business banking

What’s the Best Credit Card for a Small Construction Business? +TIPS

Best credit card for small construction business

Taking control of your finances is vital for small construction businesses. And, guess what? A business credit card can be a game-changer. Here, we’re diving into the world of credit cards tailored specifically for small construction businesses. We’ll uncover the top contenders, highlight their awesome features, and even tackle those burning questions you have about credit cards for contractors, independent contractors, and self-employed folks.

But first, let me give you a sneak peek of the cards…since that’s what you came here for!

Introducing the best business credit cards for small construction businesses:

Note, that these are the most popular credit cards available from big banks. And, while I don’t have anything against them, you can sometimes obtain a lot more credit (hundreds of thousands of dollars) when you have a relationship with a small community bank or credit union — which is precisely what we teach at Business Credit Workshop.

Let’s dive in a bit deeper to learn more about each card above, then explore some information and advice that can help you get even more from your business credit profile. Get ready to level up your financial game!

Here’s what’s in store:

Best Credit Cards for Small Construction Businesses
Most Important Credit Card Features for Construction
How to Build Business Credit to Access More Funding
Frequently Asked Questions
Conclusion

Now, let’s dive in.

Best Credit Cards for Small Construction Businesses

When it comes to selecting the best credit card for your small construction business, it’s a good idea to explore major cards that are designed to cater to small business owners with operations like yours. Before we get into the tricks of the trade (business credit), see what each of these top cards has to offer.

1. American Express Business Platinum

Best small business credit card for construction

The Business Platinum Card from American Express is a credit card designed for businesses. It has an annual fee of $695. By spending $15,000 on eligible purchases within the first 3 months, you can earn 130,000 Membership Rewards Points. This offer is subject to availability and may not be available if you leave the webpage and return later.

With the Business Platinum Card, you can earn points on your purchases. You’ll earn 5X points on flights and prepaid hotels booked on AmexTravel.com, 1.5X points on eligible purchases in key business categories and on eligible purchases of $5,000 or more everywhere else, and 1X points on other eligible purchases.

The card also offers various benefits. You can get statement credits for select purchases, such as $200 back semi-annually for U.S. purchases with Dell Technologies, $90 back per quarter for purchases with Indeed, $150 back per year for select business subscription purchases with Adobe, and $10 back monthly for select purchases with U.S. wireless phone service providers.

Additionally, the card provides access to the Global Lounge Collection, offering access to more than 1,400 airport lounges across 140 countries. You can receive up to $200 in airline fee credits per year, enjoy benefits like Clear membership, and get 35% points back when using points for eligible flights booked through Amex Travel.

Other perks include hotel benefits, premium car rental privileges, and various travel insurances. The card also offers cash flow flexibility with a Pay Over Time option and has no preset spending limit. Expense management features include employee cards, QuickBooks integration, online statements, account alerts, and a year-end summary.

2. Capital One Spark Cash Select

Best credit card for construction business

The Spark 1.5% Cash Select card is an excellent business credit card offered by Capital One. With this card, you can earn unlimited 1.5% cash back on every purchase for your business, without any limits or category restrictions. It’s a great way to maximize your rewards and get some extra cashback.

The best part? There’s no annual fee for this card, so you can enjoy the big rewards and cash bonus without any additional costs. Capital One also offers additional cash-back rewards of 5% on hotels and rental cars booked through Capital One Travel, adding even more value to the card.

Redeeming your cash-back rewards is easy too. You can cash them in for any amount at any time, and they don’t expire for the life of the account. It’s a flexible and convenient way to enjoy the benefits of your hard-earned rewards.

In terms of the interest rate, the variable APR for purchases ranges from 18.24% to 24.24%, depending on your creditworthiness. As always, it’s important to manage your credit responsibly and pay off your balances in full to avoid any interest charges.

The Spark 1.5% Cash Select card also comes with a range of benefits to make managing your business easier. You can conveniently manage your accounts online, provide employee access, enjoy travel services, set up automatic payments, and benefit from $0 fraud liability in case your card is lost or stolen. Additionally, you’ll receive year-end summaries for simplified budgeting and tax time, and the option to assign an account manager to handle purchases and payments.

When it comes to applying for this card, the process is quick and straightforward. It only takes about 10 minutes to complete the application, and you’ll receive a decision within seconds. Just make sure to have the necessary information on hand, such as the legal names, addresses, and Social Security Numbers of all business owners, as well as your business’s legal name, address, and tax ID number.

The Spark 1.5% Cash Select card has received positive reviews from customers, with an overall rating of 4.4 out of 5 stars based on 946 reviews. The majority of reviewers highly recommend this card, which speaks to its value and benefits.

3. Brex Business Corporate Card

Best credit card for independent contractors

Accepted worldwide, the Brex Corporate Card provides both physical and virtual cards on the reliable Mastercard network. And with the highly rated 5-star app available on iOS and Android, you can manage your card effortlessly from your phone. Features like Apple Pay integration, card cancellation, and spend monitoring are all conveniently accessible in one place.

What sets the Brex Corporate Card apart is its rewarding nature. Earn up to 7x back on your spending and redeem your rewards for cash back, credits, or even billboards. This enables you to maximize your benefits and get more value from your expenses.

With credit limits tailored to your business, you can enjoy a card limit that suits your needs based on financial factors such as revenue or funding raised. This flexibility ensures that your card aligns with your business’s financial capabilities.

The Brex Corporate Card is not just a single-purpose card; it caters to various business needs. Enable spend for travel, procurement, and more with worldwide card acceptance. Additionally, Brex offers specialized cards for travel and entertainment expenses, vendor expenses, purchase cards, benefits cards, and more. The flexibility to customize spend limits for specific purposes ensures that your policies are enforced with every card swipe.

Expense management is simplified with the Brex Corporate Card. It automatically collects itemized receipts compliant with IRS or local tax laws, generates memos, and categorizes expenses to the right general ledger and/or project. Real-time expense tracking allows you to monitor card limits and expenses in real-time, increasing accountability. It’s an all-in-one solution that streamlines your expense reporting process.

Brex offers local cards in over 20 currencies, allowing you to conduct operations locally wherever you do business. The comprehensive global features enable you to manage your company’s credit limit, subsidiary-specific limits, expenses, and billing in one console, reducing risk and increasing control. By issuing cards in employees’ local currencies and enabling subsidiaries to pay statements from their local bank, you can avoid intercompany transactions and foreign exchange fees.

4. Chase Ink Business Preferred

Chase ink business preferred credit card for construction

Chase’s Ink Business Unlimited® Credit Card might be the perfect credit card solution for your business. With the Ink Business Unlimited card, you can enjoy a range of benefits designed to maximize your rewards and simplify your financial management.

With the Ink Business Unlimited card, you’ll earn unlimited 1.5% cash back on every purchase made for your business. Whether it’s office supplies, equipment, or other business expenses, you can earn cash back on all of your transactions. Plus, there’s no annual fee, ensuring that you can enjoy the benefits without any additional costs.

