One of the most important tools for a business owner is a good business account. If you are searching for an account in Oregon, dozens of banks offer a wide range of business checking account options. It may require a little extra legwork to find the right account for you.
Account fees and the option to waive them is one of the things you should look out for. Most banks charge account maintenance fees, transactional fees, among others. Consider the different options fee structure before deciding. Keep in mind the account minimum balance requirements and transactional limits, as these may attract additional fees. For example, some banks offer a number of free deposits per month. A fee is applied for any transaction above the allotted amount.
Business tools and resources are some of the perks and benefits offered by some banks. For example, if you already have financial management software, consider an account that offers easy integration with it. Some banks offer budgeting tools, account management services, automated expense categorizations, among other features that your business might need.
The best business checking accounts in Oregon provide the best combination of features, fees, perks and benefits. We reviewed some of the available options. Use our top picks 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?
Checking accounts are the basic financial instrument for businesses, both large and small. The advantages of having a business checking account are many:
Security: Your business should have its own checking account in order to keep your personal and business finances separate. This helps keep your business finances secure because a thief cannot easily access your personal bank account through a fraudulent check that he wrote on your business’s account.
Easy record-keeping: The convenience of keeping all of your business finances in one place makes it easier for you to keep track of them and maintain accountability. You do not need to remember which receipt goes with which expense, or which deposit slip is from what vendor. All of these will be recorded in the same place.
Convenience: When you use a personal checking account for your business expenses, you’re probably not keeping separate records of what you spend. This can make it difficult to determine how much you’ve spent on certain items or categories of expenses. A business checking account provides this information, helping you keep better track of your spending habits so that you can be more effective in the future.
Transfer funds between accounts: It’s simple to transfer money from your business checking account to savings or other accounts you have at the same bank or another bank, such as an online bank offering better interest rates on savings accounts than traditional banks offer on their savings accounts.
Business credit card: When you open a business checking account, you will also be issued a business credit card that you can use to make purchases on behalf of your company. In addition, you will be able to apply for other lines of credit, including loans and equipment financing.
What do you need to open a business checking account in Oregon?
Here is a list of documents needed to open a business checking account with Bank of America.
TIN (Tax ID Number): SSN for a sole proprietorship, EIN for a corporation, or ITIN for an individual who does not qualify for an SSN
Proof of Address: One of the following documents is acceptable proof of address: Utility bill, Bank statement, Rental or lease agreement, Online statements, or e-statements from any financial institution.
Social Security Card: For sole proprietorships, corporations, and LLCs, you must present your Social Security Card when establishing your account.
Business License
Articles of Incorporation
Proof of identification
Common business checking account fees in Oregon
The following are commonly reported business checking account fees:
ATM fee: This is charged when you use another bank’s ATM to withdraw cash or get cash back when making a purchase. These are fairly common, but different banks may have different policies on which machines they cover and whether they charge the customer or the ATM owner. A typical limit on these types of fees is $5 per transaction and $10 per day; however, this can vary considerably by the institution.
Monthly maintenance fee: Many businesses end up paying monthly maintenance fees due to a lack of understanding regarding what they are paying for as well as not being aware that there may be other options available to them. These fees vary depending on the bank or credit union and range from $10-$20 per month, although they could be much higher depending on specific circumstances.
Minimum Balance Fees: If you don’t keep enough money in your account, your bank will charge a fee. This is one reason why it’s so important to keep as much money in your account as possible while still keeping enough cash on hand to cover expenses.
Overdraft Fees: If you write checks or make debit card purchases and don’t have enough money in your checking account, the bank will charge an overdraft fee. Many banks offer overdraft protection that lets you link up a savings account so your checking account doesn’t go negative when this happens.
How to choose the best business checking account in Oregon
Business checking accounts are meant to be fairly standard, so it can be difficult to differentiate between the best accounts when choosing one. The most important thing is to make sure that you are getting the terms and conditions that will meet your specific needs. Before you choose a business checking account, there are a few things that you should look out for:
Minimum balance fees: Most businesses will have low monthly expenditures compared to their monthly income, so having a high minimum balance requirement could end up costing your company more than it is saving them. Look for an account with no minimum balance and no fees for maintaining a balance under a certain amount.
Interest rates: If you have a large sum of money in your business checking account every month, then you will want to make sure that you are getting the highest possible interest rate on this money. You can use interest calculators to determine what other accounts might be offering and make an informed decision about which account might work best for your business.
Fees: Find out how much it will cost you to have a business checking account. While many banks offer free checking accounts, others charge monthly maintenance fees that can total hundreds of dollars per year. Make sure you are aware of all fees and their amounts before signing up for an account.
Bank’s location: The location of the bank’s branches is another consideration when choosing the best business checking account. You will likely need to visit your branch from time to time to deposit checks or withdraw cash, so ensure that the locations are convenient for you and your employees.
Service perks: What special features does the bank offer? Are there any rewards programs or additional services that stand out?
