Month: July 2022

In today’s modern world, with payments and banks going digital, the role of brick-and-mortar banks is shrinking. However, it does have its place as it offers many benefits that mobile banks don’t have. In this Chase Bank review, we’ll look at one of America’s largest full-service banks. 

Our Verdict 

Chase Bank

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Chase Bank offers banking solutions catered for businesses, called Chase for Business. Chase Bank mixes the traditional brick and mortar with online banking by offering a large branch network and user-friendly online tools – what we consider ideal for small businesses that need both worlds combined together. 

As a traditional bank, Chase Bank doesn’t seem to want to fall behind its digital banks competitors and wants to attract customers – so it’s offering a $300 bonus to new customers when opening a Chase Business Checking account. It ranks fourth when it comes to the best business checking accounts.

• $300 bonus to new customers and cashback with business credit card
• 16,000 ATMs and 4,700 branches available across the U.S.
• No minimum opening deposit

• $15 monthly fee 
• Low to zero interest-earning potential
• In-person visit to open an account

Chase Bank Business Account at a Glance 

The Chase Business Complete Banking account stands out among the best business bank accounts for LLCs. This business account gives its account holders the best of the offline and online world: It provides access to 16,000 Chase ATMs and 4,700 branches across the U.S while providing user-friendly online banking tools. 

This business checking account offers many benefits for the business owner; the first one is the sign-up bonus. If you sign-up for the Chase Business Complete Banking account, you’ll get a $300 bonus as long as you deposit $2,000 on your account, maintain it for at least 60 days, and complete one of the five activities required within 90 days of offer enrollment.

However, if you can’t afford to maintain the minimum deposit to get the bonus but you still want to open a business account at Chase Bank, the good news is that you can, and there’s no minimum opening deposit. But the rewards and benefits don’t stop there. 

Chase Bank also gives a $750 bonus cash back for new business credit card members and unlimited 1.5% cash back rewards on every purchase. All you have to do is spend $7,500 on purchases in the first three months after account opening.

The Chase Business Complete Banking account isn’t a good fit for those looking for some earning potential within their bank accounts – Chase Bank doesn’t offer interest in most of its accounts. Also, we wouldn’t recommend this account for people who don’t want to pay an in-person visit to open an account – you must visit a Chase branch in person to open a Chase Business Complete Banking account.

Who Chase Bank Business Account is Best For 

Business owners who need in-person support and have access to several ATMs across the country while using user-friendly mobile and banking tools, then this account is for you. 

You should also consider the Chase Business Complete Banking account if your business deals with many transactions, but you don’t want to get hit with per-transaction fees – online transactions are unlimited.

If you are interested in opening a fee-free business account, here is a detailed Oxygen Review, Kabbage Review, and SoFI Review packed with information about the pros, cons, and alternatives to both fintech companies. 

Pricing

In this review, we’re mostly covering the Chase Business Complete Banking which caters most to small-business owners but Chase Bank offers three business checking accounts: Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking. 

For a better understanding of all price tiers in the business checking account, we’ve compared the main features of the three accounts. 

Chase

Chase Business Complete Banking

Chase Performance Business Checking

Chase Platinum Business Checking

Monthly Fee

$15 or $0 monthly fee if you maintain $2,000 minimum daily balance

$30 or $0 monthly fee if you maintain $35,000 combined average beginning day balance

$95 or $0 monthly fee if you maintain $100,000 combined average beginning day balance

Cash Deposit Fee

Fee-free at $5,000 in cash deposits per statement cycle

Fee-free at $20,000 in cash deposits per statement cycle

Fee-free at $25,000 in cash deposits per statement cycle

Mobile and Online Banking

Multiple User Accounts

Accept Card Payment

Fraud Prevention Services

Fee-free Incoming Wires

Cash Management Support

Platinum Business Customer Service

Chase Bank Business Account Features

As a brick and mortar traditional bank with digital banking tools, Chase Bank Business accounts offer many benefits among its features, even in the entry-level option. We’ve listed the main features below. 

Mobile and Online Banking 

The Chase Mobile® Banking app is easy to use and offers security with encryption technology and offers many interesting features to business owners such as online bill pay (and schedule payments), fraud protection, receiving or sending payments, getting account alerts and setting up multiple account users straight from the app. 