To give you even more value, the Ink Business Unlimited card offers a 0% introductory APR for 12 months on purchases. This allows you to make business purchases and pay them off over time without accruing interest. After the introductory period, the variable APR will be between 18.24% and 24.24%, based on your creditworthiness.

Redeeming your rewards is a breeze with the Ink Business Unlimited card. You can choose to redeem your cash back rewards for cash, gift cards, travel, and more through Chase Ultimate Rewards®. This flexibility allows you to use your rewards in a way that suits your business needs.

Another great feature of the Ink Business Unlimited card is the option to add employee cards at no additional cost. These employee cards not only help you manage your expenses but also enable you to set individual spending limits for each employee. This allows you to keep track of spending while giving your employees the ability to earn rewards on their purchases

Finally, for those who frequently use Lyft, the Ink Business Unlimited card offers an exciting benefit. Earn a total of 5% cash back on Lyft rides through March 2025. This includes an additional 3.5% cash back on top of the 1.5% you already earn on travel purchases, making it a valuable perk for business travelers.

Most Useful Credit Card Features for Small Construction Businesses

Can you use credit card for contractors?

As I said before, the cards above are just some of the offers that are great for small construction businesses like yours. And, there are virtually hundreds of credit cards you might apply for, based on your stage in business, credit profile, and your financial health.

I always recommend you do your due diligence (which you’re doing now — good job!) to find the right card for your situation. Still, there are some super valuable credit card features that you should be looking for.

When it comes to credit for your construction business, you can get the most from a card with the following features:

Robust expense tracking — Construction businesses deal with many expenses that require effective management. When choosing a credit card, prioritize those with handy expense-tracking features. Look for cards that provide detailed transaction descriptions, spending categories, and downloadable reports. These tools will simplify the task of monitoring and analyzing your expenses, making your bookkeeping process a breeze.
Flexible credit limits — Construction projects come in all shapes and sizes, each with its unique scale and cost. To meet the ever-changing financial requirements, it’s crucial to have a business credit card with a flexible credit limit. This flexibility ensures that you have the necessary purchasing power to cover expenses like materials, equipment, and other project-related costs. Having a credit card with a flexible credit limit allows you to adapt to the varying financial demands of your construction projects effectively.
Rewards on construction-related spending — When searching for a credit card for your construction business, keep an eye out for rewards or cash-back programs specifically tailored to construction-related spending. Some cards offer enhanced rewards for purchases made at hardware stores, home improvement retailers, or building material suppliers. By maximizing these rewards, you can offset costs and enjoy additional benefits. It’s a smart way to make the most out of your business expenses while you get more value from your card.
Introductory offers — You’ll find that many business credit cards come with enticing introductory offers that can be quite valuable for your construction business. These offers may include bonus rewards points, statement credits, or even waived annual fees for the first year. Taking advantage of these introductory perks can provide you with significant value, especially when you’re starting or expanding your construction business. It’s a great way to give your business a financial boost and maximize the benefits of your credit card.
Expense management tools — Managing expenses effectively is of utmost importance for construction businesses. When choosing a credit card, it’s essential to look for one that offers comprehensive expense management tools. These tools can include handy features like mobile apps, receipt capture capabilities, and integration with accounting software. By utilizing these tools, you can streamline the process of tracking expenses, monitor your finances in real time, and seamlessly manage your financial operations. It’s a smart way to stay on top of your expenses and ensure efficient financial management for your construction business.
Business-specific benefits — Certain credit cards provide extra perks specifically designed for construction businesses. These benefits can be quite advantageous and may include discounted rates on equipment rentals, exclusive access to construction industry events or trade shows, or special partnerships with suppliers offering favorable rates or exclusive deals. These tailored perks are aimed at supporting and enhancing the operations of construction businesses, providing valuable advantages that can contribute to their success.

Remember, the best business credit card features for your construction business may vary depending on your specific needs and preferences. Evaluate your business’s spending patterns and requirements to choose a credit card that offers the most relevant and valuable features for your construction operations.

How to Build Business Credit to Access More Funding

Did you know that you can actually build business credit in as little as 30 to 90 days? And, with a perfect business credit score, you can access higher amounts of funding? Business credit is a great channel to grow and scale your business, invest, and pay for emergencies.

In brief, here’s how to build business credit fast:

First, you need to form your business. Establish a proper business entity, choose a neutral business name and category, and decide on the best method to establish your business entity.

Next, it’s important to get your company “business credit ready.” Set up a physical address, obtain necessary business insurance and licenses, establish an online presence, list your business in relevant directories, and open a business bank account.

Then, you’ll want to network with local banks. Attend local Chamber of Commerce events or network online to build relationships with bankers and financial professionals. Research financing programs offered by local banks and credit unions.

After that, set up business credit Profiles: Establish business credit profiles, such as a PAYDEX score from Dun & Bradstreet (D&B), by obtaining a DUNS number. Monitor your Equifax and Experian business credit scores for accuracy using services like Nav.

Finally, you have to develop small tradelines of credit and net 30 accounts that report your on-time payments to business credit bureaus. Consider using gas cards and store cards, ensuring that payments will be reported.

By following these steps, you can lay the foundation for a strong business credit profile and access better funding options for your business.

Frequently Asked Questions

Can I get a business credit card with a 1099?

Yes, you can get a business credit card with a 1099. Many credit card issuers consider 1099 income as eligible for credit card applications. However, specific requirements may vary among different credit card providers. A 1099 is not like an EIN and will not qualify you for business credit on its own. It’s always best to check each lender’s individual policies.

Is being an independent contractor the same as owning a business?

In short, no, but only because most independent contractors operate as an individual. However, independent contractors and self-employed individuals can obtain business credit if they create a business entity and structure their businesses properly.

Do business credit cards verify income?

Yes. Most business credit lenders verify income. There are a few outliers, but your income and/or assets will almost always play into a credit decision. Some lenders look at cash flow and revenue while others might look at collateral (cash on hand) during the underwriting process.

What is the 5/24 rule?

The 5-24 rule is a guideline used by Chase and some other credit card issuers. It states that if you’ve opened five or more credit card accounts within the past 24 months, you may be ineligible for certain Chase credit cards.

Conclusion

Picking the perfect credit card for your small construction business can work wonders for your financial management and score you some awesome perks. We’ve got your back with options like American Express, Capital One, Brex, and Chase, all geared toward meeting your unique business needs.

But hold up, there’s more to the credit card game! We’re here to demystify credit cards for contractors, independent contractors, and self-employed folks. We’ll answer your burning questions and equip you with the knowledge you need to make savvy financial decisions for your growing business.

But hey, getting a credit card is just the first step. If you’re serious about leveling up your small construction business and snagging up to $100,000 in business credit fast, we’ve got a killer recommendation. Join Business Credit Workshop and tap into our expertise. We’ll teach you insider strategies and techniques to skyrocket your business credit journey. Get ready to take charge of your finances and make some serious waves in the construction industry!

