How to find the best business checking account

How to Find the Best Business Checking Account With No Fees

Choosing the best business checking account can be daunting as a small business owner.

While most of your finance and money management is probably done online or with mobile apps, these days you still need a local branch to process certain business transactions.

You also want to keep more of your hard earned money, which means not shelling out big bucks for extra charges and bank fees.

But I’m here to help!

I’ve compiled an in-depth list of the best business checking accounts that are totally free, so you can find the one that works for you.

It’s important to note that while all of these business bank accounts listed offer free options, the upgraded versions may charge a fee.

And don’t forget to download the best business checking account checklist!

Discover Bank – Cashback Checking Account

Discover Bank

Discover Bank has long been a favorite of mine ever since I opened my first credit card with them back in my early twenties. While they don’t necessarily offer business accounts, they do allow you to use a personal checking or savings account.

Per Discover’s customer service, only deposits with your legal name will be accepted. But this works out just fine if you’re a sole-proprietor or freelancer!

And the best part is that with Discover Bank’s Cashback Checking Account you can earn cash back on purchases made for your budding business. You can earn 1% cash back on up to $3,000 in debit card purchases each month.

The checking account is completely free and comes with a sleek looking debit card. There are no monthly fees to pay and you can access over 60,000 ATMs across the country!

Click here to see how the Discover Online Checking Account compares to other cashback checking accounts.

CIT Bank – Premier Savings Account

CIT Bank could be a great option if you want to use a personal savings or checking account for your business profit income. What do I mean by this?

Thanks to Mike Michalowicz’ Profit First method, you can use CIT Bank for what’s called the “business profit” account.

This Premier Savings account is where you can set aside money for bonuses as the business owner, or save for big investments. And you’ll  earn a great interest rate on your money, too.

And this can really add up when you’re setting aside money for purchases in your business. As small business owners we need all the extra cash back we can earn to re-invest into our businesses!

Their customer service is also outstanding and I’ve never had any issues with security. Their mobile app allows you to check your balance, make transfers and even deposit checks with one click.

CIT Bank has some of the best interest rates available!

PayPal Premier or Business – Online Account

PayPal premier

Another great option is to avoid checking accounts all together and just use a Premier or Business PayPal account.

If you use a service like FreshBooks or QuickBooks, you can choose PayPal as one of your payment options for business clients and then use the funds in the account just as you would a regular bank account.

Upon request PayPal will issue a debit card that’s attached to your PayPal balance, and you may even qualify for a PayPal Smart Connect line of credit which can come in handy when you need to pay bills for your business.

The balance in your PayPal account also earns a small amount of interest similar to a Money Market business checking account would at a traditional bank.

And the best part about using a PayPal account as a substitute bank for your freelance business is that it’s completely free.

You can also make deposits to your PayPal account if you receive checks from clients. Just take a picture of the check with PayPal’s mobile app on your Android or iPhone, and the funds will be deposited within 2-3 business days.

With your PayPal account you can print off profit and loss reports, earnings reports, pay bills, and transfer funds to other bank accounts.

Basically anything you can do with a regular bank account, you can do with a PayPal business account — and more.

Click here to get started with a PayPal Business or Premier account!

Chase Bank – Total Business Checking

Chase Bank app

The Chase Total Business Checking account is the business account I currently use. My business has been an LLC with it’s own Tax ID number since moving to Colorado a couple years a go.

While I’m not super crazy about how “big” of a bank Chase is, there’s an branch right across the stress from my apartment, so it’s super convenient.

The business checking account comes with a $10 monthly account fee, but this is waived if you keep a regular balance of $1,500 or more each month.

It allows for international wire transfers, up to 200 transactions and $7,500 worth of deposits, for no additional fees.

In addition, Chase offers two other tiers of business checking accounts depending on your needs.

