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Best Bank Accounts For Small Businesses & New Business Side Hustles In 2021 - YouTube
Channel: Get Business Credit
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live from columbus ohio this is the get
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business credit youtube channel with
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your host
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josh van horn subscribe now and hit the
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bell notification
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right now to stay up to date as soon as
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we release new business credit gyms
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take it over josh hey what's up youtube
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it's josh with the get business credit
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youtube channel
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in today's video i'm going to be going
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over six
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bank accounts for new business owners
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if you just recently established your
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business got your llc
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or your anc s corp non-profit whatever
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it may be
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and you're looking for advice or opinion
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on what bank to go through of course you
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can go through your local bank
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but these are six banks that i recommend
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that i do business with and some of them
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are pretty easy
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to qualify for if you're a new business
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owner
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sometimes banks deny new business owners
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so
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that's what i'm going to be covering on
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this video
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especially certain specialty businesses
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get denied
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a business checking account so a couple
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of these
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i'm going to be going over the data
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points and which ones allow certain
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types of businesses
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and which ones do not so before i get
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into that
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if you are a new viewer you're just
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watching this channel for the first time
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if you could please hit that subscribe
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button and turn the bell notification on
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it helps our new channel get out to a
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wider audience
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and helps all the content help everybody
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else out in the community
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as entrepreneurs so without further ado
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let's get into it the first one as you
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can see here i have
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is navy federal credit union
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i do a lot of banking with them i own
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multiple businesses
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and have a couple of my businesses have
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business checking accounts with navy
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federal as well as personal banking
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i bank with them the thing with navy
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federal though is you have to be either
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in the military or you're a veteran
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or somebody in your family your parent
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your grandparents
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somebody in your family had to have
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served
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in the military to be able to get a
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membership
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with navy federal credit union a lot of
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people
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try to do shortcuts and get in to navy
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federal credit union
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but i'll tell you they are getting
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strict and closing down accounts
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personal accounts for people that
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have no way of verifying that they have
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a family member or military affiliation
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so make sure that if you want to get a
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navy federal credit union
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personal account or business account you
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have to first get the personal account
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before you can establish the
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business account
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and like i said you have to
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have a personal account before you can
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even get a business uh checking account
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with navy federal
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but they are probably in my opinion the
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best bank they give the most generous
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credit card limits on the personal and
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business side
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they are a personal guarantee but if you
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have decent credit
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then you know you may get approved for a
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decent
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credit limit people in the 600s you
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know are getting 10 20 000 credit limits
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on credit card approvals so like i said
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make sure that you can qualify some way
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for a membership if you don't already
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have a navy federal
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uh personal account to be able to get a
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membership
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so that's the main requirement is you
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have to be a veteran or have a family
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member
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that is a veteran or served in the
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military so
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they offer business checking and savings
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they also offer business credit cards
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and business loans
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i can't really talk too much about the
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business loan side because i haven't
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done that yet
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but i have done the business credit
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cards
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and i have a business two business
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checking accounts and two business
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savings accounts
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so some of you guys may want to know
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about the credit card
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offer they offer business businesses
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um it's zero annual fee
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the prime rate as low as 5.9
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which is great and you get
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one point per dollar spent no foreign
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transaction fees great for travel
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expenses
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no earnings cap multiple card holders
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available
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and you can pick either mastercard or
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visa
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so you can start redeeming a thousand
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points for cash traveling
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gif uh get traveling and gift cards
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rewards up to
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one percent return on each dollar spent
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so that's just a little overview on the
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business credit card because once you
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get the
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business checking account and savings
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account set up
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and you establish that business
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relationship with
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uh navy federal they are
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pretty generous when it comes to limits
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and you don't really need to have even a
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750 or 800 fico score
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i've seen a lot of people get approved
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with being in the 600s even the low 600s
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so um but always you know make sure you
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clean up your credit if you're trying to
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get you know any type of
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personal or business credit
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so the they have a couple different
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checking and savings
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options so they got the business
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checking
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uh the first uh 39 electronic
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transfer transactions included and then
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25 25 cents per transaction afterwards
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for each one no monthly service fee it's
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best for new businesses
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and best for limited uh cash flow
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activity
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and you can have up to two signers
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business plus checking allows 50
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non-electronic transfers
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transactions included the monthly fee is
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eight dollars
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the business plus checking at navy
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federal is best for
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growing businesses multiple business
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owners and steady banking activity and
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then they have a more premium one
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and um there's a service fee of zero to
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twenty dollars it just depends on
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you know your business and it's gonna be
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you're not going to want to get this
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premium checking account if you're a new
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business
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owner you know they're going to start
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you off with the basic business checking
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so if you can qualify i would
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in my personal opinion these on these
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banks
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i would go through navy federal credit
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union
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um so that's navy federal
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second best i would say in my opinion
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and this is for
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one you know those business owners or
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new business owners that
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are having a tough time getting approved
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at other banks traditional banks
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bank of america chase whoever it may be
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you're getting denied maybe you had bad
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check systems you know years ago
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radius bank is actually um you can see
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here on their website
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sorry guys the screen's kind of messed
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up on my recording but
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um because every site is different but
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they have nerd wallets best of awards
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2021 best bank or credit union online
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experience
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so i've been banking with them for about
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a year now