Want to learn how to obtain up to $100K in business credit for your small construction business in as few as 30 days? Join Business Credit Workshop today.

Amex Business Checking Review: What You Need to Know…Really

By Joe

I first came across Amex’s new business checking account in a private Facebook group post last month. While the company has been around for decades, American Express previously only serviced credit card and travel-related offers. Now, they’ve got a checking account that earns interest on up to $500K with enticing introductory bonus points for new accounts.

So, let’s explore the new offer in full, and find out what you need to know whether this is the right checking account for your business.

Here’s what’s in store:

Amex Company Overview
The Amex Business Checking Account
Amex Business Checking Competitor Overview
Frequently Asked Questions
The Takeaway

Now, let’s get to it!

Amex Company Overview

So, why is Amex so popular? Well, this NY-based institution has been around since 1850, servicing consumer and business credit, expense management, and travel products. The founders were Henry Wells, Irene Tserkovny, John Butterfield, and William Fargo.

Do any of these names sound familiar? As you might have guessed while reading — if you didn’t already know — Butterfield, Wells, and Fargo are the same people who founded Wells Fargo in the mid-1800s.

While big banks don’t tend to inspire everyone’s confidence, the fact that the company has been around for over a century is telling. Amex is a trusted name in American finance, and the odds are that they’re going to stick around for many years to come; this is important in an age where new, cutting-edge financial products are in and out of existence after a year or two in the marketplace.

Currently, American Express is a publicly-traded, for-profit global financial services company led by CEO Stephen Squeri. They’re best known for their credit cards, charge cards, and traveler’s checks. Lately, their checking accounts are quickly rising in reputation.

The Amex Business Checking Account

In short, an Amex business account gives you the opportunity to earn interest and introductory rewards with free, online checking. Since every business needs a bank account, it may seem like you’ve nothing to lose by signing up.

And, while there are some great features with Amex business checking, there are some missing features…not all contemporary online checking accounts are the same. Read everything here to weigh the pros and cons for yourself.

The Introductory Bonus

American Express business checking login

One of the most hyped benefits of an Amex business checking account is the intro offer. Currently, they’re giving away 30K rewards points (worth about $300 total) with qualifying activities on a new account.

Here’s what you’ll have to achieve to get the bonus points:

Account balance of $5K within 30 days of opening your account
An average account balance of $5K for the following 60 days
5 or more “qualifying transactions” within 60 days of opening your account

If you apply, are approved, and meet these requirements, the points should be distributed to your account at the end of the 90-day wait. Keep in mind that the intro offer is likely to change — some people got in when they promised 20K points and others were offered 60K.

So, what are “qualifying transactions?”

✅ Mobile deposits

✅ Check deposits by mail

✅ Electronic/online transactions (ACH, wire, and bill payments)

And, what are not qualifying transactions?

❌ Business debit card transactions

❌ Deposits using the “Redeem for Deposits” feature

We’ve seen other brands like Wells Fargo and Chase offer anywhere from $200 to $500 for new individual and business accounts with qualifying activities. The key difference with this offer is that Amex is delivering an online bank account, which is best compared to offers like Bluevine and Novo.

You might be wondering how hard it would be to get 5 or more qualifying transactions within 60 days (if this won’t be your primary account), and the answer is, ‘it would be pretty easy.’

All you would have to do is divide your deposit amount requirement ($5K) by the number of transactions you need (5) and make the appropriate number of mobile, check, or ACH payments into your new account (5 X $1K deposits) within the first month of opening the account.

But, don’t get ahead of yourself trying to work the system…you might actually decide to keep your account once you get in and realize the benefits.

Amex Checking Account Features

In a word, Amex checking accounts have some pretty cool benefits:

Earn interest on checking account balance
Get 1 Amex point for every $2 spent
Pay no monthly maintenance fees
Gain fee-free MoneyPass™ access
Take advantage of high deposit limits
Get free, fast outgoing ACH
Send free eChecks and use fee-free checkbooks
Keep your Amex MR points alive

Just for fun, let’s explore the offer a bit more in-depth.

In addition to the intro points offer, Amex business checking accounts earn 1.3% variable APY on balances up to $500K. So, you have a chance to earn a bit — an account with an average balance of $5K could be earning $65 each month. While most savings accounts offer the opportunity to earn, this isn’t a standard feature with checking accounts.

With that said, Bluevine offers a 2% fixed APY on accounts that carry up to $100K, so that part of their offer outshines Amex.

Amex is the only popular online bank account with a rewards debit card that earns 1 point for every $2 spent. If you use your debit card to spend $200, you can earn $1. This may not sound like a lot, but rewards can add up quickly.

Plus, you’ll pay no monthly maintenance fees for an Amex business checking account. While most business bank accounts charge anywhere from $10 — like NorthOne, for example — to $30 per month, Amex checking is free (note: so are Novo and Bluevine’s offers).

With an Amex business checking account, you’ll incur no ATM fees within the MoneyPass™ network. You might, however, have to pay third-party fees. Note that Novo bank refunds third-party ATM fees at the end of each billing cycle, though there’s no telling how long this reimbursement offer will last since the company is in the earlier stages.

Furthermore, they have high deposit limits, which we can’t say for other online bank accounts and neobanks; most online checking offers are capped at $1K or $5K per day while Amex won’t cap your deposits — You can keep up to $5 million in your account.

And, you’ll never pay the typical fees you see with business checking accounts. So far, users have been satisfied with outgoing ACH, citing that it’s fast (usually same-day) and free to send money to external accounts. Checks are also free, and there are no fees for NSF, stop pay, billing inquiries, replacement cards, late fees, or admin processing.

Finally, you can save your existing Amex reward points, even if you plan to close out credit card accounts to bypass annual fees. Automatically redeem existing MR points in your Amex checking account.

All-in-all, an Amex checking account could save you some money while it expands opportunities to earn and grow your business.

What is the Downside of American Express Checking?

As with all financial offers, there are some downsides for Amex checking account holders.

One of the most glaring issues for me is that there is no Quickbooks integration with an Amex checking account yet. However, you can connect an Amex account to Quickbooks online. 🤷

Furthermore, if you want to deposit cash, you’ll first have to exchange it for a money order or check, then transfer the funds to your account. No cash deposits could be extremely inconvenient for cash businesses. You can withdraw cash from an Amex account via ATM using your debit card.

And, as with all online bank accounts, you won’t be able to walk into a branch — they don’t exist. If this is important to you, choose a local branch to open your business bank account.

There’s also a rumor floating around that Amex checking accounts don’t offer wire transfers, but it isn’t true; incoming wires are free while outgoing wire transfers cost $20. And, this price is pretty typical.

