I Found The Best Bank Accounts for Your Small Businesses and Side Hustles in 2021
➤ My TOP pick, Novo Bank: [ Ссылка ]
Lili Bank: [ Ссылка ]
Oxygen Bank: [ Ссылка ]
NBKC: [ Ссылка ]
Radius Bank/Lending Club: [ Ссылка ]
Are you looking for a bank (checking, saving, or money market) account for your small business, part-time business, side-hustle, or freelance gig? Asking yourself "Should I open a business account?" Not sure why you even need a separate bank account for your business? In this video I cover all these topics. I go over the reasons why you would want to open a business bank account and why it's good to separate your finances. I also cover my top 5 choices for where to open a business bank account.▼▼
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00:00 - Intro
00:48 - My Top Bank Pick
01:10 - Why do you need a biz bank account?
02:25 - Things to look for in a bank
03:41 - Novo Bank
06:02 - NBKC
07:13 - Oxygen Bank
08:16 - Radius Bank/Lending Club
09:25 - Lili Bank
10:41 - Conclusion
Best Bank Accounts for Small Businesses, Side Hustles, & Freelancers 2021
Using a business bank account and filing to create an official business like a Limited Liability Company or LLC keeps your personal money from being up for grabs in a lawsuit.
Novo
Novo bank caters to all business entities (s-corps, c-corps, LLCs) and just straight-up sole proprietors/freelancers. You don't have to have government-issued business documents to get the benefits from this bank and you don't have to have a lot of money to get started.
Novo has integrations with Transferwise, Slack, Xero, Stripe, Wise, Quickbooks, and Shopify. My personal favorite is the Stripe integrations because you can see your balance and make transfers right from your account.
They offer perks for Stripe, Google Cloud, Gusto, Quickbooks, and GoDaddy, to name just a few. These range from cash savings, to yearly discounts, to AD credits, to extended free trials. These provide a lot of value to anyone who use these to make their business better. And if all that’s not enough, they also offer sub-accounts that are called Reserves and offering invoicing.
NBKC or National Bank of Kansas City.
NBKC accounts have no minimum balance, no monthly fees, no overdraft or non-sufficient fund fees, no transaction limits, and no fees for any domestic wire transfers. To pair with the checking account, they offer business money market accounts. These accounts pay 0.05% annual percentage yield no matter the account balance- as long as it is more than one single penny. Like the checking, they have no fees or minimums.
Oxygen Bank
The thing that garners the most attention at Oxygen is the cashback offer on purchases. They offer up to 7% cashback on purchases, but that means business owners need to be using their cards. Oxygen bank has no minimum balance, no transaction fees, no monthly fees, & no transfer fees. Oxygen bank has virtual credit cards that you can create any time you want- even for as little as one use.
Radius Banks/Lending Club
The LendingClub account comes with a $10 monthly fee. There are some definite perks you are getting with that 10 bucks. This account earns both interest and offers rewards on purchases. The standard reward is 1% cashback but offers up to 1.5% in some categories.
There is one caveat with the LendingClub account and that is to take advantage of the interest or cashback, business owners need to keep a minimum balance of $5,000 in their account.
Lili Bank
Lili charges no monthly fees, no overdraft fees, no transfer fees, no return check fees. There are fees associated with the business account if you hit up out-of-network ATMs ($2.5). Lili also splits your money up into buckets for you, if you like. There is a tax bucket that pulls out taxes for you and sets them aside so you’ll have them when you need them. These buckets for new business owners being incredibly helpful to make sure they are prepared for taxes and any emergencies that might pop up.
Best bank account for small businesses
Best bank account for side hustles
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DISCLOSURE: Some of the links on this page are affiliate links, this means that I may earn a commission if you click through and make a purchase and/or subscribe. Affiliate commissions are a great way to help fund and support the channel.
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
