Wanted: Best Online Business Banking

2 Replies

Hi - looking for recommendations for online banking business accounts. Important features to me as a real estate investor include low minimum balance, and (low) wire fees.  It seems that many online banking options for small businesses cater towards those in the tech or retail/consumer space, so they may not have the same priorities in terms of features.


@Daniella Steinberg you can try MidFirst Bank. They are based on Oklahoma with a large presence in Phoenix and smaller presences (via acquisition) in Denver and LA.  But I imagine they can open an account for any US citizen.  

Minimum business checking account balance is $500 (may have gone to $750, I can’t remember) to avoid monthly fees.  Wire fees are pretty standard at $30-40.  I’ve never seen a bank consistently come in under that range.  Phone help is great when needed, but they aren’t 24/7. Online and mobile is plenty useful.  They don’t have Chase’s IT budget, but it works fine.

Union Bank, based in CA, has a $1000 minimum balance to avoid fees.  It was difficult to open an account for a business there, and I don’t recommend them as highly as MidFirst.  On the other hand, I think their wire fees might be less.  I was working overseas for about $20 I think?  It’s been more than a year since that, so I’m not sure of the exact number.  

@Daniella Steinberg I used Ally when the savings accounts were paying 2+% and I liked them. Since the savings rates dropped so much, I've pretty much stopped using them. I'd recommend just banking with your local bank that you get your mortgages with. I can text my banker and he'll usually respond with an answer almost immediately. The quick service and flexibility they offer is worth every penny.

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