Where Amex checking accounts actually fall short is in the fact that they facilitate no INTERNATIONAL wire transfers. If you really want to go with Amex, you can look into solutions from Wise or Plastiq for this — these platforms are more user-friendly than your typical wire process anyway.

Finally, if your business credit card is serviced through Amex, and you have any issues that arise at no fault of your own (overdrafts, chargebacks, etc.), these could negatively impact your credit accounts.

Some business owners opt to use different institutions for business credit and business banking because of this, though I recommend a different approach.

Amex Business Checking App

The Amex business checking app is only available on iOS (they do have an Android app for credit accounts), so any Android users will need to access their account from another device.

As a Google Play person myself, this seems a bit silly to me — there are lots of apps available for Apple while unavailable on Android, but I would think an online banking account would see the importance of serving customers across all devices.

But, if you’re an iOS user, keep reading.

The Amex business checking app allows you to create and schedule payments on the go, and it’s pretty slick. In addition to the usual app features like mobile deposits, transfers, and payments, you can manage and redeem Amex rewards points.

I mentioned this previously, but you may have missed it: existing Amex rewards members’ rewards points are automatically added to your checking account. I think this is pretty cool.

With this said, the app doesn’t have the best user ratings, so I have a quick tip for ya: if you find that your two-factor authentication is wonky, delete and reinstall the app — this seems to be solving the issue for existing app users (Plus, my bet is that the developers are getting this worked out as we speak).

Amex Business Checking Competitor Overview

The two brands with the closest offers to Amex’s current small business checking are Novo Bank and Bluevine. So, let’s look at how these three accounts stack up next to one another:

Amex Business Checking Competitors — Amex vs Bluevine vs Novo

The most enticing competitive advantage is that Amex currently has the highest deposit limit. If you’re earning more than $5K via a website, app, or your POS, then neither Novo nor Bluevine will work for you — In this case, Amex would be a natural choice.

If you’re earning a little less, Bluevine might give you the opportunity to earn more on your monthly balance with 2% interest vs 1.3% with Amex; plus, they are the only solution that offers cash deposits.

And, Novo’s got the monopoly on virtual cards, reimbursed third-party ATM fees, and built-in invoicing (for now).

Keep in mind, you don’t have to choose an online business checking account. In fact, I typically recommend small business owners bank with small, local community banks for the best business credit opportunities (among additional interpersonal benefits).

Frequently Asked Questions

Does Amex business checking pull credit?

No. When you apply for an Amex business checking account, you’ll be shown a consumer reporting disclaimer. This does not mean that opening an account will affect your credit score.

Does American Express business checking use Zelle?

No. Most business checking accounts are incompatible with Zelle. However, Bank of America and PNC Bank might be Zelle-compatible. Please check with the Banks for an up-to-date answer.

Can you use Venmo with American Express?

Yes! You can use the Send & Split™ feature in the Amex app to send money with Venmo.

How do I deposit cash into my American Express business checking account?

Unfortunately, American Express doesn’t support cash deposits. So, you will have to somehow convert any cash into a check or money order to make a deposit into an Amex checking account.

How much is 60K Amex points worth?

60,000 Amex points are worth roughly $600. Though, they can be redeemed for more through American Express’ promotional and travel offers.

The Takeaway

Finally, is Amex worth the hype? If you’re an Android user, you run a cash business, or you expect a Quickbooks integration with your account, American Express might not be your top choice for business checking — But, it does have some pretty cool features and a fantastic introductory offer.

If you’ll be depositing tens of thousands of dollars into your account, Amex is clearly the best online banking option, though I still recommend local community banks and credit unions where you can walk into a branch and build a relationship with the banker.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

NorthOne Bank: A Comprehensive Look at the Pros & Cons

By Joe

When I was writing recent overviews of Novo Bank and Bluevine offers, NorthOne Bank kept popping up. So, I did some poking and saw that this is an offer worth looking into. While they don’t offer free banking, their business accounts cost only $10 per month… sort of. So, let’s see what value you can truly get for the low price.

Here’s everything I could dig up about the offer:

NorthOne Company Overview
What is a NorthOne Business Account?
How Does NorthOne Stack Up Against Rivals?
Frequently Asked Questions
Final Takeaway

Now, let’s get the ball rolling!

NorthOne Company Overview

Most people looking for info on NorthOne want to know if the offer is legit, among other things. I’ll share what I know and you can decide for yourself.

NorthOne is a New York-based, for-profit company, founded in 2016 by Eytan Bensoussan and Justin Adler. The company has received $90.3 million in equity funding since its launch seven years ago — serious investors believe in the offer.

Prior to co-founding NorthOne, Bensoussan graduated from McGill University and served in various positions with companies like McKinsey & Company, Ferst Capital Partners, and the Forbes Finance Council. At that time, Adler was studying Psychology at Concordia, then held various marketing positions with Frank And Oak, Keeward, and SourceKnowledge.

NorthOne is a finance technology (fintech) company, not a bank.

The team has a strong combined background that would traditionally make for a long-term, successful business relationship. From this, I’d say they look legitimate and trustworthy. What do you think?

What is a NorthOne Business Account?

Like Bluevine and Novo, NorthOne is a “neobank.” Neobanks are usually serviced through established FDIC-insured institutions. In this case, the servicer is Bancorp Bank, which enables NorthOne to offer real-time payments, available as of a few weeks ago. This means that your business will have the ability to accept payments and receive funds instantly if you open an account.

NorthOne’s fee-free accounts give small business owners the opportunity to apply for and open an account in minutes, without the need to ever walk into a branch. They enable digital banking tools, send payments, deposit and withdraw, and automate budgeting.

Like Novo Bank, NorthOne is built with a profit-first-friendly framework. They provide a simple, business debit card for spending, accepting payments, and ATM access.

NorthOne Integrations

You can connect your NorthOne account to the financial tools you already use (if you’re using compatible products.

And, NorthOne connects easily to top accounting software like Expensify, Quickbooks, and Wave. And, accounts integrate with payment processors like Amazon Pay, PayPal, Shopify, and Stripe. While NorthOne doesn’t offer business credit options, using a NorthOne account in tandem with these payment processors could help you become eligible for a capital loan through one of the other companies.

Money Movement

Essentially, NorthOne accounts give your business a simple way to deposit, withdraw, pay, and get paid.

NorthOne enables cash deposits — not all online bank accounts do. With NorthOne, you can deposit cash through the GreenDot™ network, but there are some limitations.

Daily limit: 4 loads max, for a total of $1,500.00 per day
Weekly limit: 7 loads max, for a total of $3,500.00 per week
Monthly limit: 20 loads max, for a total of $5,000.00 per month

Note: GreenDot locations may elect to impose smaller caps on cash transfers, so check your local ATMs and locations for more details.

Remember when I said that NorthOne supports profit-first? Let’s explore how that works.

NorthOne Envelopes

NorthOne accounts have built-in “envelopes” that enable you to designate portions of your balance for specific, designated purposes. These envelopes are accessed on the mobile app or web app, to help you keep your money organized. You can set your account to send a set amount of money, either by amount or percentage, to each envelope from daily transactions.

