month
- $0.50 excess transaction fee
- $50,000 deposit limit per month
- $0.20 fee for every $100 deposited over $50,000
- Access to a variety of treasury management services, including merchant services, remote deposit capture scanner, business security suite, and online payroll
- Ability to earn interest on money in your account
- No fee on a linked Business Money Market or Savings account
Huntington Bank Business Analyzed Checking
Huntington Bank offers the Business Analyzed Checking account for larger and more complex businesses, such as businesses with locations in more than one state. Terms and limits include:
- $15 monthly service fee (can be offset by earnings credit, which is based on your collected monthly average balance)
- $100,000 minimum balance
- Per transaction fees apply, but can be offset by earnings credit
- $10,000 deposit limit per month
- $0.15 fee for every $100 deposited over $10,000
- Deposit fees can be offset by earnings credit
- Access to Huntington Bank’s full suite of treasury management services
- Free Huntington Bank debit Mastercard business card
Picking a Huntington Bank Business Checking Account
If you are a new or smaller business, your best option is probably the Community Business Checking account. This account is designed for businesses with simple finances and minimal transactions. In return, account holders do not have to worry about keeping a minimum balance or paying a monthly maintenance fee.
The next step up after the Community Business Checking account is the Fast Track Business Checking account. This is for businesses that have established themselves in the market and have increased finances and monthly transactions. This account also offers the flexibility to transfer money between your Huntington Bank business checking, money market, and savings accounts at no fee.
The Accelerated Business Checking account is designed for larger businesses with heightened checking activity and broader cash flow needs, while the Healthcare Business Checking account is designed for businesses in the healthcare industry. Both are interest bearing, which means you will earn interest on the balance of your account.
Finally, the Business Analyzed Checking account is ideal for larger businesses that are also experiencing a period of growth. Business Analyzed Checking account holders can use earnings credits based on their collected monthly average balance to offset service fees.
Alternatives to Huntington Business Checking
Huntington Bank is not a perfect fit for all businesses. You may have more monthly transactions than a Huntington Bank business checking account can facilitate, or your business might not be located near a Huntington branch. You may also prefer the expertise and know-how of a large banking institution. Thankfully, there are many alternatives to Huntington Bank. Here are two particularly good ones:
Azlo Business Checking
For the tech-savvy, there is Azlo Business Checking. Azlo is unique in that it does not have any physical branches. Instead, Azlo allows you to open an account and manage your cash flow from the convenience of your computer. In addition, Azlo integrates seamlessly with other business finance software, including Square and Stripe.
However, because Azlo does not have physical locations, it is not possible to make cash deposits into your Azlo business checking account.
Terms and limits include:
- No monthly maintenance fee
- No minimum balance
- No transaction limit
- No deposit limit
- Digital invoicing and electronic payments
- Free access to network of 55,000 AllPoint ATMs
Business owners looking for the fewest amount of fees possible can’t do much better than Azlo Business Checking. Azlo also offers a variety of features that make managing your finances online easy. The big drawback to Azlo is that it can’t support businesses that deal in a lot of cash. Money wires also cannot be sent via an Azlo Business Checking account.
Chase Total Business Checking
A more common option is the Chase Total Business Checking account. With Chase, you have the infrastructure of the second-most branches and ATMs of any bank in the United States. Terms and limits include:
- $12 monthly maintenance fee (waived if you maintain a $1,500 daily minimum balance)
- $1,500 minimum balance
- 100 transactions per month
- $0.40 excess transaction fee
- $5,000 deposit limit per month
If you are a small business experiencing growth, the Chase Total Business Checking account may be for you. The account is designed for businesses who don’t need to perform a huge amount of checking activity each month, and want low fees and convenience.
Axos Business Interest Checking
For those looking for an interest-yielding checking account, check out Axos Business Interest Checking. When you open an Axos Business Interest Checking account online, you’ll earn 0.8% APY after your initial $100 deposit requirement.
Other terms and limits include:
- $10 monthly maintenance fee (waived if you maintain an average daily balance of $5,000)
- Fee reimbursement on any ATM located within the United States
- 50 free items per month
- 60 free remote deposits per month
With Axos, you also get access to a variety of online banking features, including e-statements, bill pay, and a mobile app. For those looking for their money to work for them, Axos Business Interest Checking is a good option.
Is a Huntington Bank Business Checking Account Right for You?
Huntington Bank offers a variety of business checking options for businesses of all sizes and types. However, before selecting a business checking account you should consider what you value in a banking partner. There are a variety of options on the market, from interest-bearing accounts to no-fee accounts. You may find your neighborhood bank has the solution you need, or you may decide to align yourself with a bank with a larger national presence.
Whatever your decision, shop around and compare all your options. That way, you’ll end up with a bank that makes managing your cash easy, so you can focus on managing your business.