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What Business Bank Account Should I Use For My Start Up?

There are several options when choosing a business bank account, and it’s important to find one that best suits the needs of your start-up. US Bank has a long-standing reputation for helping start-ups secure funding through the Small Business Administration loan lending program. For those who are new to business ownership, US Bank offers a Silver Business Checking Package account, which includes no monthly maintenance fee and no fees for the first 125 transactions. However, the account does require a $5 monthly fee if you want to receive paper statements.

Before opening a business checking account, you should gather some information and complete the application. Some banks require an in-person application while others are 100% online. Researching banks can help you find the one that suits your needs best. There are plenty of business bank reviews online, so you can read what others have to say about each. If you don’t have time to do that, consider contacting a local business bank to apply for a business account.

You can choose between a checking account and a savings account. A savings account can be used for cash, but it’s best to have a separate account for business funds. A business certificate of deposit (CD) account is a longer-term account, and the interest rate is usually higher than savings or interest-bearing business checking accounts. Some CDs pay over two percent interest!

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