This feature helps companies get a clear picture of where they’re spending, save, practice discipline, and avoid spending money they don’t have.

New, Real-Time Payments Network

Furthermore, just this year, NorthOne, along with Bancorp, joined the Clearinghouse’s new Real-Time Payments Network; this means that account holders are now at a competitive advantage with the ability to accept payments and receive funds instantly.

It sounds like a wire transfer-type situation because you have to give the sender your NorthOne routing and account numbers, but you will get the payment in seconds after they send it. Obviously, this is not a feature that you will be able to leverage with all of your customers because you shouldn’t share sensitive data with just anyone.

Note: the ability to send Real-Time Payments with a NorthOne account is coming soon, according to a customer service rep I spoke with.

No Peer-to-Peer Mobile Payments

On the other hand, if you need to process through Zelle, CashApp, or Venmo, the offer might not seem so cutting-edge. These types of instant transfer services are treated like ACH transactions, and take 1-3 days to process. This leaves some uninformed account holders with a bad taste in their mouth.

Currently, NorthOne does NOT have a Zelle integration to receive payments. They are working on adding a Zelle integration to their accounts, so keep checking back and follow the news for updates — they don’t have an expected date when this might happen.

With that said, you can use Cash App, Venmo, and the Real-Time Payments Network to receive funds quickly.

NorthOne Fees

As with most banks (though, not all neobank accounts) There are fees imposed with the offer.

Monthly account fee: $10
Domestic wire fee: $15
Expedited card mailing: $25
Same-day ACH fee: $5
Digital check fee: $4 per check

And, NorthOne provides a virtual card, with a different 16-digit number than the physical card, that you can use while you wait for your debit card to arrive in the mail. You may only have one virtual card.

Mastercard Small Business Debit Card

NorthOne issues Mastercard Small Business debit cards that can be used anywhere Mastercard is accepted.

First of all, Mastercard is accepted at millions of merchants, suppliers, and utility companies worldwide. So, you won’t need to worry about where you will be able to use your card. Plus, Mastercard offers quite a myriad of benefits, even for basic debit cards.

All MasterCards come with zero-liability protection so you won’t pay for misuse or unauthorized purchases on your card. And, you can take advantage of free identity theft protection. If you opt-in, the system will monitor your credit and alert you to suspicious activity.

Mastercard’s Global Service provides 24/7 assistance for lost or stolen card reporting, emergency card replacement, and help finding an ATM if you need it.

None of this is beyond the norm for a business debit card, but it should bring you peace of mind, especially if you’re signing up with a neobank for the first time.

How Does NorthOne Stack Up Against Rivals?

I previously mentioned NorthOne’s top competitors, Novo and Bluevine. Let’s see how they contend next to one another.

NorthOne is the only bank of the three that charges a monthly fee. And, you can use a third-party app to send invoices from a NorthOne or Bluevine account, but this feature is built-in with Novo accounts.

None of these banks charge ATM fees themselves. With Novo, all third-party ATM fees will be reimbursed each month — NorthOne and Bluevine don’t currently offer reimbursement. Bluevine is the only account that enables you to earn interest on your business checking funds.

While NorthOne and Bluevine enable cash deposits, If you want to deposit cash into a Novo account, you’ll need to get a money order and then upload it through the app (not super convenient). And Bluevine is the only bank of the three that currently has a business credit offer, though NorthOne has stated that they plan to offer one in the future.

Frequently Asked Questions

Is NorthOne a real bank?

Yes and no; NorthOne is a real fintech company, also known as a “neobank,” and NorthOne accounts are serviced through Bancorp, an established, FDIC-insured bank.

Is NorthOne FDIC-insured?

Yes, NorthOne accounts are FDIC-insured via their servicer, Bancorp Bank.

Can you use Zelle with NorthOne?

As of today, NorthOne does not have a Zelle integration. However, according to one company representative, they are working on creating one. To receive funds, you can use Cash App, Venmo, or the Real-Time Payments Network.

Does NorthOne bank have checks?

At this time, NorthOne only allows account holders to send checks. The recipient would receive the check within 3-9 days, and the service costs $4.

Does NorthOne report to credit bureaus?

NorthOne doesn’t offer any credit products for individuals or businesses, so there is no need for them to report to credit bureaus. And, opening an account does not affect your credit score in any way.

id=”conclusion”Final Takeaway

NorthOne has an interesting offer, for sure. In particular, the Real-Time Payments Network seems to be a leading-edge technology. However, if real-time payments aren’t a feature you need, Bluevine seems to have a more robust offer, as of today.

With that said, I typically recommend small business owners bank with local community banks and credit unions for optimal access to substantial business credit lines.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

By Joe

I’ve been really excited to review Bluevine since so many people have asked me about it. This is a free small business checking account offer that earns 50X the national average interest with no monthly fees or minimum deposits. Of course, they can’t possibly cater to every business owner… Can they?

That’s what we’ll explore here.

Bluevine Business Checking Overview
- Bluevine’s Line of Credit
- Bluevine’s Bill Pay
Bluevine Company Overview
Frequently Asked Questions
The Verdict: Is Bluevine Legit?

Now, let’s fire away!

Bluevine Business Checking Overview

Bluevine offers free, single-user business checking accounts that can earn 2% interest on up to $100K with qualifying activity. There are no minimum deposits or NSF fees, which is incredible.

One standout feature that Bluevine doesn’t seem to advertise much is the ability to give your bookkeeper access to your account without sharing your dedicated login information — this can come in handy!

To qualify for interest accrual, account holders must meet at least one of the following requirements:

Spend $500 with your Bluevine debit card in a calendar month OR
Receive or deposit $2.5K via ACH, mobile deposit, wire transfer, or via a merchant payment processor (not ATM).

Bluevine uses the MoneyPass ATM network, with 37K locations nationwide. So, if you’re super rural, you may not be able to access a surcharge-free ATM. In this case, you would pay $2.50 for every ATM transaction.

While most services are free online and within the MoneyPass network, Bluevine charges $4.95 for all cash deposits made at an ATM. This might be steep for a business that makes multiple cash deposits, but online businesses wouldn’t be affected much.

There are no limits to the number of transactions that can be made in a Bluevine account, but cash transfers are limited to $1.5K per transaction, $2K per day, and $7.5K per month.

Pros	Cons
Free checking with no monthly fees	No joint accounts
2% interest on balances up to $100K	Minimum requirements to collect interest
No minimum deposits	$7.5K maximum monthly cash transfers
Sub-accounts with dedicated account numbers	$2.50 fee for out-of-network ATMs
Unlimited, fee-free transactions	No branch access (ATM-only)
No NSF fees	$4.95 fee for cash deposits

So, a Bluevine checking account seems like a fantastic option for certain businesses. The offer seems to be catered to accountants, bookkeepers, freelancers, and other service businesses that primarily conduct digital transactions.