Sign-up Bonus

If you’re looking for a business checking account with a sign-up bonus, this is an opportunity to earn some extra money. Chase Bank offers $300 for newcomers who sign up for Chase Business Complete Checking, deposit $2,000 and maintain it for 60 days, and complete five of the qualifying activities such as debit card purchases and Chase QuickAccept deposits.

Cash Back Bonus

Earn a $750 bonus cash back after you spend $7,500 on purchases in the first three months after account opening, 5% cashback on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year and 2% cashback on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year with Ink Business Cash® credit card.

Accept Card Payment

Your business can accept credit and debit card payments with Chase QuickAccept in the Chase Bank app. This payment processing service connects with a mobile card reader to tap, swipe or dip transactions and you can receive the funds into your account on the same day. 

No minimum opening deposit

Most brick-and-mortar business checking accounts require a minimum deposit of money to open a bank account. However, the Chase Business Complete Banking℠ account is one of the few that doesn’t do that. Even if you have no extra cash, you can even open a Business Complete Banking℠ account with no money.

Alternatives to Chase Bank Business Account

In case you aren’t sure whether the Chase Bank Business account isn’t the best fit for your business, there are some alternative options and we’ve listed the best ones. 

BlueVine

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BlueVine Review

BlueVine is an excellent alternative for Chase Bank. You can pay bills, apply for small loans in minutes, and even earn a decent interest rate without having to pay monthly fees. As opposed to Chase, you can open a bank account in a few minutes with no minimum deposit, so it’s a good fit for businesses of any size.

Account-holders also get unlimited transactions and can earn 1.5% interest on your balance up to and including $100,000 if you meet a monthly activity goal.

• Earn up to 1.2% APY
• No monthly fees
• No minimum balances

• Only allow cash deposits through Green Dot Services
• No physical branches

Novo

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Novo Review

Another great option for small businesses is Novo. The mobile-only bank offers an easy-to-use platform, under a 10-minute application, refund ATM fees and no monthly fees, as opposed to Chase Bank. 

Novo offers free ACH transfers you can easily sign into your app via your mobile device and pay bills, send money, fund payroll, or transfer money to your personal account within seconds. However, Novo falls short in two aspects: it doesn’t allow users to set up recurring payments and as a digital bank it doesn’t let you deposit cash. 

• User-friendly app
• Refund ATM fees
• No monthly fees

• No recurring payment functionality
• Can’t deposit cash

Mercury

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What’s interesting in Mercury is that it advertises itself as a fintech, not a bank. Mainly focused on ecommerce businesses and startups, this company offers both virtual (generated instantly) and physical cards, it integrates with major accounting software, and Mercury’s checking and business savings accounts are completely free with no minimum deposit or balance requirements.

The drawback of opening an account with Mercury is that, like most online-only banks, you can’t deposit cash and in case you’re looking for some earning potential – similar to Chase Bank – Mercury offers no-interest drawback.

• Virtual and physical card available
• No minimum deposit or balance required
• Accounts integrate with major accounting software

• Can’t deposit cash
• No interest-earning potential

Bottom Line on Chase Bank Review

Overall, Chase Bank offers many benefits for small business owners–especially for those who need to make a deposit in cash, need in-person assistance, access fee-free ATMs but don’t want to give up the ease of having an online bank right in your pocket.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Lili is an all-purpose bank account that helps sole proprietors and freelancers manage their business finances, thanks to its tax optimizer tools, built-in expense tracking, and budget-friendly pricing. In this Lili review, we’ll take a closer look at its pricing, features, pros, cons, and competitors.

Our Verdict

Lili

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Lili is a versatile banking solution for small business owners and independent contractors who plan to open a business account. First, it makes it easy for you to file taxes and increase tax savings. Next, it allows you to monitor your business expenses on the go through the mobile app. Finally, there’s a free business account available, while the paid account is also affordable.

To be realistic, Lili does have some shortcomings too. To begin with, you can only earn interest if you sign up for the paid account, but not the free version. Also, while Lili covers overdrafts up to $200 for the paid account, the same coverage isn’t available for the free version. Lastly, the customer service is only limited to email support on weekdays during business hours.

As we’ll discuss in this review on lili, it’s a low-cost account with practical features that can be helpful for beginners in business banking. Check out the summary of the benefits and drawbacks of Lili:

• Tax optimization tools
• Built-in expense management
• Economical pricing

• Zero APY for free account
• Overdraft protection for paid account only
• Skimpy customer support

Pricing: Starts at $0

Lili at a Glance

Lili is a financial technology company that offers business banking accounts through its partner Choice Financial Group. Its mission is to empower small business owners and freelancers to grow their business through banking services. Established in 2019 by Lilac Bar David, there are now over 100,000 users of the Lili app.

