Finding the Banking Solution That Works for Your Business
Without a bank, doing business effectively is almost impossible — but finding the services a small business or medium enterprise needs with the big banks is often a serious challenge. Nonetheless, the proper financial services are essential for managing the daily requirements of keeping your company running and the cash flowing.
At Resource One Credit Union, a member-owned not-for-profit financial institution, we’ve developed an array of services ideal for business owners of all stripes. Let’s walk through the attributes that make for a good business banking solution, then explore how we can meet your needs from start to finish.
What Should You Look For in Business Checking?
Your checking account is one of the most crucial financial tools your business has at its disposal. When you can quickly write checks or swipe a card to pay for your business expenses, daily tasks become simpler. Not every solution for checking is worth your time, though. What are the things you should identify in a checking account?
- Reasonable minimum balance requirements for opening and maintaining your account. You shouldn’t need to come up with mountains of cash to get in the door. Instead, a low starting balance is a good sign.
- No fees, or low monthly fees when your business can clear some simple benchmarks. Your ability to process transactions shouldn’t hinge on paying exorbitant fees every month.
- Less expensive transaction fees. Especially important for merchants, your business should look for the most cost-effective option.
- Excellent online services and robust customer support. When you have questions or concerns, it’s tough to overrate the importance of excellent service.
Resource One Credit Union’s Checking Accounts “Just Work” for Your Business
Knowing what you should look for, you’ll be happy to see that our solutions check off the must-haves with ease. Understanding that not every business has the same requirements or level of cash flow, we’ve created three separate options to suit varying degrees of need. Should you need to later upgrade or transition to a different account structure, we make that easy, too. Here’s what you need to know about each of our three options.
SOHO Checking: The ideal option for a sole proprietorship or a small business just starting, our SOHO Checking requires only a $25 minimum deposit and always comes with a $0 monthly service fee. With your first 99 transactions free, we also include a free debit card — plus easy access to our nationwide network of ATMs, entirely free of fees.
Growth Checking: Is your business stepping up to the next level? Our Growth Checking is the ideal solution, and it’s easy to open, too — only a $250 initial deposit is necessary. This account is ideal for businesses which maintain a daily balance of $5,000 or higher, the threshold for avoiding a nominal $25 fee. At this tier, companies receive 1,000 free transactions monthly.
Enterprise Checking: The powerhouse option for established businesses, Enterprise Checking requires a $2,500 minimum opening balance. However, we customize this solution based on your business, creating a fee structure that works for your needs. Our transaction fees drop to a very low flat rate, and with the support of the R1CU team behind your business, you can expect robust results.
What About Business Savings Accounts? CDs?
Maintaining liquidity with an effective checking account is vital for every business, but so too is a place to keep profits and other funds in a safe place. When you want to build up savings, a flexible solution that’s easy to work with is essential. Look for these attributes when you select a savings account or CD investment:
- Look for interest tiers that align with your capital capabilities. As you increase the amount of your deposit, you should ideally earn more in interest.
- Opening deposit requirements that make sense. Look for options accessible and affordable to your business.
- Avoiding fees is essential here, too. It’s savings, right? You should be able to avoid fees with this account type easily.
- Choose CDs that allow you to continue making contributions after your initial deposit so you can take full advantage of the interest terms.
We Make Your Money Work for You
Just as the average person needs to have a savings account where they can earn interest on a rainy day fund, business savings account are essential. Whether you’re building a contingency fund for those unforeseen emergencies or you’re simply looking for a relatively risk-free way to put your money back to work, we have the right solutions. As with checking, we have three options here — two styles of savings account plus certificates of deposit. Which one is right for you?
Business Savings: Like our SOHO Checking, the basic Business Savings account is simple and has a low bar to clear for opening. Start with a $25 deposit and maintain at least that much to avoid fees, while enjoying interest payments once your deposits surpass $250. Flexible, dependable, and easy to use; it’s a hassle-free solution for savings.
Business Money Market: Have a substantial chunk of change to stash? This account is the most versatile option we offer for checking, with four different interest tiers: up to $10,000, up to $50,000, up to $100,000 and amounts over that figure. Keep a balance of $2,500 month to month and enjoy an excellent interest rate that’s tough for the big banks to beat.
Flex Term CDs for Businesses: Want to earn an even better rate while keeping some funds safe in a CD? Our Flex Term solution lets businesses contribute additional funds throughout the term, up to a maximum of $50,000, with a $1,000 minimum contribution. Choose solutions from 1 to 24 months to earn the interest you want.
Secure the Right Business Checking & Savings with Resource One Credit Union
From an effective checking account for paying your bills to flexible solutions for stashing your cash, Resource One Credit Union is proud to support our business partners in their endeavors. As a member-owned institution, our mission statement is clear: we’re not here for profit, we’re here to help you profit. Whether you need quick access to more effective checking solutions today or you’re looking for an ideal place to begin banking from the very start of your business, we’re here to help.
Visit one of our locations to meet with a business development officer in person, or contact us for more immediate answers to your questions. How can we help you do better business today?