Naturally, there are businesses that Bluevine isn’t going to work well for.

For one, partnerships might not be a great fit, since only one account holder is permitted for each account. Next, super rural businesses without easy access to MoneyPass ATMs might end up paying quite a bit in surcharges (assuming you would need ATM access). Finally, this offer is simply not well-suited for businesses that need to deposit more than $7.5K in cash monthly, as that’s where Bluevine maxes out.

Fun Fact: Bluevine checking is powered by Coastal Community Bank, which is also the servicer for the X1 credit card.

Bluevine’s Line of Credit

Bluevine offers lines of revolving credit up to $250K, with rates as low as 4.8%, serviced by Celtic Bank. Once approved, you can get access to funds quickly. Note that the advertised interest rate is “simple interest,” which means compounding isn’t accounted for, and the low 4.8% is based on a 26-week repayment plan.

You can apply for a line of credit online in minutes. Bluevine uses Plaid to connect to your bank account and analyze cash flow. To qualify, you must have been in business in the U.S. for at least 6 months, have at least $10K in monthly revenue, and have a personal FICO score of 625 or higher.

According to at least one satisfied lendee, you cannot apply for a Bluevine loan using your Bluevine checking account, which seems a little wonky. Hopefully, they will update their lending platform to work with their own bank at some point in the future. But, as of now, there doesn’t seem to be a workaround.

If you apply and are approved for a Bluevine line of credit, you can choose to wire transfer funds for access within a few hours and a fee of $15. Alternatively, you can choose an ACH deposit, which can get your funds to you as soon as the next business day (however, in some cases this can take a few days).

Bluevine’s Bill Pay

If you have the banking information for your payees, you can add them manually in your Bluevine account dashboard. I feel like online check services like Checkbook.io might be easier to use, since you only need an email address and name to deliver payments. But, bill pay is a nice feature for any bank account.

Moreover, you can connect Bluevine to Quickbooks to view income and expenses from your checking account dashboard.

Bill pay funds are held by Silicon Valley Bank, a trusted FDIC-insured institution. All-in-all, I think Bluevine’s bill pay options are competitive.

Bluevine Company Overview

Bluevine Inc. was co-founded in July 2013 by Eyal Lifshitz, Moti Shatner, and Nir Klar in Redwood City, California. The company started as an invoice factoring company, offering capital loans from $5K to $50K with “cash in as fast as 1 day.” They exited the factoring game and announced their free checking account offer in early 2020.

I found this gem from 2014 in the Wayback Machine:

Frequently Asked Questions

What happened to Bluevine?

There are a few rumors floating around that Bluevine is not accepting new applications. This is not the case — Bluevine is accepting new applications for lines of credit and new bank accounts. The rumor that they were closed may have started when PPP funding ended, as Bluevine was an approved lender for the Paycheck Protection Program.

Is Bluevine accepting new applications?

Yes! Despite the hearsay, Bluevine is currently accepting applicants for business checking accounts and lines of credit.

Does Bluevine run a credit check?

Yes, Bluevine runs a credit check for applicants looking for a line of credit. For approval, applicants must have a FICO score of 625 or higher.

Does Bluevine do a hard pull?

For businesses organized as an LLC, Bluevine does not do a hard pull, so applicants’ credit will not be negatively impacted.

What bureau does Bluevine pull from?

Bluevine has a partnership with Experian, Equifax, and Dun and Bradstreet, and reports on-time payments to all three.

Does Bluevine affect credit score?

Since they report payments to business credit bureaus, on-time payments to Bluevine will have a positive impact on your credit score.

Does Bluevine charge a fee?

The only fees Bluevine charges for checking accounts are ATM fees for cash deposits. Most ATMs within the MoneyPass network are surcharge-free for Bluevine account holders.

How much can I withdraw from Bluevine?

The maximum amount you can withdraw from Bluevine is $1,500 per transaction, $2,000 per day, and $7,500 per month

Is Bluevine a direct lender?

No. Bluevine’s lines of credit are serviced through Celtic Bank.

Who owns Bluevine?

Bluevine was founded by Eyal Lifshitz, Moti Shatner, and Nir Klar, who still currently own and operate the company.

What credit score does Bluevine use?

Bluevine uses applicants’ FICO scores to determine creditworthiness.

Is Bluevine FDIC insured?

Bluevine checking accounts, loans, and bill pay funds are FDIC insured through the respective banks that service these offers (Coastal Community Bank, Celtic Bank, and Silicon Valley Bank).

How many customers does Bluevine have?

As of February 2022, Bluevine had 450K customers.

The Verdict: Is Bluevine Legit?

Yep! This business checking offer is legit, and I would go as far as to say that I recommend it… for some business owners, namely accountants, freelancers, and other entities that conduct mostly digital banking. However, if you move a lot of cash through your company, or you have more than one owner, Bluevine probably isn’t your best option.

As far as Bluevine’s line of credit, I do trust offers from Celtic Bank, but I’m not the biggest fan of these fast-cash-type offers that use the owner’s personal FICO score to determine creditworthiness. Instead, I like to teach business owners to obtain credit using their business credit. What I do like is that Bluevine reports payments to D&B. So, with responsible payments, a Bluevine loan can help you build business credit.

If you’d like to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

Azlo Bank Review: Deep Dive Into Features, Competition, Fees, & More

By Joe

Anyone who knows me will tell you I’m a die-hard fan of credit unions for business banking. As a rule, I recommend owners use small community banks and credit unions for business checking. So, I even surprised myself when I fell intrigued with Azlo Bank. After reading the wildly mixed reviews, I had to do a write-up.

Today, we’re going to analyze the online-only business banking offer from Azlo. Here’s what’s in store:

Azlo Business Checking Account Overview
- Who Owns Azlo Bank?
- Where is Azlo Located?
Is Azlo Bank Safe?
- Is Azlo Bank FDIC Insured?
What You Really Get With Azlo Business Banking
Azlo Business Account FAQs
Azlo Business Banking Competitor Analysis
Final Takeaway: Should You Open an Azlo Account?

Read on to get the full scoop before you go sign up all willy-nilly (choosing a business checking account is a huge decision).

Update: On January 7, 2020, Azlo bank announced to users that their parent bank, BBVA US, has made the strategic decision to close Azlo. They stated that nothing would happen to existing accounts right away, and that they were letting users know early. This is not good news, but we are hopeful that they will find a new bank to service their offer.

Update: As of Fall 2022, Azlo has not reopened. Users looking for a similar offer might consider Novo or Bluevine instead.

Azlo Business Checking Account Overview

Azlo is an online-only business banking offer designed for freelancers, entrepreneurs, small businesses, and non-profits. Their core offer is a forever-free, no-fee checking account that can be managed from home. And, for $10 per month, you can access advanced invoicing and budgeting features as well as premium content and accountant access.

