Look for banking institutions with no fees, charges, and no minimum balance when opening a bank account.

Here are some below.

• Blue Vine

  • No monthly fees, overdraft fees, incoming wire or ACH fees

• Relay

  • No minimum balance

  • No monthly service charge

  • Free ACH transfers

  • Free incoming domestic wires

• Novo

• Free ACH transfers, mailed checks, and incoming wires

• No minimum balance

• No monthly service charge

• Mercury

• No fee transfers

• No monthly service charge

• No minimum balance

• Free domestic wires

• Navy Federal

• Only for military personnel and their family members

• Lili

• No fee transfers

• You can transfer out up to $500 per day, and $1000 a month

• Local credit union

• Most local credit unions offer no fees and wire transfers

• Moreover, because it’s local, you’ll be able to have a relationship with these folks as you open and run your business if that’s important to you

  • BECU

  • Seattle Credit Union

  • SALAL

  • WSECU

  • Sound Credit Union

Do I Need A Business Bank Account?

• Yes to separate business and personal expenses

• A way to categorize all expenses and profits

• Easier to file taxes

• Also get a business credit or debit card (rather than using a personal card)

• Keep receipts of everything (scanning an electronic copy is fine) and organized by date and type

Tips

• Look for bank accounts with no monthly fee minimum

• Look for bank accounts with no fee transfers (when you transfer money to yourself to pay yourself/owner’s draw)

• Consider if you want to open a business bank account with your current personal banking institution for easier transfer/streamlining