With so many bank out there to choose which business bank account is best for you. Here I have created a list of the most popular banks and taken tabulated as much information to help you compare them.
Here is a list of the most popular small business banks and their reviews combined from several online review sites including http://www.rateitall.com and http://www.mybanktracker.com in total their are over 1000 reviews that go into these business bank account comparison. Here you can read more about other business bank account reviews.
Business Bank Account Comparison
1. ING Direct – 3.6/5
Based on over 100 reviews although it only scored 3.6 ING or Orange for business is the #1 rated business bank account.
ING is the nations largest direct bank. Since its inception in 2000 it has grown to have over 7.5 million Americans banking with ING. It has recently moved into the business bank account market and offers some of the most competitive rates available. However, it is not as full service as some other “big banks”.
2. Citibank – 3.4 STARS
Citibank makes its way onto the business bank account comparison list in the #2 spot based on over 60 reviews at the online sites. Citibank business services is the highest rated full service bank offering everything required to grow your business. However, with the full service you will not be getting the most competitive rates available.
Business owners seem to have particularly bad experiences with citibank when they are mixing their personal and business both at Citibank for example see Bills comments below…
“Citibank’s new motto: Kick ’em when they’re down!”
I would imagine many business owners like me have struggled with reduced cash flow over the past 18-24 months…what more appropriate time to make use of an existing credit line? I have two Citibank credit cards including a Citibank Driver’s Edge card that I’ve had for over 22 years. Never was late on payments; often had a zero balance, received rebates on two car purchases, and systematically established a very substantial credit line. My interest rate in 2007 was 9.9% Over the past year I reluctantly allowed my balance to climb, as my rate also climbed to 14.9%. In November I was late on one payment and….. “bang!”….. late fees, reduction in credit line, and slammed me with a 29.9% interest rate! Discussions/pleas with the representatives are like talking to emotionless robots. Gee, thanks Citibank, for your concern about the hardship your 20-year Customer is experiencing. As if 14.9% interest isn’t enough interest to make? Yesterday I withdrew enough money from my IRA to pay off both accounts; frankly I’d rather pay the 10% penalty and pay our government extra taxes that allow Citibank to exploit and benefit from my hardship. Fortunately the economy is begining to cycle-back, my income is growing, and I vow to never to do business with Citbank again; and will take advantage of any opportunity I have to disuade friends, family, and clients from dealing with this huge corporate theif.
– above review from http://www.mybanktracker.com/banks/view/Citibank
3. HSBC – 3.3/5 Stars
HSBC offers a complete line of services for small businesses and includes some great features across all their accounts including
– Online banking and bill paying
– Free debit mastercard
– 0% introductory APR business mastercard
4. Capital One – 3.0/5 Stars
Capital one doesnt offer as many services as other banks that made this list and they really push their credit card services. Many customers who use the services the Capital One does offer for business are satisfied with their experience.
5. Chase – 3.0/5 Stars
J.P. Morgan Chase is the largest bank that has made this list. They offer a wide variety of financial services. Their small business banking services are very popular but their customer reviews are generally poor. With the lowest rating on all of the largest online review sites.
Currently Chase is offering $100 discount to open a business checking account. $100 may not be enough to push this big bank to the top of your list but it is definitely worth considering.
If you have had a good or bad experience with any of these banks or feel I have unfairly left a bank out please leave a comment below.