Who Owns Azlo Bank?

Azlo is owned by BBVA, the US subsidiary of Banco Bilbao Vizcaya Argentaria, based in Madrid and Bilbao, Spain. Publicly-owned BBVA branches are located throughout the world. The current CEO Is Javier Rodríguez Soler, who was named to the position in 2019.

Javier has been with the company since 2008, has a strong background in investments and corporate development, and appears to be plenty qualified.

Where is Azlo Located?

Azlo’s official headquarters are in San Francisco. In addition, they have offices in Portland, Los Angeles, Birmingham, and New York City.

Is Azlo Bank Safe?

One of the top queries business owners have about this banking offer is whether or not it’s safe. The best indicator of funds safety in the United States is insurance through the Federal Deposit Insurance Corp (FDIC). Through this protection, if a bank fails, the US government assures that your money is safe.

FDIC insurance currently grants protection for $250K in deposits per account per financial institution.

Is Azlo Bank FDIC Insured?

If you peek in at the FDIC’s institution directory, you won’t find Azlo on the list of insured banks, which might scare you off. But, Azlo is insured through their partner bank, BBVA. In other words, your funds will be protected if, for some reason, the bank fails.

What You Really Get With Azlo Business Banking

Up to this point, you might still be wondering what’s so special about this offer.

“C’mon, Joe. There are plenty of online checking account offers that sound just like this one. What’s the big deal?”

Am I right?

Now, let’s explore the essence of Azlo’s magic so you can find out how it lured me in.

Some of the standard features of a free account are:

Unlimited transactions
$0 minimum balance
$0 overdraft fees
Acccesss to 55K no-fee ATMs

But, that’s not all. Below, you’ll find more about what makes this offer stand out.

Hassle-Free Online Checking Account Application

You can apply for a banking account with Azlo in less than five minutes. You’ll need your Articles of Organization or other official business license, your photo ID, social security number, and your business’ EIN. Rather than gather hard copies of everything and drive or fax them to a banker, you can simply upload your documents directly from the online application.

Once you’ve submitted the app, Azlo will review and you’ll get an email when you’ve been approved. Expect the approval process to take between 2-3 business days.

Convenient & Flexible Initial Deposit

It can take some time to transfer operations from one bank to another. In some cases, most of your funds can already be tied up, which makes large initial deposits inconvenient. You won’t have that issue with Azlo.

In fact, the first deposit into your Azlo business bank account can be as little as $10 or as much as $1K.

Unlimited Direct Invoicing

Rather than use a separate invoicing platform, with an Azlo account, you can send unlimited invoices to customers and clients without leaving your banking dashboard.

You can personlize your invoices with your company name, brand logo, and custom fields. In addition, you can save client information to draft and create future invoices in just a few clicks. See more about advanced options in the Azlo pro section below.

Azlo Envelope for Budgeting

One of the first accounting lessons you learn in business is to set money aside for your taxes. A digital envelope makes it easy by automating your savings.

When you configure your account, you can select an amount to set aside as a percentage. With each deposit, this amount will then be saved into an envelope. When you need to spend the money, simply select your envelope and release the funds for instant access.

Affordable Instant Transfers

Most features of an basic Azlo banking account are free, however one very common elective feature will come with a fee: instant (ACH) transfers. To send money out of your account instantaneously will cost $2 and to receive it will cost 2% of the total transaction.

So, for a $200 instant transfer into your account, you’ll pay $4, which is a pretty competitive rate. Pro users will pay less.

Business Tools & Integrations

It’s always smart to make sure your business tools play well with one another. Azlo has partnered with several brands so users can integrate their banking seamlessly with the tools they already use. My best guess it that they will continue to roll-out more partnerships as demand increases.

How is Azlo business account integrations

As of today, you can connect an Azlo bank account with Bench, BigCommerce, Coterie, FreshBooks, Gusto, PayPal, Quickbooks, Shopify, Square, Stripe, Thimble, and Xero.

Azlo Pro Features

For $10 per month, you can upgrade to leverage some additional features. In many cases, these features can save money that might otherwise be spent on external tools and software.

Advanced Invoicing – Enable the ability to schedule and automate invoicing to clients and customers.
Unlimited envelopes – In addition to setting money aside for taxes in your first envelope, you can put funds into multiple envelopes, say for large purchases, payroll, and other expenses.
Azlo envelopes goals – Set budgeting goals and automatically schedule allocation into the appropriate corresponding envelopes.
Accountant access – Give your accountant direct access to your account without sharing your personal login information.
Reduced instant transfer fees – Pro users pay half the amount for instant transfers at just $1 for outgoing funds and 1% for incoming funds.
Premium content – You’ll also be able to access gated content that includes in-depth guides about business management, marketing, advertising, and financial management.

For many companies, the pro offer is worth at least $10 in software savings alone. If you have the need for any of the above features, it’s definitely worth checking out.

Azlo Business Account FAQs

There are still over a handful of common questions unanswered. Let’s address them.

Does Azlo accept Zelle?

While Azlo can be connected to third-party platforms, Zelle does not allow uers to pay with business debit cards.

Does Azlo have a debit card?

Yes, an Azlo card is a Visa debit card that can be used anywhere Visa is accepted.

Does Azlo work with PayPal?

Yes, you can connect an Azlo account to PayPay, Stripe, or Square. And, clients and customers can pay Azlo invoices with PayPal.

How do you deposit cash into Azlo?

To deposit cash into an Azlo account, you will need to deposit it into a linked bank account, then transfer the funds to your Azlo baking account.

How many accounts can you have with Azlo?

You can open one Azlo account per business. To open multiple Azlo accounts, you will need to connect them to multiple legal business entities.

Does Azlo have checks?

Azlo does not offer personal checks. Checks printed by using an Azlo account number and routing number will not work. To pay expenses by check from an Azlo account, you can use a third-party partner to send a mailed check.

Azlo Business Banking Competitor Analysis

I always encourage readers and Business Credit Workshop members to shop around before they make a financial decision. Since Azlo isn’t your only option, let’s see how they compare to the other top offer in thier niche (Note: I was going to add Seed.co to this list, but they have some growing to do before they can really compete).

Azlo Bank vs Novo Bank

In a nutshell, Azlo has an amazing offer that wins on several fronts — $0 non-sufficient funds fees, invoicing, and envelopes, as a few examples. But, Novo offers some impressive cash savings worth looking at.

Final Takeaway: Should You Open an Azlo Account?

If you’ve made it this far and you still like what you hear, yes, I recommend you look into opening an Azlo account for business checking. However, if you’re interested in learning how to build business credit and access up to $100K in funding within 30 days, I recommend a different type of account. Join the Business Credit Workshop today to learn more.

3 Best Credit Unions for Small Business Banking in 2023

By Joe

Best Credit Union for Small Business 2020

As a small business owner or founder, where you choose to do your banking can have a major impact on your long-term operations. And, when researching the best bank or credit union for small businesses, you may have realized that you would rather work with a credit union. Now, let’s look at the top credit unions for small business banking.