Lili is distinct from other bank accounts because it comes with extra tools for tax and business management. The features we’ll focus on in this review are mobile checking, ATM services, BalanceUp, APY, direct deposit, cash deposit, debit card, cashback rewards, expense tracking, tax optimizer tools, invoice tools, mobile app, security, and customer support.

Who Lili Is Best For

Lili is suitable for owners of sole proprietorships who need an affordable yet useful business banking account. After all, the free account doesn’t require you to pay any monthly fees, while the paid account only charges a minimal monthly fee.

Plus, it comes with handy business solutions like mobile checking, tax tools, and expense tracking which helps you manage your professional funds. In spite of its cheap price, Lili is more than enough as a bank for startup entrepreneurs or independent contractors who wish to jumpstart their business.

Pricing on Lili

Lili offers two types of business bank accounts for small business owners and freelancers. Compare the similarities and differences between the two accounts by exploring the chart below:

Lili

Lili Standard

Lili Pro

Price

$0/month

$4.99/month

Minimum Balance

$0

$0

Mobile Checking

ATM Services

Free at 38,000+ MoneyPass ATMs

Free at 38,000+ MoneyPass ATMs

BalanceUp

APY

None

1%

Direct Deposit

Up to 2 days faster

Up to 2 days faster

Cash Deposit

Third-party retailers

Third-party retailers

Debit Card

Visa Business Debit Card

Premium Visa Business Debit Card

Cashback Rewards

Expense Tracking

Basic

Advanced

Tax Optimizer Tools

Invoice Tools

Mobile App

Android + iOS

Android + iOS

Security

FDIC insurance + Encryption + Freezing/unfreezing

FDIC insurance + Encryption + Freezing/unfreezing

Customer Support

Weekday email support, 9 a.m. – 7 p.m. EST

Weekday email support, 9 a.m. – 7 p.m. EST

To sum things up, there are two kinds of Lili business bank accounts which you can select from:

1. Lili Standard (Free): The basic account doesn’t require you to pay any monthly fees or maintain a minimum balance.
2. Lili Pro ($4.99/month): The paid account charges a low monthly maintenance fee, but there’s no minimum balance requirement. 

Lili Standard is a good deal for you if you’re on a tight budget. However, if you can afford the extra expense, it’s worth upgrading to Lili Pro because it comes with more major features for just a small amount each month.

Lili Bank Offers a Lot of Features

If you start a Lili bank account, you can benefit from essential banking services and tools. In this Lili business account review, let’s talk about mobile checking, ATM services, BalanceUp, APY, direct deposit, cash deposit, debit card, cashback rewards, expense tracking, tax optimizer tools, invoice tools, mobile app, security, and customer support.

Mobile Checking Lili Bank

Lili offers you a business checking account that’s particularly designed for sole proprietors and single-member Limited Liability Companies (LLCs). You can easily manage your account anytime, anywhere through the mobile banking app. Plus, you can perform mobile check deposit transactions even when you are on the go.

ATM Services Lili Bank

Lili makes it possible for you to withdraw your money for free from MoneyPass ATMs. At present, there are more than 38,000 no-fee ATM machines all over the U.S. You can find the closest ATM in your area with the assistance of the ATM locator in the mobile app.

Take note that you must pay a $2.50 fee if you withdraw cash from an ATM that’s not part of the MoneyPass network. Also, you will be charged a $5 fee if you make withdrawals outside of the country.

If you want to open a fee-free business account, here is a thorough BlueVine Review, Bank of America Review, and Kabbage Review with information on the pros, cons, and alternatives.

BalanceUp

Lili provides overdraft protection via BalanceUp. Aside from not charging penalty fees, the company covers overdrafts up to $200 on purchases you make through your debit card. However, this feature is only available for Pro depositors, not Standard customers. If you open a Pro account, you’ll receive a notification that you can enroll in BalanceUp once you meet the eligibility requirements.

APY

Lili grants a 1% APY incentive for customers who open an emergency savings account. You can set up an automatic transfer of $1 or more daily. Afterwards, you’ll have the chance to earn interest, as long as you maintain a minimum savings balance of $0.01. Nevertheless, this option is only open to Pro clients, not to Standard depositors. Keep in mind that the APY rate can change over time since it’s variable.