  • Chase Performance Business Checking – This is the next level up in checking accounts and offers the same features as the Total Business Checking except it allows you to have 350 transactions and up to $20,000 in deposits for no additional fee. The $20 monthly fee is waived if you keep a minimum balance of $50,000 or more.
  • Chase Platinum Business Checking – This is the most robust option of all three, and is likely for large businesses and corporations. It has a $95 monthly account fee that’s waived if you keep a qualifying balance of $100,000 or more. It provides up to 500 transactions and $25,000 in deposits each month, with no additional fees.

Generally you have to find a local branch to open your business checking account, but that isn’t too difficult as they have quite a few branches all over the U.S. and the world.

The online site and mobile app make it extremely easy to keep track of your balance, income, and expenses.

Like I said, they have ATMs everywhere, and pretty much all online software, invoicing programs, and bookkeeping software will link to Chase because it’s so popular.

Click here to compare all of the Chase Business Checking Account options!

TransferWise Borderless – International Account

If you’re a worldwide traveler and freelancer, then something like the TransferWise Borderless account might be the best choice for you!

TransferWise is a company that converts over 40+ different kinds of currency and now offers a way for you to spend money with their new borderless debit card.

The account is accepted and can be used account around the world with low conversion fees and no transaction fees. It’s like a one-stop shop for international banking!

The bank account and debit card can hold over 40 currencies at once and allows you to switch between them at the real exchange rate. It also gives them bank details for the US, UK, Eurozone and Australia, so you can get paid like a local.

Click here to see if the Transferwise Borderless account and debit card is right for you!

Avoid these business bank accounts

After doing a lot of research as a self-employed business owner myself, there are a few bank accounts that you may be better off avoiding.

Here are the business bank accounts we do not recommend.

  • Ally Bank – This is still a great option for a personal account, but don’t try using it to get deposits for freelance income. if they find out you’re receiving payments from sites like Fiverr or PayPal, they will shut down your account.
  • Capital One Spark Business – Their account is amazing (and free!) but the customer service is bogus. They take weeks and weeks to finally process your account after opening it. Oftentimes the transactions are recorded incorrectly when they post to the account.
  • Suntrust Business Checking – I haven’t personally tried Suntrust, but I hear that their app never works and the website is always down. For location independent business owners, this is a deal-breaker.

Checklist for the best business checking account

There are many factors to consider when choosing the best business checking account. For one, make sure it’s simple to use and doesn’t come with a lot of monthly fees.

You also want your funds easily accessible — especially if you’re a location independent business owner who travels a lot.

Here are some other factors to consider when finding the best business bank account.

1. Open separate bank accounts

If you do nothing else for your business opening a separate business checking account is a must! The main reason is because it will be a whole lot less of a headache for you.

By separating your business transactions you create a line between professional and personal.

This is especially handy come tax time when you create year-end reports for your bookkeeper or CPA. And if you’re ever audited, you can prove your business is legit much more effectively.

Besides, you wouldn’t want the IRS (or your CPA) poking through your personal income and expenses in order to locate your business transactions. Would you?

2. Use your business name

You can also customize the name on your account, and your checks, so you appear more credible to other contractors and freelancers you pay.

Even if your business isn’t a LLC yet, you can still apply for a DBA (Doing Business As certificate) and different Tax ID number.

3. Connect your bookkeeping software

Another advantage is that you can link your bookkeeping software to your dedicated business account. This makes it super easy to print out monthly and yearly reports.

You won’t have the hassle of excluding personal transactions from the business ones while categorizing them.

QuickBooks Self-Employed makes it easy to track different types of income sources (PayPal, direct deposits, checks) and to calculate quarterly taxes.

4. Consider a personal bank account

It’s important to understand the type of business you’re operating. You can be a freelancer who is a sole-proprietor and don’t necessarily need to open a “business” checking account.

In the eyes of the IRS, a sole-proprietor isn’t a legal business entity like an LLC or corporation is, so you can save money by using a personal bank account for business purposes.

The main reason for this is because my business is still small enough so it isn’t super complicated or have mega amounts of income every month.

This also allows me to avoid the costly monthly fee that’s usually associated with a business account.

5. Watch out for monthly fees

Is there a monthly minimum balance that must be maintained in order to waive the monthly fee?

