Planning to turn my hobby into a cottage business and register and LLC at the beginning of 2025. I want to keep my business financials separate from my personal finances and seek advice on opening a business account. Looking for no annual or monthly service fees, no minimum balance, no overdraft fees, no transaction fees or limits on transactions, and a business credit card. I’m willing to compromise on fees if the APY is attractive.

So far, my research has directed me to various Fintech banking platforms which I am very unfamiliar with. Any of you savvy MB experts have any insight into the fintech sector and want to help me out with what the best option is moving forward?

Thanks for any attention to this request.

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Posted by shutterspeed

MS Gulf Coast

Member since May 2007

70525 posts

Posted on 12/16/24 at 9:45 pm to KryptoKnight

I wasn't able to find anything reputable that beat local banks.

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Posted by MikelArteta

Your mother's

Member since Apr 2024

77 posts

Posted on 12/17/24 at 12:13 pm to KryptoKnight

I've been using Bluevine and it does the job. I do not have an extremely large balance and they do not charge me any fees. I am unsure if they offer a credit card, but they did send me a business debit card.

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Posted by tes fou

Member since Feb 2014

953 posts

Posted on 12/17/24 at 1:37 pm to KryptoKnight

Don't mess with fintech.

If you're primarily concerned about tech use Chase or similar.

If you want service/borrow in the future, small local bank. Money market rates, you can get better than advertised if you have $100k+ to deposit.

Banks in the middle size tend to be worst of both, too big for good service, don't have the tech like the mega banks.

This post was edited on 12/17/24 at 1:39 pm

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Posted by Dandaman