Being in business means work often merges with your personal life. One place to draw a boundary is your finances. When you’re running your own business, one of the first things you’ll want to do is open a checking account specifically for tracking business expenses.
Business checking makes it much easier to track your expenses, especially at tax time. Should you face any legal action, keeping your personal assets from becoming intertwined with business can protect what's yours.
Another smart move is opening a business checking account with Minnwest Bank. We have locations with helpful business bankers in hometowns throughout Minnesota and South Dakota, so you’ll always have access to friendly service and a local financial expert on the local economy.
Don’t have time to come into a branch? Not a problem. You can now open a Minnwest Bank business checking account online. Visit our Open an Account page and click on the Business tab for all checking, savings and CD options available to open online for our business customers.
In the following, we’ll answer your most pressing questions about features to look for in a business checking account and what you’ll need to open a business checking account with Minnwest Bank.
Which features should I look for in a business checking account?
- Minimum opening balance: How much you need to open the account.
- Monthly maintenance fee: What’s the cost of maintaining the account? Are there balance or transaction limits that can be adhered to to avoid the Monthly Maintenance Fee?
- Transaction limits: Know your transaction limits so nothing interferes with your ability to purchase inventory or pay vendors.
- Mobile and online features: Checking your balance online is convenient, but online cash management features can save you time by sparing you from labor-intensive tasks, and offer protection against cyberthieves. Options like mobile deposit save you trips to the bank.
- Location: Local banking is convenient, but it’s also good to know that a professional is just a phone call away.
Which Minnwest Bank business checking account is right for me?
Minnwest Classic Business Checking
What is it? Minnwest Classic Business Checking offers a low-cost checking option with plenty of features for low-volume businesses.
- Opening balance minimum: $100
- Monthly maintenance fee: $5, which is waived if your average available balance is $500 or higher, or if you have a Minnwest personal checking account or Platinum Business Checking account
- Transaction limits: Up to 200 a month before a $0.50 per item fee kicks in.
- Interest paid: None
- Other benefits: Debit card, access to full suite of cash management services, unlimited Business Online Banking access, along with mobile banking with mobile deposit.
Learn more about Minnwest Classic Business Checking
Minnwest Platinum Business Checking
What is it? Minnwest Platinum Business Checking is designed for higher volume businesses, particularly those that use multiple cash management solutions to manage their finances.
- Opening balance minimum: $100
- Monthly maintenance fee: $15
- Transaction limits: None
- Interest paid: Choice of monthly earnings credit or interest payment (either of which can offset monthly maintenance fees)
- Other features: Same benefits as Classic Business Checking, along with an analysis statement.
Learn more about Minnwest Platinum Business Checking
Which documents do I need to open a business checking account?
Before opening your new business checking account, prepare the funds for your opening deposit along with several identifying documents.
- Official business documents that show your business’s establishment.
- Sole proprietorship: Certificate of Assumed Name
- Partnerships: Certificate of Limited Partnership
- Corporation: Articles of Organization or Incorporation
- Employer Identification Number (EIN) for the business
- Social Security numbers of those opening the account
- Personal identification; which must be government issued
Let us help you grow!
Business checking along with cash management services at Minnwest Bank are here to streamline your finances, freeing up time to focus on growth and strategy. With our checking account options, you'll find an account that’s customized to your business, all with the ease and convenience of opening an account online.