Does your business bring in enough to avoid the fees associated with the account? Or can you find another bank that offers a better deal?

6. Know the requirements to open an account

Is your business an LLC or just a sole-proprietorship? Do you have a Tax ID number or simply using your personal Social Security number?

This will determine what documents you’ll need to open the account.

7. Convenience of ATM and branch locations

If you travel a lot for your business, you’ll want a bank that has lots of ATMs and branch locations. At the very least, you don’t want to pay fees for using an ATM that’s outside of your bank’s network.

See if they bank will reimburse members for these fees, or if they have a larger number of ATMs within their network.

Otherwise, look for a checking account with the ability to manage your money via the mobile app with mobile deposits. Make sure that the mobile app gets good reviews, so you can easily manage your money on the go.

8. Expected monthly transaction limits

Does your business do a large volume of transactions every month? Or do you have less than 200?

You may be able to open a business checking account with less fees depending on how many transactions go through every month.

9. Look for bonuses and perks

Look for business accounts that offer perks or additional bonuses for business owners. You may also want to consider opening a bank account at the same bank that holds your business credit card account, as they can give you a good deal.

Credit cards are a great way to generate start-up capital, provided that you use them properly. You want to look for a card that offers a wide variety of features.

Such as, doesn’t cost anything in annual fees, allows you to implement spending limits, and provides you with protection should your card fall into the wrong hands.

Choosing the best business bank account

Confused yet? There are lots of different factors that go into choosing the best checking account as a biz owner. But I’m making it easy for you!

In order to determine the best checking account for your small business, I’ve created a free checking accounts checklist.

Just input your name and email address into the form below.

 

So what are the bestchecking accounts for freelancers and business owners? I’ve done the research and tested many different banks. Here are my top business checking account picks!
What is the best business checking accounts for freelancers and biz owners? I’ve done the research and tested many different banks. Here are my top business banking & checking account picks!
Looking for the best checking account for your business? Here are the top choices for how to find a bank account for small business owners and bloggers. Plus, get the free checklist! top business checking account | small business bank account | banking tips

Free Guide: Bank Account Checklist

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Input your name and email address to instantly get access to the free checklist so you can choose the best checking account for bloggers and business owners.

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63 comments

  1. Thanks for the information! I’m starting up my own LLC, so I need to open up a separate checking account for my business. It’s good to know that there are programs that offer special discounts for cardholders. As a startup company, I could use as many discounts on a new company account as I can get.

  2. Gabby says:

    Great info, but Ally just flagged my account as business and now they’re shutting it down. It’s completely ridiculous, but there’s not a thing I can do about it. I have my freelance income deposited into my Ally account and use it to purchase things like annual hosting fees, etc. for my website. It’s small potatoes when it comes to income, yet they’re calling it a business…

    • Carrie says:

      Good to know, Gabby. I didn’t realize that Ally would flag freelance income/expenses as a full-fledged business account. I don’t think that’s right at all, but I guess you can’t do anything about it. This is good info for anyone else who is using their Ally account for small freelance transactions.

      • Dave says:

        So Ally does not have business checking accounts? Too bad. The personal account has been perfect and saves me a lot of money and time, not to mention their support has been perfect!

    • Chris says:

      I just found out about that issue with Ally as well yesterday. I called to see if I could add my LLC and was told they don’t offer business accounts and that they would shut you down if found to be doing business transactions. Really pretty lame actually. I don’t know what is required of a bank to work with businesses but it is probably some government compliance deal. Big brother to the rescue again!

      • Kacey says:

        I used Ally in tandem with Braintree when my business was just a Sole Proprietorship. (Shhhh…don’t tell.) I’ve just formed an LLC and am now looking at internet banks for business checking. My criteria are no monthly fees or minimum balance and mobile deposits. I haven’t pulled the trigger yet, but Radius Bank is looking pretty good.

        Does anyone have any experience with them? And for personal banking, their Hybrid account looks pretty great.

