When choosing a business checking account, there is no one-size-fits-all. The right account for your business is the one that is best suited to your needs and preferences.
Hawaii has dozens of banks offering a wide range of online and traditional brick-and-mortar banking services. If you are searching for a business checking account in Hawaii, there are many options available.
Take into consideration the services, such as in-branch, online, and mobile banking services. Also, customer service, ease of access, and how long it takes to solve a problem. The customer reviews can give more insight into this.
Consider also the account fees such as the monthly maintenance fee and transactional fees. Get a fee schedule for each of the accounts you are considering and compare them carefully. Some banks offer low fees with an option to waive the fees if you maintain certain minimums.
Other factors to consider are the minimum requirement and limits. For example, some banks may apply a fee if you go below the minimum account balance level. Others have restrictions on the number of transactions you can perform on an account within a given period.
It is also important to be on the lookout for other benefits and perks, including introductory bonuses, flexible debit cards, and interest on deposits. WalletBrain compared some of the available options to find the best business checking accounts in Hawaii. Use our top picks to find the best match for your business 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?
Treating your business as just another one of your personal financial responsibilities is a huge mistake. Here are some reasons why you should have a business checking account:
Safeguard your personal funds from potential losses: When you’re starting out with something new, there’s no telling what might happen — either in terms of revenue or unexpected expenses. Having a dedicated business checking account helps to separate your personal finances from those of the company — and thus helps to protect them from potential losses if they’re used to cover your business costs or other expenditures.
Easier accounting and budgeting: It’s easier to tell how much money you’re making and spending when it’s not all mixed up in one big personal bank account that has everything from groceries to gambling debts in it. Keeping them separate makes budgeting easier and helps you avoid personal money problems from spilling over into your business finances.
Convenience: You will be able to access your funds from anywhere in the world at any time. You can also deposit checks into your account via online banking or smartphone apps, which makes paying bills or sorting out payroll much easier.
Security: When you open up a business checking account, you will have access to your money and not have to worry about someone else accessing it or using it for their own purposes. It will help keep your money safe and secure in your possession at all times.
Tax Deduction: Any expenses incurred while running your business can be deducted at tax time. With an ordinary bank account, there may be some expenses that can’t be deducted because they are personal in nature. With a business checking account, these expenses qualify for a deduction.
Efficiency: When you deposit checks into your own personal checking account, they may take days or even weeks to clear. This is because the banks need to verify that the check is good and that there are enough funds in the account to cover it before they process it. However, when you deposit checks into your business account, most banks will process them immediately.
What do you need to open a business checking account in Hawaii?
The requirements for personal and business checking accounts are similar. Your application will be processed faster if you have these things ready when you apply:
Your original articles of incorporation or current business license. This document proves that your business is registered with your state.
Social security number: If someone other than the owner is authorized to write checks on the account, that person will have to provide one.
You should have some type of tax identification number – typically either an Employer Identification Number if you are an individual or the Federal Tax Identification Number if you are a corporation or LLC.
A list of the company’s officers. If your company only has one owner, this section can be left blank. If not, this document must include the names and addresses of all officers and directors, including yourself.
DBA (Doing Business As) name, which is typically the business name that you use for contracts and other legal purposes.
Proof of your company’s address
Common business checking account fees in Hawaii
Here are some of the common business checking account fees you’ll encounter:
Account maintenance fee: This is the most common fee charged to businesses by banks. The average account maintenance fee for small businesses is between $10 and $25 per month.
Account closing fee: Some banks charge an account closing fee if you decide to close your business checking account before you have been with the bank for a certain period of time, usually 3-6 months.
ATM usage fee: There are several different types of ATM usage charges. If the ATM belongs to the bank that issued your debit card, there may be no charge at all. However, if you use another bank’s ATM, there may be a surcharge ranging from $0.50 – $1 per transaction or higher depending on how much you withdraw or how often you withdraw money from other banks’ ATMs.
Minimum balance fee: Many banks charge customers a monthly fee if their balance falls below a certain level each month. The required minimum balance and the corresponding fee vary from bank to bank, so carefully review all the options before opening an account.
Paper statements: Many banks charge a small fee for paper statements. However, you may be able to avoid this fee by opting for electronic statements instead.
Stop payments: You can stop payment on a check if it’s lost or stolen or if you already sent it out but decide you don’t want to pay it after all. Expect to pay to put this type of hold on a check.
How to choose the best business checking account in Hawaii
Trying to figure out which product is best for your company can be difficult, but it doesn’t have to be. Here are a few things you should consider before choosing the right account for your business:
Checking Features: Some businesses need a lot of checks and the ability to print them from their computers, while others don’t need very many at all. It’s important that you choose an account that has the features you need and will help you run your company smoothly.
Minimum Balance Requirements: If you often operate right on the edge of profitability, having to maintain a high minimum balance might not make sense for your business. However, if you have plenty of money in the bank, maintaining a higher dollar amount may not be as important to you.
Fees: Most banks charge fees when they provide certain services to businesses, so make sure you find out whether or not it costs money to use an ATM or if there are monthly fees associated with having a checking account.
Online bill pay: Many banks offer free online bill pay for all customers, including small businesses. Some also include mobile apps for easy check writing from your smartphone or tablet. You can set up budgets for different types of bills and schedule payments for the future with just a few taps of the screen.
Access 24/7: Some banks let you access your business accounts from anywhere in the world, including ATMs and bank tellers. This makes it much easier to manage your money while traveling or running errands during off-hours.
