5 Things to Look for in a Small Business Bank Account

Put these features on your list to find the right account.

As a small business owner, there's a good chance you'll be making and spending your fair share of money over time. And so you'll need a bank account that will make the process of managing your small business funds as seamless as possible. With that in mind, here are a few key features to look for in a small business bank account.

1. An easy online banking platform

Small business owners tend to be busy people. After all, it's on you to oversee every aspect of your company's operations, from staffing to inventory to marketing. That's why it's imperative that you find a small business bank account whose online platform is easy to use. You should have no issues navigating different options like transferring money, depositing checks, or checking your payment history.

2. Minimal fees

Just as regular bank accounts charge a variety of fees, small business bank accounts often do the same. You should look for a bank account that doesn't impose a hefty monthly maintenance fee or minimum balance fee -- or one that makes it easy to avoid these fees.

Some bank accounts, for example, will waive a maintenance or balance fee if you keep, say, $1,000 in your account. But others might have a $5,000 limit or higher. Be sure to compare your choices for the most flexibility.

3. A higher transaction limit

When you run a small business, you might engage in a lot of banking transactions in the course of a day, week, or month. And you'll want to sign up for a bank account that gives you the flexibility to run your business and move forward with those transactions as needed.

Some banks impose transaction limits on accounts, which could trip you up. So you'll want to find an account that allows for a large number of transactions, or even unlimited transactions.

4. A higher funds transfer limit

You may have reasons to transfer funds electronically. But just as some small business bank accounts impose limits on the number of transactions you can make each month, so too might some banks have a limit on the amount of funds you can transfer electronically in a day, or in a single transaction. Aim to open an account that offers the most leeway in this regard.

5. A convenient location

If your small business does a lot of cash transactions, you'll need easy access to a branch where you can deposit that cash. And you may also find that you need different services that can only be found at a physical bank, like a notary or safe deposit box. That's why it's important to choose a bank that's located conveniently to your place of business -- and one that has convenient or extended hours that work for your busy schedule.

The right small business bank account could help you grow your venture and make managing your money a snap. Look for these key features if you're new to the world of small business banking.