        • Kacey says:

          It turns out Radius is only opening checking accounts for clients within their New England footprint (currently MA and NY). Bummer. Now looking at both US Bank Silver Business Package and Spark Business Checking, but was hoping to find a “least evil” bank like Ally.

          SmallBusinessBank (Gardner Bank) is another option I’m seriously considering.

          Note: For sole proprietors getting shut out of Ally, EverBank has a small business checking ($1500 to open, no monthly fee) for sole proprietors.

      • J Goldberg says:

        Well, had you bothered to read the user agreement before “agreeing” to it and signing on, you would’ve known their policy.

        It is illegal for then to pay interest on business holdings.

        If you’re actually in business, you really should already know this though. Next time do your due diligence before whining after the fact..

  3. Jim A says:

    While Ally has no idea if/when they’re coming out with an honest to goodness Business Checking and Savings account deal, Capital One 360 is in the testing phase of business checking accounts under the “Spark” line. I’ve been invited to be one of their testers. Only thing holding me back from making 360 my full-time biz account is the lack of integration into my GoDaddy Bookkeeping account. In the meantime, I’m using a regional bank (Huntington) for all my business accounts. A free checking account, believe it or not.

    Carrie, if you wanna know more about the 360 Biz Checking account I’m testing, I’d be happy to chat about it.

    • Kevin says:

      Jim A- I’m very curious about your Spark / 360 Biz Checking account you are testing… Any chance of sharing a few details here? Or how it would be possible for a small, high income sole-proprietorship to gain entry to this test? I’m currently a Spark business credit card user if that helps? 🙂

    • Hayley says:

      Jim, I’d love to know more about the Spark testing. I used to have all of my accounts with 360, but when I switched to an LLC and they didn’t have a business checking option, I had to go elsewhere.

    • Marie C. says:

      I just made my first transaction with Spark Pay on 9/4/15, Today is the 9th and there still has not been a deposit made into my account although it states on the home page “deposits made every night”. Also, after making my first transaction i soon received an email stating that due to my business being a “high risk business” (An apparel shop?) They will withhold 25% of each transaction for 120 days. Are you kidding me?!

      As for the Business checking? It takes 5 days for a mobile deposit to clear which is unheard of. Any other deposit takes 5 days as well.

      Capital one hasn’t been very convenient for business at all. Has anyone had a different experience?

      • Dori says:

        I just got off the phone with a representative. They said it is still in BETA testing so the IT department is still working out the kinks for deposits and it will be awhile before the system can readily push through deposits.
        I’ve had an ING account before Capital One bought it and I have been grandfathered into keeping my account because NOW, the rule is if you live in a state that has a Capital One Branch – you must open an account with the branch. You CANT open an online CapitalOne360 account. This goes for the Spark business account as well unless you live in a state that does not have any Capital One branches.

      • Donnita says:

        Marie, I realize it has been some time since this post. Are you still using Capital One and did they indeed require a 25% hold back? I’ve been reading some good reviews about the Spark account but reports like this are unsettling.

    • Rachael Witmer says:

      Hi Jim,

      This is an old post, but I’d love to find out what came the CapOne 360 business account testing. I’m opening either a DBA or an LLC and I love my 360 personal bank account.

  4. Joe says:

    Ally shut down my account because I was depositing money I made from my freelancing business in. They are very strict about this. Deposit one paypal payment there and they will shut down your account.

    • Carrie says:

      Thanks for the input, Joe and everyone else who had experience with Ally Bank. I have removed them as a recommendation and replaced it with another good alternative.

  5. Sonia says:

    So Carrie I am now looking for a business checking account without all the fees, found some but not sure which one to go with. Its just for income purposes, direct depositing and because my business is an LLC, I’m having a difficult time.

    • Carrie says:

      Sonia, have you sat down with your accountant and had a discussion about the best checking account for your needs? I’m sure they will be able to help! Otherwise you can make a checklist of what you’re looking for in a bank for your business and find the one that checks the most boxes. Good luck!