What you’ll find here:

Are Credit Unions Better Thank Banks?
- Are Credit Unions Better for Business Accounts?
The Best Credit Unions for Small Business
Final Thoughts

So, let’s get to it.

First, Are Credit Unions Better Than Banks?

There’s a longstanding debate about whether banks or credit unions are “better.” And, it’s important to understand the difference to answer this question. A bank is a for-profit institution and a credit union is a nonprofit organization that provides comparable financial services. So, what are the advantages of credit unions?

At most credit unions, the shareholders are the members while banks funnel their profits to up the chain to its owners. This means that there is more opportunity for members to save on services and earn a larger percentage of total interest accrued with savings accounts and other investments.

As a credit union member, you typically end up with lower interest rates and fees (a major plus). On the flip side, major banks typically have more branch locations where customers can do business and invest more in apps and convenience services. So, you could say that which is the best is a matter of preference.

But, I have a tie-breaker: credit unions have less stringent and often flexible qualification terms for credit. You can’t walk into a bank like Wells Fargo and negotiate the terms of business banking fees, loans, or credit cards. At a credit union, more than not, you can because credit union underwriters usually work in-house and can modify terms and conditions of business and individual financial services.

So, I say that credit unions are in-fact better than banks. Now, let’s move forward.

But, Are Credit Unions Better for Business Accounts?

Aside from the general advantages above, there is another aspect of business banking with credit unions worth considering. When you bank with a credit union, you can leverage the perks above when obtaining business credit. For this reason, we prefer to work with credit unions. Alternatively, small community banks can be better for businesses than large banks.

How to Leverage Business Credit to Transform Your Life

Now, the Best Credit Unions for Small Business

You should have a solid understanding of why or why not a credit union might be best for your small business banking. And, here are the top credit unions to join.

1. Navy Federal Credit Union

With tons of free ATMs sprinkled throughout the United States and several other countries, Navy Federal Credit Union was created for members of the armed forces, DoD, or the National Guard. While you don’t necessarily have to be an active member to join, you must have ties to the military. So, if you are an active member, veteran, or a spouse, parent, grandparent, sibling, child, or grandchild of someone who qualifies, you can qualify for membership.

If you are not a service member, you will have to apply in-person at a branch location. Once you are approved for a personal account, you can then apply for a business membership. And, Navy Federal has excellent offers for businesses.

3 types of checking accounts (Basic, Plus, & Premium)
3 types of savings accounts (Basic and Jumbo Money Market & Certificate)
Real estate, vehicle, and term loans
Business lines of credit

Navy Federal is one of the best credit unions with the lowest rates and fees. Minimum deposits for business savings accounts start as low as $100. And, transaction fees range from $0 to $0.25. And, all accounts earn dividends.

2. Financial Resources Credit Union

With 13 branch locations in New Jersey and New York, Financial Resources Credit Union has been the top SBA Lender in New Jersey since 2013. So, you know their business financial services are dependable.

Here’s what you can leverage with Financial Resources Credit Union:

2 types of checking accounts
3 types of savings accounts (Business Purple, Money Market, & Certificates)
Real estate, equipment, and term loans
Lines of credit

So, whether you’re investing in real estate or you simply want checking and savings accounts to process your business finances, Financial Resources gives you options. Here, terms are flexible and you can get expedited approval on SBA-backed loans because the institution is a preferred lender.

3. Sound Credit Union

With 29 locations in the Puget Sound area of Washington State, Sound Credit Union is self-labeled “Washington’s Favorite Credit Union.” And, they stand out from most financial institutions in more than one way.

For one, they cater to cannabis businesses, which isn’t common. Next, they offer low interest rates, cashback options on certain loans, and they do a lot to support the local community. Furthermore, they have over 5,000 shared branch locations and 30K+ free ATMs nationwide.

And, businesses can take advantage of the following:

Checking accounts
Savings and certificate accounts
Cannabis (I-502 Analysis) business checking accounts
Business loans
Business credit cards

In addition, with Sound CU, you can access a full suite of business services that includes terminals and point of sale systems, eCommerce payment solutions, mobile card readers, payment acceptance, gift card, reward, and incentive programs, and mobile apps and software. The institution’s tech is as advanced as you can get with most major banks.

+Honorable Mentions

Obviously, these three credit unions are only a small drop in the ocean of options. So, in case you aren’t able to select one of these three, I want to share four more credit unions that you can research yourself:

Alliant Credit Union – 2 branch locations in Illinois and 80K+ free ATMs
Consumer Credit Union – 8 branch locations in Tennessee
America First Credit Union – Located in Ogden, Utah
Digital Federal Credit Union – 23 branch locations in Massachusets and New Hampshire, 5.9K shared branches, and 80K+ free ATMs

Why choose a credit union instead of a bank?

Compared to a major bank, a credit union or small local community bank is likely to offer lower fees, increased savings, and more lenient qualification terms for lending.

What are the disadvantages of credit unions?

Typically, credit unions run operations from their own funds, so they might offer less in the way of mobile apps, online banking features, and other conveniences. But, they still have many valuable perks.

Are credit unions good for small business?

Credit unions can be beneficial for your small business. They offer lower fees and interest rates, personalized service, a local focus, easier access to credit, and the opportunity for relationship building. Research and compare different credit unions to find the one that suits your specific business needs.

Which bank is best for small businesses?

A small local community bank or credit union can be the best choice for small business banking. Fees are typically lower than those at major banks and lending qualification terms have more wiggle room. These institutions tend to have more control over their terms and conditions.

How do I choose a bank for my company?

First, create a list of local small community banks and credit unions in your area. Then, call each institution on your list and ask about business checking and savings options as well as underwriting terms for business loans and lines of credit. Finally, choose the option that is the best fit for your operations and goals.

Final Thoughts

The above-listed credit unions offer the best financial services for businesses. If you want your operations to run smoothly, you can’t go wrong with one of these choices. Find out which banks and credit unions we are currently working with to obtain lines of credit up to $100K in 30 days by enrolling in Business Credit Workshop today.

	Amex Business Platinum	Capital One Spark Cash Select	Brex Corporate Card	Chase Ink Business Unlimited

_{Key Benefits:}	_{Robust rewards program and expense management}	_{Flexible rewards and business management tools}	_{Tailored for startups with no personal guarantee}	_{Wide range of card options and rewards}


Initial Deposit Required	$10	$50
Direct Invoicing	Yes	No
Automated Budgeting (Envelopes)	Yes	No
Business Tool Integrations	12	7
ATM Fees	Free at BBVA Compass & Allpoint ATMs	Refunds All ATM Fees
NSF Charges	$0	$27
Business Financing	Streamlined Kabbage Business Loans	No
Business Tool Savings	No	Cash Savings with Merchants Like Stripe, Google Cloud, Quickbooks, & More