Are you in the market for a new business savings account?
Have you thought about ebanking?
When looking to grow your small business an ebanking account can be the best move. Some e-banking accounts offer at least a 1.50% APY rate and are FDIC insured up to $250,000.
When deciding which eBank you want to open a savings account with, you first need to figure out the resources you need for your business model.
Some businesses need to be able to access their funds at any time via ATM. Some businesses open up their savings accounts to accumulate interest rates.
Our guide can help you decide which eBank will best suit your needs.
Why Choose eBanking?
You probably already do most of your transactions online with your national bank, so why not switch to an eBank?
There are many pros to choosing an eBank over a corporate bank or credit union. eBanks are secure, remote, and often have higher interest rates. eBanking is a popular resource for businesses that are run remotely or have branches in several locations.
eBanking allows you to control all your assets and manage your account from your computer. There’s no confusion when you can pull up your statements immediately and get notifications for transactions.
Usually, a concern most people have with eBanks is the security and encryption, but, all the banks on this list are FDIC insured up to $250,000 and carry very low risk.
Factors to Consider When eBanking
It’s important to focus on your business savings needs before deciding which eBank to open an account with. Depending on your goals, you might opt for an eBanking account that offers very high-interest rates, but doesn’t allow ATM access.
Is your main priority to bill-pay and send wire transfers through this account? Then you may consider looking for an online savings account that has low fees for wire transfers or automatic bill-pay.
We’ve outlined a few of the main factors to decide when choosing an eBanking account that is right for you. Still not sure? Try out this savings account comparison tool.
One of the most common reasons business chooses an eBanking account for savings is for the high-interest rates. You can find interest rates higher with online savings accounts than anywhere else. make sure you look at the fine print and lock in those rates for life!
Forget .01% APY, on average eBanking interest rates, are between 1.45 – 2% APY. Usually, the higher the interest rate the higher the minimum balance.
Or in some cases, like the Digital Federal Credit Union, you can earn a 5.12% interest rate but you will only earn interest up to $1,000.
If you are planning on keeping a larger sum of funds in the account, we would recommend another option. Yet, this is a great startup account for small businesses that don’t yet have a lot of capital.
Whether you need to have a minimum balance in your account at all times, may be a factor for you. Depending on your small business needs and funds available, an eBank with a high minimum balance may not be right for you.
Most banks start off with no minimum balance but require a $5 – 100 opening balance. When eBanking you can transfer your opening balance by direct transfer, wire transfer, or by check.
Do you need to access your money at any given time? Or would you prefer a waiting period to receive your funds? Depending on how quickly and easily you need to access your money, you may decide on an online savings account that offers ATM access.
Most banks that don’t offer ATM access do offer direct online transfers with no transaction fees. This allows you to still get your money in a timely matter, but you don’t have to worry about the extra security risks with ATM cards.
Our Top Picks for Best eBanks for Business Savings Accounts
Ally Bank – 1.45% APY / No Minimum Balance / Free Checking Account
Ally Bank is our top pick for a reason. This bank is known for being consumer friendly and paying out high-interest rates.
Ally also offers a free checking account (with no minimum balance), so you can access your money easily via a direct transfer to your checking account. Then you can order checks, debit cards, or use the ATM anytime you need to get to your funds.
DollarSavingsDirect – 1.80% APY / No Minimum Deposit
At 1.80% APY, this is a great deal. DollarSavingsDirect is run by Emigrates, who have been known to pay out high-interest rates for their other savings accounts.
But be sure to note that this rate can change at any time.
Since DollarSavingsDirect is a new branch of Emigrates bank, they may be boosting this promotional rate to attract customers. Although with such a high-interest rate and no minimum deposit, it is still hard to beat. It may be worthwhile to open an account while the rates are high, then close if they drop too low.
Synchrony Bank – 1.55% APY / No Minimum Balance / ATM Access
On this list, this is one of the best ebanking solutions for opening a business savings account. Synchrony Bank offers a competitive 1.55% APY with no minimum balance or monthly fees. They also offer an ATM card, which is where most online banks are lacking.
The only downside? Their mobile experience is not quite as developed, and they could use an app to streamline the process.
If you don’t mind a few of the cosmetic kinks, this is a great eBanking solution for a business savings loan. Keep your money and even make a little bit extra from interest each year.
Let Us Serve Your Other Banking Needs
Need to take care of other banking needs like applying for a personal loan or credit card? At Bonsai Finance, our knowledgeable and friendly staff can walk you through any questions you may have!
You can even request a loan online with our easy streamlined services.
Or looking to open a new credit card? View our list of best credit cards and find the perfect card to suit your financial needs.