The most important decision you make after starting your business is choosing a bank account for all your business financing. Doing this is incredibly important for separating your business and personal finances. It is necessary for organizational purposes as well as for tax and legal reasons. You can also use it to organize your funds or yoursmall business loan.
If you're looking for special offers, promotions or incentives to open your account in a particular institution then keep reading. Because we have put together a list of the best possible options for you!
Best Business Checking Account Promotions from National Banks
While searching for special offers, you may have noticed that national banks usually have a signing bonus or some form of bonus if you open your account. Here are the most popular ones:
Chase Business Checking Accounts
Chase Bank not only has one of the best business checking accounts but they also offer a $300 bonus if you do the following:
- Open a new Chase checking account
- Deposit $2,000 within 20 days of opening your account
- Have a minimum balance of $2,000 for 60 days
- Have at least 5 transactions within 60 days
Chase Bank offers 3 types of business checking accounts. Including Business Complete Banking, Performance Checking, and Platinum Checking. Chase Business Complete Banking is the best option for small businesses with no minimum opening deposit, 20 free teller transactions every month and more.
HSBC Fusion Business Checking Accounts
When opening a new Fusion Business Checking Account, you can receive up to $400. This bonus applies to all their Fusion accounts including Fusion First, Smart and Professional. To qualify for this bonus, you first have to:
- Deposit an amount that meets the minimum qualifying balance within 60 days of opening your account.
- Have 6 qualifying transactions within 60 days.
- Keep the minimum balance in your account for at least 90 days.
All of the Fusion Checking Accounts are small business friendly. They have a dedicated relationship manager for each account plus free debit cards as well as the option of online banking.
“Online banks don't usually offer promotions or special offers”
Best Business Checking Account Promotions from Online Banks
Unlike traditional brick-and-mortar banks, the online banks don't usually offer promotions or special offers. Since accounts from online-based banks are fee-free, they have a smooth application process and can be managed completely online. It also means that they don't offer a signing bonus.
But there is one exception:
Axos Bank offers a $100 signing bonus to new business owners that incorporate their business after 1st June 2020. To avail this promotion, you just have to add a promo code in your application.
Promo Code: NEWBIZ100
Best Business Checking Account Promotions From Regional Banks
Regional banks offer bonuses as well as special offers on a more regular basis than online and national banks. This may coax you into opening an account in a regional bank. But before that you have to ensure you are in a state applicable for these bonuses.
BMO Harris Bank
BMO Harris Bank offers four types of business checking accounts and two of which include a bonus. For their Essential Business Checking Account, they offer $200. And for their Business Advantage Checking Account they offer $500. BMO Harris Bank is available in Arizona, Florida, Kansas, Missouri, Illinois, Indiana, Minnesota and Wisconsin.
To receive the bonus, you have to enter a promo code that you can get by filling out a form. To get the $200 bonus you need to:
- On day 31 onwards have at least $1,500 for the next 90 days
- Have at least 10 electronic transactions within 90 days
To access the $500 bonus, you need to do the following:
- On day 31 onwards have at least $5,000 for the next 90 days
- Have at least 10 electronic transactions within 90 days
Huntington Bank has a promotion in three tiers for opening a new business bank account. The promotion includes a $200, $400 as well as $750 cash bonus. To receive any of these bonuses, you will have to apply for it on the Huntington website or request a promotional coupon. And visit a branch in any of the following states including Missouri, Ohio, Pennsylvania, West Virginia, Illinois, Indiana, Kentucky and Wisconsin.
To qualify for the bonuses, you would have to:
- Open any of the Checking accounts available to you by Huntington
- Have the account open for at least 90 days
- Deposit a certain amount of money within 60 days:
- $2,000 for $200 bonus
- $5,000 for $400 bonus
- $2,0000 for $750 bonus
Best Business Checking Account Promotions From Credit Unions
Credit unions are significantly different from traditional banks. They have a lot of requirements to qualify for a membership. And even more to qualify for their promotions and bonuses. Nonetheless, here are some of the top credit unions.
There aren't that many options that offer business checking accounts with promotions and flexible membership requirements. That being said, there are a few places in some states where it may be available:
- Provident Credit Union: $150 signing bonus
- Technology Credit Union: $100 cash bonus to open an account and sign up for merchant services
- Brightstar Credit Union: $100 bonus to open a new account with eStatements
- MIDFLORIDA Credit Union: $300 cash bonus to open a business bank account and an additional $300 bonus if you also open a personal account
- First United Credit Union: $100 bonus to open a business checking account
- Consumers Credit Union: $200 bonus for opening an account
New Business Bank Account Promotions: Choosing The Right Account For Your Business
It may be overwhelming to choose amongst all these options. But remember that these promotions and bonuses are only brownie points. And they should not be considered as a serious factor in your decision. The bank you choose for your business checking account should first and foremost meet your business needs in terms of cash deposit limits, monthly fee, minimum requirements etc.