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In the market for a business bank account? It can be tough to know where to start. There are so many options out there, and you probably don’t have a ton of time to devote to searching for the right account. We’ve got you covered with our review of the Renasant Bank business checking accounts. We’ll walk you through the accounts the bank offers and describe some alternative accounts worth your notice.
Monthly fees and limits:
First up is the aptly named Renasant Bank Business Checking account. It’s an account with no minimum balance requirement and no monthly service charge, making it a solid option for a business owner who is just starting out or is short on funds. You’ll get 400 “items” (the bank’s term for checks deposited and checks paid) per month. If you want to take advantage of what this account is offering, you’ll need at least $50 to satisfy the account’s minimum initial deposit requirement.
Next on our list is Renasant Bank Business Interest Checking. As you might guess based on the name, it’s an account that lets you earn some interest on your deposits. The bank advertises “competitive” interest. Plus, there’s no minimum balance you need to hit to start earning interest. Some accounts only pay interest on deposits once you hit, say, a $1,000 balance. The Renasant Bank Business Interest Checking account puts your money to work for you right away.
The account comes with a minimum initial deposit requirement of $50, and if you can’t maintain a balance of at least $1,500 you’ll owe the $9 monthly maintenance fee. As an account-holder, you’ll get 500 free items per month, which is great news for frequent transactors.
Renasant Bank Commercial Analysis Checking is the third account on our list. It, too, has a $50 minimum initial deposit requirement. Once you have an account, you’ll get an earnings credit allowance that you can use to defray the cost of business analysis services and fees such as the $20 account’s monthly service charge. The earnings credit is paid out at a variable rate.
Renasant Bank says the account is designed to provide optimum rates for businesses with a high transaction volume. If your monthly fees (the $20 monthly charge plus the fees for any services you’ve used) exceed your earnings credit, you’ll owe the difference. It’s not an account for those who hate uncertainty, but it could be useful for businesses that need account services.
The Renasant Bank Business Edge Account is for business owners who want a more high-touch relationship with the bank that holds their business checking account. The account comes with merchant services, accounting system compatibility, and account alerts. You’ll get up to 500 paper items free per month, and 10 online bill pay transactions free, too.
To avoid the $20 monthly maintenance charge, you’ll need to maintain an average collected account balance of $50,000 or more across all your business transaction accounts with the bank, have at least five online bill pay transactions in a given month, and receive your account statement electronically.
Whether this account is right for you will depend on the kind of services you need from an account. If you’re just looking for an account that will let you keep your money safe and make some transactions, you probably don’t need this account. If, on the other hand, you want more assistance from your bank, the Renasant Bank Business Edge Account could be worth considering.
Azlo Business Checking is an online-only account that makes a great starter account. It’s a free account you can set up from home or from your office. There is no monthly transaction limit on the account, so you won’t have to worry about racking up transaction fees. You also won’t have to worry about monthly fees or minimum deposit requirements. And if you use business software such as Square or Stripe you’ll be able to integrate your accounts with your Azlo Business Checking account. But if you deal in cash you’ll need to look elsewhere for a low-cost business checking account option because you can’t deposit cash with the Azlo Business Checking account. It’s an account for the cashless, internet-savvy businesses out there.
Open an Azlo Account
Axos Business Interest pays you interest on the deposits in your business checking account. There is a minimum initial deposit requirement of $100, but if you can maintain an average balance of $5,000 the bank will waive the $10 monthly maintenance fee. Unlike the Azlo Business Checking account, the Axos Business Interest account has a transaction limit, and it’s just 50 free transactions per month. If you make more than 50 transactions in a month, you’ll owe $0.50 per transaction. While the Axos Business Interest checking account isn’t one for businesses with a high transaction volume, it’s a low-cost option for business owners looking for a checking account that pays interest on their money.
Open an Axos Account
Another inexpensive option to consider is the Chase Total business checking account. It even comes with a $200 welcome bonus, a relative rarity in the world of business checking. Although the account does not have a minimum initial deposit requirement, there is a $1,500 minimum balance requirement. If you can’t meet the minimum balance requirement you’ll owe the $15 monthly maintenance charge.
The transaction limit on the Chase Total account falls between the transaction limit of the Azlo Business Checking account and the Axos Business Interest checking account, at 100 free transactions per month. After you hit the limit, you’ll pay $0.40 per transaction. Again, it’s not a great account for a business with a very high transaction volume, but it offers a competitive price and a welcome bonus for business owners who don’t make more than 100 transactions per month.
Open a Chase Total Account
We hope this rundown of the Renasant Bank business checking accounts (and some top alternative accounts) has been helpful. Although choosing the right business checking account is just one element of business success, it’s important enough to merit some research. Before you take the plunge and open an account, it’s a good idea to figure out what you need from a business checking account, how much money you plan to keep in the account, and what you’re willing to pay. That way, you’ll have the information you need to make the best possible decision.