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hey everybody andy here how you doing good to see you have you started your own small business or are you planning to or maybe you have a side hustle that might get more serious if yes to either of those do you have a separate bank account for that business if you don't you might want to consider it there are lots of reasons it's a great idea to separate your business and personal finances so in this video i will go over what i think are the best business bank accounts out there there are already quite a few videos on this topic but so many of them just repeat the same accounts most of which i don't think are the best options so i wanted to put together a list of options you might not have previously considered if you're already convinced you need separate finances and you just want to know what my top pick is well then spoiler alert my top pick is mbkc bank if you want more detail than that or you want to know what the other banks on my list are then hang out with me for the rest of the video because i'll go into detail about the different banks each of their features and why you should consider them if all watching it get some useful info out of this video then please be a friend and click that like button and consider subscribing to my channel i cover all things money and would love to have you stick around so before we get into the banks let me break down why you should consider separating your personal and business finances there are lots of great reasons one of the more superficial reasons but still a valid one is that it's much more professional if someone is paying you it's better that they pay a business name versus your personal name it lends more credibility for example think about how professional it sounds when i tell someone to make the check out to your friend andy global conglomerate industries llc instantly impressed really though having a business name on your invoices makes a big difference my number one reason for having a business bank account is simply to separate my finances having financial separation between your business and personal finances is incredibly important it makes it way easier to track your business income expenses and finances in general also if you were to ever get sued and i hope that that never happens then your business finances are separated from your personal finances thus offering a layer of protection for this protection you would also need to have filed for your business to become a legal entity like an llc having a separate account makes saving for things like taxes so much easier having a separate account with a separated budget makes life a lot less complicated separate a lot saying separate a lot now there are even more benefits but that covers a few that mattered most to me when i was setting up a business account so now that i've covered the benefits of setting one up i want to get into the accounts i've chosen for this list for an account to make my list it needs to meet most or all of my requirements the requirements i have for an account might be a bit different than what you need but it should still be a great starting place first these accounts need to be easy to sign up for online no big lengthy process required especially at a physical location these accounts need to allow unlimited transactions i don't like limits on how much i can use my account so unlimited transactions is a must the accounts need to have no minimum balance this isn't because i want to always be scraping by but i just find balance requirements stressful some accounts out there require five thousand dollars plus to waive the monthly fees what i think it's probably crazy for most people especially if you're just getting started out the last requirement is the only one i'm a bit less strict on but i find it to be a big bonus if a bank offers a great business savings account or money market account alongside the checking account again not a deal breaker but i think it can be highly valuable i really like having a nice savings or money market account at the same bank as my business checking account so that i can stash away my federal income tax and state sales tax savings that way i can earn interest on these large amounts of money that i have saved for paying taxes and keep them organized and separated from the checking account and active money okay on to the banks number one on my list like i said the beginning of the video that's my hand motion for the beginning of the video my first bank on the list is nbkc at first glance my number one choice might seem strange in bkc stands for national bank of kansas city you might be wondering why i'm recommending a kansas city bank to people who might not live there well if you can get past the name which i'm sure you can then this is my current favorite and the bank i use yes they are based in kansas city but they are effectively an online bank for most people like the rest of the banks in this list they offer business checking and money market accounts their business checking account only requires five dollars to open has no minimum balance no monthly fees no overdraft or non-sufficient fund fees they allow for unlimited transactions it comes with debit cards that can be used at 34 000 money pass atms in the us and puerto rico if you use the debit card at a non-network atm they will refund up to 12 in atm fees each month globally to pair with the checking account they offer a business money market account these accounts pay 0.4 percent annual percentage yield no matter the account balance like the checking they have no fees or minimums this account doesn't require any money to open another big upside to mbkc is their customer service and their dedication to small businesses when the pandemic started and everything closed down our own small business lost 80 to 90 percent of our expected income when the small business administration announced the paycheck protection program the ppp where small businesses could get access to highly needed funds i was very quick to apply through our business bank at the time chase well if you read the news articles about it you can see that chase basically ignored a lot of their customers especially their smaller ones and made the whole process a giant mess i waited for so long before i finally got fed up and tried elsewhere i applied at paypal and lindeo even with those additional places i just kept waiting this was kind of the last straw for me with chase so i switched to nbkc i asked them about applying for the ppp and just a few days later they had me approved and funded all the while they were responsibly communicating with me via email that experience sealed the deal for us showing us just