South Dakota has hundreds of options when it comes to choosing a business checking account. When deciding on an account, carefully consider the available choices to find the one that’s right for your business. For example, if you are primarily an online business, a digital bank with robust online and mobile access is ideal.
Also, consider the fees and other requirements. There can be monthly maintenance fees, transactional fees, and balance requirements where the bank may apply a fee if you go below the set limits. Some checking accounts offer free business tools and resources, such as budgeting and cash flow management tools with seamless integration. Be on the lookout for other benefits and perks, including introductory offers and bonuses.
Finding the right account can be quite challenging. To make the process easier, we reviewed some of the best checking accounts in South Dakota based on their features, fees, and benefits. Compare our top picks to find the best match for you.
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 can be an important tool for managing your finance. Here are a few benefits:
Security: Federal regulations require banks to secure their customers’ money. That’s why they’re called “insured,” meaning if the bank goes out of business, your money will be protected by the FDIC (Federal Deposit Insurance Corporation). Tthere is a certain amount of money insured. In addition to this protection, most banks also have security systems in place that use firewalls and anti-virus software to protect against hacking attempts or other cyber-attacks.
Easy to open: Setting up a business checking account is relatively simple and straightforward, especially if the bank you’re with is already familiar with your business. You may have to fill out a few forms and provide information about your business, but the process shouldn’t take more than a few days.
Tailored to your needs: A business checking account can be tailored to fit the needs of your company. For example, most banks offer multiple checks, free customer service, and easy access to funds.
Budgeting with ease: You’ll be able to distinguish between your personal and business expenses. This will help you see the revenue and costs of your operations, and support managing cash flow.
Ease of Access: These accounts can be accessed easily from different locations and usually on your computer or mobile device. This means that you do not have to rush to your office every time you want to make an important payment or deal with an urgent issue.
What do you need to open a business checking account in South Dakota?
The main documents you need to open a business checking account are:
A business license
A DBA (Doing Business As) or a fictitious name filing with the state
Security number, Individual Taxpayer Identification Number (ITIN), or Employer Identification Number (EIN)
Proof of identity. Bring a photo ID, such as a driver’s license, passport, or military ID card.
The business name, address, and contact information
Article of incorporation
Common business checking account fees in South Dakota
Here are a few fees associated with a business account (but not always associated with every account), and how it can affect your business:
Monthly maintenance fee: This is a monthly fee that many checking accounts charge unless you maintain a minimum balance or meet certain conditions. The fee can start from $5 per month.
Teller fees: A teller fee is a charge for any transaction that requires human interaction at the desk. This includes opening an account or setting up direct deposit or online bill payments.
Overdraft fee: If an account holder writes a check for more than the balance in an account, banks and credit unions typically charge anywhere from $10 to $30 per overdraft transaction.
Minimum balance fees: As with personal checking accounts, most banks require you to maintain a minimum amount of cash in your account at all times. If you don’t meet this requirement, expect to pay a monthly fee. These charges tend to be higher with business checking than with personal accounts because businesses can have more sporadic cash flow and large deposits that can deplete cash reserves quickly.
ATM transaction fee: This fee typically ranges from $1-$5 per transaction at most banks.
Paper statement fee: Most banks charge a monthly or biannual fee for receiving paper statements in the mail instead of online.
Per-check fee: This is a fee that is charged for each check that you write. You may have to pay for the checks themselves as part of this fee, or it could just be the cost of writing and mailing the check. This fee could add up to a significant amount over time.
How to choose the best business checking account in South Dakota
Trying to find the perfect business checking account can be tedious and time-consuming, but here is a breakdown of what you should look at when choosing your account:
The number of free transactions per month: You need to determine how many transactions you will be making each month. If your business will have a lot of withdrawals and deposits, then you need an account that allows for more free transactions, so there isn’t any charge, which can add up quickly.
Location: If you plan to use checks for payment purposes, your business checking account should be at a bank branch near where you do most of your work. You may also want to consider banks that are close to the suppliers or clients with whom you do business. You’ll save time by being able to make deposits in person and will also be able to stop by the bank if any questions arise about checks that were written or cashed. However, if you don’t write as many checks and mainly deposit them, you can look into mobile deposits, so you can deposit the check from your phone.
Type of account: Depending on your business, you might prefer an interest-bearing account or one that offers rewards. Some accounts come with perks such as discounts on small business services or discounts on ATMs.
Cost: If your company does not have much cash flow, or if you are just starting out, look for an account with low-cost features such as free online access and mobile banking. Later, when your cash flow improves or you raise outside capital, you can change to more sophisticated services.
Security features: The best business checking accounts come with security features that help protect your money from theft and fraud. Look for security features like dual authorization codes, which allow you to double-check all transactions being made from your account, 24/7 fraud monitoring, and more than one layer of security on your ATM card.
