I’m looking to setup a checking account for my on the side business. It’s a one-man shop (me), and it’s stuff that I do whenever I have free time, so I need something that doesn’t have any monthly fees (as there won’t be a ton of money in the account) and I’d like online access and debit card access. Anybody have any recommendations for banks (the best I could find was through Liberty Bank), or any other tips on how to handle expenses and such for an on-the-side business? I’m basically just trying to keep the stuff out of our personal checking account so it doesn’t screw with things there.
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I use First Internet Bank (http://firstib.com); no fees, they give you postage-paid envelopes to deposit things in, reimburse $6.00/month for ATM fees, etc.
I keep a small bit in there and put almost everything into an ING Direct account (ingdirect.com)–best interest in the business for straight savings.
Some credit unions will allow you to set up a business account. Not as many of them seem to be online.
Credit unions have some great advantages over traditional banks in many cases like low minimum balances, lower account fees, lower loan rates, higher interest on savings. Sometimes they are “hard” to get into as they have varying requirements on membership.
Wells Fargo has free small business checking!
I use Liberty Bank. I love them. The Manager, Sheri Pendergraft at the Century Drive location has saved us a ton of money when we have bothered to let her know what we are up to on certain expenditures. We have 5 accounts total at that location. On Line banking, free bill pay, and all of it downloads into a number of different software programs like quicken and quickbooks. The people at the bank are pretty swell too. They remember who you are and don’t torture you with having to prove you are yourself each visit like we have experienced at other banks (WAMU, etc.). I recommend them highly for consideration.
Thanks for the recommendation, Cheryl. I actually signed up with them, and you should be getting a referral gift from them (assuming this is the same Cheryl that usually comments here :-).
Cool! A nice letter and a gift certificate for prize showed up in my mail today from Liberty Bank. I hadn’t read your follow up post before today so it was a nice surprise. Thank you! I know you’ll love the bank
Thanks for the information folk! I’m seeking a business checking account as well.