  6. Kyawt Aung says:

    Do not open your business account with CHASE. I had a customer who used CHASE quick pay for my service and later call the bank that the payment was fraudulent. My account was frozen because someone claimed that payment to my account was not correct.

    CHASE told me I have to find out the person and ask the person to go to CHASE that the payment was the correct. Is that make sense? Instead of punishing the person who did the fraudulent claim, the bank punish my business account by freezing it. I could not write checks or make payment anymore. The business is basically freeze without able to make financial transactions. Many hours of stressful phone calls without making progress just asking me to get the person who did fraudulent claim to CHASE branch. The should have been tracing down the person who did the fraudulent claim.

    My suggestions is when you open the account at CHASE, you may pleased the smiles and attention of bankers. The HELL might be waiting behind the smiles and beyond the local branches.

    • Carrie says:

      I’m sorry to hear that your experience with Chase was so poor. I’ve always had an awesome experience with them and still use them for my business and personal accounts. Sometimes things happen though, so it’s always smart to do research and beware of what’s happening.

  7. Jackie says:

    Hello Carrie.

    thank you for the info,
    I just registered my dba (am into graphics and web design)
    My question is , is it wise to use a paypal account attached to my personal account, I understand paypal needs a tax id to pen a business account. please i will need your opinion on this, Thanks

    Jackie

    • Carrie says:

      PayPal offers a Premier account and a Business account. Both of them are different and have varying fees associated with them. I simply use a Premier account with my personal name and Tax ID number.

  8. Roy says:

    Hi Carrie,
    I just contacted Discover Bank and they told me that they don’t have checking and savings for small business owners. Too bad since I was looking forward to opening with them.

    Roy

    • Carrie says:

      Yes, that’s true Roy. I use Discover for personal spending allowance that I allocate for myself each month. I like to think of it as a commission-based reward system for being self-employed. When I make a big sale or land a big client, I reward myself with a small allowance. It makes being your own boss more fun! 🙂

  9. David says:

    Thanks so much for writing this up… very helpful! I’ve also had a good experience with Chase, but I’m not so sure “every-corner” Starbucks is a great comparison. I’m moving to Massachusetts soon, which has two Chase ATMs and no Chase branches. In fact, Chase only has branches or ATMs in half of the states.

  10. Ashley says:

    Love the PayPal idea. I tried searching their site but couldn’t find it: Do they have a routing number/account number for external partners to deposit funds directly? Thanks!

    • Carrie says:

      Great question, Ashley. Yes, you can deposit funds directly from your PayPal account into an external bank, savings, or money market account. You can also request a debit card from PayPal and use your account balance that way.

  11. Amy says:

    Hi Carrie,

    I have been a banker for nine years, and am in the process of choosing a bank for the small business I am starting up. I ran across your blog when I was looking around online, and thought some clarification could maybe help everyone. For anyone with their own business, it is utmost important to have a separate account for their business income/expenditures, but it’s not generally recommended to run it through a personal account. All back office operations in banks/credit unions will look for activity that appears to be a business running through a personal account per federal regulations (just like they look for money launderers, etc.). From a personal standpoint, I really recommend going the route of LLC/Inc to help protect the individual, and to really research the laws and regulations in the state in which you are going to do business as there are some oddball items out there.
    Hope this helps anyone trying to go it on their own with a business!

    • Carrie says:

      Thanks for the clarification, Amy! I definitely agree that you should always separate your business and personal accounts and then move them to a small business checking once you’re more established. It’s even more important when you’re an LLC and make things legit!

    • Carrie says:

      You can read some of the first comments posted from other freelancers to see why Ally isn’t the best choice for a freelance business bank account. Thanks!

  12. Drew Reed says:

    I like how you said that there are different types of checking accounts for different purposes. My wife and I were looking at starting an account so we could pay our bills more easily. I’m still not sure which one to go with, but it sounds like this article will help her decide. Thanks for sharing!

  13. mary says:

    I have the chase small business account as well, but it only allows INCOMING wire transfers for international. Do you know which is the BEST for outgoing? And how to find the fees? I can’t seem to find any online. I’d love to see a compare between banks that have outgoing wire transfers for international. I Send 4-6 a month.

