The best business checking account is the best fit for your current and future business needs. If you are searching for a business checking account in Georgia, there is a wide range of options available.
The account fees such as the monthly maintenance fees and transaction fees are among the things to consider before deciding. The aim is to keep account operating costs at a minimum. Look out for accounts with no or low fees. Or those that have an option to waive the fees once you meet certain requirements.
Also, consider the requirements and limits. While some banks may offer free deposits, others allocate a fixed number and apply a fee for any transaction in excess. Keep in mind also the minimum initial deposit and balance requirements. Some banks may apply a fee if you go below the set level.
Some banks offer additional perks and benefits such as introductory offers and bonuses. Others provide business tools and resources. These include cash flow management and ease of integration with third-party software you may already have in use. Others may give your bookkeeper unlimited access to view transactions.
Shop around and compare the available options before deciding. To make this process easier, we reviewed some of the available options based on their features, fees, and other perks and benefits. Compare our top picks for the best business checking account in Georgia to find the best match for your business needs today.
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?
A business checking account is a must-have for any small business owner. It’s more than just a place to store your funds. Your business checking account can provide you with benefits such as:
Savings: If you have a business checking or savings account with your local bank, they’ll likely pay you interest. A lot of banks pay as little as 0.01%, but some will pay up to 2%.
Availability: Many banks have ATMs conveniently located in places where people do business. For example, if you’re selling cars, having an ATM in the car dealership’s lobby will allow customers to withdraw cash when they need it.
Flexibility: A business checking account is suitable for sole traders and SMEs alike. There are also different kinds of accounts for businesses with different needs and budgets, based on factors such as turnover and number of employees. This allows businesses to choose the level of service that suits them best.
Security: Security features are built into every aspect of a business checking account, from customer authentication and fraud detection systems to special security features on credit cards and loans.
Line of credit: If your company needs working capital, you may be able to take out a loan against the balance in your business checking account. Taking out a loan is easy, but it should be done only if your company has the ability to repay it.
Mobile banking: Mobile banking allows you to monitor the balance of your business checking account on your smartphone or tablet whenever and wherever it’s convenient for you.
Online banking: Online banking allows you to pay bills online and review statements at any time. This is convenient and saves you time, especially if you’re managing a number of accounts with different banks.
What do you need to open a business checking account in Georgia?
To open a business checking account, you’ll need to know the answers to a few basic questions. These include:
The name of your business and its tax identification number (typically an Employer Identification Number or EIN)
The business’s location, including address and phone number
The legal structure of the business (sole proprietorship, partnership, corporation, etc.)
You’ll also need to provide some personal information. This includes your name, address, Social Security number, and driver’s license number.
Business license: Your business license is required if you plan on doing business in any state other than the one in which your company was formed.
Common business checking account fees in Georgia
Here’s a list of the most common business checking account fees to watch out for:
Minimum balance fee: Most banks charge this monthly fee if you don’t maintain a minimum balance. Usually, the fee is a percentage of your balance.
Monthly maintenance fee: This monthly fee covers the cost of having an account at a bank or credit union.Monthly maintenance fee: This monthly fee covers the cost of having an account at a bank or credit union.
Overdraft fee: The overdraft line of credit is designed as an emergency fund. If you make purchases or withdraw money against the limit without actually having the money in your account, you’ll be charged for using this line of credit.
Paper statement fees: Banks may charge fees to mail paper copies of bank statements.
Transaction Fees: Many checking accounts charge additional fees when making certain types of transactions such as using ATMs that are not associated with the bank or writing paper checks.
Teller charges: This is a per-transaction charge that some banks levy on their customers. The fees can range from $1 to $5 per transaction, depending on your bank. These charges are typically waived for online bill payments or deposits.
Foreign Transaction Fee: Most banks charge between 1%-3% on all foreign transactions made with your debit card (foreign transactions are defined as any transaction that occurs outside of the country where your bank branch is located). This fee can quickly add up when doing business internationally.
How to choose the best business checking account in Georgia
There are many different factors that you have to consider when choosing a business checking account. Different banks have different features and will cater to your business needs in different ways. By understanding what you need out of your business checking account you can get the best deal for your business. Here are some things to consider when choosing a business checking account:
Tiered Interest Rates: Many banks offer tiered interest rates on their business checking accounts. This means that you’ll receive a higher interest rate if your balance is higher. This can make your money grow faster, but only if you’re able to keep a large balance at all times. If you have a high volume of transactions, it might not be worth it to have such a large balance in your account. Some banks do offer rewards and bonuses for frequent use of your debit card, so this might be something to consider as well.
Online Banking: Online banking is becoming more and more popular with businesses, making it possible for them to handle all of their finances without ever having to set foot in a bank branch or mail a check. Many banks offer this option for free with their business checking accounts, which makes it even more convenient for small businesses to handle all of their financial matters online. Be sure to ask about this when choosing the best business checking account for your needs!
Account features: There are several different features that can come with a business checking account. Some banks offer mobile check deposits, while others offer free checks and low monthly fees. You should figure out which features are important to you, and then go out and find an account that has those features.
Convenience: No matter what type of business checking account you choose, it must be convenient for your employees and customers. Your business checkinging account should be convenient to use throughout your day-to-day transactions.
Fee structures: Some checking accounts charge monthly maintenance fees that are waived if certain minimum balance requirements are met. Others charge per-check fees for checks deposited into the account or for out-of-network ATM transactions. Before choosing an account, check for monthly maintenance fees and any other potential fees so you can determine whether they fit within your budget.
