VaultScale: Risk-Protected Business Yield & Multi-Bank Cash Management for New LLCs

Best bank and payments recommendations

Best bank and payments recommendations

I’m a business banker at a large bank, and based on what you described, I’d focus less on finding one bank that checks every box and more on how she’ll actually be receiving the payments. For a business getting one $2,500–$8,000 retainer payment per month, I would strongly recommend ACH over credit cards whenever the client is willing to pay that way. At those dollar amounts, percentage-based card processing fees can add up quickly, while ACH is generally much cheaper. ACH is particularly well suited for recurring, higher-dollar B2B payments. If it is checks, look for a bank that can do mobile check deposits if you don't have a branch nesr you. As far as the bank account itself, I wouldn’t necessarily rule out Chase or another major bank just because the savings rate isn’t competitive. There’s value in having an actual business banker/branch network and someone to call when an account gets restricted, a large payment is held, fraud occurs, etc. You can always keep the operating account with a traditional bank and move excess cash to a higher-yield business savings account elsewhere like a credit union. Also, before opening anything, I’d actually sit down with a business banker and explain exactly what you wrote here: online service business, no cash, roughly one incoming $2.5k–$8k payment per month, and mostly ACH activity. A good banker should be able to tell you exactly which account fits, what fees can be waived, and what payment options make sense. At her transaction volume, the relationship should be pretty straightforward. One other thing I’d prioritize is fraud protection. Once the business starts keeping meaningful balances in the account, things like ACH controls/alerts become more important than squeezing out the absolute lowest possible monthly fee. I’m obviously biased because I work in business banking, but for a new LLC I personally like the idea of establishing the primary operating relationship with a reputable full-service bank and shopping separately for yield on excess cash rather than choosing the operating bank primarily based on APY.” Hope this helps. Good luck!