The two business banks I recommend

How did you pick the bank you’re currently using for your business?

Was it a well-researched decision, or did you choose it on a whim? Or did you, like most people, just use the same bank you already had your personal accounts with?

No matter how you got there, your current business bank needs to be the right choice for your company today and moving forward, so ask yourself a few key questions:

How is the customer service? Have you had to interact with their support? If you’ve used the bank for more than a few years, it’s great if you’ve never had to call for help! On the other hand, you may want to check in to see if you’re missing out on new features and services that could help.

Speaking of fees, are there any hidden or recurring charges? I’ve seen new clients paying $10 or even $25 per month for a standard business checking account. That’s not necessary, as most banks offer free business checking. You should never pay a service fee for a checking account.

If a bank ever charges you a fee, always ask for forgiveness and a refund. Fees are the number one reason people switch banks, and most will do anything to appease an angry customer.

Can your bank keep up with your company’s needs as it grows, or will you need to look elsewhere? At some point, you may want to add expense management or financing options, such as employee credit cards, a line of credit, or an expansion loan. Choose a banking partner that can scale with your agency as needed to prevent disruption when it comes time to expand.

And finally, don’t forget the little things! How is the mobile banking app? Can you take advantage of a rewards program for frequent users? Do you need access to a physical branch? These little details add up when deciding where to put your money!

My recommended banks

I’ve seen and worked with lots of different banks. When it comes to choosing a business bank, I have just two recommendations. And my specific recommendation for you comes down to just one criterion.

I recommend Relay if you do not need a physical branch.

If you do need a physical branch, then I recommend Chase.

These are the only two banks that make life easy for business owners and their accountants.

No other bank my customers and I have worked with compares to these two. Chase stands apart from other traditional banks, which have become increasingly difficult to work with as an accountant.

And Relay is my preferred neobank. Brex, Novo, and Mercury are all fine, but they have friction that Relay doesn’t.

So those are my recommendations: Chase if you need a physical branch, and Relay if you don’t.