{"id":3366,"date":"2022-08-25T14:26:55","date_gmt":"2022-08-25T19:26:55","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=3366"},"modified":"2024-07-04T12:43:43","modified_gmt":"2024-07-04T17:43:43","slug":"what-is-a-business-bank-account","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/what-is-a-business-bank-account","title":{"rendered":"What Is a Business Bank Account and How Does It Work?"},"content":{"rendered":"\n<p>Starting your own business comes with a ton of hurdles you need to clear if you hope to be successful. One of the decisions you\u2019ll need to make along your journey is figuring out where the money you collect from customers will go. After all, collecting payments and making money is a big part of why you\u2019re in business!&nbsp;<\/p>\n\n\n\n<p>Regardless of your industry, <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount\">opening a business bank account<\/a> is always a safe bet. But what exactly is a business bank account? Continue reading to learn the answer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_business_bank_account\"><\/span><strong>What is a business bank account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Business bank accounts operate similarly to personal bank accounts, but they\u2019re designed for business transactions instead of your personal ones.<\/p>\n\n\n\n<p>With a business bank account, you can collect payments from clients, distribute paychecks to employees, pay vendors, and use a debit card to make everyday business purchases. As a busy business owner, you\u2019ll want a business account that comes with a mobile app. That way you can bank on the go. Opening an account with <a href=\"https:\/\/www.northone.com\/our-customers\/small-business\">North One<\/a>, for example, makes mobile banking easy and hassle-free.<\/p>\n\n\n\n<p>Anyone who owns a business can open a business bank account. In fact, depending on the type of business you\u2019re starting, you may <em>need<\/em> to open a business bank account. Fortunately, there are plenty to choose from. You just need to do some research to determine the best type of bank account for your business\u2019s needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_different_types_of_business_bank_accounts\"><\/span><strong>What are the different types of business bank accounts?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Now that we\u2019ve covered a little bit about what a banking account is, it\u2019s time to learn more about each type of business bank account. Here are a few of the most common types of bank accounts for small businesses:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Checking:<\/strong> A business checking account is the most versatile type of account. It has the fewest restrictions on what you can do with your money and offers a number of withdrawal options, including ATM and debit card transactions, wire transfers, ACH payments, and checks.<\/li>\n\n\n\n<li><strong>Interest-bearing checking:<\/strong> The biggest pitfall of a standard checking account is that the money in the account doesn\u2019t earn any interest while it\u2019s in there. If you\u2019d like to earn interest on your deposits, consider opening an interest-bearing checking account. Just keep in mind that the interest is not likely to be anywhere near as high as you\u2019d get with a business savings account.<\/li>\n\n\n\n<li><strong>Savings:<\/strong> A business savings account is perfect for business owners who have some extra capital to set aside for a rainy day or a big future investment. The catch with business savings accounts is that you\u2019re limited to a small number of transactions each month. Make sure you won\u2019t need any money deposited into the account if you find yourself in a pinch.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_opening_a_business_bank_account\"><\/span><strong>What are the benefits of opening a business bank account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Besides being a necessity for some businesses, having a business bank account has a ton of different perks for businesses of all sizes. These are some of the many reasons to set up your bank account as soon as you start your company:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Separate your finances:<\/strong> Keeping your business funds separate from your personal ones might not be hard once your business is established and thriving. But early on, when you\u2019re trying to make ends meet, it can be a challenge. You\u2019ll save yourself a lot of headaches\u2014not to mention avoid potential tax mishaps\u2014by opening a bank account as soon as you can.<\/li>\n\n\n\n<li><strong>Professional appearance:<\/strong> Asking customers to cut a check for deposit into your personal bank account isn\u2019t a great look. It makes you look unprofessional, and clients might even be hesitant to work with you. Having a business bank account takes that worry away and helps you establish your business as legitimate.<\/li>\n\n\n\n<li><strong>Build your business\u2019s credit rating:<\/strong> Just like how everyone has a personal credit score, so does every company. The better your company\u2019s credit score, the more likely you are to get a loan with a lower interest rate. One great way to <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/business-credit-score\">increase your business\u2019s credit score<\/a> is by opening a business bank account.