Direct Deposit on Lili Bank

Lili gives you the opportunity to receive your money quickly through direct deposit. It’s possible for you to get your paycheck deposits or client payments as early as two days in advance. All you need to do is set up direct deposit with your Lili account. Then, you’ll start receiving notifications as soon as the funds are transferred to your account. Thankfully, in this case, early direct deposit is available for both Standard and Pro accounts.

Cash Deposit on Lili Bank

Lili is a financial technology company, not a conventional bank. As a result, it doesn’t have any physical branches where you can drop by to deposit your paper bills. However, Lili has partnered with third-party retailers with over 90,000 locations in the U.S. where you can deposit cash to your Lili account, such as Walmart, RiteAid, and CVS.

Debit Card

You will get a Lili debit card whether you sign up for a Standard or Pro account. If you go for the free version, you’ll receive a Visa Business Debit Card. In case you select the Pro edition, you will gain a Premium Visa Business Debit Card. Either way, there’s no need to worry about transaction or service fees when you use the card for online or in-store payments. Still, there’s one major difference between the two types of cards, which we’ll talk about in the next section.

Cashback Rewards

The main advantage of the Premium Visa Business Debit Card over the regular Visa Business Debit Card is cashback. If you’re a Pro customer, you’ll have the chance to earn cashback rewards whenever you buy products or services from participating merchants.

As a result, you can save money on your business or personal purchases from Microsoft, TaxAct, Mailchimp, Chevron, and Autozone. Sadly, you won’t have the same incentives as a Standard depositor.

Expense Tracking

Lili is unique among business bank accounts because it makes it easy for you to manage your expenses. On one hand, the Standard account comes with a built-in expense tracking tool which lets you sort your expenses into categories in real-time. On the other hand, the Pro account includes an advanced expense tracking capability which helps you increase your tax deductions.

Tax Optimizer Tools

One of the most important strengths of Lili is that it boasts a rich set of tax optimizer tools which helps you meet IRS tax requirements for sole proprietors. First, the Tax Bucket makes it simple for you to set aside a portion of your income for your taxes. Plus, the Write-Off Tracker boosts your tax savings by dividing your transactions into business and personal categories.

In addition to this, the Receipt Scanner records and stores an image or PDF file of your receipts. To top things off, Lili can pre-fill your annual 1040 Schedule C form to save time before you send it to your accountant or file it with the IRS. Last but not least, it generates automated quarterly and annual expense reports so you can have an overview of your spending patterns.

Invoice Tools

Another advantage of Lili is the invoice tool set. It enables you to quickly create and edit unlimited invoices via the mobile app. Afterwards, you can send them to your clients to request for payments for your services or products. Aside from this, you can file and organize all the invoices you made to update your business records.

Mobile App

The Lili mobile banking app is free to download from the Google Play Store and Apple App Store. You can install it in your Android or iOS smartphones and gadgets. Aside from the mobile checking deposits, you can also make contactless payments through your mobile phone. Also, the app sends you push notifications so you can be aware whenever cash goes in or out of your business account.

Security

Lili takes measures to safeguard your funds in different ways. First, your account will be insured up to $250,000 via Choice Financial Group, the partner bank of Lili. Next, it protects the privacy of your data through industry-grade security encryption. Lastly, you can directly freeze and unfreeze your card via the mobile app if necessary.

Customer Support

One of the obvious drawbacks of Lili is the limited customer service. It doesn’t offer any phone or chat support, which means you can’t communicate in real-time with live agents. Instead, it only allows you to email the support team on weekdays, from Mondays to Fridays, and only during business hours, 9 a.m. – 7 p.m. EST.

Also, you can’t even send the message directly from the website since there’s no contact form. You must use your desktop or web email client to send an email. To make things a little better, there’s a help center where you can conduct self-research about basic information on Lili.

The Alternative Bank Sites to Lili Bank

Lili is an interesting choice if you need a multipurpose business account that won’t break the bank. Nevertheless, you can explore other alternatives if you have other banking needs that Lili doesn’t cover.

Kabbage

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Kabbage Review

Kabbage is a registered payment service provider that offers a free business checking account. It’s ideal for ambitious entrepreneurs who need loans to grow their venture. It presents flexible financing options for small businesses, which Lili doesn’t provide. Just keep in mind that you need to provide a personal guarantee when you apply for a loan.

