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Where do you have your business checking account?

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  • Where do you have your business checking account?

    For all of the sole proprietors and S-corp's out there, where do you have your business checking account? My current personal savings/checking is at Ally bank but I have plans to setup a separate business checking account for my independent contractor 1099 income and keep things "cleaner/separate.". I don't need anything fancy. Mainly cheap costs, convenient/fast transfers to personal checking, and reasonable customer service. I'm just curious who others have used since several institutions don't offer business accounts. Thanks.


  • #2
    I use capital one for my sole proprietor business checking. "Spark checking" or something like that. I also have capital one for my personal bank accounts, & all are linked on my online banking. So I can transfer funds from my business account to my personal to "pay" myself (owner's draw). No fees that I've encountered, but I'm sure there are some. Definitely no inactivity fees as 2-3 months at time I have no deposits or debits & haven't gotten dinged.
    $1 saved = >$1 earned. ✓

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    • #3
      Our S Corp business account is with a local bank that I would probably change except for the fact that that’s the account insurance companies and medicare beam our money into. No need to give them a reason to stop paying or delay payment.

      maintain only enough there to pay bills and meet payroll. Excess cash goes to a vanguard business account for money market interest until we figure out what to do with it.

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      • #4
        WF. It's the bank the group started using for the commercial bank account and like jacoavlu it's too much of a hassle to change.

        My one major complaint is that the WF banking fees are not transparent. I see a "fee" with no breakdown of what the fee actually is.

        Online and app access is fine. It does support RSA token and mobile security protected logins. You can also designate certain actions like wire transfers requiring two authorized users.

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        • #5
          Originally posted by jacoavlu View Post
          Excess cash goes to a vanguard business account
          Vanguard has business bank accounts? I can't find any information on this... Or am I confused?
          $1 saved = >$1 earned. ✓

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          • #6
            Originally posted by Cubicle View Post

            Vanguard has business bank accounts? I can't find any information on this... Or am I confused?
            Not bank account. Investment account. “Organization account”

            quite a hassle to get account opened and linked to local bank account. But worth the effort to have access to good money market rates vs 0.1% or whatever locally

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            • #7
              For those of you who use a local bank, is there any value to getting a “business” checking account over just using a separate personal checking account for business? We do the latter for our side gig real estate business. As best I can tell, the bank just charges higher fees on the “business” checking accounts.

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              • #8
                Bank of America. I'm not sure that's who I'd choose if starting today. However, I have been with them so long now I just don't want to change. I don't have any fees or anything. I use them for everything (bank accounts not investments) except my emergency fund which is in an online savings account so it can actually get some interest.

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                • #9
                  Originally posted by Larry Ragman View Post
                  For those of you who use a local bank, is there any value to getting a “business” checking account over just using a separate personal checking account for business? We do the latter for our side gig real estate business. As best I can tell, the bank just charges higher fees on the “business” checking accounts.
                  For me, I set up an LLC so I needed a bank account with my business's name, not just my name. Capital One hasn't charged me any fees for my business checking account since I opened it in ... 2017 (I think it was).
                  $1 saved = >$1 earned. ✓

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                  • #10
                    Very happy with Chase. If you keep $250k in investments you get private client with everything free/no fees and excellent personal service. My investments are all Vanguard index funds so very low expenses.

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