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_should_you_consider_before_opening_a_business_bank_account\"><\/span><strong>What should you consider before opening a business bank account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In addition to knowing what a business bank account is and the right type of bank account to open, you\u2019ll need to know which financial institution to use. These are a couple of things to consider when selecting a bank:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Use your current bank:<\/strong> If you want to keep things as simple as possible, you can likely <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/what-do-i-need-to-open-a-business-bank-account\">open a business bank account<\/a> with your current bank. Keep in mind, just because a bank has served you well for your personal finances doesn\u2019t mean it\u2019s the right fit for your business account.\u00a0<\/li>\n\n\n\n<li><strong>Associated costs:<\/strong> Most banks require some sort of monthly fee to maintain a bank account in addition to an initial setup fee. You may also have to agree to keep a certain balance in your bank account at all times or risk paying a penalty. Many of the free bank accounts will limit the number of monthly transactions you can conduct, so you might want to consider paying a premium account instead of going with a free account. <a href=\"https:\/\/www.northone.com\/our-customers\/small-business\">North One<\/a> charges a $10 monthly fee, but doesn\u2019t require a minimum balance and won\u2019t hit you with hidden fees.<\/li>\n\n\n\n<li><strong>Future needs:<\/strong> Good business owners are always thinking ahead, and that should hold true when it comes to your bank account. Make sure your bank will meet all your expected future needs, like integrating with your payroll software once you have more employees.<\/li>\n\n\n\n<li><strong>Perks:<\/strong> Lower interest rates on loans and business credit cards are a few of the perks offered by some financial institutions. Be sure to take a look at the available benefits when you\u2019re comparing different banks.<\/li>\n\n\n\n<li><strong>Local branch:<\/strong> Physical bank branches are becoming harder to access these days. If you want to do things the old-fashioned way by visiting a physical branch, make sure you pick a bank that has one nearby. With today\u2019s online banking options, though, you don\u2019t necessarily need to visit a physical branch. If your bank doesn\u2019t have a branch, make sure they offer great customer service online or over the phone, like North One.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Get_ready_to_open_a_business_bank_account\"><\/span><strong>Get ready to open a business bank account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you\u2019re just getting your <a href=\"https:\/\/www.northone.com\/our-customers\/small-business\">small business<\/a> off the ground or if you\u2019ve been doing all of your business banking through your personal account, now\u2019s the time to sign up for a business bank account. Talk to our team today to learn more about what a business bank account is and the perks of using North One.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting your own business comes with a ton of hurdles you need to clear if you hope to be successful. One of the decisions you\u2019ll need to make along your&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[153],"tags":[],"class_list":["post-3366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a Business Bank Account and How it Works - NorthOne<\/title>\n<meta name=\"description\" content=\"A business bank account is a bank account used for business transactions including making or accepting payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/business-banking\/what-is-a-business-bank-account\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Business Bank Account and How it Works - NorthOne\" \/>\n<meta property=\"og:description\" content=\"A business bank account is a bank account used for business transactions including making or accepting payments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.northone.com\/blog\/business-banking\/what-is-a-business-bank-account\" \/>\n<meta property=\"og:site_name\" content=\"North One Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/northonebanking\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-25T19:26:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-04T17:43:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2022\/08\/What-is-a-Business-Bank-Account-and-How-Does-it-Work_.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"863\" \/>\n\t<meta property=\"og:image:height\" content=\"558\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eytan Bensoussan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:site\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eytan Bensoussan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/what-is-a-business-bank-account#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/what-is-a-business-bank-account\"},\"author\":{\"name\":\"Eytan Bensoussan\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#\\\/schema\\\/person\\\/1f56df6a45f6591303799c10338998f3\"},\"headline\":\"What Is a Business Bank Account and How Does It Work?\",\"datePublished\":\"2022-08-25T19:26:55+00:00\",\"dateModified\":\"2024-07-04T17:43:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/what-is-a-business-bank-account\"},\"wordCount\":1133,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/what-is-a-business-bank-account#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/What-is-a-Business-Bank-Account-and-How-Does-it-Work_.jpeg\",\"articleSection\":[\"Business Banking\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/what-is-a-business-bank-account#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/what-is-a-business-bank-account\",\"url\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/what-is-a-business-bank-account\",\"name\":\"What is a Business Bank Account and How it Works - 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