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radius just got bought out by a
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lending club which is a very big company
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financial institution
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and what's good about radius bank is
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they give you
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one percent rewards checking for
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personal
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so you want to set up a personal account
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first
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pretty much with any bank you want to
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first establish your own personal
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savings and
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personal uh checking account
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that's going to increase your odds for
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approval for
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business checking
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and you can do everything online with
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them they give
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atm rebates so you can go
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here and see that you know apply for a
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small
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business account they have the tailored
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checking and the radius advantage i
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would say just start with the
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tailored checking and
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um what's good about them is they also
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offer the sba loans and
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the ppp forgiveness
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and they have several credit cards which
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is
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issued under elon financial
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but like i said they are a great bank
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in my opinion i've used them with a
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couple of my businesses that i
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actively use pretty much almost as my
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primary bank
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for my two businesses
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and the application process is very
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quick
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it only takes a few minutes to
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fill that business application and
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upload your secretary of state
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confirmation
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of your llc or inc and then you upload
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your irs letter
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and that's pretty much it um you know so
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next one is nbkc bank business
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um i personally don't have experience
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banking with them i set up a business
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bank account about
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nine or ten months ago with them but i
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haven't used it so i can't really give
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my input on it all i can say it was a
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easy approval process when i applied it
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was very easy to get um
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the approvals actually the same day as
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well
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and there's no hidden fees no minimum
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balance
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no overdraft fees no
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charge for stop payments and no fees for
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domestic incoming wires
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you know i'll have all the links in the
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description below
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so
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[Music]
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and they refund any atm fees up to
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twelve dollars a month as well
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with the business debt but um
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as you guys may know from past videos
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that i preach a lot
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i really like credit unions for personal
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and business because they tend to give
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you
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higher limits when it comes to
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credit cards on personal and business
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side
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and they're more not driven by profit
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because they're members own bank so
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i definitely would suggest you know
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credit union banks
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even for business uh
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they're just more generous and they tend
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to be the customer services usually
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outstanding with all these different
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business credit unions so first tech
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federal credit union um
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they are a great bank but
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they are i don't want to say
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conservatives
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you're not going to get approved for
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even a
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um i would say business credit card
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or even personal credit card with them
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unless you have good credit and they are
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inquiry sensitive so make sure that you
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have uh
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you know not many inquiries on your
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personal credit
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um but their overall good bank
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to research and check out i have account
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with them
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on the personal side
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and business side as well but this is
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again
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i haven't done a whole lot of banking
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with them on the business side so i
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can't give you a full
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review on them but they are a good bank
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to
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you know go through their customer
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service are
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you know second to none just like navy
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federal
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okay so i'll have the links in the
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description below
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again do your own research but um when
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you're deciding
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next is like chase chase right now is
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offering
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300 dollars when you open up a new
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business
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complete checking account for new chase
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business checking customers with
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qualifying activities
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so what those qualifying activities are
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i'm not sure
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but everybody talks about chase so
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that's why i want to put it in here
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and although their sites kind of list
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the same sites that i'm kind of listing
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besides radius
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and navy federal
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but you put in your email address here
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and then it will send you
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the code and you can earn
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300 i guess uh sign up bonus
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i'm not gonna get into all that because
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you guys know
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chase everybody knows chase next one is
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alliant credit union
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about four or five months ago i applied
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for a personal membership
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and got a personal savings and
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checking account and then i opened up a
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business account uh
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about a month later after that
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on the personal side they tend to give
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pretty decent credit limits starting
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credit limits for
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their credit cards
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so and they also also offer
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business loans as well so basically
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they also have business credit card um
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but you're gonna have to have really
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good credit and they pull from
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transunion
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they are inquiry sensitive um
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so when you're first starting off you're
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gonna probably apply for the classic
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uh master card because the maximum limit
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for that
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is ten thousand dollars
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um so i just wanna kind of point out in
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this video
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that you guys really need to
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build that business relationship up with
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your
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financial institution rather that be
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navy federal radius
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chase first tech alliance whoever it may
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be
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but especially like navy federal
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and i would say alliant and first tech
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those credit unions they like to see you
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know personal
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relationship with them that you're using
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you know their personal side of products
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and you're going to have better chances
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to get approved for
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you know business credit cards and high
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limit credit cards
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you know if you nurture that
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relationship with these financial
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institutions
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so um i don't want to ramble on too much
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i just wanted to tell you my personal
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pick for
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business bank accounts in 2021
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my experiences and most of these banks
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will be on other people's lists
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as well but these are you know my
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particular favorite ones with navy
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federal being
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my favorite and radius bank being my
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second favorite
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just because they're both very easy to
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deal with and great customer service all
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the way around
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so please if you like this video smash
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that thumbs up
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i really appreciate it and
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if you're not a subscriber please
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consider
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subscribing you guys stay tuned i got
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some
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net 30 tier 2 top level
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vendor lists coming out in the next day
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or two okay
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until next time you guys take care
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thanks bye
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