  14. Josh says:

    Hey Carrie – I personally have done business with PayPal (and only PayPal) for my ecommerce website for the last 12 months and I haven’t had any problems, but ever since I’ve done more research, I’ve seen a surprising amount of people say they’ve been screwed over by PayPal by freezing their accounts unfairly and keeping their money. One example I saw was from an Entrepreneur.com article that come across my Facebook news feed about a new PayPal feature and several people jumped right in and claimed PayPal is notorious for freezing accounts unfairly and keeping their money – and that everyone should avoid PayPal at all costs.

    It’s kind of worrying me and I think I’m going to try avoiding them as much as I can while still allowing it as a payment option for my website and future freelance transactions (haven’t begun website design freelancing yet, but I plan on starting soon in the future). Have you heard anything about PayPal freezing a lot of accounts?

    • Carrie says:

      I haven’t heard that about PayPal, Josh. In fact, I use my own PayPal Premier account every day and am constantly transferring funds back and forth. I’ve never had an issue with it in over 4 years.

  15. Krystal says:

    Forgive me. I am a little confused…. Could I maybe open my personal account under my DBA name or do I have to open a “real” business account.

  16. Great post. Thanks so much for putting it together. I was especially interested in Ally as a business banking option and now I know it’s a no go.

    One update for you – Paypal no longer allows for taking pictures of checks and adding the funds to an account via its app. I just got off the phone with a rep and she said that was discontinued because they were having too many problems with it. She doesn’t anticipate it returning as an option.

    Thanks again!
    Kurt

  17. April Cook says:

    I have been thinking about starting a freelance business, and this is helpful information. I didn’t realize that I would need a separate checking account for my business, but it makes sense. I like that customizing your business account will make you look more professional. how bog would you say a business needs to be before you get a business account? Thanks for the information!

  18. Frank says:

    Hi, this is a really great blog and this article is fantastic. I came upon it as I am trying to find out which bank in the US, specifically in California, will open a bank account for me in my dba name (and thus also lets me have checks that feature my dba name only). I am trying to avoid confusion: I am not talking about an LLC business account, that’s easy. I mean dba, which is substantially different. I know that most major banks do not open accounts and issue checks for a sole proprietor who only has a dba certificate, they always want an avtual LLC registration. Could someone clarify if the banks listed here will open an account based on a dba name only?

    • Carrie says:

      My only advice is to ask a local bank or chat with an online representative to see if they will be able to open an account with your DBA name only. Since opening my account with Chase several years ago, they allowed me to use a personal account with a DBA. But I don’t think they allow this anymore. Good luck!

  19. Sandy says:

    Hi Carrie, I would like to work as a general transcriber for a transcription company, it’s an independent contractor job and they pay with PayPal. Can I open a premier PayPal with an EIN, or do I have to use my S.S. #? Also, do I need any kind of permit or city license for this type of job? Thank you and I love your blog.

    • Carrie says:

      Hey Sandy, great question. Yes, you can open a Premier account with PayPal using your EIN. This is what I’ve done in the past and it worked great. My husband recently got an independent chef contracting job and is doing the same thing. You don’t need any permit or license for this type of job. You’ll probably just have to fill out a W-9 form with the company so they can properly issue you a 1099 at the end of the year.

      • Sandy says:

        Thank you Carrie for the quick reply. You helped me with my questions. I will continue to read your blog because you inspire me to work from home so I can take care of my family. My Chihuahua dog appreciates you too!!!

  20. Pavel says:

    PayPal charges 2.9%+$0.30 per transaction – how is that a good banking option for a small freelancing business?

    • Carrie says:

      Great question, Pavel! First off, paying a small amount like that for transactions through PayPal is nothing compared to the overhead and other expenses most small businesses have to pay to get up and running, so it’s not that bad when you think about it. Plus, it’s a tax deductible expense (PayPal fees, I mean).

