Alaska has a wide range of online and traditional brick-and-mortar options available for you to choose from. When you’re starting a business, one of the first things you need to do is figure out where your money will go. You also need to ensure that your business has a way to fund what it needs and keep a record of its transactions. Many different types of businesses have different needs when it comes to which type of checking account is best for them.
Start by identifying your business needs and preferences. For example, if it is more convenient for you to bank on the go, consider either an account with an online bank or with a traditional brick-and-mortar bank that offers robust online services.
The charges and account fees are other factors to consider. Look out for an account with few or no service charges such as monthly service fees and transactional fees. Some banks have limits on the number of transactions you can perform on an account. Whether it’s a transactional limit on the number of checks you write or the amount of money you can withdraw without notice, they charge a fee if you go beyond the limit.
Some accounts offer competitive interest rates on linked deposit accounts. Others give you access to your money through ATMs and robust mobile and online banking platforms. Look out for features that can help you run your business better.
Shop around to find the best combination of benefits, services, and costs. We have done most of the groundwork for you by reviewing some of the best business checking accounts in Alaska. Compare our top recommendations to find the best match for your business.
Relay offers a simple two-tier pricing plan. You can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.
Bluevine business checking comes with no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.
Chase Business Complete Checking comes with Chase QuickAccept which allows card payments to be processed on your mobile device, so you receive deposits the same day to help manage cash flow within your business.
What we like
In person customer support (except Alaska & Hawaii)
Axos Bank business interest checking account earns a competitive rate for cash held within the account, and you'll get your $10 monthly fee waived by holding a minimum balance of $5,000. If you keep a decent amount of cash in your account, this could be an ideal account.
Lili’s business checking account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.
Novo allows easy integration with third-party accounting software, including Quickbooks and Xero. You can also link your Novo debit card to your Google Pay or Apple Pay Wallet. Novo also syncs with your Stripe processing account and easily integrates with Slack to get automated updates on your bank account.
If you are looking for a business checking account that is easy to use and with almost no fees, you might want to consider Novo. The bank account is also accessible in the app store for both iOS and Android devices.
What we like
Free ACH transfers, mailed checks, and incoming wires
NorthOne helps you manage your finances with its invoicing app, budgeting tool by creating an unlimited number of sub-accounts with the envelope functionality, and integrating with a suite of business tools and software.
What we like
Budgeting tool to help manage your finances
Smart integrations with business tools
Send invoices from the app
Low minimum deposit
No hidden fees
Unlimited transactions with no fee
What we don't
$10 monthly fee
No in persona customer support
Why do you need a business checking account?
It’s important to have a business checking account for all your financial needs and offers the safety, security, and convenience that only a business checking account can provide. Here are some reasons why you should consider having one:
Stay organized: It allows you to manage your finances better and plan out what needs to get done at any given time. It makes it easier for you to keep track of how much money is in your account, where the money is going, and what expenses are being met. Being able to manage your business’s finances in one place will help you save money and work more efficiently. Having a business checking account also helps with budgeting, so you can make sure that your spending aligns with what’s needed for your business.
Builds reputation for your business: It’s very good for your business reputation if you’re seen as professional and organized and not just some random person running a business from home! And banks usually like to see that your company has been trading for at least three months before they will consider giving you an overdraft facility.
Separate business and personal finances: Having a separate business account from your personal one will save you time and money when you’re running your business. It will also help you avoid any confusion about where the money for your business is coming from.
You can easily track expenses: If you use cash for some of your business expenses, it’s easy to lose track of how much you’ve spent at any given time – especially if you have several employees who are also spending company money on a regular basis. But keeping these kinds of expenses separate makes tracking them much easier.
Better rates on loans: In addition, some banks even offer lower interest rates on business savings accounts, which means that you can save money by using your business checking account to apply for a loan.
You aren’t personally liable for your company’s debts: If your company goes belly up, then the creditors can go after your personal assets as well as any money in the company accounts, but they can’t touch anything in your personal accounts.
What do you need to open a business checking account in Alaska?
All business banks have similar requirements for a business checking account. The following are the minimum requirements to open a small business checking account:
You need to provide your business name, address, and phone number to the bank.
You will also need to give the bank your SSN or EIN number.
If you do not have an EIN number yet, you can use your social security number (SSN) as the tax ID or Federal Identification Number (FID).
Your business owner(s) should complete the application form with their personal information, including their occupation and employer information which will be used by the bank to verify with IRS (Internal Revenue Service) that you are a tax-paying citizen. Therefore, this is one of the most important steps in starting a new business checking account.
In addition, you will also be required to provide your driver’s license or passport to prove that you are who you say you are and that you are legally allowed to conduct business in the state.
Common business checking account fees in Alaska
Here are some of the most common fees banks charge in Alaska for business checking accounts:
Business Account Maintenance Fees: Many accounts come with some sort of monthly fee in order to maintain the account. These fees range anywhere from $5 to $40 per month.
Monthly Statements: Some businesses prefer to receive paper statements for their accounts, even though they can be easily accessed online through their bank’s website. If you receive paper statements, expect to pay $2 to $5 per statement.
ATM Fees: The amount charged from using an ATM that is not owned by your bank.
Transaction Fees: The cost of doing business or receiving your income through your account.
Minimum balance fees: Many online banks don’t charge a monthly fee, but they do charge a monthly minimum balance fee if you don’t maintain a certain amount in your account. For example, many require a $1,000 to $5,000 minimum balance to avoid a monthly service fee.
How to choose the best business checking account in Alaska
When you’re looking for a business checking account, there are a number of things you’ll want to consider. Here are some tips to help you make the right choice:
Speed and convenience: many small businesses operate on tight cash flow, so it’s important to minimize time spent on paperwork and bureaucracy. The best-rated banks are those that offer internet or mobile banking facilities or where you can visit a branch without an appointment.
The right service: some businesses need a comprehensive range of services while others just want something simple they can rely on day in and day out. So it’s important to find a bank with the right mix of features at a price that suits you.
Fees: Many banks have monthly service fees for basic checking accounts, and these fees can add up quickly if you don’t shop around. Look closely at any fees associated with your business checking account, and try to avoid accounts with lots of fees.
Loan rates: Take a look at what kind of interest rates banks are charging on loans, and make sure they’re competitive with other banks in your area. Banks that offer competitive loan rates may offer better terms overall because they’re willing to work harder to make sure your business stays with them long-term.
Teller availability/service: You want a bank that has plenty of branches and ATMs throughout your area so that you can have flawless transactions with minimum interruptions.
