Best online bank for business checking
Hello! So I recently formed an LLC, and am planning to do some banking with my business. I live in Hawaii but my LLC is out of state. Its pretty sad, but here in Hawaii we dont have any national banks with local branches here. So I'm planning to use online banking for my LLC. I saw some suggestions like: Azlo, or SmallBusinessBank. I'm looking for ease of use, and no minimum balances or monthly fees. Just wondering if anyone here had a good experience or suggestion. Thanks guys!
@ Daniel Kong, have you looked at AXOS bank yet?
They are internet based and have no fee and no minimum balance checking.
Formerly Bank of Internet, recommended by retired business execs.
Happy investing!
Aloha Daniel, which online bank did you end up selecting? Im on Maui, but my LLCs are out of state, and currently trying to figure the best online bank to select.
Hi guys, I have LLCs here on Maui and on the mainland and we use BlueVine for all our business banking. It's super easy and currently pays 2%. You can even have sub accounts on it. We use this to separate out different assets into their own accounts. Very easy with Airbnb and other rental properties. Aloha!
I was a banker for many years before starting this company. You'll want to make sure you can easily do wires out of the account and you'll also want to make sure that you can make deposits without them being held for long periods while they clear. This is counter to what you're thinking, but I would start with where you currently bank in Hawaii. You'll need to be able to jump in the car and drive over to an office to send wires. Sure, you can send wires remotely, but if something goes wrong, there's nothing like brick-and-mortar to get it fixed. Also, new depositors to an institution will experience check holds for a while. If you're currently with a bank and can connect with a good banker, that issue can be minimized by using a bank where you already have established a relationship. I recently tried to move our business banking relationship away from a National Bank that we've been with for years, but merged with someone else, to a smaller community bank. I ended up having to keep both bank accounts open as our payroll is running through the new bank and they gave us a line of credit, but they are holding every single deposit we throw in. The old bank is accepting those same checks next day with a phone deposit. Think about how you're going to use the bank instead of where the LLC is based. Good luck to you.
Try Bluevine. Hawaii banks have no competition from mainland banks - therefore they have poor rates for customers.
