A business checking account can help you manage your money smartly while saving you time so you can stay focused on your business. Idaho has dozens of banks offering a wide range of online and in-branch business checking accounts. The challenge is to choose the right one for your financial needs.
When shopping around for a business checking account, consider first the basic services. These include online and mobile banking services, check-writing capabilities, and ATM cards, among others. Online banking can help you access banking services from anywhere. Low-balance alerts and transaction notices can help you avoid overdrafts and related fees. Look out for an account that is best suited for your business.
Consider also the account fees to keep them at a minimum. Some banks charge monthly maintenance fees, while others don’t, yet others offer to waive the fees when you meet certain requirements. Look out for activity limits such as the maximum number of free deposits or dollar amount transactions as banks may apply a fee for transactions above the allotted number.
Keep an eye open for other account perks such as travel perks, business rewards, and introductory offers and benefits. Some banks also offer business tools and resources, including cash flow management and accounting and budgeting tools. Other banks provide seamless integration of the account with third-party software already in use within your business.
To help you find the best fit for you, WalletBrain reviewed some of the available options based on the features, fees and other benefits. Here are our top picks for the best business checking accounts in Idaho.
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?
Having a business checking account can be beneficial in many ways. It can help you organize your finances more efficiently, which can save you money and time in the long run. Here are some of the top benefits of having a business checking account:
Separate personal and business finances: A business checking account serves as a separate place for your business funds to reside, which can keep your personal funds from being mixed with your small business funds. This feature can help you avoid costly mistakes associated with “overdrawing” at the ATM or accidentally spending money that was meant to be used for payroll or supplier payments.
Manage finances: It is essential for keeping track of money received and spent as well as making deposits and paying your bills.
Money management tools: Many banks offer free consulting services that can help you create budgets, invest in stocks, and more. With these services, you can become better at managing your money overall and keep track of your income and expenses more easily.
Convenience: You can easily make online payments for your bills and vendors through this account. And finally, it is easy to access your business funds from anywhere in the world, thanks to online banking systems.
Overdraft Protection: This is great because it will prevent the customer from ever having an account that is returned due to insufficient funds. In most cases, this can be set up without an additional charge; however, there are some accounts that will incur a small fee for this service.
A formal structure: A business checking account puts your company on paper. It creates an official line of credit under your company name, which will make it easier for you to obtain capital in the future, such as a loan or line of credit for your business.
Payroll: If you use a payroll service, it is convenient to have all of your employees’ checks come from one single location.
What do you need to open a business checking account in Idaho?
Generally, before you open a business checking account, you’ll need:
A business tax ID number: A federal employer identification number (EIN) is good for this, or in some cases, your Social Security number will work. If you don’t have either of these yet but you’ve already started up your business under a different name, some banks will let you use that Social Security number anyway.
Business name: You’ll need to choose a name for your business, which is different from the name on your personal ID. The name will eventually appear on checks and credit cards if you use those for payment.
Articles of Incorporation or articles of association: The articles are the legal document filed with the Secretary of State that creates a business entity.
Employer Identification Number (EIN): This number is assigned by the Internal Revenue Service, and it’s free to request. You can apply for one online.
Proof of identity: If you are an individual or sole proprietor, this will likely be your driver’s license. If you have multiple owners or partners, the bank may require you to submit all of your Social Security numbers or State ID numbers.
Proof of address: If you are opening a business checking account, the same documents will be required as for an individual account — for example, the most recent utility bill in your name at the address where you plan to open the business checking account.
Government-issued photo ID: A photo identification card issued by the state (driver’s license, identification card) or federally (passport).
Common business checking account fees in Idaho
The following is a list of the most common business checking account fees:
Monthly maintenance fee: It’s usually set at a certain dollar amount and covers the cost of administering your account. In addition to paying for itself, a maintenance fee will help offset the costs of providing your business with other services from your banks, such as online bill payment and mobile banking.
Online bill payment service fee: Many banks offer online bill payment services (either for free or for an additional charge) that allow you to pay bills directly from your checking account.
Minimum balance requirement: Some businesses may require that their customers maintain a certain amount of money in their accounts each month (usually $1,000 or more). If your balance goes below this minimum, then you can be charged a fee. It’s best to check with your bank before opening an account to see if they have such requirements.
Overdraft protection: This fee is charged when your bank pays an overdraft on your behalf. For example, if you write a check for $50 but have only $20 in your account, the bank may cover the $30 difference.
Stop payment: You request that your bank stop paying a check or ACH payment (such as automatic payments for utility bills). This fee can be between $5 and $30 per item.
Statements fee: A monthly fee for receiving paper statements in the mail. Many banks offer online banking services that will alert customers when they have a new statement available.
How to choose the best business checking account in Idaho
Here are some features you should consider when picking the best business checking account:
Customer support: Have you ever had the experience of calling a business and hearing a recorded message telling you to press a number to talk to customer service? Tough luck. Pressing numbers gets you nowhere. Business checking accounts with online banking capabilities give small businesses direct access to customer service reps who can help with issues ranging from setting up new accounts to depositing checks. This should always be a key consideration.
Fees: Although most financial institutions do not charge monthly maintenance fees for business checking accounts, there are other fees that may apply. Some banks impose a fee if you make a certain number of debits or electronic transfers per month. However, there is no monthly fee associated with maintaining an automatic savings transfer program.
Access to business accounts: With some banks, it’s easy to open new deposit and loan accounts at the same institution. However, many banks limit their availability to certain customers or specific types of accounts. If you need multiple types of accounts — such as checking, savings, and CDs — look for a bank that offers them all.
Online banking: You can use your computer or mobile device to access account information at all times of the day and night. Online account access lets you monitor your holdings, transfer money between accounts, pay bills, and more — with no trips to the bank necessary.
Bank’s reputation: Familiarize yourself with your state’s consumer protection laws and make sure that you have a clear understanding of the bank’s policies if your business banking needs to be conducted over the phone or online. It also helps to check out the bank’s website for financial information about its stability, profitability, and geographic reach.
