Best Bank Accounts for Small Businesses & Side Hustles

Looking for a bank account for your small business, part-time business, or side-hustle? Asking yourself "Should I open a business account?" Not sure why you even need a separate bank account for your business? In this video I cover all these topics. I go over the reasons why you would want to open a business bank account and why it's good to separate your finances. I also cover my top 5 choices for where to open a business bank account.▼▼

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FYI If you are leaning towards Azlo, they are shutting down. I highly recommend Novo as a replacement as they have basically the same exact features. They are a great alternative to Azlo: https://links.yourfriendandy.com/NovoBank

Here are what I think are the best business bank accounts for 2020:

NBKC
-$5 to open
-no minimum balance
-No monthly fees
-No overdraft or non-sufficient fund fees
-unlimited transactions
-debit cards
-34,000 MoneyPass ATMs in the US and Puerto Rico
-$12/month in non-network ATM fee reimbursements globally
-Money Market accounts with 0.40% APY

BlueVine
The Checking account features:
- No monthly fees
- No non-sufficient fund fees
- No incoming wire fees
- Unlimited transactions
- No minimum balance
- If you have at least $1,000 in the account you will earn 1.0% on that balance up to $100,000 total balance.
- Business debit card
- 38,000+ Moneypass ATMs (but no reimbursements for out-of-network ATMs)
- 2 free checkbooks
-BlueVine payments portal

Kabbage
- No monthly fees
- No minimum balance
- Debit cards
- 19,000 ATM locations to withdraw cash (but no reimbursements for out-of-network ATMs)
- 90,000 retail locations to deposit cash
- A fantastic 1.10% Interest rate. The highest on this list.
- A feature called Pockets. Create up to 5 pockets to track savings goals or manage your cash flow. Basically sub-accounts. Great way to set aside tax money & other goals.
- Virtual cards number. You don't have to wait for them to mail you a card to start purchasing.
-Bill pay
-Kabbage Payments - Professional & customizable invoices

Local Credit Union
-Can find no fee options
-Can have decent interest rates
-Physical branches for cash deposits
-Local and reliable

Timestamps:

00:00 - Intro
00:37 - Spoiler Alert
01:09 - Why do you need a biz bank account?
02:34 - Things to look for in a bank
03:53 - NBKC
06:12 - BlueVine
07:32 - Kabbage
09:30 - Azlo
11:10 - Local Credit Unions
12:06

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Best bank account for small businesses
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Best Bank Accounts for Small Businesses & Side Hustles

DISCLOSURE: Some of the links on this page are affiliate links, this means that I may earn a commission if you click through and make a purchase and/or subscribe. Affiliate commissions are a great way to help fund and support the channel.

I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.

Видео Best Bank Accounts for Small Businesses & Side Hustles канала Your Friend Andy