So you have established that your Limited Liability Company (LLC) needs a checking account — now where do you even begin? Finding the right account can be tricky, since there are so many options out there and each one has different features and benefits. To help ensure that you have the best banking experience, here are some things you should ask yourself when looking at all your options:
How often do you need to access your account?
If you want an account that you can access at any time, then you’re going to need an account with online and mobile banking. With online and mobile banking, you have the ability to access your LLC’s funds, along with any digital tools included within the account, anywhere you have access to your computer or your phone. This is why digital banking is the best option for the modern business owner.
How much money can you keep in your account?
For those with low balances, it’s important to note that there are many accounts that implement a minimum balance requirement and may charge you a fee if you cannot meet this requirement. Finding an account such as Grasshopper’s Innovator Business Checking, which doesn’t have such requirements, allows your balance to fluctuate stress-free.
For those with higher balances, it’s important that you find an account that will allow for all your money to continue to grow. Some interest-bearing accounts will have limits as to how much of a large balance can generate interest. With Grasshopper, you can earn unlimited interest, up to 1.00% APY. This is 33x the national average rate for accounts with a balance over $10,000, making it ideal for LLCs with higher balance amounts.
Do you make a lot of transactions?
Some accounts may charge you a fee for each transaction that you make, so if your account typically has a high volume of transactions, it’s important that you look for a checking account that has low to no transaction fees. With Innovator Business Checking, you can get unlimited free ACH and wire transfers.
How often do you use an ATM?
If you want to have access to physical cash, you’ll need to find a bank that has convenient ATM options. Grasshopper offers fee-free cash withdrawals at any ATM bearing the NYCE SUM and MoneyPass logos nationwide.
How important is it to have a bank that you can trust?
If you’re new to business banking, you may have a lot of questions. Having access to trustworthy resources, such as Grasshopper’s experienced Client Services team, can help make banking easier for new LLC owners.
By Michaela Lenahan in Business Checking