A business account helps you to manage your finances better. Banks in Montana offer online and traditional brick-and-mortar services. If you are searching for a business checking account in Montana, there is a wide range of options available.
When choosing an account, it is important to note that services and charges vary between the banks. The challenge is to find an account that is right for you. Start by considering your needs and preferences. Knowing what you want will guide you towards selecting an account with features that will meet your needs. For example, if your business receives many online payments, an online or in-branch account with a robust online platform would be ideal.
Consider also the account fees, minimum requirements and transactional limits. Typical bank fees include transactional fees, monthly maintenance fees, overdraft fees, among others. Consider accounts with no or low fees or with the options to waive the fees if you meet certain requirements. Look out for accounts with minimum balance requirements and limits as these may attract additional fees.
Some banks offer free financial advisory services to business owners to help you grow your business. Others provide other free business tools and resources, including accounting and budgeting software. Also, be on the lookout for introductory offers and bonuses.
We reviewed some of the available options based on the features, fees, and benefits. Compare our top picks for the best business checking accounts in Montana to find the best match for you 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?
Here are some reasons why you need a business checking account:
Accessibility: Having a business checking account gives you access to your money whenever you need it. If you have an emergency and need cash immediately, it is not hard to get it using a business checking account. You can transfer money from the account to another bank or withdraw money from an ATM using the card issued with your account or through an app on your phone.
Security: When you have a separate business checking account, you don’t have to worry about fraud in the same way that you would if you had only a personal account. Businesses are often targeted for fraud due to their high monetary value and the fact that they are more likely to accept checks than cash payments. If a personal account is compromised and a fraudulent check is written, the bank might not discover the fraud until several days have passed. If a business account is compromised, you can discover and stop the fraud as soon as it occurs.
Pay your bills: There are several ways to pay bills automatically with a business checking account. Some banks have bill payment systems that will let you set up automatic payments online or by phone. You can also have checks printed automatically when one of your accounts gets low (or set up an alert to let you know when it is getting low). To avoid bounced checks, check how much money is in each account before writing the check.
Keep track of expenses: A business checking account will help you keep track of how much money is coming in and going out of your accounts at any given time. You can add the expenses directly into your checking account software and get a report at the end of every month or so showing how much money is left over from the last paycheck and how much has been spent throughout the month on business expenses.
Helps with taxes: Your business revenues are still taxable if they’re deposited into your personal bank account, but by keeping all of your company’s earnings in the business account, you won’t have to pay as much.
What do you need to open a business checking account in Montana?
Here are the documents you can expect to be asked for:
Business license: If you’re starting a new business and have been issued an official license by your city or state, bring it with you when you open your account.
Tax identification number: This might be referred to as an Employer Identification Number (EIN) or Social Security Number (SSN), depending on the type of business entity.
Proof of your identity: Usually, this means providing identification (driver’s license or passport) and proof of residency (utility bill).
Business documentation: You will also likely be required to provide documentation regarding the new business. This might include incorporation documents or articles of organization for a limited liability company (LLC).
Business name and address
Common business checking account fees in Montana
Here are some common business checking account fees:
Minimum balance requirements: Depending on the type of business account you have (such as commercial, small business or corporate), you may need to maintain a certain amount of money in your business checking account at all times. If you don’t meet this requirement, you’ll pay a monthly maintenance fee. For example, some banks require businesses to have $5,000 in their accounts to avoid the fee.
ATM fees: You’ll also be subject to ATM withdrawal fees when using another bank’s ATM machine. This is similar to any regular ATM withdrawal you would do yourself. Some banks offer unlimited withdrawals at no cost while others charge $2 for every transaction after the first two per month. It’s best to check with your bank about these before signing up for an account.
Overdraft protection fees: A business checking account can also come with overdraft protection. These are usually optional and will carry additional fees if used inappropriately or in error. It’s best to read through all of the terms and conditions of your checking account before signing up for one
Paper statement fees: Some banks charge $5 or more for paper copies of statements if you request them by mail instead of viewing them online.
How to choose the best business checking account in Montana
Business checking accounts can have different features depending on your needs. You’ll also want to compare interest rates and look at the fine print for any fee structures. Here are some things to consider when deciding on a business checking account:
Online banking availability: Most banks provide online banking access these days – but not all of them do. Some banks charge an additional fee for online management of your account. Look into this before choosing a bank so you know exactly what you’re getting into.
Free transactions: Be on the lookout for free transactions. Some accounts offer unlimited check writing while others do not.
Interest rate: You want to make sure that the interest rate offered is competitive with other business checking accounts. Weigh this against any fees associated with the account and decide whether it might be better to go with another bank.
Fees: You’ll also want to know about any fees that may be associated with the checking account. Most banks charge monthly maintenance fees and other fees when you use the account.
Tiers of service: Businesses come in all sizes, which means you don’t need the same amount of account services from every bank. Some companies offer tiered packages, so you can get the features you want at a lower price than is offered at the highest level of service.