how much more they care about small businesses second on my list is blue vine founded in 2013 blue vine is a thin tech company with some pretty cool banking offerings their primary business product is a checking account the checking account features no monthly fees no non-sufficient fund fees no incoming wire fees unlimited transactions no minimum balance and i think the absolute best feature of this account is if you have at least a thousand dollars in the account you will earn one percent apy on that balance up to a hundred thousand dollars total balance you also get business debit cards which you can use at 38 000 plus money pass atms but they do not offer reimbursements for out of network atms and they'll send you two free checkbooks they have a great web interface it's super easy to use and makes all your financial details clear and easy to understand to pair with the web platform they have an excellent app the app has all the standard features like account overview money transfers and remote check deposit another nice feature of bluevine is they have a very fast signup process they boast you can sign up with them in just 60 seconds which i guess sounds better than saying sign up in just one minute i don't know bluevine has a payments feature that allows you to set up automatic payments to vendors via check ach transfer or pay by wire it's basically bill pay but with an extended feature set a good looking interface and direct integration into your business account third on my list is cabbage cabbage cabbage is very similar to blue vine they are both very modern fintech companies cabbage publicly launched in 2011 primarily as a company providing credit and funding to other businesses cabbage was purchased by american express this year and now they have launched a checking account offering know why cabbage makes me laugh cabbage features of their checking account no monthly fees no minimum balance they'll send you debit cards that you can use at 19 000 atm locations to withdraw cash but they do not reimburse any out of network atm fees they support 90 000 retail locations to deposit cash they have an absolutely fantastic 1.1 interest rate the highest on this list they have a feature called pockets create up to five pockets to track savings goals or manage your cash flow these are basically sub accounts which is a great way to set aside tax money and other goals they'll provide you a virtual debit card number so you don't have to wait on them to mail you a card to start purchasing and bill pay along with all that they have a feature called cabbage payments this allows you to create and send professional invoices and receive payments via credit card you can set up automatic payment reminders so that a customer will be reminded to pay their invoice if it's due or past due the payments feature also allows you to sell online gift certificates another feature that makes cabbage stand out is called cabbage insights it's a way to see a full picture of your business's cash flow status so you can make better decisions it will show all your accounts in one overview it will graph out your cash flow patterns it will even give you specific balance forecasts and notifications so you can be prepared for upcoming balance changes and lastly like bluevine cabbage also offers funding this is their core business they started with and it's still their biggest offering now that i've said the word cabbage nine times nine times nine times let's move on to our fourth account which is as low as low as low is the newest on this list having been founded in 2017 aslo is clearly fintech with a super sleek site and design aslo is free but they do have an extended feature set which requires you to move up to their pro level offering for ten dollars a month with azlett you get a business checking account that features no minimums no maintenance fee on the free account unlimited transactions no overdraft fees and free atm withdrawals at 55 000 all point atms but no reimbursements for out of network atms they also have a bunch of integrations with accounting software like quickbooks xero and wave accounting the biggest downside to this account is it's the only one on my list that doesn't pay interest one of the best features of aslo is their invoicing tell me more so choice they offer customizable and professional invoicing they're not the only bank on this list to offer this but i think they have the best invoicing on the list their invoices look great allow for a lot of customization lets you save customer information for future billing and completely track and display all payments through a dashboard if you already have an invoicing solution or have one in mind then this isn't a standout feature but if you're looking to keep things simple and have it all in one place aslo is a great option another great feature is aslo envelopes these are basically sub accounts that let you name each one and separate your money into separate categories like for taxes etc unfortunately they limit you to only one envelope for free accounts paid accounts have unlimited envelopes speaking of aslo pro is 10 a month and includes unlimited envelopes envelope goals invoice scheduling and automation and savings on instant transfer fees last on my list but still a great option is your local credit union all these fancy and fintech banks are great but you should still consider a local credit union either for your complete business banking or to supplement the online options local credit unions will of course vary greatly in both the banking offerings features and rates but they should be available in most cities there are 5 to 10 credit unions that offer business accounts where i live some of them are no fee no minimum accounts and even offers somewhat decent interest rates of 0.25 and 0.45 which while lower than some of the accounts on this list they are still miles higher than banks like chase or wells fargo credit unions are reliable local and have physical locations usually friendly and helpful staff and they tend to be better than big banks at having your best interest in mind if you are a small business so if you would like a bank that is local and you want the ability to deposit cash i would highly recommend you see what credit unions are available in your area okay well that's my list i hope it was helpful if this list helped you make a banking decision or help convince you why you need separate finances for business and personal then i consider my job done if you got something out of this video then please be a friend and hit that like button and consider subscribing i make money related videos every week and would love it if you stuck around alright i'll see you in the next one [Music] you