Best bank for setting up business checking and savings accounts
Hello! I'm just getting started and looking to set up my finances. My first step is selecting a bank for my business accounts.
My personal bank does not offer business accounts so I wanted to see what other Denver/Colorado residents recommend.
Thinking ahead, I'm interested in a bank that is easy to work with and maybe has a convenient way to accept rent payments from future tenants. Thanks for your replies!
I am not sure about Denver But I love Truist and the old BB&T if you have them.
@David Mulholland FirstBank is local Colorado one and they give a $300 bonus for setting up a checking account.
There are other credit unions and even some national ones that work as well, so it really depends on what your goals.
You can accept rent payments via Zelle for a majority of banks out there.
Thanks @Josh Myrick and @Jeff White!
I just changed my checking to Axos Bank. They are 100% online, offer every service other banks do ( like bill pay, checks. Debit card, free ATM nationwide, etc), no minimum balance and the highest interest rate I have found. Very easy to open an account with 2 owners. ( I hate sitting at a banker's desk for an hour just to open an acct.)
I had one glitch in the past 6 months with Axos. I made a payment to my Amex business card through my Axos checking. Amex took the money, but before they would credit my account, the wanted to " verify" that the Axos checking was legit via 3 way call. I was so mad, especially since they couldn't give me a reason why. They either didnt trust Axos or me. ( btw. I had that Amex account for 2 years, making timely payments). After that, I closed my Amex account. Axos is so much more worth it.
Quote from @David Mulholland:
Hello! I'm just getting started and looking to set up my finances. My first step is selecting a bank for my business accounts.
My personal bank does not offer business accounts so I wanted to see what other Denver/Colorado residents recommend.
Thinking ahead, I'm interested in a bank that is easy to work with and maybe has a convenient way to accept rent payments from future tenants. Thanks for your replies!
Hi David,
Any of the big name banks should be ok, as well as smaller locals and credit unions.
When I choose a bank, I like one where the branch I deal with has knowledgeable people who treat me friendly vs acting like they have just eaten a spoonful of hornets.
I know others who don't care and pick solely on closeness to their office or home.
If you use Quickbooks or similar your chosen bank is on their list of banks used, and it can make life easier for you.
Just my 2 cents.
As someone else already stated. We opened an Axos business checking account back in 2020 and have been happy with them since. They are 100% online and have been easy to work with. One of the biggest things we respect about Axos is that when everyone else was saying "no" due to us being a series LLC or lost our interest for having astronomical fees, Axos said "yes" and we haven't paid any fees.
Relationships with local banks are always recommended but we talked to a lot of them too. Axos still ended up being our best bet.
This is great advice! Thank you @Scott Mac
Thank you for this recommendation. @Jacob H.. I'll check them out!
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Local is best. Get a bank that you can get a hold of on the phone at all times and will know you by your first name. Some differ slightly but local is always best
Though lots of folks are suggesting various local banks. I would recommend Wells Fargo Business Checking which has a requirement of $500 minimum balance. They had a offer for new accounts to pay $300 as a sign on bonus. They are good in terms of ACH transfers, Zelle, Bill Pay. Checks you need to order. Wells Fargo is very good ever since they lost their reputation few years back. Local Wells Fargo branches are good in Texas. One don't have a lot of options for Business banking.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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The one that let's you send wires over the phone
@David Mulholland I have used "Novo" since day 1 and absolutely love them. They are 100% online but the platform is very intuitive and user-friendly, so, it is a breeze to get things done. Novo is technically not the bank, as you will see if you visit their website that it is actually through Middlesex Federal Savings.
Very easy to open an account on your own time.
They only do checking accounts, if also having a savings is something that is a dealbreaker.
I enjoy the different features you can take advantage of with their program, such as creating reserves for your business and 'writing' checks from your account online for FREE.
I decided to go 100% online for this because every local/regional bank in my area either didn't understand my needs or just charged unnecessary fees.
If you don't absolutely have the need to walk-in and speak to a real person for your banking needs, online is a super convenient way to go.
Chase has been good for me