Plus, Kabbage gives you the chance to earn 1.10% APY on balances up to $100,000 for the free account, unlike Lili which only gives interest for the paid account. Also, it allows you to accept payments via professional invoices, similar to Lili.

However, Lili is better than Kabbage when it comes to business management. After all, it comes with automated tools for tax filing and expense management, while Kabbage only provides how-to guides on these topics.

Pricing: Starts at $0/month

• Loan offers
• 1.10% APY for free account
• Invoice payment processing

• Personal guarantee required for loans
• Lack of tax optimization tools
• No automatic expense management

Novo

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Novo Review

Novo is a financial technology company that provides a free business checking account. It’s fitting for small business owners who want to integrate their business account with other productivity solutions.

On one hand, it connects to bookkeeping software like Quickbooks and online payment platforms like Stripe, compared to Lili which has built-in financial management tools instead. In addition to this, Novo specializes in ACH and wire transfers, while Lili focuses more on regular banking transactions.

On the other hand, Lili has an edge because it lets you deposit cash through partner retailers, unlike Novo. Aside from this, it gives you the chance to open an emergency savings account, while Novo is purely a checking account. Still, both Novo and Lili are equal when it comes to a lack of loan offerings.

Pricing: Starts at $0/month

• Strong third-party integration
• No monthly service fees
• Free ACH transactions

• No cash deposits
• Can’t open savings account
• No loans or credit lines

Oxygen

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Oxygen Review

Oxygen is a financial technology company that offers business and personal bank accounts. It’s suitable for enterprising entrepreneurs and freelancers who want to earn extra income through business banking.

All Oxygen business accounts grant you an APY and cashback rewards, while Lili only gives these benefits to users of the paid account. To top things off, Oxygen has daily phone and email support, in contrast to Lili that only includes weekday email assistance.

Nevertheless, Lili has an advantage over Oxygen because of its business management specialization. It has features like expense monitoring and tax savings, which Oxygen lacks. Also, the paid account of Lili is more cost-effective than the paid tiers of Oxygen.

Pricing: Starts at $0/month

• APY for all tiers
• Cashback rewards for all users
• Daily phone & email support

• No expense tracking tools
• No automatic tax savings
• Expensive rates for paid tiers

Bottom Line on Lili Review

Lili is an all-in-one business bank account that works well for sole proprietors and independent contractors. It’s an accessible option for you if you’re looking for a combination of competitive pricing, tax savings assistance, and expense management. As we conclude our review on Lili bank, it’s time for you to come to a conclusion if Lili is the best banking solution for you.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

SoFi is a financial technology company individuals and businesses alike can use to safely store and grow funds. This SoFi review spells out all the pros and cons of the service to help you decide whether or not to give it a go. 

Our Verdict

SoFi

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SoFi offers a slew of products, stretching from loans to banking and insurance. Sole proprietors, partnerships, and LLCs looking to separate business and personal funds will likely find something of interest here.

Its bank account keeps fees to a minimum while providing high-interest rates and the flexibility to move money around as you see fit. When a project calls for large-scale investment, SoFi has financing options so you don’t have to miss a beat.

• Up to 1.25% APY for savings and checking
• No minimums or monthly fees
• 2-3% cash back on credit card purchases

• Only one savings/checking account is available
• All business loans come from a third party
• Limited features for business owners

SoFi at a Glance

SoFi is a financial platform with savings, checking, and lending options for small business owners. It’s free to set up an account, and outside of loans, members never have to worry about monthly fees along the way. This lack of fees extends to cash deposits, transactions, and overdraft charges that other institutions typically charge for.

The platform’s 1.25% APY for both checking and savings is among the highest available, requiring no more than a direct deposit to lock in the rate. Sofi’s sole credit card comes with 2-3% cash back to bolster income.

Perhaps best known for its personal loans, SoFi adds business financing options through its Lantern Credit service. While SoFi does not provide these loans itself, it gives access to several top-tier options business owners can choose from.

Who SoFi is Best For

Smaller business owners will get the most out of SoFi’s services. Its banking services are geared more toward personal use, but individual business owners can get just as much use out of a bank account. It’s also possible to get up a joint account for duos sharing the business load. If you’re able to pay yourself with direct deposit, you can maximize the interest rate for checking and savings.

Pricing

SoFi stands firm on its desire to minimize fees anywhere it can. It also holds one of the highest interest rates among online and physical banks around the country.