      On the other hand, I talk a lot about using accounting software that allows you to only pay $0.50 PER PAYPAL TRANSACTION so that’s why I highly recommend it, and use it myself. You can read more about my explanation in this post: http://www.carefulcents.com/avoid-invoicing-fees/

  21. Ron Russell says:

    Ok. this article just changed where and how I was going to put my finances for my entrepreneur endeavor, and likely will save me a bunch of money over the long term. My sincere thanks to producing this and maintaining it as well.

    + 1 subscriber

  22. Raisa Delima says:

    I’m glad you talked about finding bank accounts that don’t have monthly maintenance fees. That is a good thing to look for if your business is small and can’t afford fees, like you said. I do think you should look at all of the benefits a bank has to offer first, though. Some banks have maintenance fees that are outweighed by the benefits and promotions they offer, you want to make sure you weigh out your options.

  23. Tim says:

    Here’s a question: Do you contribute to any retirement accounts? If so, do you pay into these from your business or personal account, and why?

  24. Chris says:

    “Basically anything you can do with a regular bank account, you can do with a PayPal business account — and more”

    Hmm, not quite. PayPal does not have a Bill Pay service to pay standard bills, like a regular bank account.

    • Carrie says:

      True. While PayPal doesn’t have a bill pay service, you can still sign up for automatic bill payments and use your PayPal account to pay them. That’s what I do!

  25. Wendy C. says:

    Hi Carrie,

    I am starting off as a consultant with dba (which from research didn’t seem that I actually needed one since I am using my name) and this blog has been incredibly helpful. I have been trying to download the Free checking account checklist and it does not seem to be working. Is this still available? Thanks!

  26. J says:

    Great blog post! Just heard about Spark tonight from a colleague and then found your post here Carrie. I realize its been 2years since your original post, so I’m wondering if there are any updates about Cap One Spark Business? It’s boasting no fees for all of its services..I went from using Radius/Aspire as a sole prop, and just recently became a corp and need mobile biz banking that is easy and streamlined, and affordable.

    • John Gooch says:

      Spark isn’t accepting applications for business checking right now, I also don’t see them listed in Quickbooks, so they may not be a good recommendation.

      Thank for the tip about Ally Bank. I search the Web and found sites that say it’s ok to use Ally for Sole Proprietorship business. However, there are enough reports of accounts being shut down by Ally for “business like practices” that I’m going to head over to Chase Bank tomorrow to open a Business checking account.

      The only reason I want a free account is that my business is only a few months old and hasn’t made any money. To be honest I’m currently writing the Web service/ application that will be the flagship product for the business. Until it’s released, I’m blogging and selling print on demand products and affiliate links to hopefully make that first sale.
      I’m not even blogging that much as most of my time is spent on design and coding in addition to my day job.

      • Exactly, that’s why I don’t recommend Capital One Spark Business as a good option. They’re not doing so well right now for business owners! I’m glad you were able to find some good options though. Good luck with your business idea!

  27. Diane says:

    I just read this entire conversation thread, along with the blog.. Great info! One question if anyone can answer for me please? Can I obtain an EIN number if I am NOT an LLC or other corporation? ie, if my intention is to obtain affiliate sales and provide online copywriting and social media management sales under my personal name, but do not want to provide my SSN number to the varied affilates and customers, can I use an EIN number instead? Or, is this only for corporations? Also, 2nd question, if anyone is able to help me out? If I already have a personal PayPal account and want to retain that account, but want to set up a separate PayPal account to capture payments for services, affiliate sales, and some store sales – what are my options with Pay Pal? I am guessing I can’t have 2 personal accounts with the same name, even if they are aligned with separate bank accounts. I only see Business account and Personal accounts as options. Business account seems to need a business checking account paired, along with proof of business registration and assumed name, but I wanted to use a separate personal account I recently opened to keep my business transactions separate. and just use my personal name for now. SO confused on what to do until I am established, and want to do this the RIGHT way and Legal way! Any guidance? This has been paralyzing me from moving forward with monetization attempts for the past 4 months! Grateful for any help and guidance, Carrie, and others! Thank you.

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