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Started By
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Small Business Account?
Posted on 12/16/24 at 5:54 pm
Posted on 12/16/24 at 5:54 pm
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.
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.
5
Posted on 12/16/24 at 9:45 pm to KryptoKnight
I wasn't able to find anything reputable that beat local banks.
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.
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.
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
Posted on 12/17/24 at 2:12 pm to MikelArteta
I have bluevine and customer service is shite. One time they rejected a deposit.
Posted on 5/25/26 at 6:19 pm to KryptoKnight
I know this thread is two years old, but in case anyone else bumps into this while searching, skip the big national banks like Chase or BofA completely. Local credit unions or local community banks are usually way more flexible with small, early-stage operations.
My initial setup hit a wall because the institutional onboarding at a major bank kept dragging out over backend data verification issues. I finally worked with LEI Register to get our corporate reporting profile properly structured, which unblocked our institutional paperwork and let us open the account hassle-free. Go talk to a local branch manager instead of trying to clear automated online portals.
My initial setup hit a wall because the institutional onboarding at a major bank kept dragging out over backend data verification issues. I finally worked with LEI Register to get our corporate reporting profile properly structured, which unblocked our institutional paperwork and let us open the account hassle-free. Go talk to a local branch manager instead of trying to clear automated online portals.
This post was edited on 5/27/26 at 8:40 am
Posted on 5/26/26 at 11:06 am to KryptoKnight
If you're in Louisiana or Mississippi - I would recommend BankPlus - very favorable to a small business / new business and you can call and reach someone with questions. It's got that local feel with some of the IT needs of a larger bank.
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