SoFi

Checking and Savings Account

Monthly Fee

$0

Minimum Deposit to Open Account

$0

Minimum Balance to Maintain Account

$0

Overdraft Fees

Up to $50 covered

APY

0.70% or 1.25%

Transactions

Unlimited free transfers to other bank accounts or through point of sale

Cash Deposits

No fee when using 55,000 in-network ATMs to deposit cash

ATM Fees

Free from over 55,00 in-network machines

Wires

$25 to $30 for outgoing domestic transfers, $45 to $50 for outgoing international transfers

SoFi is somewhat new to the banking scene and has but one savings and checking account available. There’s no minimum deposit required to set things up. You also don’t need to worry about monthly fees or maintaining a minimum balance.

To tap into SoFi’s 1.25% APY, you simply need to link up a direct deposit to either checking or savings. If you’re unable to do so, you’ll still earn 0.70% on both accounts, a number still much higher than the industry standard.

The banking platform really has an aversion to fees, making money transfers between bank accounts free. Business owners will enjoy $0 point of sale transitions both domestically and internationally. SoFi looks the other way for up to $50 in overdraft fees as long as you’ve linked up a direct deposit.

You won’t get charged for using any of the 55,000+ ATMs in SoFi’s network. Its website makes no mention of charges for using out-of-network ATMs, but you should always expect a charge from the ATM itself.

Sofi’s wire transfer fees are standard at $25 to $30 for an outgoing domestic rate. Those looking to send funds internationally will have to pay closer to $50 per transfer.

SoFi Features

SoFi has several impressive features that make it an online bank worth pursuing. Let’s take a look at them now.

Credit Cards

SoFi offers a solitary credit card for business owners to use when making purchases. The MasterCard earns 2% cash back on purchases you can put back into your finances or save for a particular project. If you can link up a direct deposit, you’ll earn 3% cash back instead.

The card has no annual fee but can charge anywhere between 13.74% and 25.74% APR depending on your credit score. There’s no mention of being able to obtain multiple credit cards from one account to hand out to employees.

Checking and Savings

Should you choose to bank with SoFi, you’ll open up both a checking and savings account at the same time. It’s not possible to open up one or the other. Both accounts earn the same interest rate, either 0.70% or 1.25% if you can link up a direct deposit.

Neither account has monthly account fees or minimum requirements. You can move cash fluidly between them, but you’ll want to be careful not to overdraft your checking account by more than $50 when making purchases. There is an option to create a joint business bank account if you have more than one business owner.

Insurance

Small business owners need a source of insurance, and SoFi has options available that suits for startups or any small businesses. The online back currently has plans for auto, life, renting, and homeowners. Although these types of insurance are available for the SoFi account holder, you won’t be able to offer them to your employees as well.

Student Loan Repayment

SoFi takes a unique approach to business incentives, offering business owners the means to help employees pay off student loan debt. With SoFi, you can contribute up to $5,250 tax-free each year toward your employees’ student debt. Employers can deduct this amount while offering an incentive to hire young talent from the graduate pool.

Mobile Banking

SoFi’s mobile app allows you to transfer and receive funds with nothing more than a smartphone. For anyone using SoFi’s app, transfers occur in real-time. The app also makes it easy to pay bills online or set up recurring payments to vendors or employees. You can deposit checks right from your phone by snapping a photo and listing where you want the money to go.

Minimal Fees

You won’t find many fees when you sign up for SoFi. Account setup is free, and you won’t ever see a monthly fee come across your desk. Alongside overdraft forgiveness and zero charges for transferring or depositing cash, you can use SoFi without having to spend a cent. You’ll only run into fees with outgoing wire transfers and any time you have to use an out-of-network ATM.

If you want to open a business account with minimal fee, here is a thorough Oxygen Review, Capital One Review, and Lili Review that includes information on the pros, cons, and alternatives.

Loans and Lines of Credit

SoFi’s Lantern Marketplace helps business owners view and compare the top loans currently available. SoFi does not offer these loans directly but facilitates the process of locating the loan your business needs. After supplying information about how much you need, what you’ll use the loan for, and what state you’re in, Lantern will find the best options for you.

Security

Should something happen with your credit card, you can freeze it with the push of a button on the SoFi app. SoFi watches your account for suspicious activity and will let you know the moment they sense something amiss.

The online bank further keeps your account secure through two-factor authorization, requiring a fingerprint or additional passcode to access your information. Each card chip generates a unique transaction code to identify purchases and add in extra security. All money in your SoFi account is FDIC insured for up to $250,000.

