How to Choose a Business Bank Account as a Solopreneur or Small Business Owner

Choosing the right business bank account is a big deal for solopreneurs and small business owners. The account you use affects how you manage cash flow, track expenses, and keep your finances organized all year long.

A strong business bank account supports clean bookkeeping, simplifies tax prep, and helps you clearly separate personal and business finances, which becomes even more important as your business grows.

Here are a few key factors to consider when choosing a business bank account.

Watch for Fees and Minimum Balance Requirements

Some banks charge monthly fees unless you maintain a minimum balance, while others offer low-cost or no-fee options. Understanding the true cost upfront can save you money (and frustration) later.

Consider Transaction Limits

If your business processes frequent deposits or expenses, make sure the account can handle your volume without charging extra fees for everyday activity.

Choose a Bank That Supports Business Owners

Look for a bank built with small businesses in mind. Dedicated support, business-friendly tools, and thoughtful features can make day-to-day financial management much easier.

Prioritize Online and Mobile Banking

Easy access to statements, transfers, and account management is essential. A strong online platform can save you time and reduce manual work.

Ensure It Integrates With Your Accounting Software

Seamless integrations with accounting systems like Xero (our preferred platform) make bookkeeping smoother and reporting more accurate.

Think About Future Growth

As your business expands, you may need multiple accounts, payroll support, or more advanced cash management tools. Choosing a flexible bank now helps avoid switching later.

Our Favorite Business Bank: Relay

For most solopreneurs and small business owners, Relay checks all the boxes. It’s an online banking platform designed specifically for businesses, offering no monthly fees, multiple checking accounts, and seamless integration with Xero.

Relay makes it easy to separate funds for taxes, operating expenses, and profit - all within one dashboard. It’s especially helpful for business owners who want clearer cash flow and cleaner books without juggling multiple banks.

Choosing the right business bank account lays the foundation for better financial organization and clearer insight into your business.

If you’re unsure which account is the best fit - or need help setting up your bank accounts and bookkeeping correctly - we’re here to help. Reach out today and let’s build financial systems that actually support your business goals (and your sanity).