Alternatives to SoFi

SoFi gets along well with business owners but may not contain everything you’re looking for. Check out these SoFi alternatives to see if they’re more your style.

LendingClub

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LendingClub is an online banking service offering quite a bit more variety than SoFi when it comes to accounts. Business owners can choose from ten different checking and savings plans strictly for businesses. The mobile app tracks transactions in real-time and allows users to transfer funds or make check deposits. 

Among those accounts, you can find 1% cash back on debit card purchases and rebates from ATMs anywhere in the world, whether they’re in-network or not. Interest rates are meager, topping off at 0.10% for accounts with $5,000 or more. If you’re unable to maintain a balance of $5,000, you’ll also incur a $10 monthly charge.

LendingClub specializes in loans for small businesses, no matter the need. Flexible loans can climb as high as $500,000, whereas loans for property and equipment can reach $10 million if needed.

• 1% cash back on debit card purchases without limit
• Worldwide ATM rebates
• Several loan packages

• Monthly fee on accounts with balances under $100
• Low interest rate
• High requirements for cash back

BlueVine

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BlueVine Review

BlueVine provides loans and checking accounts for small businesses looking to get a leg up on the competition. There are very few fees across the board, but it is unfortunate to see charges for cash deposits.

If you can keep up with BlueVine’s requirements, it’s possible to earn 1.5% APY on your checking account. This amount eclipses SoFi’s 1.25% but is not quite as easy to attain. Similar to SoFi, BlueVine doesn’t necessitate a minimum balance or charge a monthly fee. What’s worse, any money in your account above $100,000 doesn’t receive interest, and there’s no savings plan to dump excess into.

BlueVine has lines of credit up to $250,000 and rates as low as 4.8% to pay them off. These numbers fall in line with the third-party lenders SoFi uses as part of its Lantern network. When depositing money to keep up with loan payments, keep in mind that BlueVine has monthly limits on how much you can put in your checking account.

• High interest rates
• Very few fees
• No minimum balance or monthly fees

• Monthly deposit and withdrawal limits
• Does not offer a savings account
• Fee for cash deposits

Kabbage

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Kabbage Review

Kabbage empowers small businesses with a monthly fee-free checking account. Although its interest rate is a little lower than SoFi, Kabbage does not have prerequisites for earning 1.10% on funds up to $100,000. 

Unlike SoFi, there’s no way to create joint bank accounts with Kabbage. As a result, it’s best bank account for sole proprietorships or LLCs with a sole owner. On the plus side, Kabbage doesn’t charge ATM fees, whether in-network or not. You will get charged $4.95 every time you deposit an amount of cash into your account.

When you’re ready to take your business to the next level, Kabbage offers easily accessible lines of credit for just such a purpose. The approval process takes no more than a few minutes. Once approved, you can transfer money from the line of credit to your checking account in real-time.

• No monthly fees or fees for signup, no minimum balance
• High interest rate
• No Kabbage fees for out-of-network ATM withdrawals

• Cash deposit fees up to $4.95 per transfer
• No ability to make joint accounts
• Mobile deposits take several days to clear

Axos

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Axos Review

Axos has a handful of checking and savings accounts for business owners to choose from. Its Interest Checking plan grants a 1.01% APY for up to $50,000, with rates decreasing from there. You can transfer extra money into a savings account, but these accrue 0.20% interest at best.

Most of these accounts require a high initial deposit to open and a substantial balance to avoid monthly fees. This is a sharp contrast to SoFi, where no such fees exist. There aren’t many fees if you can keep up with balance requirements, and Axos will reimburse you for any ATM fees you may encounter.

The platform has both loans and lines of credit to help businesses grow. Loans and lines start at $10 million and demand at least two years in business.

• High APY with an interest checking account
• Unlimited domestic ATM fee reimbursements
• No monthly maintenance fees or balance requirements for basic checking

• Monthly fee with higher-tier accounts
• Low APY on business savings accounts
• Some accounts require high deposits

Bottom Line on SoFi Review

SoFi is a great opening strategy for small businesses looking to build interest on available funds. The only thing required to benefit from SoFi’s highest rate is a direct deposit, so long as you can pay yourself. The financial service provider also helps you find loans from a handful of third-party companies instead of being shoehorned into one option. Minimal fees make it possible to make the most of your money without draining it in the process.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.